Hyperion Defi, Inc 10-Q for FY2022 Q3

Hyperion Defi, Inc. (HYPD)

10-Q 2022-11-14 For: 2022-09-30

Added on April 07, 2026

About this 10-Q

Hyperion Defi, Inc filed this 10-Q on November 14, 2022, covering the quarter ended September 30, 2022 (FY2022 Q3).

Headline figures

Quarter ended September 30, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $0; compared with $0 a year earlier
Net loss: $7.31M; compared with a net loss of $5.57M a year earlier
Diluted EPS: -$0.21; compared with -$0.21 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.		2

Condensed Balance Sheets as of September 30, 2022 (Unaudited) and December 31, 2021		2

Unaudited Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021		3

Unaudited Condensed Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2022 and 2021		4

Unaudited Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021		5

Notes to Unaudited Condensed Financial Statements		7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.		18

Item 3. Quantitative and Qualitative Disclosures About Market Risk.		24

Item 4. Controls and Procedures.		24

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.		26

Item 5. Other Information.		26

Item 6. Exhibits.		27

SIGNATURES		28


	September 30,		December 31,
	2022		2021
	(unaudited)
Assets

Current Assets:
Cash and cash equivalents	$	17,398,605	$	19,461,850
Restricted cash		7,875,000		7,875,000
Deferred clinical supply costs		1,871,096		—
License fee and expense reimbursements receivable		809,430		1,805,065
Prepaid expenses and other current assets		1,463,020		721,438

Total Current Assets		29,417,151		29,863,353

Property and equipment, net		1,342,657		1,271,225
Security deposits		200,153		132,539
Equipment deposits		445,530		391,941

Total Assets	$	31,405,491	$	31,659,058

Liabilities and Stockholders’ Equity

Current Liabilities:
Accounts payable	$	1,104,959	$	1,614,104
Accrued compensation		1,268,009		1,543,618
Accrued expenses and other current liabilities		1,384,803		845,719
Deferred rent - current portion		28,999		18,685
Notes payable		7,229,013		7,150,368
Total Current Liabilities		11,015,783		11,172,494
Deferred rent - non-current portion		60,540		19,949

Total Liabilities		11,076,323		11,192,443

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, 2022 and December 31, 2021		—		—
Common stock, $0.0001 par value, 90,000,000 shares authorized; 35,525,689 and 28,426,616 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively		3,553		2,844
Additional paid-in capital		132,432,682		110,683,077
Accumulated deficit		(112,107,067)		(90,219,306)
Total Stockholders’ Equity		20,329,168		20,466,615
Total Liabilities and Stockholders’ Equity	$	31,405,491	$	31,659,058


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Operating Income
Revenue	$	—	$	—	$	—	$	4,000,000
Cost of revenue		—		—		—		(1,600,000)
Gross Profit		—		—		—		2,400,000

Operating Expenses:
Research and development		3,876,876		3,552,068		11,176,326		11,559,364
General and administrative		3,353,352		2,372,999		10,362,907		6,914,481
Total Operating Expenses		7,230,228		5,925,067		21,539,233		18,473,845

Loss From Operations		(7,230,228)		(5,925,067)		(21,539,233)		(16,073,845)

Other Income (Expense):
Extinguishment of PPP 7(a) loan		—		463,353		—		463,353
Other income, net		70,277		11,728		96,580		48,880
Interest expense		(177,138)		(119,212)		(475,811)		(202,407)
Interest income		28,093		600		30,703		2,354

Net Loss	$	(7,308,996)	$	(5,568,598)	$	(21,887,761)	$	(15,761,665)

Net Loss Per Share - Basic and Diluted	$	(0.21)	$	(0.21)	$	(0.67)	$	(0.61)

Weighted Average Number of Common Shares Outstanding - Basic and Diluted		34,631,774		26,053,532		32,778,551		25,773,098


	For the Three and Nine Months Ended September 30, 2022
				Additional				Total
	Common Stock			Paid-In		Accumulated		Stockholders’
	Shares	Amount		Capital		Deficit		Equity
Balance - January 1, 2022	28,426,616	$	2,844	$	110,683,077	$	(90,219,306)	$	20,466,615
Issuance of common stock and warrants in registered direct offering [1]	3,000,000		300		14,897,608		—		14,897,908
Issuance of common stock in At the Market offering [2]	252,449		25		860,340		—		860,365
Stock-based compensation	—		—		908,987		—		908,987
Issuance of common stock related to vested restricted stock units	19,359		2		(2)		—		—
Net loss	—		—		—		(7,339,665)		(7,339,665)
Balance - March 31, 2022	31,698,424	$	3,171	$	127,350,010	$	(97,558,971)	$	29,794,210
Exercise of stock warrants	1,870,130		187		18,514		—		18,701
Stock-based compensation	—		—		1,036,926		—		1,036,926
Issuance of common stock related to vested restricted stock units	54,499		5		(5)		—		—
Net loss	—		—		—		(7,239,100)		(7,239,100)
Balance - June 30, 2022	33,623,053	$	3,363	$	128,405,445	$	(104,798,071)	$	23,610,737
Issuance of common stock in At the Market offering [3]	1,876,314		188		3,098,506		—		3,098,694
Stock-based compensation	—		—		928,733		—		928,733
Issuance of common stock related to vested restricted stock units	26,322		2		(2)		—		—
Net loss	—		—		—		(7,308,996)		(7,308,996)
Balance - September 30, 2022	35,525,689	$	3,553	$	132,432,682	$	(112,107,067)	$	20,329,168


