Hyperion DeFi Inc (HYPD) 2025 Q2 法說會逐字稿

Ladies and gentlemen, greetings and welcome to Hyperion DeFi Inc second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 Hyperion DeFi Inc 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Eric Ribner from LifeSci Advisors. Please go ahead.

現在我很高興介紹您的主持人，來自 LifeSci Advisors 的 Eric Ribner。請繼續。

Thank you and good afternoon and welcome to Hyperion DeFi's second-quarter 2025 earnings conference call and audio webcast. With me today are Hyperion DeFi's Chief Executive and Principal Financial Officer, Michael Rowe, and Chief Investment Officer Hyunsu Jung. This afternoon, we issue a press release announcing financial results for the three months ended June 30, 2025. We encourage everyone to read today's press release, as well as Hyperion DeFi's quarterly report on Form 10-Q for the quarter end of June 30, 2025, which was just filed with the SEC.

謝謝大家，下午好，歡迎參加 Hyperion DeFi 2025 年第二季財報電話會議和音訊網路廣播。今天和我一起的還有 Hyperion DeFi 的執行長兼財務長 Michael Rowe 和首席投資長 Hyunsu Jung。今天下午，我們發布了一份新聞稿，宣布截至 2025 年 6 月 30 日的三個月的財務表現。我們鼓勵大家閱讀今天的新聞稿，以及 Hyperion DeFi 剛剛向美國證券交易委員會提交的截至 2025 年 6 月 30 日季度的 10-Q 表季度報告。

The company's press release and quarterly report are also available on our website at www.hyperiondefi.com. In addition, this conference call is being webcast on the company's website and will be archived and available for replay there for future reference. Please note that certain information discussed on the call today is covered under the Safe Harbor provision of the Private Securities Litigation Reform Act.

本公司的新聞稿和季度報告也可在我們的網站 www.hyperiondefi.com 上查閱。此外，本次電話會議將在公司網站上進行網路直播，並將存檔並可供重播，以供日後參考。請注意，今天電話會議上討論的某些資訊屬於《私人證券訴訟改革法案》安全港條款的涵蓋範圍。

We caution listeners that during the call, Hyperion DeFi's management will make forward-looking statements. Actual results could differ materially from those implied or stated by these forward-looking statements due to risks and uncertainties associated with the company's business. These forward-looking statements are subject to a number of risks which are described in more detail in our annual report on Form 10-K and subsequent quarterly reports on Form 10-Q.

我們提醒聽眾，在通話期間，Hyperion DeFi 的管理層將發表前瞻性陳述。由於與公司業務相關的風險和不確定性，實際結果可能與這些前瞻性陳述暗示或陳述的結果有重大差異。這些前瞻性陳述受多種風險的影響，這些風險在我們的 10-K 表年度報告和隨後的 10-Q 表季度報告中有更詳細的描述。

This conference call contains time sensitive information that is accurate only as of the date of this live broadcast, August 13, 2025. Appearing in DeFi undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call, except as may be required by applicable securities law.

本次電話會議包含時間敏感訊息，僅截至本次直播之日（2025 年 8 月 13 日）準確。DeFi 不承擔修改或更新任何前瞻性聲明以反映本次電話會議日期之後的事件或情況的義務，除非適用的證券法另有要求。

With that said, I'd like to turn the call over to Michael Rowe, Chief Executive. Michael?

話雖如此，我想將電話轉給執行長 Michael Rowe。麥可？

Thank you, Eric, and welcome everyone to our second-quarter 2025 results conference call. And our first as Hyperion DeFi Inc., as reflected in our corporate rebranding and name change that we implemented last month, we have some truly exciting updates to share. I would like to start today by reminding all our shareholders that we have an annual meeting coming up on Monday, August 18.

謝謝你，艾瑞克，歡迎大家參加我們 2025 年第二季業績電話會議。我們的第一個名稱是 Hyperion DeFi Inc.，正如我們上個月實施的公司品牌重塑和名稱變更所反映的那樣，我們有一些真正令人興奮的更新要分享。今天首先我想提醒所有股東，我們將於 8 月 18 日星期一召開年度股東大會。

As we move forward with our new strategy, which has already received an overwhelmingly positive response from many of you. We have several important proposals up for vote that are essential to executing on our new vision. With such a large and engaged retail shareholder base, every vote truly matters to ensure we can keep our momentum going. If you have not yet cast your ballot, I encourage you to do so as soon as possible.

