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MARKETS / NASDAQ / LPCN
NASDAQ · PHARMACEUTICAL PREPARATIONS · SMALL CAP

Lipocine Inc. LPCN

15 fiscal years on record · USD · FY2025 reported · SEC filings only
$2.0M
▼ 82.3% YoY
$-9.6M
▼ 115371.9% YoY
In brief

What this company does

On January 12, 2024, we entered into a license agreement (the “Verity License Agreement”) with Gordon Silver Limited (“GSL”) and Verity Pharmaceuticals, Inc. (“Verity” or our “Licensee”), pursuant to which we granted to Verity an exclusive, royalty-bearing, sublicensable right and license to commercialize TLANDO for TRT in the U.S. and Canada (the “Licensed Verity Territory”). Additional clinical development pipeline candidates include: LPCN 1154 for postpartum depression (“PPD”); LPCN 2201 for major depressive disorder (“MDD”); LPCN 2203 for essential tremor; LPCN 2101 for epilepsy; and LPCN 2401 for improved body composition in obesity management. Our goal is to become a leading biopharmaceutical company focused on leveraging our proprietary drug delivery technology platform to develop differentiated products through oral delivery of previously difficult to deliver molecules.

Written from the business description in Lipocine Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 10 March 2026. Every sentence was checked against that document before publication.

Growth
USD 2.0M
Revenue, FY2025 · full 15-year series below
Revenue $M Net income $M
FY2025 · Revenue 2.0 · Net income -9.6
8M16M-8M-16M20112013201520172019202120232025
Compound annual growth
+58.1%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−487 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -524.7% · Net -487.1%
-2000%-4000%-6000%20112013201520172019202120232025
ROE
FY2025 · ROE -54.3%
50%100%-50%-100%-150%20112013201520172019202120232025

Each USD of equity lost 54 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2024 · FCF -1.3
-8M-16M20112013201520172019202120232025

Total assetsUSD 17.0M
EquityUSD 14.5M
CashUSD 5.2M
Current ratio6.68×

Equity funds 85% of total assets.

The 15-year record
15 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020201920182017201620152014201320122011
Revenue $B0.00.0−0.00.00.00.00.00.00.00.0··0.00.0·
Operating income $B−0.0−0.0−0.0−0.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.00.0·
EBITDA $B−0.0−0.0−0.0−0.00.0−0.0·········
Income tax $B0.00.00.00.00.00.00.00.00.00.00.00.0−0.00.0·
Net income $B−0.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.00.0−0.0
Free cash flow $B·−0.0−0.0−0.0−0.0··−0.0−0.0−0.0−0.0−0.0−0.0−0.0·
EPS, diluted $−1.69·−3.14−2.15−0.01−0.38−0.50−0.55−1.05−1.04−1.11−1.60−1.440.85·
Dividend / sh $···············
Payout %···············
ROE %−54.30.0−58.4−26.5−2.1−193.9−165.5−82.1−93.3−55.8−53.3−57.2−42.2117.5−0.4
Shares out B0.010.010.010.010.090.070.040.020.020.020.020.010.010.000.00

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 58 reconciliationsAUDITED

Reconciled in 15 of 19 fiscal years. 18 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityPharmaceutical Preparations
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2011

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