Form 8-K

8-K — HYPERION DEFI, INC.

Accession: 0001104659-26-094849

Filed: 2026-08-12

Period: 2026-08-12

CIK: 0001682639

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2622908d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2622908d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2622908d1_ex99-2.htm)

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8-K — FORM 8-K

8-K (Primary)

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0001682639

2026-08-12

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UNITED STATES

SECURITIES AND EXCHANGE

COMMISSION

Washington,

D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13

or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date

of earliest event reported): August 12, 2026

HYPERION DEFI, INC.

(Exact Name of Registrant

as Specified in its Charter)

Delaware

001-38365

47-1178401

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

3090 Nowitzki Way

Suite 300

Dallas, TX 75219

(Address of Principal Executive Offices, and Zip Code)

(833) 393-6684

Registrant’s Telephone Number, Including Area Code

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under

the Exchange Act (17 CFR 240.13e-4(c))

Securities

registered pursuant to Section 12(b) of the Act:

(Title

of each class)

(Trading

Symbol)

(Name of each exchange on which registered)

Common stock, par value $0.0001 per share

HYPD

The Nasdaq Stock Market

(Nasdaq Capital Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR

§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging

growth company ¨

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

August 12, 2026, Hyperion DeFi, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal

quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated

herein by reference.

The

information contained in this Item 2.02, including Exhibit 99.1, is being “furnished” and shall not be deemed “filed”

for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to

the liability of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).

The information contained in this Item 2.02, including Exhibit 99.1, shall not be incorporated by reference into any registration statement

or other document pursuant to the Securities Act or into any filing or other document pursuant to the Exchange Act, except as otherwise

expressly stated in any such filing.

Item 7.01. Regulation FD Disclosure.

On August 12, 2026, the Company

will host a conference call to discuss its financial and operating results for the quarter ended June 30, 2026. A copy of the investor

presentation that will be used during this conference call is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated

herein by reference.

The information contained

in this Item 7.01, including Exhibit 99.2, is being “furnished” and shall not be deemed “filed” for purposes of

Section 18 of the Exchange Act or otherwise subject to the liability of that Section or Sections 11 and 12(a)(2) of the Securities Act.

The information contained in this Item 7.01, including Exhibit 99.2, shall not be incorporated by reference into any registration statement

or other document pursuant to the Securities Act or into any filing or other document pursuant to the Exchange Act, except as otherwise

expressly stated in any such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number

Description

99.1

Press Release, dated August 12, 2026.

99.2

Investor Presentation, dated August 12, 2026

104

Cover Page Interactive Data File (embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HYPERION

DEFI, INC.

Dated: August 12, 2026

By:

/s/ Hyunsu

Jung

Hyunsu Jung

Chief Executive Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2622908d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

Hyperion DeFi Reports 2Q 2026 Financial Results

with Another Record Quarterly Net Income and Strong Operating Momentum

Company Reports Record $31.0M Net Income and

$53.7M Adjusted EBITDA(8)

Announcing New HAUS Agreement with Entropy,

an Upcoming HIP-3 Deployer

1 Million HYPE Tokens Redeployed to Support

HIP-3 & HIP-4 Markets Since June 2026

Sale of Remaining Legacy Life Sciences IP to

Arctic Vision Executed in July 2026

DALLAS, TX, August 12, 2026 -- Hyperion DeFi, Inc. (NASDAQ:

HYPD) (“Hyperion DeFi” or the “Company”), the first U.S. publicly listed DeFi company building on Hyperliquid,

today reported results for the second quarter ending June 30, 2026.

“We are pleased to report a second consecutive quarter of record

Net Income”, said Hyunsu Jung, CEO of Hyperion DeFi. Mr. Jung continued, “In our twelve months of operating performance,

we have redefined what it means to be a digital asset treasury. Not only have we substantially grown our treasury position in HYPE, but

we have launched multiple scalable businesses and built new products and services on Hyperliquid, all while reducing our costs over time.

We continue to position ourselves as the premier institutional gateway to DeFi innovation, and are immensely proud to announce additional

partnerships as part of today’s release as we deliver on our mission to revolutionize blockchain financial services.”

Q3’25, Q4’25, Q1’26, and Q2’26 Summary

GAAP and Non-GAAP Financial Measures

(Figures in $)

Q3 2025

Q4 2025

Q1 2026

Q2 2026

GAAP

Gross Profit

302,506

192,987

244,271

357,693

Non-GAAP

Adjusted

Gross Profit(1)

439,386

820,997

959,568

1,150,035

GAAP

HYPE Digital Assets

37,954,590

16,233,941

25,286,164

74,119,231

Non-GAAP

Gross

HYPE Holdings(4)

77,751,604

47,837,901

71,037,227

132,635,212

Non-GAAP

Net

Asset Value(9)

74,545,583

44,154,737

69,873,504

134,226,478

GAAP

Selling, General and Administrative Expense

2,594,130

4,530,542

4,493,604

3,918,591

Non-GAAP

Operating

Expenses Excluding Stock-Based Compensation(5)

4,315,016

3,007,135

2,975,883

2,344,734

GAAP

Net Operating (Income) Expenses

(4,125,685 )

39,958,264

(8,487,848 )

(30,650,049 )

Non-GAAP

Treasury

Gains (Losses)(6)

11,868,872

(36,783,228 )

21,451,862

54,815,626

GAAP

Total Other Income (Expense), Net

2,197,391

(288 )

108,431

(56,779 )

Non-GAAP

Adjusted

Other Income (Expense)(7)

(42,240 )

48,717

52,585

31,919

GAAP

Net Income (Loss)

6,625,582

(39,765,565 )

8,840,550

30,950,963

Non-GAAP

Adjusted

EBITDA(8)

7,951,003

(38,920,649 )

19,488,132

53,652,846

GAAP

Net Cash and Cash Equivalents Used in Investing Activities

(20,112,041 )

(6,319,039 )

(1,472,835 )

(5,642,387 )

Non-GAAP

Adjusted

Net Investing Cash Flow(17)

(20,112,041 )

(6,319,039 )

(1,472,835 )

(6,165,672 )

GAAP

Net Cash and Cash Equivalents Used in Operating Activities

(2,822,819 )

(4,190,147 )

(4,064,063 )

(3,098,419 )

Non-GAAP

Adjusted

Net Operating Cash Flow(18)

(2,822,819 )

(3,976,135 )

(2,607,344 )

(2,124,382 )

All figures in this press release are not audited. Throughout this

document, totals may not sum due to rounding. Calculations are based on unrounded results. This press release includes certain non-GAAP

financial measures (including on a forward-looking basis) such as Adjusted Gross Profit, Gross HYPE Holdings, Net Asset Value, Operating

Expenses Excluding Stock-Based Compensation, Treasury Gains (Losses), Adjusted Other Income (Expense), Adjusted EBITDA, Adjusted Net

Investing Cash Flow, and Adjusted Net Operating Cash Flow. Please see “Footnotes” and “Non-GAAP Measures of Financial

Performance” for reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures and important

additional information.

*Cumulative figures for Adjusted EBITDA(8) as of

Q3 2025 reflect the three months ended September 30, 2025, and as of Q2 2026 reflect the twelve months ended June 30, 2026.

Please see “Footnotes” and “Non-GAAP Measures of Financial Performance” sections for detailed definitions and

reconciliations to the nearest GAAP Metric.

Please see “Footnotes” and “Non-GAAP Measures

of Financial Performance” sections for detailed definitions and reconciliations to the nearest GAAP Metric.

Adjusted Gross Profit(1) (in $ thousands)

Q3'25

Q4'25

Q1'26

Q2'26

QoQ Growth

Ecosystem Rewards

285

150

(40

DeFi Monetization

102

245

158

(36

Yield Enhancement

211

334

+58

Validator Commissions

Staking Yield

340

305

313

527

+69

Adjusted

Gross Profit(1)

439

821

960

1,150

+20

Multiple vs. Staking Yield

1.3

2.7

3.1

2.2

% Earned in Cash*

HYPE

Earned in Staking & Validating(2)

7,895

10,076

11,458

11,115

Effective Average HYPE Price In-Period(3)

45.76

35.12

30.82

51.23

*The portion of Adjusted Gross Profit(1) earned

in cash, cash equivalents, and stablecoins(16). Please see “Footnotes” and “Non-GAAP Measures of Financial

Performance” sections for detailed definitions and reconciliations to the nearest GAAP Metric.

HYPE Treasury Over Time

6/30/25*

09/30/25

12/31/25

3/31/26

6/30/26

Basis(14)

Gross HYPE Tokens(2)

1.31

1.72

1.88

1.94

2.04

HYPE Token Price

34.8

45.2

25.4

36.6

65.0

39.7

Gross HYPE Holdings(4)

45.5

77.8

47.8

71.0

132.6

81.0

Cash, Cash Equivalents, and Stablecoins(16)

7.5

8.2

6.5

9.1

11.8

*The June 30, 2025 Gross HYPE Holdings figure represents HYPE

Digital Assets held at cost basis. Please see “Footnotes” and “Non-GAAP Measures of Financial Performance” sections

for detailed definitions and reconciliations to the nearest GAAP Metric.

Non-GAAP Income Summary

(Figures in

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Adjusted

Gross Profit(1)

439,386

820,997

959,568

1,150,035

Operating

Expenses Excluding Stock-Based Compensation(5)

4,315,016

3,007,135

2,975,883

2,344,734

Treasury

Gains (Losses)(6)

11,868,872

(36,783,228 )

21,451,862

54,815,626

Adjusted

Other Income (Expense)(7)

(42,240 )

48,717

52,585

31,919

Adjusted

EBITDA(8)

7,951,003

(38,920,649 )

19,488,132

53,652,846

Please see “Footnotes” and “Non-GAAP Measures

of Financial Performance” sections for detailed definitions and reconciliations to the nearest GAAP Metric.

Non-GAAP Cash Flow Summary

(Figures

in $)

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Adjusted

Net Operating Cash Flow(18)

(2,822,819 )

(3,976,135 )

(2,607,344 )

(2,124,382 )

Adjusted

Net Investing Cash Flow(17)

(20,112,041 )

(6,319,039 )

(1,472,835 )

(6,165,672 )

Net Cash Provided by Financing Activities

23,625,749

8,596,884

6,606,942

10,997,100

Change

in Cash, Cash Equivalents, and Stablecoins(16)

690,889

(1,698,290 )

2,526,763

2,707,046

Ending

Cash, Cash Equivalents, and Stablecoins(16)

8,223,180

6,524,890

9,051,653

11,758,699

Please see “Footnotes” and “Non-GAAP Measures

of Financial Performance” sections for detailed definitions and reconciliations to the nearest GAAP Metric.

Adjusted

Gross

Profit(1) Guidance

Q3'25

Q4'25

FY'25

Q1'26

Q2'26

Q3'26

Q4'26

FY'26

Guidance

2026

Guidance

vs. 2025 Actual

Initial

Guidance

(Q4'25

$ 0.44 M

$ 0.82 M

$ 1.28 M

$4M

- $6M

~4x

Current Guidance (Q2'26 A)

$ 0.44 M

$ 0.82 M

$ 1.28 M

$ 0.96 M

$ 1.15 M

$5M

- $7M

~5x

Please see “Footnotes” and “Non-GAAP Measures

of Financial Performance” sections for detailed definitions and reconciliations to the nearest GAAP Metric.

HYPD Investment Thesis & 1-Year Trailing Results

In June of 2025, Hyperion DeFi was born from what was formerly

Eyenovia. We revamped the company’s operating strategy to the accumulation of HYPE and directly building in the Hyperliquid ecosystem.

We made a firm commitment that we would be more than just HYPE, benefitting from not just holding the asset, but uniquely building multiple

business atop it that have the potential to leverage it profitably. Our model is no longer a concept that we ask investors to envision,

it has become reality.

Our unique strategy shares in multiple frontiers of value creation

at the same time. Those three frontiers include (1) our growing HYPE treasury, (2) our scalable DeFi businesses, and (3) our

embedded economic upside in the Hyperliquid ecosystem. We call this our HYPD “Triple-Dip” Strategy, and we believe

our results over the past twelve months speak for themselves.

· Growing

HYPE Treasury: From June 2025 to June 2026, our Gross HYPE Tokens(2) have

increased 56% from 1.31 million to 2.04 million HYPE Tokens.

· Five

Scalable Businesses: From Q3 2025 to Q2 2026, our quarterly Adjusted Gross Profit(1) has

grown 162% from $0.4 million to $1.2 million as our DeFi businesses have begun to ramp. We

have consistently earned 2x-3x base HYPE staking yield over the past three reporting quarters.

· Embedded

Economic Upside in the Hyperliquid Ecosystem: We have received tokens, equity, or future

rights to tokens or equity in four early-stage builders on Hyperliquid: Kinetiq, HyperLend,

Silhouette, and Skew.

· Declining

Cost Base: From Q3 2025 to Q2 2026, our Operating Expenses Excluding Stock-Based Compensation(5) declined

46% from $4.3 million to $2.3 million. Our legacy biotech segment has been wound down as

of June 30, 2026, and in July, we sold all remaining Optejet IP to Arctic Vision.

· Improving

Cash Flows: From Q3 2025 to Q2 2026, quarterly Adjusted Net Operating Cash Flow(18)

has declined from ($2.8 million) to ($2.1 million) dollars (25% decline), both as a function

of reduced costs and ramping DeFi businesses. For the past two quarters, 40%-50% of our Adjusted

Gross Profit(1) was denominated in cash, cash equivalents, and stablecoins(16).

· Guidance:

We continue to anticipate $5 million to $7 million Adjusted Gross Profit(1) in

2026, approximately 5x our 2025 FY results. And, we anticipate our Adjusted Net Operating

Cash Flow(18) to flip positive by the end of 2026.

Adjusted Gross Profit(1) in Q2’26 and Q1’26

Adjusted Gross Profit(1), a Non-GAAP Metric, aims to capture

all of Hyperion DeFi’s value-add operating business activities beyond gains and losses in our digital asset treasury. In total,

Adjusted Gross Profit(1) increased +20% quarter-over-quarter to $1.15 million in Q2’26 from $960 thousand in Q1’26.

The +20% quarterly sequential growth rate in Q2’26 compares to +17% in Q1’26. Below is a summary of all five of our operating

business activities included within Adjusted Gross Profit(1) in these periods:

1. Staking Yield: We stake our HYPE to our Validator

and earn rewards.

o On a dollar basis, our HYPE earned from staking generated $527 thousand

Adjusted Gross Profit(1) in Q2’26 versus $313 thousand in Q1’26

(+69% quarter-over-quarter), largely driven by an increase in the Effective Average HYPE

Price In-Period(3) to 51.2 in Q2’26 from 30.8 in Q1’26.

2. Validator Commissions: The Company operates its

Validator under a Joint Validator Operators Agreement (together with Kinetiq and MAVAN) and

earns commissions on rewards delivered to third-party tokens delegated to the Validator.

o On a dollar basis, our HYPE earned from validator commissions generated

$42 thousand Adjusted Gross Profit(1) in Q2’26 versus $40 thousand

in Q1’26 (+4% quarter-over-quarter).

o Approximately 7 million HYPE tokens were delegated to our Validator

as of July 31, 2026(2).

o In June 2026, Blockdaemon announced it has selected Kinetiq x

Hyperion as their institutional staking partner on Hyperliquid.

o We continue to explore opportunities to generate income by building

on top of our existing validator infrastructure.

o In total, the Company earned 11.1 thousand HYPE tokens from staking

and validating activities in Q2’26, versus 11.5 thousand in Q1’26(2).

