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HEPA

Hepion Pharmaceuticals, Inc.

HEPA

Hepion Pharmaceuticals, Inc. • NASDAQ
$0.07 ▲ 8.33% (+0.01)
Market Cap $755321
52w High $36.75
52w Low $0.03
Dividend Yield 0%
P/E -0.01
Volume 10.02K
Outstanding Shares 11.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $527.902K ▼ $-472.506K ▲ 0% $-0.04 ▲ $-456.7K ▲
Q2-2025 $0 $1.746M ▲ $-1.043M ▲ 0% $-0.09 ▲ $-1.335M ▲
Q1-2025 $0 $1.281M ▲ $-6.106M ▼ 0% $-2.15 ▲ $-6.081M ▼
Q4-2024 $0 $1.202M ▼ $-1.547M ▲ 0% $-11.12 ▲ $3.23M ▲
Q3-2024 $0 $4.458M $-4.866M 0% $-36.211 $-4.458M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.321M ▼ $3.74M ▼ $415.808K ▼ $3.324M ▼
Q2-2025 $2.924M ▼ $4.505M ▼ $708.531K ▼ $3.797M ▼
Q1-2025 $4.586M ▲ $6.319M ▲ $2.422M ▼ $3.896M ▲
Q4-2024 $406.408K ▼ $1.614M ▼ $3.477M ▼ $-1.863M ▼
Q3-2024 $1.497M $3.715M $4.122M $-406.685K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-472.506K ▲ $-445.963K ▲ $0 ▲ $-157.354K ▼ $-603.317K ▲ $-445.963K ▲
Q2-2025 $-1.043M ▲ $-1.375M ▼ $-132.117K ▼ $-154.517K ▼ $-1.662M ▼ $-1.375M ▼
Q1-2025 $-6.106M ▼ $-1.117M ▲ $0 $5.297M ▲ $4.18M ▲ $-1.117M ▲
Q4-2024 $-1.547M ▲ $-1.153M ▲ $0 ▲ $0 ▼ $-1.091M ▼ $-1.153M ▲
Q3-2024 $-4.866M $-2.518M $-600K $2.5M $-617.941K $-2.518M

Five-Year Company Overview

Income Statement

Income Statement Hepion has effectively had no operating revenue for several years, functioning more like a research project than a commercial business. Its costs have mainly been research, development, and corporate overhead, leading to ongoing losses each year. While the absolute size of the losses appears modest, they are large relative to the company’s very small scale. Reported per‑share losses look extreme, largely because of repeated reverse stock splits rather than a sudden collapse in business activity. Overall, the income statement shows a company that has yet to prove it can generate meaningful sales or profit from its science or new diagnostics strategy.

Balance Sheet

Balance Sheet The balance sheet is very light, with total assets largely made up of cash and little else of scale. Cash and equity have steadily declined over the past few years and now appear quite thin, leaving only a small financial cushion. The company carries essentially no debt, which removes interest burden but also reflects its reliance on equity funding. Repeated reverse stock splits signal ongoing pressure on the share price and a history of raising capital to stay afloat. Taken together, the balance sheet points to a fragile financial position that depends heavily on new funding or rapid progress in commercialization.

Cash Flow

Cash Flow Hepion has been consistently using cash rather than generating it, as is typical for an early-stage biotech. Operating cash outflows have been steady, reflecting ongoing R&D and corporate spending without offsetting revenue. Capital spending has been negligible, so most of the cash burn is tied to people, trials, and operational overhead rather than physical assets. This pattern means the company’s survival has depended on external financing, likely through issuing new shares. Going forward, the ability to support the diagnostics pivot will rest on either raising more capital or quickly turning the new diagnostic partnerships into real cash inflows.

Competitive Edge

Competitive Edge Hepion is a very small player in a highly competitive healthcare space. Its earlier edge was tied to a novel liver drug and an AI-driven platform for patient selection, but the halt of its NASH trial has weakened that original differentiation. The company is now trying to reposition itself in precision diagnostics, an area crowded with large, well-funded laboratory and test developers. Its main near-term advantage is access to a ready-made set of in-licensed tests, some already cleared for sale in Europe, which could allow it to move faster than building products from scratch. However, because these tests are licensed rather than internally developed, long-term competitive strength will depend on execution quality, contract terms, and the ability to build a recognized brand and sales footprint in a tough market.

Innovation and R&D

Innovation and R&D On the innovation side, Hepion still holds interesting scientific assets: its AI-POWR platform, which merges complex biological and clinical data, and its cyclophilin inhibitor drug, rencosfilstat. While the main NASH program has been wound down, the underlying drug and data platform could still be repurposed for other diseases or monetized through partnerships if compelling evidence can be shown. The diagnostics pivot is also innovation-driven, but much of the technology is in-licensed rather than invented in-house, so Hepion’s differentiation may come more from integration, smart use of AI, and commercialization know-how than from core lab science. The portfolio spans several important disease areas, from celiac and H. pylori to respiratory infections and liver cancer, which, if successfully packaged and marketed, could create a coherent “precision diagnostics” story. A key risk is that constrained financial resources may limit how aggressively the company can invest in advancing both its legacy R&D and new diagnostic initiatives at the same time.

Summary

Hepion is in the middle of a major transition, shifting from being a pure drug-development story with no revenue to a diagnostics-focused company aiming for nearer-term commercial activity. Historically, it has run persistent losses, lived off external funding, and seen its cash base erode, leaving a lean balance sheet and little room for prolonged missteps. The new diagnostics strategy offers a clearer path to potential sales than waiting years for drug approvals, especially with some tests already cleared for use in Europe. At the same time, the business now faces intense competition, depends on successful execution of in-licensed products, and must operate under tight financial constraints. The overall picture is one of high uncertainty and execution risk, with future outcomes heavily tied to how well the company can convert its scientific platforms and new partnerships into reliable, recurring revenue before its limited resources are stretched too far.