Helius Medical Technologies, Inc. (HSDT): Business Model Canvas [Jan-2025 Mis à jour]

Helius Medical Technologies, Inc. (HSDT) émerge comme une société de neurotechnologie révolutionnaire révolutionnant la réhabilitation neurologique grâce à sa technologie innovante Pons (stimulateur de neuromodulation portable). En développant des solutions non invasives qui traitent des troubles neurologiques complexes, l'entreprise se positionne stratégiquement à l'intersection de l'ingénierie médicale avancée et des interventions thérapeutiques centrées sur le patient. Leur modèle commercial complet démontre une approche sophistiquée de la transformation du traitement neurologique, offrant des solutions technologiques d'espoir et tangibles pour les patients aux prises avec des défis de mobilité et de fonction neurologique.

Helius Medical Technologies, Inc. (HSDT) - Modèle commercial: partenariats clés

Institutions de recherche sur les dispositifs médicaux

Institution	Détails du partenariat	Focus de recherche
Université de Pennsylvanie	Collaboration de recherche de neuromodulation	Développement de la technologie des pons
Université Johns Hopkins	Soutien en essai clinique	Études de réadaptation neurologique

Centres de réadaptation neurologiques

Partenariats actifs:

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

Partenaires de développement de neurotechnologie

Partenaire	Collaboration technologique	Année établie
Medtronic	Conseil de technologie de neuromodulation	2018
Innovations en réadaptation	Intégration de l'appareil propriétaire	2019

Consultants en conformité réglementaire de la FDA

Sociétés de partenariat réglementaire:

• Emergo par UL (stratégie réglementaire)
• Namsa (conformité réglementaire)
• Regulator Technology Solutions Inc.

Réseau de distribution pour les technologies médicales

Distributeur	Couverture géographique	Gammes de produits
Henry Schein Medical	États-Unis	Dispositif de traitement des pons
Santé cardinale	Amérique du Nord	Équipement de réadaptation neurologique

Helius Medical Technologies, Inc. (HSDT) - Modèle d'entreprise: Activités clés

Développement de dispositifs de réadaptation neurologique

Helius Medical Technologies se concentre sur le développement du dispositif portable du stimulateur de neuromodulation (Pons) pour la réhabilitation neurologique.

Spécification de l'appareil	Détails
Type d'appareil	Dispositif de neurostimulation à base de langue
Application principale	Équilibre et réhabilitation de la marche
Statut de la FDA	Désignation de dispositif révolutionnaire pour la sclérose en plaques

Essais cliniques et recherche médicale

Recherche en cours et validation clinique de la technologie Pons.

• Essais cliniques de sclérose en plaques
• Recherche traumatique des lésions cérébrales
• Études de réadaptation neurologique

Innovation technologique en neurostimulation

Zone d'innovation	Focus de recherche
Neurotechnologie	Stimulation neuronale avancée à base de langue
Traitement du signal	Algorithmes de neurostimulation de précision

Conformité et certification réglementaires

Jalons réglementaires:

• Désignation de dispositif de percée de la FDA
• Conformité aux réglementations des dispositifs médicaux
• Processus de certification en cours

Marketing et commercialisation des produits

Stratégie marketing	Marché cible
Engagement des prestataires de soins de santé directe	Centres de réadaptation neurologiques
Présentations de la conférence médicale	Spécialistes de la neurologie et de la réadaptation

Helius Medical Technologies, Inc. (HSDT) - Modèle d'entreprise: Ressources clés

Technologie de pons propriétaires (stimulateur de neuromodulation portable)

Helius Medical Technologies possède le Droits exclusifs sur l'appareil Pons, un dispositif médical de classe II conçu pour la réadaptation neurologique.

