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Hepion Pharmaceuticals
Hepion Pharmaceuticals (HEPA) investor relations material
Hepion Pharmaceuticals Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Mar, 2026
Executive summary
Transitioned from drug development to a medical diagnostics focus after winding down the ASCEND-NASH clinical trial due to insufficient funding; all clinical activities ceased by August 2024.
Entered new licensing agreements in 2025 and 2026 for diagnostic assets, including a major deal with Cirna Diagnostics for liver disease diagnostics and with New Day Diagnostics for CE-marked tests in the EU.
Attempted a merger with Pharma Two B in 2024, which was terminated in December 2024; related notes were repaid with proceeds from a $9M equity offering in January 2025.
Financial highlights
No revenue generated in 2025 or 2024; accumulated deficit reached $246.1 million as of December 31, 2025.
Net loss for 2025 was $8.3 million, a significant improvement from $13.2 million in 2024, primarily due to reduced R&D and G&A expenses after clinical program wind-down.
Research and development expenses dropped to $0.4 million in 2025 from $11.8 million in 2024, reflecting the halt in clinical activities.
General and administrative expenses decreased to $3.3 million in 2025 from $7.5 million in 2024.
Asset impairment loss of $0.4 million in 2025 related to the New Day Diagnostics license.
Cash balance at year-end 2025 was $1.8 million, with working capital of $2.8 million.
Outlook and guidance
Management expects continued operating losses and negative cash flows, with substantial doubt about the ability to continue as a going concern beyond Q3 2026 without additional capital.
No commercial products in the U.S.; future revenue depends on successful commercialization of licensed diagnostics, primarily in the EU.
Additional financing is required to sustain operations and pursue commercialization.
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Latest events from Hepion Pharmaceuticals
- Key votes include director elections, auditor ratification, and a reverse stock split to retain Nasdaq listing.HEPA
Proxy Filing2 Dec 2025 - Shareholders will vote on director elections, auditor ratification, warrant issuance, and a reverse split.HEPAProxy Filing2 Dec 2025
- Key votes include director elections, auditor ratification, and a reverse stock split to retain Nasdaq listing.HEPAProxy Filing2 Dec 2025
- Shareholders are urged to approve a merger with Pharma Two B to avoid bankruptcy risk.HEPAProxy Filing2 Dec 2025
- Shareholders will vote on director elections, a reverse stock split, auditor ratification, and executive pay.HEPAProxy Filing2 Dec 2025
- Shareholders will vote on director elections, auditor ratification, warrant issuance, and a reverse split.HEPAProxy Filing2 Dec 2025
- Shareholders to vote on Pharma Two B–Hepion merger; P2B001 shows strong clinical results.HEPAProxy Filing2 Dec 2025
- Biopharma seeks $7.1M via stock/warrant offering to repay debt, facing delisting and dilution.HEPARegistration Filing29 Nov 2025
- Registering 1.47M shares for resale amid strategic review and financial uncertainty.HEPARegistration Filing29 Nov 2025
Hepion Pharmaceuticals
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