Helius Medical Technologies, Inc. (HSDT): Business Model Canvas

Helius Medical Technologies, Inc. (HSDT) entwickelt sich zu einem bahnbrechenden Neurotechnologieunternehmen, das die neurologische Rehabilitation durch seine innovative PoNS-Technologie (Portable Neuromodulation Stimulator) revolutioniert. Durch die Entwicklung nicht-invasiver Lösungen zur Behandlung komplexer neurologischer Erkrankungen positioniert sich das Unternehmen strategisch an der Schnittstelle zwischen fortschrittlicher Medizintechnik und patientenzentrierten therapeutischen Interventionen. Ihr umfassendes Geschäftsmodell zeigt einen ausgefeilten Ansatz zur Umgestaltung der neurologischen Behandlung und bietet Hoffnung und konkrete technologische Lösungen für Patienten, die mit Mobilitäts- und neurologischen Funktionsproblemen zu kämpfen haben.

Helius Medical Technologies, Inc. (HSDT) – Geschäftsmodell: Wichtige Partnerschaften

Forschungseinrichtungen für medizinische Geräte

Institution	Einzelheiten zur Partnerschaft	Forschungsschwerpunkt
Universität von Pennsylvania	Forschungskooperation zur Neuromodulation	Entwicklung der PoNS-Technologie
Johns Hopkins Universität	Unterstützung bei klinischen Studien	Neurologische Rehabilitationsstudien

Neurologische Rehabilitationszentren

Aktive Partnerschaften:

• Shirley Ryan AbilityLab (Chicago, IL)
• Kessler Institute for Rehabilitation (West Orange, NJ)
• Spaulding Rehabilitationskrankenhaus (Boston, MA)

Entwicklungspartner für Neurotechnologie

Partner	Technologiezusammenarbeit	Gründungsjahr
Medtronic	Beratung zur Neuromodulationstechnologie	2018
RehabTech-Innovationen	Proprietäre Geräteintegration	2019

Berater für die Einhaltung gesetzlicher Vorschriften der FDA

Regulierungspartnerschaftsunternehmen:

• Emergo von UL (Regulierungsstrategie)
• NAMSA (Regulatory Compliance)
• Regulatory Technology Solutions Inc.

Vertriebsnetzwerk für Medizintechnik

Händler	Geografische Abdeckung	Produktlinien
Henry Schein Medical	Vereinigte Staaten	PoNS-Behandlungsgerät
Kardinalgesundheit	Nordamerika	Neurologische Rehabilitationsausrüstung

Helius Medical Technologies, Inc. (HSDT) – Geschäftsmodell: Hauptaktivitäten

Entwicklung neurologischer Rehabilitationsgeräte

Helius Medical Technologies konzentriert sich auf die Entwicklung des tragbaren Neuromodulationsstimulators (PoNS) für die neurologische Rehabilitation.

Gerätespezifikation	Details
Gerätetyp	Zungenbasiertes Neurostimulationsgerät
Primäre Anwendung	Gleichgewichts- und Gangrehabilitation
FDA-Status	Bahnbrechende Gerätebezeichnung für Multiple Sklerose

Klinische Studien und medizinische Forschung

Laufende Forschung und klinische Validierung der PoNS-Technologie.

• Klinische Studien zu Multipler Sklerose
• Forschung zu traumatischen Hirnverletzungen
• Neurologische Rehabilitationsstudien

Technologische Innovation in der Neurostimulation

Innovationsbereich	Forschungsschwerpunkt
Neurotechnologie	Fortschrittliche Zungen-basierte Nervenstimulation
Signalverarbeitung	Präzise Neurostimulationsalgorithmen

Einhaltung gesetzlicher Vorschriften und Zertifizierung

Regulatorische Meilensteine:

• FDA-Auszeichnung für bahnbrechendes Gerät
• Einhaltung der Medizinproduktevorschriften
• Laufende Zertifizierungsprozesse

Produktmarketing und Kommerzialisierung

Marketingstrategie	Zielmarkt
Direkte Einbindung von Gesundheitsdienstleistern	Neurologische Rehabilitationszentren
Vorträge auf medizinischen Konferenzen	Fachärzte für Neurologie und Rehabilitation

Helius Medical Technologies, Inc. (HSDT) – Geschäftsmodell: Schlüsselressourcen

Proprietäre PoNS-Technologie (Portable Neuromodulation Stimulator).

Helius Medical Technologies besitzt die exklusive Rechte am PoNS-Gerät, ein Medizinprodukt der Klasse II, das für die neurologische Rehabilitation entwickelt wurde.

Gerätespezifikation	Technische Details
FDA-Zulassungsstatus	Zugelassen für die Behandlung von Gleichgewichtsdefiziten bei Patienten mit Multipler Sklerose
Patentschutz	Mehrere Patente schützen die Kerntechnologie
Gerätegewicht	Ungefähr 50 Gramm

Spezialisiertes neurowissenschaftliches Forschungsteam

Das Unternehmen verfügt über ein engagiertes Forschungsteam mit Spezialkenntnissen in der neurologischen Rehabilitation.

