HYPERION DEFI, INC. 10-Q

Item 1. Financial Statements. HYPERION DEFI, INC. Condensed Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2025 2024 ​ (unaudited) ​ ​ ​ Assets ​ ​ ​ ​ ​ Current Assets ​ ​ Cash and cash equivalents ​ $ 7,532,291 ​ $ 2,121,463 Deposit to be refunded ​ ​ 888,000 ​ ​ — Prepaid expenses and other current assets ​ ​ 967,006 ​ ​ 645,736 Total Current Assets ​ 9,387,297 ​ 2,767,199 ​ ​ ​ ​ ​ HYPE digital tokens ​ ​ 45,500,000 ​ ​ — Property and equipment, net ​ ​ 22,959 ​ ​ — Security deposits, non-current ​ ​ 182,200 ​ ​ 182,200 Operating lease right-of-use asset ​ 567,180 ​ 718,360 Total Assets ​ $ 55,659,636 ​ $ 3,667,759 ​ ​ ​ ​ Liabilities and Stockholders’ Equity (Deficiency) ​ ​ ​ ​ ​ ​ ​ Current Liabilities: ​ ​ ​ Accounts payable ​ $ 901,594 ​ $ 1,954,681 Accrued inducement grant ​ 5,190,000 ​ — Accrued former licensor obligations ​ ​ 2,245,087 ​ ​ 2,245,087 Accrued expenses and other current liabilities ​ 1,496,804 ​ 1,322,674 Operating lease liabilities - current portion ​ ​ 477,609 ​ ​ 575,163 Notes payable - current portion, net of debt discount of $ 0 and $ 527,870 as of June 30, 2025 and December 31, 2024, respectively ​ ​ — ​ ​ 5,212,532 Convertible notes payable - current portion, net of debt discount of $ 0 and $ 263,930 as of June 30, 2025 and December 31, 2024, respectively ​ ​ — ​ ​ 4,736,070 Total Current Liabilities ​ ​ 10,311,094 ​ ​ 16,046,207 ​ ​ ​ ​ ​ ​ ​ Notes payable - non-current portion, net of debt discount of $ 654,151 and $ 0 as of June 30, 2025 and December 31, 2024, respectively ​ ​ 7,516,735 ​ ​ — Operating lease liabilities - non-current portion ​ ​ 473,241 ​ ​ 717,504 Total Liabilities ​ ​ 18,301,070 ​ ​ 16,763,711 ​ ​ ​ ​ ​ ​ ​ Commitments and contingencies (Note 10) ​ ​ ​ ​ ​ Stockholders’ Equity (Deficiency): ​ ​ Preferred stock, $ 0.0001 par value, 6,000,000 shares authorized; Series A Non-Voting Convertible Preferred Stock, 5,435,898 shares designated, and 5,435,897 and 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively ​ 544 ​ — Common stock, $ 0.0001 par value, 300,000,000 shares authorized; 4,854,827 and 1,506,369 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively ​ 485 ​ ​ 151 Additional paid-in capital ​ 244,841,981 ​ ​ 182,213,889 Accumulated deficit ​ ( 207,484,444 ) ​ ​ ( 195,309,992 ) Total Stockholders’ Equity (Deficiency) ​ ​ 37,358,566 ​ ​ ( 13,095,952 ) Total Liabilities and Stockholders’ Equity (Deficiency) ​ $ 55,659,636 ​ $ 3,667,759 ​ The accompanying notes are an integral part of these condensed financial statements. ​ 2 Table of Contents HYPERION DEFI, INC. Condensed Statements of Operations (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2025 2024 2025 2024 Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ — ​ ​ 22,625 ​ $ 14,720 ​ $ 27,618 Cost of revenue ​ ​ — ​ ​ ( 490,361 ) ​ ​ ( 48 ) ​ ​ ( 693,388 ) Gross Profit (Loss) ​ ​ — ​ ​ ( 467,736 ) ​ ​ 14,672 ​ ​ ( 665,770 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ ​ 674,578 ​ ​ 4,597,173 ​ ​ 1,347,621 ​ ​ 9,028,774 Selling, general and administrative ​ 7,678,704 ​ 3,758,835 ​ ​ 10,051,026 ​ ​ 7,396,024 Reacquisition of license rights ​ ​ — ​ ​ 2,864,600 ​ ​ — ​ ​ 4,864,600 Total Operating Expenses ​ 8,353,282 ​ 11,220,608 ​ ​ 11,398,647 ​ ​ 21,289,398 Loss From Operations ​ ( 8,353,282 ) ​ ( 11,688,344 ) ​ ​ ( 11,383,975 ) ​ ​ ( 21,955,168 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Income (Expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense), net ​ ​ 168,840 ​ ​ 2,980 ​ ​ 172,527 ​ ​ ( 94,578 ) Gain on debt extinguishment ​ ​ — ​ ​ — ​ ​ 89,623 ​ ​ — Change in fair value of equity consideration payable ​ ​ — ​ ​ 1,240,800 ​ ​ — ​ ​ 1,240,800 Interest expense ​ ​ ( 528,410 ) ​ ( 674,001 ) ​ ​ ( 1,109,909 ) ​ ​ ( 1,352,659 ) Interest income ​ 21,933 ​ 64,866 ​ ​ 57,282 ​ ​ 185,805 Total Other Income (Expense) ​ ( 337,637 ) ​ 634,645 ​ ​ ( 790,477 ) ​ ​ ( 20,632 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Loss ​ ​ ( 8,690,919 ) ​ ​ ( 11,053,699 ) ​ ​ ( 12,174,452 ) ​ ​ ( 21,975,800 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividend to preferred stockholders ​ ​ ( 97,167 ) ​ ​ — ​ ​ ( 97,167 ) ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Loss Attributable to Common Stockholders ​ $ ( 8,788,086 ) ​ $ ( 11,053,699 ) ​ $ ( 12,271,619 ) ​ $ ( 21,975,800 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Loss Per Share - Basic and Diluted ​ $ ( 2.50 ) ​ $ ( 16.65 ) ​ $ ( 4.29 ) ​ $ ( 35.26 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Shares Outstanding - Basic and Diluted ​ 3,518,906 ​ 664,022 ​ ​ 2,857,596 ​ ​ 623,303 ​ The accompanying notes are an integral part of these condensed financial statements. ​ 3 Table of Contents HYPERION DEFI, INC. Condensed Statements of Changes in Stockholders’ Equity (Deficiency) (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three and Six Months Ended June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Total ​ ​ Preferred Stock ​ Common Stock ​ Paid-In ​ Accumulated ​ Stockholders’ ​ Shares Amount Shares Amount Capital Deficit Equity (Deficiency) Balance - January 1, 2025 — ​ $ — ​ 1,506,369 ​ $ 151 ​ $ 182,213,889 ​ $ ( 195,309,992 ) ​ $ ( 13,095,952 ) Issuance of common stock in At the Market offering [1] — ​ — ​ 1,127,100 ​ ​ 113 ​ 5,663,153 ​ — ​ 5,663,266 Induced exercise of stock warrants [2] ​ — ​ ​ — ​ 197,118 ​ ​ 19 ​ ​ 922,731 ​ ​ — ​ ​ 922,750 Reverse stock split settlement of fractional shares ​ — ​ ​ — ​ ( 41 ) ​ ​ — ​ ​ ( 160 ) ​ ​ — ​ ​ ( 160 ) Stock-based compensation — ​ — ​ — ​ ​ — ​ 279,628 ​ — ​ 279,628 Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 3,483,533 ) ​ ​ ( 3,483,533 ) Balance - March 31, 2025 ​ — ​ ​ — ​ 2,830,546 ​ ​ 283 ​ ​ 189,079,241 ​ ​ ( 198,793,525 ) ​ ​ ( 9,714,001 ) Issuance of preferred stock and warrants in private placement [3] ​ 5,435,897 ​ ​ 544 ​ — ​ ​ — ​ ​ 49,365,206 ​ ​ — ​ ​ 49,365,750 Issuance of common stock in At the Market offering [4] ​ — ​ ​ — ​ 1,323,389 ​ ​ 132 ​ ​ 2,559,008 ​ ​ — ​ ​ 2,559,140 Issuance of common stock from exercise of warrants ​ — ​ ​ — ​ 252,000 ​ ​ 25 ​ ​ 1,953,479 ​ ​ — ​ ​ 1,953,504 Issuance of common stock from the delivery of vested restricted stock units ​ — ​ ​ — ​ 44,072 ​ ​ 4 ​ ​ ( 4 ) ​ ​ — ​ ​ — Issuance of common stock from the partial conversion of note payable ​ — ​ ​ — ​ 404,820 ​ ​ 41 ​ ​ 640,295 ​ ​ — ​ ​ 640,336 Warrants issued in consideration for debt modification ​ — ​ ​ — ​ — ​ ​ — ​ ​ 858,270 ​ ​ — ​ ​ 858,270 Stock-based compensation ​ — ​ ​ — ​ — ​ ​ — ​ ​ 483,654 ​ ​ — ​ ​ 483,654 Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 8,690,919 ) ​ ​ ( 8,690,919 ) Preferred stock dividend ​ — ​ ​ — ​ — ​ ​ — ​ ​ ( 97,167 ) ​ ​ — ​ ​ ( 97,167 ) Balance - June 30, 2025 ​ 5,435,897 ​ $ 544 ​ 4,854,827 ​ $ 485 ​ $ 244,841,981 ​ $ ( 207,484,444 ) ​ $ 37,358,566 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three and Six Months Ended June 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Total ​ ​ Preferred Stock ​ Common Stock ​ Paid-In ​ Accumulated ​ Stockholders’ ​ Shares Amount Shares Amount Capital Deficit Equity (Deficiency) Balance - January 1, 2024 ​ — ​ $ — ​ 569,409 ​ $ 57 ​ $ 154,490,596 ​ $ ( 145,491,559 ) ​ $ 8,999,094 Issuance of common stock in At the Market offering [5] ​ — ​ ​ — ​ 22,917 ​ 2 ​ 3,194,545 ​ — ​ 3,194,547 Stock-based compensation ​ — ​ ​ — ​ — ​ ​ — ​ ​ 546,232 ​ ​ — ​ ​ 546,232 Net loss ​ — ​ ​ — ​ — ​ — ​ — ​ ( 10,922,101 ) ​ ( 10,922,101 ) Balance - March 31, 2024 ​ — ​ ​ — ​ 592,326 ​ 59 ​ 158,231,373 ​ ( 156,413,660 ) ​ 1,817,772 Issuance of common stock in registered direct offering [6] ​ — ​ ​ — ​ 40,297 ​ ​ 4 ​ ​ 1,888,825 ​ ​ — ​ ​ 1,888,829 Issuance of common stock as consideration for licensing agreement [7] ​ — ​ ​ — ​ 7,669 ​ 1 ​ 436,808 ​ — ​ 436,809 Issuance of common stock as consideration for reacquisition of licensing agreement [8] ​ — ​ ​ — ​ 28,742 ​ 3 ​ 2,322,388 ​ — ​ 2,322,391 Issuance of common stock in At the Market offering [9] ​ — ​ ​ — ​ 28,687 ​ ​ 3 ​ ​ 1,676,936 ​ ​ — ​ ​ 1,676,939 Stock-based compensation ​ — ​ ​ — ​ — ​ ​ — ​ ​ 541,056 ​ ​ — ​ ​ 541,056 Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 11,053,699 ) ​ ​ ( 11,053,699 ) Balance - June 30, 2024 ​ — ​ $ — ​ 697,720 ​ $ 70 ​ $ 165,097,386 ​ $ ( 167,467,359 ) ​ $ ( 2,369,903 ) [1] Includes gross proceeds of $ 5,851,007 less total issuance costs of $ 187,741 . [2] Includes gross proceeds of $ 1,039,206 less total issuance costs of $ 116,456 . Also note that incremental value and non-cash warrant modification and additional warrants issuance costs related to the warrant inducement entered into on January 16, 2025 offset to a zero balance. See Note 11 - Stockholders’ Equity (Deficiency). [3] Includes gross proceeds of $ 50,000,000 less total issuance costs of $ 634,250 . [4] Includes gross proceeds of $ 2,657,659 less total issuance costs of $ 98,519 . [5] Includes gross proceeds of $ 3,293,347 less total issuance costs of $ 98,800 . [6] Includes gross proceeds of $ 2,000,000 less total issuance costs of $ 111,171 . [7] Shares issued as partial consideration for License Agreement with Formosa Pharmaceuticals Inc. [8] Shares issued in partial consideration for reversion of License Agreement with Bausch & Lomb Ireland Limited. [9] Includes gross proceeds of $ 1,728,804 less total issuance costs of $ 51,865 . ​ The accompanying notes are an integral part of these condensed financial statements. ​ 4 Table of Contents HYPERION DEFI, INC. Condensed Statements of Cash Flows (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ June 30, ​ 2025 2024 Cash Flows From Operating Activities ​ ​ Net loss ​ $ ( 12,174,452 ) ​ $ ( 21,975,800 ) Adjustments to reconcile net loss to net cash used in operating activities: ​ ​ ​ ​ Stock-based compensation - accrued inducement grant ​ ​ 5,190,000 ​ ​ — Stock-based compensation - other ​ ​ 763,282 ​ ​ 1,087,288 Change in fair value of equity consideration payable ​ — ​ ( 1,240,800 ) Depreciation of property and equipment ​ ​ — ​ ​ 543,124 Amortization of debt discount ​ ​ 585,508 ​ ​ 368,414 Write-off of property and equipment ​ ​ — ​ ​ 85,051 Write-down of inventories to net realizable value ​ ​ — ​ ​ 665,770 Reacquisition of license rights ​ — ​ 2,864,600 Amortization of operating lease ​ 151,179 ​ 257,719 Gain on extinguishment of debt ​ ​ ( 89,623 ) ​ ​ — Interest expense added to note principal ​ ​ 211,520 ​ ​ — Changes in operating assets and liabilities: ​ ​ ​ ​ ​ ​ Deposit to be refunded ​ ​ ( 888,000 ) ​ — Prepaid expenses and other current assets ​ ( 321,270 ) ​ 418,941 Deferred clinical supply costs ​ — ​ 377,365 Inventories ​ — ​ ​ ( 140,826 ) Accounts payable ​ ​ ( 1,053,087 ) ​ ​ ( 316,508 ) Accrued expenses and other current liabilities ​ ​ 76,963 ​ ​ ( 850,867 ) Lease liabilities ​ ​ ( 341,817 ) ​ ​ ( 209,699 ) Net Cash Used In Operating Activities ​ ( 7,889,797 ) ​ ​ ( 18,066,228 ) ​ ​ ​ ​ ​ ​ Cash Flows From Investing Activities ​ ​ ​ ​ ​ ​ Purchases of property and equipment ​ ​ ( 22,959 ) ​ ​ ( 159,853 ) Purchases of HYPE digital tokens ​ ​ ( 45,500,000 ) ​ ​ — Net Cash Used In Investing Activities ​ ​ ( 45,522,959 ) ​ ​ ( 159,853 ) ​ ​ ​ ​ ​ ​ ​ Cash Flows From Financing Activities ​ ​ ​ ​ Proceeds from sale of common stock and warrants in direct offering ​ ​ — ​ ​ 2,000,000 Payment of direct offering costs ​ ​ — ​ ​ ( 111,171 ) Proceeds from sale of preferred stock and warrants in private placement ​ 50,000,000 ​ — Payment of private placement issuance costs ​ ​ ( 634,250 ) ​ ​ — Proceeds from sale of common stock in At the Market offering ​ ​ 8,508,666 ​ ​ 5,022,151 Payment of issuance costs for At the Market offering ​ ​ ( 286,260 ) ​ ​ ( 150,665 ) Proceeds from induced exercise of stock warrants ​ ​ 1,039,206 ​ ​ — Payment of cash issuance costs for induced exercise of stock warrants ​ ​ ( 116,456 ) ​ ​ — Proceeds from exercise of stock warrants ​ 1,953,504 ​ — Reverse stock split settlement of fractional shares ​ ​ ( 160 ) ​ ​ — Payment of issuance costs for debt modification ​ ​ ( 177,228 ) ​ ​ — Repayments of notes payable ​ ​ ( 1,463,438 ) ​ ​ ( 1,082,439 ) Net Cash Provided By Financing Activities ​ 58,823,584 ​ 5,677,876 Net Increase (Decrease) in Cash and Cash Equivalents ​ 5,410,828 ​ ( 12,548,205 ) Cash and Cash Equivalents - Beginning of Period ​ ​ 2,121,463 ​ 14,849,057 Cash and Cash Equivalents - End of Period ​ $ 7,532,291 ​ $ 2,300,852 ​ The accompanying notes are an integral part of these condensed financial statements. 