AddedRisk Factors
The Hyperliquid platform and technologies and HYPE have a limited operating history.
HYPDHyperion DeFi
We were organized as a corporation under the laws of the State of Florida on March 12, 2014 under the name “PGP Holdings V, Inc.” 10-K, Item 1
- Headquarters
- Dallas, TX
- CEO
- Hyunsu Jung
- Next results
- around Mar 25, 2027
10-K 0001104659-26-036286 (2026-03-30) vs 10-K 0001410578-25-000743 (2025-04-15)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 16,899 | 80.3% |
| MD&A | Item 7 | 4,301 | 77.8% |
| Legal Proceedings | Item 3, via Note 11 – Commitments and Contingencies | 1,041 | 81.4% |
| Accounting Policies | 10-K text (note not found) | 0 | not compared |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 258 words changed in this paragraph; it is 35% similar to last year's version.
The secure processing, storage, maintenance, maintenance and transmission of this critical information is vital to our operations and business strategy, and we devote significant resources to protecting such information. Although we take measures to protect sensitive information from unauthorized access or disclosure, our information technology and infrastructure may be vulnerable to attacks by hackers or viruses, breaches, interruptions due to employee error, malfeasance, faulty password management, lapses in compliance with privacy and security mandates, or other disruptions. The risk of a security breach or disruption, particularly through cyber-attack or cyber intrusion, including by computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Our IT networks and related systems are essential to the operation of our business and our ability to perform day-to-day operations. To the extent that any disruption or security breach were to result in a loss of or damage to our data or applications, or inappropriate disclosure of confidential or proprietary information, we could incur substantial liability. Although we make efforts to maintain the security and integrity of these types of IT networks and related systems, and we have implemented various measures to manage the risk of a security breach or disruption, there can be no assurance that our security efforts and measures will be effective or that attempted security breaches or disruptions would not be successful or damaging. Our information technology systems may have vulnerabilities, and we may not have the resources or technical sophistication to anticipate or prevent rapidly evolving types of cyberattacks, such as ransomware attacks. A significant cyber incident, including system failure, security breach, disruption by malware or other damage, could interrupt or delay our operations, result in a violation of applicable cybersecurity and privacy and other laws, damage our reputation, cause a loss of customers or expose sensitive customer data, or give rise to monetary fines and other penalties, which could be significant.
Source: Item 1A, 10-K 0001104659-26-036286 vs Item 1A, 10-K 0001410578-25-000743
MD&A 133 words changed in this paragraph; it is 36% similar to last year's version.
The continuing worldwide implications of the war between Russia and Ukraine and the conflict in the Middle East remain difficult to predict at this time. The imposition These events, such as the interruption in telecommunications or internet services, cyber-related terrorist acts, civil disturbances, war or other catastrophes, could also negatively affect the digital asset economy in one or more jurisdictions. Moreover, foreign laws, regulations or directives may conflict with those of sanctions on Russia by the United States and other countries may negatively impact the acceptance of one or more digital assets by users, merchants and counter sanctions by Russia, service providers outside the United States and may therefore impede the resulting economic impacts on oil prices and other materials and goods, could affect growth or sustainability of the price of materials used digital asset economy in the manufacture of our product candidates. If the price of materials used in the manufacturing of our product candidates increase, that would adversely affect our business United States and the results of our operations. globally.
Source: Item 7, 10-K 0001104659-26-036286 vs Item 7, 10-K 0001410578-25-000743
Legal Proceedings 4 words changed in this paragraph; it is 95% similar to last year's version.
