Hepion (HEPA) Director Michael Purcell Buys 4,000,000 Shares

What Happened

• Michael J. Purcell, a director of Hepion Pharmaceuticals (HEPA), reported purchases on August 3, 2026. He purchased 2,000,000 common shares in an open-market or private purchase at $0.05 per share (total cost $100,000) and reported acquisition of an additional 2,000,000 shares at $0.00 (reported as a derivative/zero-price acquisition). Net new shares reported: 4,000,000; cash outlay reported: $100,000.
• Purchases (code "P") are generally viewed as a more informative insider action than routine sales, but filings are factual records and do not state motives.

Key Details

• Transaction date: August 3, 2026. Report filed with the SEC on August 12, 2026 (filing was late relative to the usual 2-business-day Form 4 deadline).
• Prices and values: 2,000,000 shares @ $0.05 = $100,000; 2,000,000 shares @ $0.00 = $0 (reported as derivative/zero-price).
• Shares owned after transaction: Not disclosed in the Form 4 provided.
• Filing notes: Both transactions reported with code "P" (Purchase). No 10b5-1 plan, tax withholding, or other footnotes were disclosed in the summary information provided.
• Timeliness: The report was filed nine days after the transaction date, which is later than the standard Form 4 reporting window and reduces short-term transparency.

Context

• The zero-dollar acquisition is reported as a derivative/zero-price transaction; such entries can reflect conversions, grants, exercises, or other corporate actions—Form 4s typically indicate the specific nature, but that detail was not included in the summary provided here. This is not an assertion of motive or method.
• For retail investors: purchases by corporate insiders can signal confidence, but should be weighed alongside company fundamentals, total insider holdings, and the late filing.