Ampio Pharmaceuticals, Inc. (AMPE): History, Ownership, Mission, How It Works & Makes Money

When a biopharmaceutical company like Ampio Pharmaceuticals, Inc. (AMPE) sees its market capitalization plummet by nearly -100% in one year to just $5.9 thousand as of November 2025, how do you even begin to assess its true value and mission? This is not a typical growth story; it's a high-stakes clinical-stage saga where the core focus remains on advancing its OA-201 program for osteoarthritis of the knee, despite a voluntary delisting and a stock price hovering near $0.0052 a share. You need to understand the underlying mechanics-the research-driven business model, the tiny 1.53% insider ownership, and the 'going concern' audit opinion-to separate the fundamental science from the financial distress and see what opportunities, if any, remain.

Ampio Pharmaceuticals, Inc. (AMPE) History

You're looking for the definitive history of Ampio Pharmaceuticals, Inc., and the story is less a steady climb and more a complex series of corporate maneuvers and clinical setbacks, culminating in a dissolution. The direct takeaway is that the company, which focused on developing treatments for inflammatory conditions like osteoarthritis, ceased operations in 2024 after clinical trial failures and is now in the process of winding down, with its 2025 activities centered on legal settlements, not drug development.

Honestly, understanding Ampio Pharmaceuticals means tracing its lineage through a few different corporate entities, which is typical in the biotech world where intellectual property (IP) often moves between shell companies and mergers.

Given Company's Founding Timeline

Year established

While the current corporate entity's lineage traces back to a 2008 inception, the name Ampio Pharmaceuticals, Inc. was established in March 2010 following a merger.

Original location

The company is headquartered in the Denver Metro Area, specifically in Greenwood Village or Englewood, Colorado, United States.

Founding team members

The core technology originated with Dr. David Bar-Or, the founder of BioSciences, a company whose assets and IP were acquired by the Ampio lineage. Dr. Bar-Or was principally responsible for the patented and proprietary technologies, having been issued over 270 patents.

Initial capital/funding

The company, as a public entity, raised a Post IPO round of $585K on March 25, 2011. Ampio was considered a development-stage company for most of its life, meaning it had no revenue and incurred significant losses. For instance, as of December 31, 2023, the company reported $0 in trailing 12-month revenue and a Net Income loss of ($8,632) thousand.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory was defined by two major pivots: the initial corporate restructuring to become a public entity focused on inflammatory conditions, and the final, irreversible decision to dissolve after its primary drug candidates failed to meet regulatory milestones.

• The 2010 Public Listing and IP Consolidation: The merger with Chay Enterprises, Inc. in March 2010 immediately transformed the company from a private entity into a publicly-traded one, providing access to capital markets. Plus, the subsequent acquisition of BioSciences' IP, including the Ampion and Zertane candidates, gave the newly formed Ampio Pharmaceuticals a pipeline to pursue.
• The Shift from Ampion to OA-201: For years, the lead product candidate was Ampion, a biologic intra-articular injection for osteoarthritis of the knee. After issues with clinical data and a Biologics Licensing Application (BLA) path, the company shifted focus to AR-300, later renamed OA-201, a novel small molecule formulation. This move was a high-stakes bet, but it failed in early 2024 when the pre-IND studies did not show the required pain reduction benefit to justify further capital investment.
• The 2024 Dissolution: The most transformative moment was the decision to dissolve. Following the failure of the OA-201 studies in February 2024, management and the Board assessed their options and ultimately chose to cease operations. The Plan of Dissolution was approved in August 2024. As of 2025, the company's only activity is managing the wind-down process and settling legal obligations, including a 'Stipulation and Agreement of Settlement' dated January 8, 2025. The intent is to distribute any remaining cash to stockholders, but the company cannot forecast if cash will be available.

If you're looking for more details on the final chapter of the company, you should be Exploring Ampio Pharmaceuticals, Inc. (AMPE) Investor Profile: Who's Buying and Why?

Ampio Pharmaceuticals, Inc. (AMPE) Ownership Structure

Ampio Pharmaceuticals, Inc. is a publicly traded, pre-revenue stage biopharmaceutical company, but its ownership structure reflects a significant shift toward retail investors following its delisting from the NYSE American. As of November 2025, the company trades on the over-the-counter (OTC) Markets under the ticker AMPE, with a market capitalization of approximately $5.9K.

You're looking at a company where institutional interest is defintely minimal, which means retail investors hold the vast majority of the shares and thus have the most collective influence. This structure can lead to high volatility, so be careful.

