Helius Medical Technologies Inc. Earnings Call Highlights

Helius Medical Technologies Inc ((HSDT)) has held its Q3 earnings call. Read on for the main highlights of the call.

In the recent earnings call, Helius Medical Technologies Inc. presented a mixed sentiment, highlighting both significant achievements and challenges. The company celebrated successful fundraising efforts and strategic advocacy, which led to increased Solana holdings and positive clinical outcomes for the PoNS device. However, these achievements were overshadowed by substantial financial losses and increased operating expenses, amidst a cooling digital asset treasury market.

Successful $500 Million Fundraising

Solana Company marked a significant milestone by successfully raising over $500 million to support its digital asset treasury strategy. This investment, primarily from Pantera, is noted as the largest cash investment in Pantera’s history, underscoring the confidence in Solana’s strategic direction.

Strong Advocacy and Institutional Adoption

The company has positioned itself as a leader in the digital asset space, processing nearly 80 million transactions daily with minimal fees. Solana’s platform is a frontrunner for stablecoin payments and real-world asset tokenization, offering a native staking yield of over 7%.

Increased Solana Holdings

Solana Company increased its holdings by 100,000 SOL tokens, bringing the total to over 2.3 million tokens. The average gross staking yield achieved was 7.3% APY, outperforming the top 10 largest validators by 36 basis points, showcasing effective asset management.

Launch of ATM Program and Share Buyback

The introduction of an ATM program and a share buyback initiative reflects Solana’s commitment to maximizing shareholder value and enhancing Solana per share growth, providing strategic flexibility in the market.

Positive Clinical Outcomes for PoNS Device

The PoNS stroke registration program study yielded positive clinical outcomes, bolstering the company’s FDA 510(k) submission. This development is a promising step forward for Helius Medical Technologies in the medical device sector.

Significant Net Loss

Despite the achievements, Solana Company reported a net loss of $352.8 million for the third quarter of 2025. This loss was primarily due to a $545.7 million loss on derivative liability and $194.7 million in financing costs from the PIPE transaction.

Unrealized Loss on Digital Assets

The company faced an unrealized loss on digital assets amounting to $30.5 million, attributed to the net change in fair value of these assets, reflecting volatility in the digital asset market.

Increased Operating Expenses

Operating expenses surged to $36 million in 2025, a significant increase from $3.9 million in 2024. This rise was driven by discretionary bonuses and increased SG&A expenses, impacting the company’s financial performance.

Cooling Digital Asset Treasury Market

The digital asset treasury market has entered a phase of execution and consolidation, with higher barriers to entry for new participants. This cooling period follows a rapid expansion phase, affecting the overall market dynamics.

Forward-Looking Guidance

Looking ahead, Solana Company remains focused on its digital asset treasury strategy. The company has successfully raised over $500 million, primarily from Pantera Summer, and increased its SOL holdings. With $124 million in cash and $350.2 million in digital assets, Solana is well-positioned for continued strategic execution despite reporting a total net loss of $352.8 million for the quarter.

In conclusion, the earnings call for Helius Medical Technologies Inc. painted a complex picture of success and challenges. While the company made notable strides in fundraising and strategic initiatives, financial losses and increased expenses posed significant hurdles. The forward-looking guidance suggests a robust financial foundation, positioning Solana for future growth amidst a cooling digital asset market.