Hepion Pharmaceuticals (HEPA) Q1 2026 earnings summary

Executive summary

• Transitioned focus to medical diagnostics, licensing liver disease diagnostic assets from Cirna Diagnostics in February 2026, with upfront and milestone payments and royalties on future sales.

• Leadership changes included the resignation of the CEO in March 2026 and new employment agreements for the Executive Chairman and CEO in May 2026.

• No revenue generated from operations to date; accumulated deficit reached $246.9 million as of March 31, 2026.

Financial highlights

• Net loss for Q1 2026 was $0.8 million, a significant improvement from $6.1 million net loss in Q1 2025.

• General and administrative expenses decreased to $0.7 million from $1.3 million year-over-year, mainly due to lower legal, accounting, and consulting costs.

• Research and development expenses were $70,000, primarily related to the Cirna licensing agreement.

• Cash balance at March 31, 2026 was $2.6 million, down from $4.6 million a year earlier.

• Working capital stood at $2.0 million at quarter-end, compared to $2.8 million at December 31, 2025.

Outlook and guidance

• Substantial doubt exists regarding the ability to continue as a going concern within one year without additional capital.

• Additional financing will be required to fund ongoing operations and development activities.