---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-113672"
form_type: "8-K"
ticker: "HSDT"
cik: "0001610853"
company_name: "Solana Co"
filed_at: "2025-11-18T23:59:59+00:00"
generated_at: "2026-05-16T18:47:13.934401+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Solana (HSDT) Q3 net loss $352.8M; $500M+ SOL treasury partnership closed

## Summary
- Q3 net loss $352.8M ($32.89 loss per share) vs $3.7M loss a year ago; operating loss $35.5M vs $4.1M.
- Revenue $697k includes $342k first-time staking rewards; unrealized loss on digital assets $30.5M.
- Closed $500M+ PIPE with Pantera Capital and Summer Capital for SOL treasury strategy; issued $750M cash-exercise warrants.
- Announced $100M stock repurchase program; positive PoNS clinical data; FDA submission for label expansion in stroke.
- Cash & digital assets $474.2M ($124M cash, $350.2M digital assets); 75.9M shares and pre-funded warrants outstanding.

## SEC filing metadata
- accession: 0001104659-25-113672
- form_type: 8-K
- ticker: HSDT
- cik: 0001610853
- company_name: Solana Co
- filed_at: 2025-11-18T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1610853/000110465925113672/0001104659-25-113672-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1610853/000110465925113672/hsdt-20251118x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-113672
- JSON: https://secwatch.observer/filing/0001104659-25-113672.json
- Plain text: https://secwatch.observer/filing/0001104659-25-113672.txt

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