Issue 004 | U.S. Pilot | US

HEPA

Hepion Pharmaceuticals, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-14 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 71.3%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 2,705,503USD
Total Liabilities: 848,747USD
NCAV: 1,856,756USD
Cash: 2,602,580USD
NCAV per share: 0.06USD/share
Evidence: 10 annual | 22 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated: 12
Triggered: 3
Unavailable: 7

Requires inspection High NCAV Burn since the previous filing 1,856,756

Latest: 1,856,7562026-03-31
Comparison: 2,667,5472025-12-31
Change: -30.4%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 10-Q 2026-03-31 · 0001493152-26-023136; REPORTED_FILING 10-K 2025-12-31

Supporting observation Positive OCF 578,584

Latest: 578,5842026-03-31
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations > 0

Source periods: SEC 10-Q 2026-03-31 · 0001493152-26-023136

Supporting observation Current Ratio > 1.5 3.68

Latest: 3.682026-03-31
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001493152-26-023136

7 unavailable checks — inspect missing inputs

High Debt (short-term debt + long-term debt) / ordinary equity >= 50%

Low Debt (short-term debt + long-term debt) / ordinary equity < 20%

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Non-Positive Equity ordinary shareholders equity <= 0

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-K Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-Q Open filing	2020-12-31 10-K Open filing	2019-12-31 10-K Open filing	2018-12-31 10-K Open filing	2017-06-30 10-K Open filing	2016-06-30 10-K Open filing
Period-end Shares Outstanding	n/an/a	11,620,31711,620,317	11,620,31711,620,317	11,620,31711,620,317	9,588,9089,588,908	139,168139,168	139,1676,958,371	115,9835,799,126	109,4635,473,126	96,3754,818,733	n/an/a	76,7663,838,289	n/an/a	n/an/a	n/an/a	n/an/a	76,23076,229,617	76,22576,225,254	76,22576,225,254	76,22576,225,245	32,02532,025,153	3,7603,760,225	23716,608,512	1,08275,707,348	31822,276,730
Weighted-average Basic Shares	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	76,2303,811,482	79,4163,970,810	76,2303,811,481	76,5303,826,505	76,2293,811,445	76,22976,229,440	76,23076,229,617	76,23076,229,617	76,22976,228,899	70,29270,291,535	68,29268,291,894	64,25964,259,470	n/an/a	184183,879	1047,286,304	38727,060,326	n/an/a
Weighted-average Diluted Shares	11,620,31711,620,317	9,409,3759,409,375	11,620,31711,620,317	11,328,12211,328,122	2,836,7002,836,700	122,894122,894	134,3796,718,962	115,9835,799,126	101,4505,072,511	n/an/a	76,7663,838,289	76,2303,811,481	76,2303,811,482	70,29270,291,535	76,22976,229,380	64,25964,259,470	52,16152,160,742	9,6789,677,832	76,22576,225,249	76,22576,225,245	n/an/a	n/an/a	1047,292,327	38727,060,326	n/an/a
Basic EPS	-0-0	-1-1	-1-1	-1-1	-2-2	-107-107	-2-2	-1-1	-1-1	-12-12	-10-10	-7-7	-3-3	-1-1	-0-0	-0-0	-0-0	-0-0	-0-0	-0-0	-2-2	-6-6	-1-1	-0-0	-1-1
Diluted EPS	-0-0	-1-1	-1-1	-1-1	-2-2	-107-107	-2-2	-1-1	-1-1	-12-12	-10-10	-7-7	-3-3	-1-1	-0-0	-0-0	-0-0	-0-0	-0-0	-0-0	-2-2	n/an/a	-1-1	-0-0	-1-1
Basic-to-Diluted Share Difference	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	33.1%	Insufficient evidence	0.7%	-0.4%	0.0%	-7.8%	-0.0%	-15.7%	-31.6%	-86.2%	11.6%	18.6%	Insufficient evidence	Insufficient evidence	0.1%	0.0%	Insufficient evidence
Net Share Count Change	Insufficient evidence	0.0%	0.0%	21.2%	6790.2%	0.0%	20.0%	6.0%	13.6%	Insufficient evidence	-0.4%	Insufficient evidence	-0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	138.0%	751.7%	1484.8%	-78.1%	239.8%	Insufficient evidence
Ownership Claim Change	Insufficient evidence	0.0%	0.0%	-17.5%	-98.5%	-0.0%	-16.7%	-5.6%	-12.0%	Insufficient evidence	0.4%	Insufficient evidence	0.0%	0.0%	0.0%	-0.0%	-0.0%	0.0%	-0.0%	-58.0%	-88.3%	-93.7%	355.8%	-70.6%	Insufficient evidence