For the Years Ending Minimum December 31, Minimum Lease Payments 2025 2026 $ 675,400 2026 560,996 2027 214,618 214,619 Total future minimum lease payments 1,451,014 775,615 Less: Imputed imputed interest (158,347) (57,008) Present value of lease liabilities 1,292,667 718,607 Less: current portion (575,163) (512,007) Lease liabilities, non-current portion $ 717,504 206,600
Source: Item 3, via Note 11 – Commitments and Contingencies, 10-K 0001104659-26-036286 vs Item 3, via Note 10 – Commitments and Contingencies, 10-K 0001410578-25-000743
Every change, by type
Sentences and paragraphs of HYPD's Risk Factors and MD&A, 10-K 2026-03-30 against 10-K 2025-04-15. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
The Hyperliquid blockchain, exchange and related products launched in early 2023, and the HYPE token launched in November 2024. When we refer to HYPE, we are referring to HYPE tokens and liquid staking tokens derived from HYPE tokens (“LSTs”). We also hold other digital assets. Hyperliquid is an early-stage project with a limited operating history. Developers, validators, traders and market makers may not adopt Hyperliquid’s technology, and we believe that Hyperliquid’s adoption will likely depend on significant platform and product development and differentiation in a highly competitive market. A failure to scale, unexpected technical flaws, privacy issues or the lack of engagement could materially reduce demand for HYPE and adversely affect its value.
AddedRisk Factors
Because our treasury strategy is currently primarily focused on holdings of HYPE, our treasury assets are highly dependent upon the value and performance of the Hyperliquid platform and HYPE. If the Hyperliquid platform fails to achieve its objective, or has significant setbacks or delays, the value of HYPE may severely decline, which could materially and adversely impact the value of our treasury assets, liquidity, and financial condition, which could have a substantial impact on the value of our common stock.
AddedRisk Factors
HYPE is subject to extreme price volatility, and any sustained decline in the market price of HYPE could lead to substantial losses on our digital asset holdings and could adversely affect the market price of our common stock.
AddedRisk Factors
The price of HYPE has exhibited sudden and significant fluctuations due to shifts in market sentiment, speculative trading, macroeconomic trends, technology-related disruptions and regulatory announcements. Because digital asset trading markets are relatively new, largely unregulated and, at times, subject to limited liquidity, HYPE has experienced and may continue to experience larger or more frequent price swings than traditional asset classes. A rapid decrease in the price of HYPE - whether the result of negative perception, a lack of stability on the digital asset trading platforms on which HYPE trades, market manipulation of cryptocurrency trading platforms by customers, a cyber-security incident, regulatory action or other factors-could materially reduce the value of any HYPE we hold, force us to recognize impairment charges, and depress the market price of our securities.
AddedRisk Factors
Additionally, large portions of HYPE, potentially 238 million HYPE tokens or more, have been reported to be held by the Hyperliquid core contributors. As a result, trading activity by these parties could have a material impact on the price and trading volume of HYPE. Further, to our knowledge, the core contributors and other large holders of HYPE began to “unlock” their tokens on November 29, 2025, meaning that they became able to sell some of their HYPE starting on such date and at periodic unlock dates over a multi-year period. The large influx of HYPE increases the circulating supply, which can lead to a price drop if demand does not increase proportionally to absorb the new tokens. If all HYPE tokens that were unlocked on that day and are unlocked on subsequent unlock dates are immediately sold, this could have significant impacts on the price of HYPE on or around such unlock dates and depress the price of our common stock.
AddedRisk Factors
HYPE is a highly volatile asset, and fluctuations in the price and liquidity of HYPE may influence our financial results and the market price of our listed securities.
