# EDGAR Filing Document

**Accession Number:** 0001682639
**File Stem:** 0001104659-25-112968
**Filing Date:** 2025-11
**Character Count:** 28069
**Document Hash:** ceb22cef7131a4736bb18dc8cf74e69c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-112968.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001104659-25-112968

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251114

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HYPERION DEFI, INC.
- **CENTRAL INDEX KEY:** 0001682639
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 471178401
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38365
- **FILM NUMBER:** 251489394

**BUSINESS ADDRESS:**
- **STREET 1:** 295 MADISON AVENUE
- **STREET 2:** SUITE 2400
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 833-393-6684

**MAIL ADDRESS:**
- **STREET 1:** 295 MADISON AVENUE
- **STREET 2:** SUITE 2400
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EYENOVIA, INC.
- **DATE OF NAME CHANGE:** 20160818

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 14, 2025**

**HYPERION DEFI, INC.**

**(Exact Name of Registrant as Specified in its Charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **001-38365** | **47-1178401** |
| **(State or other jurisdiction <br> of incorporation)** | **(Commission<br> File Number)** | **(IRS Employer<br> Identification No.)** |

---

23461 South Pointe Drive, Suite 390

Laguna Hills, CA 92653

**(Address of Principal Executive Offices, and Zip Code)**

(833) 393-6684

**Registrant's Telephone Number, Including Area Code**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **(Title of each class)** | **(Trading <br> Symbol)** | **(Name of each exchange <br> on which registered)** |
| **Common stock, par value $0.0001 per share** | **HYPD** | **The Nasdaq Stock Market<br> (Nasdaq Capital Market)** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 1.01. Entry into a Material Definitive Agreement.**

On November 14, 2025, Hyperion DeFi, Inc. (the "Company") entered into a Sales Agreement (the "Sales Agreement"), with Cantor Fitzgerald & Co. and Chardan Capital Markets, LLC (the "Sales Agents"), under which the Company may, from time to time in its sole discretion, offer and sell through the Sales Agents, shares ("Shares") of its common stock, par value $0.0001 per share ("Common Stock"), from time to time (the "Offering"). The issuance and sale of the Shares, if any, will be made under the Agreement pursuant to the Company's shelf registration statement on Form S-3 (Registration Statement No. 333-[·]), filed with the Securities and Exchange Commission (the "SEC") on November 14, 2025, and the prospectus relating to the Offering (the "Sales Agreement Prospectus") filed therewith that forms a part of the Registration Statement. Pursuant to the Sales Agreement Prospectus, the Company may offer and sell Shares having an aggregate offering price of up to $500,000,000.

Subject to the terms and conditions of the Sales Agreement, the Sales Agents may sell Shares in negotiated transactions, including block trades, or transactions that are deemed to be an "at the market offering" as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended (the "Securities Act"), including sales made by means of ordinary brokers' transactions, including directly on The Nasdaq Capital Market or sales made to or through a market maker other than on an exchange at prevailing market prices, at prices related to prevailing market prices or at negotiated prices or by any other method permitted by law. The Sales Agents will use commercially reasonable efforts to sell the Shares from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay the Sales Agents an aggregate commission equal to 4.0% of the gross sales proceeds of any Sales sold through the Sales Agents under the Sales Agreement.

The Company is not obligated to make any sales of Shares under the Sales Agreement. The offering of Shares will terminate upon the earlier of (i) the sale of all Shares subject to the Sales Agreement or (ii) termination of the Sales Agreement in accordance with its terms. The Sales Agreement contains customary representations, warrantees and agreements between the Company and the Sales Agents, including customary indemnification rights, including for liabilities under the Securities Act. The representations, warranties and covenants contained in the Sales Agreement were made only for purposes of such agreement and as of specific dates and were solely for the benefit of the parties to such agreement.

The foregoing description of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to the copy of the Sales Agreement, which is filed as Exhibit 10.1 to the Company's Registration Statement on Form S-3 filed on November 17, 2025 and incorporated herein by reference.

