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Buy Day today: Neutral (46) Mixed market breadth · no major macro event
HYPD

Hyperion DeFi, Inc.

Financial Services · Capital Markets · listed since 2018

3.20$ -8.1% vs. previous close Closing price · As of: Nov 1, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Substance risk

We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.

Why this colour

Red because two findings are documented: operating cash flow has been negative in every reporting period, including the first half of 2026 with $39.8 million of reported net income, and according to its own quarterly report the company’s financial condition is substantially dependent on the market price and liquidity of a single token; substantially all treasury assets are in HYPE. That the stock trades below net asset value is a price question and does not change the color. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

Hyperion DeFi, formerly Eyenovia, is today a HYPE treasury with a small staking business. Earnings depend on the token price, the operating business burns cash, and every common share faces more than three potential new ones. No long-term debt since September 2026, but token holdings per share fell in the third quarter. Not investment advice.

Concentration risk

Substantially all assets in HYPE; per the Q2 2026 10-Q, the financial condition depends on the price and liquidity of a single token.

Earnings power

H1 2026 net income of $39.8M from token gains; revenue $0.6M, operating cash flow −$7.1M, negative in every reporting period.

Dilution

51.4M potential new shares on 15.3M (6/30/2026); preferred dividend paid in stock, about 1.5% per quarter.

Balance sheet

$8.6M loan repaid on 9/28/2026, $14.5M in cash and stablecoins (9/30/2026, preliminary), equity $101.9M (6/30/2026).

Leadership and oversight

CEO pay tied to market-cap thresholds instead of value per share; non-voting preferred holders, low turnout at the 2026 annual meeting.

Worth Noting

This analysis was prompted by the stock appearing in our in-house Reddit hype scanner on 10/30/2026, not by a metrics screen.

Data feeds and databases partly still list Hyperion under healthcare/biotechnology (Eyenovia); with the SEC it is classified as a finance services firm. Ratios such as price-to-sales are therefore hardly comparable.

Basis: 10-K 2024 (4/15/2025) and 2025 (3/30/2026), 10-Q Q2 and Q3 2025 plus Q1 and Q2 2026, 8-Ks through 10/2/2026, 424B5 (5/5 and 5/6/2026), DEF 14A (5/5/2026), Form 4 (8/18 and 9/30/2026); SEC filing list reviewed through 11/1/2026, no Form 15, no Form 25. The 10-Q for 9/30/2026 had not been filed yet.

Calculated values are our estimates: as-converted share count = common shares plus 3 × 5,235,897 preferred shares (as of 6/30/2026, assumed unchanged for 9/30/2026); net assets per share = $134.2M / 31.0M; rule of thumb 1.85M tokens × $10 = $18.5M.

Read the Full Deep Dive Hyperion DeFi: Eye-Drop Maker Eyenovia Became a HYPE Vault — but Every Share Faces More Than Three Potential Others In June 2025, Eyenovia swapped its failed ophthalmology business for a treasury of HYPE, the token of the crypto exchange Hyperliquid. As of September 30, 2026, the renamed Hyperion DeFi held 1.85 million tokens (gross, including liquid staking tokens), $14.5 million in cash and stablecoins and no long-term debt. The company values its CEO’s 2025 compensation at $9.29 million, about two thirds of it in stock awards that vest only at a market capitalization of $150 million and $500 million, respectively. We read the company’s filings with the U.S. securities regulator through November 1, 2026. A vault is only worth the part of it that ends up belonging to you. Read the analysis →

Stock Watch

This analysis is as of November 1, 2026. Stock Watch will tell you what's changed at HYPD since then.

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Price history

Chart

Interactive price chart (TradingView).

Last price: 3.20 $ (As of: November 1, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 0.05$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. –
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. –
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. –

Performance

Perf. 1M ?Price performance over the last month. -12.00%
Perf. 3M ?Price performance over the last 3 months. 21.10%
Perf. 6M ?Price performance over the last 6 months. -23.00%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). -9.55%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -51.2%

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. –
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. –
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. –
P/B ?Price-to-book ratio: market value relative to book equity. 0.5
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. –
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. –
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. –

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. –
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. -757.5%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. –
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? 9.6%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). –

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 79.3%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.2
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. -4.85
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 5 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 1,559.50%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 0.00%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 1,318.75%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 182.74%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. –

Dividend

No dividend data is available for this stock yet.