Verified split events: reverse 70.0 on 2019-05-28; reverse 20.0 on 2023-05-03; reverse 50.0 on 2025-03-17

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD	2020-12-31 10-K USD	2019-12-31 10-K USD	2018-12-31 10-K USD	2017-06-30 10-K USD	2016-06-30 10-K USD
Revenue	n/a	n/a	0	0	0	0	n/a	n/a	n/a	n/a
Operating Income	-4,163,691	-19,346,578	-48,447,954	-45,488,726	-30,403,309	-20,146,075	-7,770,085	-14,594,159	-21,023,872	-20,805,485
Net Income	-8,277,850	-13,192,420	-48,926,042	-42,200,049	-32,722,168	-20,353,938	-6,718,698	-9,449,295	-14,891,050	-16,998,638
Cash From Operations	-3,271,520	-18,216,303	-40,888,878	-34,961,171	-31,224,481	-16,165,202	-7,565,059	-15,646,027	-19,172,110	-16,555,098
Capex	n/a	-14,304	-14,304	-16,336	-130,405	-87,983	-51,469	-14,709	-14,709	-6,603
Free Cash Flow	n/a	-18,230,607	-40,903,182	-34,977,507	-31,354,886	-16,253,185	-7,616,528	-15,660,736	-19,186,819	-16,561,701
Cash And Equivalents	1,828,062	406,408	14,785,880	51,189,088	91,348,967	40,726,838	13,922,972	2,832,429	12,982,748	7,403,940
Accounts Receivable	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Inventory	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Total Current Assets	3,069,952	1,613,737	17,487,840	56,496,073	97,451,768	42,634,299	14,388,665	2,968,020	13,192,922	7,894,985
Total Assets	3,069,952	1,613,737	18,094,397	60,244,452	103,552,479	48,645,253	20,432,607	8,189,172	18,384,592	13,106,712
Total Current Liabilities	299,383	3,143,886	5,290,096	7,885,722	8,206,396	4,661,827	1,251,889	2,849,849	2,944,874	5,083,547
Total Liabilities	402,405	3,477,075	10,813,590	10,388,515	10,557,476	8,124,862	4,247,015	6,214,121	9,326,725	11,789,132
Shareholders Equity	2,667,547	-1,863,338	7,280,807	49,855,937	92,995,003	40,520,391	16,185,592	1,975,051	9,057,867	1,317,580
Shares Outstanding	11,620,317	10,975,276	109,449	76,230	76,225	76,225	3,760	245	1,114	767
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	9,409,375	122,894	79,416	76,229	70,292	9,678	2,043	184	364,315	1,353,016
Weighted Avg Shares Basic	9,409,375	122,894	79,416	76,229	70,292	9,678	2,043	184	364,315	1,353,016
Net Share Count Change (Normalized)	0.0%	0.0%	Insufficient evidence	-0.0%	0.0%	751.7%	1484.8%	-78.1%	239.8%	Insufficient evidence
Ownership Claim Change (Normalized)	0.0%	-0.0%	Insufficient evidence	0.0%	0.0%	-88.3%	-93.7%	355.8%	-70.6%	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-12-31 10-K USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD
Revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	-798,509	-609,683	-609,683	-527,902	-1,745,511	-1,280,595	-1,202,154	-1,202,154	-4,458,259	-8,503,848	-5,182,317	-10,408,594	-10,664,565	-14,165,630	-13,209,165	-9,772,811	-8,465,326	-19,998,121	-7,252,468	-8,999,891	-8,517,356	-6,854,599
Net Income	-810,791	-656,885	-656,885	-472,506	-1,042,572	-6,105,887	-1,547,454	-1,547,454	-4,865,948	-3,925,212	-2,853,806	-11,059,628	-10,526,946	-14,079,547	-13,259,921	-6,811,474	-8,547,591	-19,911,299	-6,929,685	-9,732,984	-9,266,717	-7,665,161
Cash From Operations	578,584	-332,775	-332,775	-445,963	-1,375,360	-1,117,422	-1,152,874	-1,152,874	-2,517,932	-10,928,704	-3,616,793	-9,001,774	-11,236,242	-12,436,349	-8,214,513	-4,797,501	-12,534,357	-7,500,003	-10,129,310	-7,382,267	-11,323,284	-5,169,682
Capex	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-348	2,582	-16,538	0	-16,336	0	0	0	1	-36,486	-11,815
Free Cash Flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-9,002,122	-11,233,660	-12,452,887	-8,214,513	-4,813,837	-12,534,357	-7,500,003	-10,129,310	-7,382,266	-11,359,770	-5,181,497
Cash And Equivalents	2,602,580	n/a	n/a	2,321,078	2,924,395	4,586,389	n/a	n/a	1,497,106	2,115,047	13,105,502	n/a	19,284,080	30,521,733	42,993,359	n/a	59,145,193	71,707,505	79,222,826	n/a	98,731,233	110,091,003
Total Current Assets	2,705,503	3,069,952	3,069,952	3,740,240	4,505,469	6,318,555	1,613,737	1,613,737	3,530,292	5,482,409	15,430,371	17,487,840	21,269,436	32,762,456	45,806,405	56,496,073	65,669,530	79,533,974	89,774,381	97,451,768	105,500,278	113,673,189
Total Liabilities	848,747	402,405	402,405	415,808	708,531	2,422,492	3,477,075	3,477,075	4,121,783	2,448,334	8,467,972	10,813,590	8,844,351	10,129,041	12,343,759	10,388,515	10,438,336	16,246,005	9,218,925	10,557,476	8,958,730	9,031,933
Shares Outstanding	29,119,317	11,620,317	11,620,317	11,620,317	11,620,317	10,976,276	139,168	139,168	139,167	115,983	109,463	109,449	86,754	76,766	76,230	76,230	76,230	76,230	76,230	76,230	76,225	76,225
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	11,620,317	9,409,375	11,730,333	11,620,317	11,328,122	2,836,700	122,894	122,894	134,379	115,983	101,450	88,039	76,766	76,530	76,230	76,230	76,230	76,230	76,229	76,225	76,225	76,225
Weighted Avg Shares Basic	11,620,317	9,409,375	11,730,333	11,620,317	11,328,122	2,836,700	122,894	122,894	134,379	115,983	101,450	88,039	76,766	76,530	76,230	76,230	76,230	76,230	76,229	76,225	76,225	76,225
Net Share Count Change (Normalized)	Insufficient evidence	0.0%	0.0%	0.0%	21.2%	6790.2%	0.0%	0.0%	20.0%	6.0%	13.6%	Insufficient evidence	-0.4%	Insufficient evidence	-0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	138.0%
Ownership Claim Change (Normalized)	Insufficient evidence	0.0%	0.0%	0.0%	-17.5%	-98.5%	-0.0%	-0.0%	-16.7%	-5.6%	-12.0%	Insufficient evidence	0.4%	Insufficient evidence	0.0%	0.0%	0.0%	-0.0%	-0.0%	0.0%	-0.0%	-58.0%