This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy Shares, nor shall there be any offer, solicitation, or sale of Shares in any state or country in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or country.

**Item 9.01. Financial Statements and Exhibits.**

(d) <u>Exhibits</u>

---

| | |
|:---|:---|
| **<u>Exhibit <br> Number</u>** | **<u>Description</u>** |
| [5.1](tm2531349d1_ex5-1.htm) | [Opinion of Counsel](tm2531349d1_ex5-1.htm) |
| [10.1#](https://www.sec.gov/Archives/edgar/data/1682639/000110465925112966/tm2531328d1_ex1-2.htm) | [Sales Agreement by and among Hyperion DeFi, Inc. and Cantor Fitzgerald & Co. and Chardan Capital Markets, LLC, dated November 14, 2025 (incorporated by reference to Exhibit 1.2 to the Company's Registration Statement on Form S-3 filed with the Securities and Exchange Commission on November 17, 2025).](https://www.sec.gov/Archives/edgar/data/1682639/000110465925112966/tm2531328d1_ex1-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document). |

---

# Certain information in this Exhibit was omitted by means of marking such information with parentheses ("(\*\*\*)") because the identified information (i) is not material and (ii) is the type of information that the Company treats as private or confidential.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **HYPERION DEFI, INC.** | **HYPERION DEFI, INC.** |
| Dated: November 17, 2025 | By: | */s/ Hyunsu Jung* |
|  |  | Hyunsu Jung |
|  |  | Interim Chief Executive Officer |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](tm2531349d1_ex5-1img001.jpg) | ![](tm2531349d1_ex5-1img002.jpg) |

---

November 17, 2025

Hyperion DeFi, Inc.

23461 S. Pointe Drive

Suite 390

Laguna Hills, CA 92653

Ladies and Gentlemen:

We have acted as counsel to Hyperion DeFi, Inc., a Delaware corporation (the "Company"), and are rendering this opinion in connection with the registration by the Company under the Securities Act of 1933 (the "*Securities Act*") of (a) the offer and sale by the Company from time to time of up to $1,000,000,000 in aggregate amount of (i) shares of the Company's common stock, par value $0.0001 per share (the "*Common Stock*"), (ii) shares of the Company's preferred stock, par value $0.0001 per share (the "*Preferred Stock*"), (iii) one or more series of the Company's debt securities (the "*Debt Securities*"), (iv) warrants (the "*Warrants*") to purchase Common Stock, Preferred Stock or Debt Securities, (v) rights to subscribe for and to purchase Common Stock, Preferred Stock or Debt Securities ("*Subscription Rights*"), and (vi) units, comprised of one or more of the Common Stock, Preferred Stock, Debt Securities, Warrants or Rights in any combination (the "*Units*," and collectively with the Common Stock, Preferred Stock, Debt Securities, Warrants and Rights, the "*Securities*"), pursuant to the registration statement on Form S-3 filed with the United States Securities and Exchange Commission (the "*Commission*") on the date hereof (the "*Registration Statement*") and (b) the issuance and sale of shares of the Company's Common Stock, having an aggregate offering price of up to $500,000,000 (the "*Shares*"), pursuant to the Sales Agreement, dated November 14, 2025, ("*Sales Agreement*") among the Company and Chardan Capital Markets, LLC and Cantor Fitzgerald & Co., as sales agents. The offer and sale of the Shares are being registered under the Securities Act pursuant to the Registration Statement.

We have reviewed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the prospectus, filed on November 17, 2025, as supplemented by a prospectus supplement with respect to the
offer and sale of the Shares, as filed with the Commission on November 17, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Sales Agreement.

![](tm2531349d1_ex5-1img003.jpg)

We have also reviewed such corporate records, certificates and other documents, and such questions of law, as we have deemed necessary or appropriate for the purposes of this opinion. We have assumed that all signatures are genuine, that all documents submitted to us as originals are authentic and that all copies of documents submitted to us conform to the originals.

