Hepion Pharmaceuticals Files Q1 2024 10-Q

TL;DR

Hepion Pharma dropped its Q1 2024 10-Q. Check financials.

AI Summary

Hepion Pharmaceuticals, Inc. filed its 10-Q for the period ending March 31, 2024. The company, formerly known as ContraVir Pharmaceuticals, Inc., reported its financial status. Key financial data and operational details for the first quarter of 2024 are presented in this filing.

Why It Matters

This filing provides investors with an update on Hepion Pharmaceuticals' financial health and operational performance for the first quarter of 2024, crucial for assessing the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Hepion Pharmaceuticals is subject to inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• N/A — Revenue (Specific revenue figures for Q1 2024 are not detailed in the provided header information.)
• N/A — Net Income/Loss (Specific net income or loss for Q1 2024 is not detailed in the provided header information.)
• N/A — Cash and Equivalents (Specific cash and equivalents figures for Q1 2024 are not detailed in the provided header information.)

Key Players & Entities

• Hepion Pharmaceuticals, Inc. (company) — Filer of the 10-Q
• ContraVir Pharmaceuticals, Inc. (company) — Former name of Hepion Pharmaceuticals
• 20240331 (date) — End of the reporting period
• 20240521 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share HEPA The Nasdaq Capital Marke

Filing Documents

• hepa-20240331.htm (10-Q) — 758KB
• hepa-q1202410xqxexx311.htm (EX-31.1) — 10KB
• hepa-q1202410xqxexx312.htm (EX-31.2) — 9KB
• hepa-q1202410xqxexx321.htm (EX-32.1) — 5KB
• hepa-q1202410xqxexx322.htm (EX-32.2) — 5KB
• hepa-20240331_g1.jpg (GRAPHIC) — 11KB
• 0001628280-24-024560.txt ( ) — 5266KB
• hepa-20240331.xsd (EX-101.SCH) — 39KB
• hepa-20240331_cal.xml (EX-101.CAL) — 41KB
• hepa-20240331_def.xml (EX-101.DEF) — 214KB
• hepa-20240331_lab.xml (EX-101.LAB) — 511KB
• hepa-20240331_pre.xml (EX-101.PRE) — 385KB
• hepa-20240331_htm.xml (XML) — 642KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (unaudited): 2 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Operations 3 Condensed Consolidated Statements of Comprehensive Loss 4 Condensed Consolidated Statements of Changes in Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1A.

Risk Factors

Risk Factors 24 Item 6. Exhibits 26

SIGNATURES

SIGNATURES 27 Table of Contents NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q for Hepion Pharmaceuticals, Inc. may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are characterized by future or conditional verbs such as "may," "will," "expect," "intend," "anticipate," believe," "estimate" and "continue" or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. Such statements are only predictions and our actual results may differ materially from those anticipated in these forward-looking statements. We believe that it is important to communicate future expectations to investors. However, there may be events in the future that we are not able to accurately predict or control. Factors that may cause such differences include, but are not limited to, those discussed under Item 1A. Risk Factors and elsewhere in the audited consolidated financial statements as of and for the year ended December 31, 2023 contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 16, 2024, as well as under Item 1A . Risk Factors within this Form 10-Q. These factors include the uncertainties associated with: our ability to successfully implement our strategic alternatives or realize any or all of the anticipated benefits once implemented; our ability to raise substantial additional capital to continue as a going concern and fund our planned operations in the near term and our strategic alternatives in the longer term; our ability to successfully consummate any strategic transactions, including, but not limited to, an acquisition, merger, reverse merger, sale of assets, strategi

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements HEPION PHARMACEUTICALS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash $ 13,105,502 $ 14,785,880 Prepaid expenses 2,324,869 2,701,960 Total current assets 15,430,371 17,487,840 Property and equipment, net — 29,487 Right-of-use assets 182,019 212,878 Other assets 377,021 364,192 Total assets $ 15,989,411 $ 18,094,397 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,497,151 $ 2,348,829 Accrued expenses 793,753 2,439,351 Operating lease liabilities, current 134,020 115,916 Short-term portion of contingent consideration 149,000 386,000 Total current liabilities 2,573,924 5,290,096 Contingent consideration, non-current 1,101,000 1,634,000 Operating lease liabilities, non-current 41,248 93,104 Derivative financial instruments-warrants 4,751,800 3,796,390 Total liabilities 8,467,972 10,813,590 Commitments and contingencies (see Note 10) Stockholders' equity: Series A convertible preferred stock, stated value $ 10 per share, 85,581 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 855,808 855,808 Series C convertible preferred stock, stated value $ 1,000 per share, 1,688 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 839,320 839,320 Common stock—$ 0.0001 par value per share; 120,000,000 shares authorized, 5,473,126 and 4,818,733 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 547 482 Additional paid-in capital 233,297,756 230,291,362 Accumulated other comprehensive loss 9,200 ( 78,779 ) Accumulated deficit ( 227,481,192 ) ( 224,627,386 ) Total stockholders' equity 7,521,439 7,280,807 Total liabilities and stockholders' equity $ 15,989,411 $ 18,094,397 The accompanying notes are an integral part of these condensed consolidated financial statements (unaudite

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View this 10-Q filing on SEC EDGAR