5 Table of Contents HYPERION DEFI, INC. Condensed Statements of Cash Flows, continued (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ June 30, ​ 2025 2024 Supplemental Disclosure of Cash Flow Information: ​ ​ ​ ​ ​ ​ Cash paid during the period for: ​ ​ ​ ​ ​ ​ Interest ​ $ 300,191 ​ $ 984,246 ​ ​ ​ ​ ​ ​ ​ Supplemental Disclosure of Non-Cash Investing and Financing Activities ​ ​ ​ ​ ​ ​ Purchase of insurance policy financed by note payable ​ $ — ​ $ 505,050 Accrual for intangible asset milestone obligation ​ ​ — ​ ​ 2,000,000 Reclassification of deferred clinical supply costs to inventories ​ ​ — ​ ​ 2,801,518 Modification date carrying value of extinguished Avenue Loan ​ ​ 10,262,280 ​ ​ — Modification date fair value of modified Avenue Loan ​ ​ 10,172,657 ​ ​ — Warrants issued for debt modification ​ ​ 858,270 ​ ​ — Warrant modification and additional warrants - incremental value ​ ​ 1,194,102 ​ ​ — Conversion of Avenue Loan to common stock ​ ​ 640,336 ​ ​ — Common stock issued in consideration for licensing agreement ​ ​ — ​ ​ 436,809 Common stock issued in consideration for reacquisition of licensing agreement ​ ​ — ​ ​ 2,322,391 Issuance of common stock related to vested restricted stock units ​ ​ 4 ​ ​ — ​ The accompanying notes are an integral part of these condensed financial statements. ​ ​ 6 Table of Contents HYPERION DEFI, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) Note 1 – Business Organization, Nature of Operations and Basis of Presentation Hyperion DeFi, Inc. (“Hyperion DeFi” or the “Company”), formerly known as Eyenovia, Inc., is the first U.S. publicly listed company building a long-term strategic treasury of HYPE as well as a pioneering digital ophthalmic technology company. Hyperion DeFi is working to provide its shareholders with simplified exposure to the Hyperliquid ecosystem, which we believe to be one of the fastest-growing, highest revenue-generating blockchains in the world. At the same time, the Company continues to execute on its planned completion of the development and registration of its Optejet ophthalmic liquid delivery device. HYPE is the native token of Hyperliquid, a decentralized Layer-1 blockchain designed for high-frequency, transparent trading. Hyperliquid supports fully on-chain perpetual futures and spot order books, operating with block times of approximately 70 milliseconds. Hyperion DeFi’s new strategy is designed to allow shareholders to benefit from a gradually compounding exposure to HYPE, both from its native staking yield and additional revenues generated from its unique on-chain utility. Hyperion DeFi is also completing development of its proprietary Optejet User Filled Device, designed to work with a variety of topical ophthalmic liquids, including artificial tears and lens rewetting products. The Optejet is especially useful in chronic front-of-the-eye diseases due to its ease of use, enhanced safety and tolerability, and potential for superior compliance monitoring versus standard eye drops. Together, these benefits may result in higher treatment compliance and better outcomes for patients and providers. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the condensed financial statements of the Company as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the operating results for the full year ending December 31, 2025 or any other period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related disclosures of the Company as of December 31, 2024 and for the year then ended, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on April 15, 2025 (the “2024 Form 10-K”), as amended by Amendment No. 1, filed with the SEC on April 30, 2025 (the “2024 Form 10-K Amendment”). On January 31, 2025, the Company effected a reverse stock split of its common stock at a ratio of 1-for-80 (the “Reverse Split”). Upon the effectiveness of the Reverse Split, every 80 issued shares of common stock were reclassified and combined into one share of common stock. In addition, the number of shares of common stock issuable upon the exercise of the Company’s equity awards, convertible securities and warrants was proportionally decreased, and the corresponding conversion price or exercise price was proportionally increased. No fractional shares were issued as a result of the Reverse Split. Stockholders who would otherwise have been entitled to receive a fractional share received a cash payment in lieu of such fractional share. Accordingly, all share and per share amounts for all periods presented in these condensed financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the Reverse Split and adjustment of the conversion price or exercise price of each outstanding equity award, convertible security and warrant as if the transaction had occurred as of the beginning of the earliest period presented. ​ ​ 7 Table of Contents HYPERION DEFI, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) Note 2 – Management’s Liquidity Plans The Company’s primary source of liquidity has historically been cash generated from equity offerings and debt, along with periodic revenue generated from licensing agreements. Under ASC Subtopic 205-40, Presentation of Financial Statements—Going Concern, the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet future financial obligations as they become due within one year after the date that these financial statements are issued. Since the Company’s inception, it has had a history of recurring net losses from operations, recurring use of cash in operating activities and working capital deficits. As of June 30, 2025, the Company had a working capital deficit of $ 923,797 . For the six months ended June 30, 2025, the Company had a net loss of $ 12,174,452 and cash used in operating activities of $ 7,889,797 . These factors raise substantial doubt about the Company’s ability to meet its obligations as they become due within the twelve months from the date these condensed financial statements are issued. Management’s plans to mitigate the factors which raise substantial doubt include (i) reducing operating expenses upon the anticipated registration by the U.S. Food and Drug Administration of the Optejet User Filled Device, (ii) raising additional funds through future financings, and (iii) if necessary, sales of HYPE digital tokens to fund operations. Management’s plan is expected to alleviate the substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements. ​ Note 3 – Summary of Significant Accounting Policies The Company disclosed its significant accounting policies in Note 2 – Summary of Significant Accounting Policies included in the 2024 Form 10-K. There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2025, except as disclosed below. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements. The Company has cash deposits in financial institutions that, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. As of June 30, 2025, the Company had cash and cash equivalent balances in excess of FDIC insurance limits of $ 7,158,274 . Digital Assets The Company follows Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), to account for digital assets, ASU 2023-08 requires an entity to measure certain digital assets at fair value and provides guidance for disclosures related to digital assets. The Company recognizes HYPE digital tokens at fair value (see Note 6 – HYPE Digital Tokens). The Company has separately determined that gains or losses on digital assets held as a long-term investment are not related to its core operations, and therefore classifies all gains and losses on the remeasurement of these digital assets as non-operating income or expense in its financial statements. HYPE digital tokens are a treasury asset with the intention to be held as a long-term investment. Digital assets are valued using prices as reported on the Company’s principal market as of the date and time of determination. Reclassifications Certain prior period balances have been reclassified in order to conform to the current period presentation. These reclassifications have no effect on previously reported results of operations or loss per share. 8 Table of Contents HYPERION DEFI, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) Note 4 - Net Loss Per Share of Common Stock The Company’s net income (loss) per share is calculated using the two-class method in accordance with ASC Topic 260, Earnings Per Share. The two-class method allocates earnings between common stockholders and holders of participating securities. The Company’s Series A Preferred Stock (see Note 11 - Stockholders’ Equity (Deficiency) – Securities Purchase Agreement) are deemed to be participating securities due to their rights to participate in dividends with common stock. However, the two-class method has no impact on the calculation of loss per share because the holders of participating securities are not required to absorb losses. Basic net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period, plus fully vested shares that are subject to issuance for little or no monetary consideration. Diluted loss per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. The following table presents the computation of basic and diluted net loss per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2025 2024 2025 2024 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to common stockholders ​ $ ( 8,788,086 ) ​ $ ( 11,053,699 ) ​ $ ( 12,271,619 ) ​ $ ( 21,975,800 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator (weighted average quantities): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares issued ​ 3,516,143 ​ 662,063 ​ ​ 2,854,708 ​ ​ 621,476 Add: Undelivered vested restricted shares ​ 2,763 ​ 1,959 ​ ​ 2,888 ​ ​ 1,828 Denominator for basic and diluted net loss per share ​ 3,518,906 ​ 664,022 ​ ​ 2,857,596 ​ ​ 623,303 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted net loss per common share ​ $ ( 2.50 ) ​ $ ( 16.65 ) ​ $ ( 4.29 ) ​ $ ( 35.26 ) ​ The following securities are excluded from the calculation of weighted average diluted shares of common stock because their inclusion would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ 2025 2024 Common stock purchase warrants 34,070,913 136,582 Stock options 53,602 82,492 Convertible notes ​ — ​ 29,096 Restricted stock units 288,000 4,611 Total potentially dilutive shares 34,412,515 252,781 ​ ​ 9 Table of Contents HYPERION DEFI, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) Note 5 – Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2025 2024 Prepaid insurance expenses ​ $ 532,181 ​ $ 148,117 Prepaid general and administrative expenses ​ ​ 152,875 ​ ​ 61,610 Payroll tax receivable ​ ​ 120,980 ​ ​ 288,705 Prepaid patent expenses ​ 80,901 ​ 49,967 Other ​ ​ 80,069 ​ ​ 97,337 Total prepaid expenses and other current assets ​ $ 967,006 ​ $ 645,736 ​ ​ Note 6 – HYPE Digital Tokens ​ The Company’s digital assets are comprised solely of HYPE digital tokens which the Company began purchasing in June 2025. In June 2025, the Company purchased a total of 1,306,452 HYPE digital tokens at a total cost of $ 45.5 million, which based upon the proximity of purchases to quarter end, is representative of fair value as of June 30, 2025. ​ Note 7 – Accrued Inducement Grant ​ On June 17, 2025, the Company entered into an employment agreement with an executive which included a commitment to issue a fully vested inducement grant of 500,000 shares of common stock of the Company. The fair value of the shares to be issued at the contract date (June 17, 2025) was $ 3,485,000 based on the closing price of the Company’s common stock of $ 6.97 per share. At June 30, 2025, the mark-to-market increase in the fair value of the shares to be issued was $ 1,705,000 , based on the closing price of the Company’s common stock of $ 10.38 per share, resulting in a total fair value of $ 5,190,000 which shares had not been issued as of June 30, 2025. ​ Note 8 – Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2025 2024 Accrued licensee reimbursement ​ ​ 295,711 ​ ​ 295,711 Accrued offering costs ​ ​ 275,568 ​ ​ — Accrued rework of clinical supply returns ​ ​ 250,000 ​ ​ 250,000 Accrued professional services ​ ​ 196,730 ​ ​ 111,750 Accrued deposit for cancelled equipment orders ​ ​ 162,066 ​ ​ 162,066 Accrued franchise tax ​ ​ 100,000 ​ ​ — Accrued dividend ​ ​ 97,167 ​ ​ — Accrued legal settlement ​ ​ 75,000 ​ ​ 100,000 Other ​ ​ 44,562 ​ ​ 48,577 Accrued compensation expense ​ ​ — ​ ​ 144,161 Accrued fixed asset disposal costs ​ ​ — ​ ​ 125,000 Accrued clinical studies costs ​ ​ — ​ ​ 85,409 Total accrued expenses and other current liabilities ​ $ 1,496,804 ​ $ 1,322,674 ​ Accrued Former Licensor Obligations ​ On August 15, 2023, the Company entered into a license agreement (the “License Agreement”) with Formosa Pharmaceuticals, Inc. (“Formosa”), whereby the Company acquired an exclusive license to commercialize, in the United States and its territories, products related to a novel formulation of Clobetasol Proprionate. On June 6, 2025 (the “Termination Date”), the Company and Formosa entered into the Mutual Termination Agreement, whereby the License Agreement (and all other agreements between the Company and Formosa) 10 Table of Contents HYPERION DEFI, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) would be terminated, subject to certain terms and conditions. Formosa and the Company each agreed to provide the other party with a release of all claims, including Formosa releasing the Company from total obligations of $ 2.2 million. The Company met the conditions to be released from the obligations in July 2025 and the liabilities were extinguished at that time. ​ Note 9 – Notes Payable and Convertible Notes Payable Notes payable and convertible notes payable consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2025 ​ December 31, 2024 ​ Notes Payable Debt Discount Net Notes Payable Debt Discount Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Avenue - Note payable ​ $ 8,170,886 ​ $ ( 654,151 ) ​ $ 7,516,735 ​ $ 5,740,402 ​ $ ( 527,870 ) ​ $ 5,212,532 Avenue - Convertible note payable ​ — ​ — ​ — ​ 5,000,000 ​ ( 263,930 ) ​ 4,736,070 ​ ​ $ 8,170,886 ​ $ ( 654,151 ) ​ $ 7,516,735 ​ $ 10,740,402 ​ $ ( 791,800 ) ​ $ 9,948,602 ​ First Quarter 2025 Amendment ​ On February 21, 2025, the Company entered into a Second Amendment (the “Second Amendment”) to Supplement to the Loan and Security Agreement (the “Avenue Loan Agreement”) with Avenue Venture Opportunities Fund, L.P., and Avenue Venture Opportunities Fund II, L.P., (together “Avenue” or the “Lenders”) whereby the Lenders agreed to defer principal and interest payments on amounts outstanding until the end of September 2025. Deferred interest continued to accrue on the outstanding principal amount at the interest rate stated in the original Avenue Loan Agreement. ​ Under the Second Amendment, the Company agreed to use a portion of the proceeds from its at-the-market offering (see Note 11 – Stockholders’ Equity, At-The-Market Offering) to pay down the outstanding principal amount under the Avenue Loan Agreement as follows: a) until the Company raised $ 3.0 million of aggregate proceeds, 65 % of the proceeds would be remitted to the Lenders as a payment in respect of the outstanding principal amount, and b) after the Company raised $ 3.0 million of aggregate proceeds, 75 % of the proceeds would be remitted to the Lenders as a payment in respect of the outstanding principal amount. In connection with the Second Amendment, the Company paid Avenue $ 1.7 million in net proceeds, of which $ 1.4 million was applied to principal and $ 0.3 million was applied to interest, received from the at-the-market offering for the period from February 21, 2025 to June 17, 2025, which was equivalent to 65 % of the proceeds raised less a negotiated adjustment of $ 0.3 million. This requirement was eliminated in conjunction with the Fourth Amendment to Supplement to the Avenue Loan Agreement (the “Fourth Amendment”) executed on June 17, 2025. ​ Pursuant to the Second Amendment, at any time on or after April 1, 2025, the Lenders also had the right, at their discretion, but not the obligation, to convert an aggregate amount of up to $ 10.0 million of the aggregate principal amount under the Avenue Loan Agreement into shares of the Company’s common stock, at a conversion price equal to $ 1.68 per share. During the three months ended June 30, 2025, Avenue converted principal of $ 680,098 (less $ 39,762 of debt discount) into 404,820 shares of common stock. The conversion feature was eliminated in conjunction with the Fourth Amendment executed on June 17, 2025. The Second Amendment of the Avenue Loan was accounted for as an extinguishment, due to the addition of the substantive conversion option. Accordingly, the $ 10.3 million modification date carrying value of the pre-modification Avenue Loan was derecognized and the $ 10.2 million modification date fair value of the post-modification Avenue Loan was recognized, resulting in the recording of a $ 0.1 million extinguishment gain. The post-modification Avenue Loan was valued using a Monte Carlo simulation model using the following key assumptions: (a) discount rate of 70.0 %; (b) volatility of 130.0 %; and (b) risk-free rate of 4.2 %. Second Quarter 2025 Amendments ​ On May 30, 2025, the Company entered into the Third Amendment to Supplement to the Avenue Loan Agreement (the “Third Amendment”). Pursuant to the Third Amendment, the conversion rights provided to the Lenders under the Second Amendment were revised to restrict the Lenders from exercising such conversion right if doing so would cause the Lenders and their affiliates to beneficially own more than 9.99 % of the Company’s outstanding shares of common stock immediately after the conversion. The Lenders had the ability to increase or decrease the beneficial ownership limitation up to a maximum of 19.99 % of the Company’s outstanding 11 Table of Contents HYPERION DEFI, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) shares of common stock with a written notice to the Company and provided that such an increase in the beneficial ownership limitation would not have been effective until 61 st day following the written notice. Additionally, the Third Amendment provided that if a significant corporate event occured (such as a merger, asset sale, or stock recapitalization) while the conversion option remained in effect, the Lenders would have retained the right to convert the loan as if the conversion had occurred immediately prior to such event. The Company determined that the Third Amendment should be accounted for as a modification and continuation of the existing indebtedness. The conversion feature was eliminated in conjunction with the