AddedRisk Factors
Our financial results and the market price of our listed securities would be adversely affected, and our business and financial condition would be negatively impacted, if the price of HYPE decreased substantially, including as a result of:
AddedRisk Factors
decreased user and investor confidence in HYPE, including due to the various factors described in this filing;
AddedRisk Factors
investment and trading activities such as (i) trading activities of highly active retail and institutional users, speculators and investors or (ii) actual or expected significant dispositions of HYPE by large holders, including the expected liquidation of digital assets seized by governments or associated with entities that have filed for bankruptcy protection, or associated with tokens vested by the Hyperliquid core team;
AddedRisk Factors
negative publicity, media or social media coverage, or sentiment due to events in or relating to, or perception of, HYPE, Hyperliquid or the broader digital assets industry;
AddedRisk Factors
changes in consumer preferences and the perceived value or prospects of HYPE or the utility of Hyperliquid;
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RewordedRisk Factors
As of March December 31, 2025, we had 300,000,000 600,000,000 shares of common stock authorized and 2,830,546 8,680,005 shares of common stock outstanding, 1,363,135 33,820,785 shares of common stock issuable upon exercise of warrants, 56,318 92,075 shares of our common stock issuable upon exercise of options, 5,952,380 of shares issuable upon the conversion of convertible debt and 247,623 1,545,000 shares of common stock issuable upon the vesting and/or delivery of restricted stock units. units (“RSUs”) and 16,307,691 shares of common stock issuable upon conversion of our Series A Non-Voting Convertible Preferred Stock (the “Series A Preferred Stock”).
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Any such security breach or interruption, as well as any action by us or our employees or contractors that might be inconsistent with the rapidly evolving data privacy and security laws and regulations applicable within the United States and elsewhere where we conduct business, States, could result in enforcement actions by U.S. states, states and the U.S. federal government or foreign governments, liability or sanctions under data privacy laws that protect personally identifiable information, government, regulatory penalties, other legal proceedings such as proceedings, including but not limited to private litigation, the incurrence of significant remediation costs, disruptions to our development programs, business operations and collaborations, operations, diversion of management efforts and damage to our reputation, which could harm our business and operations.
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Delisting of our common stock from Nasdaq could prevent us from maintaining an active, liquid and orderly trading market for our common stock and may materially and adversely impact our ability to consummate certain strategic transactions. stock.
RewordedRisk Factors
We require significant capital resources in order to continue to operate our business and conduct our exploration of strategic alternatives, and our limited liquidity could materially and adversely affect our business operations. business.
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Also, it is very difficult to project our current monthly cash burn rate given the transitional status of the Company and this estimate may prove inaccurate rate, and we may expend our limited resources sooner. sooner than we anticipate.
RewordedRisk Factors
If that were to happen, the market price of our stock could decline and we could be subject to sanctions or investigations by Nasdaq, the SEC or other regulatory authorities.
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Unless we consent to the selection of an alternative forum, our certificate of incorporation provides that the Court of Chancery of the State of Delaware, or the Court Delaware (the “Court of Chancery, Chancery”) will be, to the fullest extent permitted by law, the sole and exclusive forum for any derivative action or proceeding brought on our behalf; any action asserting a claim of breach of fiduciary duty owed by any of our directors, officers or other employees or agent agents to the Company or our stockholders; any action asserting a claim against us arising pursuant to the Delaware General Corporation Law, or DGCL, or our certificate of incorporation or bylaws; any action to enforce or determine the validity of our certificate of incorporation or bylaws; or any action asserting a claim against us that is governed by the internal affairs doctrine.
RewordedRisk Factors
In addition, because our Board board of Directors directors is responsible for appointing the members of our management team, these provisions may frustrate or prevent any attempts by our stockholders to replace or remove our current management by making it more difficult for stockholders to replace members of our Board. board of directors (the “Board of Directors” or the “Board”).
RewordedRisk Factors
The failure by our management to apply these funds effectively could result in financial losses that could have a material adverse effect on our business, business and cause the price of our common stock to decline and delay the development of our product candidates. decline.
RewordedRisk Factors
If we are not able to comply with the requirements of Section 404 of the Sarbanes-Oxley Act in a timely manner, the market price of our stock could decline and we could be subject to sanctions or investigations by Nasdaq, the stock exchange on which our common stock is listed, the SEC, SEC or other regulatory authorities, which would require additional financial and management resources.
Quiet changesRisk Factors
Our ability to publicly or privately sell equity securities and the liquidity of our common stock could would be adversely affected if we are delisted from The Nasdaq Capital Market or if we are unable to transfer our listing to another stock market.
