HYPD Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About HYPD Interactive Breakdown Better Bets vs. HYPD Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Hyperion DeFi (HYPD)

    Market Price (11/6/2026): $2.57 | Market Cap: $39.1 MilSector: Health Care | Industry: Biotechnology

    Hyperion DeFi (HYPD)

    Market Price (11/6/2026): $2.57
    Market Cap: $39.1 Mil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 3052%

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26%

    Megatrend and thematic drivers
    Megatrends include Crypto & Blockchain. Themes include Decentralized Finance (DeFi) Protocols, and Cryptocurrency Exchanges.

    Weak multi-year price returns
    2Y Excs Rtn is -112%, 3Y Excs Rtn is -161%

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1096%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 275%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -998%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3698%

    High stock price volatility
    Vol 12M is 109%

    Key risks
    HYPD key risks include [1] significant financial distress and potential bankruptcy, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 3052%
    2 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26%
    3 Megatrend and thematic drivers
    Megatrends include Crypto & Blockchain. Themes include Decentralized Finance (DeFi) Protocols, and Cryptocurrency Exchanges.
    4 Weak multi-year price returns
    2Y Excs Rtn is -112%, 3Y Excs Rtn is -161%
    5 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1096%
    6 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 275%
    7 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -998%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3698%
    8 High stock price volatility
    Vol 12M is 109%
    9 Key risks
    HYPD key risks include [1] significant financial distress and potential bankruptcy, Show more.

    HYPD in ETFs

    Weight = HYPD's share of each fund

    VTI0.00%

    Valuation & Metrics

    FYE: 12/31HYPD [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$1.4 Mil—
    FY 2026 Sales$7.3 Mil—
    FY 2027 Sales$17.8 Mil—
    FY 2026 Sales Growth418.8%—
    FY 2027 Sales Growth145.4%8.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$6.7 Mil—
    FY 2026 Net Income (Non-GAAP)$35.0 Mil—
    FY 2027 Net Income (Non-GAAP)$12.1 Mil—
    FY 2027 Net Income Growth-65.4%13.9%
    FY 2026 EPS (Non-GAAP)$7.00—
    FY 2027 EPS (Non-GAAP)$2.42—
    FY 2027 EPS Growth-65.4%—
    VALUATION
    FY 2026 P/S5.41.7
    FY 2027 P/S2.2—
    FY 2026 P/E1.18.7
    FY 2027 P/E3.2—

    [1] HYPD forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    HYPDS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.0
    Rev Chg Q�8.9%
    Rev Chg LTM3,052.0%8.6%
    Rev Chg 3Y Avg1,546.8%6.4%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.0
    CFO LTM ($ Bil)-0.0
    Net Inc LTM ($ Bil)0.0
    Op Mgn LTM-1,095.7%18.9%
    CFO/Rev LTM-997.7%21.5%
    Net Inc Mgn474.9%13.5%
    VALUATIONLOW
    P/S26.03.2
    P/CFO-2.615.1
    P/FCF-0.720.2
    P/E5.522.3
    STABILITYGOOD
    Debt/Equity0.240.19
    Cash/Assets0.090.07

    AI Analysis | Feedback

    MetricValueDateSource
    Total HYPE Token Holdings1,712,195 HYPE9252025Link
    Average Purchase Price of HYPE Tokens$38.259252025Link
    HYPE Tokens Allocated to HAUS Agreement100,000 HYPE9162025Link
    HYPE Tokens Staked for Co-Branded Validator Initiation10,000 HYPE6252025Link
    Total HYPE Staked in Kinetiq x Hyperion Validator12,744,81511072025Link
    Kinetiq x Hyperion Validator Voting Power3.09%11072025Link

    Price Chart

    Upcoming
    11/12/2026Earnings ReleaseRev: $2.0 Mil (E)
    EPS: $2.31 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/5/2026

    Hyperion DeFi (HYPD) stock has lost about 5% since 7/31/2026 because of the following key factors:

    1. Broader Decentralized Finance (DeFi) Market Downturn. The overall DeFi market experienced a significant contraction, with the total value locked (TVL) falling from $168.9 billion in October 2025 to $89.1 billion by October 25, 2026. This substantial decline in the broader sector likely created a negative sentiment that outweighed positive company-specific news for Hyperion DeFi.

