Hyperion Defi, Inc 10-Q for FY2022 Q2

Hyperion Defi, Inc. (HYPD)

10-Q 2022-08-11 For: 2022-06-30

Added on April 07, 2026

About this 10-Q

Hyperion Defi, Inc filed this 10-Q on August 11, 2022, covering the quarter ended June 30, 2022 (FY2022 Q2).

Headline figures

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

Revenue: $0; compared with $2M a year earlier
Net loss: $7.24M; compared with a net loss of $4.84M a year earlier
Diluted EPS: -$0.22; compared with -$0.19 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 June 30, 2022 (Unaudited) and December 31, 2021		2

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

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

Unaudited Condensed Statements of Cash Flows for the Six Months Ended June 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.		17

Item 3. Quantitative and Qualitative Disclosures About Market Risk.		23

Item 4. Controls and Procedures.		23

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.		25

Item 1A. Risk Factors.		25

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		25

Item 3. Defaults Upon Senior Securities.		25

Item 4. Mine Safety Disclosures.		25

Item 5. Other Information.		25

Item 6. Exhibits.		26

SIGNATURES		27


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

Current Assets:
Cash and cash equivalents	$	21,506,582	$	19,461,850
Deferred clinical supply costs		1,538,380		—
License fee and expense reimbursements receivable		709,234		1,805,065
Prepaid expenses and other current assets		1,858,530		721,438

Total Current Assets		25,612,726		21,988,353

Restricted cash		7,875,000		7,875,000
Property and equipment, net		1,406,666		1,271,225
Security deposits		201,407		132,539
Equipment deposits		510,239		391,941

Total Assets	$	35,606,038	$	31,659,058

Liabilities and Stockholders’ Equity

Current Liabilities:
Accounts payable	$	2,686,794	$	1,614,104
Accrued compensation		1,014,084		1,543,618
Accrued expenses and other current liabilities		824,302		845,719
Deferred rent - current portion		27,462		18,685
Notes payable		7,429,131		7,150,368
Total Current Liabilities		11,981,773		11,172,494
Deferred rent - non-current portion		13,528		19,949

Total Liabilities		11,995,301		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 June 30, 2022 and December 31, 2021		—		—
Common stock, $0.0001 par value, 90,000,000 shares authorized; 33,623,053 and 28,426,616 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively		3,363		2,844
Additional paid-in capital		128,405,445		110,683,077
Accumulated deficit		(104,798,071)		(90,219,306)
Total Stockholders’ Equity		23,610,737		20,466,615
Total Liabilities and Stockholders’ Equity	$	35,606,038	$	31,659,058


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Operating Income
Revenue	$	—	$	2,000,000	$	—	$	4,000,000
Cost of revenue		—		(800,000)		—		(1,600,000)
Gross Profit		—		1,200,000		—		2,400,000

Operating Expenses:
Research and development		3,586,866		3,684,647		7,299,450		8,007,296
General and administrative		3,534,590		2,297,492		7,009,555		4,541,482
Total Operating Expenses		7,121,456		5,982,139		14,309,005		12,548,778

Loss From Operations		(7,121,456)		(4,782,139)		(14,309,005)		(10,148,778)

Other Income (Expense):
Other income, net		33,376		18,566		26,303		37,152
Interest expense		(153,436)		(78,047)		(298,673)		(83,195)
Interest income		2,416		220		2,610		1,754

Net Loss	$	(7,239,100)	$	(4,841,400)	$	(14,578,765)	$	(10,193,067)

Net Loss Per Share - Basic and Diluted	$	(0.22)	$	(0.19)	$	(0.46)	$	(0.40)

Weighted Average Number of Common Shares Outstanding - Basic and Diluted		33,644,867		25,927,303		31,836,582		25,630,572


	For the Three and Six Months Ended June 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


Cash,cash equivalents and restricted cash consisted of the following:
Cash and cash equivalents	$	21,506,582	$	27,176,843
Restricted cash		7,875,000		—
	$	29,381,582	$	27,176,843
Supplemental Disclosure of Cash Flow Information:
Cash paid during the periods for:
Interest	$	199,367	$	70,457

Supplemental Disclosure of Non-Cash Investing and Financing Activities
Purchase of insurance premium financed by note payable	$	675,331	$	705,360
Issuance of SVB stock warrants	$	—	$	351,390
Issuance of common stock related to vested restricted stock units	$	7	$	—


	June 30, 2022						December 31, 2021
	Notes Payable		Debt Discount		Net		Notes Payable		Debt Discount		Net
D&O insurance policy loan	$	226,333	$	—	$	226,333	$	—	$	—	$	—
Silicon Valley Bank loan		7,500,000		(297,202)		7,202,798		7,500,000		(349,632)		7,150,368
Notes payable, current	$	7,726,333	$	(297,202)	$	7,429,131	$	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	131,614		1.99
Vested	(55,319)		3.37
Forfeited	(6,963)		3.59
RSUs non-vested June 30, 2022	111,110	$	1.80

