Solana Company, formerly known as Helius Medical Technologies, Inc., reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2025. The company generated total revenue of $6.0 million, a notable increase from $520,000 in the previous year, primarily driven by the introduction of staking revenue amounting to $5.5 million. However, the company also faced substantial losses, with a net loss of $40.9 million compared to a loss of $11.7 million in 2024. This increase in losses was largely attributed to unrealized losses on digital assets, which totaled $208.9 million, reflecting the volatility of the cryptocurrency market.
The company's strategic pivot towards a digital asset treasury strategy focused on acquiring and holding Solana tokens (SOL) has been a key development. Following a private placement in September 2025, Solana Company repositioned its balance sheet to concentrate on SOL, which it views as a high-performance blockchain asset. The company reported holding 2,360,083 SOL valued at approximately $293.7 million as of December 31, 2025. The price of SOL has been volatile, impacting the company's financial results, with a reported decline of 33% in SOL's value from December 31, 2025, to March 27, 2026.
Operationally, Solana Company has made strides in expanding its digital asset treasury operations and has engaged in strategic advisory agreements with Pantera Capital and Summer Wisdom Holdings to guide its initiatives in the cryptocurrency sector. The company also reported a significant increase in selling, general, and administrative expenses, which rose to $23.1 million from $10.2 million in the previous year, largely due to costs associated with the new treasury strategy and increased staffing.
Looking ahead, Solana Company remains focused on enhancing its digital asset treasury strategy while continuing to develop its neurotechnology product, the Portable Neuromodulation Stimulator (PoNS). The company has received marketing clearance for PoNS in the U.S. for treating gait deficits due to multiple sclerosis and is exploring additional indications. However, the company acknowledges the challenges posed by regulatory requirements and market acceptance, particularly in the competitive neurostimulation market. The outlook remains cautious, with the company emphasizing the need for ongoing capital to support its operations and strategic initiatives.
About HELIUS MEDICAL TECHNOLOGIES, INC.
Helius Medical Technologies specializes in neurotechnology, developing non-invasive devices like the PoNS Stimulator to treat neurological conditions such as multiple sclerosis, traumatic brain injury, and stroke. The company's core product delivers mild electrical stimulation to promote neuroplasticity and improve gait and balance. Operating globally, Helius partners with healthcare providers, regulators, and payers to advance neuromodulation therapies for neurological wellness.
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