3. Yield Enhancement: The Company pursues accretive

strategies to enhance yield earned on its tokens.

o Yield Enhancement activities generated $334 thousand Adjusted Gross

Profit(1) in Q2’26 versus $211 thousand in Q1’26 (+58% quarter-over-quarter).

o Q2’26 and Q1’26 Yield Enhancement activities included

multiple HYPE volatility strategies OTC and on-chain.

o In Q1’26, we began executing within our Institutional Volatility

Income Vault, in partnership with the Rysk protocol, further optimizing our Yield Enhancement

capabilities while building the infrastructure to accommodate third-party execution within

Rysk Premium in the future.

4. DeFi Monetization: The Company supports and monetizes

Hyperliquid DeFi activity with sustainable, scalable practices.

o Quarterly Results: DeFi Monetization activity generated $158

thousand Adjusted Gross Profit(1) in Q2’26, a decline of (36%) versus

$245 thousand in Q1’26.

o USDH Sunset: As previously disclosed, the sunset of the USDH

stablecoin drove a termination of our HYPE Asset Use Service (HAUS) agreements with Native

Markets and Felix in June 2026, opening up 800,000 of our HYPE tokens to be redeployed

into other business opportunities.

o Maintaining Guidance: We reiterated our 2026 Adjusted Gross

Profit(1) and cash flow guidance in June 2026, and we reiterate that

same guidance again today, because the financial impact of the USDH sunset was immaterial

and our strategic response was swift. This is the nature of operating in a fast-moving ecosystem:

individual products may come and go, but what endures is our position as an early partner

builders come to for support. We believe the strength of our strategic positioning was demonstrated

within weeks via our two new HAUS agreements deploying 1 million HYPE tokens as detailed

below.

o HAUS-Skew (HIP-4): In July we announced our HAUS agreement

with Skew Technologies to launch permissionless markets on Hyperliquid including an institutional

listing service. And, with Hyperliquid’s recent HIP-4 announcements in July, we and

the Skew team have decided that HIP-4 outcome markets will be the better fit for what we

are building. This structure deploys 500,000 staked HYPE with a team purpose-built for onboarding

new market categories to Hyperliquid. We expect the markets to go live in the coming months,

with economics that improve upon our prior deployer arrangement, in addition to long-term

equity and token exposure to Skew. The early metrics are positive, with over 40,000 unique

users signed up to access Skew’s private beta as of August 10, 2026.

o HAUS-Entropy (HIP-3): We are announcing today a HAUS partnership

with Entropy, an upcoming HIP-3 deployer, with 500,000 of our staked HYPE. Not only does

this second deployer provide us with multiple opportunities to both support and scale unique

businesses on Hyperliquid, but it allows us to converge the building blocks we are developing

alongside our partners in this ecosystem.

o HAUS-Silhouette (Trading Fee Reduction): In March 2026

we launched a HAUS agreement on 100,000 HYPE tokens with Silhouette, whereby Silhouette receives

reduced trading fees for their clients and we receive a portion of those savings as revenue.

Silhouette (which provides shielded trading on Hyperliquid to its clients) completed its

migration into production in Q2’26. We saw monthly volumes step up from the hundreds

of thousands toward over $40 million cumulative as of August 10, 2026, consistent with

the trajectory we outlined in May. This was driven by Silhouette’s support for RWA

spot trading, which we expect to continue to accelerate on Hyperliquid as more assets become

tokenized and move on-chain.

o HAUS Pipeline: We maintain our pipeline of prospective HAUS

clients and continue to be selective, prioritizing structures that return durable, volume-linked

value to our supported markets. The value of natively staked HYPE continues to be demonstrated

across these services.

o On-Chain Credit: In July 2026, we completed our first

institutional credit deal through HyperLend's Aviya platform, lending $1M USDC against natively

staked HYPE at a rate of 8% APY, far above the overnight rate found in traditional markets.

The HYPE collateral remains in secure custody at Anchorage Digital for the duration of the

loan. We expect the Aviya platform to scale as demand grows for institutional borrowing and

lending against robust collateral, and we are entitled to a revenue share on a portion of

future activity on Aviya.

5. Ecosystem Rewards: Through our active participation

in the Hyperliquid DeFi ecosystem, the Company positions itself for the receipt of future

potential token airdrops, protocol incentives, and other rewards that may become available

periodically.

o Ecosystem Rewards generated $90 thousand Adjusted Gross Profit(1) in

Q2’26, versus $150 thousand in Q1’26.

§ We

expect the quarter-over-quarter change in Ecosystem Rewards to be volatile given the unexpected

timing of airdrops, token generation events, and other rewards activity.

§ The

Q2 figure reflects two elements: (1) our receipt and subsequent sale of the MAX token

airdrop and (2) a one-time grant from Felix due to the sunset of USDH, denominated in

USDC.

o In November 2025, we received 1.92 million KNTQ tokens in Kinetiq’s

airdrop token generation event. We are liquid-staking our KNTQ with Kinetiq and earning more

KNTQ tokens over time. KNTQ staking yields have recently exceeded 7% annualized, and we have

accrued over 40,000 additional KNTQ tokens in 2026.

o In March 2026, we received 10 million HPL tokens from HyperLend

in connection with multiple partnership and revenue-sharing agreements in connection with

on-chain credit pools.

o Silhouette is contractually obligated to award HYPD at least 1% of

future token supply or equity.

o As part of our HAUS agreement with Skew announced in July 2026,

Skew is contractually obligated to award HYPD at least 5% Skew equity plus 5% of Skew token

supply to the extent there is a future Skew token generation event.

o Given our partnerships with other Hyperliquid ecosystem participants

such as Rysk, and given that we are continuing to accrue additional Kinetiq points, we anticipate

additional ecosystem rewards in 2026.

Q2’26 and Q1’26 Expense Summary Results

· Operating

Expenses Excluding Stock-Based Compensation(5) declined (21%) quarter-over-quarter

to $2.3 million in Q2’26 from $3.0 million in Q1’26.

o $2.3 million Operating Expenses Excluding Stock-Based Compensation(5) in

Q2’26 represents a (46%) decline versus $4.3 million in Q3’25.

· As

of June 30, 2026, we have substantially wound down all operations related to our legacy

biotech segment.

· In

July 2026, we executed a sale of all our remaining IP associated with our legacy biotech

segment to Arctic Vision in exchange for a release of indebtedness owed by the Company.

· From

July 2025 through July 2026, as part of our biotech wind-down negotiation efforts,

we have cumulatively released over $2.7 million of liabilities and indebtedness owed by the

Company to its legacy partners.

Q2’26 and Q1’26 Treasury Summary

· Gross

HYPE Tokens(2) increased to 2.04 million in Q2’26 from 1.94 million

in Q1’26.

· Gross

HYPE Holdings(4) increased to $132.6 million in Q2’26 from $71.0 million

in Q1’26, as the price of HYPE increased to $65.0 in Q2’26 from $36.6 in Q1’26.

· Net

Asset Value(9) increased to $134.2 million in Q2’26 from $69.9 million

in Q1’26.

· Treasury

Gains (Losses)(6) was $54.8 million in Q2’26 versus $21.5 million in

Q1’26.

Q2’26 and Q1’26 Net Income and Adjusted EBITDA(8)

· Q2’26

Net Income was $31.0 million, a second sequential quarterly record for the company, versus

$8.8 million in Q1’26.

· Q2’26

Adjusted EBITDA(8) of $53.7 million compares to $19.5 million in Q1’26.

o The primary reconciliation of Net Income to Adjusted EBITDA(8) continues

to be driven by our HYPE Liquid Staking Tokens (LSTs), for which the GAAP carrying value

is the low-water-mark price of HYPE, as detailed further in our GAAP to Non-GAAP reconciliations

section at the end of this release.

· Q2’26

Net Income per Common Share of $1.01 on a basic basis (14,173,457 weighted average shares)

and $0.92 on a diluted basis (17,066,826 weighted average shares) compares to Q1’26

Net Income per Common Share of $0.30 on a basic basis (10,610,679 weighted average shares)

and $0.26 on a diluted basis (12,686,142 weighted average shares).

· As

of August 10, 2026, there are 15,539,434 outstanding shares of HYPD common stock.

Q2’26 and Q1’26 Cash Flows Summary

· Adjusted

Net Operating Cash Flow(18) was ($2.1 million) in Q2’26 versus ($2.6 million)

in Q1’26.

· Adjusted

Net Investing Cash Flow(17) was ($6.2 million) in Q2’26 versus ($1.5 million)

in Q1’26.

· Net

Cash Provided by Financing Activities was $11.0 million in Q2’26 versus $6.6 million

in Q1’26. Our public offering in May 2026 generated a total of $9.3 million net

proceeds.

· Our

cash, cash equivalents, and stablecoins(16) totaled $11.8 million as of Q2’26

versus $9.1 million as of Q1’26.

Conference Call & Webcast

Hyperion DeFi, Inc. will hold its earnings conference call and

webcast for the second quarter ended June 30, 2026 on Wednesday, August 12, 2026 at 5:00 p.m. Eastern Time. A slide presentation

that includes supplemental financial information and reconciliations of certain non-GAAP measures to their most directly comparable GAAP

measures can be accessed through the Company’s Investor Relations website at https://ir.hyperiondefi.com/events-and-presentations

along with information for the conference call. A webcast of the call will be archived and available through August 26, 2026 at

11:59 p.m. Eastern Time on the Company's website.

Presentation

All growth rates represent quarter-over-quarter comparisons, except

as otherwise noted. All amounts in tables are presented in U.S. dollars, rounded to the nearest dollar, except as otherwise noted. As

a result, certain amounts and rates may not sum or recalculate using the rounded dollar amounts provided. All numbers in this press release

are not audited.

About the Hyperliquid Platform and the HYPE Token

Hyperliquid is a next-generation layer one blockchain optimized for

high frequency, transparent trading. The blockchain includes fully on-chain perpetual futures and spot order books, with every order,

cancel, trade, and liquidation occurring within 70 millisecond block times. It also hosts the HyperEVM, a general-purpose smart contract

platform that supports permissionless decentralized financial applications akin to Ethereum.

HYPE is the native token of Hyperliquid. Staked HYPE provides utility

for users via reduced trading fees and increased referral bonuses. As of July 2026, more than 46 million HYPE have been autonomously

purchased and sequestered by the blockchain with the trading fees generated on the network’s central limit order books.

About Hyperion DeFi, Inc.

Hyperion DeFi, Inc. is the first U.S. publicly listed DeFi company

building on Hyperliquid. The Company provides investors with streamlined access to the Hyperliquid ecosystem, one of the fastest growing,

highest revenue-generating blockchains in the world. Shareholders benefit from compounding exposure to HYPE, both from its native staking

yield and additional revenues generated from its unique on-chain utility.

For more information, please visit Hyperiondefi.com or follow

@hyperiondefi on X.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures (including

on a forward-looking basis) such as Adjusted Gross Profit, Gross HYPE Holdings, Net Asset Value, Operating Expenses Excluding Stock-Based

Compensation, Treasury Gains (Losses), Adjusted Other Income (Expense), Adjusted EBITDA, Adjusted Net Investing Cash Flow, and Adjusted

Net Operating Cash Flow. These non-GAAP measures are in addition to, and not a substitute for or superior to, measures of financial performance

prepared in accordance with GAAP and should not be considered as an alternative to any performance measures derived in accordance with

GAAP. Reconciliations of non-GAAP measures to their most directly comparable U.S. Generally Accepted Accounting Principles (GAAP) counterparts

are included in the Non-GAAP Reconciliations section of this press release with additional detail in the Footnotes. Hyperion DeFi believes

that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors

about Hyperion DeFi. Hyperion DeFi’s management uses non-GAAP measures to evaluate our operating performance, formulate business

plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses

and the allocation of internal resources. However, these non-GAAP measures have limitations as analytical tools. Other companies may

not use these non-GAAP measures or may use similar measures that are defined in a different manner. Therefore, Hyperion DeFi’s

non-GAAP measures may not be directly comparable to similarly titled measures of other companies. We also periodically review our non-GAAP

financial measures and may revise these measures to reflect changes in our business or otherwise. Additionally, forward-looking non-GAAP

financial measures are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures because the GAAP

financial measures are not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort

due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including

adjustments reflected in our reconciliation of historic non-GAAP financial measures, the amounts of which, based on historical experience,

could be material.

Forward Looking Statements; Disclaimer

Except for historical information, all the statements, expectations

and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited

to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements, our future activities

or other future events or conditions, including the viability of, and risks associated with, our cryptocurrency treasury strategy, the

growth and revenue potential of the Hyperliquid ecosystem and the growth prospects of the Company. These statements are based on current

expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not

guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes

and results may, and in some cases are likely to, differ materially from what is expressed or forecasted in the forward-looking statements

due to numerous factors discussed from time to time in documents which we file with the U.S. Securities and Exchange Commission.

Any forward-looking statements speak only as of the date on which

they are made, and except as may be required under applicable securities laws, Hyperion DeFi does not undertake any obligation to update

any forward-looking statements.

Certain information contained in this press release relates to or

is based on studies, publications, surveys and other data obtained from third-party sources and Hyperion DeFi’s own internal estimates

and research. While Hyperion DeFi believes these third-party studies, publications, surveys and other data to be reliable as of the date

of this press release, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness

of, any information obtained from third-party sources. In addition, no independent source has evaluated the reasonableness or accuracy

of Hyperion DeFi’s internal estimates or research and no reliance should be made on any information or statements made in this

press release relating to or based on such internal estimates and research. You should conduct your own investigation and analysis of

Hyperion DeFi, its business, prospects, results of operations and financial condition. In furnishing this information, Hyperion DeFi

does not undertake any obligation to provide you with access to any additional information (including forward-looking information and

any projections contained herein) or to update or correct the information.

Hyperion DeFi, Inc. Investor Contact:

Jason Assad

Hyperion DeFi, Inc.

IR@hyperiondefi.com

(678) 570-6791

Hyperion DeFi, Inc.

Condensed Balance Sheets

(unaudited)

June 30,

December 31,

2026

2025

(unaudited)

Assets

Current Assets

Cash and cash equivalents

$ 9,637,216

$ 6,310,878

Prepaid expenses

and other current assets

3,271,661

934,931

Total Current Assets

12,908,877

7,245,809

Digital assets

74,119,231

16,345,347

Digital assets receivable, net

—

6,935,131

Digital intangible assets

25,721,566

20,591,555

Operating lease right-of-use asset

207,044

415,998

Other assets

182,200

230,416

Total Assets

$ 113,138,918

$ 51,764,256

Liabilities and Stockholders’ Equity

Current Liabilities:

Accounts payable

$ 139,114

$ 317,900

Accrued expenses and other current

liabilities

2,153,114

1,871,106

Operating lease liabilities - current

portion

417,593

512,007

Notes payable

- current portion, net

2,798,981

—

Total Current Liabilities

5,508,802

2,701,013

Notes payable - non-current portion,

net

5,639,696

7,796,136

Operating lease

liabilities, non-current portion

55,649

206,600

Total Liabilities

11,204,147

10,703,749

Commitments and contingencies (Note 9)

Stockholders’ Equity

Preferred stock,

$0.0001 par value, 60,000,000 shares authorized; Series A Non-Voting Convertible Preferred Stock, 5,435,898 shares designated;

5,235,897 and 5,435,897 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively with a liquidation

preference of $50,740,000 as of June 30, 2026

524

544

Common stock, $0.0001 par value,

600,000,000 shares authorized; 15,299,832 shares issued and outstanding as of June 30, 2026; 8,762,329 shares issued and 8,680,005

shares outstanding as of December 31, 2025, respectively

1,531

876

Additional paid-in-capital

302,765,630

281,937,072

Treasury stock, at cost, 0 and 82,324 shares as of June 30, 2026

and December 31, 2025, respectively

—

(253,558 )

Accumulated deficit

(200,832,914 )

(240,624,427 )

Total Stockholders’

Equity

101,934,771

41,060,507

Total Liabilities

and Stockholders’ Equity

$ 113,138,918

$ 51,764,256

Hyperion DeFi, Inc.

