Hyperion Defi, Inc 10-Q for FY2026 Q2

Hyperion Defi, Inc. (HYPD)

10-Q 2026-08-13 For: 2026-06-30

Added on August 13, 2026

About this 10-Q

Hyperion Defi, Inc filed this 10-Q on August 13, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $357.69K
Net income: $30.95M; compared with a net loss of $8.69M a year earlier
Diluted EPS: $0.92; compared with -$2.50 a year earlier

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Delaware		47-1178401
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

3090 Nowitzki Way, Suite 300 Dallas, TX		75219
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	HYPD	Nasdaq Capital Market

Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.		2

Condensed Balance Sheets as of June 30, 2026 (Unaudited) and December 31, 2025		2

Unaudited Condensed Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025		3

Unaudited Condensed Statements of Changes in Stockholders’ Equity (Deficit) for the Three and Six Months Ended June 30, 2026 and 2025		4

Unaudited Condensed Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025		6

Notes to Unaudited Condensed Financial Statements		8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.		31

Item 3. Quantitative and Qualitative Disclosures About Market Risk.		45

Item 4. Controls and Procedures.		45

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.		47

Item 1A. Risk Factors.		47

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		49

Item 3. Defaults Upon Senior Securities.		49

Item 4. Mine Safety Disclosures.		49

Item 5. Other Information.		49

Item 6. Exhibits.		50

SIGNATURES		52


		June 30,			December 31,
		2026			2025
		(unaudited)
Assets

Current Assets
Cash and cash equivalents		$	9,637,216		$	6,310,878
Prepaid expenses and other current assets			3,271,661			934,931
Total Current Assets			12,908,877			7,245,809

Digital assets			74,119,231			16,345,347
Digital assets receivable, net			—			6,935,131
Digital intangible assets			25,721,566			20,591,555
Operating lease right-of-use asset			207,044			415,998
Other assets			182,200			230,416
Total Assets		$	113,138,918		$	51,764,256

Liabilities and Stockholders’ Equity

Current Liabilities:
Accounts payable		$	139,114		$	317,900
Accrued expenses and other current liabilities			2,153,114			1,871,106
Operating lease liabilities - current portion			417,593			512,007
Notes payable - current portion, net			2,798,981			—
Total Current Liabilities			5,508,802			2,701,013

Notes payable - non-current portion, net			5,639,696			7,796,136
Operating lease liabilities, non-current portion			55,649			206,600
Total Liabilities			11,204,147			10,703,749

Commitments and contingencies (Note 9)

Stockholders’ Equity
Preferred stock, $0.0001 par value, 60,000,000 shares authorized; Series A Non-Voting Convertible Preferred Stock, 5,435,898 shares designated; 5,235,897 and 5,435,897 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively with a liquidation preference of $50,740,000 as of June 30, 2026			524			544
Common stock, $0.0001 par value, 600,000,000 shares authorized; 15,299,832 shares issued and outstanding as of June 30, 2026; 8,762,329 shares issued and 8,680,005 shares outstanding as of December 31, 2025, respectively			1,531			876
Additional paid-in-capital			302,765,630			281,937,072
Treasury stock, at cost, 0 and 82,324 shares as of June 30, 2026 and December 31, 2025, respectively			—			(253,558)
Accumulated deficit			(200,832,914)			(240,624,427)
Total Stockholders’ Equity			101,934,771			41,060,507
Total Liabilities and Stockholders’ Equity		$	113,138,918		$	51,764,256


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Revenue	$	357,693	$	—	$	601,964	$	14,720
Cost of revenue		—		—		—		(48)
Gross Profit		357,693		—		601,964		14,672

Operating (Income) Expenses:
Research and development		58,491		674,578		345,255		1,347,621
Selling, general and administrative		3,918,592		7,678,704		8,412,196		10,051,026
Impairment of right of use assets		57,773		—		57,773		—
Realized gain - digital assets and digital assets receivable, net		(17,859,505)		—		(21,483,269)		—
Unrealized gain - digital assets, net		(16,939,634)		—		(27,913,613)		—
Unrealized loss – digital intangible assets receivable		367,251		—		—		—
Impairment loss - digital intangible assets		768,857		—		2,000,525		—
Net gain on derivative instruments		(112,032)		—		(151,433)		—
Recovery of credit losses		(909,842)		—		(405,331)		—
Total Operating (Income) Expenses, Net		(30,650,049)		8,353,282		(39,137,897)		11,398,647
Income (Loss) From Operations		31,007,742		(8,353,282)		39,739,861		(11,383,975)