    2. Persistent Security Concerns and Exploits in DeFi. The DeFi sector faced widespread security issues, with 312 incidents recorded and $2.37 billion lost due to hacks by October 25, 2026, surpassing the number of incidents in all of 2025. These ongoing security risks and financial losses contributed to a cautious investment environment for DeFi-related companies, including Hyperion DeFi, leading to downward pressure on its stock.

    Show more
    Updated on 11/5/2026

    Hyperion DeFi (HYPD) stock has lost about 5% since 7/31/2026 because of the following key factors:

    1. Broader Decentralized Finance (DeFi) Market Downturn. The overall DeFi market experienced a significant contraction, with the total value locked (TVL) falling from $168.9 billion in October 2025 to $89.1 billion by October 25, 2026. This substantial decline in the broader sector likely created a negative sentiment that outweighed positive company-specific news for Hyperion DeFi.

    2. Persistent Security Concerns and Exploits in DeFi. The DeFi sector faced widespread security issues, with 312 incidents recorded and $2.37 billion lost due to hacks by October 25, 2026, surpassing the number of incidents in all of 2025. These ongoing security risks and financial losses contributed to a cautious investment environment for DeFi-related companies, including Hyperion DeFi, leading to downward pressure on its stock.

    3. Limited Sustained Impact from Positive Company-Specific Developments. Despite Hyperion DeFi reporting strong fiscal Q2 2026 earnings with a 170.59% beat on EPS estimates and record net income, and subsequently raising its full-year 2026 adjusted gross profit guidance from $5 million-$7 million to $7 million-$8 million in September 2026, these positive announcements did not prevent the stock from experiencing an approximate 5% loss since July 31, 2026. The company also announced a new $20 million share repurchase program and retired approximately $8.6 million in legacy debt during this period. However, these positive factors were likely insufficient to counteract the prevailing negative trends and sentiment in the broader DeFi market.

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    Stock Movement Drivers

    Fundamental Drivers

    The -3.0% change in HYPD stock from 7/31/2026 to 11/5/2026 was primarily driven by a -25.1% change in the company's Shares Outstanding (Mil).
    (LTM values as of)731202611052026Change
    Stock Price ($)2.642.56-3.0%
    Change Contribution By: 
    Total Revenues ($ Mil)1134.3%
    P/S Multiple26.925.9-3.5%
    Shares Outstanding (Mil)1114-25.1%
    Cumulative Contribution-3.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/5/2026
    ReturnCorrelation
    HYPD-3.0% 
    Market (SPY)-1.9%48.7%
    Sector (XLV)13.8%20.9%

    Fundamental Drivers

    The -36.6% change in HYPD stock from 4/30/2026 to 11/5/2026 was primarily driven by a -39.8% change in the company's P/S Multiple.
    (LTM values as of)430202611052026Change
    Stock Price ($)4.042.56-36.6%
    Change Contribution By: 
    Total Revenues ($ Mil)1172.2%
    P/S Multiple43.125.9-39.8%
    Shares Outstanding (Mil)914-38.8%
    Cumulative Contribution-36.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/5/2026
    ReturnCorrelation
    HYPD-36.6% 
    Market (SPY)2.3%37.7%
    Sector (XLV)27.2%-7.1%

    Fundamental Drivers

    The -60.5% change in HYPD stock from 10/31/2025 to 11/5/2026 was primarily driven by a -95.0% change in the company's P/S Multiple.
    (LTM values as of)1031202511052026Change
    Stock Price ($)6.482.56-60.5%
    Change Contribution By: 
    Total Revenues ($ Mil)013052.0%
    P/S Multiple513.125.9-95.0%
    Shares Outstanding (Mil)414-75.2%
    Cumulative Contribution-60.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/5/2026
    ReturnCorrelation
    HYPD-60.5% 
    Market (SPY)8.4%40.0%
    Sector (XLV)29.8%-0.2%

    Fundamental Drivers

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    Market Drivers

    10/31/2023 to 11/5/2026
    ReturnCorrelation
    HYPD  
    Market (SPY)81.3%31.8%
    Sector (XLV)55.5%1.8%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    HYPD Return-----69%-28%-78%
    Peers Return-7%-51%-35%-47%42%-55%-90%
    S&P 500 Return27%-19%24%23%16%12%105%

    Monthly Win Rates [3]
    HYPD Win Rate----17%36% 
    Peers Win Rate39%38%38%44%34%36% 
    S&P 500 Win Rate75%42%67%75%67%45% 

