Hepion Pharmaceuticals, Inc. 10-Q

Financial Statements (unaudited)

Item 1. Condensed Consolidated Financial Statements HEPION PHARMACEUTICALS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2026 December 31, 2025 Assets Current assets: Cash $ 1,628,625 $ 1,828,062 Prepaid expenses 298,817 1,241,890 Total current assets 1,927,442 3,069,952 Total assets $ 1,927,442 $ 3,069,952 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 169,875 $ 167,810 Accrued expenses 322,884 77,507 Notes payable, current — 54,066 Total current liabilities 492,759 299,383 Derivative financial instruments—warrants 156,164 103,022 Total liabilities 648,923 402,405 Commitments and contingencies (see Note 10) - Stockholders’ equity: Series A convertible preferred stock, stated value $ 10 per share, 85,581 shares issued and outstanding at June 30, 2026 and December 31, 2025. 855,808 855,808 Series C convertible preferred stock, stated value $ 1,000 per share, 1,688 shares issued and outstanding at June 30, 2026 and December 31, 2025. 839,320 839,320 Convertible preferred stock 839,320 839,320 Common stock—$ 0.0001 par value per share; 120,000,000 shares authorized, 29,120,317 and 11,620,317 issued and outstanding at June 30, 2026 and December 31, 2025, respectively. 2,912 1,162 Additional paid-in capital 247,728,818 247,060,568 Accumulated other comprehensive income. 8,345 8,345 Accumulated deficit ( 248,156,684 ) ( 246,097,656 ) Total stockholders’ equity 1,278,519 2,667,547 Total liabilities and stockholders’ equity $ 1,927,442 $ 3,069,952 The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited). Field: Page; Sequence: 4 Field: Sequence; Type: Arabic; Name: PageNo 2 Field: /Sequence Table of Contents Field: /Page HEPION PHARMACEUTICALS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) 2026 2025 2026 2025 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues $ — $ — $ — $ — Cost and expenses: Research and development 50,918 423,277 120,918 445,512 General and administrative 1,160,573 919,488 1,889,082 2,177,848 Asset impairment loss — 402,746 — 402,746 Total operating expenses 1,211,491 1,745,511 2,010,000 3,026,106 Loss from operations ( 1,211,491 ) ( 1,745,511 ) ( 2,010,000 ) ( 3,026,106 ) Other income (expense): Interest income (expense) 6,243 4,866 4,114 ( 19,945 ) Change in fai