<div><div></div><div>Hepion Pharmaceuticals reported zero commercial product revenue for the years ended December 31, 2025 and 2024 and posted a net loss of $(8.28) million in 2025, or $(0.88) per share, driven by continued development and restructuring activities. The company narrowed its operating loss to $(4.16) million in 2025 from $(19.35) million in 2024, reflecting reduced R&amp;D and general and administrative expenses following program wind-downs and cost reductions. Hepion repositioned its business in 2025 with a strategic move into CE-marked diagnostics to enable near-term commercialization in eligible non-U.S. markets. Financial Highlights <ul><li>Revenues: $0 — no commercial product revenue for the years ended December 31, 2025 and 2024.</li><li>Operating Income (Loss): Loss from operations of $(4.16) million (2025) versus $(19.35) million (2024); operating loss decreased due to lower R&amp;D and G&amp;A expenses.</li><li>Net Income (Net loss): Net loss of $(8.28) million for 2025 versus $(13.19) million for 2024.</li><li>Net Income Per Share: Net loss per common share — basic and diluted: $(0.88) (2025) versus $(107.35) (2024).</li></ul> Business Highlights <ul><li>Clinical program adjustments: The ASCEND-NASH trial was wound down in 2024 and closed in August 2024 due to a funding shortfall, a decision taken to preserve patient safety.</li><li>Strategic pivot to diagnostics: In May 2025, Hepion licensed CE-marked tests covering celiac, respiratory multiplex, H. pylori, and hepatocellular carcinoma diagnostics to enter EU and other eligible markets.</li><li>Commercial readiness in EU: Acquisition of CE-marked diagnostics provides near-term go-to-market capability outside the U.S., supporting a strategic shift from clinical therapeutics toward diagnostic products.</li><li>Operational cost reductions: Headcount reductions and cuts to R&amp;D in 2025 materially lowered clinical and G&amp;A spending versus 2024, conserving cash and reducing operating losses.</li></ul>Original SEC Filing: Hepion Pharmaceuticals, Inc. [ HEPA ] - 10-K - Mar. 11, 2026<section>Disclaimer<div>This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.</div></section></div></div>

Hepion Pharmaceuticals reported no revenue for 2025, with a net loss of $(8.28) million or $(0.88) per share, despite narrowing its operating loss to $(4.16) million from $(19.35) million in 2024. The company is shifting focus to CE-marked diagnostics for commercialization in non-U.S. markets after winding down its ASCEND-NASH trial due to funding issues. Cost reductions in R&D and administrative expenses contributed to lower losses. The strategic pivot aims to enhance market readiness in the EU with new diagnostic products.

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Hepion Pharmaceuticals

Hepion Pharmaceuticals 2025 10-K: $0 Revenue, $(0.88) EPS on $(8.28) M Net Loss