Given Company's Current Status

Ampio Pharmaceuticals' current status is defined by its transition to the OTC Markets and its focus on a single preclinical asset, AR-300, after discontinuing development of its legacy product, Ampion. The company is operating with a significantly reduced staff-only about 6 employees-to lower costs and manage its cash burn. The financial uncertainty is high; the company has received an audit opinion with a 'Going Concern' explanation, which is a clear signal of material risk to its ability to continue operations.

• Status: Publicly traded on the OTC Markets (OTC: AMPE).
• Market Cap (Nov 2025): Approximately $5.9K.
• Focus: Preclinical development of AR-300 for inflammatory conditions.

For a deeper dive into the company's strategic goals, you should read their Mission Statement, Vision, & Core Values of Ampio Pharmaceuticals, Inc. (AMPE).

Given Company's Ownership Breakdown

The ownership breakdown as of the 2025 fiscal year highlights a micro-cap structure where institutional money has largely exited, leaving the float primarily in the hands of the public. Here's the quick math: institutional and insider holdings account for less than 2% of the company, leaving the remaining 98.43% with individual and retail investors.

Given Company's Leadership

The leadership team has been restructured following internal investigations and a strategic pivot away from the legacy Ampion product, resulting in a relatively new, lean management structure. The average tenure for this team is short, around 1.9 years, which shows a fresh start but also a lack of long-term stability.

The core governance is steered by a small group of executives and directors:

• J. Kevin Buchi: Chairman of the Board (elected May 2022).
• Mike Martino: Chief Executive Officer (CEO) and Director (appointed Nov 2021).
• Independent Directors: The Board was reconstituted to include directors like Ms. Jobes and Dr. Stevens as independent voices.

Mike Martino's total yearly compensation was reported at $668.14K, with a small direct ownership stake of 0.51% of the company's shares. What this estimate hides is the extreme pressure on this small team to execute a successful preclinical program with limited resources.

Ampio Pharmaceuticals, Inc. (AMPE) Mission and Values

Ampio Pharmaceuticals, Inc.'s core purpose was historically rooted in addressing chronic pain through novel biopharmaceutical development, a mission that ultimately ended with the company's dissolution in August 2024. The company's cultural DNA was focused on patient-centric research, but financial and regulatory hurdles proved insurmountable, leading to a strategic wind-down rather than a continuation of its therapeutic goals.

Ampio Pharmaceuticals, Inc.'s Core Purpose

You're looking for the soul of the company, what it stood for beyond the stock ticker, but you have to understand that its purpose is now historical. The firm's focus was clear: develop innovative, non-opioid treatments for widespread, debilitating conditions. This was a noble goal, but it ran headfirst into the brutal realities of clinical development costs and regulatory risk.

Official mission statement

The company's stated mission was to improve the quality of life for patients by providing effective and accessible treatments for chronic inflammatory diseases. This was centered on its flagship product candidate, Ampion, and later the OA-201 program, which targeted osteoarthritis of the knee (OAK). The commitment was to patient outcomes, which is defintely the right priority for a biotech firm.

• Improve the quality of life for patients.
• Provide effective and accessible treatments.
• Focus on chronic inflammatory diseases, particularly OAK.
• Commit to patient-centric solutions and research and development.

Vision statement

While Ampio Pharmaceuticals, Inc. did not widely publicize a formal, single-sentence vision statement, its strategic direction painted a clear picture of its long-term aspiration. The vision was to commercialize its proprietary therapies and expand their application beyond the initial focus of OAK to other inflammatory conditions like rheumatoid arthritis and chronic obstructive pulmonary disease (COPD). This is the classic biotech vision: prove efficacy in one area, then scale the platform.

• Achieve long-term growth through therapeutic indication expansion.
• Expand global market penetration via regulatory approvals and partnerships.
• Capitalize on emerging opportunities in the biopharmaceutical market.

The harsh reality is that the company's history of losses and a cash position of just $12.7 million as of December 31, 2022, raised substantial doubt about its ability to continue as a going concern, making that vision unattainable. For more on the numbers, you should read Breaking Down Ampio Pharmaceuticals, Inc. (AMPE) Financial Health: Key Insights for Investors.

Ampio Pharmaceuticals, Inc. slogan/tagline

Ampio Pharmaceuticals, Inc. did not consistently use a public-facing slogan or tagline to distill its brand identity, which is common for development-stage biopharmaceutical firms focused on scientific milestones. Their external communication centered on pipeline updates, such as the development of the OA-20X series of formulations. The focus was on the science, not the marketing hook.

