Welcome to our dedicated page for Solana Company SEC filings (Ticker: HSDT), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Solana Company (NASDAQ: HSDT) SEC filings page on Stock Titan provides access to the company’s official U.S. regulatory disclosures, including Forms 10-K, 10-Q, 8-K, proxy statements, and other required reports. These documents offer detailed insight into Solana Company’s dual focus as a neurotech medical device issuer and a Solana-centric digital asset treasury.
In its filings, Solana Company describes its operations in the electromedical and electrotherapeutic apparatus manufacturing industry and outlines its orally applied technology platform for neurologic deficits. Quarterly and annual reports, such as the Form 10-K and Form 10-Q, present financial statements, revenue components (including staking rewards and other revenue), operating expenses, research and development costs, and unrealized gains or losses on digital assets.
Current reports on Form 8-K document material events, including the name change from Helius Medical Technologies, Inc. to Solana Company, the adoption of a Solana-focused digital asset treasury, PIPE financings, warrant issuances, stock repurchase authorizations, changes in independent registered public accounting firms, and board and governance developments. Proxy materials on Schedule 14A describe matters submitted to stockholders, such as director elections, equity incentive plan amendments, and approvals related to cryptocurrency-linked warrants.
Stock Titan enhances these filings with AI-powered summaries that highlight key points from lengthy documents, helping readers quickly understand complex items such as derivative liabilities tied to stapled warrants, digital asset treasury activities, or auditor changes. Users can review real-time updates from EDGAR, track quarterly (10-Q) and annual (10-K) reports, and examine Form 4 and related disclosures of insider transactions where available, all supported by concise AI explanations that clarify terminology and context.
Solana Co director Sherrie L. Perkins reported equity compensation awards. She received a stock option covering 23,529 shares of Class A Common Stock at an exercise price of $6.881 per share, expiring on March 30, 2036. She was also granted 2,180 shares of Class A Common Stock as restricted stock units under the 2022 Equity Incentive Plan. According to the awards’ terms, 75% of both the RSUs and options vested on March 31, 2026, with the remaining 25% scheduled to vest on June 30, 2026, subject to her continued service. Following the stock grant, she directly holds 92,220 shares of Class A Common Stock.
Solana Co director Paul Buckman received new equity awards as part of his compensation. He was granted a stock option covering 23,529 shares of Class A Common Stock at an exercise price of $6.881 per share, expiring on March 30, 2036.
He also received 2,180 shares of Class A Common Stock, increasing his direct holdings to 92,004 shares. Both the option and restricted stock units vest 75% on March 31, 2026, with the remaining 25% scheduled to vest on June 30, 2026, contingent on his continued service.
Solana Co director Edward M. Straw received equity awards as part of his compensation. He was granted stock options for 23,529 shares of Class A Common Stock at an exercise price of $6.881 per share, expiring on March 30, 2036. He also received 2,180 shares of Class A Common Stock via restricted stock units. Seventy-five percent of both the RSUs and options vested on March 31, 2026, with the remaining 25% scheduled to vest on June 30, 2026, conditional on his continued service. Following the stock grant, he directly holds 92,291 Class A Common shares.
Solana Co director Walter Blane received new equity awards in the form of stock options and restricted stock units. He was granted stock options covering 23,529 shares of Class A Common Stock at an exercise price of $6.881 per share, expiring on March 30, 2036. He also received 2,180 shares of Class A Common Stock from a grant classified as a restricted stock unit award. According to the award terms, 75% of both the RSUs and the options vested on March 31, 2026, with the remaining 25% scheduled to vest on June 30, 2026, if he continues in service.
Solana Company filed a Post-Effective Amendment No. 3 to its Form S-3 shelf registration to convert the filing to a non-automatic shelf and to register for resale up to 155,646,217 shares of Class A common stock previously issued in PIPE and related transactions. The prospectus covers (i) 38,049,663 PIPE Shares, (ii) 36,261,239 Pre-Funded Warrant Shares, (iii) 73,941,196 Stapled Warrant Shares, and (iv) 7,394,119 Advisor Shares. The company states the PIPE Offerings closed on September 18, 2025 and generated aggregate gross proceeds of approximately $500 million. The registration permits resale by the identified selling stockholders; the company will not receive proceeds from those resales. The prospectus also discloses an ATM program with aggregate sales capacity of $92.8 million and reports a Nasdaq last reported sale price of $1.86 per share on March 30, 2026.
