Hepion Pharmaceuticals (NASDAQ: HEPA) is a medical diagnostic company headquartered in Morristown, New Jersey, that previously developed drug therapies for chronic liver diseases and is now repositioned following a merger agreement entered into on July 19, 2024. The company has generated no revenue from operations through December 31, 2025, operating entirely on capital raises and carrying an accumulated deficit of $246.1 million as of December 31, 2025. Its former lead asset, rencofilstat (formerly CRV431), was a cyclophilin inhibitor developed to address pathologies related to liver disease progression. Under a License Agreement with New Day, the company agreed to pay $525,000 in cash and $200,000 in common stock upfront, with up to $17.15 million in milestone payments and royalty rates in the upper single to low double digits on net sales. No commercial biopharmaceutical products exist as of the 10-K filed March 12, 2026.

Revenue model

No revenue generated during the years ended December 31, 2025 and 2024. The intended future revenue model, if products reach commercialization, would consist of product sales subject to third-party payer reimbursement, plus milestone payments and royalties owed to licensor New Day under the License Agreement.

Products and services

Rencofilstat (formerly CRV431), a cyclophilin inhibitor previously in development for chronic liver disease. As of the 10-K filed March 12, 2026, the company has no commercial biopharmaceutical products.

Customers and end markets

Target end market was patients with chronic liver disease, with anticipated reimbursement from government health administration authorities, managed-care organizations, and private health insurers. No commercial customers as of December 31, 2025.

Value-chain role

Clinical-stage drug developer relying on third-party contract manufacturers for drug supply. The company holds a license from New Day and conducts or oversees clinical trials, with no manufacturing or commercialization operations as of the 10-K filed March 12, 2026.

Geographic exposure

Headquartered in Morristown, New Jersey. Primary regulatory focus on FDA approval in the United States, with references to foreign market regulatory requirements. No disclosed revenue from any geography.

Source: SEC 10-K, filed 2026-03-12

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