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. –
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. –
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. –
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. –

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Capital Markets

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Hyperion DeFi, Inc. HYPD 0.0 – – – -757.5 1,318.8 –
Morgan Stanley MS 290.7 15.4 0.0 87.3 40.6 11.5 14.7
Goldman Sachs Group Inc GS 263.9 16.0 0.0 81.3 38.6 -1.4 15.4
Charles Schwab Corp SCHW 151.3 17.8 0.0 97.5 49.4 6.5 -5.5
Interactive Brokers Group Inc IBKR 130.4 32.2 2.8 92.7 76.8 9.8 12.7
Robinhood Markets Inc HOOD 77.5 39.7 49.5 91.9 38.5 51.6 -38.4
Nomura Holdings Inc NMR 27.4 11.2 0.0 78.0 30.8 5.6 37.3
Tradeweb Markets Inc TW 27.0 30.5 15.5 93.2 46.5 18.9 13.3
LPL Financial Holdings Inc LPLA 22.9 24.8 12.5 29.9 11.1 37.2 -15.9
Median of companies shown 77.5 21.3 1.4 89.6 38.6 11.5 13.0

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter ($M)
2024: Q4 · 0.0 $M Q4 2025: Q1 · 0.0 $M Q1 2025: Q2 · 0.0 $M Q2 2025: Q3 · 0.3 $M Q3 2025: Q4 · 0.5 $M Q4 2026: Q1 · 0.2 $M Q1 2026: Q2 · 0.4 $M Q2

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2024: Q4 -16.44 -9,033.30 0 985.10 -71,031.10 -6 -6
2025: Q1 -1.59 89.60 0 194.80 -23,665.30 -4 -4
2025: Q2 -2.50 82.40 0 -100.00 – -3 -49
2025: Q3 0.05 100.60 0 18,515.80 2,190.20 -3 -23
2025: Q4 -6.29 61.70 1 1,666.40 -8,013.60 -4 -10
2026: Q1 0.26 116.00 0 1,559.40 3,619.20 -4 -6
2026: Q2 0.92 136.80 0 – 8,652.90 -3 -15

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Strong Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings –
Price Target (average) –
Distance to price –

No price target is available for this stock.

AI classification

AI Rating

Threatened

Hyperion DeFi (bis Juli 2025 Eyenovia) verdient nichts mit KI und nutzt sie laut Berichten nicht operativ; der Geschäftsbericht 2025 (10-K) und der Quartalsbericht zum 30.09.2025 nennen aber ausdrücklich KI-gestützte Konkurrenz-Blockchains als Grund, warum der HYPE-Token — praktisch das gesamte Vermögen der Firma — technisch veralten könnte. Nach dem Kriterienkatalog daher „bedroht“, mittelbar über den Wert der HYPE-Reserve.

View the full file — quotes, sources, reviewed filings
„Advancements in AI and blockchain technology are likely to accelerate the development of such protocols, including the development of additional networks that natively integrate AI into consensus mechanisms and other core features."

Fortschritte bei KI und Blockchain-Technologie dürften die Entwicklung solcher Protokolle beschleunigen, einschließlich weiterer Netzwerke, die KI von Haus aus in Konsensmechanismen und andere Kernfunktionen einbauen.

10-K · 2026-03-30 · View SEC filing

„HYPE is subject to technological obsolescence, including competition from emerging blockchain and artificial intelligence protocols, which could have a negative impact on the price of HYPE and adversely affect the value of our HYPE holdings."

HYPE unterliegt dem Risiko technischer Veralterung, unter anderem durch Konkurrenz neuer Blockchain- und KI-Protokolle, was den HYPE-Kurs belasten und den Wert unserer HYPE-Bestände beeinträchtigen könnte.

10-Q · 2025-11-14 · View SEC filing

Filings Reviewed: 10-Q 2026-08-13 · 10-Q 2026-05-15 · 10-Q 2025-11-14 · 10-Q 2025-08-13 · 10-K 2026-03-30 · 10-K 2025-04-15

Rated on November 1, 2026 · How the Rating Is Built

The company

About the Company

Hyperion DeFi, Inc. (bis Juli 2025 Eyenovia, Inc.) mit Sitz in Dallas, Texas, hält eine Unternehmensreserve aus HYPE, dem Token der Blockchain Hyperliquid, und erzielt Erträge aus Staking, einem gemeinsam betriebenen Validator und der Überlassung gestakter Token an Partner. Das frühere Augenheilkunde-Geschäft ist seit Mitte 2026 eingestellt.

IPO Year
2018

Data as of: November 1, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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