Jack Paul 
Hyperion DeFi, Inc. (NASDAQ: HYPD) said on October 2 that it repurchased 240,124 of its common shares and retired about $8.6 million in legacy debt. The Dallas-based company paid a weighted average price of $3.21 per share before costs and fees. It also repaid all principal and interest tied to its loan agreement with Avenue Capital. After that, Hyperion DeFi has no long-term debt outstanding, according to a filing with the SEC.
Share Buyback and Debt Payoff
The buyback marks the first repurchase program for the company, which is building on the Hyperliquid blockchain. CEO Hyunsu Jung pointed to September as a busy month that included raised guidance, the start of buybacks, the debt paydown, and several new business announcements. He thanked Avenue Capital for supporting the company’s move away from its former biotech identity, Eyenovia. Hyperion did not give a total dollar value for the repurchase beyond the share count and average price, and it did not set a timetable for more buybacks.
Balance Sheet and HYPE Holdings
As of September 30, Hyperion DeFi held about $14.5 million in cash, cash equivalents, and stablecoins. It also owned 1.85 million $HYPE tokens, with roughly 15.44 million HYPD shares outstanding. The company said part of the debt paydown came from selling some $HYPE. $HYPE is the native token of Hyperliquid, a layer-one blockchain designed for high-frequency trading. The token has traded on major venues since Binance listed it with a seed tag in September. Hyperion says more than 47 million $HYPE have been bought and set aside by the network from trading fees on its central limit order books.
What Hyperliquid Offers
Hyperliquid settles orders, cancellations, and liquidations in 70-millisecond block times, the filing states. It also runs HyperEVM, a smart-contract platform for permissionless DeFi applications. Staking $HYPE can give holders lower trading fees and higher referral bonuses on the network. Hyperion describes itself as the first U.S.-listed DeFi company on Hyperliquid. It aims to offer shareholders exposure to $HYPE through staking yield and onchain utility revenue. The business is expanding as borrowing and lending services on Hyperliquid continue to build out this year.
From Biotech to Onchain Finance
The shift is notable because Hyperion was formerly Eyenovia, a biotech company. Its forward-looking statements include plans to grow its onchain DeFi businesses and improve its capital structure. Those plans remain subject to market and regulatory risks. The company said it provides investors with streamlined access to one of the fastest-growing blockchains, though that claim, like any outlook, depends on how the market develops. For now, the balance sheet is cleaner, the share count is lower, and the company still holds a sizable $HYPE position. Investors will watch whether more buybacks follow.