Solana Co (HSDT) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. Welcome to Solana Company's third-quarter operating results conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加索拉納公司第三季經營業績電話會議。（操作說明）

I would now like to hand the conference over to [Sarina Jassy], Investor Relations. You may begin.

現在我將把會議交給投資者關係部門的[Sarina Jassy]。你可以開始了。

Thank you, operator. Before we begin, I would like to inform you that comments and responses to your questions during today's call reflect management's views as of today, November 18, 2025, only, and will include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations, and other similar information. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties.

謝謝接線生。在開始之前，我想告知各位，今天電話會議期間的評論和對各位提問的回答僅反映管理層截至 2025 年 11 月 18 日的觀點，並將包括前瞻性陳述和意見陳述，包括預測、估計、計劃、預期和其他類似信息。由於存在某些風險和不確定性，實際結果可能與明示或暗示的結果有重大差異。

These risks and uncertainties are more fully described in our press release issued earlier today and in the section entitled Risk Factors annual report on Form 10-K filed with the United States Securities and Exchange Commission, or the SEC, on March 25, 2025, and in other subsequent filings with the SEC. Our SEC filings can be found on our website or on the SEC's website.

這些風險和不確定性在我們今天早些時候發布的新聞稿以及2025年3月25日向美國證券交易委員會（SEC）提交的10-K表格年度報告中題為“風險因素”的部分以及隨後向SEC提交的其他文件中均有更詳細的描述。您可以在我們的網站或美國證券交易委員會的網站上找到我們向美國證券交易委員會提交的文件。

Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements. Please note that this conference call will be available for audio replay on our website under the News and Events section of our Investor Relations page.

投資人應注意，不要過度依賴前瞻性陳述。我們不承擔更新或修改這些前瞻性陳述的任何義務。請注意，本次電話會議的音訊回放將在我們網站的「投資者關係」頁面的「新聞與活動」部分提供。

With that, I would now like to turn the call over to Solana Company's Executive Chairman, Joseph Chee.

接下來，我將把電話交給索拉納公司執行主席約瑟夫·奇先生。

Thank you. Good morning, everyone, and welcome to our first earnings call since that we successfully raised over $500 million to fund our digital asset treasury strategy in September.

謝謝。各位早安，歡迎參加我們自9月成功籌集超過5億美元資金用於數位資產國庫戰略以來的首次財報電話會議。

I'm Joseph Chee, the Executive Chairman of Solana Company. I'm honored and pleased to be able to work with the capable Board of Directors and executive team closely since my appointment. Additionally, since 2017, I have served as the Founder and Chairman of Summer Capital, one of the earliest licensed funds in Asia that invest in crypto blockchain sector, one of the co-sponsor for the PIPE transaction and now one of the two strategic advisers to Solana Company.

我是索拉納公司執行主席 Joseph Chee。自上任以來，我非常榮幸和高興能夠與才華橫溢的董事會和執行團隊密切合作。此外，自 2017 年以來，我一直擔任 Summer Capital 的創始人和董事長，Summer Capital 是亞洲最早獲得許可投資於加密區塊鏈領域的基金之一，也是 PIPE 交易的聯合發起人之一，現在是 Solana 公司的兩位策略顧問之一。

The Solana digital treasury strategy and the PIPE transaction marked a new beginning for Solana Company and its shareholders. Pantera and Summer are committed to providing strategic support to accelerate the growth of the company going forward. The USD120 million investment by Pantera, is the single largest cash investment in Pantera history.

Solana 的數位財務策略和 PIPE 交易標誌著 Solana 公司及其股東的新開始。Pantera 和 Summer 致力於提供策略支持，以加速公司未來的發展。Pantera 的這筆 1.2 億美元的投資，是 Pantera 史上最大的單筆現金投資。

Pantera, together with Summer Capital and its ecosystem partners, accounted for roughly half of the total capital raised, underscoring their conviction in Solana Company's strategy and long-term potential and the company's commitment to deliver results. I believe the background experience that Pantera and Summer give HSDT both global reach and institutional credibility.

