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
Valuation FY2025 figures against the last close
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.
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