Hepion Pharmaceuticals, Inc. filed an initial ownership report for director Appajosyula Sireesh on Form 3. The filing shows no reportable transactions and no derivative positions, with all buy, sell, acquire, and dispose counts and related share amounts reported as zero.
Hepion Pharmaceuticals announced that Chief Executive Officer Dr. Kaouthar Lbiati resigned for personal reasons, effective immediately on March 16, 2026. The Board moved quickly to reconfigure leadership, naming Gary Stetz as interim CEO and a director the same day.
The Board also appointed Vincent LoPriore as Executive Chairman and added Sireesh Appajosyula and Chase LoPriore as directors. The company states there are no special arrangements behind these appointments and no family relationships between the new leaders and existing directors or executive officers.
Hepion Pharmaceuticals’ annual report outlines a major strategic shift and significant financial risk. The company has exited its prior focus on liver drug rencofilstat, winding down the ASCEND-NASH trial in 2024 and selling all rencofilstat-related assets to Panetta Partners in May 2025 for a nominal amount, with only contingent value rights retained for shareholders.
Hepion is repositioning as a medical diagnostics company, in-licensing CE‑marked tests for celiac disease, respiratory multiplex, H. pylori and hepatocellular carcinoma from New Day Diagnostics in May 2025, and liver disease diagnostic intellectual property from Cirna Diagnostics in February 2026. The New Day arrangement resulted in total consideration of $815,045, all expensed after impairment.
The company has an accumulated deficit of $246.1 million as of December 31, 2025, and discloses substantial doubt about its ability to continue as a going concern, expecting to exhaust available cash during the third quarter of 2026 without additional capital. It raised approximately $8.2 million in 2025 and $4.3 million in 2024 but now has only two employees and no internal manufacturing or commercial infrastructure, relying on third parties for development and future production.
Hepion Pharmaceuticals entered a material intellectual property license agreement with Cirna Diagnostics, adding a liver disease diagnostic asset to its portfolio. The company will pay an upfront $50,000, certain patent expenses, up to $2,350,000 in development milestones, up to $4,500,000 in sales milestones, and low single-digit royalties on net sales.
Hepion also highlighted a novel circulating tumor RNA biomarker assay for earlier diagnosis and surveillance of hepatocellular carcinoma in high-risk patients, reinforcing its strategic shift toward liquid biopsy-based cancer diagnostics under new leadership.
Hepion Pharmaceuticals appointed Dr. Kaouthar Lbiati as Chief Executive Officer effective January 8, 2026, under a new employment agreement. She will receive an annual base salary of $350,000 and is eligible for an annual discretionary cash bonus targeted at 35% of base salary, based on goals set by the Board. Of the base salary, $50,000 is deferred and paid in cash only upon a qualifying equity financing of at least $3,000,000, certain termination events, or a change of control.
If a change of control occurs with an enterprise value of at least $5,000,000, Dr. Lbiati earns a bonus equal to 3.0% of that value. The agreement provides severance of six months of base compensation, benefits, and a pro-rated bonus if she is terminated without cause or resigns for good reason, along with full vesting of time-based equity awards. Additional protections apply in connection with death, disability, and specified change-of-control related terminations, including accelerated vesting and extended exercise periods for equity awards.
Hepion Pharmaceuticals (HEPA) filed its Q3 2025 10‑Q, showing a continued business pivot from liver drug development to medical diagnostics. The company reported a Q3 net loss of $472,506 and a nine‑month net loss of $7,620,965. Operating expenses fell sharply as research and development dropped to zero for the quarter, while general and administrative expense was $527,902.
Cash was $2,321,078 at September 30, 2025, with total liabilities of $415,808 and stockholders’ equity of $3,324,432. Management states there is substantial doubt about the company’s ability to continue as a going concern without additional capital. Shares outstanding were 11,620,317 as of November 12, 2025.
Hepion in‑licensed diagnostic tests from New Day Diagnostics on May 9, 2025, paying $525,000 cash and $270,629 in stock, with up to $17.15 million in potential milestones; it recorded a $402,746 impairment. On May 26, 2025, it sold all rencofilstat assets to Panetta Partners for a nominal amount, with CVRs tied to future FDA approval and sales milestones. Earlier, the company raised approximately $9.0 million (January 23, 2025), repaid $2.9 million notes, effected a 1‑for‑50 reverse split, and transitioned trading to OTCQB after Nasdaq delisting.