Pantera 與 Summer Capital 及其生態系統合作夥伴共同籌集了約一半的資金，這凸顯了他們對 Solana 公司戰略和長期潛力的信心，以及該公司致力於取得成果的承諾。我相信 Pantera 和 Summer 的背景經驗能夠為 HSDT 帶來全球影響力和機構信譽。

Since the closing of the PIPE transaction, we are now squarely focused on executing our digital asset treasury strategy. We aim to incorporate all of the learnings from our strategic investors about what has worked well and what hasn't worked to really hone the plan. As we look forward, there are three pillars of execution we are focused on: advocacy, capital markets, and treasury management.

自從PIPE交易完成以來，我們現在正全力以赴地執行我們的數位資產資金管理策略。我們的目標是將策略投資者提供的所有經驗教訓，包括哪些做法行之有效，哪些做法行不通，都融入計劃中，從而真正完善該計劃。展望未來，我們將重點放在三個執行支柱：宣傳、資本市場和資金管理。

First, let's talk about advocacy. Our goal is to maximize shareholder value, and we believe we can do so through maximizing Solana per share accumulation. One key underlying assumption there is that Solana itself is worthy of investment. Therefore, our number one job is advocating for Solana or telling the Solana story to help investors understand why Solana is a compelling asset.

首先，我們來談談倡議。我們的目標是最大化股東價值，我們相信可以透過最大化 Solana 的每股盈餘來實現這一目標。其中一個關鍵的潛在假設是，Solana 本身就值得投資。因此，我們的首要任務是宣傳 Solana 或講述 Solana 的故事，幫助投資者了解為什麼 Solana 是一項引人注目的資產。

Solana has become the most widely adopted and financially productive blockchain in the world. It now processes close to 80 million transactions per day with a median fee below [1.10%] and provides a native staking yield of more than 7%. That combination of throughput, portability, and productivity is why we believe Solana is the only blockchain that is both economically sustainable and institutionally relevant.

Solana 已成為全球應用最廣泛、經濟效益最高的區塊鏈。現在它每天處理近 8000 萬筆交易，中位數費用低於 [1.10%]，並提供超過 7% 的原生質押收益率。正是吞吐量、可移植性和生產力的結合，讓我們相信 Solana 是唯一既具有經濟可持續性又具有製度相關性的區塊鏈。

We see that in the numbers. Solana is number one chain in decentralized exchange volumes, the leading platform for stable coin payments through integration with PayPal and Stripe, and one of the fastest-growing ecosystem for real-world asset tokenization with activities from firms like BlackRock, Franklin Templeton, and Apollo. It is definitely one of the most secure and decentralized blockchains built for institutional adoption.

我們從數據中就能看出這一點。Solana 是去中心化交易量排名第一的區塊鏈，透過與 PayPal 和 Stripe 的集成，成為領先的穩定幣支付平台，並且是現實世界資產代幣化增長最快的生態系統之一，吸引了 BlackRock、Franklin Templeton 和 Apollo 等公司的參與。它絕對是專為機構採用而建構的最安全、最去中心化的區塊鏈之一。

Our focus at HSDT has been on advocating for why Solana matters, not only to the crypto native community, but also to Main Street and traditional financial institutions globally. We believe this broader audience will ultimately determine which assets are relevant. As part of the effort, we have been proactive in reaching outside of crypto echo chamber and bringing Solana story to the institutional world. Since our launch, HSDT has already appeared more than 10 times on main media such as CNBC and Bloomberg, helping bridge the conversation between traditional equity investors and the Solana ecosystem.