We have assumed that the Shares will be duly registered on the books of the transfer agent and registrar of the Common Stock and that the Company will comply with applicable notice requirements regarding uncertificated shares provided under the Delaware General Corporation Law (the "*DGCL*").

We have assumed that, at the time of the issuance, sale and delivery of each issue of Securities: (i) the execution, delivery and performance by the Company of an indenture in the form of Exhibit 4.1 to the Registration Statement and any supplement to such indenture, warrant agreement, subscription agreement, rights agreement and/or rights certificate, unit agreement, amendment to the certificate of incorporation or other relevant governing instrument (collectively, the "*Documents*"), as applicable, and all actions necessary for the issuance of the applicable Securities, and the form and terms thereof, will comply with all requirements and restrictions, if any, applicable to the Company, whether imposed by any agreement or instrument to which the Company is a party or by which it is bound or any court or other governmental or regulatory body having jurisdiction over the Company or otherwise; (ii) the Company will have duly authorized, executed and delivered any such Document and will have duly authorized the issuance of any such Securities, and none of such authorizations will have been modified or rescinded, and there will not have occurred any change in law affecting the validity, legally binding character or enforceability thereof; and (iii) the prospectus included in the Registration Statement will describe the Securities offered thereby or an appropriate prospectus supplement will have been prepared, delivered and filed in compliance with the Securities Act and the applicable rules and regulations thereunder and will describe the Securities offered thereby. We have also assumed that the Securities will be offered and sold in compliance with applicable federal and state securities laws and in the manner stated in the Registration Statement and the appropriate prospectus supplement. We have assumed further that the Documents (other than any amendment to the certificate of incorporation) will be governed by and construed in accordance with the law of the State of New York. We have further assumed that, at the time of the issuance, sale and delivery of any shares of Common Stock or Preferred Stock, or of any other Securities which are exercisable or exchangeable for, or convertible into, Common Stock or Preferred Stock, the Company will have a sufficient number of authorized but unissued shares of Common Stock or Preferred Stock, as the case may be, under its certificate of incorporation. With respect to any Document executed or to be executed by any party other than the Company, we have assumed that such party has, or will have, duly authorized, executed and delivered the Documents to which it is a party and that each such Document is, or will be, the valid and binding obligation of such party, enforceable against it in accordance with its terms.

We have assumed further that, except as to legal conclusions expressly set forth in this opinion, the information and representations and warranties contained in the agreements, instruments, records, certificates and other documents we reviewed were true, accurate and complete as of their stated date and are true, accurate and complete as of the date of this letter.

![](tm2531349d1_ex5-1img003.jpg)

We have relied as to certain matters on information obtained from public officials, officers of the Company, and other sources believed by us to be responsible.

Based upon the foregoing, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to the Shares: the Shares have been duly authorized and, when the Registration Statement
has become effective under the Securities Act and, the Shares, when duly issued and sold as contemplated by the Sales Agreement, will
be validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to the shares of Common Stock: (i) the Registration Statement and any required post-effective
amendments thereto have all become effective under the Securities Act and all prospectus supplements required by applicable law have been
delivered and filed as required by such laws; (ii) all necessary corporate action has been taken by the Company to authorize the issuance
of the shares of Common Stock and fix or otherwise determine the consideration to be received for the shares of Common Stock and the terms
of the offer and sale thereof; (iii) any legally required consents, approvals, authorizations and other orders of the Commission and any
other regulatory authorities have been obtained; and (iv) the shares of Common Stock with terms so fixed have been duly issued and delivered
by the Company against payment therefore in accordance with such corporate action and applicable law and as contemplated in the Registration
Statement and the prospectus supplement and any pricing supplement setting forth the terms of the shares of Common Stock and the plan
of distribution, then, upon the happening of such events, the shares of Common Stock will be duly authorized and validly issued and will
be fully paid and non-assessable;

