---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-026120"
form_type: "8-K"
ticker: "HYPD"
cik: "0001682639"
company_name: "HYPERION DEFI, INC."
filed_at: "2025-03-20T23:59:59+00:00"
generated_at: "2026-05-24T10:21:44.711095+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Eyenovia enters non-binding LOI for reverse merger with Betaliq; EYEN holders to own ~16.3%

## Summary
- Reverse merger: Betaliq stockholders would own ~83.7% of combined company; Eyenovia holders ~16.3% on fully diluted basis.
- Betaliq valued at ~$77M, Eyenovia at ~$15M (net cash zero at close); Eyenovia had $2.1M cash as of Dec 31, 2024.
- Exclusivity period ends May 16, 2025; conditions include due diligence, definitive agreement, board approvals, and financing.
- Combined company would continue marketing Eyenovia's FDA-approved products and leverage EyeSol+Optejet technologies.
- Eyenovia expects to change name to Betaliq and update trading symbol; no assurance deal will close.

## SEC filing metadata
- accession: 0001104659-25-026120
- form_type: 8-K
- ticker: HYPD
- cik: 0001682639
- company_name: HYPERION DEFI, INC.
- filed_at: 2025-03-20T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1682639/000110465925026120/0001104659-25-026120-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1682639/000110465925026120/tm259898d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-026120
- JSON: https://secwatch.observer/filing/0001104659-25-026120.json
- Plain text: https://secwatch.observer/filing/0001104659-25-026120.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.