The company exhibits a contracting growth profile with no revenue generation and persistent administrative overhead, as evidenced by SG&A expenses of $728.5K in 2026Q1 despite the lack of active product development.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.74K | 18.79K | 21.94K | 0 | 21.52K | 16.36K | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -26.74K | -18.79K | -21.94K | 0 | -21.52K | -16.36K | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | 100% | -42.32% | 14.36% | - | 100% | -31.61% | - | - | - |
| Operating Expenses | 3.68M | 4.16M | 19.35M | 48.45M | 45.49M | 30.4M | 20.15M | 7.77M | 14.59M | 21.02M | 21.02M | 20.81M | 13.96M | 1.67M | 841K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 2.79M | 3.32M | 7.5M | 9.62M | 10.35M | 10.01M | 8.15M | 4.59M | 7M | 6.69M | 7.37M | 5.79M | 5.56M | 1.36M | 106.44K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 493.28K | 445.51K | 11.85M | 35.64M | 33.27M | 20.4M | 12M | 3.18M | 7.59M | 14.33M | 13.65M | 15.02M | 8.4M | 314.25K | 734.56K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 402.75K | 402.75K | 0 | 3.19M | 1.87M | 0 | 0 | 0 | -108.94K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -3.68M | -4.16M | -19.35M | -48.45M | -45.49M | -30.4M | -20.15M | -7.77M | -14.59M | -21.04M | -21.02M | -20.81M | -13.96M | -1.67M | -841K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 78.48% | 60.07% | -6.51% | -49.62% | -50.91% | -159.28% | 46.76% | 30.65% | -0.09% | -1.05% | -49.04% | -734.87% | -98.82% | - |
| EBITDA | -3.68M | -8.25M | -19.32M | -48.38M | -45.41M | -30.32M | -20.11M | -7.74M | -14.58M | -21.02M | -21M | -20.78M | -13.94M | -1.67M | 0 |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 76.72% | 57.27% | 60.08% | -6.54% | -49.79% | -50.75% | -159.73% | 46.87% | 30.66% | -0.12% | -1.02% | -49.06% | -734.55% | - | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 30.76K | 67.13K | 77.46K | 86.07K | 34.52K | 26.74K | 18.79K | 21.94K | 27.99K | 21.52K | 16.36K | 1.32K | 841K |
| EBIT | -2.97M | -8.25M | -14.91M | -49.33M | -45.07M | -32.71M | -20.15M | -7.77M | -14.59M | -18.92M | -21.02M | -20.59M | -13.96M | -1.67M | -841K |
| Net Interest Income | -22.82K | -24.41K | -1.25M | -9.46K | -10.16K | -8.86K | -31.23K | -555K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 22.82K | 24.41K | 1.25M | 9.46K | 10.16K | 8.86K | 31.23K | 555K | 339.16K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 698.85K | -4.11M | 3.18M | -887.11K | 404.83K | -2.32M | -177.28K | -175.94K | 4.61M | 2.13M | 4.22M | 3.81M | -387.9K | -3.61M | -1.97K |
| Pretax Income | -2.98M | -8.28M | -16.16M | -49.34M | -45.08M | -32.72M | -20.32M | -7.95M | -9.99M | -18.92M | -16.8M | -17M | -14.35M | -5.28M | -842.97K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | -2.97M | -409.02K | -2.88M | 0 | 30.58K | -908.68K | -536K | -3.9M | -1.91M | 0 | 0 | 0 | -1.97K |
| Effective Tax Rate % | 0% | 0% | 18.37% | 0.83% | 6.4% | 0% | -0.15% | 11.44% | 5.37% | 20.59% | 11.36% | 0% | 0% | 0% | 0.23% |
| Net Income | -2.98M | -8.28M | -13.19M | -48.93M | -42.2M | -32.72M | -20.35M | -7.04M | -9.45M | -15.02M | -14.89M | -17M | -14.35M | -5.28M | -842.97K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 81.86% | 37.25% | 73.04% | -15.94% | -28.96% | -60.77% | -189.23% | 25.53% | 37.1% | -0.88% | 12.4% | -18.47% | -171.7% | -526.46% | - |
| Net Income (Continuing) | -2.98M | -8.28M | -13.19M | -48.93M | -42.2M | -32.72M | -20.35M | -7.04M | -9.45M | -15.02M | -14.89M | -17M | -14.35M | -5.28M | -842.97K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.26 | -0.88 | -107.35 | -616.07 | -594.75 | -465.52 | -2103.70 | -6108.07 | -97353.00 | -106400.00 | -3373.93 | -352800.00 | -571200.00 | -229600.00 | -11200.00 |