    Max Drawdowns [4]
    HYPD Max Drawdown------50% 
    Peers Max Drawdown-99%-69%-74%-90%-69%-71% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: BMNR, DEFT, UPXI, MAMO.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/5/2026 (YTD)

    How Low Can It Go

    HYPD has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

    EventXLVS&P 500
    2025 US Tariff Shock
      % Loss-11.7%-18.8%
      % Gain to Breakeven13.3%23.1%
      Time to Breakeven142 days79 days
    2022 Inflation Shock & Fed Tightening
      % Loss-13.8%-24.5%
      % Gain to Breakeven15.9%32.4%
      Time to Breakeven166 days427 days
    2020 COVID-19 Crash
      % Loss-27.9%-33.7%
      % Gain to Breakeven38.8%50.9%
      Time to Breakeven77 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-15.0%-19.2%
      % Gain to Breakeven17.6%23.8%
      Time to Breakeven191 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-15.9%-12.2%
      % Gain to Breakeven18.9%13.9%
      Time to Breakeven165 days62 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-15.8%-17.9%
      % Gain to Breakeven18.8%21.8%
      Time to Breakeven153 days123 days

    Compare to BMNR, DEFT, UPXI, MAMO

    In The Past

    State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    HYPD has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

    EventXLVS&P 500
    2020 COVID-19 Crash
      % Loss-27.9%-33.7%
      % Gain to Breakeven38.8%50.9%
      Time to Breakeven77 days140 days
    2008-2009 Global Financial Crisis
      % Loss-37.9%-53.4%
      % Gain to Breakeven61.1%114.4%
      Time to Breakeven767 days1085 days

    Compare to BMNR, DEFT, UPXI, MAMO

    In The Past

    State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Hyperion DeFi (HYPD)

    Eyenovia, Inc., a clinical stage ophthalmic company, engages in developing therapeutics based on its proprietary microdose array print platform technology. The company focuses on developing clinical microdosing of formulations of ophthalmic pharmaceutical agents using its Optejet branded targeted ocular delivery system. It focuses on the development of therapeutic indications for patients with progressive myopia and age-related near vision impairment or presbyopia indications; and microdose fixed combination ophthalmic pharmaceutical for mydriasis to address the eye exams with pupil dilation. The company's product candidates include MicroLine, which is in Phase III clinical development program with indications for the improvement in near vision in people with presbyopia; MicroPine, which is in Phase III clinical development program with indications for pediatric myopia progression (near-sightedness); and MydCombi, which is in Phase III clinical development program with indications for pharmaceutical mydriasis. It has a license agreement with Bausch Health Ireland Limited to develop and commercialize MicroPine in the United States and Canada; and a license agreement with Arctic Vision (Hong Kong) Limited to develop and commercialize MicroPine and MicroLine in China and South Korea. The company was formerly known as PGP Holdings V, Inc. and changed its name to Eyenovia, Inc. in May 2014. Eyenovia, Inc. was incorporated in 2014 and is headquartered in New York, New York.

    AI Analysis | Feedback

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    Key Risks to Hyperion DeFi (HYPD)

    1. Exposure to Cryptocurrency Market Volatility and HYPE Token Performance: Hyperion DeFi's core business strategy involves building a strategic treasury of HYPE, the native token of the Hyperliquid blockchain, and deriving revenue from its deployment in the Hyperliquid ecosystem. The company's financial performance and shareholder value are significantly tied to the volatile cryptocurrency market and the specific performance and adoption of the HYPE token and the Hyperliquid network. Cryptocurrency prices are highly susceptible to external factors, including financial, regulatory, or political events, and trading in such instruments involves inherent high risks, including the potential loss of the entire investment. The company faces concentration risk due to its significant HYPE treasury position and its revenue exposure being linked directly to the health and adoption of the Hyperliquid ecosystem.
    2. Weak Financial Health and Negative Profitability: Hyperion DeFi exhibits signs of financial distress, as indicated by a Z-Score in the distress zone and a Beneish M-Score suggesting potential financial manipulation. The company has experienced negative revenue growth, with a three-year decline of 88.3%, and its profitability metrics are concerning, showing a net margin of -7371.1% and an operating margin of -6442.78%. While the company reported record net income in Q3 2025, these broader financial health indicators point to significant underlying challenges that could impact its long-term viability.
    3. Regulatory Uncertainty in the Decentralized Finance (DeFi) Sector: Operating within the decentralized finance space, Hyperion DeFi is exposed to an evolving and often uncertain regulatory landscape. The company positions itself as a bridge between traditional finance and emerging DeFi platforms, which necessitates navigating complex and potentially changing regulations for digital assets and blockchain-based financial services. Regulatory changes or increased scrutiny could significantly impact the company's business model, operations, and the overall Hyperliquid ecosystem on which its strategy is based.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    For Eyenovia, Inc., a clinical stage ophthalmic company, the addressable markets for its main products are as follows:

