Helius Medical pivots from neurotechnology to Solana treasury, raises $518M, holds 2.4M SOL

Filed March 31, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 25, 2025 · ~2 min read

Key Changes

• high

  Company abandoned neurotechnology focus in Sept 2025, adopting digital asset treasury strategy centered on acquiring and holding Solana (SOL) tokens. Raised $518M through private placement, deployed into 2.4M SOL tokens valued at $294M at year-end (declined 33% to $83 by March 2026).

  Business: Strategic Pivot view on EDGAR →
• high

  Recorded $209M unrealized loss on digital assets plus $12M realized loss due to SOL price volatility. Company holds highly concentrated, uninsured treasury with no cash income generation except through staking (earned $5.5M in rewards) or asset sales.

  MD&A: Digital Asset Losses verify on EDGAR →
• high

  Stapled warrants from Sept 2025 PIPE created $540M derivative liability loss and $938M fair value gain, generating extreme non-cash earnings volatility. Total financing costs reached $195M including $180M in non-cash advisor warrants and placement agent compensation.

  MD&A: Derivative Accounting verify on EDGAR →