Hyperion DeFi, Inc.

What they do

The company was formerly Eyenovia, a digital ophthalmic technology company, and changed its name to Hyperion DeFi on July 1, 2025. It now builds a long-term strategic treasury of HYPE, the native token of the Hyperliquid layer one blockchain, which hosts on-chain perpetual futures and spot order books. It also describes itself as having launched products and services on Hyperliquid and as positioning itself as an institutional gateway to DeFi. Operations related to its Optejet ophthalmic delivery device were substantially wound down as of June 30, 2026.

Revenue drivers

• HYPE treasury and digital assets — The core strategy is holding HYPE tokens and HYPE liquid staking tokens; GAAP HYPE digital assets were $74,119,231 at Q2 2026 against gross HYPE holdings of $132,635,212.
• Gross profit from operations — GAAP gross profit was $357,693 in Q2 2026 and $244,271 in Q1 2026, far smaller than balance-sheet HYPE values; adjusted gross profit was $1,150,035 in Q2 2026.
• Treasury gains (losses) — Non-GAAP treasury gains were $54,815,626 in Q2 2026 versus a $36,783,228 loss in Q4 2025, driving the swing in GAAP net income.
• Legacy ophthalmic IP — In July 2026 the company sold all rights to Optejet-related intellectual property and its pharmaceutical development program to Arctic Vision (Hong Kong) Limited, ending that revenue line.

Recent performance

For the second quarter ended June 30, 2026, the company reported record GAAP net income of $30,950,963 and non-GAAP adjusted EBITDA of $53,652,846. GAAP gross profit was $357,693, up from $302,506 in Q3 2025. GAAP HYPE digital assets rose to $74,119,231 at Q2 2026 from $16,233,941 at Q4 2025, while gross HYPE holdings reached $132,635,212. Operating cash use in Q2 2026 was $3,098,419 on a GAAP basis, or $2,124,382 adjusted. Annual revenue fell from $2.0M in 2020 and $14.0M in 2021 to $3,787 in 2023 and $813,455 in 2025.

Strategy

The company's stated priority is building a long-term strategic treasury of HYPE and providing shareholders simplified exposure to the Hyperliquid ecosystem. It says it has launched multiple scalable businesses and new products on Hyperliquid and signed a new HAUS agreement with Entropy, an upcoming HIP-3 deployer. It redeployed 1 million HYPE tokens to support HIP-3 and HIP-4 markets since June 2026. It also sold its remaining legacy life sciences IP to Arctic Vision in July 2026 to complete the wind-down of the ophthalmic business. Management frames the plan around becoming the premier institutional gateway to DeFi innovation while reducing costs over time.

Risks

• Concentration in HYPE — The treasury strategy is significantly concentrated in HYPE, and HYPE is highly volatile, so price moves directly affect reported financial results and the market price of the company's securities.
• Limited Hyperliquid operating history — The Hyperliquid blockchain and exchange launched in early 2023 and the HYPE token in November 2024, so adoption by developers, validators, traders and market makers is unproven.
• Regulatory classification of HYPE — The company states that absent federal regulations there is a possibility HYPE may be classified as a security, which would subject it to additional regulation and could materially and adversely affect its business.
• Custody and smart contract loss — The company cites risk of loss or destruction of private keys, cyberattacks, data loss and smart contract vulnerabilities related to holding HYPE and other digital assets.

Outlook

Management said the second quarter was a second consecutive quarter of record net income and described twelve months of operating performance during which it grew its HYPE treasury and launched businesses and products on Hyperliquid. The company announced a new HAUS agreement with Entropy and redeployed 1 million HYPE tokens to support HIP-3 and HIP-4 markets since June 2026. It also completed the sale of remaining legacy life sciences IP to Arctic Vision in July 2026. The filings do not provide specific revenue or earnings guidance.