    MicroLine (Presbyopia)

    • The global myopia and presbyopia treatment market was valued at approximately $21.8 billion in 2025 and is projected to reach $45.4 billion by 2033.
    • The addressable market in the U.S. for topical ophthalmic medications for presbyopia is estimated at nearly $1 billion.
    • The presbyopia therapeutics market size across the 7 Major Markets (7MM), which includes the United States, EU4 countries (Germany, France, Italy, and Spain), the United Kingdom, and Japan, was approximately $17 billion in 2023.

    MicroPine (Pediatric Myopia Progression)

    • The U.S. pediatric progressive myopia market has been estimated by third-party experts to be $1.8 billion annually.
    • The global myopia treatment market was valued at approximately $18 billion in 2023 and is projected to reach $41 billion by 2032.

    MydCombi (Pharmaceutical Mydriasis)

    • The market for MydCombi in the United States alone is believed to exceed $250 million.
    • The 7 Major Markets (7MM) for mydriasis, which include the United States, EU5 (Germany, France, Italy, Spain, and the United Kingdom), and Japan, reached a value of $641.5 million in 2024 and are expected to reach $1,230.5 million by 2035.
    • The total mydriasis market size in the U.S. was approximately $378.6 million in 2023.

    AI Analysis | Feedback

    Hyperion DeFi (HYPD) is expected to drive future revenue growth over the next 2-3 years through a strategic pivot into decentralized finance (DeFi) operations alongside the continued development and commercialization of its proprietary ophthalmic technology. Here are 3-5 expected drivers of future revenue growth for Hyperion DeFi (HYPD):
    1. Yield Generation from HYPE Token Staking: Hyperion DeFi is building a strategic treasury of HYPE, the native token of the Hyperliquid protocol, and has begun staking these holdings to generate yield. This direct revenue stream from its cryptocurrency assets is a key driver following the company's pivot to a DeFi-focused entity.
    2. Expansion of Hyperliquid Protocol Participation and Validator Operations: Beyond basic staking, Hyperion DeFi aims to expand its involvement in the Hyperliquid ecosystem, including launching co-branded validators like 'Kinetiq x Hyperion'. These operations can generate additional revenue through fees or rewards for participating in the protocol's infrastructure.
    3. Commercialization and Market Adoption of the Optejet User Filled Device (UFD): Hyperion DeFi continues to develop its proprietary Optejet User Filled Device for ophthalmic applications. The successful achievement of regulatory approvals (with submission targeted for Q4 2025) and subsequent market launch and adoption of the UFD for topical ophthalmic liquids are expected to contribute significantly to future revenue through product sales or licensing.

    AI Analysis | Feedback

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    Share Repurchases

    No information available regarding share repurchases made or authorized by Hyperion DeFi (HYPD) or its predecessor Eyenovia, Inc. within the last 3-5 years.

    Share Issuance

    • In June 2025, prior to rebranding, Eyenovia completed a $50 million private placement, issuing non-voting convertible preferred stock convertible into approximately 15.4 million common shares and warrants to purchase approximately 30.8 million common shares, with potential aggregate gross proceeds of up to $150 million if all warrants are fully exercised.
    • In January 2025, Eyenovia generated approximately $1.0 million in gross proceeds from the exercise of 15,769,445 previously issued warrants by an institutional investor.
    • Hyperion DeFi established an at-the-market (ATM) equity program in November 2025, allowing for the issuance and sale of up to $500 million in common stock, with proceeds used in part for its digital asset treasury strategy.