Condensed Statements of Operations

(unaudited)

For the Three Months Ended

For the Six Months Ended

June 30,

2026

2025

2026

2025

Revenue

$ 357,693

$ —

$ 601,964

$ 14,720

Cost of revenue

—

(48 )

Gross Profit

357,693

—

601,964

14,672

Operating (Income) Expenses:

Research and development

58,492

674,578

345,256

1,347,621

Selling, general and administrative

3,918,591

7,678,704

8,412,195

10,051,026

Impairment of right of use assets

57,773

—

57,773

—

Realized gain - digital assets and

digital assets receivable, net

(17,859,505 )

—

(21,483,269 )

—

Unrealized gain - digital assets, net

(16,939,634 )

—

(27,913,613 )

—

Unrealized loss – digital intangible

assets receivable

367,251

—

Impairment loss - digital intangible

assets

768,857

—

2,000,525

—

Net gain on derivative instruments

(112,032 )

—

(151,433 )

—

Recovery of credit

losses

(909,842 )

—

(405,331 )

—

Total Operating

(Income) Expenses, Net

(30,650,049 )

8,353,282

(39,137,897 )

11,398,647

Income (Loss) From Operations

31,007,742

(8,353,282 )

39,739,861

(11,383,975 )

Other Income (Expense):

Other income (expense), net

(29,783 )

168,840

60,350

172,527

Gain on extinguishment of liabilities

—

89,623

Interest expense

(233,760 )

(528,410 )

(459,629 )

(1,109,909 )

Interest income

206,764

21,933

450,931

57,282

Total Other Income

(Expense), Net

(56,779 )

(337,637 )

51,652

(790,477 )

Net Income (Loss)

30,950,963

(8,690,919 )

39,791,513

(12,174,452 )

Dividend to preferred

stockholders

(718,478 )

(97,167 )

(1,533,775 )

(97,167 )

Net Income (Loss) Attributable to Participating Securities

$ 30,232,485

$ (8,788,086 )

$ 38,257,738

$ (12,271,619 )

Less: income allocated

to preferred stockholders

(15,892,379 )

—

(21,378,486 )

—

Net Income (Loss) Available to Common Stockholders -

Basic

$ 14,340,105

$ (8,788,086 )

$ 16,879,251

$ (12,271,619 )

Add:

undistributed earnings reallocated to common upon assumed exercise/vesting of dilutive securities

1,402,996

—

1,833,467

—

Net Income (Loss) Available to

Common Stockholders - Diluted

$ 15,743,102

$ (8,788,086 )

$ 18,712,718

$ (12,271,619 )

Basic earnings (loss) per common share:

Net basic earnings

(loss) per share

$ 1.01

$ (2.50 )

$ 1.36

$ (4.29 )

Diluted earnings (loss) per common share:

Net diluted

earnings (loss) per share

$ 0.92

$ (2.50 )

$ 1.25

$ (4.29 )

Weighted average shares outstanding

Basic

14,173,457

3,518,906

12,401,910

2,857,596

Diluted

17,066,826

3,518,906

15,038,798

2,857,596

Hyperion DeFi, Inc.

Condensed Statements of Stockholders’

Equity (Deficit)

(unaudited)

For

the Three and Six Months Ended June 30, 2026

Additional

Total

Preferred

Stock

Common

Stock

Paid-In

Treasury

Stock

Accumulated

Stockholders’

Amount

Capital

Amount

Deficit

Equity

Balance - January 1, 2026

5,435,897

$ 544

8,762,329

$ 876

$ 281,937,072

82,324

$ (253,558 )

$ (240,624,427 )

$ 41,060,507

Issuance

of common stock in At the Market offering [1]

—

1,859,993

186

6,665,196

—

6,665,382

Issuance

of common stock for payment in kind of preferred stock dividend

—

244,518

939,312

—

939,337

Issuance

of common stock from the delivery of vested restricted stock units

—

55,277

(5 )

—

withheld to settle employee tax liability upon delivery of RSU equity compensation.

—

(21,761 )

(2 )

—

Issuance

of common stock from conversion of preferred stock

(200,000 )

(20 )

600,000

(40 )

—

Retirement of treasury shares

—

(82,324 )

(8 )

(253,550 )

(82,324 )

253,558

—

Stock-based

compensation:

Amortization

of stock option awards

—

80,880

—

80,880

Amortization

of restricted stock units

—

1,690,852

—

1,690,852

Issuance

of common stock to vendors as consideration for service provided

—

10,450

32,752

—

32,753

Preferred

stock dividend ($0.14 per preferred share outstanding)

—

(815,297 )

—

(815,297 )

Net

income

—

8,840,550

Balance - March 31, 2026

5,235,897

524

11,428,482

1,143

290,277,174

—

(231,783,877 )

58,494,964

Issuance

of common stock in public offering [2]

—

2,910,027

291

9,327,030

—

9,327,321

Issuance

of common stock in At the Market offering [3]

—

492,783

1,846,850

—

1,846,899

Issuance

of common stock for payment in kind of preferred stock dividend

—

236,318

779,826

—

779,850

Issuance

of common stock from the delivery of vested restricted stock units

—

308,407

(31 )

—

withheld to settle employee tax liability upon delivery of RSU equity compensation.

—

(82,894 )

(8 )

(379,090 )

—

(379,098 )

Stock-based

compensation:

Amortization

of stock option awards

—

59,852

—

59,852

Amortization

of restricted stock units

—

1,546,884

—

1,546,884

Issuance

of common stock to vendors as consideration for service provided

—

6,709

25,613

—

25,614

Preferred

stock dividend ($0.14 per preferred share outstanding)

—

(718,478 )

—

(718,478 )

Net

income

—

30,950,963

Balance - June 30,

2026

5,235,897

$ 524

15,299,832

$ 1,531

$ 302,765,630

—

$ (200,832,914 )

$ 101,934,771

Hyperion DeFi, Inc.

Condensed Statements of Stockholders’

Equity (Deficit), continued

(unaudited)

For

the Three and Six Months Ended June 30, 2025

Additional

Total

Preferred

Stock

Common Stock

Paid-In

Treasury

Stock

Accumulated

Stockholders’

Amount

Capital

Amount

Deficit

Equity(Deficit)

Balance

- January 1, 2025

—

$ —

1,506,369

$ 151

182,213,889

—

(195,309,992 )

(13,095,952 )

Issuance

of common stock in At the Market offering [4]

—

1,127,100

113

5,663,153

—

5,663,266

Induced

exercise of stock warrants [5]

—

197,118

922,731

—

922,750

Reverse

stock split settlement of fractional shares

—

(41 )

—

(160 )

—

(160 )

Warrant

modification and additional warrants-incremental value [6]

—

1,194,102

—

1,194,102

Warrant

modification and additional warrants-in issuance costs for inducement [6]

—

(1,194,102 )

—

(1,194,102 )

Stock-based

compensation

—

279,628

—

279,628

Net

loss

—

(3,483,533 )

Balance

- March 31, 2025

—

2,830,546

283

189,079,241

—

(198,793,525 )

(9,714,001 )

Issuance

of preferred stock and warrants in private placement [7]

5,435,897

544

—

49,365,206

—

49,365,750

Issuance

of common stock in At the Market offering [8]

—

1,323,389

132

2,559,008

—

2,559,140

Issuance

of common stock from exercise of warrants

—

252,000

1,953,479

—

1,953,504

Issuance

of common stock from the delivery of vested restricted stock units

—

44,072

(4 )

—

Issuance

of common stock from the partial conversion of note payable

—

404,820

640,295

—

640,336

Warrants

issued in consideration for debt modification

—

858,270

—

858,270

Stock-based

compensation

—

483,654

—

483,654

Net

loss

—

(8,690,919 )

Preferred

stock dividend

—

(97,167 )

—

(97,167 )

Balance

- June 30, 2025

5,435,897

$ 544

4,854,827

$ 485

$ 244,841,982

—

$ —

$ (207,484,444 )

$ 37,358,567

[1] Includes gross proceeds

of $6,981,098 less total issuance costs of $315,716.

[2] Includes gross proceeds

of $10,476,097 less total issuance costs of $1,148,776.

[3] Includes gross proceeds

of $1,973,363 less total issuance costs of $126,464.

[4] Includes gross proceeds

of $5,851,007 less total issuance costs of $187,741.

[5] Incremental value from

the warrant inducement entered into on January 16, 2025.

[6] Non-cash warrant modification and additional

warrants issuance costs related to the warrant inducement are shown as a separate line item

for clarity.

[7] Includes gross proceeds

of $50,000,000 less total issuance costs of $634,250.

[8] Includes gross proceeds

of $2,657,659 less total issuance costs of $98,519.

Hyperion DeFi, Inc.

Condensed Statements of Cash Flows

(unaudited)

For the Six Months Ended

June 30,

2026

2025

Cash Flows From Operating Activities

Net income (loss)

$ 39,791,513

(12,174,452 )

Adjustments to reconcile net income (loss)

to net cash and cash equivalents used in operating activities:

Stock-based compensation

3,436,835

5,953,282

Change in fair value of shares issued

for accrued dividend

158,544

—

Amortization of debt discount

110,921

585,508

Non-cash lease expense

208,954

151,179

Recovery of credit losses

(405,331 )

—

Gain on extinguishment of liabilities

—

(89,623 )

Realized gain - digital assets and digital

assets receivable

(21,483,269 )

—

Unrealized gain - digital assets, net

(27,913,613 )

—

Net gains on derivative instruments

(151,433 )

—

Impairment loss - digital intangible assets

2,000,525

—

Non-cash revenue, net

(601,964 )

—

Non-cash interest income from digital

assets receivable

(307,278 )

—

Non-cash portion of other income

22,603

—

Paid-in-kind interest expense

169,125

211,520

Changes in operating assets and liabilities:

Refunded deposit

—

(888,000 )

Prepaid expenses and other current assets

(1,747,734 )

(321,270 )

Accounts payable

(178,786 )

(1,053,087 )

Accrued expenses and other current liabilities

(26,729 )

76,963

Lease liabilities

(245,365 )

(341,817 )

Net Cash and

Cash Equivalents Used In Operating Activities

(7,162,483 )

(7,889,797 )

Cash Flows From Investing Activities

Purchases of property and equipment

—

(22,959 )

Purchase of digital assets

(9,036,402 )

(45,500,000 )

Sales and dispositions of digital assets

2,440,000

—

Purchases of USDC

(2,518,820 )

—

Proceeds from sales

of USDC

2,000,000

—

Net Cash and

Cash Equivalents Used In Investing Activities

(7,115,222 )

(45,522,959 )

Cash Flows From Financing Activities

Proceeds from sale of common stock in direct

offering

10,476,097

—

Proceeds from sale of common stock in At

the Market offering

8,954,461

8,508,666

Proceeds from sale of preferred stock and

warrants in private placement

—

50,000,000

Proceeds from induced exercise of stock

warrants

—

1,039,206

Proceeds from induced exercise of stock

warrants

—

1,953,504

Payment of private placement issuance costs

—

(634,250 )

Payment of issuance costs for direct offering

(1,148,776 )

—

Payment of issuance costs for At the Market

offering

(442,180 )

(286,260 )

Repayments of notes payable

(235,559 )

(1,463,438 )

Payment of issuance costs for debt modification

—

(177,228 )

Payment of cash issuance costs for induced

exercise of stock warrants

—

(116,456 )

Reverse stock split

settlement of fractional shares

—

(160 )

Net Cash and

Cash Equivalents Provided By Financing Activities

17,604,043

58,823,584

Net Increase in Cash and Cash Equivalents

3,326,338

5,410,828

Cash and Cash

Equivalents - Beginning of Period

6,310,878

2,121,463

Cash and Cash

Equivalents - End of Period

$ 9,637,216

$ 7,532,291

Hyperion DeFi, Inc.

Condensed Statements of Cash Flows, continued

(unaudited)

For the Six Months Ended

June 30,

2026

2025

Supplemental Disclosure of Cash Flow Information:

Cash paid during the period for:

Interest

$ 179,582

$ —

Supplemental Disclosure of Non-Cash Investing and Financing

Activities

Modification date

carrying value of extinguished Avenue Loan

$ —

$ 10,262,280

Modification date

fair value of modified Avenue Loan

$ —

$ 10,172,657

Exchange of digital

intangible assets for digital intangible assets receivable

$ 18,746,744

$ —

Exchange of digital

intangible assets receivable for digital intangible assets

$ 19,454,154

$ —

Digital assets received

for digital assets receivable

$ 22,528,501

$ —

Deposits into Hyperion

Rysk Vault

$ 1,812,029

$ —

Redemption from

Hyperion Rysk Vault

$ 1,854,834

$ —

Warrant modification

and additional warrants - incremental value

$ —

$ 1,194,102

Prepaid insurance

financed by note payable

$ 598,055

$ —

Common stock issued

for accrued dividends payable

$ 1,719,187

$ —

Accrued dividend

payable to preferred stockholders

$ 1,533,775

$ —

Shares withheld

for employee tax liabilities

$ 379,098

$ —

Treasury shares retired

$ 253,558

$ —

Deposits of digital

assets into liquid staking activities

$ 364,962

$ —

Liability for digital

assets received pursuant to partnership agreement

$ 150,163

$ —

Common stock issued

upon conversion of preferred stock

$ 60

$ —

Issuance of common

stock upon vesting of restricted stock units

$ 36

$ —

Digital assets acquired

in exchange for USDC

$ 3,549,105

$ —

Digital assets disposed

of in exchange for USDC

$ 2,874,699

$ —

Conversion of USDH

to USDC

$ 1,926,018

$ —

Hyperion DeFi Non-GAAP Measures of Financial Performance and

Supplemental Disclosures

Reconciliation of GAAP Gross Profit to Non-GAAP

Adjusted Gross Profit(1) (unaudited)

For the

Three Months Ended

(Figures in $)

Sept. 30,

2025

Dec. 31,

2025

March 31,

2026

June 30,

2026

Gross Profit

302,506

192,987

244,271

357,693

Add:

Accumulated but unrealized staking yield on LSTs(10)

58,771

172,463

154,806

255,275

Add: Net gains on derivative instruments

78,109

79,461

39,401

112,032

Add: Treasury gains (losses) attributable to derivative activity

351,000

Add:

Accumulated but unrealized yield enhancement activity(15)

171,970

(128,614 )

Add: Income from airdrops

285,450

18,699

Add: Upfront receipt of HPL tokens pursuant to partnership

agreements

150,163

(33,991 )

Add: USDH sunset grant from Felix

70,843

Add: Interest Income from DeFi Monetization

activity

90,636

198,957

147,098

Adjusted

Gross Profit(1)

439,386

820,997

959,568

1,150,035

Note: See “Footnotes” section for detailed explanations

and definitions.

Q2’26 Reconciliation of GAAP HYPE Digital

Assets to Non-GAAP Gross HYPE Holdings(4) (unaudited)

As of

June 30, 2026

Value $

Token

Count

Token

Price $

HYPE digital assets

74,119,231

1,141,174

64.95

Add:

HiHYPE at Carrying Value

8,828,972

398,277

22.17

kHYPE at Carrying Value

15,897,330

455,434

34.91

kmHYPE at Carrying Value

597,068

28,888

20.67

Unrealized

accretion (dilution) expected upon LST to HYPE reconversion(11)

33,192,611

18,340

N.M.*

Gross

HYPE Holdings(4)

132,635,212

Gross

HYPE Tokens(2)

2,042,113

64.95

Note: See “Footnotes” section for detailed

explanations and definitions.

