v3.26.1
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows From Operating Activities    
Net loss $ (45,314,435) $ (49,818,433)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:    
Stock-based compensation 6,372,012 1,704,273
Change in fair value of equity consideration payable   (1,240,800)
Depreciation of property and equipment   1,128,449
Amortization of debt discount 655,997 759,049
Asset impairments   11,207,897
Write-down of inventories to net realizable value   3,085,450
Reacquisition of license rights   2,864,600
Non-cash lease expense 302,362 528,359
Gain on extinguishment of liabilities (2,334,711)  
Non-cash realized gain - digital assets (8,321,844)  
Unrealized loss - digital assets 9,030,413  
Impairment loss - digital assets 27,188,768  
Staking income (554,098)  
Non-cash commission paid to co-validators 26,160  
Provision for credit losses 405,331  
Unamortized non-refundable upfront fee on digital asset receivable 307,278  
Paid-in-kind interest expense 379,998  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (156,606) 554,020
License fee and expense reimbursement receivables   99,006
Deferred clinical supply costs   868,328
Security and equipment deposits (48,217) 1,506
Accounts payable (1,636,781) 446,596
Accrued compensation   (1,514,452)
Accrued expenses and other current liabilities (497,741) (293,579)
Lease liabilities (574,060) (501,250)
Net Cash and Cash Equivalents Used In Operating Activities (14,770,174) (30,120,981)
Cash Flows From Investing Activities    
Purchase of property and equipment   (161,477)
Purchase of productive digital assets (71,954,039)  
Net Cash and Cash Equivalents Used In Investing Activities (71,954,039) (161,477)
Cash Flows From Financing Activities    
Proceeds from sale of common stock and warrants in direct offering   19,385,015
Proceeds from sale of preferred stock and warrants in private placement 50,000,000 (2,373,693)
Payment of private placement issuance costs (634,250)  
Proceeds from sale of common stock in At the Market offering 40,645,265 6,234,402
Payment of issuance costs for At the Market offering (1,287,461) (187,033)
Proceeds from exercise of stock warrants 3,892,473 1,223
Proceeds from induced exercise of stock warrants 1,039,206  
Payment of cash issuance costs for induced exercise of stock warrants (116,456)  
Reverse stock split settlement of fractional shares (160)  
Repayments of notes payable (1,463,437) (5,505,050)
Payment of preferred dividend (892,167)  
Payment of costs in connection with debt extinguishment (136,796)  
Net Cash and Cash Equivalents Provided By Financing Activities 91,046,217 17,554,864
Net Increase (Decrease) in Cash and Cash Equivalents 4,322,004 (12,727,594)
Cash and Cash Equivalents - Beginning of Year 2,121,463 14,849,057
Cash and Cash Equivalents - End of Year 6,443,467 2,121,463
Supplemental Disclosure of Cash Flow Information:    
Interest 481,360 1,622,479
Taxes (8,140) 36,122
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Deposits of HYPE into liquid staking activities 58,753,773  
Redemption of liquid staking tokens for HYPE 15,866,574  
Transfer of HYPE to digital asset receivable 9,922,239  
Accrued dividend payable 792,616  
Purchase of insurance policy financed by note payable   505,050
Accrual for intangible asset milestone obligation   2,000,000
Reclassification of deferred clinical supply costs to inventories   2,975,652
Modification date carrying value of extinguished Avenue Loan 10,262,280  
Modification date fair value of modified Avenue Loan 10,172,657  
Warrants issued for debt modification 858,270  
Warrant modification and additional warrants - incremental value 1,194,102 2,868,000
Common stock issued in consideration for equipment received in conjunction with licensing agreement   135,400
Conversion of Avenue Loan to common stock 640,336  
Common stock issued in consideration for licensing agreement   436,809
Common stock issued in consideration for reacquisition of licensing agreement   2,322,391
Common stock issued as consideration for modification of loan agreement   200,000
Interest expense added to note principal 367,308 $ 102,902
Issuance of common stock related to vested restricted stock units 53  
Treasury stock held for employee payroll taxes upon the delivery of restricted stock units $ 253,558  

Source

10-K XBRL Zip