隨著我們新策略的推進，我們已經得到了許多人的積極回應。我們有幾項重要的提案需要投票表決，這些提案對於實現我們的新願景至關重要。我們擁有如此龐大且積極參與的散戶股東群體，每一次投票都至關重要，以確保我們能夠保持發展勢頭。如果您尚未投票，我鼓勵您盡快投票。

Your participation will help us advance these initiatives efficiently and cost effectively, allowing us to remain fully focused on delivering the growth and value that we all believe in. If you are not sure how to make yourself heard and cast your vote, please send an email to eric@lifesciadvisors.com. Eric will make sure that you get those instructions, and thank you.

您的參與將幫助我們有效率且經濟地推動這些舉措，使我們能夠全心全意地實現我們都相信的成長和價值。如果您不確定如何表達您的意見並參與投票，請發送電子郵件至 eric@lifesciadvisors.com。 Eric 會確保您收到這些說明，謝謝。

The transformation that we have undergone over the past two months has been nothing short of remarkable. Recall that earlier this year, we embarked as Eyenovia on a process to evaluate a broad range of strategic alternatives to drive shareholder value. In June, we announced that we have entered into a $50 million dollar private placement with accredited institutional investors for the purpose of launching a cryptocurrency-based treasury reserve.

過去兩個月我們經歷的轉變是令人矚目的。回想一下，今年早些時候，我們作為 Eyenovia 開始了一項流程，以評估一系列廣泛的策略替代方案，以推動股東價值。6 月，我們宣布已與認可的機構投資者達成 5,000 萬美元的私募協議，旨在推出基於加密貨幣的國庫儲備。

I, along with my fellow board members, concluded that the establishment of a crypto-based treasury reserve was by far in the way the most attractive alternative for the company. This innovative strategy, which is gaining traction and has been adopted by dozens of companies across many industry verticals, provides us with the exposure to the growing adoption of digital currencies and the accelerating pace of related innovation.

我和我的董事會成員一致認為，建立基於加密的財務儲備是迄今為止對公司最具吸引力的選擇。這項創新策略正日益受到關注，並已被多個垂直行業的數十家公司採用​​，它讓我們了解到數位貨幣日益普及以及相關創新步伐加快的趨勢。

We gain diversification and liquidity and the potential for significantly enhanced returns as compared to traditional cash reserves. The pipe financing enabled us to acquire more than $1.5 million high tokens to date. HYPE being a native token to the decentralized digital asset exchange and layer one blockchain Hyperliquid.

與傳統現金儲備相比，我們獲得了多樣化和流動性，並有可能大幅提高回報。管道融資使我們迄今為止能夠獲得超過 150 萬美元的高額代幣。HYPE 是去中心化數位資產交易所和第一層區塊鏈 Hyperliquid 的原生代幣。

I will let our new Chief Investment Officer and Board member, Hyunsu Jung, provide more detail in a moment, including why we believe HYPE and the Hyperliquid platform will play an important role in next generation decentralized financial infrastructure. But suffice it to say, this has been a very exciting development for our team and our shareholders, and we are pleased to be the first US publicly listed company to establish a strategic treasury reserve based on the high token, which as you will hear from Hyunsu momentarily, highly differentiates us from other companies adopting a range of digital asset treasury reserve strategies.

我將讓我們的新任首席投資長兼董事會成員 Hyunsu Jung 稍後提供更多細節，包括為什麼我們相信 HYPE 和 Hyperliquid 平台將在下一代去中心化金融基礎設施中發揮重要作用。但可以說，這對我們的團隊和股東來說是一個非常令人興奮的發展，我們很高興成為第一家基於高通證建立戰略資金儲備的美國上市公司，正如您稍後會從 Hyunsu 那裡聽到的，這使我們與其他採用一系列數位資產資金儲備策略的公司有很大區別。

On July 29, we hosted a very successful webinar where we went into quite a bit of depth on our strategy and engaged in a fairly technical discussion of all of the aspects of HYPE and the Hyperliquid platform that are unique and innovative. If you missed that, I would encourage all of you to listen to the replay, which is currently available on our website.

