Helius Medical Technologies, Inc. (HSDT): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that just executed one of the most dramatic strategic shifts I've seen this year, moving from a struggling neurotech play to a full-blown digital asset treasury vehicle in late 2025. Honestly, trying to map out the business model for HSDT now is like charting two companies at once: you have the legacy Portable Neuromodulation Stimulator (PoNS) business, which still has FDA clearance, sitting alongside a new operation managing a treasury valued at $474.2 million in cash and digital assets as of Q3 2025. The quick math shows the new digital side is already driving the narrative, even if staking rewards were only $342,000 that quarter against $36.0 million in operating expenses. This hybrid model is fascinating, and you need to see the full breakdown of how they plan to manage both the medical device sales and the Solana ecosystem exposure to make any sense of the near-term risk and opportunity. Dive into the full canvas below to see the structure.

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

You're looking at the critical alliances that underpin the commercialization of the Portable Neuromodulation Stimulator (PoNS) device, especially now that Helius Medical Technologies, Inc. has transitioned its identity to Solana Company. These partnerships are the channels through which the technology reaches patients and secures its financial footing.

Solana Foundation for ecosystem access and institutional referrals

The strategic pivot is clear: Helius Medical Technologies, Inc. rebranded to Solana Company following board approval in late 2025. This move solidifies a commitment to the Solana blockchain ecosystem. The company signed a non-binding letter of intent with the Solana Foundation, agreeing to conduct all on-chain activities exclusively on the Solana blockchain. This relationship includes co-hosting events and forming institutional partnerships. To fuel this digital asset treasury strategy, the company leveraged a recent $500 million private investment in public equity (PIPE) financing. As of October 2025, Solana Company held more than 760,190 SOL tokens with an average cost basis of $231 per token. This is a defintely key part of their current financial structure.

Major US commercial payers (Anthem, United Healthcare, Aetna) for PoNS reimbursement

Securing third-party reimbursement is paramount for patient access, moving the PoNS device beyond cash-pay sales. You have three major commercial payers that have authorized payment claims for the PoNS Device, which is crucial for market penetration beyond the government sector. The reimbursement rates vary significantly depending on the payer status.

Here is a breakdown of the known payment authorizations as of mid-2025:

Payer Group	Status/Type	Authorized/Negotiated Amount	Comparison Point
VA/DoD	Contracted Rate	$26,228	Highest established rate
Aetna Healthcare	Out-of-Network Negotiated Price	$18,350	Third major commercial payer approval
United Healthcare	Out-of-Network Adjusted List Price (incl. co-pay)	$18,100	Second major commercial payer approval
Anthem	Reimbursement Provided	Not specified, but part of the three major commercial payers
Medicare/Medicaid (CMS)	Finalized 2025 Rate (Mouthpiece)	Just less than $3,000	Significantly below market pricing

The company is actively working to align commercial payments with the higher $26,228 rate secured from the VA/DoD. The list price for the system was previously reported at $25,700.

Lovell Government Services for PoNS distribution to VA/DoD facilities

Distribution into the federal sector relies on established partners adept at navigating government contracting. Lovell Government Services, a Service-Disabled Veteran-Owned Small Business (SDVOSB), is a key partner for accessing the Veteran Affairs (VA) and Department of Defense (DoD) facilities.

Key metrics related to Lovell Government Services' capability include:

• Serves over 2000 medical facilities globally for the DoD Military Health System and VHA.
• Has delivered over $400 million worth of government contracts for its business partners.
• Has won over 500 contracts.
• Leverages SDVOSB status for procurement preference, as over 20% of government contracts must be awarded to federal set-asides.

Neurorehabilitation clinics and academic research institutions

The PoNS device is indicated for use as an adjunct to a supervised therapeutic exercise program. This necessitates strong relationships with the facilities that provide this supervised care.

