NASDAQ : LPCN
Lipocine Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 1.44 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 11.87M
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Financial statements
Lipocine Inc. (LPCN) reported revenue of 1.57M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.57M | 1.98M | 11.20M | -2.85M | 500.00K | 16.14M |
| Gross Profit | 1.57M | 1.98M | 11.20M | -2.85M | 500.00K | 16.14M |
| Selling, General & Admin | 3.95M | 3.76M | 5.00M | 4.90M | 4.06M | 5.33M |
| Research & Development | 10.19M | 8.58M | 7.35M | 10.18M | 8.56M | 7.67M |
| Operating Expenses | 14.14M | 12.35M | 12.35M | 15.08M | 12.62M | 13.00M |
| Operating Income | -12.57M | -10.37M | -1.16M | -17.93M | -12.12M | 3.15M |
| Interest Expense | -27.10K | -203.29K | ||||
| Interest & Investment Income | 717.35K | 744.07K | 1.15M | 1.37M | 572.58K | 67.70K |
| Other Non Operating Income (Expenses) | 17.17K | 212.69K | 565.94K | 355.89K | ||
| EBT Excluding Unusual Items | -11.85M | -9.63M | 9.03K | -16.35M | -11.01M | 3.37M |
| Legal Settlements | 250.00K | -4.00M | ||||
| Pretax Income | -11.85M | -9.63M | 9.03K | -16.35M | -10.76M | -634.20K |
| Income Tax Expense | 200.00 | 200.00 | 681.00 | 755.00 | 681.00 | 200.00 |
| Net Income | -11.85M | -9.63M | 8.35K | -16.35M | -10.76M | -634.40K |
| Preferred Dividends & Other Adjustments | 89.00 | |||||
| Net Income to Common | -11.85M | -9.63M | 8.35K | -16.35M | -10.76M | -634.40K |
| Shares Outstanding (Basic) | 6.53M | 5.45M | 5.34M | 5.27M | 5.23M | 5.11M |
| Shares Outstanding (Diluted) | 6.53M | 5.45M | 5.42M | 5.27M | 5.26M | 5.15M |
| EPS (Basic) | -1.82 | -1.77 | 0.00 | -3.10 | -2.06 | -0.12 |
| EPS (Diluted) | -1.82 | -1.77 | -0.00 | -3.14 | -2.15 | -0.19 |
| Free Cash Flow | -11.19M | -9.76M | -1.31M | -11.88M | -12.10M | -4.42M |
| Free Cash Flow Per Share | -1.71 | -1.79 | -0.24 | -2.25 | -2.30 | -0.86 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |
| Operating Margin | -800.82% | -524.69% | -10.32% | -2,423.88% | 19.49% | |
| Profit Margin | -755.13% | -487.05% | 0.07% | -2,151.73% | -3.93% | |
| Free Cash Flow Margin | -713.03% | -493.79% | -11.71% | -2,420.53% | -27.38% | |
| EBITDA | -12.51M | -10.31M | -1.11M | -17.90M | -12.11M | 3.15M |
| EBITDA Margin | -9.95% | 19.49% | ||||
| D&A For EBITDA | 58.57K | 60.78K | 41.11K | 28.66K | 9.45K | 380.00 |
| EBIT | -12.57M | -10.37M | -1.16M | -17.93M | -12.12M | 3.15M |
| EBIT Margin | -10.31% | 19.49% | ||||
| Effective Tax Rate | 7.54% | |||||
| Revenue as Reported | 1.57M | 1.98M | 11.20M | -2.85M | 500.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.98M | 5.21M | 6.21M | 4.77M | 3.15M | 2.95M |
| Short-Term Investments | 18.29M | 9.72M | 15.43M | 17.26M | 29.38M | 41.67M |
| Cash & Short-Term Investments | 23.27M | 14.93M | 21.63M | 22.04M | 32.53M | 44.62M |
| Accounts Receivable | 579.43K | |||||
| Other Receivables | 291.16K | 1.16M | 211.85K | 52.25K | 80.43K | 247.25K |
| Receivables | 291.16K | 1.16M | 211.85K | 52.25K | 659.86K | 247.25K |
