MeritValue

Hepion Pharmaceuticals, Inc.

HEPAdata completeness 63%12 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Hepion Pharmaceuticals, Inc. earns about -276% on equity, and has bought back 87% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$02$02——
Net income−$32.7M3−$42.2M4−$48.9M5−$13.2M6−$8.28M6
Operating cash flow−$31.2M7−$35M8−$40.9M9−$18.2M10−$3.27M10
Capital expenditure$130,40511$16,33612$14,30413——
Free cash flow (derived)−$31.4M7−$35M8−$40.9M9——
Total debt—————
Cash & equivalents$91.3M14$51.2M15$14.8M16$406,40816$1.83M16
Diluted shares70.3M3.8M79,416122,8949.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$2.83
your share of equity
Profit it earned you last year
−$8.8
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $2.83 of net worth that earned you −$8.8 last year.

iii. Is this a good business?
Moat signal · return on equity
-276% avg · 5y
FY21 -35%FY22 -85%FY23 -672%FY24 —FY25 -310%

It earned an average -276% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−87% shares · 5y

Share count is down 87% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001583771-23-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001583771-24-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001583771-23-000003 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001583771-24-000003 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-003250 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-009755 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001583771-23-000003 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001583771-24-000003 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-003250 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-009755 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001583771-23-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001583771-24-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001641172-25-003250 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001583771-24-000003 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2022-12-31 · accession 0001641172-25-003250 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2023-12-31 · accession 0001493152-26-009755 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)