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LIPO

Lipella Pharmaceuticals Inc.

LIPO

Lipella Pharmaceuticals Inc. • NASDAQ
$0.33 ▼ -5.71% (-0.02)
Market Cap $1.52 M
52w High $7.31
52w Low $0.32
Dividend Yield 0%
P/E -0.15
Volume 1.10K
Outstanding Shares 4.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $1.274B ▲ $-1.254B ▼ 0% $-0.28 ▲ $-1.252B ▼
Q2-2025 $0 $564.994K ▲ $-1.327M ▼ 0% $-0.31 ▲ $-1.356M ▼
Q1-2025 $0 ▼ $334.346K ▼ $-1.307M ▲ 0% ▲ $-0.64 ▲ $-1.306M ▲
Q4-2024 $173.666K ▲ $562.622K ▲ $-1.442M ▲ -830.141% ▲ $-1.37 ▼ $-1.441M ▲
Q3-2024 $80.38K $493.102K $-1.445M -1.797K% $-1.29 $-1.444M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.856B ▲ $2.35B ▲ $862.215M ▲ $1.488B ▲
Q2-2025 $2.782M ▼ $3.72M ▼ $978.534K ▲ $2.742M ▼
Q1-2025 $4.225M ▲ $4.856M ▲ $776.847K ▲ $4.079M ▲
Q4-2024 $2.185M ▲ $2.674M ▲ $754.417K ▲ $1.919M ▲
Q3-2024 $1.354M $2.16M $701.187K $1.459M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.885B ▼ $-2.358B ▼ $0 $4.211B ▲ $1.853B ▲ $-2.358B ▼
Q2-2025 $-1.327M ▼ $-1.433M ▼ $0 $-10.047K ▼ $-1.443M ▼ $-1.433M ▼
Q1-2025 $-1.307M ▲ $-1.426M ▼ $0 $3.466M ▲ $2.04M ▲ $-1.426M ▼
Q4-2024 $-1.442M ▲ $-990.413K ▼ $0 $1.822M ▲ $831.129K ▲ $-990.413K ▼
Q3-2024 $-1.445M $-653.103K $0 $820.332K $167.229K $-653.103K

Revenue by Products

Product Q1-2023Q2-2023Q3-2023Q2-2025
Grant revenues
Grant revenues
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Lipella is still a pure research-stage biotech with essentially no product revenue reported over the past several years. The income statement shows small but consistent operating and net losses, which is typical for an early-stage drug developer that is spending on R&D and corporate costs without yet having anything on the market. Per‑share losses have been persistent, reflecting ongoing dilution and development expenses. Overall, this is a classic pre‑commercial profile: costs now, potential revenue only if and when drugs are approved and successfully launched.

Balance Sheet

Balance Sheet The reported balance sheet is very light, indicating a small asset base and no meaningful debt in the disclosed period. Cash appears to be the main asset, with little in the way of hard assets or inventory, which fits a virtual or lean biotech model. Equity has financed the business rather than borrowing, which limits interest burdens but leaves the company highly dependent on capital markets for future funding. The recent reverse stock split suggests management is actively managing listing requirements and capital structure, often a sign of share price pressure and a need to preserve market access. Overall, the balance sheet looks typical for an early, capital‑dependent biotech, but with limited buffer if funding conditions tighten.

Cash Flow

Cash Flow The cash flow picture is consistent with a pre‑revenue biotech: operations are not generating cash, and any spending must be covered by existing cash reserves or new financing. With no reported operating or free cash flow, the company’s ability to keep funding clinical trials depends on raising additional capital or securing partnerships. This creates ongoing financing risk: progress in the pipeline must be balanced against the pace of cash burn and the timing of future fundraises. In practical terms, the business is likely to experience several more years of negative cash flow until a product is commercialized, licensed, or partnered on favorable terms.

Competitive Edge

Competitive Edge Lipella’s edge lies in its specialized liposomal drug delivery platform, which is designed to deliver drugs directly to mucosal surfaces like the mouth and bladder. This targeted approach aims to increase effect at the disease site while reducing whole‑body side effects, a meaningful advantage for potent drugs such as tacrolimus. The company is focused on niche, underserved diseases—like oral lichen planus, hemorrhagic cystitis, and oral graft‑versus‑host disease—where there are currently no FDA‑approved treatments. That focus can reduce direct competition and open the door to regulatory incentives. A patent estate extending into the next decade helps protect the platform and lead assets. However, Lipella still faces the usual biotech risks: larger pharma companies are exploring overlapping areas, clinical data must continue to hold up in larger trials, and commercialization in small, specialized markets can be challenging without strong partners.

Innovation and R&D

Innovation and R&D Innovation is the clear center of gravity for Lipella. Its core is a proprietary liposomal delivery technology designed for local application to mucosal tissues. The lead program, a tacrolimus‑based oral rinse for oral lichen planus, has produced encouraging mid‑stage clinical results and targets a condition with limited effective options. The same active drug, delivered differently, is being developed for bladder bleeding and oral graft‑versus‑host disease, which leverages one platform across several rare or severe conditions. Earlier‑stage work includes a bladder‑delivered formulation of an established cancer immunotherapy, aiming to improve effectiveness while reducing systemic toxicity. This platform‑plus‑pipeline model can be powerful if trials succeed, because existing molecules can sometimes move faster through development. At the same time, all of these programs carry substantial clinical, regulatory, and execution risk typical of a small, clinical‑stage biotech.

Summary

Lipella is an early, high‑risk, high‑uncertainty biotech story: no commercial revenue, an asset‑light balance sheet, and reliance on external funding, but a focused and differentiated scientific platform. Financial statements show a pre‑commercial company that spends to advance trials and covers that spending through equity rather than internal cash generation. Strategically, the company is pursuing niche diseases with few or no approved therapies, supported by a targeted delivery technology and patent protection that could provide a defensible position if its drugs succeed. The main swing factors for future value are clear: continued strength of clinical data, the ability to move lead programs into and through pivotal trials, success in forming partnerships or raising capital on acceptable terms, and the broader regulatory and competitive environment in its chosen indications. As with most small clinical‑stage biotechs, outcomes could diverge widely depending on trial results and financing conditions.