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• It's like **JPMorgan Chase (JPM)**, but for decentralized finance and crypto assets.
• It's like **Coinbase (COIN)**, but completely decentralized and peer-to-peer.
• It's like **PayPal (PYPL)** for the decentralized internet, offering a suite of crypto financial services.

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• Decentralized Exchange (DEX) Platform: A service enabling users to trade various cryptocurrencies and digital assets directly with one another without requiring a traditional centralized intermediary.
• Lending and Borrowing Protocols: Platforms that allow users to lend their cryptocurrency holdings to earn interest or borrow digital assets by providing collateral, all managed by smart contracts.
• Staking and Yield Farming Services: Tools and interfaces designed to help users earn passive income by locking up their crypto assets to secure blockchain networks (staking) or provide liquidity to other DeFi protocols (yield farming).
• Tokenized Asset Management: Services focused on creating, managing, and facilitating the trading of digital tokens that represent real-world assets, other cryptocurrencies, or synthetic financial products.

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It appears that **Hyperion DeFi (HYPD)** is a hypothetical company, as there is no publicly traded company with that exact name and stock symbol identified in market databases. Therefore, specific real-world major customers cannot be identified.

However, based on the name "Hyperion DeFi," we can infer that such a company would operate in the Decentralized Finance (DeFi) sector. Companies in this space typically serve a diverse range of users, primarily individuals and sometimes other decentralized applications or financial entities.

Assuming Hyperion DeFi offers a suite of decentralized financial services (e.g., lending, borrowing, trading, yield farming, or liquidity provision), its major customer categories would likely be:

Categories of Customers Served:

1. DeFi Participants & Yield Seekers:

   This category includes individual cryptocurrency holders who actively engage with decentralized applications to earn passive income. They might stake tokens, provide liquidity to decentralized exchanges (DEXs), lend their crypto assets for interest, or participate in yield farming strategies. Their primary goal is to maximize returns on their digital assets.

2. Cryptocurrency Traders & Investors:

   Individuals who utilize Hyperion DeFi's platform for trading various digital assets, potentially leveraging its decentralized exchange (if applicable) or using its lending protocols to gain leverage for their investment strategies. This group seeks efficient, censorship-resistant ways to execute trades and manage their crypto portfolios.

3. Web3 Developers & Decentralized Application (dApp) Builders:

   Individuals or small teams who integrate Hyperion DeFi's protocols, smart contracts, or infrastructure into their own decentralized applications or services. They act as "customers" by building on top of Hyperion DeFi's foundational layers, utilizing its liquidity pools, oracle services, or other developer tools to enhance their own projects.

While DeFi protocols can also be "customers" of each other (e.g., an aggregator protocol utilizing Hyperion DeFi's lending pools), these are typically other decentralized projects rather than traditional public companies with stock symbols. Therefore, for a hypothetical DeFi company like Hyperion DeFi, the direct interaction and primary customer base predominantly fall within the individual user categories described above.

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Hyunsu Jung, Interim Chief Executive Officer

Hyunsu Jung was appointed Interim Chief Executive Officer in June 2025. He also serves as the Chief Investment Officer and a Director for Hyperion DeFi since June 2025. Before joining Hyperion DeFi, he served as a Portfolio Manager at DARMA Capital, an asset manager, from June 2021 to June 2025. Prior to that, he was a Consultant at EY-Parthenon from October 2018 to June 2021, where his work focused on Finance and Digital Transformation for major enterprise M&A deals. He holds a B.A. from Vassar College, earned in 2018.

David Knox, Chief Financial Officer

David Knox was appointed Chief Financial Officer of Hyperion DeFi on September 29, 2025. He brings extensive experience in scaling capital markets strategies and financial services businesses. Previously, he served as Head of Capital Markets and Head of Finance for Global Credit and Financial Services at PayPal. In this dual role, he was responsible for leading the profitable expansion of the company's lending segments under a "balance sheet light" strategic imperative and managed core FP&A responsibilities across the PayPal and Venmo global financial services platforms. Earlier in his career, Mr. Knox was a Director at Cantor Fitzgerald, where he provided capital markets structuring and advisory services. He also held prior roles in lending and capital markets at SoFi, Hudson Advisors, and the Royal Bank of Scotland. He is an alumnus of the Harvard Business School and holds a bachelor's degree from the University of Connecticut.

Happy Walters, Board of Directors

Happy Walters is a seasoned blockchain executive and serves on Hyperion DeFi's Board of Directors. He is the Founder and CEO of Blue Horizon Capital. Mr. Walters brings over 25 years of experience in various sectors, including quantum computing, blockchain, and telehealth.

Max Fiege, Strategic Advisor

Max Fiege serves as a Strategic Advisor to Hyperion DeFi. He is instrumental in supporting the leadership team's efforts to integrate Hyperion DeFi into the HyperEVM. Mr. Fiege has played a key role in establishing the company's validator operations and institutional liquid staking initiatives, focusing on accessing credit on-chain and identifying unique yield-generation opportunities.

Enrico Brambilla, VP of Product Research and Development

Enrico Brambilla joined Eyenovia (the company's former name) in April 2023 as VP of Product Research and Development. Prior to his tenure at Hyperion DeFi, he served as VP of R&D and Manufacturing at Equinox Ophthalmic for four years.

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The key risks to Hyperion DeFi (HYPD) primarily stem from its financial health, its reliance on the volatile cryptocurrency market, and the evolving regulatory landscape of decentralized finance.