| Prepaid Expenses | 179.00K | 787.60K | 476.51K | 773.42K | 945.32K | 1.51M |
| Total Current Assets | 23.74M | 16.88M | 22.32M | 22.86M | 34.14M | 46.38M |
| Property, Plant & Equipment | 74.83K | 104.29K | 165.07K | 116.09K | 131.59K | 7.21K |
| Long-Term Investments | 2.02M | |||||
| Long-Term Accounts Receivable | 3.25M | 4.05M | ||||
| Other Long-Term Assets | 23.75K | 23.75K | 23.75K | 23.75K | 23.75K | 23.75K |
| Total Assets | 23.84M | 17.01M | 22.51M | 23.00M | 37.54M | 52.48M |
| Accounts Payable | 680.52K | 971.82K | 271.70K | 1.40M | 600.39K | 1.29M |
| Accrued Expenses | 809.62K | 786.78K | 921.24K | 1.22M | 1.08M | 1.02M |
| Current Portion of Long-Term Debt | 2.31M | |||||
| Current Portion of Leases | 257.81K | 449.59K | ||||
| Current Unearned Revenue | 320.00K | 320.00K | 320.00K | |||
| Other Current Liabilities | 17.17K | 1.00M | ||||
| Total Current Liabilities | 2.07M | 2.53M | 1.51M | 2.63M | 1.68M | 5.62M |
| Other Long-Term Liabilities | 229.86K | 1.30M | ||||
| Total Liabilities | 2.07M | 2.53M | 1.51M | 2.63M | 1.91M | 6.91M |
| Common Stock | 9.15K | 8.94K | 8.86K | 8.86K | 8.85K | 8.83K |
| Additional Paid-In Capital | 237.50M | 223.90M | 220.79M | 220.17M | 219.11M | 218.29M |
| Retained Earnings | -215.69M | -209.40M | -199.77M | -199.78M | -183.43M | -172.67M |
| Treasury Stock | -40.71K | -40.71K | -40.71K | -40.71K | -40.71K | -40.71K |
| Comprehensive Income & Other | -13.40K | 4.45K | 9.14K | 7.26K | -20.32K | -18.02K |
| Shareholders' Equity | 21.77M | 14.48M | 21.00M | 20.37M | 35.63M | 45.57M |
| Total Liabilities & Equity | 23.84M | 17.01M | 22.51M | 23.00M | 37.54M | 52.48M |
| Total Debt | 257.81K | 449.59K | 2.31M | |||
| Net Cash (Debt) | 23.01M | 14.48M | 21.63M | 22.04M | 32.53M | 44.33M |
| Net Cash Per Share | 3.52 | 2.66 | 3.99 | 4.18 | 6.19 | 8.60 |
| Filing Date Shares Outstanding | 8.24M | 7.30M | 5.35M | 5.32M | 5.21M | 5.19M |
| Total Common Shares Outstanding | 8.24M | 6.16M | 5.35M | 5.32M | 5.21M | 5.19M |
| Working Capital | 21.67M | 14.35M | 20.81M | 20.23M | 32.46M | 40.76M |
| Book Value Per Share | 2.64 | 2.35 | 3.93 | 3.83 | 6.84 | 8.77 |
| Tangible Book Value | 21.77M | 14.48M | 21.00M | 20.37M | 35.63M | 45.57M |
| Tangible Book Value Per Share | 2.64 | 2.35 | 3.93 | 3.83 | 6.84 | 8.77 |
| Machinery | 1.39M | 1.39M | 1.30M | 1.29M | 1.15M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -11.85M | -9.63M | 8.35K | -16.35M | -10.76M | -634.40K |
| Depreciation & Amortization | 58.57K | 60.78K | 41.11K | 28.66K | 9.45K | 380.00 |
| Loss (Gain) From Sale of Investments | -261.17K | -192.94K | -697.87K | -952.65K | -122.05K | 515.58K |
| Stock-Based Compensation | 229.83K | 242.50K | 408.55K | 654.44K | 636.14K | 603.95K |
| Other Operating Activities | -17.17K | 2.75M | -810.10K | -302.14K | ||
| Change in Accounts Receivable | 709.93K | 218.07K | -4.05M | |||
| Change in Accounts Payable | 237.53K | 700.13K | -1.12M | 795.59K | -688.95K | -307.88K |
| Change in Unearned Revenue | 320.00K | |||||
