Hyperion DeFi Inc 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the quarterly period ended:September 30, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the transition period fromtoCOMMISSION FILE NUMBER:001-38365HYPERION DEFI,INC.(Exact name of Registrant as Specified in Its Charter) Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant wasrequired to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or forsuch shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☐ Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any news or revised financial accounting standards provided pursuant to Section13(a)ofthe Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes☐No☒ The number of outstanding shares of the registrant’s common stock was8,097,659as of November 10, 2025. EXPLANATORY NOTE On January 31, 2025, Hyperion DeFi, Inc. (the “Company”) effected a reverse stock split of its common stock at aratio of 1-for-80 (the “Reverse Split”). Upon the effectiveness of the Reverse Split, every 80 issued shares of commonstock were reclassified and combined into one share of common stock. In addition, the number of shares of commonstockissuable upon the exercise of the Company’s equity awards,convertible securities and warrants wasproportionally decreased, and the corresponding conversion price or exercise price was proportionally increased. Nofractional shares were issued as a result of the Reverse Split. Stockholders who would otherwise have been entitled toreceive a fractional share received a cash payment in lieu of such fractional share. Accordingly, all share and per shareamounts for all periods presented in these condensed financial statements and notes thereto have been adjustedretroactively, where applicable, to reflect the Reverse Split and adjustment of the conversion price or exercise price ofeach outstanding equity award, convertible security and warrant as if the transaction had occurred as of the beginningof the earliest period presented. HYPERION DEFI,INC. FORM10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025 TABLE OF CONTENTS PARTI - FINANCIAL INFORMATIONItem1.Financial Statements.2Condensed Balance Sheets as of September 30, 2025 (Unaudited) and December31, 20242Unaudited Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2025and 20243Unaudited Condensed Statements of Changes in Stockholders’ Equity (Deficit) for the Three and NineMonths Ended September 30, 20254Unaudited Condensed Statements of Changes in Stockholders’ Equity (Deficit) for the Three and NineMonths Ended September 30, 20245Unaudited Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 20246Notesto Unaudited Condensed Financial Statements8Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.24Item3.Quantitative and Qualitative Disclosures About Market Risk.36Item4.Controls and Procedures.36PARTII - OTHER INFORMATIONItem1.Legal Proceedings.37Item1A.Risk Factors.37Item2.Unregistered Sales of Equity Securities and Use of Proceeds.55Item3.Defaults Upon Senior Securities.55Item4.Mine Safety Disclosures.55Item5.Other Information.55Item6.Exhibits.56SIGNATURES58 PARTI– FINANCIAL INFORMATION HYPERION DEFI,INC. The accompanying notes are an integral part of these condensed financial statements. HYPERION DEFI,INC. Condensed Statements of Operations(unaudited) HYPERION DEFI,INC. Condensed Statements of Changes in Stockholders’ Equity (Deficit)For the Three and Nine Months Ended September 30, 2025(unaudited) The accompanying notes are an integral part of these condensed financial statements. HYPERION DEFI, INC. Condensed Statements of Changes in Stockholders’ Equity (Deficit)For the Three and Nine Months Ended September 30, 2024(unaudited) HYPERION DEFI,INC. Condensed Statements of Cash Flows(unaudited) HYPERION DEFI,IN