Other Income (Expense):
Other income (expense), net		(29,783)		168,840		60,350		172,527
Gain on extinguishment of liabilities		—		—		—		89,623
Interest expense		(233,760)		(528,410)		(459,629)		(1,109,909)
Interest income		206,764		21,933		450,931		57,282
Total Other Income (Expense), Net		(56,779)		(337,637)		51,652		(790,477)

Net Income (Loss)		30,950,963		(8,690,919)		39,791,513		(12,174,452)
Dividend to preferred stockholders		(718,478)		(97,167)		(1,533,775)		(97,167)
Net Income (Loss) Attributable to Participating Securities		30,232,485		(8,788,086)		38,257,738		(12,271,619)
Less: income allocated to preferred stockholders		(15,892,379)		—		(21,378,486)		—
Net Income (Loss) Available to Common Stockholders - Basic		14,340,106		(8,788,086)		16,879,252		(12,271,619)
Add: undistributed earnings reallocated to common upon assumed exercise/vesting of dilutive securities		1,391,300		—		1,727,571		—
Net Income (Loss) Available to Common Stockholders - Diluted	$	15,731,406	$	(8,788,086)	$	18,606,823	$	(12,271,619)


Basic earnings (loss) per common share:
Net basic earnings (loss) per share	$	1.01	$	(2.50)	$	1.36	$	(4.29)
Diluted earnings (loss) per common share:
Net diluted earnings (loss) per share	$	0.92	$	(2.50)	$	1.25	$	(4.29)

Weighted average shares outstanding
Basic		14,173,457		3,518,906		12,401,910		2,857,596
Diluted		17,040,392		3,518,906		14,873,109		2,857,596


	For the Three and Six Months Ended June 30, 2026
							Additional							Total
	Preferred Stock			Common Stock			Paid-In		Treasury Stock			Accumulated		Stockholders’
	Shares	Amount		Shares	Amount		Capital		Shares	Amount		Deficit		Equity
Balance - January 1, 2026	5,435,897	$	544	8,762,329	$	876	$	281,937,072	82,324	$	(253,558)	$	(240,624,427)	$	41,060,507
Issuance of common stock in At the Market offering [1]	—		—	1,859,993		186		6,665,196	—		—		—		6,665,382
Issuance of common stock for payment in kind of preferred stock dividend	—		—	244,518		25		939,312	—		—		—		939,337
Issuance of common stock from the delivery of vested restricted stock units	—		—	55,277		5		(5)	—		—		—		—
Shares withheld to settle employee tax liability upon delivery of RSU equity compensation.	—		—	(21,761)		(2)		2	—		—		—		—
Issuance of common stock from conversion of preferred stock	(200,000)		(20)	600,000		60		(40)	—		—		—		—
Retirement of treasury shares	—		—	(82,324)		(8)		(253,550)	(82,324)		253,558		—		—
Stock-based compensation:
Amortization of stock option awards	—		—	—		—		80,880	—		—		—		80,880
Amortization of restricted stock units	—		—	—		—		1,690,852	—		—		—		1,690,852
Issuance of common stock to vendors as consideration for service provided	—		—	10,450		1		32,752	—		—		—		32,753
Preferred stock dividend ($0.14 per preferred share outstanding)	—		—	—		—		(815,297)	—		—		—		(815,297)
Net income	—		—	—		—		—	—		—		8,840,550		8,840,550
Balance - March 31, 2026	5,235,897		524	11,428,482		1,143		290,277,174	—		—		(231,783,877)		58,494,964
Issuance of common stock in public offering [2]	—		—	2,910,027		291		9,327,030	—		—		—		9,327,321
Issuance of common stock in At the Market offering [3]	—		—	492,783		49		1,846,850	—		—		—		1,846,899
Issuance of common stock for payment in kind of preferred stock dividend	—		—	236,318		24		779,826	—		—		—		779,850
Issuance of common stock from the delivery of vested restricted stock units	—		—	308,407		31		(31)	—		—		—		—
Shares withheld to settle employee tax liability upon delivery of RSU equity compensation.	—		—	(82,894)		(8)		(379,090)	—		—		—		(379,098)
Stock-based compensation:
Amortization of stock option awards	—		—	—		—		59,852	—		—		—		59,852
Amortization of restricted stock units	—		—	—		—		1,546,884	—		—		—		1,546,884
Issuance of common stock to vendors as consideration for service provided	—		—	6,709		1		25,613	—		—		—		25,614
Preferred stock dividend ($0.14 per preferred share outstanding)	—		—	—		—		(718,478)	—		—		—		(718,478)
Net income	—		—	—		—		—	—		—		30,950,963		30,950,963
Balance - June 30, 2026	5,235,897	$	524	15,299,832	$	1,531	$	302,765,630	—	$	—	$	(200,832,914)	$	101,934,771