Solana Company amends its shelf registration to convert the Form S-3 to a non-automatic shelf and makes other conforming updates; the registration permits offers of up to $1,000,000,000 of securities.
The prospectus is a shelf offering for Class A common stock, preferred stock, debt securities, warrants and units to be sold from time to time after this registration statement becomes effective. The prospectus is subject to completion and supplements will state exact terms, proceeds treatment and methods of sale.
Solana Company (HSDT) has transformed into a listed digital asset treasury focused on acquiring and holding Solana tokens (SOL), aiming to maximize SOL per share through capital markets activity, staking and selective DeFi strategies. The treasury is expected to remain highly concentrated in SOL, with significant portions staked via institutional custodians and validators to earn yield, while managing liquidity through unstaked SOL, liquid staking tokens, cash and stablecoins.
The company also maintains, to a lesser extent, its legacy neurotechnology business built around the PoNS medical device, which is cleared or authorized for multiple gait and balance indications in the U.S. and Canada and has been commercially available in those markets for several years.
Solana Company, formerly Helius Medical Technologies, reported a major shift in scale and business mix for 2025 as it executed its digital asset treasury strategy focused on Solana (SOL).
Fourth-quarter 2025 revenue was $5.2 million, up from $0.2 million a year earlier, driven by $5.1 million in staking rewards. However, total operating expenses surged to $206.1 million, including large non-cash losses tied to digital assets, producing a $201.1 million operating loss. A $526.3 million gain from the change in fair value of derivative liability lifted quarterly net income to $325.6 million, or $4.25 per share, versus a $3.9 million loss previously.
For full year 2025, revenue reached $6.0 million versus $0.5 million in 2024, but operating expenses climbed to $249.4 million, driven by an $208.9 million unrealized loss on digital assets and receivables, $12.1 million realized digital asset loss and a $2.1 million unrealized loss on a digital asset fund investment. The company recorded non-operating income of $203.0 million, mainly from eliminating a derivative liability, partly offset by $195.2 million in financing costs, resulting in a $40.9 million net loss for 2025, or $1.85 per share.
As of December 31, 2025, Solana Company held $7.3 million in cash and $293.7 million in digital assets at fair value, for total assets of $303.9 million and stockholders’ equity of $300.9 million, compared with $3.5 million in total assets and $1.1 million in equity a year earlier. Common shares outstanding were 43.7 million at year end and 55.0 million as of March 27, 2026, with additional in-the-money warrants outstanding in both periods.
Registration for resale of 155,646,217 shares of Class A common stock is being declared in a Post-Effective Amendment No. 2 to the Form S-3 to permit selling stockholders to resell securities previously issued in PIPE Offerings and to certain advisors. The amendment states no new securities are being registered and the company will receive no proceeds from secondary resales.
The prospectus covers specified categories: 38,049,663 PIPE Shares, 36,261,239 Pre-Funded Warrant Shares, 81,335,315 Stapled Warrant Shares, and 7,394,119 Advisor Shares for resale by named selling stockholders under Rule 415(a)(5). The filing also describes an ATM program (up to $92.8M) and notes aggregate PIPE gross proceeds of approximately $500M received in September 2025.
Solana Company filed a Post-Effective Amendment No. 1 to its Form S-3 to register an at‑the‑market shelf of up to $1,000,000,000 of securities, including Class A common stock, preferred stock, debt securities, warrants and units. The amendment adds disclosure required for a registrant that will no longer qualify as a “well-known seasoned issuer.”
The prospectus states offerings may occur from time to time under Rule 415(a)(5). As of March 27, 2026, there were 55,034,047 shares of Class A common stock outstanding and the last reported Nasdaq sale price was $1.92 per share. The filing lists multiple warrant series and large pre-funded/stapled warrant counts granted in connection with prior subscription agreements.