Memo: Unrealized accretion (dilution) expected upon LST to

HYPE reconversion as of March 31, 2026

11,373,007

Memo: In-Period Change in unrealized accretion (dilution)

expected upon LST to HYPE reconversion

21,819,604

*Throughout this release, N.M. is the abbreviation for “Not

Meaningful”.

Q1’26 Reconciliation of GAAP HYPE Digital

Assets to Non-GAAP Gross HYPE Holdings(4) (unaudited)

As of

March 31, 2026

Value $

Token

Count

Token

Price $

HYPE digital assets

25,286,164

690,505

36.62

Add:

HYPE digital assets receivable*

11,071,200

302,327

36.62

HYPE digital intangible assets receivable**

9,230,486

250,000

20.66

HiHYPE at Carrying Value

7,785,852

378,277

20.58

kHYPE at Carrying Value

5,693,449

275,434

20.67

kmHYPE at Carrying Value

597,068

28,888

20.67

Unrealized

accretion (dilution) expected upon LST to HYPE reconversion(11)

11,373,007

14,421

N.M.

Gross

HYPE Holdings(4)

71,037,344

Gross

HYPE Tokens(2)

1,939,851

36.62

Note: See “Footnotes” section for detailed

explanations and definitions.

Memo: Unrealized accretion (dilution) expected upon LST to

HYPE reconversion as of December 31, 2025

3,499,665

Memo: In-Period Change in unrealized accretion (dilution)

expected upon LST to HYPE reconversion

7,873,342

*Presented gross of $586,774 allowance for credit losses and $108,321

unamortized nonrefundable upfront fee.

**Presented gross of $323,067 allowance for credit losses.

Q4’25 Reconciliation of GAAP HYPE Digital

Assets to Non-GAAP Gross HYPE Holdings(4) (unaudited)

of December 31, 2025

Value $

Token

Count

Token

Price

HYPE - Digital Assets

16,233,941

638,352

25.43

Add:

HYPE digital assets receivable*

7,647,740

300,725

25.43

HiHYPE at carrying value

8,437,277

398,277

21.18

kHYPE at carrying value

11,369,458

505,434

22.49

kmHYPE at carrying value

649,820

28,888

22.49

Add: Unrealized accretion (dilution) expected upon

future LST to HYPE Token reconversion(11)

3,499,665

9,410

N.M.

Gross HYPE Holdings(4)

47,837,901

Gross HYPE Tokens(2)

1,881,086

25.43

Note: See “Footnotes” section for detailed

explanations and definitions.

Unrealized accretion (dilution) expected upon LST to

HYPE reconversion as of Q3’25

4,912,082

In-Period Change in unrealized accretion (dilution)

expected upon LST to HYPE vs. Q3’25

(1,412,417

)

*Presented gross of $405,331 allowance for credit losses and $307,278

unamortized nonrefundable upfront fee.

Q3’25 Reconciliation of GAAP HYPE Digital

Assets to Non-GAAP Gross HYPE Holdings(4) (unaudited)

of September 30, 2025

Value

Token

Count

Token

Price

HYPE digital assets

37,954,590

839,889

45.19

Add: HiHYPE at Carrying Value

34,884,932

877,871

39.74

Add: Unrealized accretion (dilution) expected upon

future LST to HYPE Token reconversion(11)

4,912,082

2,788

N.M.

Gross HYPE Holdings(4)

77,751,604

Gross HYPE Tokens(2)

1,720,549

45.19

Note: See “Footnotes” section for detailed

explanations and definitions.

Unrealized accretion (dilution) expected upon LST

to HYPE reconversion as of June 30, 2025*

4,912,082

*The Company did not hold any LSTs on or prior to June 30,

2025. Therefore, as of September 30, 2025, the in-period change in unrealized accretion (dilution) expected upon LST to HYPE Token

Reconversion is the same as the absolute figure.

Reconciliation of GAAP Selling, General and

Administrative expense to Non-GAAP Operating Expense Excluding Stock-Based Compensation(5) (unaudited)

(Figures in $)

Sept. 30,

2025

Dec. 31,

2025

March 31,

2026

June 30,

2026

Selling, general and administrative expense

2,594,130

4,530,542

4,493,604

3,918,591

Subtract: stock-based compensation expense

1,347,031

(1,712,361 )

(1,804,485 )

(1,632,349 )

Add: research and development expense

373,855

188,954

286,764

58,492

Operating

Expense Excluding Stock-Based Compensation(5)

4,315,016

3,007,135

2,975,883

2,344,734

Note: See “Footnotes” section for detailed explanations

and definitions.

Supplemental Disclosure of Disaggregated Stock-Based Compensation

(unaudited)

For the

Three Months Ended

(Figures in $)

Sept. 30,

2025

Dec. 31,

2025

March 31,

2026

June 30,

2026

Mark-to-Market Adjustment of Vested but Undelivered

Awards

(2,140,000 )

Amortization of Unearned Executive Milestone Awards

209,648

997,563

All Remaining Stock-Based Compensation

583,321

714,798

806,922

634,786

Total Stock-Based Compensation

(1,347,031 )

1,712,361

1,804,485

1,632,349

Reconciliation of GAAP Net Operating Income

(Expenses) to Non-GAAP Treasury Gains (Losses)(6) (unaudited)

For the Three

Months Ended

(Figures in $)

Sept. 30,

2025

Dec. 31,

2025

March 31,

2026

June 30,

2026

Net Operating Income (Expenses)

4,125,685

(39,958,264 )

8,487,848

30,650,049

Add Back:

Research and development expense

373,855

188,954

286,764

58,492

Selling, general and administrative

expense

2,594,130

4,530,542

4,493,604

3,918,573

Impairment of right of use assets

57,773

Provision for credit losses

405,331

504,511

(909,842 )

In-Period Change in unrealized accretion

(dilution) expected upon LST to HYPE reconversion

4,912,082

(1,412,417 )

7,873,342

21,819,604

Subtract:

Accumulated

but unrealized staking yield on LSTs(10)

(58,771 )

(172,463 )

(154,806 )

(255,275 )

Income from airdrops

(285,450 )

(18,699 )

Realized gains / losses from Rysk Vault

shares redemption

(42,035 )

Net gains on derivative instruments

(78,109 )

(79,461 )

(39,401 )

(112,032 )

Treasury losses

(gains) attributable to derivative activity

(351,000 )

Treasury

Gains (Losses)(6)

11,868,872

(36,783,228 )

21,451,862

54,815,626

Note: See “Footnotes” section for detailed explanations

and definitions.

Reconciliation of GAAP Total Other Income (Expense), Net to Non-GAAP

Adjusted Other Income (Expense)(7) (unaudited)

For the

Three Months Ended

(Figures in $)

Sept. 30,

2025

Dec. 31,

2025

March 31,

2026

June 30,

2026

Total Other Income (Expense), Net

2,197,391

(288 )

108,431

(56,779 )

Add back:

Interest expense

223,080

224,799

225,869

233,760

Reduction

in life sciences liabilities(12)

(2,407,154 )

(225,173 )

Other

non-recurring items(13)

(55,557 )

(85,158 )

142,415

2,037

Subtract: Interest

Income from DeFi Monetization activities

(90,636 )

(198,957 )

(147,098 )

Adjusted

Other Income (Expense)(7)

(42,240 )

48,717

52,585

31,919

Note: See “Footnotes” section for detailed explanations

and definitions.

Reconciliation of GAAP Net Income to Non-GAAP

Adjusted EBITDA(8) (unaudited)

For the

Three Months Ended

(Figures in $)

Sept. 30,

2025

Dec. 31,

2025

March 31,

2026

June 30,

2026

Net Income (Loss)

6,625,582

(39,765,565 )

8,840,550

30,950,983

Add back:

Stock-based compensation

(1,347,031 )

1,712,361

1,804,485

1,632,349

Interest expense

223,080

224,799

225,869

233,760

Provision for credit losses

405,331

504,511

(909,842 )

Income Taxes

Depreciation and amortization expense

Impairment of right of use assets

57,773

Reduction

in life sciences liabilities(12)

(2,407,154 )

(225,173 )

Other

non-recurring items(13)

(55,557 )

(85,158 )

142,415

2,037

Add:

In-Period Change in unrealized accretion

(dilution) expected upon LST to HYPE reconversion

4,912,082

(1,412,417 )

7,873,342

21,819,604

Accumulated

but unrealized yield enhancement activity(15)

171,970

(128,614 )

Realized losses (gains) from Rysk Vault

shares redemption

(42,035 )

Upfront receipt of HPL tokens pursuant

to partnership agreements

150,163

(33,991 )

USDH sunset grant

from Felix

70,843

Adjusted

EBITDA(8)

7,951,003

(38,920,649 )

19,488,132

53,652,846

Note: See “Footnotes” section for detailed explanations

and definitions.

*Does not include Amortization of Operating Lease.

Reconciliation of GAAP HYPE digital assets,

as adjusted to Gross HYPE Holdings(4), to Non-GAAP Net Asset Value(9) (unaudited)

(Figures in $)

Sept. 30,

2025

Dec. 31,

2025

March 31,

2026

June 30,

2026

Gross

HYPE Holdings(4)

77,751,604

47,837,901

71,037,227

132,635,212

Add: KNTQ & sKNTQ at Carrying Value

111,406

193,780

172,196

Add: HPL & sHPL at Carrying Value

149,820

91,000

Add: Hyperion Rysk Vault Shares at Cost Basis*

1,615,075

Add: Current Assets

9,085,767

7,245,809

8,803,947

12,908,877

Subtract: Current Liabilities**

(4,037,092 )

(2,701,013 )

(4,509,992 )

(5,601,237 )

Subtract: Notes Payable***

(8,254,696 )

(8,339,366 )

(7,416,353 )

(5,979,570 )

Net

Asset Value(9)

74,545,583

44,154,737

69,873,504

134,226,478

Note: See “Footnotes” section for detailed explanations

and definitions.

*Digital intangible assets representing claims on USDH/USDC held

in the Hyperion Rysk Institutional Volatility Income Vault.

**Includes Notes payable - current portion as of March 31,

2026 and June 30, 2026; does not subtract debt discount of $36,974 as of March 31, 2026 and $92,435 as of June 30, 2026.

***Non-current portion; does not subtract debt discount of $598,691

as of September 30, 2025, $543,230 as of December 31, 2025, $450,796 as of March 31, 2026, or $339,874 as of June 30,

2026.

Reconciliation of GAAP Net Cash and Cash Equivalents Used in Investing

Activities to Adjusted Net Investing Cash Flow(17) (unaudited)

For the

Three Months Ended

(Figures in $)

Sept. 30,

2025

Dec. 31,

2025

March 31,

2026

June 30,

2026

Net Cash and Cash Equivalents Used in Investing

Activities

(20,112,041 )

(6,319,039 )

(1,472,835 )

(5,642,387 )

Add: Net

Impact of Non-Cash Digital Asset Acquisitions and Dispositions*

(523,285 )

Adjusted

Net Investing Cash Flow(17)

(20,112,041 )

(6,319,039 )

(1,472,835 )

(6,165,672 )

*Reflects the net investing cash flow impact of digital asset acquisitions

and dispositions of and by non-cash current assets, including USDC and USDH stablecoins.

Note: See “Footnotes” section for detailed explanations

and definitions.

Reconciliation of GAAP Net Cash and Cash Equivalents Used in Operating

Activities to Adjusted Net Operating Cash Flow(18) (unaudited)

For the Three Months Ended

(Figures in $)

Sept. 30,

2025

Dec. 31,

2025

March 31,

2026

June 30,

2026

Net Cash and Cash Equivalents Used in Operating

Activities

(2,822,819 )

(4,190,147 )

(4,064,063 )

(3,098,419 )

Subtract: Net Impact of Non-Cash Digital Asset Acquisitions

and Dispositions*

523,285

Add: Change in Non-GAAP Cash Equivalents**

214,012

1,456,719

450,752

Adjusted

Net Operating Cash Flow(18)

(2,822,819 )

(3,976,135 )

(2,607,344 )

(2,124,382 )

*Reflects the net investing cash flow impact of digital asset acquisitions

and dispositions of and by non-cash current assets, including USDC and USDH stablecoins.

**Reflects quarterly variance in assets the Company considers to

be economically equivalent, but not functionally equivalent, to cash (driven by a limited ability to redeem into US Dollars one-for-one),

but not reflected in quarterly GAAP “cash and cash equivalents”, including from time-to-time USDC and USDH Stablecoin as

well as deposits and redemptions from the Hyperion Rysk Vault.

Note: See “Footnotes” section for detailed explanations

and definitions.

Footnotes

1. “Adjusted Gross Profit” is a non-GAAP measure.

Adjusted Gross Profit is defined as all in-period gross profit generated by the Company’s

operations excluding gains and losses on its digital asset treasury. Such operating activities

include staking yield, validator operations, yield enhancement activity, DeFi monetization

partnerships, ecosystem rewards, and (prior to 2026) life sciences operations. It is reconciled

to the GAAP measure “Gross Profit” by adding (i) accumulated but unrealized

staking yield on LSTs, (ii) Net gains on derivative instruments, (iii) the portion

of treasury gains (losses) attributable to derivative activity, (iv) accumulated but

unrealized yield enhancement activity as further described in Footnote 15, (v) income

from airdrops, (vi) the impact of upfront receipt and recognition of Company’s

HPL tokens pursuant to its partnership agreements with HyperLend, (vii) the impact of

a one-time grant from the Felix Foundation (“Felix”) in connection with the USDH

stablecoin sunset (committed in June 2026 and received in July 2026), and (viii) the

portion of GAAP “Interest Income” generated from digital assets receivable. We

believe “Adjusted Gross Profit” is a helpful financial measure to our management

and investors as it aims to capture all in-period gross profit generated by our active operational

strategies without the impact of (i) the temporary GAAP earnings volatility of HYPE

to LST conversion and LST to HYPE reconversion, (ii) the temporary GAAP earnings volatility

of depositing and redeeming USDH/USDC versus Hyperion Rysk Vault Shares and delays in recognition

of upfront received premium on expired sold put and call options on the price of HYPE, (iii) the

over-time GAAP recognition of the Company’s receipt of HPL tokens, (iv) the timing

delay between commitment and receipt of a grant from Felix, (v) dispersed GAAP presentment

of our operational strategies across various Statements of Operations sections, or (iv) the

impacts of gains and losses on our digital asset treasury. We believe Adjusted Gross Profit

is a critical metric to quantify and compare our core operational activities between periods.

In the Company’s earnings release and earnings supplement for three months ended September 30,

2025 and December 31, 2025, we previously reconciled Non-GAAP “Adjusted Gross

Profit” to GAAP “Revenue”. Given changes in GAAP presentment related to

staking and validating activities, we believe for the three months ended March 31 and

June 30, 2026, the closest comparable GAAP metric to Adjusted Gross Profit is Gross

Profit.

2. The following are unaudited supplemental operating disclosures:

Gross HYPE Tokens, the number of HYPE tokens staked at the Kinetiq x Hyperion Validator,

Validator Commissions in HYPE, Staking Yield in HYPE (which includes accrued staking rewards

on LSTs), and HYPE Earned in Staking & Validating (which includes accrued staking

rewards on LSTs).

3. Calculated as the sum of the in-period Non-GAAP Adjusted

Gross Profit components of (a) Validator Commissions plus (b) Staking Yield (such

figures being expressed in-period in US Dollars), divided by the sum of (a) Validator

Commissions in HYPE plus (b) Staking Yield in HYPE.