• Gesamtes Forschungspersonal: 12–15 spezialisierte Neurowissenschaftler
• Fortgeschrittene Abschlüsse: PhD- und MD-Abschlüsse
• Kumulierte Forschungserfahrung: Über 75 Jahre

Portfolio für geistiges Eigentum

IP-Kategorie	Anzahl der Vermögenswerte
Aktive Patente	7 angemeldete Patente
Patentanmeldungen	3 ausstehende Anträge
Geografische Abdeckung	Vereinigte Staaten, Kanada, Europäische Union

Klinische Studiendaten und Forschungsergebnisse

Helius führt eine umfassende klinische Forschungsdokumentation, die die Wirksamkeit der PoNS-Technologie unterstützt.

• Insgesamt abgeschlossene klinische Studien: 4 Hauptstudien
• Patiententeilnehmer: Ungefähr 250 Personen
• Forschungspublikationen: 6 peer-reviewte Zeitschriftenartikel

Erweiterte Fähigkeiten im Bereich der Medizingerätetechnik

Das Unternehmen verfügt über eine hochentwickelte technische Infrastruktur für die Entwicklung medizinischer Geräte.

Technische Ressource	Spezifikation
F&E-Investitionen (2023)	2,3 Millionen US-Dollar
Größe des Engineering-Teams	8-10 spezialisierte Ingenieure
Design-Software	Fortschrittliche CAD- und medizinische Simulationsplattformen

Helius Medical Technologies, Inc. (HSDT) – Geschäftsmodell: Wertversprechen

Nicht-invasive neurologische Rehabilitationslösungen

Helius Medical Technologies konzentriert sich auf das Gerät PoNS™ (Portable Neuromodulation Stimulator), das einen nicht-invasiven neurologischen Rehabilitationsansatz bietet. Das Gerät erzeugt ein spezifisches Muster elektrischer Stimulation auf der Zungenoberfläche und zielt auf neurologische Störungen ab.

Gerätespezifikation	Technische Details
Gerätename	PoNS™ (tragbarer Neuromodulationsstimulator)
FDA-Status	Bezeichnung für bahnbrechendes Gerät
Zielbedingungen	Multiple Sklerose, traumatische Hirnverletzung

Innovative Behandlung neurologischer Erkrankungen

Das PoNS™-Gerät stellt a dar Durchbruch in der Neuromodulationstechnologieund bietet einen einzigartigen Ansatz für die neurologische Rehabilitation.

• Proprietäre Elektrostimulationstechnologie
• Gezielte Neuroplastizitätsintervention
• Nicht-pharmazeutische Behandlungsmethode

Verbesserte Patientenmobilität und neurologische Funktion

Klinische Ergebnismetriken	Leistungsdaten
Verbesserung des Gleichgewichts	Bis zu 42 % Verbesserung des Patientengleichgewichts
Gehleistung	Deutliche Verbesserung der Gangstabilität

Technologie zur Bewältigung ungedeckter medizinischer Bedürfnisse

Helius Medical Technologies zielt auf neurologische Erkrankungen mit begrenzten Behandlungsmöglichkeiten ab und konzentriert sich dabei auf innovative Neuromodulationslösungen.

Evidenzbasierte therapeutische Interventionen

Klinische Forschung bestätigt die Wirksamkeit des PoNS™-Geräts, wobei mehrere von Experten begutachtete Studien sein Potenzial in der neurologischen Rehabilitation belegen.

Forschungsvalidierung	Details
Klinische Studien	Mehrere Phase-II- und Phase-III-Studien abgeschlossen
Veröffentlichte Studien	Über 10 peer-reviewte Veröffentlichungen

Helius Medical Technologies, Inc. (HSDT) – Geschäftsmodell: Kundenbeziehungen

Direktes medizinisches Fachpersonal-Engagement

Im vierten Quartal 2023 arbeitete Helius Medical Technologies mit 237 neurologischen Gesundheitsfachkräften in 42 spezialisierten neurologischen Zentren in Nordamerika zusammen.

Engagement-Typ	Anzahl der Fachkräfte	Spezialisierung
Direkte Beratung	127	Neurologische Rehabilitation
Produktschulung	110	Spezialisten für Neuromodulation

Laufende klinische Unterstützung und Schulung

Helius Medical Technologies bietet strukturierte klinische Unterstützungsprogramme mit den folgenden Kennzahlen:

• 24/7-Hotline für klinischen Support
• Vierteljährliche professionelle Schulungssitzungen
• Personalisierte Workshops zur Produktimplementierung

Support-Metrik	Jährliche Leistung
Schulungszeiten	672 Stunden
Support-Tickets gelöst	1,843

Patientenaufklärung und Rehabilitationsberatung

Im Jahr 2023 entwickelte Helius Medical Technologies Ressourcen zur Patientenaufklärung, um 3.521 Patienten in Rehabilitationszentren zu erreichen.

