Hepion Pharmaceuticals is a clinical-stage company in transition with no revenue and no operating business. Hepion was previously a drug developer focused on chronic liver disease, but shut down its only clinical trial in mid-2024 after running out of funding, and has since sold off its drug assets to Panetta Partners for a nominal amount, retaining only contingent value rights tied to uncertain regulatory milestones. Hepion has repositioned itself as a medical diagnostics company, licensing diagnostic tests covering celiac disease, respiratory illness (Covid, Influenza A/B, and RSV), H. pylori, and hepatocellular carcinoma from New Day Diagnostics in May 2025, and additional liver disease diagnostic assets from Cirna Diagnostics in early 2026. The licensed tests carry CE marks and can be sold in the EU and select markets, but none are FDA-cleared for sale in the U.S. Hepion's intended model is to commercialize these tests in CE-mark-eligible markets while pursuing FDA clearance to eventually enter the U.S. market. The company has no manufacturing facilities, no sales or marketing capabilities, and only two employees, meaning any commercialization would depend entirely on third-party partners. Hepion already wrote down the full value of the New Day license assets due to impairment, reflecting significant uncertainty around its ability to generate cash flows from these tests.