Vested RSUs undelivered June 30, 2022	67,408	$	3.70


Options Outstanding			Options Exercisable
			Weighted
		Outstanding	Average	Exercisable
Exercise		Number of	Remaining Life	Number of
Price		Options	In Years	Options
	$1.00 - $1.99	981,481	4.3	827,636
	$2.00 - $2.99	1,023,769	7.9	690,748
	$3.00 - $3.99	1,247,491	7.2	786,669
	$4.00 - $4.99	395,000	8.8	61,614
	$5.00 - $5.99	100,805	6.3	75,639
	$6.00 - $6.99	1,013,286	7.2	668,703
	$7.00 +	164,918	5.8	164,918
		4,926,750	6.6	3,275,927


Warrants Outstanding		Warants Exercisable
		Weighted
	Outstanding	Average	Exercisable
Exercise	Number of	Remaining Life	Number of
Price	Warrants	In Years	Warrants
$2.4696	909,451	2.7	909,451
$2.7240	216,380	2.7	216,380
$4.7600	91,884	8.9	91,884
$3.5400	4,870,130	—	—
	6,087,845	3.2	1,217,715


	For the Three Months Ended June 30,
	2022		2021
Professional fees	$	1,061,299	$	436,923
Salaries and benefits		905,017		637,227
Stock-based compensation		520,257		317,858
Insurance expense		268,571		239,191
Sales and marketing		318,198		299,148
Other		250,325		225,346
Facilities expense		115,923		64,799
Director fees and expense		95,000		77,000
	$	3,534,590	$	2,297,492


	For the Six Months Ended June 30,
	2022		2021
Personnel-related expenses	$	2,972,710	$	2,587,577
Direct clinical and non-clinical expenses		1,874,685		3,598,783
Non-cash stock-based compensation expenses		1,017,850		649,210
Supplies and materials		691,902		439,829
Facilities expenses		508,333		574,153
Other expenses		233,970		157,744
Total research and development expenses	$	7,299,450	$	8,007,296


Exhibit		Incorporated by Reference from Filings as Noted Below (Unless Otherwise Indicated)
Number	Exhibit Description	Form	File No.	Exhibit	Filing Date
10.1	Eyenovia, Inc. Amended and Restated 2018 Omnibus Stock Incentive Plan	Form 8-K	001-38365	10.1	June 17, 2022
10.2+#	Employment Agreement, dated July 26, 2022, by and between Eyenovia, Inc, and Michael Rowe				Filed herewith
10.3+	Executive Chair Agreement, dated August 1, 2022, by and between, Eyenovia, Inc. and Tsontcho Ianchulev				Filed herewith
10.4	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 Six Months Ended
	June 30,		June 30,
	2022	2021	2022	2021
Expected term (years)	5.09 - 5.50	5.85 - 10.00	0.58 - 10.00	5.85 - 10.00
Risk free interest rate	2.79% - 2.79%	0.80% - 1.58%	0.76% - 2.79%	0.45% - 1.58%
Expected volatility	88%	93%	82% - 90%	93% - 94%
Expected dividends	0.00%	0.00%	0.00%	0.00%


	EYENOVIA, INC.

Date: August 11, 2022	By:	/s/ John Gandolfo
		John Gandolfo
		Chief Financial Officer (Principal Financial Officer)

Eyenovia, Inc.

/s/ Kenneth B. Lee, Jr.
By:	Kenneth B. Lee, Jr.
Its:	Lead Director

Executive

/s/ Michael Rowe
Michael Rowe

/s/ Michael Rowe		7-26-22
Michael Rowe		Date

Eyenovia, Inc.

/s/ Kenneth B. Lee, Jr.		7-26-22
By:	Kenneth B. Lee, Jr.	Date
Its:	Lead Director


As to Communications:

Eyenovia, Inc.
Attn: John Gandolfo, CFO
295 Madison Ave, Suite 2400
New York, NY 10017

As to Invoices:

Accounting Department
Eyenovia, Inc.
accounting@eyenovia.com


EYENOVIA, INC.		DR. SEAN IANCHULEV, M.D., MPH

By:	/s/ Michael Rowe	/s/ Dr. Sean Ianchulev
	Michael Rowe	Dr. Sean Ianchulev
Title:	Chief Executive Officer	Title:	Executive Chairman

Date:	08/01/2022	Date:	08/01/2022

Date: August 11, 2022	/s/ Michael Rowe
	Name:	Michael Rowe
	Title:	Chief Executive Officer
		(Principal Executive Officer)