Hyperion Defi, Inc 10-Q for FY2022 Q1

Hyperion Defi, Inc. (HYPD)

10-Q 2022-05-13 For: 2022-03-31

Added on April 07, 2026

About this 10-Q

Hyperion Defi, Inc filed this 10-Q on May 13, 2022, covering the quarter ended March 31, 2022 (FY2022 Q1).

Headline figures

Quarter ended March 31, 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: $7.34M; compared with a net loss of $5.35M a year earlier
Diluted EPS: -$0.24; compared with -$0.21 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

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 March 31, 2022 (Unaudited) and December 31, 2021		2

Unaudited Condensed Statements of Operations for the Three Months Ended March 31, 2022 and 2021		3

Unaudited Condensed Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2022 and 2021		4

Unaudited Condensed Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021		5

Notes to Unaudited Condensed Financial Statements		6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.		15

Item 3. Quantitative and Qualitative Disclosures About Market Risk.		20

Item 4. Controls and Procedures.		20

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.		21

Item 1A. Risk Factors.		21

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		21

Item 3. Defaults Upon Senior Securities.		21

Item 4. Mine Safety Disclosures.		21

Item 5. Other Information.		21

Item 6. Exhibits.		22

SIGNATURES		23


	March 31,		December 31,
	2022		2021
	(unaudited)
Assets

Current Assets:
Cash and cash equivalents	$	26,716,269	$	19,461,850
License fee and expense reimbursements receivable		1,364,309		1,805,065
Prepaid expenses and other current assets		2,318,047		734,942
Total Current Assets		30,398,625		22,001,857

Restricted cash		7,875,000		7,875,000
Property and equipment, net		1,370,359		1,271,225
Security deposits		119,035		119,035
Equipment deposits		425,036		391,941

Total Assets	$	40,188,055	$	31,659,058

Liabilities and Stockholders’ Equity

Current Liabilities:
Accounts payable	$	1,534,764	$	1,614,104
Accrued compensation		675,394		1,543,618
Accrued expenses and other current liabilities		404,707		845,719
Deferred rent - current portion		23,780		18,685
Notes payable - current portion, net		7,740,120		7,150,368

Total Current Liabilities		10,378,765		11,172,494

Deferred rent - non-current portion		15,080		19,949

Total Liabilities		10,393,845		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 March 31, 2022 and December 31, 2021		—		—
Common stock, $0.0001 par value, 90,000,000 shares authorized; 31,698,424 and 28,426,616 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively		3,171		2,844
Additional paid-in capital		127,350,010		110,683,077
Accumulated deficit		(97,558,971)		(90,219,306)
Total Stockholders’ Equity		29,794,210		20,466,615
Total Liabilities and Stockholders’ Equity	$	40,188,055	$	31,659,058


	For the Three Months Ended
	March 31,
	2022		2021
Operating Income
Revenue	$	—	$	2,000,000
Cost of revenue		—		(800,000)
Gross Profit		—		1,200,000

Operating Expenses:
Research and development		3,712,584		4,322,648
General and administrative		3,474,965		2,243,990
Total Operating Expenses		7,187,549		6,566,638

Loss From Operations		(7,187,549)		(5,366,638)

Other Income (Expense):
Other (expense) income,net		(7,073)		18,585
Interest expense		(145,237)		(5,148)
Interest income		194		1,534

Net Loss	$	(7,339,665)	$	(5,351,667)

Net Loss Per Share - Basic and Diluted	$	(0.24)	$	(0.21)

Weighted Average Number of Common Shares Outstanding - Basic and Diluted		30,008,194		25,330,563


	For the Three Months Ended March 31, 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


Cash,cash equivalents and restricted cash consisted of the following:
Cash and cash equivalents	$	26,716,269	$	24,907,048
Restricted cash		7,875,000		—
	$	34,591,269	$	24,907,048
Supplemental Disclosure of Cash Flow Information:
Cash paid during the periods for:
Interest	$	95,585	$	3,997

Supplemental Disclosure of Non-Cash Investing and Financing Activities
Purchase of insurance premium financed by note payable	$	675,331	$	705,360
Issuance of common stock related to vested restricted stock units	$	2	$	—