HSDT 的重點一直是宣傳 Solana 的重要性，不僅對加密貨幣原生社區，而且對全球的一般民眾和傳統金融機構也同樣重要。我們相信，更廣泛的受眾最終將決定哪些資產是相關的。作為這項工作的一部分，我們積極主動地走出加密貨幣的回音室，將 Solana 的故事帶給機構界。自推出以來，HSDT 已在 CNBC 和彭博社等主流媒體上出現超過 10 次，幫助建立了傳統股票投資者與 Solana 生態系統之間的溝通橋樑。

Our advisor, Dan Morehead; my partner, Cosmo Jiang; and myself have been actively participating in media interviews, podcasts, relevant conferences and events to promote Solana Company and its underlying assets sold not only in the US and UK, but also in Asia and the Middle East. We and the Solana Company were featured in many local print and digital press in the regions mentioned. Each of this opportunity reinforces our central message. Solana's speed, cost efficiency and real-world adoption make it one of the most credible and investable assets in our industry worldwide.

我們的顧問丹·莫爾黑德、我的合夥人科斯莫·江和我自己一直積極參與媒體採訪、播客、相關會議和活動，以推廣索拉納公司及其在美國和英國、亞洲和中東等地出售的基礎資產。我們和索拉納公司在上述地區的許多當地紙媒和數位媒體上都得到了報告。每一次這樣的機會都強化了我們的核心訊息。Solana 的速度、成本效益和實際應用使其成為全球業內最值得信賴和最具投資價值的資產之一。

Since we are the designated DAT to support Solana Foundation APAC region, we have traveled with the Solana Foundation senior management to Beijing, Shanghai, Hangzhou, Shenzhen, Hong Kong, and Singapore in the last two months by organizing, attending multiple conferences, panels gathering intensively over a few weeks. We have managed to reach out to thousands of people, including developers, investors, universities, research institutions, regulators, industry partners, including major tech companies to advocate for Solana blockchain as an ecosystem.

由於我們是索拉納基金會亞太地區的指定支援機構，在過去的兩個月裡，我們與索拉納基金會的高級管理層一起前往北京、上海、杭州、深圳、香港和新加坡，組織並參加了多場會議和小組討論，在幾週內進行了密集的集會。我們已成功接觸數千人，包括開發者、投資者、大學、研究機構、監管機構、行業合作夥伴以及主要科技公司，以倡導 Solana 區塊鏈作為生態系統。

The enthusiastic participation in all location and the conversation we had with the local communities made us realize that Asia is probably the single largest underpenetrated market with highest potential for Solana. We believe it also has the largest population of keen users, developers, tech companies, entrepreneurs ready to embrace the high-performance Solana blockchain.

各地的熱情參與以及我們與當地社區的交流，讓我們意識到亞洲可能是 Solana 滲透率最低、潛力最大的單一市場。我們相信，它也擁有數量最多的熱情用戶、開發者、科技公司和企業家，他們都準備好擁抱高效能的 Solana 區塊鏈。

This outreach is translating into results. Trading volume in HSDT has meaningfully outperformed the average of peer VATs, including other Solana VATs, reflecting a growing awareness of Solana's fundamentals and confidence in the DAT model. We view this as an early indicator that our advocacy strategy is working and investors are starting to view HSDT as the public gateway to Solana.

這種推廣活動正在轉化為實際成果。HSDT 的交易量顯著優於同業 VAT 的平均水平，包括其他 Solana VAT，這反映出人們對 Solana 基本面的認識不斷提高，以及對 DAT 模型的信心增強。我們認為這是一個早期跡象，表明我們的宣傳策略正在奏效，投資者開始將 HSDT 視為 Solana 的公共門戶。

As we committed to the investors during the fundraising process for the PIPE transaction, we have been focused on running the business with best market practices and the highest level of governance, diligence, and care. Cosmo will go through the outstanding results we achieved with the instantaneous activation of the ATM for fundraising, the tactical approach to Solana accumulation, and the rigor and discipline we apply to staking.