7 月 29 日，我們舉辦了一場非常成功的網路研討會，深入探討了我們的策略，並對 HYPE 和 Hyperliquid 平台的所有獨特和創新方面進行了相當技術性的討論。如果您錯過了，我鼓勵大家收聽重播，重播目前可在我們的網站上觀看。

Our pioneering cryptocurrency treasury strategy has also provided the necessary resources for the advancement towards completion of our Gen-2 Optejet User Filled Device. This advanced digital drug delivery platform is designed to be agnostic as to which products it sprays, immediately opening opportunities in a multi-billion-dollar ophthalmic eyedrop market.

我們開創性的加密貨幣資金策略也為我們完成第二代 Optejet 用戶填充設備提供了必要的資源。這種先進的數位藥物輸送平台的設計使其能夠自主決定噴灑哪種產品，從而立即為價值數十億美元的眼科眼藥水市場帶來機會。

We are excited to report that we are still on track to register the UFD with the FDA as soon as next month. Further, we continue to consider strategic alternatives for the device that could potentially result in the commercialization of the Optejet with a medical device or ophthalmology partner and/or as a newly established private company spinoff.

我們很高興地報告，我們仍有望在下個月向 FDA 註冊 UFD。此外，我們繼續考慮該設備的策略替代方案，這可能導致 Optejet 與醫療設備或眼科合作夥伴一起商業化和/或作為新成立的私人公司分拆。

Lastly, as part of our continued commitment to enhance execution and unlock long-term treasury growth, value and influence in the Hyperliquid ecosystem, we are actively engaged in an effort to fill our open Chief Financial Officer and Board Chair roles. We believe that bringing in seasoned leaders with deep digital asset expertise will significantly improve our operational focus and strategic direction.

最後，作為我們持續致力於加強執行力和釋放 Hyperliquid 生態系統中長期財務成長、價值和影響力的一部分，我們正在積極努力填補財務長和董事會主席的空缺。我們相信，引進具有深厚數位資產專業知識的經驗豐富的領導者將顯著改善我們的營運重點和策略方向。

Additionally, we are evaluating opportunities to further strengthen the organization by aligning both Board composition and executive management with individuals who have a proven track record in this space. We view these efforts as critical to positioning the company for sustainable growth and improved shareholder outcomes. At this point, I would like to turn the call over to Hyunsu Jung, our Chief Investment Officer and Board Member. Hyungsu?

此外，我們正在評估進一步加強組織的機會，透過將董事會組成和執行管理層與在該領域有良好記錄的個人相結合。我們認為這些努力對於公司實現永續成長和改​​善股東成果至關重要。現在，我想將電話轉給我們的首席投資長兼董事會成員 Hyunsu Jung。鉉洙？

Thank you, Michael, and thank you again to everyone who is taking the time to listen to our call this afternoon. Hyperion DeFi represents innovation in the democratization of finance, providing almost anyone with the opportunity to participate in the next generation decentralized financial infrastructure. And while we have made a significant amount of progress in just two short months, we are really just beginning to execute our strategy, which is very different from passive buy and hold strategies, mostly like we've seen with Bitcoin that we have seen in the recent past.

謝謝你，邁克爾，再次感謝今天下午抽出時間聽我們電話會議的所有人。Hyperion DeFi 代表了金融民主化的創新，為幾乎任何人提供了參與下一代去中心化金融基礎設施的機會。雖然我們在短短兩個月內取得了重大進展，但我們才剛開始執行我們的策略，這與被動買入並持有的策略非常不同，就像我們最近在比特幣上看到的一樣。

We believe that we are in the right place at the right time. There have been strong signals from major institutional players like BlackRock and JP Morgan with the deployment of real-world assets such as US Treasury on chain, or with companies like Circle and Tether receiving regulatory clarity and validation for stablecoins in the recently approved GENIUS Act.

我們相信，我們在正確的時間出現在正確的地點。貝萊德和摩根大通等主要機構參與者已發出強烈信號，表示將在鏈上部署美國國債等現實世界資產，Circle 和 Tether 等公司在最近批准的《GENIUS 法案》中獲得了對穩定幣的監管明確性和驗證。

All of this serves as a tailwind for Hyperion DeFi, adding to our conviction that our strategy will generate significant and enduring revenue for our shareholders. Taking a step back, I would like to start with a moment on my background. Prior to joining Hyperion DeFi as CIO, I spent 4 years at DARMA Capital, a $1 billion plus asset manager registered with the CFTC and the NFA.

