Hyperion DeFi (HYPD)
Market Price (4/13/2026): $3.57 | Market Cap: $31.0 MilSector: Health Care | Industry: Biotechnology
Hyperion DeFi (HYPD)
Market Price (4/13/2026): $3.57Market Cap: $31.0 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 1319% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -38% Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Decentralized Finance (DeFi) Protocols, and Cryptocurrency Exchanges. | Weak multi-year price returns2Y Excs Rtn is -99%, 3Y Excs Rtn is -134% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -19 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2333% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 783% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1816%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5065% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -148% High stock price volatilityVol 12M is 149% Key risksHYPD key risks include [1] significant financial distress and potential bankruptcy, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 1319% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -38% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Decentralized Finance (DeFi) Protocols, and Cryptocurrency Exchanges. |
| Weak multi-year price returns2Y Excs Rtn is -99%, 3Y Excs Rtn is -134% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -19 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2333% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 783% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1816%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5065% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -148% |
| High stock price volatilityVol 12M is 149% |
| Key risksHYPD key risks include [1] significant financial distress and potential bankruptcy, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Hyperion DeFi reported mixed financial results for Q4 and full-year 2025, showcasing significant revenue and adjusted gross profit growth alongside substantial net losses. The company's GAAP revenue for Q4 2025 increased by 64% quarter-over-quarter to $496,229 from $302,506 in Q3 2025, contributing to a full-year 2025 revenue of $813,455, representing a nearly 985% increase over the last twelve months. Adjusted Gross Profit also saw an 87% quarter-over-quarter rise to $821,000 in Q4 2025. However, the company recorded a net loss of $39.8 million in Q4 2025, a significant decrease from a net income of $6.6 million in Q3 2025, resulting in a full-year 2025 net loss of $45.3 million. This dichotomy of strong operational growth but continued unprofitability likely contributed to the stock remaining range-bound as investors weighed these contrasting factors.
2. The broader Decentralized Finance (DeFi) market experienced mixed trends and a slight contraction in Total Value Locked (TVL) during the period. In March 2026, the overall DeFi Total Value Locked (TVL) declined by 3.3% month-over-month, reaching US$92.83 billion, despite a general rebound in the wider cryptocurrency market. January 2026 also saw a mixed performance across DeFi categories, with Real-World Assets (RWA) and AI sectors showing increases, while the Decentralized Exchange (DEX) category experienced a decline in market capitalization. This subdued performance in the broader DeFi ecosystem could have limited upward movement for HYPD, even with company-specific positive developments.
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Stock Movement Drivers
Fundamental Drivers
The 2.0% change in HYPD stock from 12/31/2025 to 4/12/2026 was primarily driven by a 135.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 4122026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.56 | 3.63 | 2.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 1 | 135.6% |
| P/S Multiple | 62.1 | 38.7 | -37.7% |
| Shares Outstanding (Mil) | 6 | 9 | -30.6% |
| Cumulative Contribution | 2.0% |
Market Drivers
12/31/2025 to 4/12/2026| Return | Correlation | |
|---|---|---|
| HYPD | 2.0% | |
| Market (SPY) | -5.4% | 52.1% |
| Sector (XLV) | -4.8% | 7.6% |
Fundamental Drivers
The -62.1% change in HYPD stock from 9/30/2025 to 4/12/2026 was primarily driven by a -94.9% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4122026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.58 | 3.63 | -62.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 1 | 1730.5% |
| P/S Multiple | 758.6 | 38.7 | -94.9% |
| Shares Outstanding (Mil) | 4 | 9 | -59.5% |
| Cumulative Contribution | -62.1% |
Market Drivers
9/30/2025 to 4/12/2026| Return | Correlation | |
|---|---|---|
| HYPD | -62.1% | |
| Market (SPY) | -2.9% | 40.0% |
| Sector (XLV) | 6.3% | 7.7% |
Fundamental Drivers
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Market Drivers
3/31/2025 to 4/12/2026| Return | Correlation | |
|---|---|---|
| HYPD | ||
| Market (SPY) | 16.3% | 29.1% |
| Sector (XLV) | 2.3% | 5.5% |
Fundamental Drivers
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Market Drivers
3/31/2023 to 4/12/2026| Return | Correlation | |
|---|---|---|
| HYPD | ||
| Market (SPY) | 63.3% | 29.1% |
| Sector (XLV) | 19.1% | 5.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HYPD Return | - | - | - | - | -69% | -8% | -71% |
| Peers Return | -10% | -56% | -43% | 149% | 19% | -28% | -52% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| HYPD Win Rate | - | - | - | - | 17% | 25% | |
| Peers Win Rate | 35% | 39% | 39% | 45% | 34% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HYPD Max Drawdown | - | - | - | - | -74% | -21% | |
| Peers Max Drawdown | -48% | -59% | -63% | -51% | -56% | -44% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BMNR, DEFT, UPXI, ALTS, 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 4/10/2026 (YTD)
How Low Can It Go
HYPD has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -16.1% | -25.4% |
| % Gain to Breakeven | 19.1% | 34.1% |
| Time to Breakeven | 599 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -28.8% | -33.9% |
| % Gain to Breakeven | 40.4% | 51.3% |
| Time to Breakeven | 116 days | 148 days |
| 2018 Correction | ||
| % Loss | -15.8% | -19.8% |
| % Gain to Breakeven | 18.8% | 24.7% |
| Time to Breakeven | 326 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -40.6% | -56.8% |
| % Gain to Breakeven | 68.3% | 131.3% |
| Time to Breakeven | 1,100 days | 1,480 days |
Compare to BMNR, DEFT, UPXI, ALTS, MAMO
In The Past
SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.