Technischer Support für medizinische Einrichtungen

Technische Supportkennzahlen für medizinische Einrichtungen im Jahr 2023:

Support-Kategorie	Reaktionszeit	Auflösungsrate
Technische Probleme im Notfall	2,3 Stunden	98.7%
Standardmäßige technische Anfragen	12,5 Stunden	95.4%

Kontinuierliche Überwachung der Produktleistung

Leistungsüberwachungsdaten für die neurologischen Geräte von Helius Medical Technologies im Jahr 2023:

• Gesamtzahl der überwachten Geräte: 1.256
• Häufigkeit der Leistungsverfolgung: Vierteljährlich
• Datenerfassungspunkte: 5.024 klinische Interaktionen

Überwachungsmetrik	Jährliche Leistung
Gerätezuverlässigkeit	99.2%
Iterationen zur Leistungsoptimierung	7

Helius Medical Technologies, Inc. (HSDT) – Geschäftsmodell: Kanäle

Direktverkauf an medizinische Rehabilitationszentren

Im vierten Quartal 2023 meldete Helius Medical Technologies Direktvertriebsengagements mit 127 medizinischen Rehabilitationszentren in den Vereinigten Staaten.

Kanaltyp	Anzahl der Zentren	Geografische Abdeckung
Direktvertrieb	127	42 Staaten
Neurologische Rehabilitationszentren	89	Große Ballungsräume

Präsentationen auf medizinischen Konferenzen

Im Jahr 2023 nahm Helius Medical Technologies an 14 medizinischen Konferenzen teil und präsentierte seine PoNS-Technologie.

• Jahrestagung der American Academy of Neurology
• Internationales Neurorehabilitationssymposium
• Konferenz der American Physical Therapy Association

Online-Plattformen für Medizintechnik

Kennzahlen zum Engagement auf digitalen Plattformen für 2023:

Plattform	Benutzerinteraktionen	Durchschnittliche monatliche Besucher
Unternehmenswebsite	42,567	3,547
Medizinisches Fachportal	18,234	1,523

Networking für medizinisches Fachpersonal

Statistiken zu professionellen Netzwerkkanälen für 2023:

• LinkedIn-Verbindungen: 7.892 Fachkräfte im Gesundheitswesen
• Mitglieder des medizinischen Beirats: 12 Spezialisten
• Webinar-Teilnehmer: 1.456 medizinische Fachkräfte

Digitales Marketing und wissenschaftliche Veröffentlichungen

Marketing- und Publikationsreichweite im Jahr 2023:

Kanal	Gesamtreichweite	Engagement-Rate
Wissenschaftliche Veröffentlichungen	23 peer-reviewte Artikel	4,2 % Zitationsrate
Digitale Marketingkampagnen	354.678 Impressionen	2,7 % Klickrate

Helius Medical Technologies, Inc. (HSDT) – Geschäftsmodell: Kundensegmente

Neurologische Rehabilitationszentren

Ab 2024 zielt Helius Medical Technologies auf etwa 8.500 neurologische Rehabilitationszentren in Nordamerika ab. Diese Zentren stellen ein kritisches Kundensegment für die PoNS-Technologie (Portable Neuromodulation Stimulator) dar.

Center-Typ	Gesamtzentren	Potenzielle Marktdurchdringung
Akutmedizinische Rehabilitationszentren	3,200	42%
Spezialisierte neurologische Zentren	5,300	35%

Fachärzte für Neurologie

Helius richtet sich an etwa 45.000 Neurologiespezialisten in den Vereinigten Staaten und Kanada.

• Auf traumatische Hirnverletzungen spezialisierte Neurologen
• Spezialisten für die Behandlung neurologischer Störungen
• Ärzte für Rehabilitationsmedizin

Patienten mit neurologischen Störungen

Zu den Zielgruppen der Patientenpopulation gehören:

Störungskategorie	Gesamtzahl der Patienten	Potenzielle Marktreichweite
Multiple Sklerose	1,000,000	2-3%
Traumatische Hirnverletzung	2,800,000	1-2%
Gleichgewichtsstörungen	69 Millionen	0.5-1%

Krankenversicherungsanbieter

Helius arbeitet landesweit mit rund 250 Krankenversicherungsanbietern zusammen.

• Nationale private Versicherungsgesellschaften
• Regionale Gesundheitsnetzwerke
• Medicare- und Medicaid-Programme

Fachleute für Rehabilitationstherapie

Zu den angestrebten Berufsfeldern gehören 180.000 Rehabilitationsfachkräfte.

Professionelle Kategorie	Totale Profis	Potenzielle Akzeptanzrate
Physiotherapeuten	95,000	1.5%
Ergotherapeuten	55,000	1%
Spezialisten für neurologische Rehabilitation	30,000	2%

Helius Medical Technologies, Inc. (HSDT) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das am 31. Dezember 2023 endende Geschäftsjahr meldete Helius Medical Technologies Forschungs- und Entwicklungskosten in Höhe von 3,42 Millionen US-Dollar.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der gesamten Betriebskosten
2023	3,42 Millionen US-Dollar	42.3%
2022	4,16 Millionen US-Dollar	39.7%

Investitionen in klinische Studien

Die Kosten für klinische Studien für die NeuroEM-Technologieplattform beliefen sich im Jahr 2023 auf etwa 1,87 Millionen US-Dollar.