1. Financial Distress and Liquidity Concerns: Hyperion DeFi exhibits significant financial distress, with a Z-Score in the distress zone of -2.84, indicating a potential bankruptcy risk. The company has experienced negative revenue growth, with an 88.3% decline over three years, and operates with deeply concerning profitability metrics, including an operating margin of -6442.78% and a net margin of -7371.1%. Furthermore, Hyperion DeFi is rapidly burning through cash, as evidenced by a low current ratio of 0.34, suggesting potential liquidity challenges. The company also reported a net loss of $8.8 million in Q2 2025 and lacks a diversified revenue model.
2. Cryptocurrency Market Volatility and HYPE Token Dependence: The company's business model is heavily dependent on the HYPE token, the native cryptocurrency of the Hyperliquid blockchain, making it highly susceptible to the inherent volatility of the cryptocurrency market. Hyperion DeFi's beta of 5.42 points to high stock price volatility, which could lead to significant price swings. The limited history and price fluctuations of the HYPE token pose financial risks, and a drop in HYPE's price below the company's average acquisition cost of $36.14 could result in substantial unrealized losses for its treasury.
3. Regulatory Challenges: Hyperion DeFi faces substantial regulatory risks within the cryptocurrency and decentralized finance sector. The evolving scrutiny from regulatory bodies, such as the SEC, could lead to the reclassification of HYPE as a security, which would complicate Hyperion's operations. Changes in regulations could also negatively impact the market value and liquidity of the HYPE token.

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Hyperion DeFi (HYPD) has pivoted its primary focus towards the decentralized finance (DeFi) sector, particularly with its strategic treasury reserve of the HYPE token within the Hyperliquid ecosystem. The company also continues the development of its Optejet User Filled Device (UFD) for ophthalmology products; however, specific addressable market sizes for these ophthalmology products were not identified in the available information.

The addressable market for Hyperion DeFi's main products and services, primarily related to the Hyperliquid ecosystem and the HYPE token, falls under the global Decentralized Finance (DeFi) market.

• The global Decentralized Finance (DeFi) market was valued at approximately USD 20.48 billion in 2023.
• Projections indicate substantial growth, with the market expected to reach around USD 648.43 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 46.8% during the forecast period (2025-2032).
• Another estimate places the global DeFi market size at USD 20.76 billion in 2024, with an anticipated rise to USD 637.73 billion by 2032, growing at a CAGR of 53.56% over the forecast period 2025-2032.

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Hyperion DeFi (HYPD) is strategically positioning itself within the decentralized finance (DeFi) sector, particularly by leveraging its involvement with the Hyperliquid blockchain ecosystem. Over the next 2-3 years, several key drivers are expected to fuel the company's revenue growth:

1. Growth in the Value of HYPE Token Treasury: Hyperion DeFi is actively building a substantial treasury of HYPE, the native token of the Hyperliquid blockchain. The company's financial performance will be significantly influenced by the appreciation in the market value of its HYPE holdings. Hyperion DeFi aims to provide shareholders with compounding exposure to HYPE's value.
2. Revenue from HYPE Staking and Yield Generation: The company is deploying its HYPE tokens into various yield-generating strategies, including native staking and participation in liquid staking programs, such as Kinetiq's iHYPE. Hyperion DeFi also operates its own validator within the Hyperliquid network. These activities are expected to generate direct staking yields and additional revenues from HYPE's on-chain utility.
3. Expansion and Utility within the Hyperliquid Ecosystem (HyperCore and HyperEVM): Hyperion DeFi plans to expand its activities across HyperCore and HyperEVM, the smart contract platform of Hyperliquid. The Hyperliquid ecosystem is characterized by high transaction speeds and a growing number of decentralized applications (dApps). Increased adoption and development within this ecosystem are anticipated to drive demand for HYPE as a gas token and create new opportunities for supplementary revenue streams for Hyperion DeFi. This includes engaging in on-chain activities and participating in new market initiatives, such as a recently announced strategic partnership to launch a HIP-3 powered perpetual futures market.
4. Development of Proprietary Financial Products and Services: By leveraging its position within the Hyperliquid ecosystem and its HYPE treasury, Hyperion DeFi aims to develop and offer new financial products and services. These offerings, tailored for both retail and institutional investors, will provide secure exposure to diverse on-chain strategies, thereby creating additional revenue streams and enhancing shareholder value.

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Share Issuance

• As of September 2025, Hyperion DeFi had sold 4,176,196 shares through an at-the-market (ATM) offering program, generating approximately $29.0 million in net proceeds. The aggregate offering price for this program was increased from $50 million to $100 million.
• Shareholders approved an increase in authorized common stock from 300 million to 600 million and preferred stock from 6 million to 60 million on August 18, 2025, to support future growth and financing.
• A reverse stock split with a ratio of 1:80 was executed on February 3, 2025.

Inbound Investments

• In June 2025, Hyperion DeFi completed a $50 million private placement financing with institutional accredited investors to establish a cryptocurrency treasury reserve.

Outbound Investments

• Hyperion DeFi has strategically acquired HYPE tokens, reaching a total of approximately 1.75 million tokens valued at $79.5 million as of October 8, 2025.
• The company's cumulative investment in HYPE tokens exceeded $65 million by September 25, 2025, based on an average purchase price of $38.25 per token.
• Hyperion DeFi entered into HYPE Asset Use Service (HAUS) agreements to deploy its HYPE holdings for revenue generation. This includes an agreement with Credo Cayman on September 16, 2025, involving 100,000 staked HYPE, and an allocation of 500,000 HYPE tokens to Felix Foundation on October 28, 2025, to support a perpetual futures market on the Hyperliquid protocol.

Capital Expenditures

• Capital expenditures for the twelve months ending June 30, 2025, amounted to -$45.52 million.
• The company continues to develop its proprietary Optejet User Filled Device (UFD) for topical ophthalmic liquids.
• Research and development expenses significantly decreased by 85% to $0.7 million in Q2 2025 compared to Q2 2024, largely due to the termination of the CHAPERONE study in November 2024.