所有這些都為 Hyperion DeFi 帶來了順風，讓我們更加堅信我們的策略將為股東帶來可觀且持久的收入。先退一步來說，我想先介紹一下我的背景。在加入 Hyperion DeFi 擔任 CIO 之前，我在 DARMA Capital 工作了 4 年，這是一家在 CFTC 和 NFA 註冊的資產管理公司，管理規模超過 10 億美元。

During my time there, I designed and deployed the first asset used product built on Filecoin, which enabled over 50 data center teams globally to access the pledge required to store data on their hardware with verification provided by the blockchain. We were able to deploy over $300 million in assets through this product, all of which was managed via smart contract with physical contracts signed with each counterparty.

在此期間，我設計並部署了第一個基於 Filecoin 構建的資產使用產品，該產品使全球 50 多個數據中心團隊能夠獲得在其硬體上存儲數據所需的承諾，並通過區塊鏈提供驗證。我們能夠透過該產品部署超過 3 億美元的資產，所有資產均透過智能合約進行管理，並與每個交易對手簽訂實體合約。

I saw numerous parallels between my previous work to what could be done on Hyperliquid, more so because it is already a powerful revenue generating product that could grow even faster with Hyperion's involvement. To that end, we quickly deployed more than $50 million of capital invested in Hyperion DeFi by long-term supporters of the Hyperliquid platform and acquired more than $1.5 million HYPE tokens to date at an average price of $36.

我發現我以前的工作與 Hyperliquid 上可以做的事情有很多相似之處，更重要的是，它已經是一個強大的創收產品，在 Hyperion 的參與下，它可以增長得更快。為此，我們迅速部署了 Hyperliquid 平台長期支持者對 Hyperion DeFi 投資的超過 5,000 萬美元的資金，並以平均 36 美元的價格收購了迄今為止超過 150 萬美元的 HYPE 代幣。

More importantly, a high position of this size gives us not only a meaningful treasury asset, but also the capacity to stake to and run our own validator. This was foundational because it enabled us to participate directly in the economics of Hyperliquid aligning our success with the network's growth. In addition to establishing our vast hype treasury, we also recently launched a co-branded validator of Kinetiq, the leading institutional liquid staking solution for Hyperliquid.

更重要的是，如此規模的高部位不僅為我們提供了有意義的財政資產，而且還使我們能夠質押並運行我們自己的驗證器。這是基礎性的，因為它使我們能夠直接參與 Hyperliquid 的經濟，使我們的成功與網路的成長保持一致。除了建立我們龐大的炒作金庫之外，我們最近還推出了 Kinetiq 的聯合品牌驗證器，Kinetiq 是 Hyperliquid 領先的機構流動性質押解決方案。

These first two steps enabled us to immediately begin generating a staking revenue on our high position by contributing to the liveness and security of the Hyperliquid blockchain, and this is a key differentiator between what we are doing with Hyperliquid versus previous buy and hold digital asset treasury strategies is we have a block chain native mechanism to compound our HYPE position.

前兩個步驟使我們能夠透過為 Hyperliquid 區塊鏈的活躍度和安全性做出貢獻，立即開始在我們的高位上產生質押收入，這是我們對 Hyperliquid 的做法與之前的買入並持有數位資產財務策略之間的一個關鍵區別，因為我們有一個區塊鏈原生機制來複合我們的 HYPE 地位。

Our efforts now are focused on implementing additional strategies to generate further returns on our HYPE. These include deployment of HYPE into the HyperEVM, which is generally understood as DeFi, as well as using technology unique to Hyperliquid to provide seamless financial services within the ecosystem and environment to the benefit of shareholders as well as institutional partners.

我們現在的努力重點是實施額外的策略，以進一步提高我們的 HYPE 回報。其中包括將 HYPE 部署到 HyperEVM（通常理解為 DeFi），以及使用 Hyperliquid 獨有的技術在生態系統和環境內提供無縫金融服務，從而使股東和機構合作夥伴受益。

Hyperliquid as a layer one blockchain is optimized for high frequency transparent finance and is built on top of the perpetual DEX platform. It is unique in the sense that no other layer one blockchain has been built on top of an existing revenue-generating product, Hyperliquid's perpetual exchange. And there were several aspects of Hyperliquid that stand out as unique and hardened our conviction for backing this ecosystem.