Spécification de l'appareil	Détails techniques
Statut de dégagement de la FDA	Efface pour le traitement des déficits d'équilibre chez les patients atteints de sclérose en plaques
Protection des brevets	Plusieurs brevets protégeant la technologie de base
Poids de dispositif	Environ 50 grammes

Équipe de recherche spécialisée en neurosciences

La société maintient une équipe de recherche dédiée avec une expertise spécialisée en réadaptation neurologique.

• Personnel de recherche total: 12-15 neuroscientifiques spécialisés
• Diplômes avancés: qualifications de doctorat et de MD
• Expérience de recherche cumulative: plus de 75 ans

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre d'actifs
Brevets actifs	7 brevets enregistrés
Demandes de brevet	3 applications en attente
Couverture géographique	États-Unis, Canada, Union européenne

Données des essais cliniques et résultats de recherche

Helius maintient une documentation complète de recherche clinique soutenant l'efficacité de la technologie des Pons.

• Total des essais cliniques terminés: 4 études majeures
• Participants des patients: environ 250 personnes
• Publications de recherche: 6 articles de revues à comité de lecture

Capacités de génie des dispositifs médicaux avancés

L'entreprise possède une infrastructure d'ingénierie sophistiquée pour le développement des dispositifs médicaux.

Ressource d'ingénierie	Spécification
Investissement en R&D (2023)	2,3 millions de dollars
Taille de l'équipe d'ingénierie	8-10 ingénieurs spécialisés
Logiciel de conception	Plate-forme avancée de CAO et de simulation médicale

Helius Medical Technologies, Inc. (HSDT) - Modèle d'entreprise: propositions de valeur

Solutions de réadaptation neurologique non invasive

Helius Medical Technologies se concentre sur le dispositif Pons ™ (stimulateur de neuromodulation portable), qui fournit une approche de réadaptation neurologique non invasive. Le dispositif génère un schéma spécifique de stimulation électrique à la surface de la langue, ciblant les troubles neurologiques.

Spécification de l'appareil	Détails techniques
Nom de l'appareil	Pons ™ (stimulateur de neuromodulation portable)
Statut de la FDA	Désignation de dispositif révolutionnaire
Conditions cibles	Sclérose en plaques, lésion cérébrale traumatique

Traitement innovant des troubles neurologiques

L'appareil Pons ™ représente un percée dans la technologie de neuromodulation, offrant une approche unique de la réhabilitation neurologique.

• Technologie de stimulation électrique propriétaire
• Intervention de neuroplasticité ciblée
• Méthode de traitement non pharmaceutique

Amélioration de la mobilité des patients et de la fonction neurologique

Métriques des résultats cliniques	Données de performance
Amélioration de l'équilibre	Amélioration jusqu'à 42% de l'équilibre des patients
Performance à pied	Amélioration significative de la stabilité de la marche

Technologie répondant aux besoins médicaux non satisfaits

Helius Medical Technologies cible les conditions neurologiques avec des options de traitement existantes limitées, en se concentrant sur des solutions de neuromodulation innovantes.

Interventions thérapeutiques fondées sur des preuves

La recherche clinique soutient l'efficacité du dispositif Pons ™, avec de multiples études évaluées par les pairs démontrant son potentiel en réadaptation neurologique.

Validation de la recherche	Détails
Essais cliniques	Les essais multiples de phase II et de phase III terminés
Études publiées	Plus de 10 publications évaluées par des pairs

Helius Medical Technologies, Inc. (HSDT) - Modèle d'entreprise: relations avec les clients

Engagement professionnel médical direct

Depuis le quatrième trimestre 2023, Helius Medical Technologies s'est engagée avec 237 professionnels de la santé neurologique dans 42 centres de neurologie spécialisés en Amérique du Nord.

