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LPCN

Lipocine Inc.

LPCN

Lipocine Inc. • NASDAQ
$3.44 ▲ 4.88% (+0.16)
Market Cap $18.45 M
52w High $5.50
52w Low $2.52
Dividend Yield 0%
P/E -3.37
Volume 17.94K
Outstanding Shares 5.36M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $114.574K ▼ $3.476M ▲ $-3.187M ▼ -2.781K% ▼ $-0.59 ▼ $-3.345M ▼
Q2-2025 $622.849K ▲ $890.433K ▼ $-2.206M ▼ -354.133% ▲ $-0.41 ▼ $-2.388M ▼
Q1-2025 $93.864K ▼ $2.184M ▲ $-1.865M ▼ -1.987K% ▼ $-0.35 ▼ $-2.075M ▼
Q4-2024 $3.491M ▲ $1.946M ▼ $1.782M ▲ 51.045% ▲ $0.33 ▲ $1.561M ▲
Q3-2024 $0 $2.63M $-2.219M 0% $-0.41 $-2.622M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $15.131M ▼ $16.073M ▼ $1.931M ▲ $14.142M ▼
Q2-2025 $17.936M ▼ $18.577M ▼ $1.449M ▲ $17.128M ▼
Q1-2025 $19.719M ▼ $20.5M ▼ $1.3M ▼ $19.2M ▼
Q4-2024 $21.633M ▲ $22.511M ▲ $1.513M ▼ $20.998M ▲
Q3-2024 $19.824M $20.698M $1.581M $19.117M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.187M ▼ $-2.986M ▼ $701.449K ▼ $141.334K ▲ $-2.143M ▼ $-2.986M ▼
Q2-2025 $-2.206M ▼ $-1.886M ▲ $4.5M ▲ $75.618K ▲ $2.689M ▲ $-1.886M ▲
Q1-2025 $-1.865M ▼ $-1.969M ▼ $-882.073K ▼ $0 $-2.851M ▼ $-1.969M ▼
Q4-2024 $1.782M ▲ $1.702M ▲ $761.058K ▼ $0 $2.463M ▲ $1.692M ▲
Q3-2024 $-2.219M $-2.833M $1.022M $0 $-1.81M $-2.913M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
License
License
 $0 ▲$0 ▲$0 ▲
Reportable Segment
Reportable Segment
 $0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Lipocine’s income statement looks like a typical early‑stage biotech: essentially no recurring product revenue yet, and a long history of small operating losses. Occasional income appears to come from one‑off items like milestones or licensing, not from a stable business. Losses have generally been modest relative to large pharma, but they are persistent, which reflects ongoing R&D and limited commercial scale. Profitability depends heavily on future success of the pipeline and on how much royalty or milestone income TLANDO can generate over time.

Balance Sheet

Balance Sheet The balance sheet is small and relatively simple. Assets are limited and mainly consist of cash and equivalents, with very little physical investment. The company currently carries no meaningful debt, so financial leverage risk is low; it is funded mostly by equity. Over the past few years, total assets and equity have gradually come down, which suggests cash has been used to fund operations and that the financial cushion is not large. This makes future access to capital and partnering particularly important.

Cash Flow

Cash Flow Cash flows show a controlled but ongoing burn from operations, which is common for a development‑stage biotech. Operating and free cash flow are usually negative, reflecting spending on clinical programs and overhead without corresponding revenue inflows. There is essentially no capital expenditure, which keeps the cost base lighter but also means the business relies on intellectual property rather than physical assets. The company’s ability to continue funding trials will likely depend on new equity, partnerships, or milestone payments rather than internally generated cash for the foreseeable future.

Competitive Edge

Competitive Edge Lipocine’s competitive position rests on a specialized oral drug delivery platform and experience using a streamlined regulatory path to reformulate known drugs. Its main edge is in turning compounds that are hard to deliver orally into convenient pills, which can improve patient convenience and potentially speed development. The approval and out‑licensing of TLANDO provides some external validation of the technology, but commercial traction is still limited and highly concentrated. The company operates in crowded, high‑stakes areas like CNS disorders, liver disease, and obesity, where it faces both emerging biotechs and large pharmaceutical players with deeper pockets, broader sales forces, and multiple competing approaches.

Innovation and R&D

Innovation and R&D Innovation is the clear strength of Lipocine. The Lip’ral platform gives it a repeatable way to create new oral versions of difficult‑to‑deliver drugs, and the pipeline now spans several therapeutic areas: postpartum depression, epilepsy, cirrhosis‑related muscle loss, obesity, and NASH. Many of these areas have large unmet needs and few good options, which creates meaningful upside if trials succeed. However, most programs are still in mid‑stage development or earlier, so there is considerable scientific, clinical, and regulatory risk, and timelines extend over several years. Partnerships, trial readouts, and regulatory feedback will be key signals of how well the R&D engine is working.

Summary

Lipocine today is best viewed as a platform‑based, clinical‑stage biotech with one approved, partnered product and a broad but early‑to‑mid‑stage pipeline. Financially, it has minimal recurring revenue, ongoing but relatively contained losses, a small equity‑funded balance sheet, and dependence on external capital or deals to sustain development. Strategically, the company’s value is concentrated in its Lip’ral oral delivery technology and its CNS and metabolic pipeline, which offer multiple “shots on goal” but also expose it to the inherent volatility of drug development. Future outcomes will be shaped by clinical data (especially for postpartum depression), the commercial performance of TLANDO, and the company’s ability to secure partnerships or non‑dilutive funding to extend its cash runway and advance its programs.

NEWS

November 18, 2025 · 8:00 AM UTC

Lipocine Highlights Promising Interim Safety Profile in Phase 3 Trial of LPCN 1154 in Postpartum Depression (PPD)

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November 6, 2025 · 8:00 AM UTC

Lipocine Announces Financial Results for the Third Quarter Ended September 30, 2025

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November 4, 2025 · 8:00 AM UTC

Lipocine Presents LPCN 2401 Clinical Data at ObesityWeek®

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September 30, 2025 · 8:00 AM UTC

Lipocine Provides Progress Update on LPCN 1154 Phase 3 Clinical Trial in Postpartum Depression (PPD)

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September 5, 2025 · 4:30 PM UTC

Lipocine to Present at H.C. Wainwright 27th Annual Global Investment Conference

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