A specialized Medtronic, but solely focused on non-invasive devices for neurological rehabilitation.

A focused Boston Scientific, creating high-tech, non-invasive solutions for gait and balance issues from neurological conditions.

• Portable Neuromodulation Stimulator (PoNS): A non-surgical medical device used to treat gait deficits from multiple sclerosis and balance deficits from mild-to-moderate traumatic brain injury, in conjunction with therapeutic exercise.

Based on the provided company description for Helius Medical Technologies, Inc. (symbol: HSDT), its product, the Portable Neuromodulation Stimulator (PoNS), is a medical device used in conjunction with supervised therapeutic exercise. The company primarily sells its device to healthcare providers and facilities rather than directly to individual consumers or a small number of large corporate entities.

The major categories of customers that Helius Medical Technologies, Inc. serves include:

1. Rehabilitation Clinics and Centers: Facilities specializing in physical therapy, occupational therapy, and neurological rehabilitation, where the PoNS device is integrated into supervised exercise programs for patients with gait and balance deficits.
2. Neurology Clinics: Medical practices focused on the diagnosis and treatment of neurological conditions, such as multiple sclerosis and traumatic brain injury, which may offer PoNS therapy to their patients.
3. Hospitals and Integrated Healthcare Systems: Larger healthcare organizations with departments dedicated to neurology, physical medicine, and rehabilitation that can acquire and utilize the PoNS device as part of their patient treatment offerings.

Dane C. Andreeff, President and Chief Executive Officer

Mr. Andreeff was appointed President and Chief Executive Officer of Helius Medical Technologies, Inc. (now Solana Company) effective June 14, 2021, having previously served as Interim President and CEO since August 2020. He has been a member of the Company's Board of Directors since August 2017. Mr. Andreeff founded Maple Leaf Partners, LP, a hedge fund, in 1996, where he serves as General Partner and Portfolio Manager. The fund was seeded by Julian Robertson's Tiger Management in 2003 and at one point grew to over $2 billion in assets under management. He also holds board positions on two other healthcare companies.

Jeffrey S. Mathiesen, Chief Financial Officer, Treasurer and Secretary

Mr. Mathiesen was appointed Chief Financial Officer, Treasurer and Secretary of Helius Medical Technologies, Inc. (now Solana Company) effective June 14, 2021. He is a Certified Public Accountant (inactive) and has served in previous CFO roles for public medical technology and biopharmaceutical companies. Mr. Mathiesen has also served on various public company boards, including NeuroOne (NMTC) and Panbela (PBLA), where he was Vice Chair and Lead Independent Director since March 2020 and Director and Audit Committee Chair since 2015.

Joseph Chee, Executive Chairman

Mr. Chee was appointed Executive Chairman of the Board of Solana Company, effective September 18, 2025. He is the Founder and Chairman of Summer Capital Limited, an investment company that focuses on early growth stage companies in sectors such as fintech, blockchain infrastructure, consumption technology, and healthcare. Additionally, Mr. Chee has served as Vice Chairman of AMINA Bank AG, a FINMA-regulated cryptocurrency bank, since April 2020. He also founded Summer Healthcare Fund, L.P. and Summer Everest Ecosystem Fund, L.P., which are investment companies focused on healthcare and biotechnology, and blockchain ecosystem and financial technology, respectively. Prior to these roles, Mr. Chee held positions including Head of Investment Banking and Head of Global Capital Markets, Asia at UBS AG from 2000 to 2017.

Antonella Favit-Van Pelt, Chief Medical Officer

Dr. Favit-Van Pelt serves as the Chief Medical Officer of Solana Company. No additional background details were readily available in the provided sources.

• The emergence of new, more effective non-invasive neuromodulation devices or therapies from competitors that offer superior outcomes, broader indications, or less reliance on intensive adjunctive supervised therapeutic exercise.
• Significant advancements in pharmaceutical or biological treatments for multiple sclerosis and traumatic brain injury symptoms that directly address gait and balance deficits, potentially reducing or negating the need for adjunctive device-based therapies.
• Rapid evolution in rehabilitation technology, including advanced robotics, virtual reality-based systems, or AI-driven personalized therapy platforms, which could provide more comprehensive or integrated solutions for neurological rehabilitation, potentially displacing or diminishing the role of PoNS.

For Helius Medical Technologies, Inc. (symbol: HSDT), the addressable markets for its main product, the Portable Neuromodulation Stimulator (PoNS), are related to the treatment of gait deficit due to multiple sclerosis and balance deficit due to mild-to-moderate traumatic brain injury.

Market for Gait Deficit Due to Multiple Sclerosis (MS)

• The global multiple sclerosis treatment market was valued at approximately USD 28.28 billion in 2024 and is projected to grow to about USD 39.39 billion by 2033. Another estimate places the global market at USD 23.64 billion in 2023, expected to reach USD 43.40 billion by 2032.
• In the seven major markets (7MM: United States, EU4, United Kingdom, and Japan), the Multiple Sclerosis market was valued at approximately USD 20 billion in 2024.
• The U.S. Multiple Sclerosis market alone was approximately USD 16 billion in 2024.
• Globally, an estimated 2.8 million people were affected by MS in 2020.
• Difficulty walking is a very common mobility issue in multiple sclerosis, affecting 50-80% of people with the disease. Between 50% and 80% of individuals with MS experience balance and gait dysfunction.

Market for Balance Deficit Due to Mild-to-Moderate Traumatic Brain Injury (mmTBI)

• The global traumatic brain injury (TBI) treatment market was valued at USD 3.67 billion in 2024 and is expected to reach USD 6.13 billion by 2032. Another projection indicates the global TBI market was valued at USD 2.5 billion in 2024 and is expected to reach US$ 4.7 billion by 2033.
• For the 7MM (United States, EU4, United Kingdom, and Japan), the TBI market was approximately USD 1.3 billion in 2024. The U.S. constituted 85% of this 7MM market in 2024.
• Mild traumatic brain injury affects an estimated 55.9 million people worldwide each year.
• Difficulties in maintaining balance persist for months or years after a mild traumatic brain injury in over 30% of patients. Up to 65% of individuals with TBI experience balance problems.

Capital Allocation Decisions for Helius Medical Technologies, Inc. (HSDT) (Last 3-5 Years)

Share Repurchases

• On November 3, 2025, Helius Medical Technologies' Board authorized a stock repurchase program for the purchase of up to $100 million of its outstanding common stock.

Share Issuance

• In September 2025, Helius Medical Technologies completed an oversubscribed private investment in public equity (PIPE) offering, generating over $500 million in gross proceeds, with the potential to reach over $1.25 billion including warrant exercises.
• The company raised $9.1 million in June 2025 through a public offering of common stock and warrants.
• Helius executed a 1-for-50 reverse stock split effective June 30, 2025, which reduced the number of outstanding shares from approximately 33.8 million to 0.7 million.

Inbound Investments

• The September 2025 PIPE offering resulted in over $500 million in funding from institutional and crypto-native investors, including Pantera Capital and Summer Capital, with the potential for over $1.25 billion through warrant exercises. This investment was specifically aimed at transforming the company into a Solana (SOL) digital asset treasury vehicle.

Outbound Investments

• Helius Medical Technologies made a strategic pivot in September 2025 to become a Solana (SOL) digital asset treasury vehicle.
• The net proceeds from the September 2025 offering are intended for the acquisition of SOL, Solana's native cryptocurrency, to serve as the company's primary treasury reserve asset.
• As of March 2026, Helius Medical Technologies held 2,300,000 SOL valued at $204.1 million.