Hepion Pharmaceuticals, Inc. reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company’s total assets decreased sharply to $3.7 million from $18.1 million at the end of 2023. This decline was mirrored in cash reserves, which fell to $1.5 million from $14.8 million over the same period.

Total current liabilities also saw a reduction, amounting to $2.7 million as of September 30, 2024, down from $5.3 million at the end of the previous fiscal year. However, the company’s total stockholders' equity turned negative, standing at $(406,685), a significant drop from $7.3 million at the end of 2023.

Operating expenses for the three months ended September 30, 2024, were reported at $4.5 million, a decrease from $10.7 million for the same period in 2023. The net loss for the quarter was $(4.9 million), an improvement compared to a net loss of $(10.5 million) in the prior year. For the nine-month period, the net loss was $(11.6 million), a substantial reduction from $(37.9 million) in 2023.

Research and development expenses for the nine months ended September 30, 2024, totaled $12.4 million, down from $30.2 million in the same period last year. General and administrative expenses also decreased to $5.7 million from $7.8 million in 2023. The net cash used in operating activities improved to $(17.1 million) for the nine months ended September 30, 2024, compared to $(31.9 million) in the previous year.

As of September 30, 2024, Hepion Pharmaceuticals reported working capital of $0.8 million, a decrease from $12.2 million at the end of 2023. The company has yet to generate any revenue and has accumulated a deficit of $236.3 million since its inception.