Hyperion DeFi Inc 2025年度报告

Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act. Yes☐No☒ Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90days. Yes☒No☐ 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 12months (or for such 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, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of theExchange Act. Accelerated filer☐Smaller reporting company☒Emerging growth company☐ 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 transition period for complying with any news or revisedfinancial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes☐No☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was lastsold as of June30, 2025 (based on the closing price of $10.38 on June 30, 2025, the last trading day of the registrant’s most recently completed second fiscal quarter, wasapproximately $50.1 million. Common stock held by each officer and director and by each person known to the registrant who owned 10% or more of the outstandingcommon stock have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determinationfor other purposes. The number of outstanding shares of the registrant’s common stock was 11,391,645 as of March 23, 2026. DOCUMENTS INCORPORATED BY REFERENCE Hyperion DeFi, Inc.Form10-KForYear Ended December 31, 2025 TABLE OF CONTENTS PARTIItem1. Business3Item1A. Risk Factors9Item1B. Unresolved Staff Comments30Item1C. Cybersecurity30Item2. Properties31Item3. Legal Proceedings31Item4. Mine Safety Disclosures31PARTIIItem5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities32Item6. [Reserved]32Item7. Management’s Discussion and Analysis of Financial Condition and Results of Operations33Item7A. Quantitative and Qualitative Disclosures About Risk40Item8. Financial Statements and Supplementary Data40Item9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures40Item9A. Controls and Procedures40Item9B. Other Information42Item9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections42PARTIIIItem10. Directors, Executive Officers and Corporate Governance43Item11. Executive Compensation46Item12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters54Item13. Certain Relationships and Related Transactions, and Director Independence56Item14. Principal Accountant Fees and Services59PARTIVItem15. Exhibits, Financial Statement Schedules60Item16. Form10-K Summary64Signatures65 PARTI CAUTIONARY NOTEREGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains “forward-looking statements” that involve risks and uncertainties,as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materiallyfrom those expressed or implied by such forward-looking statements. The statements contained in this Annual Reporton Form 10-K that are not purely historical