4. “Gross HYPE Holdings” is a non-GAAP measure.

Gross HYPE Holdings is defined as the gross market value of the Company’s HYPE assuming

(a) all temporary HYPE token use agreements are exited, (b) all collateralized

OTC HYPE derivatives are exited (and such LST collateral returned to the Company), and (c) all

LSTs are converted back to HYPE tokens as of the end of each respective reporting quarter.

It is reconciled to the GAAP measure “HYPE digital assets” by adding (i) HYPE

digital assets receivable (without subtracting allowance for credit loss or unamortized nonrefundable

upfront fees), (ii) HYPE digital intangible assets receivable (without subtracting allowance

for credit loss), (iii) HYPE LSTs at carrying value (including without limitation HiHYPE,

kHYPE, and kmHYPE) and (iv) the unrealized accretion (dilution) expected upon LST to

HYPE reconversion as of the end of each respective reporting quarter. We believe Gross HYPE

Holdings is a helpful non-GAAP financial measure to our management and investors because

it eliminates the temporary HYPE value impacts caused by our DeFi Monetization and Yield

Enhancement token movements as well as the conversion and reconversion between HYPE tokens

and LSTs, which (a) causes staking yield on our LSTs not to be recognized in-period

in accordance with GAAP and (b) does not recognize upward mark-to-market movements in

underlying HYPE tokens given LSTs are carried at the lower of cost basis or impaired value.

As such, it provides useful information about our balance sheet, allows for greater transparency

with respect to important metrics used by our management for financial, risk management and

operational decision-making, and provides an additional tool for investors to understand

and compare our operating results across reporting periods.

5. "Operating Expenses Excluding Stock-Based Compensation"

is a non-GAAP measure. Operating Expenses Excluding Stock-Based Compensation is defined as

the Company's operational expenses in-period excluding treasury value movements, stock-based

compensation, and impairment of right of use assets. It is reconciled to the GAAP measure

“Selling, general and administrative expense” by (i) subtracting stock-based

compensation expense and (ii) adding Research and development expense. Operating Expenses

Excluding Stock-Based Compensation provides a metric of total operating expenditures in-period

without the impact of treasury value movements, stock-based compensation, or impairment of

right of use assets, thereby creating a helpful metric for operational expense comparisons

between different periods for our management and investors.

6. "Treasury Gains (Losses)" is a non-GAAP measure.

Treasury Gains (Losses) is defined as the gross value change in the company's digital asset

treasury portfolio each period, without accounting for temporary GAAP impacts due to HYPE

to LST conversion (or LST to HYPE reconversion) or income driven by airdrops or yield enhancement

activity. It is reconciled to the GAAP measure “Net Operating Income (Expenses)"

by (a) adding (i) research and development expense, (ii) selling, general,

and administrative expense, (iii) impairment of right of use assets, (iv) provision

for credit losses, and (v) the in-period change in unrealized accretion (dilution) expected

upon LST to HYPE reconversion, and (b) subtracting (i) accumulated but unrealized

staking yield on LSTs, (ii) income from airdrops, (iii) realized gains and losses

from Rysk Vault shares redemption, (iv) net gains on derivative instruments, and (v) treasury

value changes attributable to derivative activity (which are already captured in the Non-GAAP

metric “Adjusted Gross Profit”). Following these adjustments, Treasury Gains

(Losses) is a singular metric that can present treasury value changes in isolation, which

we believe is a helpful metric for management and investors given our large digital asset

treasury position and the volatile nature of our digital assets.

7. "Adjusted Other Income (Expense)" is a non-GAAP

measure. Adjusted Other Income (Expense) reflects management’s view of recurring activities

outside of core operating income and operating expenses. It is reconciled to the GAAP measure

"Total Other Income (Expense), Net" by (a) adding back (i) interest expense,

(ii) non-recurring gains from reductions in life sciences liabilities, and (iii) other

non-recurring items which we do not consider material in nature, and (b) subtracting

the portion of GAAP “Interest Income” generated from digital assets receivable.

The items added back to Adjusted Other Income (Expense) are excluded because they are non-cash

in nature, or because the amount and timing of these items are unpredictable, are not driven

by core results of operations, and render comparisons with prior periods and competitors

less meaningful. The item subtracted from Adjusted Other Income (Expense) is already captured

in the Non-GAAP metric “Adjusted Gross Profit”, as further described in Footnote

1. We believe Adjusted Other Income (Expense) provides a helpful view to management and investors

regarding recurring and ongoing income and expense items outside of core operating income

and expenses, presented in a way to compare these elements over time.

8. “Adjusted EBITDA” is a non-GAAP measure. Adjusted

EBITDA is meant to reflect management’s view of recurring business activities and a

more comparable view of the mark-to-market impacts on our digital asset treasury holdings

in-period. It is reconciled to the GAAP measure “Net Income (Loss)” by removing

(i) stock-based compensation, (ii) interest expense, (iii) provision for credit

losses, (iv) income taxes, (v) depreciation and amortization expense (excluding

amortization of operating lease), (vi) impairment of right of use assets, (vii) non-recurring

gains from reductions in life sciences liabilities, and (viii) other non-recurring items

which we do not consider material in nature; and, it adds in (i) the in-period change

in unrealized accretion (dilution) expected upon LST to HYPE reconversion, (ii) accumulated

but unrealized yield enhancement activity as further described in Footnote 15, (iii) realized

gains and losses from Rysk Vault shares redemption, (iv) the impact of upfront receipt

and recognition of Company’s HPL tokens pursuant to its partnership agreements with

HyperLend, and (v) the impact of a one-time grant from Felix in connection with the

USDH stablecoin sunset (committed in June 2026 and received in July 2026). The

items excluded from our Adjusted EBITDA are excluded because they are non-cash in nature,

or because the amount and timing of these items are unpredictable, are not driven by core

results of operations, and render comparisons with prior periods and competitors less meaningful.

The items added to Adjusted EBITDA are included to give a more complete picture of our in-period

operations and mark-to-market impacts on our digital assets, disregarding (i) the temporary

GAAP earnings volatility of HYPE to LST conversion and LST to HYPE reconversion, (ii) the

temporary GAAP earnings volatility of depositing and redeeming USDH/USDC versus Hyperion

Rysk Vault Shares and delays in recognition of upfront received premium on expired sold HYPE

put and call options, (iii) the over-time GAAP recognition of the Company’s receipt

of HPL tokens, and (iv) the timing delay between commitment and receipt of a grant from

Felix. Adjusted EBITDA is used by management, in addition to GAAP financial measures, to

understand and compare our operating results across accounting periods, for risk management

and operational decision-making purposes. This non-GAAP measure provides investors with additional

information in evaluating the Company's operating performance.

9. “Net Asset Value” is a non-GAAP measure. Net

Asset Value is defined as the estimated market value of our digital assets less net outstanding

debt. It is reconciled to the GAAP measure “HYPE digital assets” as adjusted

to “Gross HYPE Holdings” (described more fully in Footnote 4) by (i) adding

KNTQ digital assets and sKNTQ digital intangible assets at carrying value, (ii) adding

HPL digital assets and sHPL digital intangible assets at carrying value, (iii) adding

Hyperion Rysk Vault Shares at cost basis, (iv) adding Current Assets, (v) subtracting

Current Liabilities (including current portion of Notes Payable, without subtracting corresponding

debt discounts or any unamortized issuance expenses), and (vi) subtracting Notes Payable

(Non-current portion, without subtracting corresponding debt discounts or any unamortized

issuance expenses). We believe Net Asset Value is a helpful non-GAAP financial measure to

our management and investors because it provides a more complete picture of our net assets.

It does not include other non-current assets or non-current liabilities beyond the aforementioned

items. The Company believes Net Asset Value provides useful information about our balance

sheet and financial performance, enhances the overall understanding of our past performance

and future prospects, allows for greater transparency with respect to important metrics used

by our management for financial, risk management and operational decision-making, and provides

an additional tool for investors to use to understand and compare our operating results across

accounting periods.

10. Represents in-period accrued staking yield on HYPE LSTs.

Staking yield on LSTs is not recognized in-period in accordance with GAAP; instead, LST staking

yield may be recognized as a realized gain upon future reconversion from LSTs back into HYPE.

11. Represents the estimated future financial implications

if all company-owned LSTs were reconverted to HYPE at the end of each respective period.

Encapsulates both the temporary GAAP valuation methodology differences between LSTs

and HYPE plus the realization of previously accrued but unrecognized staking yield on LSTs.

12. In the three months ended September 30, 2025, Gain

on extinguishment of liability and a reduction in accrued liability within other income was

approximately $2.2 million and $0.2 million respectively, combined totaling $2.4 million.

In the three months ended March 31, 2026, gain on extinguishment of liabilities within

Other income (expense), net totaled $0.2 million.

13. In the reconciliation of “Total Other Income (Expense),

Net” to “Adjusted Other Income (Expense)”, as well as in the reconciliation

of “Net Income (Loss)” to “Adjusted EBITDA”, other non-recurring

items include (a) gains and losses on sales and disposals of life sciences equipment

and furniture, (b) release of reserves held against potential returns of company-sold

items, (c) a one-time realized payment in connection with a terminated LOI, and (d) gains

and losses due to valuation differences in the time between contractual and actual delivery

dates on certain company-paid expenses denominated in HYPE and in Company equity.

14. Estimated and unaudited figures as of June 30, 2026.

15. Includes all net cash, cash equivalents, and USDC/USDH

premiums received but unrealized on expired sold HYPE puts and calls, including within the

Hyperion Rysk Vault, as well as third-party fees on yield enhancement activities (such third-party

fees being included in DeFi Monetization within Non-GAAP Adjusted Gross Profit).

16. Includes assets the Company considers to be economically

equivalent, but not functionally equivalent, to cash, such as USDC and USDH Stablecoin as

well as deposits and redemptions from the Hyperion Rysk Vault.

17. “Adjusted Net Investing Cash Flow” is a non-GAAP

measure. Adjusted Net Investing Cash Flow is defined as the estimated total net cash (including

non-GAAP cash equivalents) generated from / (used for) acquisitions and dispositions of assets

for investing purposes. It is reconciled to the GAAP measure “Net Cash and Cash Equivalents

Used in Investing Activities” by adding the net impact of non-cash digital asset acquisitions

and dispositions. We believe Adjusted Net Investing Cash Flow is a helpful non-GAAP financial

measure to our management and investors because it removes the in-period cash flow volatility

which can be caused by purchases and sales of and by non-cash current assets, including USDC

and USDH stablecoins. The Company believes Net Asset Value provides useful information about

our financial performance and cash flows with greater transparency for investors to understand

and compare our operating results across accounting periods.

18. “Adjusted Net Operating Cash Flow” is a non-GAAP

measure. Adjusted Net Operating Cash Flow is defined as the estimated total net cash (including

non-GAAP cash equivalents) generated from / (used for) the Company’s operating activities.

It is reconciled to the GAAP measure “Net Cash and Cash Equivalents Used in Operating

Activities” by (a) subtracting the net impact of non-cash digital asset acquisitions

and dispositions and (b) adding quarterly variance in assets the Company considers to

be economically equivalent, but not functionally equivalent, to cash (including from time-to-time

USDC and USDH Stablecoin as well as deposits and redemptions from the Hyperion Rysk Vault).

We believe Adjusted Net Operating Cash Flow is a helpful non-GAAP financial measure to our

management and investors because it removes the in-period operating cash flow volatility

which can be caused by the inflows and outflows of non-GAAP cash equivalents.

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2622908d1_ex99-2.htm · Sequence: 3

Hyperion DeFi © 2026 2 Use of Non - GAAP Financial Measures This presentation includes certain non - GAAP financial measures (including on a forward - looking basis) such as Adjusted Gross Profit, Gross HYPE Holdings, Net Asset Value, Operating Expenses Excluding Stock - Based Compensation, Treasury Gains (Losses), Adjusted Other Income (Expense), Adjusted EBITDA, Adjusted Net Investing Cash Flow, and Adjusted Net Operating Cash Flow. These non - GAAP measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any performance measures derived in accordance with GAAP. Reconciliations of non - GAAP measures to their most directly comparable U.S. Generally Accepted Accounting Principles (GAAP) counterparts are included in the Financial Supplement - Non - GAAP Reconciliations section of this presentation with additional detail in the Footnotes. Hyperion DeFi believes that these non - GAAP measures of financial results (including on a forward - looking basis) provide useful supplemental information to investors about Hyperion DeFi. Hyperion DeFi’s management uses non - GAAP measures to evaluate our operating performance, formulate business plans, help better assess our overall liquidity position, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. However, these non - GAAP measures have limitations as analytical tools. Other companies may not use these non - GAAP measures or may use similar measures that are defined in a different manner. Therefore, Hyperion DeFi’s non - GAAP measures may not be directly comparable to similarly titled measures of other companies. We also periodically review our non - GAAP financial measures and may revise these measures to reflect changes in our business or otherwise. Additionally, forward - looking non - GAAP financial measures are presented on a non - GAAP basis without reconciliations of such forward - looking non - GAAP measures because the GAAP financial measures are not accessible on a forward - looking basis and reconciling information is not available without unreasonable effort due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments reflected in our reconciliation of historic non - GAAP financial measures, the amounts of which, based on historical experience, could be material. Forward - Looking Statements Except for historical information, all the statements, expectations and assumptions contained in this presentation are forwar d - l ooking statements. Forward - looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements, our future activities or other future events or condi tio ns, including the estimated market opportunities for our platform technology, the viability of, and risks associated with, ou r cryptocurrency treasury strategy, and the growth and revenue potential of the Hyperliquid ecosystem and the growth prospects of Hyperion DeFi, Inc. (“Hyperion DeFi”, “Hyperion” or the “Company”) (NASDAQ:HYPD). These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These s tat ements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and in some cases are likely to, differ materially from what is expre sse d or forecasted in the forward - looking statements due to numerous factors discussed from time to time in documents which we file with the U.S. Securities and Exchange Commission (the “SEC”), including in particular, the risks of our cryptocurrenc y s trategy as detailed in our reports filed with the SEC. Any forward - looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, Hyperion DeFi does not undertake any obligation to update any forward - looking statements. Disclaimer Certain information contained in this presentation and statements made orally during the corresponding earnings call relate t o o r are based on studies, publications, surveys and other data obtained from third - party sources and Hyperion DeFi’s own internal estimates and research. While Hyperion DeFi believes these third - party studies, publications, surveys and other data to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third - party sources. In addition, no independent source has evaluated the reasonableness or accuracy of Hyperion DeFi’s internal estimates or research and no reliance should be made on any information or statements made in this presentation relating to or based on such internal estimates and re search. You should conduct your own investigation and analysis of Hyperion DeFi, its business, prospects, results of operations and financial condition. In furnishing this information, Hyperion DeFi does not undertake any obligation to provid e y ou with access to any additional information (including forward - looking information and any projections contained herein) or to update or correct the information. All figures in this presentation are not audited. Throughout this document, totals may not sum due to rounding. Calculations are based on unrounded results. Q2 2026 Q1 2026 Q4 2025 Q3 2025 Figures in $ 357,693 244,271 192,987 302,506 Gross Profit GAAP 1,150,035 959,568 820,997 439,386 Adjusted Gross Profit (1) Non - GAAP 74,119,231 25,286,164 16,233,941 37,954,590 HYPE Digital Assets GAAP 132,635,212 71,037,227 47,837,901 77,751,604 Gross HYPE Holdings (4) Non - GAAP 134,226,478 69,873,504 44,154,737 74,545,583 Net Asset Value (9) Non - GAAP 3,918,591 4,493,604 4,530,542 2,594,130 Selling, General and Administrative Expense GAAP 2,344,734 2,975,883 3,007,135 4,315,016 Operating Expenses Excluding Stock - Based Compensation (5) Non - GAAP (30,650,049) (8,487,848) 39,958,264 (4,125,685) Net Operating (Income) Expenses GAAP 54,815,626 21,451,862 (36,783,228) 11,868,872 Treasury Gains (Losses) (6) Non - GAAP (56,779) 108,431 (288) 2,197,391 Total Other Income (Expense), Net GAAP 31,919 52,585 48,717 (42,240) Adjusted Other Income (Expense) (7) Non - GAAP 30,950,963 8,840,550 (39,765,565) 6,625,582 Net Income (Loss) GAAP 53,652,846 19,488,132 (38,920,649) 7,951,003 Adjusted EBITDA (8) Non - GAAP (5,642,387) (1,472,835) (6,319,039) (20,112,041) Net Cash and Cash Equivalents used in Investing Activities GAAP (6,165,672) (1,472,835) (6,319,039) (20,112,041) Adjusted Net Investing Cash Flow (17) Non - GAAP (3,098,419) (4,064,063) (4,190,147) (2,822,819) Net Cash and Cash Equivalents used in Operating Activities GAAP (2,124,382) (2,607,344) (3,976,135) (2,822,819) Adjusted Net Operating Cash Flow (18) Non - GAAP