Hyperliquid 作為第一層區塊鏈，針對高頻透明金融進行了最佳化，並建立在永久 DEX 平台之上。它的獨特之處在於，沒有其他第一層區塊鏈建立在現有的創收產品 Hyperliquid 的永久交易所之上。Hyperliquid 的幾個面向非常獨特，堅定了我們支持這個生態系統的信念。

The platform often earns more daily fees than any other blockchain. There is an automatic mechanism that moves 90% -- 97% of platform fees to purchasing HYPE off the open market. It has lower fees than other centralized exchanges such as Coinbase, and there's a very nascent DeFi application ecosystem that is just starting to burgeon.

該平台的每日收入通常比其他區塊鏈都多。有一個自動機制，可以將 90% - 97% 的平台費用轉移到公開市場上購買 HYPE。它的費用比 Coinbase 等其他中心化交易所要低，而且有一個剛開始蓬勃發展的 DeFi 應用生態系統。

For example, we recently announced that Hyperion DeFi will be piloting the iHYPE or institutional HYPE liquid staking token offered by Kinetiq, which enables us to earn a passive staking yield in our HYPE while also having a liquid derivative that can be used as collateral on the HyperEVM or with off-chain partners. It provides a path to earn an additional return on our assets, which ultimately produces value for our shareholders.

例如，我們最近宣布 Hyperion DeFi 將試行 Kinetiq 提供的 iHYPE 或機構 HYPE 流動性質押代幣，這使我們能夠在 HYPE 中獲得被動質押收益，同時還擁有可用作 HyperEVM 或鏈下合作夥伴抵押品的流動性衍生品。它為我們的資產提供了一條賺取額外回報的途徑，最終為我們的股東創造價值。

As of last week, Hyperion DeFi was the first institution to stay HYPE through Kinetiq's compliant liquid staking infrastructure, receiving the liquid staking token iHYPE, Hyperion institutional hype, which can be used for various yield generation strategies on top of the base staking yield. One question that has been asked frequently is why purchase HYPD shares? Why not invest in HYPE directly? It is an excellent question.

截至上週，Hyperion DeFi 是第一家透過 Kinetiq 合規流動性質押基礎設施維持 HYPE 的機構，獲得了流動性質押代幣 iHYPE，即 Hyperion 機構炒作，可用於在基礎質押收益率之上的各種收益生成策略。常被問到的問題是為什麼要買 HYPD 股票？為什麼不直接投資 HYPE？這是一個很好的問題。

Currently, HYPE is not broadly listed on US regulated centralized exchanges, and direct participation in the ecosystem or validator layer often requires technical sophistication and substantial capital. Hyperion offers public market investors regulated exposure to the Hyperliquid ecosystem without having to manage keys, wallets, or validator operations.

目前，HYPE 尚未在美國受監管的中心化交易所廣泛上市，直接參與生態系統或驗證器層通常需要技術複雜性和大量資金。Hyperion 為公開市場投資者提供 Hyperliquid 生態系統的受監管敞口，而無需管理金鑰、錢包或驗證器操作。

We currently subsidy our HYPE of Anchorage, the only federally chartered digital bank, because we prioritize the protection and security of the assets we hold on behalf of our shareholders. It is also more advantageous to access HYPE through HYPD instead. For those here today that have managed their own personal crypto portfolios, they are likely familiar with the headache of monitoring their cost basis, accounting for their own staking income, and tracking any activities done on chains such as swaps or lending.

我們目前為唯一一家獲得聯邦特許的數位銀行安克雷奇 HYPE 提供補貼，因為我們優先考慮代表股東持有的資產的保護和安全。透過 HYPD 訪問 HYPE 也更有利。對於今天在座的那些管理過自己的個人加密貨幣投資組合的人來說，他們可能熟悉監控成本基礎、核算自己的權益收入以及跟踪在鏈上進行的任何活動（例如掉期或借貸）的麻煩。

Hyperion abstracts all of that away for our shareholders. We focus on identifying the best opportunities and taking them, all of which are creatively returns to investors in their total HYPE per share. For example, participating in decentralized finance involves going on chain, identifying and vetting various strategies that may only be periodically available, implementing them, and accounting for the returns.