The company's strategy involves:

• Training physical therapists to administer the therapy protocol.
• Establishing centers of excellence for PoNS therapy.
• Pursuing FDA approval for stroke treatment by the second half of 2025 to expand the addressable market beyond Multiple Sclerosis patients.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine driving Helius Medical Technologies, Inc. (now often referred to as Solana Company in some contexts due to its treasury shift) right now. The key activities show a clear, albeit dual, focus: pushing the neurotech commercialization while aggressively building a digital asset reserve. Here's the breakdown of what the company is actively doing based on late 2025 data.

Digital Asset Treasury (DAT) management, staking, and trading on Solana blockchain

This is a major operational pivot. Helius Medical Technologies, Inc. is actively managing a significant treasury of Solana (SOL) tokens, leveraging the blockchain's features for yield generation. This activity runs in parallel with, but is financially distinct from, the medical device business.

The commitment to this strategy is substantial, backed by significant capital raises and subsequent accumulation:

• Raised over $500 million in a private investment in public equity offering, led by Pantera Capital and Summer Capital, to launch the treasury strategy, which closed around September 18, 2025.
• As of October 6, 2025, the Company held over 2.2 million SOL tokens.
• The initial reported holding on September 22, 2025, was over 760,190 SOL tokens with an average cost basis of $231.
• The combined value of SOL and cash holdings exceeded $525 million as of early October 2025, based on a market price of around $235 per SOL.
• The company holds in excess of $15 million of cash as of October 6, 2025, intended to further the treasury strategy.

The rationale for using SOL is tied to its network mechanics, which support productive treasury management. The Solana network offers a native staking yield of approximately 7%, which is a key differentiator from non-yield-bearing assets like Bitcoin.

Commercialization and sales of the Portable Neuromodulation Stimulator (PoNS) device

The core medical device activity centers on driving adoption and securing payment pathways for the Portable Neuromodulation Stimulator (PoNS) device, which is indicated in the U.S. for gait deficit in adults with mild-to-moderate symptoms from Multiple Sclerosis (MS).

Commercialization efforts are heavily focused on government channels, as evidenced by recent sales data:

Metric	Value (USD)	Context/Date Reference
PoNS System Sale Price (VA Contract)	$23,844	First sale to VA Healthcare System (Dec 2024)
PoNS Controller Price (VA Contract)	$16,499	Component of VA sale price
PoNS Mouthpiece Price (VA Contract)	$7,345	Component of VA sale price
United Healthcare Approved Reimbursement	$18,100	Major insurance carrier approval
Revenue (TTM 2025)	$0.29 Million USD	Latest reported Trailing Twelve Months figure
Revenue (Fiscal Year 2024)	$0.52 Million USD	Year ended December 31, 2024

The financial performance reflects the challenges in scaling this revenue stream. For the year ended December 31, 2024, Helius Medical Technologies reported an operating loss of $13.9 million and a net loss of $11.7 million. Operating expenses were close to $4 million in one recent reporting period, driven by research and administrative costs.

Clinical R&D for PoNS label expansion (e.g., stroke indication)

A critical activity is advancing the PoNS device for a new, larger indication: gait and balance deficits in chronic stroke patients. This is being pursued under the existing FDA Breakthrough Device Designation.

The Stroke Registrational Program (SRP) reached a major milestone:

• The program included three clinical trials enrolling a total of 159 patients across 10 clinical sites in the US and Canada.
• The double-blind randomized trial successfully met its primary endpoint, showing statistically significant improvements.
• 130 patients completed the full 24-week protocol.
• The company is on track to file its submission to the U.S. Food and Drug Administration (FDA) for the stroke indication during the third quarter of 2025.

The addressable market for this expansion is significant, targeting over 7 million patients in the U.S. suffering from stroke symptoms, with approximately 80% of those experiencing balance and gait deficits.

Regulatory compliance (FDA, Nasdaq) and financial reporting

Maintaining compliance across both the medical device and public company spheres is a constant, necessary activity. This includes meeting SEC requirements and navigating FDA pathways.