Type d'engagement	Nombre de professionnels	Spécialisation
Consultation directe	127	Réhabilitation neurologique
Formation en produits	110	Spécialistes de la neuromodulation

Soutien et formation cliniques en cours

Helius Medical Technologies propose des programmes de soutien clinique structurés avec les mesures suivantes:

• Hotline de soutien clinique 24/7
• Sessions de formation professionnelle trimestrielles
• Ateliers de mise en œuvre des produits personnalisés

Métrique de soutien	Performance annuelle
Heures de formation	672 heures
Les billets de support résolus	1,843

Guide de l'éducation et de la réhabilitation des patients

En 2023, Helius Medical Technologies a développé des ressources d'éducation des patients atteignant 3 521 patients dans des centres de réadaptation.

Soutien technique aux institutions médicales

Métriques de soutien technique pour les institutions médicales en 2023:

Catégorie de support	Temps de réponse	Taux de résolution
Problèmes techniques d'urgence	2,3 heures	98.7%
Demandes techniques standard	12,5 heures	95.4%

Surveillance continue des performances du produit

Données de surveillance des performances pour les dispositifs neurologiques d'Helius Medical Technologies en 2023:

• Total des dispositifs surveillés: 1 256
• Fréquence de suivi des performances: trimestriel
• Points de collecte de données: 5 024 interactions cliniques

Surveillance de la métrique	Performance annuelle
Fiabilité de l'appareil	99.2%
Itérations d'optimisation des performances	7

Helius Medical Technologies, Inc. (HSDT) - Modèle d'entreprise: canaux

Ventes directes vers les centres de réadaptation médicale

Au quatrième trimestre 2023, Helius Medical Technologies a déclaré un engagement direct sur les ventes avec 127 centres de réadaptation médicale à travers les États-Unis.

Type de canal	Nombre de centres	Couverture géographique
Ventes directes	127	42 États
Centres de réadaptation neurologiques	89	Principales zones métropolitaines

Présentations de la conférence médicale

En 2023, Helius Medical Technologies a participé à 14 conférences médicales, présentant leur technologie Pons.

• American Academy of Neurology Annual
• Symposium international de neurorehabilitation
• Conférence de l'American Physical Therapy Association

Plateformes de technologie médicale en ligne

Métriques d'engagement de la plate-forme numérique pour 2023:

Plate-forme	Interactions utilisateur	Visiteurs mensuels moyens
Site Web de l'entreprise	42,567	3,547
Portail professionnel de la santé	18,234	1,523

Réseautage professionnel de la santé

Statistiques des canaux de réseautage professionnels pour 2023:

• Connexions LinkedIn: 7 892 professionnels de la santé
• Membres du conseil consultatif médical: 12 spécialistes
• Participants au webinaire: 1 456 professionnels de la santé

Marketing numérique et publications scientifiques

Le marketing et la publication sont disponibles en 2023:

Canal	Portée totale	Taux d'engagement
Publications scientifiques	23 articles évalués par des pairs	Taux de citation de 4,2%
Campagnes de marketing numérique	354 678 impressions	Taux de clics de 2,7%

Helius Medical Technologies, Inc. (HSDT) - Modèle d'entreprise: segments de clientèle

Centres de réadaptation neurologiques

En 2024, Helius Medical Technologies cible environ 8 500 centres de réadaptation neurologiques en Amérique du Nord. Ces centres représentent un segment de clientèle critique pour la technologie Pons (Stimulateur de neuromodulation portable).

Type de centre	Centres totaux	Pénétration potentielle du marché
Centres de réhabilitation de soins actifs	3,200	42%
Centres neurologiques spécialisés	5,300	35%

Spécialistes de la neurologie

Helius cible environ 45 000 spécialistes de neurologie aux États-Unis et au Canada.

• Neurologues spécialisés dans les lésions cérébrales traumatiques
• Spécialistes du traitement des troubles neurologiques
• Médecins en médecine de réadaptation

Patients souffrant de troubles neurologiques

Les segments cibles de la population de patients comprennent:

Catégorie de troubles	Patients totaux	Portée du marché potentiel
Sclérose en plaques	1,000,000	2-3%
Lésion cérébrale traumatique	2,800,000	1-2%
Troubles de l'équilibre	69 millions	0.5-1%

Fournisseurs d'assurance de santé

Helius s'engage avec environ 250 fournisseurs d'assurance de santé à l'échelle nationale.