		June 30, 2026												December 31, 2025
					Fair Value												Fair Value
		Fair Value			Level 1			Level 2			Level 3			Fair Value			Level 1			Level 2			Level 3
HYPE digital assets		$	74,119,231		$	74,119,231		$	—		$	—		$	16,233,941		$	16,233,941		$	—		$	—
KNTQ digital assets			—			—			—			—			111,406			—			111,406			—
Total		$	74,119,231		$	74,119,231		$	—		$	—		$	16,345,347		$	16,233,941		$	111,406		$	—


					Digital			Digital			Digital			Total
		Digital			Assets			Intangible			Intangible Assets			Digital
		Assets			Receivable			Assets			Receivable			Assets
Balance, December 31, 2025		$	16,345,347		$	6,935,131		$	20,591,555		$	—		$	43,872,033
Receipt of HPL pursuant to partnership agreement			150,163			—						—			150,163
HYPE Purchases			12,585,507			—						—			12,585,507
Sales and dispositions of digital assets			(2,874,699)			—			—			(2,440,000)			(5,314,699)
Deposits into Hyperion Rysk Vault			—			—			1,812,029			—			1,812,029
Redemptions from Hyperion Rysk Vault			—			—			(1,854,834)			—			(1,854,834)
Deposits of digital assets into liquid staking activities			(364,962)			—			364,962			—			—
Net HYPE received from native staking activities ⁽¹⁾			526,144			91,772			—			—			617,916
HYPE commission paid to co-validators			(136,284)			—			—			—			(136,284)
Exchange of digital intangible assets for digital intangible assets receivable			—			—			(18,746,744)			18,746,744			—
Exchange of digital intangible assets receivable for digital intangible assets			—			—			19,454,154			(19,454,154)			—
Settlement of digital assets receivable			22,528,501			(22,528,501)			—			—			—
Non-cash interest income from digital assets receivable			—			307,278			—			—			307,278
Realized and unrealized gains ⁽²⁾			25,653,083			14,788,989			6,108,349			3,147,410			49,697,831
Realized and unrealized losses⁽³⁾			(293,569)			—			(7,380)			—			(300,949)
Impairment			—			—			(2,000,525)			—			(2,000,525)
Recovery of credit loss			—			405,331			—			—			405,331
Balance, June 30, 2026		$	74,119,231		$	—		$	25,721,566		$	—		$	99,840,797


		Units		Cost Basis			Fair Value
HYPE digital assets		1,141,174		$	55,250,524		$	74,119,231
Total				$	55,250,524		$	74,119,231


For Years Ending	Principal
December 31,	Maturity
2026	$	—
2027		5,415,161
2028		3,552,375
	$	8,967,536


	Warrants Outstanding				Warrants Exercisable
					Weighted
			Outstanding		Average		Exercisable
	Exercise		Number of		Remaining Life		Number of
	Price		Warrants		In Years		Warrants
$	3.2500		32,615,381		4.0		32,615,381
$	4.0000		350,000		4.0		350,000
$	5.2720		394,234		4.1		394,234
$	8.6080		302,045		3.6		302,045
$	197.5680		108,696		3.6		108,696
$	217.9200		49,280		3.5		49,280
$	380.8000		1,149		4.9		1,149
			33,820,785		4.0		33,820,785


		For the Three Months Ended June 30,
		2026									2025
		Digital			Corporate/						Ophthalmic			Digital			Corporate/
		Assets			Other			Total			Technology			Assets			Other			Total