• Klinische Studien zur Alzheimer-Krankheit: 1,2 Millionen US-Dollar
• Forschung zu traumatischen Hirnverletzungen: 0,67 Millionen US-Dollar

Herstellungs- und Produktionskosten

Die gesamten Herstellungskosten beliefen sich im Jahr 2023 auf 2,53 Millionen US-Dollar.

Kostenkategorie	Betrag
Rohstoffe	0,92 Millionen US-Dollar
Arbeit	1,14 Millionen US-Dollar
Gerätewartung	0,47 Millionen US-Dollar

Ausgaben für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf insgesamt 0,76 Millionen US-Dollar.

• Vorbereitung der Einreichung bei der FDA: 0,42 Millionen US-Dollar
• Qualitätsmanagementsysteme: 0,34 Millionen US-Dollar

Marketing- und Vertriebsinfrastruktur

Die Marketing- und Vertriebskosten für 2023 beliefen sich auf 1,95 Millionen US-Dollar.

Marketingkanal	Ausgaben
Digitales Marketing	0,68 Millionen US-Dollar
Vergütung des Vertriebsteams	1,12 Millionen US-Dollar
Teilnahme an Konferenzen und Veranstaltungen	0,15 Millionen US-Dollar

Helius Medical Technologies, Inc. (HSDT) – Geschäftsmodell: Einnahmequellen

Vertrieb medizinischer Geräte

Helius Medical Technologies, Inc. meldete für das Geschäftsjahr 2022 einen Gesamtumsatz von 2,1 Millionen US-Dollar. Der Verkauf medizinischer Geräte, insbesondere für das PoNS-Gerät (Portable Neuromodulation Stimulator), generierte einen direkten Produktumsatz von 1,4 Millionen US-Dollar.

Lizenzierung proprietärer Technologie

Die Lizenzeinnahmen für proprietäre Neuromodulationstechnologie beliefen sich im Jahr 2022 auf 0,3 Millionen US-Dollar, was einem Anstieg von 15 % gegenüber dem vorangegangenen Geschäftsjahr entspricht.

Einnahmequelle	Betrag 2022	Prozentsatz des Gesamtumsatzes
Vertrieb medizinischer Geräte	1,4 Millionen US-Dollar	66.7%
Technologielizenzierung	0,3 Millionen US-Dollar	14.3%

Klinische Forschungsstipendien

Klinische Forschungszuschüsse trugen im Jahr 2022 0,25 Millionen US-Dollar zum Umsatz des Unternehmens bei und wurden von Finanzierungsagenturen für die neurologische Forschung bereitgestellt.

Produktschulung und Support-Services

Support- und Schulungsdienste generierten im Geschäftsjahr 2022 zusätzliche Einnahmen in Höhe von 0,15 Millionen US-Dollar.

• Schulungsprogramme für medizinisches Fachpersonal
• Technischer Support für die Implementierung von PoNS-Geräten
• Maßgeschneiderte Workshops zur klinischen Umsetzung

Mögliche internationale Marktexpansion

Das internationale Marktpotenzial für potenzielle zukünftige Einnahmequellen wird auf 5,7 Millionen US-Dollar geschätzt, wobei der Schwerpunkt zunächst auf kanadischen und europäischen Märkten liegt.

Geografischer Markt	Geschätztes Marktpotenzial	Aktuelle Marktdurchdringung
Kanada	2,3 Millionen US-Dollar	40%
Europäische Union	3,4 Millionen US-Dollar	25%

Helius Medical Technologies, Inc. (HSDT) - Canvas Business Model: Value Propositions

You're looking at a company that has made a significant, dual-pronged pivot, so the value propositions now reflect both a medical device and a digital asset treasury strategy. Here's the breakdown of what Helius Medical Technologies, Inc. (HSDT), now operating as Solana Company, is offering to its stakeholders as of late 2025.

(DAT) Exposure to the Solana ecosystem and potential staking yield

The primary value proposition for a segment of investors is direct, public-market exposure to the Solana (SOL) ecosystem, managed as a digital asset treasury. This strategy was significantly bolstered by a recent capital raise.

• Secured over $500 million via an oversubscribed private investment in public equity (PIPE) offering, which closed around September 18, 2025.
• The PIPE offering priced shares at $6.881 with stapled warrants at an exercise price of $10.134.
• The objective is to maximize SOL per share through onchain opportunities and capital markets activity.

The yield generation component is a key differentiator from non-yield-bearing assets like Bitcoin.

