Lipocine Inc. LPCN
Inc. ("Lipocine" or the "Company") is incorporated under the laws of the State of Delaware.
are a biopharmaceutical company focused on leveraging our proprietary technology platform to develop innovative products with effective
oral delivery of previously difficult to deliver molecules. Our proprietary delivery technologies are designed to improve patient compliance
and safety through orally available treatment options. Our primary development programs are based on oral delivery solutions for poorly
Last close
1.44
2026-10-23
Market cap
$11.9M
2026-06-30 share count
52-week range
1.40 - 12.37
Valuation FY2025 figures against the last close
P/S6.0x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-1.69
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0M | $11.2M | -$2.9M | $500.0K | $16.1M | $0 | $165.0K | $428.0K | $0 | $0 |
| R&D | $8.6M | $7.4M | $10.2M | $8.6M | $7.7M | $9.7M | $7.5M | $6.5M | $11.0M | $8.1M |
| SG&A | $3.8M | $5.0M | $4.9M | $4.1M | $5.3M | $8.2M | $5.6M | $5.3M | $10.2M | $10.4M |
| Total operating expenses | $12.3M | $12.4M | $15.1M | $12.6M | $13.0M | $18.0M | $13.1M | $11.8M | $21.2M | $19.2M |
| Operating income | -$10.4M | -$1.2M | -$17.9M | -$12.1M | $3.1M | -$18.0M | -$12.9M | -$11.3M | -$21.2M | -$19.2M |
| Interest expense | — | — | — | $27.1K | $203.3K | $386.6K | $766.7K | — | — | — |
| Pre-tax income | -$9.6M | $9.0K | -$16.4M | -$10.8M | -$634.2K | -$21.0M | -$13.0M | -$11.7M | -$21.0M | -$19.0M |
| Income tax | $200 | $681 | $755 | $681 | $200 | $200 | $200 | $700 | $700 | $752 |
| Net income | -$9.6M | $10.0K | -$16.4M | -$10.8M | -$634.4K | -$21.0M | -$13.0M | -$11.7M | -$21.0M | -$19.0M |
| EPS, basic | -1.77 | — | -3.10 | -2.06 | -0.01 | -0.38 | -0.50 | -0.55 | -1.05 | -1.04 |
| EPS, diluted | -1.69 | — | -3.14 | -2.15 | -0.01 | -0.38 | -0.50 | -0.55 | -1.05 | -1.04 |
| Shares, diluted (wtd. avg.) | 5.7M | 5.4M | 5.3M | 5.3M | 87.6M | 55.7M | 25.9M | 21.4M | 20.1M | 18.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.2M | $6.2M | $4.8M | $3.1M | $3.0M | $19.2M | $9.7M | $8.1M | $13.1M | $5.6M |
| Short-term investments | $9.7M | $15.4M | $17.3M | $29.4M | $41.7M | $450.0K | $4.3M | $7.2M | — | — |
| Total current assets | $16.9M | $22.3M | $22.9M | $34.1M | $46.4M | $25.3M | $19.6M | $20.8M | $25.2M | $27.2M |
| Property, plant and equipment | $104.3K | $165.1K | $116.1K | $131.6K | $7.2K | — | $3.6K | $19.0K | $75.1K | $103.4K |
| Total assets | $17.0M | $22.5M | $23.0M | $37.5M | $52.5M | $25.4M | $19.7M | $20.9M | $25.3M | $27.3M |
| Accounts payable | $971.8K | $271.7K | $1.4M | $600.4K | $1.3M | $1.6M | $1.2M | $671.3K | $598.1K | $245.9K |
| Short-term debt | — | — | — | — | $2.3M | $3.3M | $3.3M | $3.3M | $0 | — |
| Total current liabilities | $2.5M | $1.5M | $2.6M | $1.7M | $5.6M | $6.6M | $5.0M | $4.5M | $6.3M | $1.3M |
| Long-term debt | — | — | — | — | $1.7M | $2.3M | $3.8M | $6.9M | $0 | — |
| Total liabilities | $2.5M | $1.5M | $2.6M | $1.9M | $6.9M | $10.0M | $13.4M | $11.4M | $6.3M | $1.3M |
| Retained earnings | -$209.4M | -$199.8M | -$199.8M | -$183.4M | -$172.7M | -$172.0M | -$151.1M | -$138.1M | -$126.4M | -$105.4M |
| Total equity | $14.5M | $21.0M | $20.4M | $35.6M | $45.6M | $15.3M | $6.3M | $9.4M | $19.0M | $26.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$9.8M | -$1.2M | -$11.9M | -$12.0M | -$4.4M | -$15.3M | -$11.7M | -$12.1M | -$16.7M | -$18.3M |
| Depreciation and amortisation | $61.0K | $41.0K | $29.0K | $9.5K | $400 | $4.0K | — | — | — | — |
| Stock-based compensation | $242.5K | $408.6K | $654.4K | $636.1K | $603.9K | $1.4M | $1.0M | $1.5M | $2.7M | $2.4M |
| Capital expenditure | — | $90.1K | $13.2K | $133.8K | $7.6K | — | — | $0 | $0 | $59.6K |
| Investing cash flow | $5.9M | $2.4M | $13.1M | $14.3M | -$43.8M | $3.9M | $3.0M | $11.3M | $3.1M | $3.2M |
| Financing cash flow | $2.9M | $209.3K | $404.6K | -$2.1M | $26.9M | $20.9M | $10.3M | $10.7M | $11.2M | $605.9K |
| Buybacks | — | — | — | — | — | — | — | — | — | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-018335.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $428.0K | $165.0K | $0 | $16.1M | $500.0K | -$2.9M | $11.2M | $2.0M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$19.0M | -$21.0M | -$11.7M | -$13.0M | -$21.0M | -$634.4K | -$10.8M | -$16.4M | $10.0K | -$9.6M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Other event Item 8.01
- Other event Item 8.01
- Other event Item 8.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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