From the description of the problem it sounds like an ACR failure of the camshaft.
First make the valves are adjust to spec. Then on one of the valve (I think Honda is exhaust) there should a slight bump of the rocker as you approach TDC compression stroke. IF not present then either the spring on the camshaft's ACR has broken or the complete ACR failed. But tearing into the engine please check for the ACR bump as it can be another problem.
Be careful as the last GX390 I had an ACR failure badly sprain my fingers from the compression kickback.