Tue, May 21, 9:09 PM (153 days ago)
Hepion Pharmaceuticals, Inc. reported a net loss of $2.9 million for Q1 2024, a significant improvement from the $13.3 million loss in Q1 2023. The decrease in loss was driven by a reduction in research and development expenses, which fell to $2.5 million from $9.8 million, primarily due to lower clinical trial costs and reduced headcount. General and administrative expenses also decreased to $2.6 million from $3.4 million. The company had no revenue in either period. As of March 31, 2024, Hepion had $13.1 million in cash, down from $14.8 million at the end of 2023. The company highlighted the need for additional capital to continue operations and address substantial doubt about its ability to continue as a going concern. Hepion initiated a strategic restructuring plan in December 2023 to reduce costs and began winding down its ASCEND-NASH clinical trial in April 2024. The company is exploring strategic alternatives, including mergers, acquisitions, or asset sales, to maximize shareholder value. Future operations depend on securing additional financing or strategic transactions.