&nbsp;&nbsp;&nbsp;&nbsp;3. With respect to the shares of Preferred Stock: (i) the Registration Statement and any required post-effective amendments thereto have
all become effective under the Securities Act and all prospectus supplements required by applicable law have been delivered and filed
as required by such laws; (ii) all necessary corporate action has been taken by the Company to establish the rights, preferences and privileges
of, and limitations on, any series of the shares of Preferred Stock and to authorize the issuance of the shares of Preferred Stock of
such series and fix or otherwise determine the consideration to be received for the shares of Preferred Stock of such series and the terms
of the offer and sale thereof; (iii) any legally required consents, approvals, authorizations and other orders of the Commission and any
other regulatory authorities have been obtained; (iv) an appropriate certificate of designations with respect to such series of shares
of Preferred Stock has been duly filed in accordance with applicable law, and (v) the shares of Preferred Stock with terms so fixed have
been duly issued and delivered by the Company against payment therefore in accordance with such corporate action and applicable law and
as contemplated in the Registration Statement and the prospectus supplement and any pricing supplement setting forth the terms of the
shares of Preferred Stock of such series and the plan of distribution, then, upon the happening of such events, such shares of Preferred
Stock will be duly authorized and validly issued and will be fully paid and non-assessable;

![](tm2531349d1_ex5-1img003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;4. With respect to the Debt Securities: (i) the Registration Statement and any required post-effective amendments thereto have all become
effective under the Securities Act and all prospectus supplements required by applicable law have been delivered and filed as required
by such law; (ii) an indenture in the form of Exhibit 4.1 to the Registration Statement and any necessary indenture supplements have been
duly authorized, executed and delivered on behalf of the Company and a trustee qualified to act as such under applicable law and such
indenture has been qualified under the Trust Indenture Act of 1939; (iii) all necessary corporate action has been taken by the Company
to authorize the form, terms, execution and delivery of any Debt Securities; (iv) any legally required consents, approvals, authorizations
and other orders of the Commission and other regulatory authorities have been obtained; and (vi) any Debt Securities have been duly executed
by the Company and authenticated by a trustee in accordance with the applicable indenture, or any applicable indenture supplement, and
have been duly issued and delivered against payment therefor in accordance with such corporate action and as contemplated in the Registration
Statement and the prospectus supplement and any pricing supplement setting forth the terms of any Debt Securities and the plan of distribution,
then, upon the happening of such events, any Debt Securities (including any Debt Securities to be issued by the Company upon the conversion
or exercise of other Securities to be issued by the Company pursuant to the Registration Statement) will constitute the valid and binding
obligations of the Company, enforceable against the Company in accordance with their terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights and to general
equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;5. With respect to the Warrants: (i) the Registration Statement and any required post-effective amendments thereto have become effective
under the Securities Act and all prospectus supplements required by applicable law have been delivered and filed as required by such laws;
(ii) all necessary corporate action has been taken by the Company to authorize, execute and deliver a warrant agreement and to authorize
the form, terms, execution and delivery of any Warrants and to fix or otherwise determine the consideration to be received for such Warrants
and the terms of the offer and sale thereof; (iii) any legally required consents, approvals, authorizations and other orders of the Commission
and other regulatory authorities have been obtained; (iv) any shares of Common Stock or Preferred Stock or any Debt Securities purchasable
upon the exercise of such Warrants, as applicable, have been duly and validly authorized and reserved for issuance and sale; and (v) any
warrant agreement with respect to such Warrants has been duly authorized, executed and delivered by the Company and the warrant agent,
and the Warrants have been duly executed and delivered by the Company against payment of the consideration therefor in accordance with
any applicable warrant agreement, and in accordance with such corporate action and applicable law and as contemplated in the Registration
Statement and the related prospectus supplement setting forth the terms of such Warrants and the plan of distribution, then, upon the
happening of such events, such Warrants will constitute the valid and binding obligations of the Company, enforceable against the Company
in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws of general
applicability relating to or affecting creditors' rights and to general equity principles.

