Lipocine Inc. (LPCN) Financial Statements
Industry: Pharmaceutical Preparations
In fiscal 2025, Lipocine reported revenue of $2.0M, down 82.3% from $11.2M the year before. Net income was -$9.6M (a -487.1% net margin), or -$1.69 per diluted share. Operating margin was -524.7%. Operating activities generated -$9.8M of cash, leaving -$9.9M of free cash flow. At fiscal year end, Lipocine held $17.0M in total assets against $2.5M in total liabilities, including $5.2M of cash and equivalents.
Open the full interactive Lipocine financials → Quarterly statements, key ratios, valuation history and price charts.
Lipocine Key Stats
| Share Price | $1.62 |
|---|---|
| Market Cap | $13.3M |
| Revenue YoY Growth | -82.3% |
| 52-Week Range | $1.62 – $11.26 |
| Shares Outstanding | 8.2 million (basic, 2026 Q2) |
Lipocine Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $0 | $16.1M | $500,000 | -$2.9M | $11.2M | $2.0M |
| Operating Income | -$18.0M | $3.1M | -$12.1M | -$17.9M | -$1.2M | -$10.4M |
| Pre-Tax Income | -$21.0M | -$634,199 | -$10.8M | -$16.4M | $9,033 | -$9.6M |
| Income Tax | $200 | $200 | $681 | $755 | $681 | $200 |
| Net Income | -$21.0M | -$634,399 | -$10.8M | -$16.4M | $8,352 | -$9.6M |
| Diluted EPS | -$6.46 | -$0.17 | -$2.21 | -$3.14 | — | -$1.69 |
Lipocine Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $114,574 | $1.1M | $119,397 | $190,099 |
| Net Income | -$3.2M | -$2.4M | -$3.7M | -$2.6M |
| Diluted EPS | -$0.59 | -$0.42 | -$0.54 | -$0.32 |
Lipocine Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.2M | $3.0M | $3.1M | $4.8M | $6.2M | $5.2M |
| Current Assets | $25.3M | $46.4M | $34.1M | $22.9M | $22.3M | $16.9M |
| Total Assets | $25.4M | $52.5M | $37.5M | $23.0M | $22.5M | $17.0M |
| Current Liabilities | $6.6M | $5.6M | $1.7M | $2.6M | $1.5M | $2.5M |
| Total Long-Term Debt | $5.0M | $1.7M | — | — | — | — |
| Total Liabilities | $10.0M | $6.9M | $1.9M | $2.6M | $1.5M | $2.5M |
| Shareholders' Equity | $15.3M | $45.6M | $35.6M | $20.4M | $21.0M | $14.5M |
Lipocine Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$15.3M | -$4.4M | -$12.0M | -$11.9M | -$1.2M | -$9.8M |
| Cash From Investing | $3.9M | -$43.8M | $14.3M | $13.1M | $2.4M | $5.9M |
| Cash From Financing | $20.9M | $26.9M | -$2.1M | $404,567 | $209,340 | $2.9M |
| Free Cash Flow | — | -$4.4M | -$12.1M | -$11.9M | -$1.3M | -$9.9M |
Figures from Lipocine's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Lipocine financials page for every line item.
Lipocine Company Profile
| Ticker | LPCN |
|---|---|
| Exchange | Nasdaq |
| Industry | Pharmaceutical Preparations |
| Headquarters | Salt Lake City, United States |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0001535955 |
Frequently Asked Questions
What was Lipocine's revenue in fiscal 2025?
Lipocine (LPCN) reported revenue of $2.0M for fiscal 2025.
What is Lipocine's annual revenue history?
Lipocine's annual revenue by fiscal year: 2020: $0; 2021: $16.1M; 2022: $500,000; 2023: -$2.9M; 2024: $11.2M; 2025: $2.0M.
What was Lipocine's net income in fiscal 2025?
Lipocine reported net income of -$9.6M for fiscal 2025.
What was Lipocine's earnings per share (EPS) in fiscal 2025?
Lipocine's diluted EPS was -$1.69 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Lipocine generate in fiscal 2025?
Lipocine generated -$9.9M of free cash flow in fiscal 2025.
What was Lipocine's revenue last quarter?
In its most recent reported quarter (2026 Q2), Lipocine reported revenue of $190,099.
How many shares of Lipocine are outstanding?
Lipocine reported a weighted average of 8.2 million basic shares outstanding in 2026 Q2.
What is Lipocine's market cap?
Based on its latest closing price, Lipocine (LPCN) has a market capitalization of about $13.3M.
When does Lipocine's fiscal year end?
Lipocine's fiscal year end, as registered with the SEC, is December 31.
Where is Lipocine headquartered?
Lipocine lists its business address in Salt Lake City, United States in its SEC filings.