Hyperion DeFi © 2026 3 12 - Month Operating Performance Demonstrates HYPD Investment Thesis TOTAL CHANGE Q2 2026 Q3 2025 6/30/25 FINANCIAL KPI HYPD THESIS +56% 2.04 M 1.72 M 1.31 M Gross HYPE Tokens (2) Growing HYPE Treasury +192% $132.6 M $77.8 M $45.5 M Gross HYPE Holdings (4) HYPE Token Appreciation +162% $1.2 M $0.4 M Adjusted Gross Profit (1) 5 Ramping DeFi Businesses (46%) ($2.3 M) ($4.3 M) Operating Expenses Excluding Stock - Based Compensation (5) Declining Costs (25%) ($2.1 M) ($2.8 M) Adjusted Net Operating Cash Flow (18) Improving Cash Flow $42.2 M $8.0 M Cumulative* Adjusted EBITDA (8) Shareholder Return + + + + = *Cumulative figures for Adjusted EBITDA (8) as of Q3 2025 reflect the thre e months ended September 30, 2025, and as of Q2 2026 reflect the twelve months ended June 30, 2026. Note: Gross HYPE Holdings, Adjusted Gross Profit, Operating Expenses Excluding Stock - Based Compensation, and Adjusted EBIDTA are non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric.

Hyperion DeFi © 2026 4 Hyperion’s Differentiated Value Proposition vs. “Traditional DAT” $HYPE $HYPE Shareholder Value Tied to HODL + Ecosystem Engagement Income Shareholder Value Tied to HODL Multiple DEFI businesses Multiple DEFI businesses Traditional DAT HYPD Ecosystem Growth Over Time

Hyperion DeFi © 2026 5 (1) Growing HYPE Treasury (2) Ramping DeFi Businesses (3) Upside in HYPE Ecosystem + + = HYPD’s “Triple - Dip” Deployment Creates Three Value - Creation Frontiers Institutional Validator Vault Infrastructure Permissionless Markets Markets Listing Service On - Chain Lending Pools “HAUS” Trading Fee - Reduction Services 2.04M HYPE The First Publicly Listed DeFi Company Building on Hyperliquid NASDAQ: HYPD More than just HYPE. *Silhouette is contractually obligated to award HYPD at least 1% of the total supply of any tokens generated in a future toke n g eneration event, or equity, including affiliates and related parties. **Skew is contractually obligated to award HYPD at least 5% equity plus 5% of the total supply of any tokens generated in a future t oke n generation event (if any Skew TGE occurs). 1.94M KNTQ (14) 10.0M HPL 1% of Issuance* 5% of Issuance** +56% vs. 1.31M HYPE held at June 30, 2026 HYPE Price of 65.0 is +$52M vs. our basis price of 39.7 / $81M (14) HYPE is staked to our own validator We Are Building More Every Day HYPE Token Treasury at Significant Gain vs. Basis Equity or Token Upside in Strategic Partners

Hyperion DeFi © 2026 6 Five Diversified Operating Business Lines QoQ Growth Q2’26 Q1’26 Q4'25 Q3'25 (In $ Thousands) (40%) 90 150 285 - Ecosystem Rewards (36%) 158 245 102 <1 DeFi Monetization 58% 334 211 79 78 Yield Enhancement 4% 42 40 49 21 Validator Commissions 69% 527 313 305 340 Staking Yield 20% 1,150 960 821 439 Adjusted Gross Profit (1) 2.2x 3.1x 2.7x 1.3x Multiple vs. Staking Yield 50% 48% 22% 18% % Earned in Cash* 11,115 11,458 10,076 7,895 HYPE Earned in Staking & Validating (2) 51.23 30.82 35.12 45.76 Effective Average HYPE Price In - Period (3) *The portion of Adjusted Gross Profit (1) earned in cash, cash equivalents, and stablecoins ( 16) . Note: Adjusted Gross Profit is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP Metric. Adjusted Gross Profit (1)

Hyperion DeFi © 2026 7 We Are Reiterating Existing Guidance. We Anticipate $5M - $7M Adjusted Gross Profit (1) in 2026, ~5x 2025 FY Results. 2026 Guidance vs. 2025 Actual FY’26 Guidance Q4’26 Q3’26 Q2’26 Q1’26 FY’25 Q4’25 Q3’25 Adjusted Gross Profit (1) Guidance ~4x $4M - $6M - - - - $1.28M $0.82M $0.44M Initial Guidance (Q4’25 A) ~5x $5M - $7M - - $1.15M $0.96M $1.28M $0.82M $0.44M Current Guidance (Q2’26 A) Q2’26 vs. Q1’26 QoQ Adjusted Gross Profit (1) Growth (Actual): +20% Note: Adjusted Gross Profit is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed defi nitions and reconciliations to the nearest GAAP Metric.

Hyperion DeFi © 2026 8 HYPD Treasury Over Time *The June 30, 2025 Gross HYPE Holdings figure represents HYPE Digital Assets held at cost basis. Note: Gross HYPE Holdings is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed defini tions and reconciliations to the nearest GAAP Metric. HYPD Net Basis (14) June 30, 2026 March 31, 2026 Dec 31, 2025 Sept 30, 2025 June 30, 2025* 2.04 M 2.04 M 1.94 M 1.88 M 1.72 M 1.31 M Gross HYPE Tokens (2) $39.7 $65.0 $36.6 $25.4 $45.2 $34.8 HYPE Token Price $81.0 M $132.6 M $71.0 M $47.8 M $77.8 M $45.5 M Gross HYPE Holdings (4) $11.8 M $9.1 M $6.5 M $8.2 M $7.5 M Cash, Cash Equivalents, & Stablecoins (16)

Hyperion DeFi © 2026 10 HYPD’s Institutional Products & Services VALIDATOR & STAKING We operate the Kinetiq x Hyperion Validator, partnered with Blockdaemon to expand institutional Hyperliquid staking infrastructure. Kinetiq is the #1 liquid staking protocol on Hyperliquid. INSTITUTIONAL VAULT A structured volatility income vault built with Rysk, giving institutions a way to generate yield on HYPE beyond base staking returns. HYPE ASSET USE SERVICE (HAUS) Our staked HYPE as bonded capital on behalf of partners, reducing trading fees and unlocking preferential terms across Hyperliquid. Our partner Silhouette is a shielded trading platform for institutional order flow, giving counterparties privacy - preserving execution on Hyperliquid without sacrificing on - chain settlement. 2.04M / 1.94M / 10.0M HYPE / KNTQ / HPL held in treasury (14) $5M - $7M 2026 Adjusted Gross Profit guidance, ~5x FY2025 5 diversified on - chain business lines, + 20 % QoQ growth in Q2’26 Beyond its treasury position in HYPE, Hyperion operates five diversified, revenue - generating business lines that give institutions, protocols, and market participants a regulated, publicly accountable partner for accessing Hyperliquid's staking, trading, lending, and market infrastructure. PERMISSIONLESS MARKETS We act as a bonded - capital layer for institutional HIP - 3 & HIP - 4 permissionless markets — deploying staked HYPE so partners like Skew Technologies , Entropy, and their clients can launch new products. ECOSYSTEM PARTNERS: Skew, Entropy ECOSYSTEM PARTNER: Rysk ECOSYSTEM PARTNER: Silhouette INSTITUTIONAL CREDIT Gated institutional liquidity via HyperLend's “Aviya” platform, including secured credit facilities collateralized by natively - staked HYPE held in qualified custody at Anchorage Digital. ECOSYSTEM PARTNERS: HyperLend, Anchorage Digital ECOSYSTEM PARTNERS: Kinetiq, Blockdaemon , MAVAN ( Bitmine )

Hyperion DeFi © 2026 11 Early Mover Advantages Create Unique Opportunities for Compounding Revenue Streams Hyperliquid Staking Yield Validator Commissions Hyperliquid Staking Yield Hyperliquid Staking Yield Validator Commissions Yield Enhancement Validator Commissions Yield Enhancement Hyperliquid Staking Yield DeFi Monetization Validator Commissions Yield Enhancement Hyperliquid Staking Yield DeFi Monetization Ecosystem Rewards RETURNS HYPERION DEFI’S RAPIDLY COMPOUNDING DEFI STRATEGY Permissionless Markets In HIP - 3 / HIP - 4 (Skew & Entropy) Co - Branded Kinetiq Validator Rysk Yield Vaults HyperLend On - Chain Credit With Anchorage Digital HAUS Silhouette Execution Blockdaemon Partnership

Hyperion DeFi © 2026 12 Hyperion DeFi stakes and deploys HYPE into the Hyperliquid Ecosystem Clients unlock unique utility on Hyperliquid; Hyperion DeFi earns fees from Clients Client activity promotes broader Hyperliquid adoption Hyperion earns Validator Commissions and Ecosystem Rewards Hyperion DeFi reinvests revenues to purchase more HYPE How HYPD Drives the Institutional Adoption Flywheel • Reduced Trading Fees (Silhouette) • Launch of New HIP - 3 & HIP - 4 Permissionless Markets (Skew & Entropy) • On - chain credit pool (HyperLend & Anchorage Digital) • On - chain yield vaults (Rysk) 1 2 3 4 5 • Eligible for KNTQ • Eligible for HPL • Eligible for Silhouette • Eligible for Skew

$900M+ CUMULATIVE NOTIONAL RYSK X HYPERION WHAT HAPPENED IN Q2 PARTNERSHIP GROWTH Signed a revenue - share agreement to onboard new institutional LPs Hyperion's institutional volatility income vault. Live on Hyperliquid via Rysk Premium. HYPERION CASH - SECURED PUTS VAULT RYSK PROTOCOL OVERVIEW INFRASTRUCTURE MIGRATION Migrated from USDH to USDC, following Hyperliquid's ecosystem - wide shift to USDC as its primary stablecoin SCALING After an initial testing period in March (Q1), capital deployment sustained and scaled through Q2 with the USDC vault launch Cash - secured puts on HYPE, collateralized in USDC (previously USDH). Hyperion DeFi receives upfront premium, generating yield on treasury capital. Live since March 2026 On - chain volatility income protocol through options strategies on Hyperliquid. Trades settle on - chain, with self - custodial collateral and no counterparty risk. Data as of June 30 2026. Source: onchain data and rysk analysis. Methodology: realized return is money - weighted on actual trade deployment net of settlement and buybacks. 33.6% REALIZED RETURN Annualized Since inception (Mar – Jun) Averagage per - trade $12.5M+ CUMULATIVE PREMIUM PAID

SILHOUETTE · HYPERLIQUID MARKET ANCHORS $1B Paradigm RFQ daily volume 109% Crypto OTC YoY growth ’25 $250B+ Hyperliquid perps monthly volume RFQ Market . 60%+ institutional share of crypto flow · 20 – 50% of institutional crypto execution happens off - exchange RFQ FLOW 01 / REQUEST Counterparty Requests a quote for size Access policy: Predicate → 02 / COMPETE Silhouette Private RFQ engine Makers compete on price → 03 / EXECUTE Best Quote Wins Binding execution One all - in price for full size → 04 / SETTLE hyperliquid On - chain Settlement Atomic, per trade HyperCore + HyperEVM Competing makers → one binding all - in quote → better fills, less market impact, no leakage. New markets Long - tail assets that can't sustain an order book. RFQ delivers deep liquidity on demand, on request. Every surface Block trades across spot, tokenised assets and perps, priced and settled at one all - in quote. Policy - based access Issuers set the requirements, traders carry their credentials, the venue holds everyone to them. Powered by Predicate. Execution outcomes Price improvement versus sweeping the book, reduced market impact, and net - new flow that lands on Hyperliquid. RFQ · BLOCK TRADING · HYPERLIQUID ◇ SILHOUETTE.EXCHANGE / SOURCE: SILHOUETTE

Hyperion DeFi © 2026 18 Frictionless exposure to Hyperliquid’s native token HYPE. Access next - generation Decentralized Finance (DeFi). Bridging public markets and on - chain strategies. More than just HYPE. NASDAQ: HYPD

Hyperion DeFi © 2026 20 [ Why Hyperliquid (HYPE)? Top 1 revenue and Top 10 market cap cryptocurrency Source: CoinMarketCap Source: Artemis As July 31, 2026 As of July 31, 2026 Top Fees (24h) [ NAME 1 Bitcoin BTC 2 Ethereum ETH 3 XRP XRP 4 BNB BNB 5 Solana SOL 6 TRON TRX 7 Hyperliquid HYPE 8 Dogecoin DOGE 9 UNUS SED LEO LEO 10 Zcash ZEC Market Cap: Top 10 Cryptocurrencies (excluding stablecoins) MARKET CAP (BILLIONS) $1,254.02 $224.21 $77.94 $66.38 $42.49 $30.98 $13.89 $10.76 $8.96 $7.65

Hyperion DeFi © 2026 21 BUYBACKS MARKET CAP** STAKING YIELD FIXED SUPPLY TOKEN $1,254.02 Billion Bitcoin $224.21 Billion Ethereum $42.49 Billion Solana $13.89 Billion Hyperliquid Hyperliquid’s Unique Token Design Hyperliquid generates an annualized fees of ~ $ 650 M* . ~ 99 % of this revenue goes back to daily buybacks of HYPE into the Assistance Fund, a powerful mechanism relative to its circulating market cap . Assistance Fund HYPE ~46M Assistance HYPE $ ~2.5B Source: Hypurrscan as of July 31, 2026 * As of July 31 , 2026 based on annualized 30 - day run rate per Defi Llama ** As of July 31 , 2026; Source: CoinMarketCap

Hyperion DeFi © 2026 22 Hyperliquid’s (HYPE) Trading Platform Is Experiencing Rapid Adoption And Growth Hyperliquid Cryptocurrency Market Cap Ranking #7 Hyperliquid Market Cap ~$ 13 .9 Billion Cumulative Fees Generated on Hyperliquid $1.5 Billion Hyperliquid Circulating Token Supply ~253 Million Cumulative Hyperliquid Marketplace Users ~1.6 Million Hyperliquid Maximum Token Supply ~954 Million (~46 Million Burned) Hyperliquid Cryptocurrency Daily Revenue Ranking #1 Source: Hyperliquid Stats Source: Defi Llama Source: Defi Llama Source: CoinMarketCap Source: CoinMarketCap ; Hypurrscan Source: CoinMarketCap Source: CoinMarketCap (Excluding Stablecoins) Source: Artemis As of July 31 , 2026 Daily Trading Volume on Hyperliquid ~$13 Billion Cumulative Trading Volume on Hyperliquid $ 5 .0 Trillion Source: Defi Llama

