LPCN

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Lipocine Inc.

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Key Metrics

Previous Close: $2.05
52-Week Range: $1.81 – $12.37
Market Cap: $17.23M
P/E (TTM): —
EPS (TTM): -1.85
Dividend Yield: —

Advanced Metrics

Price/Book: 0.79
PEG Ratio: —
Return on Equity: -60.94%
Return on Assets: -37.04%
Gross Margin: 100.00%
Operating Margin: -1495.14%
Profit Margin: 0.00%
Current Ratio: 11.48
Debt/Equity: 0.01
Total Debt: $257.81K
Free Cash Flow: $-6.94M
Revenue Growth: -69.50%
Earnings Growth: —
Enterprise Value: $-5.78M

LPCN Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$500.00K	-$2.85M	$11.20M	$1.98M
Cost of Revenue	$8.56M	$10.18M	$7.35M	$8.58M
Gross Profit	-$8.06M	-$13.03M	$3.85M	-$6.61M
Selling, General & Admin	$4.06M	$4.90M	$5.00M	$3.76M
Operating Expenses	$4.06M	$4.90M	$5.00M	$3.76M
Operating Income	-$12.12M	-$17.93M	-$1.16M	-$10.37M
EBITDA	-$10.72M	-$17.90M	-$1.11M	-$10.31M
Pretax Income	-$10.76M	-$16.35M	$9.03K	-$9.63M
Income Tax	$681.00	$755.00	$681.00	$200.00
Net Income	-$10.76M	-$16.35M	$8.35K	-$9.63M
Diluted EPS	-2.21	-3.14	0.00	-1.77
Diluted Shares	5.23M	5.27M	5.42M	5.71M

LPCN Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$3.15M	$4.77M	$6.21M	$5.21M
Receivables	$659.86K	$52.25K	$211.85K	$1.16M
Current Assets	$34.14M	$22.86M	$22.32M	$16.88M
Total Assets	$37.54M	$23.00M	$22.51M	$17.01M
Current Liabilities	$1.68M	$2.63M	$1.51M	$2.53M
Total Liabilities	$1.91M	$2.63M	$1.51M	$2.53M
Retained Earnings	-$183.43M	-$199.78M	-$199.77M	-$209.40M
Shareholders' Equity	$35.63M	$20.37M	$21.00M	$14.48M
Working Capital	$32.46M	$20.23M	$20.81M	$14.35M

LPCN Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$11.97M	-$11.87M	-$1.22M	-$9.76M
Capital Expenditure	-$133.83K	-$13.17K	-$90.09K	—
Free Cash Flow	-$12.10M	-$11.88M	-$1.31M	-$9.76M
Depreciation & Amortisation	$9.45K	$28.66K	$41.11K	$60.78K
Stock-Based Compensation	$636.14K	$654.44K	$408.55K	$242.50K
Investing Cash Flow	$14.29M	$13.08M	$2.45M	$5.89M
Financing Cash Flow	-$2.13M	$404.57K	$209.34K	$2.87M
Share Repurchases	-$21.70K	—	—	—
Net Change in Cash	$197.94K	$1.62M	$1.43M	-$1.00M

LPCN Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$93.86K	$622.85K	$114.57K	$1.15M	$119.40K
Cost of Revenue	—	$2.14M	—	—	—
Gross Profit	—	-$1.51M	—	—	—
Research & Development	$1.06M	—	$2.71M	—	$2.76M
Selling, General & Admin	$1.12M	$890.43K	$767.84K	$983.39K	$1.20M
Operating Expenses	$2.18M	$890.43K	$3.48M	-$4.92M	$3.97M
Operating Income	-$2.09M	-$2.40M	-$3.36M	-$2.52M	-$3.85M
EBITDA	-$2.07M	-$2.39M	-$3.35M	-$2.50M	-$3.83M
Pretax Income	-$1.86M	-$2.21M	-$3.19M	-$2.37M	-$3.67M
Income Tax	$200.00	$0.00	$0.00	$0.00	$0.00
Net Income	-$1.86M	-$2.21M	-$3.19M	-$2.37M	-$3.67M
Diluted EPS	-0.35	-0.41	-0.59	—	-0.54
Diluted Shares	5.35M	5.35M	5.41M	—	6.80M

LPCN Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$3.35M	$6.04M	$3.90M	$5.21M	$5.02M
Receivables	$179.03K	$121.73K	$115.27K	$1.16M	$230.81K
Current Assets	$20.33M	$18.42M	$15.93M	$16.88M	$25.24M
Total Assets	$20.50M	$18.58M	$16.07M	$17.01M	$25.36M
Current Liabilities	$1.30M	$1.45M	$1.93M	$2.53M	$2.53M
Total Liabilities	$1.30M	$1.45M	$1.93M	$2.53M	$2.53M
Retained Earnings	-$201.63M	-$203.84M	-$207.03M	-$209.40M	-$213.07M
Shareholders' Equity	$19.20M	$17.13M	$14.14M	$14.48M	$22.83M
Working Capital	$19.03M	$16.97M	$14.00M	$14.35M	$22.72M

LPCN Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$1.97M	-$1.89M	-$2.99M	-$2.92M	-$2.26M
Free Cash Flow	-$1.97M	-$1.89M	-$2.99M	-$2.92M	-$2.26M
Depreciation & Amortisation	$15.57K	$16.11K	$14.12K	$14.98K	$14.81K
Stock-Based Compensation	$71.00K	$65.20K	$53.26K	$53.03K	$65.40K
Investing Cash Flow	-$882.07K	$4.50M	$701.45K	$1.57M	-$9.90M
Financing Cash Flow	$0.00	$75.62K	$141.33K	$2.65M	$11.97M
Net Change in Cash	-$2.85M	$2.69M	-$2.14M	$1.30M	-$190.23K

Market Snapshot

About

Lipocine Inc. is a specialty pharmaceutical company focused on developing innovative pharmaceutical products for metabolic and endocrine disorders. The company uses proprietary drug delivery technologies to create oral formulations of therapies traditionally delivered by injection. Lipocine targets conditions including hypogonadism, liver disease, and metabolic dysfunction.