The company's financial status in the period leading up to its dissolution shows the difficulty of sustaining a research-driven model without a product on the market. For the fiscal year 2023, the company reported $0 in revenue and a net loss of approximately ($8.632) million (in thousands, USD). By 2025, the company had dissolved, with only a small team of around 12 employees remaining to manage the wind-down process.

Ampio Pharmaceuticals, Inc. (AMPE) How It Works

Ampio Pharmaceuticals, Inc. operates as a pre-revenue stage biopharmaceutical company that, as of November 2025, is primarily focused on assessing strategic alternatives and preserving capital following the termination of its lead drug development program.

The company's primary function shifted from clinical-stage drug development to a capital preservation and strategic assessment model after its main candidate failed to advance to clinical trials, essentially making its current business model an orderly wind-down or search for a new direction.

Given Company's Product/Service Portfolio

As of late 2025, Ampio Pharmaceuticals does not have an actively advancing product in clinical trials; its portfolio reflects terminated or stalled programs. The value proposition is now tied to the intellectual property (IP) generated from these past efforts.

Given Company's Operational Framework

The company's operational framework is currently a minimal-footprint structure designed to conserve cash while the Board assesses internal and external strategic options.

• Cash Conservation: Management has taken immediate actions to preserve cash, which is defintely the number one priority right now.
• Operational Streamlining: The company reduced staff and subleased facilities, which was expected to save approximately $4.6 million annually.
• Regulatory Exit: Ampio Pharmaceuticals voluntarily delisted from the NYSE American and filed for SEC deregistration in March 2024, terminating the costly and resource-intensive obligation to file periodic reports like Forms 10-K and 10-Q.
• Strategic Assessment: The Board is actively assessing all internal and external options, which could range from an orderly wind-down to an acquisition or merger with a private entity (a reverse merger).

Here's the quick math: cutting the SEC reporting and facility costs directly extends the cash runway for whatever strategic alternative the Board chooses.

Given Company's Strategic Advantages

In a pre-revenue, post-program-termination environment, the company's advantages are not in the market but in its remaining assets and corporate structure.

• Intellectual Property (IP): The company retains its proprietary small molecule formulation and biologic IP from the OA-201 and Ampion programs, which could be licensed or sold to another pharmaceutical developer.
• Minimal Debt/Cash Position: The aggressive cost-cutting measures and the suspension of high-cost clinical development have maximized the remaining cash on the balance sheet, which is the primary asset for any potential strategic transaction or to fund an orderly wind-down.
• Clean Corporate Shell: The voluntary delisting and SEC deregistration make the company a more attractive shell for a potential reverse merger, as it removes the immediate regulatory burden for a private company looking to go public.

What this estimate hides is the extreme risk; the market capitalization is cited as approximately $0 Million USD as of November 2025, reflecting the high uncertainty and minimal perceived value of the operating business. If you want to dive deeper into the corporate philosophy that drove these programs, you can read the Mission Statement, Vision, & Core Values of Ampio Pharmaceuticals, Inc. (AMPE).

Ampio Pharmaceuticals, Inc. (AMPE) How It Makes Money

Ampio Pharmaceuticals, Inc. is a pre-revenue stage biopharmaceutical company, meaning it does not currently generate income from the commercial sale of approved products. The company's financial engine is entirely focused on research and development (R&D), with its minimal income coming from non-core sources like investment returns to fund its operations and develop its drug candidates, primarily AR-300 for osteoarthritis-related pain.

Given Company's Revenue Breakdown

As a clinical-stage biotech, Ampio's business model is centered on advancing its drug pipeline to a point where it can secure a lucrative licensing deal or regulatory approval for commercialization. This means its core revenue from product sales is effectively zero. The small amount of income it does generate comes from non-operating sources.

The trailing twelve-month (TTM) revenue as of November 2025 is functionally $0.00, a clear sign of its pre-commercial status. The company's only revenue in 2022, for instance, was interest income. This is a high-risk model: you're betting everything on a successful clinical trial outcome and a subsequent partnership or approval.

Business Economics

The economics of Ampio Pharmaceuticals are defined by its burn rate (cash used in operations) versus its available capital, rather than profit margins, because it has no product revenue. The value of the company is tied to its intellectual property (IP), specifically the potential of its drug candidate, AR-300, to pass preclinical and clinical trials.