Hyperion DeFi © 2026 23 Hyperliquid’s Parabolic Growth Hyperliquid has become the leading platform for on - chain derivatives, seen through its rapidly growing fees and crypto perpetuals (“perp”) trading volume expansion since its Token Genesis Event in November 2024. Source: Defi Llama Key Metrics Total Value Locked App Fees (24h) Crypto Spot Volume (24h) Perps Volume (24h) Open Interest $HYPE Price $HYPE Market Cap $HYPE Fully Diluted Value $6.1b $3.1m $86m $13.1b $10.9b $55.01 $13.89b $52.5b $5.0 Trillion CUMULATIVE PERP VOLUME Hyperliquid (HYPE) As of July 31 , 2026 $1.5 Billion CUMULATIVE HYPERLIQUID FEES Source: Defi Llama

Hyperion DeFi © 2026 25 “HIP - 4” brings Outcome Markets to Hyperliquid (prediction markets, options, and other binary - outcome events) Source: https://hl.eco/hip4 Volume by Category $296.42M across 3 categories – sports leads with 52%

Hyperion DeFi © 2026 27 HYPD Non - GAAP Income Summary Note: Adjusted Gross Profit, Operating Expenses Excluding Stock - Based Compensation, Treasury Gains (Losses), Adjusted Other Inco me (Expense), and Adjusted EBITDA are non - GAAP financial measures. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP metric. Q2 2026 Q1 2026 Q4 2025 Q3 2025 (Figures in $) 1,150,034 959,568 820,997 439,386 Adjusted Gross Profit (1) 2,344,734 2,975,883 3,007,135 4,315,016 Operating Expenses Excluding Stock - Based Compensation (5) 54,815,626 21,451,862 (36,783,228) 11,868,872 Treasury Gains (Losses) (6) 31,919 52,585 48,717 (42,240) Adjusted Other Income (Expense) (7) 53,652,846 19,488,132 (38,920,649) 7,951,003 Adjusted EBITDA (8)

Hyperion DeFi © 2026 28 HYPD Non - GAAP Cash Flow Summary Note: Adjusted Net Operating Cash Flow and Adjusted Net Investing Cash Flow are non - GAAP financial measures. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP metric. Q2 2026 Q1 2026 Q4 2025 Q3 2025 (Figures in $) (2,124,382) (2,607,344) (3,976,135) (2,822,819) Adjusted Net Operating Cash Flow (18) (6,165,672) (1,472,835) (6,319,039) (20,112,041) Adjusted Net Investing Cash Flow (17) 10,997,100 6,606,942 8,596,884 23,625,749 Net Cash and Cash Equivalents Provided by Financing Activities 2,707,046 2,526,763 (1,698,290) 690,889 Change in Cash, Cash Equivalents, and Stablecoins (16) 11,758,699 9,051,653 6,524,890 8,223,180 Ending Cash, Cash Equivalents, and Stablecoins (16)

Hyperion DeFi © 2026 29 Description of Q2 2026 Digital Assets Operating Business Lines within Non - GAAP Adjusted Gross Profit (1) *Throughout this document, LST(s) is the abbreviation for “Liquid Staking Token(s)”, including HiHYPE (Hyperion Institutional HY PE), kHYPE (Kinetiq Staked HYPE), and kmHYPE (Kinetiq Market HYPE). Note: Adjusted Gross Profit is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed defi nitions and reconciliations to the nearest GAAP Metric. Description Digital Assets Business Activity MAX token airdrop and subsequent sale; one - time USDH sunset grant from Felix to HYPD paid in USDC (committed in June 2026, paid in July 2026). Ecosystem Rewards DeFi Monetization partnerships in connection with the Company’s temporary HYPE token use agreements plus third - party fees accrued in connection with yield enhancement activity. DeFi Monetization The Company’s first - party yield enhancement activity, including within the Hyperion Rysk Vault, and excluding third - party fees. Yield Enhancement The Company’s portion of accrued net validator commissions from the Kinetiq x Hyperion Hyperliquid Validator, which are earned in HYPE and expressed as US dollars. Validator Commissions The Company’s first - party Staking Yield on HYPE and HYPE LSTs* earned in HYPE and presented in US dollars. Staking Yield

Hyperion DeFi © 2026 30 Non - GAAP Financial Measures & Reconciliations Reconciliation of Adjusted Gross Profit (1) (unaudited) Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. For the Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 (Figures in $) 357,693 244,271 192,287 302,506 Gross Profit 255,275 154,806 172,463 58,771 Add: Accumulated but unrealized staking yield on LSTs (10) 112,032 39,401 79,461 78,109 Add: Net gains on derivative instruments 351,000 - - - Add: Treasury gains (losses) attributable to derivative activity (128,614) 171,970 - - Add: Accumulated but unrealized yield enhancement activity (15) 18,699 - 285,450 - Add: Income from airdrops (33,991) 150,163 - - Add: Upfront receipt of HPL pursuant to partnership agreements 70,843 - - - Add: USDH sunset grant from Felix 147,098 198,957 90,636 - Add: Interest Income from DeFi Monetization activity 1,150,035 959,568 820,997 439,386 Adjusted Gross Profit (1)

Hyperion DeFi © 2026 31 As of June 30, 2026 Token Price $ Token Count Value $ 64.95 1,141,174 74,119,231 HYPE digital assets Add: 22.17 398,277 8,828,972 HiHYPE at carrying value 34.91 455,434 15,897,330 kHYPE at carrying value 20.67 28,888 597,068 kmHYPE at carrying value N.M.* 18,340 33,192,611 Unrealized accretion (dilution) expected upon future LST to HYPE Token Reconversion (11) 132,635,212 Gross HYPE Holdings (4) 64.95 2,042,113 Gross HYPE Tokens (2) 11,373,007 Unrealized accretion (dilution) expected upon LST to HYPE reconversion as of March 31, 2026 21,819,604 In - Period Change in unrealized accretion (dilution) expected upon LST to HYPE reconversion versus March 31, 2026 *Throughout this document, N.M. is the abbreviation for "Not Meaningful“. Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. Non - GAAP Financial Measures & Reconciliations Q2’26 Reconciliation of Gross HYPE Holdings (4) (unaudited)

Hyperion DeFi © 2026 32 As of March 31, 2026 Token Price $ Token Count Value $ 36.62 690,505 25,286,164 HYPE digital assets Add: 36.62 302,327 11,071,201 HYPE digital assets receivable* 36.62 250,000 9,230,486 HYPE digital intangible assets receivable** 20.58 378,277 7,785,852 HiHYPE at carrying value 20.67 275,434 5,693,449 kHYPE at carrying value 20.67 28,888 597,068 kmHYPE at carrying value N.M. 14,421 11,373,007 Unrealized accretion (dilution) expected upon future LST to HYPE Token Reconversion (11) 71,037,344 Gross HYPE Holdings (4) 36.62 1,939,851 Gross HYPE Tokens (2) 3,499,665 Unrealized accretion (dilution) expected upon LST to HYPE reconversion as of December 31, 2025 7,873,342 In - Period Change in unrealized accretion (dilution) expected upon LST to HYPE reconversion versus December 31, 2025 *Presented gross of $586,774 allowance for credit losses and $108,321 unamortized nonrefundable upfront fee. ** Presented gross of $323,067 allowance for credit losses. ***Throughout this document, N.M. is the abbreviation for "Not Meaningful“. Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. Non - GAAP Financial Measures & Reconciliations Q1’26 Reconciliation of Gross HYPE Holdings (4) (unaudited)

Hyperion DeFi © 2026 33 As of December 31, 2025 Token Price $ Token Count Value $ 25.43 638,352 16,233,941 HYPE digital assets Add: 25.43 300,725 7,647,740 HYPE digital assets receivable* 21.18 398,277 8,437,277 HiHYPE at carrying value 22.49 505,434 11,369,458 kHYPE at carrying value 22.49 28,888 649,820 kmHYPE at carrying value N.M. 9,410 3,499,665 Unrealized accretion (dilution) expected upon future LST to HYPE Token Reconversion (11) 47,837,901 Gross HYPE Holdings (4) 25.43 1,881,086 Gross HYPE Tokens (2) 4,912,082 Unrealized accretion (dilution) expected upon LST to HYPE reconversion as of September 30, 2025 (1,412,417) In - Period Change in unrealized accretion (dilution) expected upon LST to HYPE reconversion versus September 30, 2025 *Presented gross of $405,331 allowance for credit losses and $307,278 unamortized nonrefundable upfront fee. Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. Non - GAAP Financial Measures & Reconciliations Q4’25 Reconciliation of Gross HYPE Holdings (4) (unaudited)

Hyperion DeFi © 2026 34 Non - GAAP Financial Measures & Reconciliations Q3’25 Reconciliation of Gross HYPE Holdings (4) (unaudited) *The Company did not hold any LSTs on or prior to June 30, 2025. Therefore, as of September 30, 2025, the in - period change in un realized accretion (dilution) expected upon LST to HYPE Token Reconversion is the same as the absolute figure. Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. As of September 30, 2025 Token Price $ Token Count Value $ 45.19 839,889 37,954,590 HYPE digital assets Add: 39.74 877,871 34,884,932 HiHYPE at Carrying Value N.M. 2,788 4,912,082 Unrealized accretion (dilution) expected upon future HiHYPE to HYPE Token Reconversion (11) 77,751,604 Gross HYPE Holdings (4) 45.19 1,720,549 Gross HYPE Tokens (2) 4,912,082 In - Period Change in unrealized accretion (dilution) expected upon LST to HYPE reconversion versus June 30, 2025*

Hyperion DeFi © 2026 35 For the Three Months Ended Reconciliation of Operating Expense Excluding Stock - Based Compensation (5) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Value $ Value $ Value $ Value $ 3,918,591 4,493,604 4,530,542 2,594,130 Selling, general and administrative expense (1,632,349) (1,804,485) (1,712,361) 1,347,031 Subtract: stock - based compensation expense 58,492 286,764 188,954 373,855 Add: research and development expense 2,344,734 2,975,883 3,007,135 4,315,016 Operating Expense Excluding Stock - Based Compensation (5) Non - GAAP Financial Measures & Reconciliations Reconciliation of Operating Expenses Excluding Stock - Based Compensation (5) (unaudited) & Disaggregated Stock - Based Compensation Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. For the Three Months Ended Disaggregated Stock - Based Compensation June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Value $ Value $ Value $ Value $ - - - (2,140,000) Mark - to - market adjustment of vested but undelivered stock - based compensation 997,563 997,563 997,563 209,648 Amortized expensing of unearned executive milestone awards 634,786 806,922 714,798 583,321 All remaining stock - based compensation 1,632,349 1,804,485 1,712,361 (1,347,031) Total Stock - Based Compensation

Hyperion DeFi © 2026 36 For the Three Months Ended (Figures in $) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 30,650,049 8,478,848 (39,958,264) 4,125,685 Net Operating Income (Expenses) Add Back : 58,492 286,764 188,954 373,855 Research and development expense 3,918,591 4,493,604 4,530,542 2,594,130 Selling, general and administrative expense 57,773 - - - Impairment of right of use assets (909,842) 504,511 405,331 - Provision for credit losses 21,819,604 7,873,342 (1,412,417) 4,912,082 In - Period Change in unrealized accretion (dilution) upon LST to HYPE reconversion Subtract : (255,275) (154,806) (172,463) (58,771) Accumulated but unrealized staking yield on LSTs (10) (18,699) - (285,450) - Income from airdrops (42,035) - - - Realized gains / losses from Rysk Vault shares redemption (112,032) (39,401) (79,461) (78,109) Net gains on derivative instruments (351,000) - - - Treasury losses (gains) attributable to derivative activity 54,815,626 21,451,862 (36,783,228) 11,868,872 Treasury Gains (Losses) (6) Non - GAAP Financial Measures & Reconciliations Reconciliation of Treasury Gains (Losses) (6) (unaudited) Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding.

Hyperion DeFi © 2026 37 For the Three Months Ended (Figures in $) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 (56,779) 108,431 (288) 2,197,391 Total Other Income (Expense), Net Add Back : 233,760 225,869 224,799 223,080 Interest Expense - (225,173) - (2,407,154) Reduction in life sciences liabilities (12) 2,037 142,415 (85,158) (55,557) Other non - recurring items (13) (147,098) (198,957) (90,636) - Subtract : Interest Income from DeFi Monetization activity 31,919 52,585 48,717 (42,240) Adjusted Other Income (Expense) (7) Non - GAAP Financial Measures & Reconciliations Reconciliation of Adjusted Other Income (Expense) (7) (unaudited) Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding.

Hyperion DeFi © 2026 38 For the Three Months Ended (Figures in $) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 30,950,963 8,840,550 (39,765,565) 6,625,582 Net Income (Loss) Add back : 1,632,349 1,804,485 1,712,361 (1,347,031) Stock - based compensation 233,760 225,869 224,799 223,080 Interest expense (909,842) 504,511 405,331 - Provision for credit losses - - - - Income taxes - - - Depreciation and amortization expense* 57,773 - - - Impairment of right of use assets - (225,173) - (2,407,154) Reductions in life sciences liabilities (12) 2,037 142,415 (85,158) (55,557) Other Non - Recurring Items (13) Add : 21,819,604 7,873,342 (1,412,417) 4,912,082 In - period change in unrealized accretion (dilution) expected upon LST to HYPE reconversion (128,614) 171,970 - - Accumulated but unrealized yield enhancement activity (15) (42,035) - - - Realized losses (gains) from Rysk Vault shares redemption (33,991) 150,163 - - Upfront receipt of HPL tokens pursuant to partnership agreements 70,843 - - - USDH sunset grant from Felix 53,652,846 19,488,132 (38,920,649) 7,951,003 Adjusted EBITDA (8) Non - GAAP Financial Measures & Reconciliations Reconciliation of Adjusted EBITDA (8) (unaudited) *Does not include Amortization of Operating Lease. Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding.

Hyperion DeFi © 2026 39 (Figures in $) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 132,635,212 71,037,344 47,837,901 77,751,604 HYPE digital assets, as adjusted to Gross HYPE Holdings (4) 172,196 193,780 111,406 - Add: KNTQ & sKNTQ at Carrying Value 91,000 149,820 - - Add: HPL & sHPL at Carrying Value - 1,615,075 - - Add: Hyperion Rysk Vault Shares at Cost Basis* 12,908,877 8,803,947 7,245,809 9,085,767 Add: Current Assets (5,601,327) (4,509,992) (2,701,013) (4,037,092) Subtract: Current Liabilities** (5,979,570) (7,416,353) (8,339,366) (8,254,696) Subtract: Notes Payable *** 134,226,478 69,873,504 44,154,737 74,545,583 Net Asset Value (9) Non - GAAP Financial Measures & Reconciliations Reconciliation of Net Asset Value (9) (unaudited) *Digital intangible assets representing claims on USDH/USDC held in the Hyperion Rysk Institutional Volatility Income Vault. **Includes Notes payable - current portion as of March 31, 2026 and June 30, 2026; does not subtract debt discount of $36,974 as of March 31, 2026 and $92,435 as of June 30, 2026. ***Non - current portion; does not subtract debt discount of $598,691 as of September 30, 2025, $543,230 as of December 31, 2025, $450,796 as of March 31, 2026, or $339,874 as of June 30, 2026. Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding.