正如我們在 PIPE 交易的融資過程中對投資者所承諾的那樣，我們一直致力於以最佳市場實踐和最高水平的治理、盡職調查和謹慎態度來經營業務。Cosmo 將回顧我們在 ATM 即時啟動募款方面取得的傑出成果、Solana 累積的策略方法，以及我們對質押的嚴格性和紀律性。

We believe Pantera, as the asset manager, has delivered stellar results all around since we started with the new strategy. Just to reiterate, we are attempting to build the Berkshire Hathaway of the Solana ecosystem that compounds shareholder value and trades at a premium with a strong balance sheet, a clear strategy, and the expertise of a team that's experienced with DATs and its shareholder aligned with meaningful ownership.

我們相信，自從我們開始實施新策略以來，作為資產管理公司的 Pantera 在各方面都取得了卓越的成績。再次重申，我們正努力打造 Solana 生態系統中的波克夏·哈撒韋，以增強股東價值，並以溢價交易，同時擁有強大的資產負債表、清晰的戰略，以及一支在 DAT 方面經驗豐富的團隊的專業知識，並且其股東與公司利益保持一致，擁有有意義的所有權。

With that, I will turn it over to Cosmo to elaborate more on our strategy in capital markets and treasury management, and take a closer look at our third-quarter financials.

接下來，我將把發言權交給 Cosmo，讓他更詳細地闡述我們在資本市場和資金管理方面的策略，並仔細看看我們第三季的財務狀況。

Thank you, Joseph. I'm Cosmos Jiang, a Director for Solana Company and General Partner at Pantera Capital.

謝謝你，約瑟夫。我是 Cosmos Jiang，Solana 公司的董事，也是 Pantera Capital 的普通合夥人。

Pantera brings deep experience as a digital asset specialist investment firm. Pantera was the first blockchain dedicated institutional investment firm starting in 2013. Pantera anchored the first deals that catalyzed the digital asset treasury boom earlier this year, including pointing the term D A T, or DAT, and as such, have unmatched experience in digital asset treasuries as well as the US capital markets broadly.

Pantera作為一家專注於數位資產的投資公司，擁有豐富的經驗。Pantera 是第一家專注於區塊鏈的機構投資公司，成立於 2013 年。Pantera 在今年稍早促成了數位資產資金管理熱潮的首批交易，包括提出了 DAT 或 DAT 術語，因此，Pantera 在數位資產資金管理以及整個美國資本市場方面擁有無與倫比的經驗。

I will now discuss the market environment and our launch progress. Now let me take a step back. It is important to acknowledge the broader market backdrop. Over the past several months, the digital asset treasury market has cooled after a period of rapid expansion earlier in the year.

接下來我將討論市場環境和我們的產品發布進度。現在讓我退後一步。了解更廣泛的市場背景至關重要。過去幾個月，數位資產資金市場在經歷了年初的快速擴張後有所降溫。

That is not unexpected. From an investor's lens, when I think back to what I mapped out as the white space roughly six months ago, now in our view, much of that white space has been taken. We just witnessed the creation of a whole new category of businesses over the last seven months and the creation of a new category can only happen once. I believe this initial genesis phase of new DATs being launched is now largely over.

這並非意料之外。從投資人的角度來看，回想大約六個月前我規劃的空白市場，現在我們認為，大部分的空白市場已經被佔據了。在過去的七個月裡，我們見證了一個全新商業類別的誕生，而一個新類別的誕生只能發生一次。我認為，目前新推出的DAT磁帶的初始生成階段已經基本結束了。

Now that we see the white space as largely taken, we believe the industry is entering the execution and consolidation phase. The barriers to entry are a lot higher now for new entrants. Most debts will be outcompeted and have uninteresting outcomes, ultimately resulting in healthy industry consolidation. We, at Solana Company, anticipate that this will be where the strongest DATs will prove themselves out and win out through operational excellence and capital discipline.

現在我們看到空白市場基本上已被佔據，我們認為該行業正在進入執行和整合階段。現在新進入者的進入門檻要高得多。大多數債務將在競爭中敗北，結果不會令人滿意，最終將導致健康的產業整合。我們索拉納公司預計，最強大的DAT將在這裡證明自己，並透過卓越的營運和資本紀律贏得勝利。

We believe the best DATs can be amazing long-term outcomes for both shareholders and token holders, those with credible management teams, transparent reporting, and durable token per share growth. We believe we have the ingredients to do so here at Solana Company.