Cash, cash equivalents and restricted cash consisted of the following:
Cash and cash equivalents	$	17,398,605	$	13,500,871
Restricted cash		7,875,000		7,875,000
	$	25,273,605	$	21,375,871
Supplemental Disclosure of Cash Flow Information:
Cash paid during the periods for:
Interest	$	315,550	$	131,839

Supplemental Disclosure of Non-Cash Investing and Financing Activities
Purchase of insurance premium financed by note payable	$	675,332	$	705,360
Issuance of SVB stock warrants	$	—	$	351,390
Issuance of common stock related to vested restricted stock units	$	9	$	—


	September 30, 2022						December 31, 2021
	Notes Payable		Debt Discount		Net		Notes Payable		Debt Discount		Net
Silicon Valley Bank loan	$	7,500,000	$	(270,987)	$	7,229,013	$	7,500,000	$	(349,632)	$	7,150,368


		Weighted
		Average
	Number of	Grant Date Value
	RSUs	Per Share
RSUs non-vested January 1, 2022	41,778	$	3.59
Granted	193,304		1.93
Vested	(55,319)		3.37
Forfeited	(6,963)		3.59
RSUs non-vested September 30, 2022	172,800	$	1.80

Vested RSUs undelivered September 30, 2022	41,086	$	3.64


Options Outstanding			Options Exercisable
			Weighted
		Outstanding	Average	Exercisable
Exercise		Number of	Remaining Life	Number of
Price		Options	In Years	Options
	$1.00 - $1.99	1,577,286	4.1	827,636
	$2.00 - $2.99	1,010,018	7.7	762,034
	$3.00 - $3.99	1,241,069	7.0	820,883
	$4.00 - $4.99	385,305	8.8	147,760
	$5.00 - $5.99	100,805	6.2	79,805
	$6.00 - $6.99	1,005,286	7.1	715,111
	$7.00+	164,918	5.5	164,918
		5,484,687	6.5	3,518,147


Warrants Outstanding		Warants Exercisable
		Weighted
	Outstanding	Average	Exercisable
Exercise	Number of	Remaining Life	Number of
Price	Warrants	In Years	Warrants
$2.4696	909,451	2.5	909,451
$2.7240	216,380	2.5	216,380
$4.7600	91,884	8.6	91,884
$3.5400	4,870,130	4.9	4,870,130
	6,087,845	4.5	6,087,845


	For the Three Months Ended September 30,
	2022		2021
Direct clinical and non-clinical expenses	$	1,619,948	$	692,409
Personnel-related expenses		1,187,195		1,415,615
Non-cash stock-based compensation expenses		420,619		489,121
Other expenses		229,749		103,512
Facilities expenses		212,584		297,784
Supplies and materials		206,781		553,627
Total research and development expenses	$	3,876,876	$	3,552,068


	For the Nine Months Ended September 30,
	2022		2021
Personnel-related expenses	$	4,159,905	$	4,003,192
Direct clinical and non-clinical expenses		3,494,633		4,291,192
Non-cash stock-based compensation expenses		1,438,469		1,138,331
Supplies and materials		898,683		993,455
Facilities expenses		720,917		871,938
Other expenses		463,719		261,256
Total research and development expenses	$	11,176,326	$	11,559,364


Exhibit		Incorporated by Reference from Filings as Noted Below (Unless Otherwise Indicated)
Number	Exhibit Description	Form	File No.	Exhibit	Filing Date
10.1	Non-Employee Director Compensation Policy, as amended	—	—	—	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 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 - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL 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
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


	For the Three Months Ended		For the Nine Months Ended
	September 30,		September 30,
	2022	2021	2022	2021
Expected term (years)	5.41 - 5.85	5.85	0.58 - 10.00	5.85 - 10.00
Risk free interest rate	2.66% - 3.02%	0.81%	0.76% - 3.35%	0.45% - 1.58%
Expected volatility	85% - 87%	92%	82% - 90%	92% - 94%
Expected dividends	0.00%	0.00%	0.00%	0.00%


	EYENOVIA, INC.

Date: November 14, 2022	By:	/s/ John Gandolfo
		John Gandolfo
		Chief Financial Officer (Principal Financial Officer)

Date: November 14, 2022	/s/ Michael Rowe
	Name:	Michael Rowe
	Title:	Chief Executive Officer
		(Principal Executive Officer)