Hyperion Defi, Inc 10-Q for FY2021 Q3

Hyperion Defi, Inc. (HYPD)

10-Q 2021-11-12 For: 2021-09-30

Added on April 07, 2026

About this 10-Q

Hyperion Defi, Inc filed this 10-Q on November 12, 2021, covering the quarter ended September 30, 2021 (FY2021 Q3).

Headline figures

Quarter ended September 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $5.57M; compared with a net loss of $5.1M a year earlier
Diluted EPS: -$0.21; compared with -$0.23 a year earlier

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

295 Madison Avenue, Suite 2400 NEW YORK, NY		10017
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 Par Value	EYEN	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.

Condensed Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020		2

Unaudited Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020		3

Unaudited Condensed Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2021 and 2020		4

Unaudited Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020		6

Notes to Unaudited Condensed Financial Statements		8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.		20

Item 3. Quantitative and Qualitative Disclosures About Market Risk.		26

Item 4. Controls and Procedures.		26

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.		26

Item 1A. Risk Factors.		26

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		26

Item 3. Defaults Upon Senior Securities.		26

Item 4. Mine Safety Disclosures.		27

Item 5. Other Information.		27

Item 6. Exhibits.		27

SIGNATURES		28


	September 30,		December 31,
	2021		2020
	(unaudited)
Assets

Current Assets:
Cash and cash equivalents	$	13,500,871	$	28,371,828
Restricted cash		7,875,000		—
Deferred license costs		—		1,600,000
License fee and expense reimbursements receivables		960,180		2,966,039
Prepaid expenses and other current assets		1,123,289		453,478

Total Current Assets		23,459,340		33,391,345

Property and equipment, net		1,413,201		396,380
Security deposit		119,035		119,035

Total Assets	$	24,991,576	$	33,906,760

Liabilities and Stockholders’ Equity

Current Liabilities:
Accounts payable	$	1,684,733	$	1,461,665
Accrued compensation		1,184,236		1,150,672
Accrued expenses and other current liabilities		552,336		1,480,692
Deferred rent - current portion		16,037		7,809
Deferred license fee		10,000,000		14,000,000
Notes payable - current portion		7,282,037		97,539

Total Current Liabilities		20,719,379		18,198,377

Deferred rent - non-current portion		26,059		38,684
Notes payable - non-current portion		—		365,814

Total Liabilities		20,745,438		18,602,875

Commitments and contingencies (Note 7)

Stockholders’ Equity:
Preferred stock, $0.0001 par value, 6,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		—		—
Common stock, $0.0001 par value, 90,000,000 shares authorized; 25,963,185 and 24,978,585 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		2,597		2,498
Additional paid-in capital		97,446,125		92,742,306
Accumulated deficit		(93,202,584)		(77,440,919)

Total Stockholders’ Equity		4,246,138		15,303,885

Total Liabilities and Stockholders’ Equity	$	24,991,576	$	33,906,760


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Operating Income
Revenue	$	—	$	—	$	4,000,000	$	—
Cost of revenue		—		—		(1,600,000)		—
Gross Profit		—		—		2,400,000		—

Operating Expenses:
Research and development		3,470,188		3,363,759		11,334,296		9,913,296
General and administrative		2,435,141		1,728,366		7,082,659		5,669,311
Total Operating Expenses		5,905,329		5,092,125		18,416,955		15,582,607

Loss From Operations		(5,905,329)		(5,092,125)		(16,016,955)		(15,582,607)

Other Income (Expense):
Small Business Administration Economic Injury Disaster Grant		—		—		—		10,000
Extinguishment of PPP 7(a) loan		463,353		—		463,353		—
Other expense		(8,010)		—		(8,010)		—
Interest expense		(119,212)		(4,945)		(202,407)		(14,977)
Interest income		600		540		2,354		24,579

Net Loss	$	(5,568,598)	$	(5,096,530)	$	(15,761,665)	$	(15,563,005)

Net Loss Per Share
- Basic and Diluted	$	(0.21)	$	(0.23)	$	(0.61)	$	(0.79)

Weighted Average Number of Common Shares Outstanding
- Basic and Diluted		26,053,532		22,206,195		25,773,098		19,802,999


	For the Three and Nine Months Ended September 30, 2021
				Additional				Total
	Common Stock			Paid-In		Accumulated		Stockholders’
	Shares	Amount		Capital		Deficit		Equity
Balance - January 1, 2021	24,978,585	$	2,498	$	92,742,306	$	(77,440,919)	$	15,303,885

Exercise of stock warrants	644,992		65		1,530,925		—		1,530,990

Stock-based compensation	—		—		656,913		—		656,913

Net loss	—		—		—		(5,351,667)		(5,351,667)

Balance - March 31, 2021	25,623,577		2,563		94,930,144		(82,792,586)		12,140,121

Exercise of stock warrants	232,022		23		572,978		—		573,001

Exercise of stock options	91,047		9		130,081		—		130,090

Issuance of SVB warrants [1]	—		—		351,390		—		351,390

Stock-based compensation	—		—		637,355		—		637,355

Net loss	—		—		—		(4,841,400)		(4,841,400)

Balance - June 30, 2021	25,946,646		2,595		96,621,948		(87,633,986)		8,990,557

Exercise of stock options	16,539		2		46,710		—		46,712

Stock-based compensation	—		—		777,467		—		777,467

Net loss	—		—		—		(5,568,598)		(5,568,598)