我們相信，最好的 DAT 可以為股東和代幣持有者帶來驚人的長期收益，這些 DAT 擁有可靠的管理團隊、透明的報告機制和可持續的每股代幣成長。我們相信索拉納公司具備實現這一目標的條件。

Our balance sheet strength, institutional sponsorship, and operational focus give us the foundation to continue building even in a more selective environment. As part of the company's continued commitment to maximize SOL per share through disciplined execution of its digital asset treasury strategy, including capital deployment, active on chain management, and transparent reporting, Solana Company has increased its holdings of SOL by roughly 100,000, or 0.1 million, in the first month of operation to a total of over 2.3 million tokens.

我們雄厚的資產負債表實力、機構贊助和營運重點，為我們即使在競爭更加激烈的環境中也能繼續發展奠定了基礎。作為公司持續致力於透過嚴格執行其數位資產資金管理策略（包括資本部署、積極的鏈上管理和透明的報告）來最大化每股 SOL 的一部分，Solana 公司在營運的第一個月就將其 SOL 持有量增加了約 10 萬枚（即 10 萬枚），使其代幣總數超過 230 萬枚。

The company also still holds $9.8 million of cash and stablecoins, which it intends to use to further the digital asset treasury. For the month of October, the company's average gross staking yield was 7.03% APY. This performance was approximately 36 basis points better than the 6.67% APY stake weighted average of the top 10 largest validators over the same period.

該公司目前還持有 980 萬美元的現金和穩定幣，並計劃用這些資金進一步擴充其數位資產庫。10 月份，該公司的平均毛質押收益率為 7.03% APY。這一表現比同期排名前 10 的最大驗證者的 6.67% APY 權益加權平均值高出約 36 個基點。

Solana Company's sole holdings are primarily staked through institutional-grade validator infrastructure with rewards automatically re-staked to compound returns. This staking yield translates to consistent daily on-chain revenue generation while preserving full liquidity and custody of underlying assets.

Solana 公司的唯一持股主要透過機構級驗證器基礎設施進行質押，獎勵會自動重新質押以實現複利收益。這種質押收益可以轉化為持續的每日鏈上收入，同時保持基礎資產的完全流動性和託管。

Let me elaborate on the next two of our execution pillars: capital markets and treasury management.

讓我詳細闡述我們執行支柱的另外兩個面向：資本市場和資金管理。

Capital market strategy is one of our pillars for execution, a driver of Solana per share growth. The objective is straightforward: to maximize tokens per share through disciplined capital formation and balance sheet management. We are focused on ensuring that every financing decision, whether equity or equity-linked, is structured to be accretive, meaning it increases the number of SOL per share for our existing shareholders.

資本市場策略是我們執行的支柱之一，也是 Solana 每股成長的驅動力。目標很明確：透過有紀律的資本形成和資產負債表管理，實現每股代幣數量的最大化。我們致力於確保每項融資決策，無論是股權融資或股權融資，都能帶來增值，這意味著它能增加我們現有股東每股的SOL數量。

As mentioned earlier, we have launched our ATM program and recently also announced a share buyback. The ATM is an important tool for a DAT and allows us to access liquidity continuously and in efficient spreads rather than relying on episodic and uncertain capital raises. The buyback is an important complement. Whether we are trading at a premium or a discount to mNAV, we now have the flexibility to act in ways that maximize Solana per share growth.

如前所述，我們已經推出了ATM計劃，並且最近還宣布了一項股票回購計劃。ATM 是 DAT 的重要工具，它使我們能夠持續地以有效的價差獲得流動性，而不是依賴零星且不確定的融資。回購是一項重要的補充措施。無論我們的交易價格是高於還是低於 mNAV，我們現在都有了更大的靈活性，可以採取各種方式來最大限度地提高 Solana 的每股成長。

When we trade above our NAV, the ATM allows us to issue accretively. When we trade below NAV, we can use other tools such as share buybacks. Beyond that, we are evaluating structured equity transactions, including convertible debt and warrant-linked financings that could provide flexible non-dilutive growth capital while monetizing Solana's inherent volatility.