Hyperion DeFi © 2026 40 For the Three Months Ended (Figures in $) June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 (5,642,387) (1,472,835) (6,319,039) (20,112,041) Net Cash and Cash Equivalents Used in Investing Activities (523,285) - - - Add : Net Impact of Non - Cash Digital Asset Acquisitions and Dispositions* (6,165,672) (1,472,835) (6,319,039) (20,112,041) Adjusted Net Investing Cash Flow (17) Non - GAAP Financial Measures & Reconciliations Reconciliation of Adjusted Net Investing Cash Flow (17) (unaudited) *Reflects the net investing cash flow impact of digital asset acquisitions and dispositions of and by non - cash current assets, i ncluding USDC and USDH stablecoins. **Reflects quarterly variance in assets the Company considers to be economically equivalent, but not functionally equivalent, to cash (driven by a limited ability to redeem into US Dollars one - for - one), but not reflected in quarterly GAAP “cash and cash equivalents”, including from time - to - time USDC and USDH Stablecoin as well as deposits and redemptions from the Hyperion Rysk Vault. Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. For the Three Months Ended (Figures in $) June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 (3,098,419) (4,064,063) (4,190,147) (2,822,819) Net Cash and Cash Equivalents Used in Operating Activities 523,285 - - - Subtract : Net Impact of Non - Cash Digital Asset Acquisitions and Dispositions* 450,752 1,456,719 214,012 - Add : Change in Non - GAAP Cash Equivalents** (2,124,382) (2,607,344) (3,976,135) (2,822,819) Adjusted Net Operating Cash Flow (18) Non - GAAP Financial Measures & Reconciliations Reconciliation of Adjusted Net Operating Cash Flow (18) (unaudited)

Hyperion DeFi © 2026 42 Footnotes 1. “Adjusted Gross Profit” is a non - GAAP measure. Adjusted Gross Profit is defined as all in - period gross profit generated by the C ompany’s operations excluding gains and losses on its digital asset treasury. Such operating activities include staking yield, validator operations, yield enhancement activity, DeFi monetization partnerships, ecosystem rewards, and (prior to 202 6) life sciences operations. It is reconciled to the GAAP measure “Gross Profit” by adding ( i ) accumulated but unrealized staking yield on LSTs, (ii) Net gains on derivative instruments, (iii) the portion of treasury gains (losses) attributable to de rivative activity, (iv) accumulated but unrealized yield enhancement activity as further described in Footnote 15, (v) income fr om airdrops, (vi) the impact of upfront receipt and recognition of Company’s HPL tokens pursuant to its partnership agreements w ith HyperLend, (vii) the impact of a one - time grant from the Felix Foundation (“Felix”) in connection with the USDH stablecoin sunset (committed in June 2026 and received in July 2026), and (viii) the portion of GAAP “Interest Income” genera ted from digital assets receivable. We believe “Adjusted Gross Profit” is a helpful financial measure to our management and investors as it aims to capture all in - period gross profit generated by our active operational strategies without the impact of (i) the temporary GAAP earnings volatility of HYPE to LST conversion and LST to HYPE reconversion, (ii) the temporary GAAP earnings volatility of depositing and redeeming USDH/USDC versus Hyperion Rysk Vault Shares and delays in recognition of up front received premium on expired sold put and call options on the price of HYPE, (iii) the over - time GAAP recognition of the Company’s receipt of HPL tokens, (iv) the timing delay between commitment and receipt of a grant from Feli x, (v) dispersed GAAP presentment of our operational strategies across various Statements of Operations sections, or (iv) the impacts of gains and losses on our digital asset treasury. We believe Adjusted Gross Profit is a critical metric to quant ify and compare our core operational activities between periods. In the Company’s earnings release and earnings supplement for three months ended September 30, 2025 and December 31, 2025, we previously reconciled Non - GAAP “Adjusted Gross Profit” to GA AP “Revenue”. Given changes in GAAP presentment related to staking and validating activities, we believe for the three months ended March 31 and June 30, 2026, the closest comparable GAAP metric to Adjusted Gross Profit is Gross Profi t. 2. The following are unaudited supplemental operating disclosures: Gross HYPE Tokens, the number of HYPE tokens staked at the Ki net iq x Hyperion Validator, Validator Commissions in HYPE, Staking Yield in HYPE (which includes accrued staking rewards on LSTs), and HYPE Earned in Staking & Validating (which includes accrued staking rewards on LSTs). 3. Calculated as the sum of the in - period Non - GAAP Adjusted Gross Profit components of (a) Validator Commissions plus (b) Staking Y ield (such figures being expressed in - period in US Dollars), divided by the sum of (a) Validator Commissions in HYPE plus (b) Staking Yield in HYPE. 4. “Gross HYPE Holdings” is a non - GAAP measure. Gross HYPE Holdings is defined as the gross market value of the Company’s HYPE assu ming (a) all temporary HYPE token use agreements are exited, (b) all collateralized OTC HYPE derivatives are exited (and such LST collateral returned to the Company), and (c) all LSTs are converted back to HYPE tokens as of the end of ea ch respective reporting quarter. It is reconciled to the GAAP measure “HYPE digital assets” by adding (i) HYPE digital assets receivable (without subtracting allowance for credit loss or unamortized nonrefundable upfront fees), (ii) HYPE digita l i ntangible assets receivable (without subtracting allowance for credit loss), (iii) HYPE LSTs at carrying value (including without limitation HiHYPE, kHYPE, and kmHYPE) and (iv) the unrealized accretion (dilution) expected upon LST to HYPE reconversio n as of the end of each respective reporting quarter. We believe Gross HYPE Holdings is a helpful non - GAAP financial measure to our management and investors because it eliminates the temporary HYPE value impacts caused by our DeFi M one tization and Yield Enhancement token movements as well as the conversion and reconversion between HYPE tokens and LSTs, which (a) causes staking yield on our LSTs not to be recognized in - period in accordance with GAAP and (b) does not recognize upward mark - to - market movements in underlying HYPE tokens given LSTs are carried at the lower of cost basis or impaired value. As such, it provides useful information about our balance sheet, allows for greater transparenc y w ith respect to important metrics used by our management for financial, risk management and operational decision - making, and provides an additional tool for investors to understand and compare our operating results across reporting period s. 5. "Operating Expenses Excluding Stock - Based Compensation" is a non - GAAP measure. Operating Expenses Excluding Stock - Based Compensa tion is defined as the Company's operational expenses in - period excluding treasury value movements, stock - based compensation, and impairment of right of use assets. It is reconciled to the GAAP measure “Selling, general and admi nistrative expense” by (i) subtracting stock - based compensation expense and (ii) adding Research and development expense. Operating Expenses Excluding Stock - Based Compensation provides a metric of total operating expenditures in - period witho ut the impact of treasury value movements, stock - based compensation, or impairment of right of use assets, thereby creating a helpful metric for operational expense comparisons between different periods for our management and invest ors . 6. "Treasury Gains (Losses)" is a non - GAAP measure. Treasury Gains (Losses) is defined as the gross value change in the company's d igital asset treasury portfolio each period, without accounting for temporary GAAP impacts due to HYPE to LST conversion (or LST to HYPE reconversion) or income driven by airdrops or yield enhancement activity. It is reconciled to the GAA P measure “Net Operating Income (Expenses)" by (a) adding (i) research and development expense, (ii) selling, general, and administrative expense, (iii) impairment of right of use assets, (iv) provision for credit losses, and (v) the in - period cha nge in unrealized accretion (dilution) expected upon LST to HYPE reconversion, and (b) subtracting (i) accumulated but unrealized staking yield on LSTs, (ii) income from airdrops, (iii) realized gains and losses from Rysk Vault shares redemptio n, (iv) net gains on derivative instruments, and (v) treasury value changes attributable to derivative activity (which are alrea dy captured in the Non - GAAP metric “Adjusted Gross Profit”). Following these adjustments, Treasury Gains (Losses) is a singular met ric that can present treasury value changes in isolation, which we believe is a helpful metric for management and investors given our large digital asset treasury position and the volatile nature of our digital assets. 7. "Adjusted Other Income (Expense)" is a non - GAAP measure. Adjusted Other Income (Expense) reflects management’s view of recurring activities outside of core operating income and operating expenses. It is reconciled to the GAAP measure "Total Other Income (Expense), Net" by (a) adding back (i) interest expense, (ii) non - recurring gains from reductions in life sc iences liabilities, and (iii) other non - recurring items which we do not consider material in nature, and (b) subtracting the portion of GAAP “Interest Income” generated from digital assets receivable. The items added back to Adjusted Other Income (Ex pen se) are excluded because they are non - cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less m ean ingful. The item subtracted from Adjusted Other Income (Expense) is already captured in the Non - GAAP metric “Adjusted Gross Profit”, as further described in Footnote 1. We believe Adjusted Other Income (Expense) provides a helpful vi ew to management and investors regarding recurring and ongoing income and expense items outside of core operating income and expenses, presented in a way to compare these elements over time.

Hyperion DeFi © 2026 43 Footnotes (continued) 8. “Adjusted EBITDA” is a non - GAAP measure. Adjusted EBITDA is meant to reflect management’s view of recurring business activities and a more comparable view of the mark - to - market impacts on our digital asset treasury holdings in - period. It is reconciled to the GAAP measure “Net Income (Loss)” by removing (i) stock - based compensation, (ii) interest expense, (iii) provis ion for credit losses, (iv) income taxes, (v) depreciation and amortization expense (excluding amortization of operating lease), (vi) impairment of right of use assets, (vii) non - recurring gains from reductions in life sciences liabilities, and (vii i) other non - recurring items which we do not consider material in nature; and, it adds in (i) the in - period change in unrealized accretion (dilution) expected upon LST to HYPE reconversion, (ii) accumulated but unrealized yield enhancement activity as fu rth er described in Footnote 15, (iii) realized gains and losses from Rysk Vault shares redemption, (iv) the impact of upfront receipt and recognition of Company’s HPL tokens pursuant to its partnership agreements with HyperLend, and (v) the im pac t of a one - time grant from Felix in connection with the USDH stablecoin sunset (committed in June 2026 and received in July 2026). The items excluded from our Adjusted EBITDA are excluded because they are non - cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. The items added to Adjusted EBITDA are included to give a mor e c omplete picture of our in - period operations and mark - to - market impacts on our digital assets, disregarding (i) the temporary GAAP earnings volatility of HYPE to LST conversion and LST to HYPE reconversion, (ii) the temporary GAAP earnings v ola tility of depositing and redeeming USDH/USDC versus Hyperion Rysk Vault Shares and delays in recognition of upfront received premium on expired sold HYPE put and call options, (iii) the over - time GAAP recognition of the Company’s receip t of HPL tokens, and (iv) the timing delay between commitment and receipt of a grant from Felix. Adjusted EBITDA is used by management, in addition to GAAP financial measures, to understand and compare our operating results across accounting pe riods, for risk management and operational decision - making purposes. This non - GAAP measure provides investors with additional information in evaluating the Company's operating performance. 9. “Net Asset Value” is a non - GAAP measure. Net Asset Value is defined as the estimated market value of our digital assets less net outstanding debt. It is reconciled to the GAAP measure “HYPE digital assets” as adjusted to “Gross HYPE Holdings” (described more fully in Footnote 4) by (i) adding KNTQ digital assets and sKNTQ digital intangible assets at carrying value, (i i) adding HPL digital assets and sHPL digital intangible assets at carrying value, (iii) adding Hyperion Rysk Vault Shares at cost basis, (iv) adding Current Assets, (v) subtracting Current Liabilities (including current portion of Notes Payable, with out subtracting corresponding debt discounts or any unamortized issuance expenses), and (vi) subtracting Notes Payable (Non - current portion, without subtracting corresponding debt discounts or any unamortized issuance expenses). We believe Net Ass et Value is a helpful non - GAAP financial measure to our management and investors because it provides a more complete picture of our net assets. It does not include other non - current assets or non - current liabilities beyond the aforement ioned items. The Company believes Net Asset Value provides useful information about our balance sheet and financial performance, enhances the overall understanding of our past performance and future prospects, allows for greater transparency wi th respect to important metrics used by our management for financial, risk management and operational decision - making, and provides an additional tool for investors to use to understand and compare our operating results across accountin g p eriods. 10. Represents in - period accrued staking yield on HYPE LSTs. Staking yield on LSTs is not recognized in - period in accordance with GA AP; instead, LST staking yield may be recognized as a realized gain upon future reconversion from LSTs back into HYPE. 11. Represents the estimated future financial implications if all company - owned LSTs were reconverted to HYPE at the end of each res pective period. Encapsulates both the temporary GAAP valuation methodology differences between LSTs and HYPE plus the realization of previously accrued but unrecognized staking yield on LSTs. 12. In the three months ended September 30, 2025, Gain on extinguishment of liability and a reduction in accrued liability within ot her income was approximately $2.2 million and $0.2 million respectively, combined totaling $2.4 million. In the three months ended March 31, 2026, gain on extinguishment of liabilities within Other income (expense), net totaled $0.2 million. 13. In the reconciliation of “Total Other Income (Expense), Net” to “Adjusted Other Income (Expense)”, as well as in the reconcil iat ion of “Net Income (Loss)” to “Adjusted EBITDA”, other non - recurring items include (a) gains and losses on sales and disposals of life sciences equipment and furniture, (b) release of reserves held against potential returns of company - sold items , (c) a one - time realized payment in connection with a terminated LOI, and (d) gains and losses due to valuation differences in the time between contractual and actual delivery dates on certain company - paid expenses denominated in HYPE and i n Company equity. 14. Estimated and unaudited figures as of June 30, 2026. 15. Includes all net cash, cash equivalents, and USDC/USDH premiums received but unrealized on expired sold HYPE puts and calls, inc luding within the Hyperion Rysk Vault, as well as third - party fees on yield enhancement activities (such third - party fees being included in DeFi Monetization within Non - GAAP Adjusted Gross Profit). 16. Includes assets the Company considers to be economically equivalent, but not functionally equivalent, to cash, such as USDC a nd USDH Stablecoin as well as deposits and redemptions from the Hyperion Rysk Vault. 17. “Adjusted Net Investing Cash Flow” is a non - GAAP measure. Adjusted Net Investing Cash Flow is defined as the estimated total net cash (including non - GAAP cash equivalents) generated from / (used for) acquisitions and dispositions of assets for investing purposes. It is reconciled to the GAAP measure “Net Cash and Cash Equivalents Used in Investing Activities” by addi ng the net impact of non - cash digital asset acquisitions and dispositions. We believe Adjusted Net Investing Cash Flow is a helpful non - GAAP financial measure to our management and investors because it removes the in - period cash flow volatility which can be caused by purchases and sales of and by non - cash current assets, including USDC and USDH stablecoins. The Company believes Net Asset Value provides useful information about our financial performance and cash flows with greater tra nsparency for investors to understand and compare our operating results across accounting periods. 18. “Adjusted Net Operating Cash Flow” is a non - GAAP measure. Adjusted Net Operating Cash Flow is defined as the estimated total net cash (including non - GAAP cash equivalents) generated from / (used for) the Company’s operating activities. It is reconciled to the GAAP measure “Net Cash and Cash Equivalents Used in Operating Activities” by (a) subtracting the net impact of non - cash digital asset acquisitions and dispositions and (b) adding quarterly variance in assets the Company considers to be economically equivalent, but not functionally equivalent, to cash (including from time - to - time USDC and USDH Sta blecoin as well as deposits and redemptions from the Hyperion Rysk Vault). We believe Adjusted Net Operating Cash Flow is a helpful non - GAAP financial measure to our management and investors because it removes the in - period operating cas h flow volatility which can be caused by the inflows and outflows of non - GAAP cash equivalents.

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