Hyperion 將這一切抽像出來，供我們的股東使用。我們專注於識別最佳機會並抓住它們，所有這些機會都以每股總炒作的形式創造性地回報投資者。例如，參與去中心化金融涉及上鍊、識別和審查可能僅定期提供的各種策略、實施這些策略並核算回報。

Hyperion DeFi's advantage of having both the required asset, type, and a close knowledge of the opportunities that are available on the HyperEVM tied to the team's previous work with DeFi and other ecosystems like Ethereum, as well as deep relationships with several teams building on Hyperliquid today.

Hyperion DeFi 的優勢在於擁有所需的資產、類型以及對 HyperEVM 上可用機會的深入了解，這與該團隊之前在 DeFi 和以太坊等其他生態系統方面的工作以及與當今在 Hyperliquid 上構建的多個團隊的深厚關係有關。

Before turning the call back over to Michael, I would like to quickly summarize key future catalysts. These include the growth in Hyperliquid trading volumes and total open interest, the expansion of ecosystem partnerships such as the Phantom wallet integration, and more recently the availability of Circle's native USDC, as well as new on-chained primitives that further drive demand for HYPE liquidity.

在將電話轉回給邁克爾之前，我想快速總結未來的關鍵催化劑。這些包括 Hyperliquid 交易量和總未平倉合約的成長、Phantom 錢包整合等生態系統合作夥伴關係的擴展，以及最近 Circle 原生 USDC 的推出，以及進一步推動 HYPE 流動性需求的新鏈上原語。

From my perspective, the most interesting component about being a public vehicle for Hyperliquid is that we can play an active role in supporting Hyperliquid's growth and adoption. And because most of our balance sheet is allocated to HYPE, there's a very powerful flywheel effect, not just for Hyperion, but also for other -- involving other builders and participants on Hyperliquid.

從我的角度來看，作為 Hyperliquid 的公共工具最有趣的部分是我們能夠在支援 Hyperliquid 的成長和採用方面發揮積極作用。而且由於我們的資產負債表的大部分都分配給了 HYPE，因此會產生非常強大的飛輪效應，不僅對 Hyperion 如此，對其他 Hyperliquid 上的建造者和參與者也是如此。

On the corporate side, we're exploring various partnerships, not just within Hyperliquid, but other platforms and applications that may benefit from importing over to the Hyperliquid ecosystem. We want to continue broader industrial outreach and find innovative ways to deploy our treasury for both on and off chain strategies.

在企業方面，我們正在探索各種合作夥伴關係，不僅在 Hyperliquid 內部，還包括可能受益於導入 Hyperliquid 生態系統的其他平台和應用程式。我們希望繼續擴大工業影響力，並找到創新的方式來部署我們的資金，用於鏈上和鏈下戰略。

And with that, I will turn the call back over to Michael to go through the financial results. Michael?

說完這些，我將把電話轉回給邁克爾，讓他報告一下財務結果。麥可？

Yeah, thank you, Hyunsu. Let us turn now to our second-quarter results highlights. For the second quarter of 2025, net loss attributable to common stockholders was $8.8 million or $2.50 per share. This compares to a net loss of $11.1 million or $16.65 per share for the second quarter of 2024. Research and development expenses for the three months ending June 30, 2025, totalled $0.7 million, a decrease of $3.9 million or 85%, compared to $4.6 million recorded for the three months ending June 30, 2024.

是的，謝謝你，賢洙。現在讓我們來看看第二季的業績亮點。2025 年第二季度，歸屬於普通股股東的淨虧損為 880 萬美元，即每股 2.50 美元。相比之下，2024 年第二季的淨虧損為 1,110 萬美元，即每股 16.65 美元。截至 2025 年 6 月 30 日的三個月，研發費用總計 70 萬美元，與截至 2024 年 6 月 30 日的三個月的 460 萬美元相比，減少了 390 萬美元，降幅為 85%。

The decrease was driven primarily by the termination of the company CHAPERONE study in November 2024. We expect that these costs will decrease further later this year after we register our Gen-2 Optejet User Filled Device with the FDA. General and administrative expenses for the three months ending June 30, 2025, totalled $7.7 million, an increase of $3.9 million, or 104% compared to $3.8 million, recorded for the three months ending June 30, 2024.