    Inbound Investments

    • Eyenovia secured a $50 million private placement from institutional accredited investors in June 2025 to fund its HYPE token cryptocurrency treasury reserve strategy.
    • Avanza Pension disclosed significant passive investments in Hyperion DeFi, holding stakes of approximately 10.19% in March 2026, 9.94% in February 2026, and 10.11% in February 2026.
    • In December 2025, Director Ellen R. Strahlman acquired 38,444 shares of Hyperion DeFi common stock for a total value of $120,663.

    Outbound Investments

    • Hyperion DeFi significantly expanded its HYPE token holdings, including a $10 million acquisition of 176,422 HYPE tokens in September 2025, bringing its cumulative investment in HYPE to over $65 million.
    • The company strategically allocated 500,000 HYPE tokens in October 2025 to a partnership with Felix to support a perpetual futures market on Hyperliquid's HIP-3 framework.
    • Hyperion DeFi allocated 300,000 HYPE tokens to Native Markets in December 2025 to support the Hyperliquid-aligned USDH stablecoin, generating additional yield, and deployed 28,888 HYPE into Markets by Kinetiq in December 2025 to earn proportional fee revenue.

    Capital Expenditures

    • Hyperion DeFi reported capital expenditures of -$65.64 million over the last 12 months, contributing to a free cash flow of -$82.46 million.
    • A primary focus of capital expenditures includes the continued development of its proprietary Optejet User Filled Device (UFD) for ophthalmic applications.
    • The company allocates capital to accumulate and stake HYPE tokens through its proprietary and co-branded validators to generate on-chain yield and facilitate blockchain infrastructure for the Hyperliquid ecosystem.
    ```

    Peer Outperformance in Biotechnology

    null
    Share of Biotechnology constituents that HYPD has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    30%
    of 452 industry peers · -56.8% return
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is HYPD's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 6 7.6%56.6%93.6% CAH 498% · MCK 396% · COR 181%
    Health Care Services 20 33.8%28.8%6.1% HIMS 189% · RDNT 125% · DGX 100%
    Health Care Facilities 25 13.9%27.4%-1.4% THC 280% · NHC 210% · EHC 186%
    Managed Health Care 8 47.9%1.6%-2.2% OSCR 95% · HQY 52% · ELV 10%
    Health Care Equipment 50 11.0%17.8%-17.6% UFPT 355% · GKOS 286% · PLSE 127%
    Pharmaceuticals 61 -12.9%10.6%-37.3% LQDA 977% · XERS 571% · KNSA 500%
    Health Care Supplies 11 23.9%17.0%-40.1% LNTH 248% · HAE 66% · MMSI 29%
    Life Sciences Tools & Services 108 -8.1%-18.9%-74.5% AXGN 255% · NTRA 214% · MEDP 181%
    Biotechnology ← 364 -25.8%-36.1%-82.0% ELVN 1073% · TRVI 995% · DNTH 956%
    Health Care Technology 21 -21.4%-50.4%-82.8% VEEV -3% · DOCS -51%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Hyperion DeFi Earnings Notes12/16/2025
    Title
    0ARTICLES

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    MXLMaxLinear4.0-58.7%154.2%
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    LITELumentum43.5-54.1%38.3%
    AXTIAXT2.2-54.0%124.6%
    ICHRIchor1.0-54.0%52.1%

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    Financials

    HYPDBMNRDEFTUPXIMAMOMedian
    NameHyperion.BitMine .DeFi Tec.Upexi Massimo  
    Mkt Price2.5718.890.350.680.980.98
    Mkt Cap0.010.40.10.00.00.0
    Rev LTM161-21256625
    Op Inc LTM-15-9,68929-325-15
    FCF LTM-52-295-82-213-52
    FCF 3Y Avg-35-98-102-104-35
    CFO LTM-14-293-82-215-21
    CFO 3Y Avg-21-97-102-105-21