Metric	Value as of Late 2025	Context
Reported Average Gross Staking Yield (October 2025)	7.03% APY	For the month of October through October 27th.
Top 10 Validator Average Yield (October 2025)	6.67% APY	Solana Company outperformed this benchmark by approximately 36 basis points.
Native Staking Yield Estimate	Roughly seven percent	The target yield for the asset held in treasury.
Total SOL Holdings (as of October 29, 2025)	More than 2.3 million tokens	This included an addition of roughly 100,000 SOL (worth about $20 million) in the preceding month.
Total Combined Holdings Value (as of October 6, 2025)	Over $525 million	Comprised of more than 2.2 million SOL and $15 million in cash reserves.
Q3 2025 Gross Profit	$594,000	This figure included $342,000 specifically from staking rewards.

Solana Company (HSDT) channels liquidity into the ecosystem, strengthening network security and fueling activity. The Solana network itself processes over 3,500 transactions per second and averages 3.7 million daily active wallets.

(Medical) Non-invasive, orally-applied neurostimulation for gait and balance deficits

The core medical value proposition remains the Portable Neuromodulation Stimulator (PoNS) device, which offers a non-implantable, at-home therapy.

• The device delivers mild electrical stimulation to the tongue via a mouthpiece connected to a controller.
• It is designed to be used in conjunction with physical rehabilitation exercise to improve balance and gait.
• One reported case showed an individual made more progress in 6 months using the PoNS device combined with therapy than in 4 years of traditional stroke rehabilitation.

FDA-authorized adjunctive therapy for MS and mild-to-moderate TBI

The device has established regulatory footing in specific neurological indications, though its US commercial status varies by condition.

• Currently authorized in the United States for treating gait deficit in patients with mild-to-moderate multiple sclerosis (MS) symptoms.
• In Canada, the device has received authorization for use in patients with traumatic brain injury (TBI) and MS, in addition to stroke.

Potential for new stroke indication following positive clinical results

The company is advancing the PoNS therapy for chronic stroke gait and balance deficits, supported by successful clinical data and a regulatory designation that expedites review.

The PoNS Stroke Registrational Program (SRP) supported a planned 510(k) application to the FDA for the chronic stroke indication.

Clinical Trial Parameter	Data Point	Detail
Total Patients Enrolled (SRP)	159	Across three clinical trials conducted at 10 clinical sites in the US and Canada.
FGA Improvement (Active PoNS + PT)	5.37 points	Adjusted mean change at Week 12 in the double-blind randomized trial.
FGA Improvement (Control Group)	3.31 points	Adjusted mean change at Week 12 for the control group.
Clinically Meaningful Threshold (FGA)	4.2 points	The active treatment group exceeded this threshold.
Adverse Events (Treatment-Related)	0.0%	Reported no treatment-related serious adverse events.
Adverse Events (Any)	Between 0.0% and 14.8%	These were reported as unrelated to the PoNS device.

The FDA had previously granted Breakthrough Device Designation for the stroke application. The potential market is large, targeting over 7 million U.S. stroke survivors, of whom approximately 80% experience balance and gait deficits. The company also regained compliance with Nasdaq's minimum stockholders' equity threshold of $2.5 million.

Helius Medical Technologies, Inc. (HSDT) - Canvas Business Model: Customer Relationships

You're looking at how Helius Medical Technologies, Inc., now often referred to as Solana Company (HSDT) in recent filings, manages its various customer groups. The relationships are distinctly segmented, moving from highly personalized clinical engagement to a more digital, capital-market-focused interaction.

Automated and digital for the new institutional DAT investors

The relationship with a segment of institutional investors has clearly shifted toward a digital asset focus, evidenced by the strategic pivot into a Solana token (SOL) treasury strategy. This implies a different type of engagement, likely automated for digital asset transactions, for those investors interested in this new structure. As of the third quarter of 2025, the balance sheet reflects this shift dramatically.

Here's a look at the scale of this new asset base and the institutional interest:

Metric	Value as of Late 2025
Total Assets (Q3 2025)	$475.9 million
SOL Held at Fair Value (Q3 2025)	$350.2 million
Restricted, Vesting SOL (Q3 2025)	$59.1 million
SOL Tokens Held (October 6, 2025)	Over 2.2 million SOL
Institutional Ownership (Latest Data)	1.46%

The company is actively managing its equity relationship through capital markets, too. They announced an updated At-The-Market (ATM) Sales Agreement allowing them to sell up to $25 million of Class A common stock.

High-touch, prescription-based sales model with clinics for PoNS

The core clinical customer relationship for the Portable Neuromodulation Stimulator (PoNS) remains high-touch, rooted in the prescription process. Commercial sales for PoNS in the U.S. officially started in April 2022. This model requires direct engagement with clinics and prescribers to facilitate patient access and therapy adherence.

The established government pricing sets a benchmark for the value proposition discussed with commercial clinics:

Contracting Entity	PoNS Device Reimbursement Amount	Mouthpiece Reimbursement Amount
U.S. Department of Veterans Affairs (VA) FSS (Q2 2024)	$23,843.72	$7,344.97
U.S. Department of Defense (DoD) DAPA (Q2 2024)	$23,724.50	$7,308.25

The company was building out nationwide sales representation at VA sites, establishing coverage in thirteen states plus Puerto Rico as of June 2024.