Preserve Wealth
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Asset Allocation
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About Hyperion DeFi (HYPD)
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Key Risks to Hyperion DeFi (HYPD)
- 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.
- 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.
- 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.
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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):- 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.
- 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.
- 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.
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```htmlShare 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.
Trade Ideas
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Research & Analysis
Invest in Strategies
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 1.04 |
| Mkt Cap | 0.1 |
| Rev LTM | 25 |
| Op Inc LTM | -22 |
| FCF LTM | -29 |
| FCF 3Y Avg | -21 |
| CFO LTM | -17 |
| CFO 3Y Avg | -16 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 56.3% |
| Rev Chg 3Y Avg | 152.7% |
| Rev Chg Q | 72.1% |
| QoQ Delta Rev Chg LTM | 14.9% |
| Op Mgn LTM | -105.7% |
| Op Mgn 3Y Avg | -75.8% |
| QoQ Delta Op Mgn LTM | -4.2% |
| CFO/Rev LTM | -131.3% |
| CFO/Rev 3Y Avg | -240.5% |
| FCF/Rev LTM | -131.8% |
| FCF/Rev 3Y Avg | -240.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.1 |
| P/S | 3.4 |
| P/EBIT | 1.3 |
| P/E | 0.8 |
| P/CFO | -3.9 |
| Total Yield | -33.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -2.0% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.4% |
| 3M Rtn | -35.4% |
| 6M Rtn | -64.1% |
| 12M Rtn | -64.5% |
| 3Y Rtn | -67.7% |
| 1M Excs Rtn | 3.3% |
| 3M Excs Rtn | -36.5% |
| 6M Excs Rtn | -67.4% |
| 12M Excs Rtn | -101.0% |
| 3Y Excs Rtn | -134.0% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/26/2026 | -5.7% | -11.6% | |
| 11/13/2025 | 0.8% | -13.1% | -38.0% |
| 8/13/2025 | -5.0% | -11.8% | 112.8% |
| SUMMARY STATS | |||
| # Positive | 1 | 0 | 1 |
| # Negative | 2 | 3 | 1 |
| Median Positive | 0.8% | 112.8% | |
| Median Negative | -5.3% | -11.8% | -38.0% |
| Max Positive | 0.8% | 112.8% | |
| Max Negative | -5.7% | -13.1% | -38.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/30/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/19/2025 | 10-Q |
| 12/31/2024 | 04/15/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/18/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 3/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Gross Profit | 4.00 Mil | 5.00 Mil | 6.00 Mil | 290.6% | Higher New | Actual: 1.28 Mil for 2025 | |
Prior: Q3 2025 Earnings Reported 11/13/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Adjusted Revenue | 0.47 Mil | 0.49 Mil | 0.52 Mil | Higher New | |||
| Q4 2025 Revenue Growth | 31.0% | 37.0% | 43.0% | Higher New | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Knox, David R | Chief Financial Officer | Direct | Buy | 1052026 | 3.59 | 27,950 | 100,340 | 1,177,340 | Form |
| 2 | Strahlman, Ellen R | Direct | Buy | 12302025 | 3.86 | 3,601 | 13,911 | 305,366 | Form | |
| 3 | Strahlman, Ellen R | Direct | Buy | 12302025 | 3.60 | 12,112 | 43,603 | 328,180 | Form | |
| 4 | Strahlman, Ellen R | Spouse | Buy | 12302025 | 3.86 | 3,311 | 12,777 | 88,807 | Form | |
| 5 | Strahlman, Ellen R | Spouse | Buy | 12302025 | 3.61 | 11,856 | 42,800 | 125,877 | Form |
Industry Resources
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