Balance - September 30, 2021	25,963,185	$	2,597	$	97,446,125	$	(93,202,584)	$	4,246,138


Cash and restricted cash consisted of the following:
Cash	$	13,500,871	$	22,864,578
Restricted cash		7,875,000		—
	$	21,375,871	$	22,864,578
Supplemental Disclosure of Cash Flow Information:
Cash paid during the periods for:
Interest	$	131,839	$	7,961
Income taxes	$	—	$	—

Supplemental Disclosure of Non-Cash Investing and Financing Activities
Accrual of public offering costs	$	—	$	(26,650)
Purchase of insurance premium financed by note payable	$	(705,360)	$	(475,216)
Issuance of SVB stock warrants	$	(351,390)	$	—


	September 30, 2021						December 31, 2020
	Current		Non-Current				Current		Non-Current
	Portion		Portion		Total		Portion		Portion		Total
BankDirect Capital Finance loan	$	158,101	$	—	$	158,101	$	—	$	—	$	—
Paycheck Protection Program loan		—		—		—		97,539		365,814		463,353
Silicon Valley Bank loan		7,123,936		—		7,123,936		—		—		—
Total	$	7,282,037	$	—	$	7,282,037	$	97,539	$	365,814	$	463,353


	September 30, 2021
Gross loan proceeds	$	7,500,000
Debt discount:
Relative fair value of warrants		(354,539)
Relative fair value of issuance costs		(63,469)
Amortization of debt discount		41,944
	$	7,123,936


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number of	Exercise		Life	Intrinsic
	Options	Price		In Years	Value
Outstanding January 1, 2021	3,427,705	$	3.37
Granted	1,003,536		5.56
Exercised	(121,261)		2.07
Forfeited	(4,000)		2.89
Outstanding September 30, 2021	4,305,980	$	3.89	7.8	$	6,253,367
Exercisable September 30, 2021	2,364,074	$	3.50	6.8	$	4,448,222


Options Outstanding			Options Exercisable
			Weighted
		Outstanding	Average	Exercisable
Exercise		Number of	Remaining Life	Number of
Price		Options	In Years	Options
$	1.24	260,000	3.5	260,000
$	1.95	567,636	5.8	567,636
$	2.72	764,419	8.7	318,509
$	2.74	667	7.3	0
$	2.89	253,251	8.7	106,868
$	3.11	656,078	7.9	468,301
$	3.43	58,920	8.9	19,644
$	3.48	45,000	8.9	15,001
$	3.71	43,000	8.8	16,723
$	4.00	2,000	7.1	1,890
$	4.53	127,000	—	—
$	4.68	25,000	8.3	13,196
$	4.81	222,000	—	—
$	5.10	6,000	6.9	5,833
$	5.11	1,637	—	—
$	5.19	16,500	6.9	16,500
$	5.25	26,668	5.0	26,668
$	5.77	50,000	—	—
$	6.01	652,899	—	—
$	6.20	300,387	6.8	300,387
$	6.30	60,000	6.8	60,000
$	8.72	166,918	6.5	166,918
		4,305,980	6.8	2,364,074


Warrants Outstanding		Warants Exercisable
		Weighted
	Outstanding	Average	Exercisable
Exercise	Number of	Remaining Life	Number of
Price	Warrants	In Years	Warrants
$2.4696	917,919	3.5	917,919
$2.7240	216,380	3.5	216,380
$4.7600	91,884	9.6	91,884
	1,226,183	4.0	1,226,183


Exhibit		Incorporated by Reference (Unless Otherwise Indicated)
Number	Exhibit Description	Form	File No.	Exhibit	Filing Date
10.1+	Amendment 1 to the License Agreement between Eyenovia, Inc. and Arctic Vision (Hong Kong) Limited, dated September 14, 2021	—	—	—	Filed herewith
10.2+	Amendment 2 to the Exclusive License Agreement between Eyenovia, Inc. and Senju Pharmaceutical Co., Ltd., effective as of May 2021	—	—	—	Filed herewith
10.3+	First Amendment to Loan and Security Agreement between Eyenovia, Inc. and Silicon Valley Bank, dated September 29, 2021	—	—	—	Filed herewith
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 and Accounting 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 and Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	—	—	—	Filed herewith
101	Inline Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Condensed Balance Sheets as of September 30, 2021 and December 31, 2020; (ii) Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020; (iii) Condensed Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2021 and 2020; Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020; and (iv) Notes to Condensed Financial Statements
104	Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit)


	EYENOVIA, INC.

November 12, 2021	By:	/s/ John Gandolfo
		John Gandolfo
		Chief Financial Officer (Principal Financial and Accounting Officer)


	September 30,
	2021	2020
Options	4,305,980	3,410,540
Warrants	1,226,183	2,095,993
Total potentially dilutive shares	5,532,163	5,506,533


	For the Three Months Ended		For the Nine Months Ended
	September 30,		September 30,
	2021	2020	2021	2020
Expected term (years)	5.85	5.85 - 10.00	5.85 - 10.00	5.85 - 10.00
Risk free interest rate	0.81%	0.26% - 0.69%	0.45% - 1.58%	0.26% - 1.32%
Expected volatility	92%	98% - 99%	92% - 94%	96% - 99%
Expected dividends	0.00%	0.00%	0.00%	0.00%