Ongoing negotiation with payers for broader reimbursement coverage

Expanding reimbursement coverage is a critical customer relationship driver, directly impacting patient access and clinic adoption. The company actively pursues broader in-network coverage at list price while securing case-by-case agreements.

Key commercial payer authorizations secured as of mid-2025 include:

• Authorization from Aetna Healthcare at an out-of-network negotiated price of $18,350.
• Authorization from United Healthcare at an out-of-network adjusted list price totaling $18,100, including patient co-payment.
• Authorization from CignaHealth, making it the fifth major payer to authorize claims.
• The device is also reimbursed by VA/DoD at a higher rate of $26,228.

The out-of-network Aetna rate of $18,350 represents a 30-40% reduction from typical in-network contracted payment rates. Efforts are also underway to improve patient access via consistent reimbursement strategies while supporting MS patients dependent on Medicare.

Investor relations focused on the strategic pivot and DAT performance

Investor relations communication in late 2025 centers on navigating the Nasdaq listing requirements alongside the digital asset strategy. The company received formal notice on June 3, 2025, confirming it had evidenced full compliance with Nasdaq Listing Rule 5550(a)(2), requiring a closing bid price of at least $1.00 per share. The company was also required to regain compliance with the Equity Rule by June 30, 2025.

Performance metrics shared with investors reflect the ongoing operational challenges alongside the capital structure changes:

• Market Cap as of November 28, 2025: $171.41M.
• Q3 2025 Earnings Per Share (EPS) Actual: -$32.89.
• Q3 2025 EPS Estimate: -$50.50.
• The actual EPS beat estimates by 34.87%.
• The stock price as of November 14, 2025, was $4.82.

Finance: draft 13-week cash view by Friday.

Helius Medical Technologies, Inc. (HSDT) - Canvas Business Model: Channels

You're looking at how Helius Medical Technologies, Inc. (HSDT) gets its value proposition-the Portable Neuromodulation Stimulator (PoNS®) device-out to the market and how it manages its capital structure. The channels here are split between the traditional medical device route and a very new, significant digital asset treasury route.

Private Investment in Public Equity (PIPE) for Large Capital Raises

The primary channel for large capital infusion in late 2025 was through a massive equity raise. Helius Medical Technologies, Inc. priced an oversubscribed Private Investment in Public Equity (PIPE) offering, which closed on September 18, 2025. This transaction generated aggregate gross proceeds of approximately $500 million before fees. This capital is earmarked to fund the new digital asset treasury strategy and support ongoing operations. The structure involved selling common stock and/or pre-funded warrants at an offering price of $6.881 per unit, alongside stapled warrants exercisable at $10.134. As of the closing date, there were 39,382,328 shares outstanding.

The potential total capital raise, including the exercise of all stapled warrants, was stated to be over $1.25 billion.

Direct Sales Force and Distribution Partners to Neurorehabilitation Clinics

The commercial channel for the PoNS device relies on direct engagement with the clinical setting. The PoNS device is cleared in the U.S. for short-term treatment of gait deficit due to mild-to-moderate MS. The company's success hinges on its ability to build internal commercial infrastructure and secure contracts with rehabilitation clinics. The device also has regulatory clearances in other territories:

• Authorized in Canada for three indications.
• Classified as Class IIa in Australia.

Securing national Medicare coverage at an acceptable rate is a critical component of this channel, as final Medicare payment rates for the PoNS Controller device were posted, confirming previous reimbursement determinations.

Third-Party Commercial and Government Payers for Device Access

Access to patients through third-party payers, including government entities, is a necessary channel for device adoption. The company's ability to achieve significant revenues is tied to obtaining national Medicare coverage. The final Medicare payment rates for the PoNS Controller device were posted, which confirms prior reimbursement determinations. This is a key step for broad access, especially considering prior challenges related to CMS's deferral of reimbursement payment determination for the PoNS Controller and inadequate PoNS Mouthpiece pricing in October 2024.

Digital Asset Exchanges and Custodians for Treasury Operations

A major new channel for capital management involves digital assets, specifically the Solana (SOL) ecosystem. Helius Medical Technologies, Inc. adopted a strategy to accumulate SOL as its principal treasury reserve asset. This strategy utilizes digital asset exchanges and custodians for holding and potentially staking the assets.

Here are the key figures related to this treasury channel as of late 2025:

Metric	Value	Date/Context
SOL Tokens Held	Over 2.2 million SOL	As of October 6, 2025
Cash Reserves for SOL Purchase	In excess of $335 million	As of September 22, 2025
Initial SOL Acquisition Volume	Over 760,190 SOL	Announced September 22, 2025
Average Cost Basis for Initial SOL	$231 per SOL	As of September 22, 2025
Staking Yield Potential	Approximately ~7% native staking yield	Reported for SOL

The company intends to use its cash reserves to further this digital asset treasury strategy, aiming to support the growth and security of tokenized networks by serving as a long-term holder of SOL.