Revenue:
Revenue		$	357,693		$	—		$	357,693		$	—		$	—		$	—		$	—
Gross Profit			357,693			—			357,693			—			—			—			—
Less:
Research and Development:
Salaries and benefits			—			44,120			44,120			424,032			—			—			424,032
Direct clinical and non-clinical expenses			—			6,707			6,707			16,263			—			—			16,263
Facilities expenses			—			1,256			1,256			62,432			—			—			62,432
Non-cash stock based compensation expenses			—			4,187			4,187			157,291			—			—			157,291
Other expenses ⁽¹⁾			—			2,221			2,221			14,560			—			—			14,560
Realized gain - digital assets and digital assets receivable			(17,859,505)			—			(17,859,505)			—			—			—			—
Unrealized gain - digital assets			(16,939,634)			—			(16,939,634)			—			—			—			—
Unrealized loss - digital intangible assets receivable			367,251			—			367,251			—			—			—			—
Impairment loss - digital intangible assets			768,857			—			768,857			—			—			—			—
Net gain on derivative instruments			(112,032)			—			(112,032)			—			—			—			—
Recovery of credit losses			(909,842)			—			(909,842)			—			—			—			—
Segment (income) loss			(35,042,598)			58,491			(34,984,107)			674,578			—			—			674,578
Reconciling Items
Selling, general and administrative expense ⁽²⁾			—			3,918,592			3,918,592			—			—			7,678,704			7,678,704
Impairment of right-of-use assets			—			57,773			57,773			—			—			—			—
Other expense, net ⁽³⁾			—			56,779			56,779			—			—			337,637			337,637
Net Income (Loss)		$	35,042,598		$	(4,091,635)		$	30,950,963		$	(674,578)		$	—		$	(8,016,341)		$	(8,690,919)


		For the Six Months Ended June 30,
		2026									2025
		Digital			Corporate/						Ophthalmic			Digital			Corporate/
		Assets			Other			Total			Technology			Assets			Other			Total

Revenue:
Revenue		$	601,964		$	—		$	601,964		$	14,720		$	—		$	—		$	14,720
Less:
Cost of revenue			—			—			—			(48)			—			—			(48)
Gross Profit			601,964			—			601,964			14,672			—			—			14,672
Less:
Research and Development:
Salaries and benefits			—			167,226			167,226			844,032			—			—			844,032
Direct clinical and non-clinical expenses			—			67,548			67,548			88,920			—			—			88,920
Facilities expenses			—			13,044			13,044			133,269			—			—			133,269
Non-cash stock based compensation expenses			—			43,121			43,121			221,968			—			—			221,968
Supplies and materials			—			—			—			25,130			—			—			25,130
Other expenses ⁽¹⁾			—			6,101			6,101			34,302			—			—			34,302
Depreciation expense			—			48,215			48,215			—			—			—			—
Realized gain - digital assets and digital assets receivable			(21,483,269)			—			(21,483,269)			—			—			—			—
Unrealized gain - digital assets			(27,913,613)			—			(27,913,613)			—			—			—			—
Impairment loss - digital intangible assets			2,000,525			—			2,000,525			—			—			—			—
Net gain on derivative instruments			(151,433)			—			(151,433)			—			—			—			—
Recovery of credit losses			(405,331)			—			(405,331)			—			—			—			—
Segment (income) loss			(48,555,085)			345,255			(48,209,830)			1,347,621			—			—			1,347,621
Reconciling Items
Selling, general and administrative expense ⁽²⁾			—			8,412,196			8,412,196			—			—			10,051,026			10,051,026
Impairment of right-of-use assets			—			57,773			57,773			—			—			—			—
Other expense, net ⁽³⁾			—			(51,652)			(51,652)			—			—			790,477			790,477
Net Income (Loss)		$	48,555,085		$	(8,763,572)		$	39,791,513		$	(1,332,949)		$	—		$	(10,841,503)		$	(12,174,452)