Key regulatory and corporate compliance actions include:

• Filing the annual 10-K report on March 25, 2025, for the fiscal year ended December 31, 2024.
• The PoNS device holds FDA Breakthrough Device Designation for stroke rehabilitation, which is intended to expedite the review process.
• The Centers for Medicare & Medicaid Services (CMS) has assigned HCPCS codes for the PoNS controller and mouthpiece, which supports reimbursement discussions.
• The company executed a reverse stock split in May 2025 at a 1-for-15 ratio, a corporate action often taken to maintain listing compliance on Nasdaq (NASDAQ:HSDT).

The company's operating margins are sharply negative, with EBIT at -3,010.1% and EBITDA at -2,998.2% in a recent report, underscoring the financial pressure of these compliance and R&D activities.

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

You're looking at the core assets Helius Medical Technologies, Inc. (HSDT) is relying on right now, and honestly, it's a dual-pronged approach combining medical tech with a significant digital asset treasury.

Substantial Liquidity

The company's immediate financial strength is anchored by a very large cash and digital asset position following a recent capital raise. As of the third quarter of 2025, Helius Medical Technologies, Inc. reported a total liquidity position of $474.2 million, which is the sum of its cash reserves and digital assets on the balance sheet as of September 30, 2025.

This liquidity is the fuel for both the ongoing medical device operations and the aggressive digital asset strategy. It represents a fundamental shift in the balance sheet structure for Helius Medical Technologies, Inc.

FDA-Authorized PoNS Device and IP

The Portable Neuromodulation Stimulator (PoNS) device and its associated intellectual property remain a core, albeit currently revenue-limited, resource. The PoNS technology delivers neurostimulation through a mouthpiece used with physical rehabilitation exercise.

The current authorization status for the PoNS device includes:

• FDA approval in the United States for treating gait deficit in patients with mild-to-moderate multiple sclerosis symptoms.
• Authorization in Canada for use in stroke patients.
• Authorization in Canada for traumatic brain injury.
• Authorization in Canada for multiple sclerosis.

Helius Medical Technologies, Inc. supported a planned FDA submission for the stroke indication in the third quarter of 2025 under its existing Breakthrough Device Designation. This submission was based on positive outcomes from the PoNS Stroke Registrational Program.

Access to the Solana Blockchain Ecosystem and Discounted SOL Tokens

A major, recent key resource is the strategic allocation of capital into the native asset of the Solana blockchain. Helius Medical Technologies, Inc. initiated this digital asset treasury strategy to generate on-chain yield.

The initial accumulation phase showed a tactical approach to acquiring the asset:

• Initial acquisition of over 760,190 SOL tokens.
• The average cost basis for this initial tranche was $231 per token.
• The company retained over $335 million in cash earmarked for further SOL purchases following this first acquisition.

By October 6, 2025, the company announced continued accumulation, with its total SOL holdings exceeding 2.2 million SOL. The network itself offers a native staking yield, noted around ~7% historically, which contributes to the treasury operations.

Specialized Financial Team for Digital Asset Treasury Operations

Managing this dual focus requires a specific skill set, which Helius Medical Technologies, Inc. has built out. This team is responsible for executing the digital asset strategy, which includes the complex management of on-chain yield generation and custody arrangements.

Key operational aspects supported by this team include:

• Executing opportunistic purchases of SOL tokens.
• Managing custody arrangements with third-party providers.
• Leveraging capital markets raises to fund the treasury strategy.

The corporate structure reflects this focus, with the company announcing a corporate name change to Solana Company.

Here is a snapshot of the key financial and asset figures as of late 2025:

Resource Metric	Value/Amount	Date/Context
Total Liquidity (Cash plus Digital Assets)	$474.2 million	As of Q3 2025 (September 30, 2025)
Cash Reserves (Post-Initial SOL Purchase)	In excess of $335 million	As of September 22, 2025
Total SOL Holdings	Over 2.2 million SOL	As of October 6, 2025
Initial SOL Purchase Volume	760,190 SOL	September 2025
Initial SOL Average Cost Basis	$231 per token	September 2025
Cash Holdings (October Update)	In excess of $15 million	As of October 6, 2025
Q3 2025 Gross Profit	$594,000	Q3 2025

The PoNS clinical program involved 159 enrolled chronic stroke survivors across 10 clinical sites in the US and Canada.

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.