Helius Medical Technologies, Inc. (HSDT) - Canvas Business Model: Customer Segments

You're looking at a company that, as of late 2025, has two distinct, yet intertwined, customer bases: those focused on its legacy medical device and those focused on its new digital asset strategy. Honestly, the financial reporting reflects this split, so we need to look at the numbers from both sides.

Institutional and accredited investors focused on digital asset exposure

This segment is now primary due to the corporate pivot to the Solana Company structure. These investors are engaging with the company based on its treasury holdings and digital asset strategy, not just the Portable Neuromodulation Stimulator (PoNS) device.

• Closed a Private Investment in Public Equity (PIPE) financing of $508 million in Q3 2025.
• Reported a total liquidity position of $474.2 million (cash plus digital assets) as of September 30, 2025.
• Entered a Sales Agreement in September 2025 to potentially sell shares up to $92.8 million.
• Announced a public stock offering in June 2025 for gross proceeds of $9.1 million.
• Stockholders approved increasing authorized shares to 800 million on May 23, 2025.
• As of December 04, 2025, the market capitalization stood at $167.648M.
• The stock price on December 04, 2025, was $4.20.

Patients with gait/balance deficits from MS or mild-to-moderate TBI

These are the end-users for the PoNS system, which remains the sole revenue driver from the medical device side. Adoption is heavily influenced by insurance coverage and government contracts.

• Q1 2025 revenue from PoNS sales was $49,000.
• Q2 2025 revenue from PoNS sales was $43,000.
• Wall Street analysts forecast the full-year 2025 revenue average to be $410,952.
• Wall Street analysts forecast the full-year 2025 revenue to range from a low of $15,137,789 to a high of $16,219,060.

Neurorehabilitation centers and physical therapy clinics

These centers are the direct purchasers or prescribers of the PoNS therapy, making their willingness to adopt and secure reimbursement critical. The pricing structure is key to their decision-making.

Here's a quick look at the established pricing and reimbursement benchmarks for the PoNS system, which these centers deal with:

Component	VA Federal Supply Schedule Price (as of Aug 2024)	DoD DAPA Contract Price (as of Aug 2024)	Major Insurer Approved Reimbursement (as of June 2025)
PoNS Device	$23,843.72	$23,724.50	$18,100 (Total Approved Amount)
Mouthpiece	$7,344.97	$7,308.25	N/A

One major insurance carrier secured reimbursement for the PoNS device at $23,900 in August 2024, setting a high-water mark for private payers.

US Government (Veterans Affairs/Department of Defense)

This segment is a crucial channel partner, utilizing the Federal Supply Schedule (FSS) and DoD Acquisition (DAPA) contracts to provide care to veterans and service members. The company was building out nationwide sales representation at VA sites starting in June 2024, covering thirteen states plus Puerto Rico at that time.

• Secured Federal Supply Schedule contract pricing with the U.S. Department of Veterans Affairs (VA) for the PoNS device at $23,843.72.
• Secured DAPA contract pricing with the U.S. Department of Defense (DoD) for the PoNS device at $23,724.50.

Finance: draft 13-week cash view by Friday.

Helius Medical Technologies, Inc. (HSDT) - Canvas Business Model: Cost Structure

You're looking at the cost side of Helius Medical Technologies, Inc. (HSDT) as of late 2025, and honestly, the numbers tell a story of a dramatic pivot. The cost structure is no longer dominated by traditional medical device overhead; it's heavily influenced by the new digital asset treasury strategy.

Digital Asset Trading, Custody, and Advisory Costs

The biggest shock to the expense line in the third quarter of 2025 was the digital asset business. This new focus completely reshaped the operating expense profile.

• Q3 2025 Total Operating Expenses reached approximately \$36.0 million.
• This compares to only \$3.9 million in Operating Expenses for Q3 2024.
• The Q3 2025 figure includes a discretionary bonus of \$1.5 million, alongside the trading advisory and custodian costs.
• The resulting Loss from Operations for Q3 2025 was \$35.4 million.

Here's a quick look at how that Q3 2025 OpEx compares to the prior year:

Expense Component	Q3 2025 Amount	Q3 2024 Amount
Total Operating Expenses	\$36.0 million	\$3.9 million
Loss from Operations	\$35.4 million	\$4.1 million

Research and Development Expenses for PoNS Clinical Trials

The R&D spend, which supports the core medical device, has actually seen a reduction, reflecting a shift in focus away from heavy clinical activity toward the digital asset strategy.

Research and development expenses for the third quarter of 2025 were \$0.9 million, down from \$1.1 million in the third quarter of 2024, primarily due to reduced clinical trial activities. To be fair, Helius Medical Technologies, Inc. has historically spent millions of dollars in R&D developing the Portable Neuromodulation Stimulator (PoNS) technology.

Sales, Marketing, and Reimbursement Negotiation Costs for the PoNS Device

Costs here are tied up in the ongoing, expensive fight for favorable payment rates from major payers, which directly impacts the commercial viability of the PoNS device.

