Hyperion DeFi (HYPD) Registration Filing summary

Company overview and business model

• Operates as a digital ophthalmic technology company and is the first U.S. public company building a strategic treasury of Hyperliquid's native token, HYPE, providing shareholders exposure to the Hyperliquid blockchain ecosystem.

• Engages in DeFi activities including staking, validator operations, and structured protocol partnerships, while also developing the Optejet ophthalmic liquid delivery device.

• Runs a co-branded validator (Kinetiq x Hyperion) and leverages liquid staking and proprietary HYPE Asset Use Service (HAUS) for additional yield and protocol engagement.

Financial performance and metrics

• As of September 30, 2025, held $8.2 million in cash and cash equivalents and had an accumulated deficit of approximately $200.9 million.

• Owed $8.3 million in principal and accrued interest under its Loan and Security Agreement as of September 30, 2025.

• Raised $50 million gross ($45 million net) in a June 2025 private placement, using all proceeds to purchase HYPE tokens; subsequently purchased an additional $10.5 million of HYPE.

Use of proceeds and capital allocation

• Proceeds from warrant exercises (up to $107.4 million if fully exercised) would be used for working capital, general corporate purposes, and to build the HYPE token reserve.

• All private placement proceeds to date have been used to acquire HYPE tokens and implement a staking program.

• Plans to raise additional capital through equity financings and at-the-market offerings to further expand the HYPE treasury.