Fourth Amendment executed on June 17, 2025. ​ On June 17, 2025, the Company entered into the Fourth Amendment which, among other things, extended the maturity date of the loans to July 1, 2028; provided for an interest-only period from July 1, 2025 until January 31, 2027; reduced the interest rate from 12.0 % to 8.0 % (payable half in cash and half in kind); eliminated the option to convert an aggregate amount of up to $ 10.0 million of the loans outstanding into shares of common stock; eliminated the final payment of $ 637,500 ; and provided the Company with the option to prepay the debt owed under the Avenue Loan Agreement. ​ In connection with the Fourth Amendment, the Company issued to the Lenders warrants (the “Lender Warrants”) to purchase an aggregate of 350,000 shares of common stock. The Lender Warrants are exercisable immediately and may be exercised for five years from the initial issuance date at an exercise price of $ 4.00 per share. The Lender Warrants, if still outstanding at the expiration date, will be automatically exercised on a cashless basis. The Company determined that the Lender Warrants should be equity classified and valued the Lender Warrants at $ 858,270 using the Black-Scholes option pricing model using the following inputs (common stock market price of $ 2.97 ; volatility of 124 %; dividend rate of 0.00 % and risk-free rate of 3.99 %). ​ The Company determined that the Fourth Amendment should be accounted for as a troubled debt restructuring. Because the remaining undiscounted cash flows of the Avenue Loan exceed the June 17, 2025 carrying value, no gain will be recognized and a new effective interest rate was established based on the new carrying value of the Avenue Loan and the amended cash flows. Finally, the $ 858,270 value of the Lender Warrants was capitalized as additional debt discount and will be amortized over the new term of the Avenue Loan. ​ Note 10 – Commitments and Contingencies Litigations, Claims and Assessments The Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements. Note 11 – Stockholders’ Equity (Deficiency) Increase of 2018 Omnibus Stock Incentive Plan Shares On January 21, 2025, the stockholders approved an amendment to the Company’s Amended and Restated 2018 Omnibus Stock Incentive Plan to reserve an additional 350,000 shares of the Company’s common stock for issuance thereunder, which number of shares was not adjusted to reflect the Reverse Split. At-The-Market Offering During the three and six months ended June 30, 2025, the Company received approximately $ 2.6 million and $ 8.2 million, respectively, in net proceeds from the sale of 1,323,389 and 2,450,489 shares of its common stock pursuant to the sales agreement with Chardan Capital Markets, LLC (“Chardan”) in its “at-the-market” offering. 12 Table of Contents HYPERION DEFI, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) Stock-Based Compensation Expense The Company records stock-based compensation expense related to stock options and restricted stock units (“RSUs”). For the three and six months ended June 30, 2025, the balance in selling, general and administrative includes the expense of $ 5,190,000 resulting from the accrued inducement grant (see Note 7 – Accrued Inducement Grant). For the three months and six months ended June 30, 2025 and 2024, the Company recorded stock-based compensation expense allocated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ June 30, June 30, ​ 2025 2024 2025 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ $ 157,291 ​ $ 232,154 ​ $ 221,968 ​ $ 438,740 Selling, general and administrative ​ ​ 5,516,363 ​ ​ 308,902 ​ ​ 5,731,314 ​ ​ 648,548 ​ ​ $ 5,673,654 ​ $ 541,056 ​ $ 5,953,282 ​ $ 1,087,288 ​ Restricted Stock Units A summary of the restricted stock units (“RSUs”) activity during the six months ended June 30, 2025 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ RSUs Price RSUs non-vested January 1, 2025 4,608 ​ $ 52.00 Granted 393,600 ​ 1.55 Vested ( 68,208 ) ​ 5.56 Forfeited ( 42,000 ) ​ 1.26 RSUs non-vested June 30, 2025 288,000 ​ $ 1.44 ​ ​ ​ ​ ​ ​ Vested RSUs undelivered June 30, 2025 27,151 ​ $ 6.62 ​ RSUs have been granted to directors, employees and contractors in accordance with the Company’s Amended and Restated 2018 Omnibus Stock Incentive Plan. Some RSUs are subject to delayed delivery of the shares underlying the vested RSUs until the termination of grantee service. As of June 30, 2025, there was $ 267,838 of unrecognized stock-based compensation expense related to RSUs which will be recognized over a weighted average period of 0.7 years. ​ June 2025 Series A Preferred Stock Securities Purchase Agreement ​ On June 17, 2025, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with institutional accredited investors whereby the Company offered units consisting of a share of Series A Non-Voting Convertible Preferred Stock (“Series A Preferred Stock”) and a warrant to purchase six shares of common stock. On June 20, 2025, the closing date, the investors were issued an aggregate of 5,128,205 shares of Series A Preferred Stock at a price of $ 9.75 per share for aggregate consideration of $ 50,000,000 . Each share of Series A Preferred Stock is convertible into three shares of common stock. The Series A Preferred Stock has a par value of $ 0.0001 per share. Additionally, the Investors were issued five-year warrants exercisable into an aggregate of 30,769,230 shares of common stock at an exercise price of $ 3.25 per share exercisable beginning on December 21, 2025. ​ On June 20, 2025, the Company filed a Certificate of Designation of Preferences, Rights and Limitations to provide for the designation of 5,435,898 shares of Series A Preferred Stock. The key features of the Series A Preferred Stock are that it (a) is convertible into common stock at the option of the holder at $ 3.25 per share; (b) accrues quarterly cumulative dividends at 6 % per annum payable in cash or common stock at the Company’s option; (c) participates in declared and paid cash common stock dividends; (d) is non-voting except for certain protective covenants; and (e) has a liquidation preference of $ 50,097,167 as of June 20, 2025, equal to the original purchase price, plus any accrued and unpaid dividends. ​ 