Hyperliquid Strategies Inc 2026年季度报告

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer, a smaller reporting company,or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging Part I. Financial Information Item 1. Interim Financial StatementsCondensed Consolidated Balance Sheets (Unaudited)Condensed Consolidated Statements of Operations (Unaudited)Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficit) (Unaudited)Condensed Consolidated Statement of Cash Flows (Unaudited)Notes to Condensed Consolidated Financial Statements (Unaudited)Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and ProceduresPart II. Other InformationItem 1. Legal ProceedingsItem 1A. Risk FactorsItem 2. Unregistered Sales of Equity Securities and Use of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 5. Other InformationItem 6. ExhibitsPart III. Signatures HYPERLIQUID STRATEGIES INCCONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) HYPERLIQUID STRATEGIES INCCONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) HYPERLIQUID STRATEGIES INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 — ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY Organization and General Hyperliquid Strategies Inc (the “Company” or “HSI”), a Delaware corporation, is a digital asset treasury company with a focus on building,managing, and optimizing its treasury with HYPE digital assets. The Company was created on July 2, 2025. In August 2025, the Companyincorporated a wholly owned entity in the Cayman Islands, Rorschach Cayman LLC. The Company owns all of the equity and has unilateralcontrol over Rorschach Cayman LLC (“Rorschach Cayman”) and as such consolidates the entity under ASC 810, “Consolidations.” The On July 11, 2025, Sonnet BioTherapeutics Holdings, Inc. (“Sonnet”), the Company, Rorschach I LLC ("Rorschach"), Sonnet Merger Sub Inc.,and Rorschach Merger Sub LLC, entered into a Business Combination Agreement (as subsequently amended, the “BCA”) pursuant to which,subject to the terms and conditions contained in the BCA, (i) Rorschach Merger Sub LLC would merge with and into Rorschach (the "RorschachMerger") with Rorschach surviving the Rorschach Merger as a direct wholly owned subsidiary of the Company and (ii) immediately following the On December 2, 2025, the closing of the transactions contemplated by the BCA was completed (the “Closing,” and such date, the “ClosingDate”).Prior to the Closing, Rorschach owned 100% of the Company. The combination of Rorschach and HSI was accounted for as a reverserecapitalization (the “Reverse Recapitalization”), with Rorschach surviving as the accounting acquirer. Under the Reverse Recapitalization, the The overall business combination of the Company, Rorschach and Sonnet was a strategic realignment of HSI as a blockchain-focused entity.Refer to Note 5 for additional information on the Company’s Reverse Recapitalization and the Company's acquisition of Sonnet, the latter of On March 31, 2026, the Company entered into an asset purchase agreement (the "APA") with Guidant Bio Therapeutics Inc. ("Guidant"). Inconnection with the closing of the transactions contemplated by the APA on that date, the Company transferred $1.325 million in cash, variousdevelopmental assets and patents related to its tumor delivery platforms, certain employees and its Australian subsidiary to Guidant, and provideda deferred purchase price of $1.0 million subsequent to the execution of the APA, payable at the earlier of 30 days following the closing date orthe execution of definitive investment agreements between the Company and Guidant, which is included within "other current liabilities" as ofMarch 31, 2026 on the Company's condensed consolidated balance sheets. In exchange, the Company received a 40% common stock interest inGuidant. In connection with the APA, the Company engaged Guidant under a transaction services agreement (the "TSA") to provide services to The Company’s primary focus is building, managing, and optimizing its treasury with HYPE tokens, which are the native digital assets of theHyperliquid Layer-1 blockchain. HSI’s Common Stock is listed on the Nasdaq stock exchange under the ticker symbol “PURR” and began trading on December 3, 2025; on thesame day, Sonnet’s Common Stock ceased to trade. Liquidity and Going Concern Considerations Under Accounting Standards Codification (“ASC”)