HYPD on Nasdaq

HYPERION DEFI, INC.

American finance services company that raised $50 million in 2025 (SEC Form D). Summary from the record

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Last updated Oct 19, 2026.

Overview

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  • TickerHYPD on Nasdaq1
  • IndustryFinance Services1
  • HeadquartersDallas, Texas1
  • Incorporated inDE2
  • Business address3090 Nowitzki Way, Suite 300, Dallas, Tx 752192
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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.” On May 5, 2014, we changed our name to Eyenovia, Inc. On October 6, 2014, we reincorporated in the State of Delaware by merging into Eyenovia, Inc., a Delaware corporation. On July 1, 2025, we changed our name to Hyperion DeFi, Inc. Our principal executive office is located at 23461 S. Pointe Drive, Suite 390, Laguna Hills, CA 92653, and our telephone number is (833) 393-6684. We maintain a website at www.hyperiondefi.com, to which we regularly post copies of our press releases as well as additional information about us. The information contained on, or that can be accessed through, our website is not a part of this report. We have included our website address in this report solely as an inactive textual reference.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

62.7%Gross margin4
-5743.5%Operating margin4
-5570.6%Net margin4
1318.8%Revenue growth, 20254
-110.4%Return on equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Digital Assets brought in 98% of the revenue HYPERION DEFI, INC. broke down this way in fiscal 2025.

  1. Digital Assets$798.7K498%
  2. Ophthalmic Technology$14.7K42%down 74% from 2024
Business segments by year
Business segments20242025
Digital Assets$798.7K
Ophthalmic Technology$57.3K$14.7K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue2¢$303.3K
  • Research and development10¢$1.9M
  • Selling, general and admin88¢$17.2M
  • Income tax0¢$30.9K

Out of $813.5K in revenue.4 The company lost money this year.

Financial statements

Revenue5674$813.5K in 2025−59% since 2020
0$5.0M$10.0M$15.0M2020: $2.0M$2.0M20202021: $14.0M$14.0M2021+600%2023: $3.8K$3.8K2023−100%2024: $57.3K$57.3K2024+1414%2025: $813.5K$813.5K2025+1319%
Gross profit5674$510.2K in 2025−57% since 2020
-$5.0M0$5.0M$10.0M$15.0M2020: $1.2M$1.2M20202021: $12.4M$12.4M2021+933%2023: -$12.2K-$12.2K20232024: -$3.9M-$3.9M2024+31574%2025: $510.2K$510.2K2025
Operating income856974-$46.7M in 2025+119% since 2019
-$60.0M-$40.0M-$20.0M02019: -$21.3M-$21.3M20192020: -$19.8M-$19.8M2020−7%2021: -$13.0M-$13.0M2021−34%2022: -$26.9M-$26.9M2022+107%2023: -$25.4M-$25.4M2023−6%2024: -$48.7M-$48.7M2024+92%2025: -$46.7M-$46.7M2025−4%
Net income856974-$45.3M in 2025+114% since 2019
-$60.0M-$40.0M-$20.0M02019: -$21.2M-$21.2M20192020: -$19.8M-$19.8M2020−7%2021: -$12.8M-$12.8M2021−35%2022: -$28.0M-$28.0M2022+119%2023: -$27.3M-$27.3M2023−3%2024: -$49.8M-$49.8M2024+83%2025: -$45.3M-$45.3M2025−9%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Revenue$813.5K$57.3K
Cost of revenue-$303.3K-$3.9M
Gross Profit (Loss)$510.2K-$3.9M
Research and development$1.9M$14.5M
Selling, general and administrative$17.2M$14.3M
Realized gain - digital assets-$8.3M
Unrealized loss - digital assets$9.0M
Impairment loss - digital assets$27.2M
Impairment loss - other assets$11.2M
Gain on covered call option-$157.6K
Provision for credit losses$405.3K
Reacquisition of license rights$4.9M
Net Operating Expenses$47.2M$44.9M
Loss From Operations-$46.7M-$48.7M
Other income (expense), net$389.7K-$90.6K
Gain on extinguishment of liabilities$2.3M
Change in fair value of equity consideration payable$1.2M
Interest expense-$1.6M-$2.5M
Interest income$240.0K$254.0K
Total Other Income (Expense), Net$1.4M-$1.1M
Net Loss-$45.3M-$49.8M
Dividend to preferred stockholders-$1.7M
Net Loss Attributable to Common Stockholders-$47.0M-$49.8M
Net Loss per Share - Basic (in dollars per share)-$9.40-$59.81
Net Loss per Share - Diluted (in dollars per share)-$9.40-$59.81
Shares Outstanding - Basic (in shares)5.0M shares833.0K shares
Shares Outstanding - Diluted (in shares)5.0M shares833.0K shares

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Leadership

Who has led HYPERION DEFI, INC., and when. Pick a name to see everywhere that person has worked.

