Solana Co exits neurotechnology, pivots to $194M Solana token treasury with staking revenue

Filed May 15, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 1, 2025 · ~2 min read

Key Changes

• high

  Company sold PoNS medical device business for $5M upfront plus up to $20M earnouts through 2028, completing exit from neurotechnology to become a digital asset treasury holding 2.3M SOL tokens valued at $193.8M.

  MD&A: Business Model Transformation verify on EDGAR →
• high

  Q1 2026 net loss ballooned to $99.8M from $3.8M prior year, driven by $89.2M unrealized losses on SOL holdings due to token price volatility, plus $7.0M realized losses on sales. Staking now generates revenue ($3.4M in Q1).

  MD&A: Digital Asset Mark-to-Market verify on EDGAR →
• high

  April 2026 equity raise of $7.9M included investor put options allowing forced share repurchases at $2.60 plus 7% annual return if debt ratio exceeds 30%, at 12/18-month anniversaries, or upon trading halt/delisting notice.

  MD&A: Registered Direct Offering verify on EDGAR →