You see the cost of these negotiations reflected in the final payment rates being sought and those tentatively secured:

• Helius Medical Technologies, Inc. is working to align commercial payments with the \$26,228 rate currently offered by the VA/DoD.
• The Centers for Medicare & Medicaid Services (CMS) set the PoNS Mouthpiece (HCPCS code A4594) reimbursement at \$2,963.30 (Lump Sum Payment) effective January 1, 2025.
• An out-of-network claim authorized by Aetna Healthcare was for \$18,350.
• United Healthcare set its out-of-network adjusted list price reimbursement at \$18,100.

General and Administrative Overhead, Including Nasdaq Compliance Costs

Maintaining a listing on Nasdaq requires significant administrative and legal spending, especially when the company is navigating complex financial transitions. The costs associated with compliance were managed through specific corporate actions.

The company took several steps to manage its G&A and compliance costs:

• Helius Medical Technologies, Inc. regained compliance with the Nasdaq equity requirement on July 7, 2025.
• As of June 17, 2025, stockholders' equity reflected at least \$2.5 million, meeting the minimum requirement.
• A public offering completed on June 6, 2025, brought in approximately \$8.1 million in net proceeds, which helped satisfy the equity requirement.
• To address the minimum bid price rule, the company executed a 1-for-15 reverse stock split effective May 1, 2025.

Finance: draft 13-week cash view by Friday.

Helius Medical Technologies, Inc. (HSDT) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Helius Medical Technologies, Inc. (HSDT), now operating as Solana Company, and the picture is definitely split between its legacy medical device business and its new digital asset treasury strategy. Honestly, the numbers show a dramatic shift in where the potential top-line growth is coming from, so let's break down the actual figures we have as of late 2025.

Digital Asset Staking Rewards and Other Treasury Income

The digital asset strategy, focused on accumulating Solana (SOL), is now a major component of reported revenue, or at least gross profit contribution. For the third quarter of 2025, the results showed revenue, including $342,000 from staking rewards, which drove a positive Gross Profit of $594,000 for that quarter, a big jump from the $53,000 gross loss in Q2 2025. This income is derived from the company's significant SOL holdings, which, as of October 6, 2025, exceeded 2.2 million SOL tokens, with an average cost basis of $231 per token from the initial September purchase, and holdings valued at $232.50 per SOL on that date. The network itself offers a native staking yield of approximately 7%.

Here's a quick look at the treasury asset base that generates this income:

• Initial SOL acquisition: 760,190 SOL tokens.
• Cash reserves earmarked for further SOL purchases (as of September 2025): In excess of $335 million.
• Total value of SOL holdings and cash (as of October 6, 2025): Exceeding $525mm.

Sales of the PoNS Device and Associated Therapy Sessions

The core medical device revenue from Portable Neuromodulation Stimulator (PoNS) device sales and therapy sessions remains a smaller, though increasingly supported, stream. The reported actual revenues for the first half of 2025 were quite low, with Q1 2025 at $49,000 and Q2 2025 at $43,000. The trailing twelve months (TTM) revenue as of November 2025 was reported at $290,000, while the average analyst forecast for the full 2025 year was $410,952.

The device's market access is being bolstered by new reimbursement approvals, which should eventually translate into higher sales volumes. The company has authorization for sale in international markets, too.

• PoNS authorization in Canada for gait deficit (stroke/MS) and chronic balance deficit (mmTBI).
• PoNS authorization in Australia as an adjunct to therapeutic exercise programs.

Reimbursement Payments from Commercial and Government Payers

Reimbursement is a critical revenue driver, establishing the recognized value for the PoNS therapy. The company is actively working to align commercial payments with the higher government rates. The established rate for the Department of Veterans Affairs/Department of Defense (VA/DoD) is $26,228.

Commercial payer decisions, while often at lower out-of-network rates initially, validate the technology. You defintely need to track these benchmarks:

Payer/Category	Payment Rate/Amount	Notes
VA/DoD Rate	$26,228	Target rate for alignment with commercial payers.
Aetna (Out-of-Network)	$18,350	Authorized claim price as of June 2025.
United Healthcare (Out-of-Network)	$18,100	Total lump sum approved reimbursement, including patient co-payment.
Anthem (Out-of-Network)	$15,420	Total lump sum reimbursement from March 2025.
CMS Medicare (Mouthpiece A4594)	$2,963.30	Lump Sum Payment rate implemented January 1, 2025.
CMS Preliminary (Controller A4593)	$519.80	Capped total payment based on TENS device comparison.

Licensing and Collaboration Revenue from PoNS Technology

While specific licensing revenue figures for 2025 aren't explicitly detailed as a separate line item in the available data, the company's strategic focus has clearly shifted to the digital asset treasury following the large capital raises. However, the progress in securing payer coverage and international authorizations suggests a foundation for future licensing or collaboration deals based on the PoNS technology platform. The company is pursuing broader in-network coverage at list price from major commercial payers, which is a necessary precursor to maximizing licensing value.

Finance: draft 13-week cash view by Friday.