	March 31, 2022						December 31, 2021
	Notes		Debt				Notes		Debt
	Payable		Discount		Net		Payable		Discount		Net
D&O insurance policy loan	$	563,538	$	—	$	563,538	$	—	$	—	$	—
Silicon Valley Bank loan		7,500,000		(323,418)		7,176,582		7,500,000		(349,632)		7,150,368
Notes payable, current	$	8,063,538	$	(323,418)	$	7,740,120	$	7,500,000	$	(349,632)	$	7,150,368


		Weighted
		Average
	Number of	Exercise
	RSUs	Price
RSUs non-vested January 1, 2022	41,778	$	3.59
Granted	13,926		3.10
Vested	—		—
Forfeited	(6,963)		3.59
RSUs non-vested March 31, 2022	48,741	$	3.45

Vested RSUs undelivered March 31, 2022	66,588	$	3.85


Options Outstanding			Options Exercisable
			Weighted
		Outstanding	Average	Exercisable
Exercise		Number of	Remaining Life	Number of
Price		Options	In Years	Options
$	1.24	260,000	3.0	260,000
$	1.95	567,636	5.3	567,636
$	2.72	764,419	8.2	445,912
$	2.74	667	6.8	667
$	2.89	249,751	8.2	150,202
$	3.10	336,922	—	—
$	3.11	656,078	7.4	570,728
$	3.43	58,920	8.5	58,920
$	3.48	35,000	8.4	17,500
$	3.59	67,571	—	—
$	3.60	52,500	—	—
$	3.71	43,000	8.3	23,889
$	4.00	2,000	6.6	2,000
$	4.06	35,000	—	—
$	4.53	127,000	—	—
$	4.68	20,000	7.8	13,890
$	4.81	219,000	—	—
$	5.10	6,000	6.4	5,833
$	5.11	1,637	9.0	1,637
$	5.19	16,500	6.4	16,500
$	5.25	26,668	4.5	26,668
$	5.77	50,000	8.7	20,834
$	6.01	652,899	8.8	253,907
$	6.20	300,387	6.3	300,387
$	6.30	60,000	6.3	60,000
$	8.72	164,918	6.0	164,918
		4,774,473	6.7	2,962,028


Warrants Outstanding		Warants Exercisable
		Weighted
	Outstanding	Average	Exercisable
Exercise	Number of	Remaining Life	Number of
Price	Warrants	In Years	Warrants
$0.0100	1,870,130	N/A	1,870,130
$2.4696	909,451	3.0	909,451
$2.7240	216,380	3.0	216,380
$3.5400	4,870,130	—	—
$4.7600	91,884	9.1	91,884
	7,957,975	3.5	3,087,845


	For the Three Months Ended March 31,
	2022		2021
Professional fees	$	1,206,849	$	496,726
Salaries and benefits		1,028,782		669,359
Stock-based compensation		407,806		327,200
Insurance expense		251,219		190,145
Other		209,136		137,194
Sales and marketing		179,309		308,203
Facilities expense		106,031		46,913
Director fees and expense		85,833		68,250
	$	3,474,965	$	2,243,990


Exhibit		Incorporated by Reference from Filings as Noted Below (Unless Otherwise Indicated)
Number	Exhibit Description	Form	File No.	Exhibit	Filing Date
10.1	Settlement Agreement by and between Eyenovia, Inc.and Stuart Grant, dated as of February 4, 2022	8-K	001-38365	10.1	February 7, 2022
10.2	Form of Purchase Agreement between the Company and the Purchaser, dated March 3, 2022	8-K	001-38365	10.1	March 9, 2022
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


	EYENOVIA, INC.

Date: May 13, 2022	By:	/s/ John Gandolfo
		John Gandolfo
		Chief Financial Officer (Principal Financial Officer)


	For the Three Months Ended
	March 31,
	2022	2021
Expected term (years)	0.58 - 10.00	5.85
Risk free interest rate	0.76% - 1.98%	0.92%
Expected volatility	82% - 90%	94%
Expected dividends	0.00%	0.00%


Date: May 13, 2022	/s/ Tsontcho Ianchulev
	Name:	Tsontcho Ianchulev
	Title:	Chief Executive Officer
		(Principal Executive Officer)