• Core Value Driver: The perceived value of the pipeline, which is currently centered on the preclinical development of AR-300.
• Pricing Strategy: Non-existent, as there is no approved product to price. Future pricing would be a high-margin specialty pharmaceutical price, typical for novel anti-inflammatory biologics.
• Cost Structure: Dominated by Research and Development (R&D) and General and Administrative (G&A) expenses, which cover clinical trials, outsourced contract research organization (CRO) efforts, and legal fees.
• Capital Dependence: The company is entirely dependent on external funding, such as equity financing or licensing payments, to cover its operating losses and R&D costs.

To be fair, every biotech starts here. The trick is managing the cash runway-the time until you run out of money-until you hit a major milestone. You can learn more about the company's long-term vision in this article: Mission Statement, Vision, & Core Values of Ampio Pharmaceuticals, Inc. (AMPE).

Given Company's Financial Performance

The financial performance data available for the 2025 fiscal year reflects the company's precarious financial position and its status as a development-stage entity. The core metric to watch here is the net loss, not revenue.

• Net Loss: The company reported a net loss of $1.2 million in the third quarter of 2023, and a larger net loss of $16.3 million for the full year 2022, demonstrating the consistent cost of its R&D focus.
• Cash Position: As of December 31, 2022, the company's liquidity consisted of only $12.7 million in cash and cash equivalents. This finite cash resource is what led management to express defintely substantial doubt about the company's ability to continue as a going concern.
• Market Capitalization: As of November 2025, the market capitalization (market cap) is extremely low, hovering around $5.9 thousand (K), which is a clear indicator of its distressed financial status and high risk profile.
• Total Assets/Debt (2023 TTM): Total Assets were reported at $5.736 million, with Total Debt at a minimal $274 thousand, showing the company has very little debt but also minimal assets to liquidate.

Here's the quick math: with a net loss of over a million per quarter, and cash reserves that were low even in 2022, the company's ability to fund its operations into 2025 and beyond is highly questionable without a significant capital raise or a major licensing deal. What this estimate hides is the potential for a liquidation event if new funding cannot be secured.

Ampio Pharmaceuticals, Inc. (AMPE) Market Position & Future Outlook

Ampio Pharmaceuticals, Inc. is currently positioned as a micro-cap, pre-revenue biopharmaceutical company that is actively seeking a new strategic direction following a major setback in its core drug candidate. As of November 2025, the company's market capitalization is approximately $5.9 thousand, reflecting its minimal operational footprint and a trailing twelve-month revenue of $0.00. The future trajectory is defintely tied to its ability to successfully execute a strategic alternative, like an acquisition or asset licensing, rather than its internal pipeline development.

Competitive Landscape

In the expansive and growing osteoarthritis (OA) market, Ampio Pharmaceuticals, Inc. holds a negligible share. The global OA therapeutics market is valued at approximately $10.89 billion in 2025, dominated by established pharmaceutical giants and proven treatment classes. The table below maps Ampio Pharmaceuticals, Inc.'s standing against key market forces, illustrating the massive scale difference.

Estimate of Pfizer's direct OA portfolio share of the total $10.89B global OA therapeutics market. Represents the market share of the product class, which is dominated by multiple large manufacturers.

Opportunities & Challenges

The company's primary opportunity is a financial pivot, while its challenges are existential, stemming from the failure of its lead candidate to advance. Here's the quick math: the US knee OA injectable market alone is projected at $1.02 billion in 2024, so the market size is there if a new asset can be secured.

Industry Position

Ampio Pharmaceuticals, Inc.'s industry standing as of late 2025 is that of a micro-cap shell company with a primary asset on hold. The company has essentially ceased internal drug development on its legacy Ampion and its most recent OA-201 programs.

• Pivot Focus: The core strategy is now a financial and corporate restructuring, specifically the pursuit of a merger or acquisition (M&A) to bring in a viable, late-stage drug candidate.
• Financial Headwinds: The company has been focused on cash preservation, including staff reductions and subleasing facilities, to save an estimated $4.6 million annually.
• High-Risk Profile: Trading on the OTC Pink Open Market following delisting, the stock exhibits extreme volatility, with its 52-week high at $0.16 and a near-zero low.

This situation demands a deep dive into the company's balance sheet; you can find more on the financial stability here: Breaking Down Ampio Pharmaceuticals, Inc. (AMPE) Financial Health: Key Insights for Investors.