Exhibit				Incorporated by Reference from Filings as Noted Below (Unless Otherwise Indicated)
Number		Exhibit Description		Form		File No.		Exhibit		Filing Date
3.1		Third Amended and Restated Certificate of Incorporation		8-K		001-38365		3.1		January 29, 2018
3.1.1		Certificate of Amendment to the Third Amended and Restated Certificate of Incorporation		8-K		001-38365		3.1.1		June 14, 2018
3.1.2		Certificate of Amendment to the Third Amended and Restated Certificate of Incorporation		8-K		001-38365		3.1		June 14, 2024
3.1.3		Certificate of Amendment to the Third Amended and Restated Certificate of Incorporation		8-K		001-38365		3.1		January 31, 2025
3.1.4		Certificate of Amendment to the Third Amended and Restated Certificate of Incorporation		8-K		001-38365		3.1		July 2, 2025
3.1.5		Certificate of Amendment to the Third Amended and Restated Certificate of Incorporation		8-K		001-38365		3.1		August 21, 2025
3.1.6		Amended and Restated Certificate of Designation of Series A Non-Voting Convertible Preferred Stock		10-K		001-38365		3.1.6		March 30, 2026
3.2		Third Amended and Restated Bylaws		8-K		001-38365		3.1		March 26, 2026
4.1		Amended and Restated Warrant to Purchase Common Stock		10-K		001-38365		4.13		March 30, 2026
10.1^˄		Employment Agreement dated as of July 7, 2026, by and between Hyperion DeFi, Inc. and Hyunsu Jung		8-K		001-38365		10.1		July 8, 2026
10.2^˄		Employment Agreement dated as of July 7, 2026, by and between Hyperion DeFi, Inc. and David Knox		8-K		001-38365		10.2		July 8, 2026
10.3^˄		Employment Agreement dated as of July 7, 2026, by and between Hyperion DeFi, Inc. and Robert Rubenstein		8-K		001-38365		10.3		July 8, 2026
31.1		Certification of the Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002		—		—		—		Filed herewith
31.2		Certification of the Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002		—		—		—		Filed herewith
32.1*		Certification of the Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002		—		—		—		Filed herewith
32.2*		Certification of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002		—		—		—		Filed herewith
101.INS		Inline XBRL Instance Document		—		—		—		Filed herewith
101.SCH		Inline XBRL Taxonomy Extension Schema Document		—		—		—		Filed herewith
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document		—		—		—		Filed herewith
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document		—		—		—		Filed herewith


	For the Three Months Ended		For the Six Months Ended
	June 30,		June 30,
	2026⁽¹⁾	2025	2026⁽¹⁾	2025
Options	80,988	53,602	80,988	53,602
Warrants	1,205,406	34,070,913	1,205,406	34,070,913
Unvested restricted stock units	1,336,725	288,000	1,312,500	288,000
Series A convertible preferred	—	16,307,691	—	16,307,691
	2,623,119	50,720,206	2,598,894	50,720,206


		Units		Cost			Carrying Value
HiHYPE		398,277		$	18,902,486		$	8,828,972
kHYPE		455,434			18,591,852			15,897,330
kmHYPE		28,888			884,473			597,068
sKNTQ		1,918,479			208,355			172,196
sHPL		10,000,000			156,611			91,000
Other digital intangible assets		2			135,000			135,000
Total				$	38,878,777		$	25,721,566


		June 30, 2026									December 31, 2025
		Notes Payable			Debt Discount			Net			Notes Payable			Debt Discount			Net
Current Portion:
FIRST Insurance Funding Loan		$	362,495		$	—		$	362,495		$	—		$	—		$	—
Avenue - Note payable			2,528,921			(92,435)			2,436,486			—			—			—
Total Current Portion		$	2,891,416		$	(92,435)		$	2,798,981		$	—		$	—		$	—

Non-Current Portion:
Avenue - Note payable		$	5,979,570		$	(339,874)		$	5,639,696		$	8,339,386		$	(543,250)		$	7,796,136
Total Non-Current Portion		$	5,979,570		$	(339,874)		$	5,639,696		$	8,339,386		$	(543,250)		$	7,796,136
Notes payable - total		$	8,870,986		$	(432,309)		$	8,438,677		$	8,339,386		$	(543,250)		$	7,796,136


				Weighted
				Average
		Number of		Grant Date
		RSUs		Price
RSUs non-vested January 1, 2026		1,545,000		$	6.63
Granted		355,077			3.26
Vested		(252,684)			5.33
RSUs non-vested June 30, 2026		1,647,393		$	6.18

Vested RSUs undelivered January 1, 2026		284,551		$	5.49
Vested during the period		252,684			5.33
Delivered- net of shares withheld for taxes		(259,029)			5.46
Shares withheld to satisfy employee tax obligations		(104,655)			5.01
Vested RSUs undelivered June 30, 2026		173,551		$	4.83

101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document	—	—	—	Filed herewith
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document	—	—	—	Filed herewith
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document contained in Exhibit 101	—	—	—	Filed herewith

	HYPERION DEFI, INC.

Date: August 12, 2026	By:	/s/ Hyunsu Jung
		Hyunsu Jung
		Chief Executive Officer (Principal Executive Officer)

Date: August 12, 2026	By:	/s/ David Knox
		David Knox
		Chief Financial Officer (Principal Financial and Accounting Officer)

Date: August 12, 2026
	/s/ Hyunsu Jung
	Name: Hyunsu Jung
	Title: Chief Executive Officer
	(Principal Executive Officer)

Date: August 12, 2026
	/s/ David Knox
	Name: David Knox
	Title: Chief Financial Officer
	(Principal Financial and Accounting Officer)