HEPA

Hepion is a $0.06 shell-in-transition with an explicit going-concern warning: management states there is 'substantial doubt in our ability to continue as a going concern within one year' and that, absent new funding, it expects to 'run out of available cash resources during the third quarter of 2026.' With only $1.83M cash against an operation that burned $3.27M of operating cash flow in FY2025, the math is unforgiving — the company must raise a 'material amount of financing over the next 2-3 years' just to survive, and it candidly concedes no strategic alternative (sale, restructuring) is likely available near-term. This is not a company you value on fundamentals; it is a coin-flip on emergency dilution versus bankruptcy.

The business itself has been gutted. It has never generated revenue ('we have not generated any revenue from operations') across a 5-year history of losses totaling well over $140M, and the accumulated deficit stands at $246M. The former lead asset, rencofilstat, was effectively shelved: the ASCEND-NASH trial was wound down in April 2024 for lack of funding and closed in August 2024, and R&D collapsed 96.2% to just $446K in FY2025 — a company that has stopped doing meaningful drug development. A 2024 merger with Pharma Two B was terminated over Nasdaq burn-rate issues. Management has since pivoted to in-licensing diagnostic tests from New Day Diagnostics (celiac, respiratory, H. pylori, HCC), but those carry up to $17.15M in milestone obligations and royalties, are not yet cleared for the US, and generate nothing today.