Lipocine Inc.

Listed Company

LPCNCIK 0001535955NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.98M

Net Income

$-9.63M

Total Assets

$17.01M

Equity

$14.48M

Shares Out

8.24M

Op. Cash Flow

$-9.76M

LPCN$2.26−29.20% · past yearDBEQ Basic

Daily closing prices

Business

Lipocine Inc. is a biopharmaceutical company developing oral therapeutics using proprietary lipidic delivery technology for poorly bioavailable drugs. Its marketed product TLANDO (testosterone undecanoate) treats testosterone replacement therapy in adult males and is licensed to regional partners including Verity (U.S./Canada), SPC (South Korea), Pharmalink (GCC), and Aché (Brazil). The pipeline includes clinical-stage candidates for postpartum depression (LPCN 1154), major depressive disorder (LPCN 2201), epilepsy (LPCN 2101), essential tremor (LPCN 2203), obesity/weight management (LPCN 2401), decompensated cirrhosis (LPCN 1148), and preterm birth prevention (LPCN 1107).

Summary from 10-K filed 2026-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
License revenue	2	11	109,987	500,000	—
Royalty revenue	476,677	298,144	—	—	—
Total revenues	2	11	−3	500,000	16
Research and development	9	7	10	9	8
General and administrative	4	5	5	4	5
Total operating expenses	12	12	15	13	13
Operating loss	−10	−1	−18	−12	3
Interest and investment income	744,074	1	1	572,578	67,700
Unrealized gain on warrant liability	—	17,166	212,690	565,940	355,890
Total other income	744,074	1	2	1	—
Income (loss) before income tax expense	−10	9,033	−16	−11	−634,199
Income tax expense	−200	−681	−755	−681	−200
Net income (loss)	−10	8,352	−16	−11	−634,399
Basic income (loss) per share attributable to common stock	−1.77	—	−3.1	−2.06	−0.01
Weighted average common shares outstanding, basic	5	5	5	5	87
Diluted income (loss) per share attributable to common stock	−1.69	—	−3.14	−2.15	−0.01
Weighted average common shares outstanding, diluted	6	5	5	5	88
Net unrealized gain (loss) on available-for-sale securities	−4,693	1,879	27,580	−2,305	−18,016
Comprehensive gain (loss)	−10	10,231	−16	−11	−652,415

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	5	6	5	3	3
Marketable investment securities	10	15	17	29	42
Accrued interest income	14,189	120,447	52,254	80,427	247,253
License fee and royalties receivable	1	91,405	—	—	—
Prepaid and other current assets	787,600	476,510	773,424	945,319	2
Total current assets	17	22	23	34	46
Property and equipment, net of accumulated depreciation of $1,284,079 and $1,223,297, respectively	104,293	165,075	116,095	131,589	7,211
Other assets	23,753	23,753	23,753	23,753	23,753
Total assets	17	23	23	38	52
Accounts payable	971,822	271,696	1	600,388	1
Accrued expenses	1	921,240	1	1	1
Deferred revenue	320,000	320,000	—	—	—
Total current liabilities	3	2	3	2	6
Total liabilities	3	2	3	2	7
Commitments and contingencies (notes 8 and 11)	—	—	—	—	—
Common stock, par value $0.0001 per share, 75,000,000 shares authorized; 6,158,779 and 5,348,276 issued and 6,158,443 and 5,347,940 outstanding, respectively	8,944	8,863	8,860	8,852	8,830
Additional paid-in capital	224	221	220	219	218
Treasury stock at cost, 336 shares	−40,712	−40,712	−40,712	−40,712	−40,712
Accumulated other comprehensive gain	4,445	9,138	7,259	−20,321	−18,016
Accumulated deficit	−209	−200	−200	−183	−173
Total stockholders equity	14	21	20	36	46
Total liabilities and stockholders equity	17	23	23	38	52

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation expense	60,782	41,106	28,661	9,453	380
Stock-based compensation expense	242,497	408,551	654,438	636,140	603,946
Non-cash gain on change in fair value of warrant liability	—	−17,166	−212,690	−565,940	−355,890
Amortization of discounts on marketable investment securities	−192,938	−697,865	−952,651	−122,048	515,577
Accrued interest income	106,258	−68,193	28,173	166,826	−246,862
License and royalties receivable	−1	91,405	—	—	—
Prepaid and other current assets	−311,090	114,104	333,085	569,146	−853,207
Accounts payable	700,126	−1	795,589	−688,954	−307,878
Accrued expenses	315,134	−297,246	140,748	61,280	−636,720
Deferred revenue	—	320,000	—	—	—
Cash used in operating activities	−10	−1	−12	−12	−4
Purchase of property and equipment	—	−90,086	−13,167	−133,831	−7,591
Purchases of marketable investment securities	−15	−33	−23	−45	−48
Maturities of marketable investment securities	21	35	36	60	5
Cash provided by investing activities	6	2	13	14	−44
Net proceeds from sale of common stock through ATM	3	209,340	404,567	−21,700	27
Cash provided by financing activities	3	209,340	404,567	−2	27
Net increase (decrease) in cash and cash equivalents	−1	1	2	197,944	−21
Income taxes paid	200	681	225	200	200
Net unrealized gain (loss) on available-for-sale securities	−4,693	1,879	27,580	−2,305	−18,016

Filings

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Frequently asked questions

What is Lipocine Inc.'s CIK number?

Lipocine Inc.'s SEC CIK number is 0001535955 (1535955). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Lipocine Inc.'s SEC filings?

All of Lipocine Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Lipocine Inc. last report earnings?

Lipocine Inc. (LPCN) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001493152-26-021638). This is Lipocine Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Lipocine Inc.'s most recent earnings 8-K?

Lipocine Inc.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001493152-26-021638. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Lipocine Inc.'s latest earnings 8-K →
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