v3.25.3
Condensed Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows From Operating Activities    
Net loss $ (5,548,870) $ (29,863,653)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 4,606,251 1,540,286
Change in fair value of equity consideration payable   (1,240,800)
Depreciation of property and equipment   830,605
Amortization of debt discount 640,969 552,620
Write-off of property and equipment   88,251
Write-down of inventories to net realizable value   769,217
Reacquisition of license rights   2,864,600
Non-cash lease expense 226,771 391,028
Gain on extinguishment of liabilities (2,334,711)  
Unrealized gain on HYPE digital assets (6,440,804)  
Non-cash realized gain on HYPE digital assets (6,938,236)  
Impairment loss - digital intangible assets 6,289,847  
HYPE staking income (323,980)  
Interest expense added to note principal 295,329  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (216,851) 836,507
License fee and expense reimbursement receivables   (13,761)
Deferred clinical supply costs   1,272,309
Inventories   (1,051,023)
Security and equipment deposits (55,829) 1,148
Accounts payable (815,931) (179,232)
Accrued compensation   (1,781)
Accrued expenses and other current liabilities 359,662 (453,567)
Lease liabilities (456,233) (352,836)
Net Cash Used In Operating Activities (10,712,616) (24,010,082)
Cash Flows From Investing Activities    
Purchase of property and equipment   (161,476)
Purchase of productive digital assets (65,635,000)  
Net Cash Used In Investing Activities (65,635,000) (161,476)
Cash Flows From Financing Activities    
Proceeds from sale of common stock and warrants in direct offering   16,139,994
Payment of direct offering costs   (1,902,987)
Proceeds from sale of preferred stock and warrants in private placement 50,000,000  
Payment of private placement issuance costs (634,250)  
Proceeds from sale of common stock in At the Market offering 30,998,213 6,234,402
Payment of issuance costs for At the Market offering (991,862) (187,033)
Proceeds from induced exercise of stock warrants 1,039,206  
Proceeds from exercise of stock warrants 3,892,473  
Payment of cash issuance costs for induced exercise of stock warrants (116,455)  
Reverse stock split settlement of fractional shares (160)  
Payment of issuance costs for debt modification (177,228)  
Repayments of notes payable (1,463,437) (3,773,746)
Payment of preferred dividend (97,167)  
Net Cash Provided By Financing Activities 82,449,333 16,510,630
Net Increase (Decrease) in Cash and Cash Equivalents 6,101,717 (7,660,928)
Cash and Cash Equivalents - Beginning of Period 2,121,463 14,849,057
Cash and Cash Equivalents - End of Period 8,223,180 7,188,129
Supplemental Disclosure of Cash Flow Information:    
Interest 396,788 1,402,147
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Deposits of HYPE into liquid staking activities 41,174,779  
Purchase of insurance policy financed by note payable   505,050
Accrual for intangible asset milestone obligation   2,000,000
Dividend payable 795,000  
Reclassification of deferred clinical supply costs to inventories   2,575,652
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
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
Issuance of common stock related to vested restricted stock units $ 17  

Source

10-Q XBRL Zip