    Growth & Margins

    HYPDBMNRDEFTUPXIMAMOMedian
    NameHyperion.BitMine .DeFi Tec.Upexi Massimo  
    Rev Chg LTM3,052.0%1,022.4%-110.6%58.1%-15.4%58.1%
    Rev Chg 3Y Avg-544.8%-22.5%-5.4%-3.3%-4.4%
    Rev Chg Q-2,167.8%-132.1%-26.6%-21.1%-23.9%
    QoQ Delta Rev Chg LTM34.3%266.2%-114.1%-4.4%-5.7%-4.4%
    Op Inc Chg LTM43.1%-345,891.9%109.6%-147.8%202.9%43.1%
    Op Inc Chg 3Y Avg6.1%-115,318.5%185.3%-65.2%143.5%6.1%
    Op Mgn LTM-1,095.7%-15,832.5%--127.6%7.9%-611.7%
    Op Mgn 3Y Avg-58,736.3%-5,329.9%--86.9%5.0%-2,708.4%
    QoQ Delta Op Mgn LTM916.9%42,076.3%--11.4%2.6%459.8%
    CFO/Rev LTM-997.7%-479.0%--83.8%7.0%-281.4%
    CFO/Rev 3Y Avg-47,378.6%-157.1%--45.8%6.5%-101.5%
    FCF/Rev LTM-3,698.0%-481.4%--84.0%4.3%-282.7%
    FCF/Rev 3Y Avg-50,411.4%-162.6%--47.9%5.4%-105.2%

    Valuation

    HYPDBMNRDEFTUPXIMAMOMedian
    NameHyperion.BitMine .DeFi Tec.Upexi Massimo  
    Mkt Cap0.010.40.10.00.00.0
    P/S26.0170.3-2.00.614.0
    P/Op Inc-2.4-1.14.6-1.57.9-1.1
    P/EBIT4.8-1.24.71.18.24.7
    P/E5.5-1.25.7-0.210.35.5
    P/CFO-2.6-35.6-1.7-2.48.9-2.4
    Total Yield18.3%-83.5%17.9%-513.6%9.9%9.9%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg--1.7%--19.6%5.7%-1.7%
    D/E0.20.00.04.50.20.2
    Net D/E-0.0-0.0-0.94.40.1-0.0

    Returns

    HYPDBMNRDEFTUPXIMAMOMedian
    NameHyperion.BitMine .DeFi Tec.Upexi Massimo  
    1M Rtn-32.7%-27.9%-33.0%-40.4%3.8%-32.7%
    3M Rtn-3.7%3.2%-19.2%-16.4%-8.6%-8.6%
    6M Rtn-28.0%-14.1%-53.0%-49.3%-1.7%-28.0%
    12M Rtn-56.6%-54.4%-80.0%-81.5%-68.2%-68.2%
    3Y Rtn-77.4%65.0%-91.5%-96.9%-67.5%-77.4%
    1M Excs Rtn-27.0%-22.0%-29.0%-35.5%6.6%-27.0%
    3M Excs Rtn-3.9%1.3%-25.1%-19.2%-6.8%-6.8%
    6M Excs Rtn-32.8%-18.9%-57.9%-54.2%-6.5%-32.8%
    12M Excs Rtn-66.1%-65.6%-93.9%-94.6%-80.9%-80.9%
    3Y Excs Rtn-161.1%-11.1%-176.4%-183.0%-152.6%-161.1%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/13/20265/15/20263/30/202611/14/20258/13/20255/19/20254/15/202511/12/20248/14/20245/15/20243/18/202411/13/2023
    Key Financials Quarterly            
    Total Revenue000000000000
    Ebitda319-407-8-3-19-7-10-10-7-6
    Operating Income-3-5-5-3-8-3-8-7-12-10-7-7
    Net Income319-407-9-3-20-8-11-11-8-7
    EPS1.010.30-4.670.26-2.50-1.59-17.51-9.07-16.65-18.75-13.15-14.40
    Key Financials TTM            
    Total Revenue TTM111000000000
    Ebitda TTM8-32-44-23-37-39-46-34-33-29-24-22
    Operating Income TTM-15-21-19-22-27-30-38-37-36-30-25-23
    Net Income TTM7-33-45-26-40-42-50-38-37-32-27-25
    Growth Rates Quarterly            
    Total Revenue Growth-1559.4%1666.4%18515.8%-100.0%194.8%985.1%35.6%----
    EBITDA Growth482.0%412.4%-106.7%197.9%19.1%71.0%-172.9%-10.4%-82.2%-91.4%-36.3%10.0%
    Operating Income Growth67.6%-66.3%40.2%63.6%28.5%70.5%-10.4%-12.4%-96.1%-88.1%-39.0%9.8%
    Net Income Growth456.1%353.8%-99.3%184.0%21.4%68.1%-150.5%-7.5%-77.8%-90.3%-30.1%-0.4%
    Margins Quarterly            
    EBITDA Margin8718.3%3711.6%-7968.2%2264.0%--19714.9%-68085.5%-430662.3%-44571.5%-200194.6%-270721.9%-529306.7%
    Operating Income Margin-757.5%-2063.5%-993.9%-881.1%--20588.9%-29342.7%-451195.5%-51661.2%-205624.4%-288395.3%-544255.9%
    Net Income Margin8652.9%3619.2%-8013.6%2190.2%--23665.3%-71031.1%-485406.3%-48856.1%-218748.3%-307730.3%-612582.1%
    Cash & Debt            
    Total Cash107688427281521
    Total Debt9998811111316171616
    Net Debt / (Cash)-122017961391-5
    Cash Flows Quarterly            
    FCF from Operations-3-4-4-3-3-4-6-6-8-10-6-6
    Cash Flows TTM            
    FCF from Operations TTM-14-15-15-17-20-25-30-30-30-27-24-23
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-3.6%-6.9%-7.0%-3.9%-13.6%-6.2%-17.2%-15.9%-26.2%-24.6%-19.2%-17.6%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-5.1%-7.2%-6.7%-8.2%-11.0%-15.4%-19.6%-19.9%-20.1%-18.1%-16.3%-15.7%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Digital Assets10   
    Ophthalmic Technology000  
    Corporate & other00   
    Single Segment   014
    Total100014