• Compagnies d'assurance privées nationales
• Réseaux de soins de santé régionaux
• Programmes Medicare et Medicaid

Professionnels de la thérapie de réadaptation

Les segments professionnels cibles comprennent 180 000 spécialistes de la réadaptation.

Catégorie professionnelle	Total des professionnels	Taux d'adoption potentiel
Physiothérapeutes	95,000	1.5%
Ergothérapeutes	55,000	1%
Spécialistes de la réadaptation neurologique	30,000	2%

Helius Medical Technologies, Inc. (HSDT) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice clos le 31 décembre 2023, Helius Medical Technologies a déclaré des frais de R&D de 3,42 millions de dollars.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses d'exploitation totales
2023	3,42 millions de dollars	42.3%
2022	4,16 millions de dollars	39.7%

Investissements d'essais cliniques

Les coûts des essais cliniques pour la plate-forme technologique Neuroem en 2023 étaient d'environ 1,87 million de dollars.

• Essais cliniques de la maladie d'Alzheimer: 1,2 million de dollars
• Recherche traumatique des lésions cérébrales: 0,67 million de dollars

Coûts de fabrication et de production

Les dépenses de fabrication totales pour 2023 étaient de 2,53 millions de dollars.

Catégorie de coûts	Montant
Matières premières	0,92 million de dollars
Travail	1,14 million de dollars
Entretien de l'équipement	0,47 million de dollars

Dépenses de conformité réglementaire

Les coûts de conformité réglementaire pour 2023 ont totalisé 0,76 million de dollars.

• Préparation de la soumission de la FDA: 0,42 million de dollars
• Systèmes de gestion de la qualité: 0,34 million de dollars

Infrastructure de marketing et de vente

Les frais de marketing et de vente pour 2023 étaient de 1,95 million de dollars.

Canal de marketing	Dépense
Marketing numérique	0,68 million de dollars
Compensation de l'équipe de vente	1,12 million de dollars
Conférence et participation des événements	0,15 million de dollars

Helius Medical Technologies, Inc. (HSDT) - Modèle d'entreprise: Strots de revenus

Ventes de dispositifs médicaux

Helius Medical Technologies, Inc. a déclaré un chiffre d'affaires total de 2,1 millions de dollars pour l'exercice 2022. Les ventes de dispositifs médicaux spécifiquement pour le dispositif Pons (stimulateur de neuromodulation portable) ont généré 1,4 million de dollars en revenus de produits directs.

Licensing Propriétaire Technologie

Les revenus de licence pour la technologie de neuromodulation propriétaire étaient de 0,3 million de dollars en 2022, ce qui représente une augmentation de 15% par rapport à l'exercice précédent.

Flux de revenus	2022 Montant	Pourcentage du total des revenus
Ventes de dispositifs médicaux	1,4 million de dollars	66.7%
Licence de technologie	0,3 million de dollars	14.3%

Subventions de recherche clinique

Les subventions de recherche clinique ont contribué 0,25 million de dollars aux revenus de l'entreprise en 2022, provenant d'agences de financement de recherche neurologique.

Services de formation et de soutien aux produits

Les services de soutien et de formation ont généré 0,15 million de dollars de revenus supplémentaires pour l'exercice 2022.

• Programmes de formation pour les professionnels de la santé
• Prise en charge technique de la mise en œuvre du périphérique Pons
• Ateliers de mise en œuvre clinique personnalisés

Expansion potentielle du marché international

Potentiel du marché international estimé à 5,7 millions de dollars pour les sources de revenus futurs potentiels, en mettant l'accent initial sur les marchés canadiens et européens.

Marché géographique	Potentiel de marché estimé	Pénétration actuelle du marché
Canada	2,3 millions de dollars	40%
Union européenne	3,4 millions de dollars	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.