Chief operating officer

  1. Bren Kern2023–now
20202025
Board members and other officers (19)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorMichael Rowe named Jul 22, 202533

Former names

  • EYENOVIA, INC.Aug 24, 2016 to Jun 27, 20252

Timeline

  1. Jan 24, 2018New chief executive Tsontcho Ianchulev becomes CEO12

Filings

364 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 101 major events, 136 insider forms, 23 large holders, 1 private raises, 80 other. The latest 20:

  1. Oct 5, 2026SCHEDULE 13G/A EDGAR
  2. Oct 2, 20268-K EDGAR
  3. Sep 30, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Aug 18, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Aug 13, 202610-Q EDGAR
  6. Aug 12, 20268-K EDGAR
  7. Jul 8, 20268-K EDGAR
  8. Jul 1, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Jul 1, 20264 OWNERSHIP DOCUMENT EDGAR
  10. Jul 1, 20264 OWNERSHIP DOCUMENT EDGAR
  11. Jul 1, 20264 OWNERSHIP DOCUMENT EDGAR
  12. Jul 1, 20268-K EDGAR
  13. Jul 1, 2026SCHEDULE 13G/A EDGAR
  14. Jun 5, 20268-K EDGAR
  15. Jun 2, 20264 OWNERSHIP DOCUMENT EDGAR
  16. May 28, 20264 OWNERSHIP DOCUMENT EDGAR
  17. May 15, 202610-Q EDGAR
  18. May 14, 20268-K EDGAR
  19. May 6, 20268-K EDGAR
  20. May 6, 2026424B5 EDGAR

The 364 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

60 open-market trades by officers, directors and large owners since October 2021: 55 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 2, 2026Jung HyunsuSee RemarksBuy1,000$3.66$3.7KForm 4
Jun 1, 2026Jung HyunsuSee RemarksBuy7,000$3.70$25.9KForm 4
Dec 31, 2025Knox David R.Chief Financial OfficerBuy27,950$3.59$100.3KForm 4
Dec 29, 2025Strahlman Ellen RDirectorBuy23,968$3.60$86.4KForm 4
Dec 26, 2025Strahlman Ellen RDirectorBuy6,912$3.86$26.7KForm 4
Dec 18, 2025Strahlman Ellen RDirectorBuy38,444$3.14$120.7KForm 4
Dec 17, 2025Walters Happy DavidDirectorBuy61,930$3.02$187.0KForm 4
Dec 17, 2025GELTZEILER MICHAEL SDirectorBuy30,000$3.01$90.3KForm 4
Aug 28, 2024Rowe Michael MChief Executive OfficerBuy27,071$0.52$14.1KForm 4
Aug 26, 2024Rowe Michael MChief Executive OfficerBuy50,000$0.57$28.5KForm 4
Jul 2, 2024Grant Stuart M.10% ownerBuy1,515,151$0.66$1.0MForm 4
Mar 28, 2024Grant Stuart M.10% ownerBuy100,000$0.98$98.0KForm 4
Mar 19, 2024Grant Stuart M.10% ownerBuy50,000$1.23$61.5KForm 4
Mar 8, 2024Grant Stuart M.10% ownerBuy10,717$1.58$16.9KForm 4
Dec 4, 2023Rowe Michael MChief Executive OfficerBuy4,890$1.36$6.7KForm 4
Sep 29, 2023Strahlman Ellen RDirectorBuy4,820$1.68$8.1KForm 4
Sep 19, 2023Rowe Michael MChief Executive OfficerBuy1,400$1.66$2.3KForm 4
Sep 15, 2023Rowe Michael MChief Executive OfficerBuy1,137$1.75$2.0KForm 4
Aug 17, 2023Grant Stuart M.10% ownerBuy30,000$1.87$56.1KForm 4
Aug 16, 2023Grant Stuart M.10% ownerBuy45,000$1.91$86.0KForm 4

All 60 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jun 20, 2025Raised $50 million in a private offering of equity Form D: 5 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 33. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC466,798$1.5M0.0%+382,389
Franklin Resources Inc395,939$1.2M0.0%New
Arrington Capital Management, LLC297,777$935.0K1.0%New
Morgan Stanley237,986$747.3K0.0%No change
Almanack Investment Partners, LLC.169,013$530.7K0.1%New
Geode Capital Management, LLC130,707$410.5K0.0%+53,627
Jane Street Group, LLC127,491$400.3K0.0%−789
Oppenheimer & Co Inc126,365$396.8K0.0%+62,097
BlackRock, Inc.114,400$359.2K0.0%+33,292
Goldman Sachs Group Inc91,390$287.0K0.0%New
Vanguard Fiduciary Trust Co74,455$233.8K0.0%+46,307
Citadel Advisors LLC56,299$176.8K0.0%−56,607
State Street Corp54,357$170.7K0.0%+28,500
UBS Group AG33,179$104.2K0.0%−15,611
Northern Trust Corp30,896$97.0K0.0%+12,165
Peak6 LLC20,000$62.8K0.0%New
Investment House LLC17,300$54.3K0.0%−34,575
Jpmorgan Chase & Co16,107$51.2K0.0%+16,099
XTX Topco Ltd12,289$38.6K0.0%−13,286
Nations Financial Group Inc, /ia/ /adv11,125$34.9K0.0%No change
Sanctuary Advisors, LLC10,800$33.9K0.0%No change
Barclays PLC1,807$5.7K0.0%New
Jones Financial Companies Lllp1,768$5.4K0.0%New
Wells Fargo & Company/mn1,230$3.9K0.0%+1,200
SBI Securities Co., Ltd.1,219$3.8K0.0%−695

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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