    Operating Income by Segment
    $ Mil20242023
    Ophthalmic Technology-49-25
    Total-49-25


    Net Income by Segment
    $ Mil202520242023
    Ophthalmic Technology-2-50-27
    Corporate & other-160 
    Digital Assets-280 
    Total-45-50-27


    Assets by Segment
    $ Mil20252024202220192018
    Digital Assets440   
    Corporate & other80   
    Ophthalmic Technology04   
    Single Segment  311520
    Total524311520


    Price Behavior

    Price Behavior
    Market Price$2.56 
    Market Cap ($ Bil)0.0 
    First Trading Date01/25/2018 
    Distance from 52W High-60.2% 
       50 Days200 Days
    DMA Price$3.40$3.36
    DMA Trendupindeterminate
    Distance from DMA-24.6%-23.7%
     3M1YR
    Volatility95.6%109.2%
    Downside Capture346.79451.71
    Upside Capture452.72323.27
    Correlation (S&P 500)38.0%37.9%
    HYPD Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta4.823.382.992.413.180.10
    Up Beta4.711.59-0.092.302.180.24
    Down Beta6.208.236.333.493.14-0.71
    Up Capture376%239%426%194%747%98%
    Bmk +ve Days12182862130427
    Stock +ve Days12213562116148
    Down Capture455%223%218%204%186%111%
    Bmk -ve Days10253664121325
    Stock -ve Days10212760128177

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with HYPD
    HYPD-52.9%109.2%-0.19-
    Sector ETF (XLV)29.2%16.9%1.33-0.0%
    Equity (SPY)9.5%13.6%0.4139.8%
    Gold (GLD)3.6%28.7%0.1122.4%
    Commodities (DBC)37.7%21.2%1.40-3.4%
    Real Estate (VNQ)12.0%14.2%0.555.7%
    Bitcoin (BTCUSD)-20.8%43.3%-0.4244.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with HYPD
    HYPD-25.8%129.4%-0.27-
    Sector ETF (XLV)8.6%15.4%0.361.8%
    Equity (SPY)11.3%17.3%0.4831.8%
    Gold (GLD)17.5%19.1%0.7412.7%
    Commodities (DBC)8.0%19.6%0.29-1.0%
    Real Estate (VNQ)1.2%18.9%-0.052.2%
    Bitcoin (BTCUSD)5.9%51.5%0.2938.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with HYPD
    HYPD-13.9%129.4%-0.27-
    Sector ETF (XLV)12.2%16.8%0.601.8%
    Equity (SPY)14.9%18.0%0.7031.8%
    Gold (GLD)12.0%16.5%0.5912.7%
    Commodities (DBC)7.6%18.1%0.33-1.0%
    Real Estate (VNQ)5.7%20.7%0.232.2%
    Bitcoin (BTCUSD)61.3%66.2%1.0138.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity1.3 Mil
    Short Interest: % Change Since 930202614.6%
    Average Daily Volume0.3 Mil
    Days-to-Cover Short Interest3.7 days
    Basic Shares Quantity14.2 Mil
    Short % of Basic Shares9.1%