13 Table of Contents HYPERION DEFI, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) The Company incurred cash issuance costs of $ 634,251 in connection with the Purchase Agreement. In addition, the placement agent as compensation for its services, received securities valued at $ 3.0 million, consisting of 307,692 shares of Series A Preferred Stock and five-year warrants to purchase 1,846,153 shares of common stock at an exercise price of $ 3.25 per share exercisable beginning on December 21, 2025. ​ The Company determined that the Series A Preferred Stock, plus the investor and placement agent warrants, qualified to be equity classified. ​ Warrants During the quarter ended March 31, 2025, the Company entered into an inducement offer (the “Inducement Offer”) with an investor (the “Investor”), by which the Company agreed to reduce the exercise price of existing warrants to purchase 197,118 shares of common stock (“the Existing Warrants”) from $ 55.20 per share to $ 5.272 per share. These warrants were immediately exercised for net proceeds to the Company of approximately $ 0.9 million. Cash issuance costs were $ 116,456 . The Inducement Offer also required the Company to issue to the Investor Series A Common Stock Purchase Warrants and Series B Common Stock Purchase Warrants (together the “Additional Warrants”) to purchase an aggregate of 394,236 shares of common stock at an exercise price of $ 5.272 per share, which may be exercised for five years from the initial exercise date. The Additional Warrants become exercisable upon stockholder approval. Modification accounting was only performed on the warrants that were actually exercised pursuant to the Inducement Offer as it represented a short-term inducement. The Company recognized the $ 1,194,102 modification date incremental value of the modified Existing Warrants and Additional Warrants issued as compared to the original Existing Warrants, as an issuance cost of the warrant exercise. The table below presents the assumptions that were used before and after the modification date. There was no warrant activity other than on the modification date and there was no warrant activity in the six months ended June 30, 2024. The following inputs were utilized to value the warrants for the Inducement Offer: ​ ​ ​ ​ ​ ​ ​ Before Modification After Modification Risk free interest rate 4.42 % ​ 4.42 % Term 4.96 years ​ 5.51 years Volatility 110 % ​ 107 % Dividends n/a ​ n/a ​ A summary of the warrant activity during the six months ended June 30, 2025 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number of ​ Exercise ​ Life ​ Intrinsic ​ Warrants Price In Years Value Outstanding January 1, 2025 1,166,017 ​ $ 22.33 ​ Issued 33,359,619 ​ 3.28 ​ Repriced - (Old) ( 197,118 ) ​ 55.20 ​ Repriced - (New) 197,118 ​ 5.27 ​ Expired ​ ( 5,605 ) ​ ​ 207.39 ​ ​ ​ ​ ​ Exercised ( 449,118 ) ​ 6.66 ​ Outstanding June 30, 2025 34,070,913 ​ $ 3.28 ​ 5.0 $ 237,986,992 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable June 30, 2025 1,061,294 ​ $ 12.67 ​ 4.7 $ 3,425,553 ​ 14 Table of Contents HYPERION DEFI, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) The following table presents information related to warrants as of June 30, 2025: ​ ​ ​ ​ ​ ​ ​ ​ Warrants Outstanding Warrants Exercisable ​ ​ ​ ​ Weighted ​ ​ ​ ​ Outstanding ​ Average ​ Exercisable Exercise ​ Number of ​ Remaining Life ​ Number of Price Warrants In Years Warrants ​ $ 3.2500 32,615,383 ​ — — ​ $ 4.0000 350,000 ​ 5.0 350,000 ​ $ 5.2720 394,236 ​ — — ​ $ 7.7520 250,126 ​ 4.6 250,126 ​ $ 8.6080 ​ 302,045 ​ 4.6 ​ 302,045 ​ $ 40.0000 ​ 108,694 ​ 4.6 ​ 108,694 ​ $ 55.2000 ​ 49,280 ​ 4.5 ​ 49,280 ​ $ 380.8000 1,149 5.9 1,149 ​ ​ 34,070,913 4.7 1,061,294 ​ ​ Note 12 - Segment Reporting The Company has one operating and reporting segment (ophthalmic technology), namely, the development and commercialization of ophthalmic solutions. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The chief operating decision maker (“CODM”), who is the Company’s chief executive officer, utilizes the Company’s financial information on an aggregate basis for purposes of making operating decisions, allocating resources and assessing financial performance, as well as for making strategic operations decisions and managing the organization. The measure of segment assets is reported on the balance sheet as total assets. 15 Table of Contents HYPERION DEFI, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) The following tables summarize the activity of the ophthalmic technology operations for the three and six months ended June 30, 2025 and 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ June 30, 2025 June 30, 2024 ​ ​ Ophthalmic ​ Corporate & ​ ​ ​ ​ Ophthalmic ​ Corporate & ​ ​ ​ ​ Technology Other Total Technology Other Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ — ​ $ — ​ $ — ​ $ 22,625 ​ $ — ​ $ 22,625 Cost of revenue ​ — ​ — ​ — ​ ( 490,361 ) ​ — ​ ( 490,361 ) Gross Profit ​ — ​ — ​ — ​ ( 467,736 ) ​ — ​ ( 467,736 ) Operating Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development: ​ ​ ​ ​ ​ ​ ​ ​ Salaries and benefits ​ 424,032 ​ — ​ 424,032 ​ 1,752,197 ​ — ​ 1,752,197 Non-cash stock based compensation expenses ​ 157,291 ​ — ​ 157,291 ​ 232,154 ​ — ​ 232,154 Facilities expenses ​ 62,432 ​ — ​ 62,432 ​ 278,134 ​ — ​ 278,134 Direct clinical and non-clinical expenses ​ 16,263 ​ — ​ 16,263 ​ 722,126 ​ — ​ 722,126 Other expenses ​ 14,560 ​ — ​ 14,560 ​ 69,255 ​ — ​ 69,255 Supplies and materials ​ — ​ — ​ — ​ 1,249,597 ​ — ​ 1,249,597 Depreciation expense ​ — ​ — ​ — ​ 293,710 ​ — ​ 293,710 Total research and development ​ 674,578 ​ — ​ 674,578 ​ 4,597,173 ​ — ​ 4,597,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general, and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash stock based compensation ​ 326,363 ​ 5,190,000 ​ 5,516,363 ​ 308,902 ​ — ​ 308,902 Professional fees ​ 1,164,039 ​ — ​ 1,164,039 ​ 637,619 ​ — ​ 637,619 Salaries and benefits ​ 361,513 ​ 10,000 ​ 371,513 ​ 1,497,747 ​ — ​ 1,497,747 Insurance expense ​ 209,000 ​ — ​ 209,000 ​ 210,582 ​ — ​ 210,582 Investor relations ​ 140,948 ​ — ​ 140,948 ​ 115,983 ​ — ​ 115,983 Director fees and expense ​ 97,500 ​ — ​ 97,500 ​ 101,875 ​ — ​ 101,875 Other expenses ​ 68,275 ​ — ​ 68,275 ​ 350,004 ​ — ​ 350,004 Facilities expense ​ 83,263 ​ — ​ 83,263 ​ 122,307 ​ — ​ 122,307 Sales and marketing ​ 15,066 ​ — ​ 15,066 ​ 263,340 ​ — ​ 263,340 Travel, lodging and meals ​ 10,354 ​ 2,383 ​ 12,737 ​ 150,476 ​ — ​ 150,476 Total selling, general, and administrative ​ 2,476,321 ​ 5,202,383 ​ 7,678,704 ​ 3,758,835 ​ — ​ 3,758,835 Reacquisition of license rights ​ — ​ — ​ — ​ 2,864,600 ​ — ​ 2,864,600 Total Operating Expenses ​ 3,150,899 ​ 5,202,383 ​ 8,353,282 ​ 11,220,608 ​ — ​ 11,220,608 Segment Net Loss ​ ( 3,150,899 ) ​ ( 5,202,383 ) ​ ( 8,353,282 ) ​ ( 11,688,344 ) ​ — ​ ( 11,688,344 ) Other (Expense) Income ​ ​ ​ ​ ​ ​ ​ Other segment income (expense) (1) ​ ( 337,637 ) ​ — ​ ( 337,637 ) ​ 634,645 ​ — ​ 634,645 Total Other Expense, net ​ ( 337,637 ) ​ — ​ ( 337,637 ) ​ 634,645 ​ — ​ 634,645 Net Loss ​ $ ( 3,488,536 ) ​ $ ( 5,202,383 ) ​ $ ( 8,690,919 ) ​ $ ( 11,053,699 ) ​ $ — ​ $ ( 11,053,699 ) ​ 16 Table of Contents HYPERION DEFI, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ June 30, 2025 ​ June 30, 2024 ​ ​ Ophthalmic ​ Corporate & ​ ​ ​ Ophthalmic Corporate & ​ ​ Technology Other Total Technology Other Total Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ $ 14,720 ​ $ — ​ $ 14,720 ​ $ 27,618 ​ $ — ​ $ 27,618 Cost of revenue ​ ​ ( 48 ) ​ ​ — ​ ​ ( 48 ) ​ ​ ( 693,388 ) ​ ​ — ​ ​ ( 693,388 ) Gross Profit ​ ​ 14,672 ​ ​ — ​ ​ 14,672 ​ ​ ( 665,770 ) ​ ​ — ​ ​ ( 665,770 ) Operating Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ ​ Research and development: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salaries and benefits ​ ​ 844,032 ​ ​ — ​ ​ 844,032 ​ ​ 3,757,798 ​ ​ — ​ ​ 3,757,798 Non-cash stock based compensation expenses ​ ​ 221,968 ​ ​ — ​ ​ 221,968 ​ ​ 438,740 ​ ​ — ​ ​ 438,740 Facilities expenses ​ ​ 133,269 ​ ​ — ​ ​ 133,269 ​ ​ 446,573 ​ ​ — ​ ​ 446,573 Direct clinical and non-clinical expenses ​ ​ 88,920 ​ ​ — ​ ​ 88,920 ​ ​ 1,336,305 ​ ​ — ​ ​ 1,336,305 Other expenses ​ ​ 34,302 ​ ​ — ​ ​ 34,302 ​ ​ 114,405 ​ ​ — ​ ​ 114,405 Supplies and materials ​ ​ 25,130 ​ ​ — ​ ​ 25,130 ​ ​ 2,309,784 ​ ​ — ​ ​ 2,309,784 Depreciation expense ​ ​ — ​ ​ — ​ ​ — ​ ​ 625,169 ​ ​ — ​ ​ 625,169 Total research and development ​ ​ 1,347,621 ​ ​ — ​ ​ 1,347,621 ​ ​ 9,028,774 ​ ​ — ​ ​ 9,028,774 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general, and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash stock based compensation ​ ​ 541,314 ​ ​ 5,190,000 ​ ​ 5,731,314 ​ ​ 648,548 ​ ​ — ​ ​ 648,548 Professional fees ​ ​ 2,173,425 ​ ​ — ​ ​ 2,173,425 ​ ​ 1,529,661 ​ ​ — ​ ​ 1,529,661 Salaries and benefits ​ ​ 853,493 ​ ​ 10,000 ​ ​ 863,493 ​ ​ 2,983,915 ​ ​ — ​ ​ 2,983,915 Insurance expense ​ ​ 423,457 ​ ​ — ​ ​ 423,457 ​ ​ 429,716 ​ ​ — ​ ​ 429,716 Investor relations ​ ​ 259,635 ​ ​ — ​ ​ 259,635 ​ ​ 228,624 ​ ​ — ​ ​ 228,624 Director fees and expense ​ ​ 195,000 ​ ​ — ​ ​ 195,000 ​ ​ 213,750 ​ ​ — ​ ​ 213,750 Other expenses ​ ​ 181,482 ​ ​ — ​ ​ 181,482 ​ ​ 425,805 ​ ​ — ​ ​ 425,805 Facilities expense ​ ​ 166,419 ​ ​ — ​ ​ 166,419 ​ ​ 248,954 ​ ​ — ​ ​ 248,954 Sales and marketing ​ ​ 37,087 ​ ​ — ​ ​ 37,087 ​ ​ 449,568 ​ ​ — ​ ​ 449,568 Travel, lodging and meals ​ ​ 17,331 ​ ​ 2,383 ​ ​ 19,714 ​ ​ 237,483 ​ ​ — ​ ​ 237,483 Total selling, general, and administrative ​ ​ 4,848,643 ​ ​ 5,202,383 ​ ​ 10,051,026 ​ ​ 7,396,024 ​ ​ — ​ ​ 7,396,024 Reacquisition of license rights ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,864,600 ​ ​ — ​ ​ 4,864,600 Total Operating Expenses ​ ​ 6,196,264 ​ ​ 5,202,383 ​ ​ 11,398,647 ​ ​ 21,289,398 ​ ​ — ​ ​ 21,289,398 Segment Net Loss ​ ​ ( 6,181,592 ) ​ ​ — ​ ​ ( 11,383,975 ) ​ ​ ( 21,955,168 ) ​ ​ — ​ ​ ( 21,955,168 ) Other (Expense) Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other segment income (expense) (1) ​ ​ ( 790,477 ) ​ ​ — ​ ​ ( 790,477 ) ​ ​ ( 20,632 ) ​ ​ — ​ ​ ( 20,632 ) Total Other Expense, net ​ ​ ( 790,477 ) ​ ​ — ​ ​ ( 790,477 ) ​ ​ ( 20,632 ) ​ ​ — ​ ​ ( 20,632 ) Net Loss ​ $ ( 6,972,069 ) ​ $ ( 5,202,383 ) ​ $ ( 12,174,452 ) ​ $ ( 21,975,800 ) ​ $ — ​ $ ( 21,975,800 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, 2025 December 31, 2024 ​ ​ Ophthalmic ​ Corporate & ​ ​ ​ ​ Ophthalmic ​ Corporate & ​ ​ ​ ​ Technology Other Total Technology Other Total Segment Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 7,532,291 ​ $ — ​ $ 7,532,291 ​ $ 2,121,463 ​ $ — ​ $ 2,121,463 Digital assets ​ — ​ 45,500,000 ​ 45,500,000 ​ — ​ — ​ — All other assets ​ 2,627,345 ​ — ​ 2,627,345 ​ 1,546,296 ​ — ​ 1,546,296 Total Assets ​ $ 10,159,636 ​ $ 45,500,000 ​ $ 55,659,636 ​ $ 3,667,759 ​ $ — ​ $ 3,667,759 (1) Other segment expenses and losses include interest income, interest expense, gain (loss) on extinguishment of debt and change in fair value of equity consideration. ​ 17 Table of Contents HYPERION DEFI, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) Note 13 - Subsequent Events At-The-Market Offering Subsequent to June 30, 2025, the Company received approximately $ 6.6 million in gross proceeds from the sale of 511,207 shares of its common stock pursuant to its Sales Agreement with Chardan in its “at-the-market” offering. ​ HYPE Digital Token Purchases ​ Subsequent to June 30, 2025, the Company purchased approximately 229,320 HYPE digital tokens for a cost of approximately $ 10.0 million. Chief Operating Officer Separation Agreement On July 1, 2025, in connection with a previously announced reduction in force, the Company entered into a Separation and Release Agreement (the “Separation Agreement”) with the Company’s Chief Operating Officer (the “COO”). Pursuant to the Separation Agreement, consistent with the COO’s Employment Agreement with the Company dated December 19, 2022, the COO was entitled to certain severance and other payments following the termination of his employment with the Company on July 1, 2025. The Separation Agreement provides that the COO will be eligible to receive 12 months of his base salary and up to 12 months of health benefits continuation. The payments under the Separation Agreement are contingent on the COO’s non-revocation of certain releases, which waive and release claims against the Company for any liability relating to his employment, and his compliance with certain covenants. ​ ​ 18 Table of Contents