5/5Hepion Pharmaceuticals, Inc. (HEPA): Going-concern doubt

Market data

Price before filing: $0.045 (2026-03-11 close, split/dividend-adjusted)
Market cap at flag: $697,219 (2026-03-12) · Latest: $1.7M (2026-10-16)

What happened next

Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.

Insider trading around this filing

90 days before the flag: no open-market insider sales or purchases reported.
30 days after: none reported.

Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-12-12 to 2026-04-11. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.

Verified excerpt

"As discussed in Note 2 to the financial statements, the Company's significant operating losses and negative cash flows from operations since inception raise substantial doubt about its ability to continue as a going concern."

Quoted from the filing. Source

What this means

The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.

Going-concern opinion issued by: Grassi & Co., CPAs, P.C.
Source: independent auditor report in Form 10-K (period 2025-12-31)

Why this score: in auditor's report