Quiet changesRisk Factors
The trading market for our common stock will rely, relies, in part, on the research and reports that industry or financial analysts publish about us or our business.
Quiet changesRisk Factors
We are therefore entitled to rely on certain reduced disclosure requirements, such as an exemption from providing selected financial data and certain executive compensation information.
AddedMD&A
Hyperion DeFi, Inc., formerly known as Eyenovia, Inc., is the first U.S. publicly listed company building a long-term strategic treasury of HYPE in addition to being a pioneering digital ophthalmic technology company. We are working to provide our shareholders with simplified exposure to the Hyperliquid ecosystem, which we believe to be one of the highest revenue-generating blockchains in the world. At the same time, we continue to execute on our planned completion of development and registration of our Optejet ophthalmic microdose mist delivery system.
AddedMD&A
On June 20, 2025, we received approximately $50 million in gross proceeds in connection with the closing of a private placement (the “Private Placement”). Pursuant to the Securities Purchase Agreement, dated as of June 17, 2025, in the Private Placement, the purchasers purchased an aggregate of 5,128,205 shares of the Series A Preferred Stock and warrants to purchase up to 30,769,230 shares of common stock at an exercise price of $3.25 per share. We used the net proceeds from the Private Placement to build a reserve of HYPE.
AddedMD&A
In connection with the Private Placement, we entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with the purchasers, which provided that the Company would register the resale of the shares of common stock issuable upon conversion of the Series A Preferred Stock and exercise of the warrants. The Company filed a registration statement with the SEC pursuant to the Registration Rights Agreement on July 18, 2025.
AddedMD&A
Chardan Capital Markets LLC (“Chardan”) acted as placement agent for us in connection with the Private Placement. Pursuant to the Engagement Letter, dated as of June 17, 2025, as compensation for its services, we issued to Chardan 307,692 shares of Series A Preferred Stock (convertible into up to 923,076 shares of common stock) and Placement Agent Warrants to purchase up to 1,846,153 shares of common stock at an exercise price of $3.25 per share.
AddedMD&A
On September 24, 2025, we entered into Amendment No. 1 (the “Amendment”) to the Amended and Restated Sales Agreement (the “A&R Sales Agreement”) with Chardan Capital Markets, LLC, with respect to our existing at-the-market offering program. The Amendment increases the aggregate offering amount under the A&R Sales Agreement from $50 million to $100 million.
AddedMD&A
On November 14, 2025, the Company entered into a new Sales Agreement with Cantor Fitzgerald & Co. and Chardan Capital Markets with respect to the Company’s at-the-market offering program. The new agreement, among other things, increases the aggregate offering price from $100 million to $500 million and increases the total fees payable to the two sales agents from 3.0% to 4.0%.
AddedMD&A
During the years ended December 31, 2025 and 2024, the Company received approximately $39.4 million and $6.0 million in proceeds net of offering costs of $1.3 million and $0.2 million from the sale of 5,607,759 and 70,381 shares of its common stock, respectively.
AddedMD&A
On June 17, 2025, the Company and the Lenders entered into the Fourth Amendment to Supplement to the Loan and Security Agreement (the “Fourth Amendment”). The Fourth Amendment, among other things, extended the maturity date of the loans under the Loan and Security Agreement to July 1, 2028; provided for an interest-only period from July 1, 2025 until January 31, 2027; reduced the interest rate on the loans from 12.0% to 8.0%, payable half in cash and half in kind; eliminated the option of the Lenders to convert an aggregate amount of up to $10.0 million of the loans outstanding into shares of common stock; and provided us with the option to prepay debt owed under the Loan and Security Agreement in part. In connection with the Fourth Amendment, we issued to the Lenders warrants to purchase an aggregate of 350,000 shares of common stock at an exercise price of $4.00 per share.
