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Hepion Pharmaceuticals, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in research and development expenses to $2,762,709 from $8,518,520 in the same quarter the previous year. This decrease is attributed to the discontinuation of clinical trials.
General and administrative expenses decreased to $1,695,550 from $2,146,045, primarily due to reduced headcount.
The company reported a net loss of $4,865,948 for the quarter, compared to $10,526,946 in the previous year.
Cash used in operating activities was $17,063,429 for the nine months ended September 30, 2024, compared to $31,887,104 in the previous year.
Hepion had cash of $1,497,106 as of September 30, 2024, down from $14,785,880 at the end of 2023.
The filing also details a merger agreement with Pharma Two B Ltd., which, if completed, will result in Hepion becoming an indirect wholly-owned subsidiary of Pharma Two B.
The merger is expected to be completed in the fourth quarter of 2024, subject to various conditions, including shareholder approvals.
Hepion continues to explore strategic and financing alternatives to maximize stockholder value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hepion Pharmaceuticals Inc AFB PRF PERPETUAL USD - Series C quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.