當我們的交易價格高於淨資產值時，ATM 允許我們進行增值發行。當我們的交易價格低於淨資產值時，我們可以使用其他工具，例如股票回購。除此之外，我們正在評估結構化股權交易，包括可轉換債券和認股權證掛鉤融資，這些交易可以在將 Solana 固有的波動性貨幣化的同時，提供靈活的非稀釋性成長資本。

Finally, we are open to participating in M&A within the DAT ecosystem. As we move from the launch phase of the market into the execution phase, we believe consolidation will naturally occur. HSDT is well positioned to be an acquirer where it makes strategic sense, particularly in cases where smaller DATs trade below 1 times mNAV and can be integrated accretively.

最後，我們願意參與DAT生態系內的併購活動。隨著市場從啟動階段進入執行階段，我們認為整合將自然發生。HSDT 具備成為收購方的良好條件，尤其是在收購具有策略意義的情況下，特別是當規模較小的 DAT 的交易價格低於 1 倍 mNAV 且可以實現增值整合時。

Next is treasury management. As the asset manager, Pantera's expertise is really helpful here. That experience is already reflected in our execution. On our Solana purchases, we have been deliberate and data-driven. Our average cost basis is approximately $220 per SOL compared to about $240 at launch, representing roughly a 10% improvement versus the passive approach.

接下來是資金管理。作為資產管理方，Pantera 的專業知識在這裡真的很有幫助。我們已將這些經驗體現在我們的執行上。我們在購買 Solana 產品時，一直秉持著審慎和數據驅動的原則。我們的平均成本約為每SOL 220美元，而剛推出時約為240美元，與被動方法相比，成本降低了約10%。

On the validator side, we've also been disciplined in how we stake. In October, as mentioned above, we outperformed our peers, and that comes from careful validator selection, MEV capture, and continuous rebalancing. We believe that is a meaningful amount of outperformance versus what any individual investor may be able to achieve and even many other publicly traded Solana DATs.

在驗證者方面，我們也一直嚴格遵守質押規則。如上文所述，我們在 10 月的表現優於同行，這得益於我們精心挑選驗證者、MEV 捕獲和持續的再平衡。我們認為，與任何個人投資者可能獲得的收益，甚至與許多其他公開交易的 Solana DAT 相比，這是一個意義重大的超額收益。

Looking ahead, DeFi yield opportunities are on our roadmap, but only where we can identify risk-adjusted returns that make sense. We are carefully evaluating counterparty, smart contract, and regulatory risks before deployment. The goal is not to chase yield. It is to grow tokens per share in a sustainable risk-controlled way. We believe, through this approach of disciplined accumulation, active validator management, and selective yield enhancement, we are building a treasury that compounds value per share, not just one that holds tokens passively.

展望未來，DeFi收益機會已列入我們的發展路線圖，但前提是我們必須找到合理的風險調整後收益。在部署之前，我們會仔細評估交易對手風險、智慧合約風險和監管風險。目標不是追求收益。其目的是以可持續且風險可控的方式增加每股代幣數量。我們相信，透過這種有紀律的累積、積極的驗證者管理和選擇性的收益提升方法，我們正在建立一個能夠使每股價值複利增長的金庫，而不僅僅是一個被動持有代幣的金庫。

I would now like to turn the call over to Dane Andreeff for updates on the company's legacy business, its orally applied technology platform.

現在我想把電話交給 Dane Andreeff，讓他介紹一下公司的傳統業務——口服應用技術平台。

Thank you, Cosmo. At its core, the company was founded as a neurotechnology company dedicated to addressing neurologic deficits through its innovative orally applied technology platform. This proprietary platform enhances the brain's ability to activate physiologic, compensatory mechanisms and promote neuroplasticity, improving the lives of individuals with neurological conditions.