    Earnings Returns History

    Updated 11/4/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/2/20261.9%-8.1%-12.0%
    8/12/20265.2%13.0%29.7%
    5/14/20263.4%8.0%-22.3%
    3/26/2026-5.7%-11.6%12.7%
    11/13/20250.8%-13.1%-38.0%
    8/13/2025-5.0%-11.8%112.8%
    SUMMARY STATS   
    # Positive423
    # Negative243
    Median Positive2.7%10.5%29.7%
    Median Negative-5.3%-11.7%-22.3%
    Max Positive5.2%13.0%112.8%
    Max Negative-5.7%-13.1%-38.0%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/2/20261.9%-8.1%-12.0%
    8/12/20265.2%13.0%29.7%
    5/14/20263.4%8.0%-22.3%
    3/26/2026-5.7%-11.6%12.7%
    11/13/20250.8%-13.1%-38.0%
    8/13/2025-5.0%-11.8%112.8%
    SUMMARY STATS   
    # Positive423
    # Negative243
    Median Positive2.7%10.5%29.7%
    Median Negative-5.3%-11.7%-22.3%
    Max Positive5.2%13.0%112.8%
    Max Negative-5.7%-13.1%-38.0%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/13/202610-Q
    03/31/202605/15/202610-Q
    12/31/202503/30/202610-K
    09/30/202511/14/202510-Q
    06/30/202508/13/202510-Q
    03/31/202505/19/202510-Q
    12/31/202404/15/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/14/202410-Q
    03/31/202405/15/202410-Q
    12/31/202303/18/202410-K
    09/30/202311/13/202310-Q
    06/30/202308/11/202310-Q
    03/31/202305/12/202310-Q
    12/31/202203/31/202310-K
    09/30/202211/14/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/13/202610-Q
    03/31/202605/15/202610-Q
    12/31/202503/30/202610-K
    09/30/202511/14/202510-Q
    06/30/202508/13/202510-Q
    03/31/202505/19/202510-Q
    12/31/202404/15/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/14/202410-Q
    03/31/202405/15/202410-Q
    12/31/202303/18/202410-K
    09/30/202311/13/202310-Q
    06/30/202308/11/202310-Q
    03/31/202305/12/202310-Q
    12/31/202203/31/202310-K
    09/30/202211/14/202210-Q
    06/30/202208/11/202210-Q
    03/31/202205/13/202210-Q
    12/31/202103/30/202210-K
    09/30/202111/12/202110-Q
    06/30/202108/12/202110-Q
    03/31/202105/14/202110-Q
    12/31/202003/30/202110-K
    09/30/202011/12/202010-Q
    06/30/202008/14/202010-Q
    03/31/202005/14/202010-Q
    12/31/201903/30/202010-K
    09/30/201911/13/201910-Q

    Insider Activity

    Updated 9/30/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Jung, HyunsuSee RemarksDirectBuy60220263.661,0003,6605,071,574Form
    2Jung, HyunsuSee RemarksDirectBuy60220263.707,00025,9205,127,257Form
    3Knox, David RChief Financial OfficerDirectBuy10520263.5927,950100,3401,177,340Form
    4Strahlman, Ellen RDirectBuy123020253.6012,11243,603328,180Form
    5Strahlman, Ellen RSpouseBuy123020253.6111,85642,800125,877Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Jung, HyunsuSee RemarksDirectBuy60220263.661,0003,6605,071,574Form
    2Jung, HyunsuSee RemarksDirectBuy60220263.707,00025,9205,127,257Form
    3Knox, David RChief Financial OfficerDirectBuy10520263.5927,950100,3401,177,340Form
    4Strahlman, Ellen RDirectBuy123020253.6012,11243,603328,180Form
    5Strahlman, Ellen RSpouseBuy123020253.6111,85642,800125,877Form
    6Strahlman, Ellen RDirectBuy123020253.863,60113,911305,366Form
    7Strahlman, Ellen RSpouseBuy123020253.863,31112,77788,807Form
    8Strahlman, Ellen RDirectBuy122220253.1418,74258,829236,824Form
    9Strahlman, Ellen RSpouseBuy122220253.1419,70261,835298,628Form
    10Walters, Happy DavidDirectBuy121920253.0261,930187,152338,252Form
    11Geltzeiler, Michael SDirectBuy121920253.0130,00090,210264,661Form

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    Core Cache Last Updated: 11/5/2026