| Change in Other Net Operating Assets | 395.85K | -943.68K | -159.93K | 502.01K | -452.75K | -236.79K |
| Operating Cash Flow | -11.19M | -9.76M | -1.22M | -11.87M | -11.97M | -4.41M |
| Capital Expenditures | -90.09K | -13.17K | -133.83K | -7.59K | ||
| Investment in Securities | -6.15M | 5.89M | 2.54M | 13.10M | 14.43M | -43.77M |
| Investing Cash Flow | -6.15M | 5.89M | 2.45M | 13.08M | 14.29M | -43.78M |
| Long-Term Debt Repaid | -2.32M | -3.33M | ||||
| Net Debt Issued (Repaid) | -2.32M | -3.33M | ||||
| Issuance of Common Stock | 16.27M | 2.87M | 209.34K | 404.57K | 211.42K | 30.26M |
| Other Financing Activities | -21.70K | |||||
| Financing Cash Flow | 16.27M | 2.87M | 209.34K | 404.57K | -2.13M | 26.92M |
| Net Cash Flow | -1.06M | -1.00M | 1.43M | 1.62M | 197.94K | -21.27M |
| Free Cash Flow | -11.19M | -9.76M | -1.31M | -11.88M | -12.10M | -4.42M |
| Free Cash Flow Margin | -713.03% | -493.79% | -11.71% | -2,420.53% | -27.38% | |
| Free Cash Flow Per Share | -1.71 | -1.79 | -0.24 | -2.25 | -2.30 | -0.86 |
| Levered Free Cash Flow | -6.94M | -6.87M | -1.34M | 185.95B | -8.55M | 6.39M |
| Unlevered Free Cash Flow | -6.94M | -6.87M | -1.34M | 185.95B | -8.53M | 6.52M |
| Cash Interest Paid | 21.26K | 149.54K | ||||
| Cash Income Tax Paid | 200.00 | 200.00 | 681.00 | 225.00 | 200.00 | 200.00 |
| Change in Working Capital | 633.38K | -243.56K | -964.21K | 2.01M | -923.63K | -4.59M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 11.87M | 44.58M | 26.10M | 14.83M | 35.21M | 87.50M |
| Enterprise Value | -11.14M | 29.61M | 6.43M | -8.87M | 1.10M | 52.12M |
| Last Close Price | 1.44 | 8.03 | 4.88 | 2.79 | 6.76 | 16.85 |
| PE Ratio | 3,124.75 | |||||
| Forward PE | 7.75 | 7.75 | 7.75 | 7.75 | 7.75 | |
| PS Ratio | 7.56 | 22.55 | 2.33 | -5.20 | 70.42 | 5.42 |
| PB Ratio | 0.55 | 3.08 | 1.24 | 0.73 | 0.99 | 1.92 |
| P/TBV Ratio | 0.55 | 3.08 | 1.24 | 0.73 | 0.99 | 1.92 |
| EV/Sales Ratio | 14.98 | 0.57 | 2.19 | 3.23 | ||
| EV/EBITDA Ratio | 16.57 | |||||
| EV/EBIT Ratio | 16.57 | |||||
| Debt / Equity Ratio | 0.01 | 0.03 | 0.05 | |||
| Debt / EBITDA Ratio | 0.73 | |||||
| Net Debt / Equity Ratio | -1.06 | -1.00 | -1.03 | -1.08 | -0.91 | -0.97 |
| Net Debt / EBITDA Ratio | 1.84 | 1.40 | 19.42 | 1.23 | 2.69 | -14.09 |
| Net Debt / FCF Ratio | 2.06 | 1.48 | 16.50 | 1.85 | 2.69 | 10.03 |
| Asset Turnover | 0.07 | 0.10 | 0.49 | 0.01 | 0.41 | |
| Quick Ratio | 11.39 | 6.36 | 14.44 | 8.39 | 19.78 | 7.99 |
| Current Ratio | 11.48 | 6.68 | 14.75 | 8.69 | 20.34 | 8.26 |
| Return on Equity (ROE) | -60.94% | -54.28% | 0.04% | -58.40% | -26.50% | -2.08% |
| Return on Assets (ROA) | -37.04% | -32.81% | -3.17% | -37.02% | -16.83% | 5.05% |
| Return on Invested Capital (ROIC) | -380.64% | 138.94% | ||||
| Return on Capital Employed (ROCE) | -57.70% | -71.60% | -5.50% | -88.00% | -33.80% | 6.70% |
| Earnings Yield | -126.25% | -21.59% | 0.03% | -110.25% | -30.56% | -0.73% |
| FCF Yield | -94.26% | -21.89% | -5.03% | -80.10% | -34.37% | -5.05% |
| Buyback Yield / Dilution | -22.05% | -0.48% | -2.90% | -0.26% | -1.98% | -57.35% |