下降的主要原因是該公司 CHAPERONE 研究於 2024 年 11 月終止。我們預計，在今年稍後向 FDA 註冊我們的 Gen-2 Optejet 用戶填充設備後，這些成本將進一步下降。截至 2025 年 6 月 30 日的三個月的一般及行政費用總計 770 萬美元，與截至 2024 年 6 月 30 日的三個月的 380 萬美元相比增加了 390 萬美元，增幅為 104%。

Now this increase was due to higher non-cash stock-based compensation due to a one-time inducement grant, as well as higher professional fees as a result of our assessment of strategic options earlier this year, concluding with our $50 million dollar financing and establishment of the treasury strategy in June. These costs were offset by decreases resulting from cost savings initiatives that we implemented beginning late last year with the termination of the CHAPERONE study and commercial operations in November 2024.

現在，這一增長是由於一次性誘導授予導致的非現金股票薪酬增加，以及由於我們今年早些時候對戰略選擇進行評估而產生的專業費用增加，最終我們於 6 月份進行了 5000 萬美元的融資並製定了財務戰略。這些成本被我們從去年底開始實施的成本節約措施所抵消，這些措施包括於 2024 年 11 月終止 CHAPERONE 研究和商業營運。

We anticipate that our general and administrative costs will decrease considerably as we further realize the cost savings implemented earlier this year and focus on our cost efficient Treasury Strategy and maximizing related available investments. Interest expense for the second quarter of 2025 was $0.5 million compared to $0.7 million in the same period of 2024.

我們預計，隨著我們進一步實現今年稍早實施的成本節約，並專注於我們的成本效益財務策略和最大化相關可用投資，我們的一般和行政成本將大幅下降。2025 年第二季的利息支出為 50 萬美元，而 2024 年同期為 70 萬美元。

The decrease reflects a reduction in our outstanding debt and the successful restructuring of debt terms earlier this year, which has strengthened our liquidity position going forward for our treasury strategy. As of June 30, 2025, the company's unrestricted cash and cash equivalents were $7.5 million as compared to $2.1 million and unrestricted and restricted cash as of December 31, 2024.

這一下降反映了我們未償債務的減少以及今年稍早債務條款的成功重組，這增強了我們未來的財務策略的流動性狀況。截至 2025 年 6 月 30 日，本公司的非限制現金和現金等價物為 750 萬美元，而截至 2024 年 12 月 31 日的非限制現金和限制現金為 210 萬美元。

Before we wrap things up, I want to again encourage all shareholders to take a moment to cast their vote on the proposals now underway. Your participation ensures that we can move forward quickly on the exciting initiatives that we have discussed today that are central to our strategy and long-term success. With that, I would like to thank everyone on the call today for taking the time.

在我們結束之前，我想再次鼓勵所有股東花點時間對目前正在進行的提案進行投票。您的參與確保我們能夠快速推進今天討論的對我們的策略和長期成功至關重要的令人興奮的舉措。最後，我要感謝今天參加電話會議的每個人抽出時間。

This is an exciting time for Hyperion DeFi, notwithstanding our significant progress over the past two months. We're still in the very early stages of executing this pioneering cryptocurrency treasury reserve strategy that provides multiple opportunities for long-term value creation, through the underlying performance of the HYPE token as well as the various ecosystem engagement initiatives that we are executing by accumulating the native token of the Hyperliquid platform. We also remain committed to bringing the Optejet across the finish line, and once registered with the FDA, we will be working to find it a good home. Thank you again. Let me turn this back to the operator for some concluding remarks.

儘管我們在過去兩個月中取得了重大進展，但對於 Hyperion DeFi 來說，這是一個令人興奮的時刻。我們仍處於執行這項開創性加密貨幣財政儲備策略的早期階段，該策略透過 HYPE 代幣的底層性能以及我們透過累積 Hyperliquid 平台的原生代幣執行的各種生態系統參與計劃，為長期價值創造提供多種機會。我們也將繼續致力於讓 Optejet 順利完成上市，一旦它在 FDA 註冊，我們將努力為它找到一個合適的歸宿。再次感謝您。讓我把這個問題交還給接線員，請他發表一些總結性的評論。

Thank you. Ladies and gentlemen, the conference of Hyperion DeFi has now concluded. Thank you for participation. You may now disconnect your lines.

謝謝。女士們、先生們，Hyperion DeFi大會現已結束。感謝您的參與。現在您可以斷開線路了。