謝謝你，Cosmo。該公司最初是一家神經技術公司，致力於透過其創新的口服應用技術平台來解決神經系統缺陷。這個專有平台增強了大腦激活生理補償機制和促進神經可塑性的能力，從而改善了神經系統疾病患者的生活。

The company's first commercial product, the Portable Neuromodulation Stimulator, or PoNS, exemplifies its mission to advance neuro rehab through science and technology. The company had some exciting progress over the past quarter, both clinically and strategically.

該公司推出的首款商業產品——便攜式神經調節刺激器（PoNS），體現了其透過科學和技術推進神經復健的使命。過去一個季度，該公司在臨床和策略方面都取得了一些令人振奮的進展。

The PoNS stroke registration program study was successfully executed, resulting in positive clinical outcomes. The successful results of the Stroke Registrational Program supported our PoNS device submission for FDA 510(k) designation filed under its current FDA breakthrough device designation. Statistical analysis for the functional gait assessment primary endpoints demonstrated PoNS superior effectiveness in improving gait deficit by achieving a clinically meaningful mean improvement compared to the control group, reflecting the clinical significance of this therapeutic intervention.

PoNS中風登記計畫研究已成功實施，並取得了積極的臨床結果。中風登記計劃的成功結果支持了我們向 FDA 提交 PoNS 設備 510(k) 認定申請，該申請是根據其目前的 FDA 突破性設備認定提交的。功能性步態評估主要終點的統計分析表明，與對照組相比，PoNS 在改善步態缺陷方面具有更優的療效，實現了具有臨床意義的平均改善，這反映了此治療介入的臨床意義。

In the third quarter, we have seen increased US activity, including increased VA and cash sales. This has been supplemented by additional out-of-network third-party reimbursements. We are happy with the progress made at Helius this quarter and would like to reiterate our excitement that this strategic evolution represents Helius' next chapter as Solana Company.

第三季度，我們看到美國市場活動增加，包括增值稅和現金銷售的成長。此外，還有額外的網外第三方報銷。我們對 Helius 本季取得的進展感到滿意，並想重申，我們很高興這一策略演變代表了 Helius 作為 Solana 公司的新篇章。

By aligning its corporate strategy with the Solana Foundation and the broader Solana community, Solana Company positions itself at the intersection of breakthrough neuroscience and digital asset innovation, uniting two powerful platforms for sustainable growth and technological progress. I'm excited for the future of Solana Company.

Solana 公司透過將其企業策略與 Solana 基金會和更廣泛的 Solana 社群保持一致，將自身定位在突破性神經科學和數位資產創新的交匯點，從而將兩個強大的平台結合起來，實現永續成長和技術進步。我對索拉納公司的未來充滿期待。

Now I would like to turn the call over to Jeff to cover the financial results.

現在我把電話交給傑夫，讓他來介紹財務表現。

Thank you, Dane. Our financial results include the $500-plus million PIPE transaction that closed on September 18, 2025, and related DAT activities from that date through the end of the quarter. Our third-quarter revenue of $697,000 included first-time staking rewards income of $342,000, comprising the majority of the increase from the prior year period.

謝謝你，丹恩。我們的財務表現包括於 2025 年 9 月 18 日完成的 5 億美元以上的 PIPE 交易，以及從該日起至本季末的相關 DAT 活動。我們第三季的營收為 697,000 美元，其中包括首次質押獎勵收入 342,000 美元，佔上年同期成長的大部分。

For the third quarter, cost of revenue was $103,000 compared to $187,000 for the prior-year period, mainly due to decreased inventory reserve and production scrap expenses. Selling, general and administrative expenses for the third quarter of 2025 were $4.6 million compared to the $2.9 million reported in the third quarter of 2024, with the increase comprised of a $1.5 million discretionary bonus in the current year. Research and development expenses for the third quarter of 2025 were $0.9 million compared to $1.1 million in the third quarter of 2024, driven primarily by reduced clinical trial activities.