| EPS Growth % | 99.69% | 99.18% | 82.58% | -3.58% | -27.76% | 77.87% | 65.56% | 93.73% | 8.5% | -3053.59% | 99.04% | 38.24% | -148.78% | -1950% | - |
| EPS (Basic) | - | -0.88 | -107.35 | -616.07 | -594.75 | -465.52 | -2103.70 | -6108.07 | -97353.00 | -106400.00 | -2855.94 | -352800.00 | -571200.00 | -229600.00 | -11200.00 |
| Diluted Shares Outstanding | 11.62M | 9.41M | 122.89K | 79.42K | 76.23K | 70.29K | 9.68K | 2.04K | 184 | 138 | 5.21K | 48 | 39 | 23 | 16 |
| Basic Shares Outstanding | 11.62M | 9.41M | 122.89K | 79.42K | 76.23K | 70.29K | 9.68K | 2.04K | 184 | 138 | 5.2K | 48 | 39 | 23 | 16 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity insolvency risk
As reported in recent financial filings, Hepion's R&D spending has fluctuated significantly, dropping from a peak of $7.1M in 2024Q2 to negligible levels by 2026Q1, reflecting a forced contraction in clinical trial activity due to the company's severely constrained cash position and limited operational runway.
The dramatic reduction in R&D expenditure suggests that the company has effectively paused or significantly curtailed its primary clinical development programs. This shift appears to be a reactive measure to preserve the remaining $1.8M in cash rather than a strategic decision to optimize research efficiency.
Based on the company's income statement data, SG&A expenses have remained a persistent burden, often exceeding R&D outlays in recent quarters, which indicates that administrative overhead continues to consume the firm's dwindling capital despite the absence of any commercial revenue or active product development pipeline.
The inability to scale down SG&A in proportion to the cessation of R&D activity suggests a rigid cost structure that may be difficult to unwind. Investors should monitor whether these fixed costs are being utilized to facilitate a potential strategic sale or if they represent an unsustainable drain on remaining liquidity.
According to historical income statements, Hepion's reported net losses are frequently impacted by non-operating items and stock-based compensation, which complicates the assessment of true operational burn and masks the underlying financial deterioration occurring within the firm's core clinical-stage business model over the last ten quarters.
The volatility in EPS, ranging from extreme negative values to more moderate losses, appears driven by accounting adjustments rather than operational improvements. Analysts should treat these headline figures with caution, as they likely understate the severity of the cash-burn reality facing the company's current capital structure.
While the theoretical promise of the Rencofilstat mechanism remains a point of interest, the company's reported cash reserves of approximately $1.8M suggest that the firm is approaching a terminal liquidity event, rendering long-term pipeline potential secondary to the immediate and existential risk of insolvency.
Short-term observers may focus on the potential for a bolt-on acquisition of the company's IP, yet the current financial data suggests that the company lacks the leverage to negotiate favorable terms. The absence of a clear path to non-dilutive funding warrants extreme skepticism regarding the firm's ability to survive as a going concern.
Quick answers to the most common questions about buying HEPA stock.
For fiscal year 2025, Hepion Pharmaceuticals, Inc. (HEPA) reported total revenue of $0.0M.
Hepion Pharmaceuticals, Inc. (HEPA) reported a net loss of $8.3M for the fiscal year ending 2025.