AddedMD&A
On April 29, 2025, we received a notice from the Staff of Nasdaq stating that the Company’s stockholders’ equity as reported in the 2024 Form 10-K was below the minimum $2,500,000 required for continued listing under Listing Rule 5550(b)(1) (the “Minimum Equity Requirement”). The Notice had no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market. The Company submitted a plan to regain compliance with the Nasdaq Listing Rules. On September 2, 2025, we received notice from the Staff of Nasdaq that the Company was now in compliance with the Nasdaq Listing Rules and that the matter was closed.
AddedMD&A
We are a “smaller reporting company” as defined under the Exchange Act. We may take advantage of certain of the scaled disclosures available to smaller reporting companies until the last day of the fiscal year in which (i) the market value of our common stock held by non-affiliates exceeds $250 million as of the end of that year’s second fiscal quarter and our annual revenue exceeds $100 million during such completed fiscal year, or (ii) the market value of our common stock held by non-affiliates exceeds $700 million, regardless of our annual revenue, as of the end of that year’s second fiscal quarter.
AddedMD&A
We jointly operate a validator node on the Hyperliquid blockchain network and earn HYPE as rewards and commission income for validating transactions and maintaining network security. These activities include both self-staking (using our own tokens) and providing validation services to third-party delegators. The provision of services related to transaction validation on the Hyperliquid blockchain network (through both staking rewards and commission income) is an output of our ordinary activities.
AddedMD&A
We recognize revenue by applying the guidance in ASC 606, Revenue from Contracts with Customers (“ASC 606”). HYPE earned from validator operations, in the form of staking rewards and commission income, are recognized as revenue when we satisfy our performance obligations (i.e., successfully validate blocks or transactions as determined by the protocol). The HYPE earned are non-cash consideration and therefore measured at fair value at the inception of each contract.
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RewordedMD&A
During the next twelve months we have commitments to pay (a) $5.5 $2.2 million to settle our December 31, 2024 2025 accounts payable, accrued expenses and other current liabilities, liabilities and (b) $0.6 $0.5 million relating to our non-cancelable operating lease commitments, and (c) $10.7 million of gross payments due under our notes payable and convertible notes payable (if not previously converted). commitments.
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Research and development expenses for the year ended December 31, 2024 2025 totaled $14.5 $1.9 million, an increase a decrease of $1.5 $12.6 million, or 11.5%, 87%, as compared to $13.0 $14.5 million recorded for the year ended December 31, 2023. 2024.
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Revenue for the year ended December 31, 2023 2024 totaled $3,787, $57,336, which was offset by cost of revenues of $16,005. $3,927,228, both of which were entirely from ophthalmic technology.
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Asset impairments expense for the year ended December 31, 2024 was approximately $11.2 million, compared to no expense for the year ended December 31, 2023. million.
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After the next twelve months we have commitments to pay (a) $0.7 $0.2 million relating to our non-cancelable operating lease commitments. commitments and (b) $8.3 million relating to our notes payable.
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Selling, general and administrative expenses for the year ended December 31, 2024 2025 totaled $14.3 $17.2 million, an increase of $1.9 $2.8 million, or 15.0%, 20%, as compared to $12.4 $14.3 million recorded for the year ended December 31, 2023. 2024.
RewordedMD&A
As of December 31, 2024, 2025, we had a cash and cash equivalents balance of $2.1 $6.4 million, a working capital deficit surplus of approximately $13.1 $4.5 million and stockholders’ deficiency equity of $12.7 $41.1 million.
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Our net losses were $49.8 $45.3 million and $27.3 $49.8 million for the years ended December 31, 2024 2025 and 2023. 2024, respectively.
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Total other expense for the year ended December 31, 2024 primarily consisted of approximately $2.5 million of interest expense related to the Avenue loan, Loan, partially offset by $1.2 million of changes in fair value of equity consideration (the equity payable for the B+L Bausch + Lomb and Formosa transactions) Pharmaceuticals) and approximately $0.2 million of interest income, primarily from Treasury bills.
RewordedMD&A
(i) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (ii) changes in the estimate that are reasonably likely to occur from period to period or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations.
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