![](tm2531349d1_ex5-1img003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;6. With respect to the Rights: (i) the Registration Statement and any required post-effective amendments thereto all have become effective
under the Securities Act and all prospectus supplements required by applicable law have been delivered and filed as required by such laws;
(ii) all necessary corporate action has been taken by the Company to authorize, execute and deliver a rights agreement or rights certificate
and to authorize the form, terms, execution and delivery of the Rights and to fix or otherwise determine the consideration to be received
for the Rights and the terms of the offer and sale thereof; (iii) any legally required consents, approvals, authorizations and other orders
of the Commission and any other regulatory authorities have been obtained; (iv) any shares of Common Stock or Preferred Stock or other
Securities, as applicable, have been duly and validly authorized and, reserved for issuance and sale; and (v) any necessary rights agreement
or rights certificate has been duly authorized, executed and delivered by the Company and the rights agent, and the Rights have been duly
executed and delivered by the Company against payment of the consideration therefor in accordance with any applicable rights agreement
or rights certificate, and in accordance with such corporate action and applicable law and as contemplated in the Registration Statement
and the prospectus supplement setting forth the terms of the Rights and the plan of distribution, then, upon the happening of such events,
the Rights will constitute the valid and binding obligations of the Company, enforceable against the Company in accordance with their
terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws of general applicability relating
to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to the Units: (i) the Registration Statement and any required post-effective amendments thereto all have become effective
under the Securities Act and all prospectus supplements required by applicable law have been delivered and filed as required by such laws;
(ii) all necessary corporate action has been taken by the Company to authorize, execute and deliver a unit agreement and to authorize
the form, terms, execution and delivery of the Units and to fix or otherwise determine the consideration to be received for the Units
and the terms of the offer and sale thereof; (iii) any legally required consents, approvals, authorizations and other orders of the Commission
and any other regulatory authorities have been obtained; (iv) any shares of Common Stock or Preferred Stock, or any Debt Securities or
other Securities to be issued pursuant to such Units, have been duly and validly authorized and, with respect to shares of Common Stock
or Preferred Stock, reserved for issuance and sale; and (v) any necessary unit agreement has been duly authorized, executed and delivered
by the Company and any other party thereto, and the Units have been duly executed and delivered by the Company against payment therefor
in accordance with any applicable unit agreement, and in accordance with such corporate action and applicable law and as contemplated
in the Registration Statement and the prospectus supplement setting forth the terms of the Units and the plan of distribution, then, upon
the happening of such events, the Units will constitute the valid and binding obligations of the Company, enforceable against the Company
in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws of general
applicability relating to or affecting creditors' rights and to general equity principles.

![](tm2531349d1_ex5-1img003.jpg)

The foregoing opinion is subject to the following qualifications in light of the specific securities (and their governing instruments) being registered:

We express no opinion as to: (i) waivers of defenses, subrogation and related rights, rights to trial by jury, rights to object to venue, or other provisions, however expressed, altering or eliminating the rights, liabilities or benefits a party otherwise would have or bestowed by operation of law; (ii) releases or waivers of unmatured claims or rights; (iii) indemnification, contribution, exculpation, hold-harmless or arbitration provisions, disclaimers, or provisions for the non-survival of representations, to the extent they purport to indemnify any party against, or release or limit any party's liability for, its own breach or failure to comply with statutory obligations, or to the extent such provisions are contrary to public policy; (iv) provisions for contribution, liquidated damages, penalties, forfeitures, penalty interest, interest on interest, and premiums payable upon acceleration of indebtedness; or (v) provisions purporting to supersede equitable principles, including provisions requiring amendments and waivers to be in writing and provisions making notices effective even if not actually received.

We are members of the bar of the State of New York and the Commonwealth of Massachusetts. We do not express any opinion herein on any laws other than the DGCL.

We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement and the Company's Current Report on Form 8-K dated the date hereof related to the offering of the Shares. We also hereby consent to the reference to our firm under the heading "Legal Matters" in the prospectus constituting part of the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

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| |
|:---|
| Very truly yours, |
| /s/ Covington & Burling LLP |

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