Solana Co-A 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30, 2025 or TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file suchreports), 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 be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that theregistrant 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, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ As of November 17, 2025, the registrant had41,301,400shares of ClassA common stock, $0.001 par value per share, outstanding. SOLANA COMPANYINDEX Part I.Financial Information Item 1.Condensed Consolidated Financial Statements3Condensed Consolidated Balance Sheets as of September 30, 2025 (Unaudited) andDecember 31, 20243Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss forthe three and nine months ended September 30, 2025 and 20244Unaudited Condensed Consolidated Statements of Stockholders’ (Deficit) Equity for thethree and nine months ended September 30, 2025 and 20245Unaudited Condensed Consolidated Statements of Cash Flows for the nine months endedSeptember 30, 2025 and 20247Notes to Unaudited Condensed Consolidated Financial Statements8Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations23Item 3.Quantitative and Qualitative Disclosures About Market Risk37Item 4.Controls and Procedures37Part II.Other Information37Item 1.Legal Proceedings37Item 1A.Risk Factors37Item 2.Unregistered Sales of Equity Securities and Use of Proceeds48Item 3.Defaults Upon Senior Securities48Item 4.Mine Safety Disclosures48Item 5.Other Information48Item 6.Exhibits49Signatures51 PART I. FINANCIAL INFORMATIONITEM 1. Condensed Consolidated Financial Statements Solana CompanyCondensed Consolidated Balance Sheets(in thousands, except share data) 1.BUSINESS ORGANIZATION, NATURE OF OPERATIONS AND BASIS OFPRESENTATION Solana Company (together with its wholly owned subsidiaries the “Company”), formerly known as HeliusMedical Technologies, Inc., is a U.S. publicly listed company building a long-term strategic digital assettreasury of Solana tokens (“SOL”). The Company is working to provide its shareholders with simplifiedexposure to the Solana network with institutional level investment management. At the same time, theCompany continues to execute the commercialization of the PoNS device. SOL is the native token of the Solana network. Solana is fast, cheap and accessible, processing912transactions per second with <400ms block time and consistent uptime, <$0.01 fees per transaction thatenables high volume activities and is accessible by anyone with a smart phone or internet connection.Solana is a widely adopted blockchain with7,500+ new developers onboarded in 2024. Beginning in September 2025, the Company used the proceeds from its capital raising activities to acquireand deploy SOL to earn staking yield. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have beenprepared in accordance with the rules and regulations of the Securities and Exchange Commission("SEC") and should be read in conjunction with the audited consolidated financial statements and notesincluded in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 that wasfiled with the Securities and Exchange Commission on March 25, 2025 (“2024 10-K”). Certaininformation and footnote disclosures normally included in financial statements prepared in accordancewith generally accepted accounting principles in the United States of America ("GAAP") have beencondensed or omitte