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	2,705,503USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001583771/companyfacts.json Data Vault \| sec/companyfacts/cik=0001583771/companyfacts.json
Total Liabilities	848,747USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001583771/companyfacts.json Data Vault \| sec/companyfacts/cik=0001583771/companyfacts.json
Cash	2,602,580USD	us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	2026-03-31	1.00	n/a
Shares Outstanding	29,119,317	dei:EntityCommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001583771/companyfacts.json Data Vault \| sec/companyfacts/cik=0001583771/companyfacts.json
NCAV	1,856,756USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	0.06USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	71.3%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: n/a
CIK: 0001583771
Company ID: n/a
Selected Annual Source: n/a
Selected Quarterly Source: n/a
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 26
Imported At: 2026-08-15T12:52:09+00:00
Rendered At: 2026-08-16T03:29:54+00:00

Run Audit

Mary Run: 29510e1968ca4fb386d55ebe1e97a5de
Mary As Of: 2026-08-01
Accession: 0001493152-26-023136
CIK: 0001583771
Mary Filing Date: 2026-05-14
Filing Currency: USD
Internal Discount: 71.3%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=29510e1968ca4fb386d55ebe1e97a5de; mary_as_of=2026-08-01; mary_filing_date=2026-05-14; mary_accession=0001493152-26-023136; mary_cik=0001583771; gnni_supporting_filing_date=2026-05-14; internal_discount=0.71274; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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