第三季營業成本為 103,000 美元，而去年同期為 187,000 美元，主要原因是庫存儲備金和生產廢料費用減少。2025 年第三季的銷售、一般及行政費用為 460 萬美元，而 2024 年第三季報告的為 290 萬美元，增加額包括本年度 150 萬美元的酌情獎金。2025 年第三季的研發費用為 90 萬美元，而 2024 年第三季為 110 萬美元，主要原因是臨床試驗活動減少。

Unrealized loss on digital assets of $30.5 million resulted from the net change in fair value of digital assets held by the company as of quarter end. Total operating expenses for the third quarter of 2025 were $36 million compared to $3.9 million in the third quarter of 2024. The resulting loss from operations for the third quarter of 2025 was $35.5 million compared to a loss of $4.1 million for the prior year period.

截至季末，公司持有的數位資產公允價值淨變動導致數位資產未實現損失 3,050 萬美元。2025 年第三季的總營運支出為 3,600 萬美元，而 2024 年第三季的總營運支出為 390 萬美元。2025 年第三季營運虧損為 3,550 萬美元，而上年同期虧損為 410 萬美元。

Current year nonoperating loss in the third quarter of $317.3 million included a $545.7 million loss on derivative liability attributable to the valuation of the stapled warrants from the September PIPE transaction and $194.7 million of financing costs from the September PIPE transaction, including a $171.3 million noncash charge from the advisory warrants issued and an $8.6 million noncash charge for shares issued to Clear Street, offset by a $423.3 million gain from the change in fair value of the derivative -- related derivative liability from those stapled warrants as of September 30, 2025.

本年度第三季非經營性虧損為 3.173 億美元，其中包括 9 月 PIPE 交易中捆綁認股權證估值產生的衍生負債損失 5.457 億美元，以及 9 月 PIPE 交易產生的融資成本 1.947 億美元，其中包括發行諮詢認股權證產生的 1.713 億美元非現金年 9 月 30 日，這些捆綁認股權證的衍生負債公允價值變動產生的 4.233 億美元收益所抵銷。

We reported a net loss for the third quarter of 2025 of $352.8 million or a loss of $32.89 per share. We had a net loss of $3.7 million in the prior-year period or a loss of $744.35 per basic and diluted common share. At September 30, 2025, we had $124 million in cash and $350.2 million of digital assets at fair value for a combined total of $474.2 million. Also at that date, we had a combined total of 75.9 million common shares and prefunded warrants outstanding.

我們公佈 2025 年第三季淨虧損 3.528 億美元，即每股虧損 32.89 美元。上年同期，我們淨虧損 370 萬美元，即每股普通股（包括基本股和稀釋股）虧損 744.35 美元。截至 2025 年 9 月 30 日，我們擁有 1.24 億美元的現金和 3.502 億美元的數位資產（以公允價值計算），總計 4.742 億美元。截至當日，我們共有7,590萬股普通股及預付認股權證流通在外。

Finally, as of November 17, 2025, certain provisions of the 2025 stapled warrants related to adjustments of the Black-Scholes inputs in determining the warrant value in the event of a fundamental transaction were amended.

最後，截至 2025 年 11 月 17 日，與在發生重大交易時確定認股權證價值時調整 Black-Scholes 輸入值相關的 2025 年合訂認股權證的某些條款進行了修訂。

I'll now hand it over to the operator for questions.

現在我將把電話交給接線員，以便回答問題。

(Operator Instructions) I'm showing no questions in the queue. I would now like to turn the call back over to Joe for closing remarks.

（操作員指示）隊列中沒有問題。現在我想把電話交還給喬，請他做總結發言。

Well, thank you all for joining the Solana Company third-quarter operating results update. We are pleased by the strategic change and progress we have made this quarter and look forward to sharing further updates next quarter. Thank you.

感謝各位參加索拉納公司第三季經營業績更新會議。我們對本季取得的策略變革和進展感到滿意，並期待下季與大家分享更多最新進展。謝謝。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。