MeritValue

HYPERION DEFI, INC.

HYPDdata completeness 75%10 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

HYPERION DEFI, INC. earns about -160% on equity, and has bought back 81% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$14M1—$3,7872$57,3363$813,4553
Net income−$12.8M4−$28M5−$27.3M6−$49.8M7−$45.3M7
Operating cash flow−$20.9M8−$25.1M9−$23.8M10−$30.1M11−$14.8M11
Capital expenditure$1.23M12$540,36013$2.85M14$161,47715—
Free cash flow (derived)−$22.1M8−$25.6M9−$26.7M10−$30.3M11—
Total debt—————
Cash & equivalents$19.5M16$22.9M17$14.8M18$2.12M19$6.44M19
Diluted shares26.3M33.6M512,912832,9975.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$82.12
your share of equity
Profit it earned you last year
−$90.62
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $82.12 of net worth that earned you −$90.62 last year.

iii. Is this a good business?
Moat signal · return on equity
-160% avg · 5y
FY21 -62%FY22 -163%FY23 -303%FY24 —FY25 -110%

It earned an average -160% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−81% shares · 5y

Share count is down 81% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001410578-23-000511 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001410578-25-000743 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-036286 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001410578-23-000511 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001410578-24-000226 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001410578-25-000743 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001104659-26-036286 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001410578-23-000511 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001410578-24-000226 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001410578-25-000743 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001104659-26-036286 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001410578-23-000511 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001410578-24-000226 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001410578-25-000743 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001104659-26-036286 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001410578-23-000511 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001410578-24-000226 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001410578-25-000743 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001104659-26-036286 (CashAndCashEquivalentsAtCarryingValue)