<span item_type="fundamental" item_id="c2f72dba7a7eeaa8ef33336f77b27ea8" counter_id="ST/US/HEPA" env="prod"></span><span item_type="announcement" item_id="625392496698983681" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 0.</p><p>EPS: As of FY2025, the actual value is USD -0.88.</p><p>EBIT: As of FY2025, the actual value is USD -4.139 M.</p><p></p><h3>Segment Revenue</h3><p>Hepion Pharmaceuticals, Inc. reported no revenues for the years ended December 31, 2025, and 2024, as the company does not yet have commercial biopharmaceutical products and does not anticipate having them for several years.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span></p><h3>Operational Metrics</h3><h4>Net Loss</h4><p>The net loss for Hepion Pharmaceuticals, Inc. was - $8,277,850 for the year ended December 31, 2025, an improvement from - $13,192,420 for the year ended December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span></p><h4>Loss from Operations</h4><p>The loss from operations was - $4,163,691 in 2025, which improved from - $19,346,578 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span></p><h4>Research and Development Expenses</h4><p>Research and Development Expenses decreased by $11.4 million, from $11,847,348 in 2024 to $445,512 in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span> This decrease was primarily due to a $10.6 million reduction in clinical trial costs and drug development, a $0.5 million decrease in employee compensation, and a $0.4 million decrease in consulting and outside services, partially offset by a $0.4 million expense related to purchased in-process research and development from the New Day asset acquisition.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span></p><h4>General and Administrative Expenses</h4><p>General and Administrative Expenses decreased by $4.2 million, from $7,499,230 in 2024 to $3,315,433 in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span> This reduction was mainly driven by decreases in employee compensation ($0.7 million), stock-based compensation ($0.8 million), consulting and outside services ($0.4 million), professional fees ($1.7 million), rent ($0.2 million), and software/support and insurance expense ($0.1 million each).<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span></p><h4>Asset Impairment Loss</h4><p>An asset impairment loss of $402,746 was recorded in 2025, compared to $0 in 2024, due to triggering events related to delayed timing to market for assets acquired in a license agreement.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span></p><h4>Accumulated Deficit</h4><p>As of December 31, 2025, the accumulated deficit was - $246.1 million, increasing from - $237.8 million as of December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span></p><h4>Working Capital</h4><p>Working capital improved to $2.8 million as of December 31, 2025, from a deficit of - $1.5 million as of December 31, 2024, representing a $4.3 million increase.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span> This increase was mainly due to $8.2 million in net proceeds from equity issuance, offset by a $3.4 million settlement of a note payable and operating costs.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span></p><h3>Cash Flow</h3><h4>Net Cash Used in Operating Activities</h4><p>Net cash used in operating activities was - $3,271,520 for the year ended December 31, 2025, significantly lower than - $18,216,303 for the year ended December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span></p><h4>Net Cash Used in Investing Activities</h4><p>Net cash used in investing activities was - $132,117 in 2025, related to an investment in a license agreement from New Day Diagnostics, compared to - $600,000 in 2024, which was a loan to Pharma Two B.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span></p><h4>Net Cash Provided by Financing Activities</h4><p>Net cash provided by financing activities was $4,825,291 in 2025, compared to $4,349,707 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span></p><h4>Cash on Hand</h4><p>Cash on hand as of December 31, 2025, was $1.8 million, up from $0.4 million as of December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span></p><h3>Outlook / Guidance</h3><p>Hepion Pharmaceuticals, Inc. expects to continue incurring significant operating losses for several years due to ongoing research and development, clinical trials, and potential commercialization efforts.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span> The company projects running out of available cash resources during the third quarter of 2026 without further funding, necessitating a slowdown in clinical trial work to preserve cash.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span> Failure to secure additional financing could lead to the abandonment of activities and potential bankruptcy, resulting in a material adverse effect on the business and potential loss for stockholders.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1583771/000149315226009755/form10-k.htm"></span></p>

Hepion Pharmaceuticals | 10-K: FY2025 Revenue: USD 0