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LPCN logoLipocine Inc.(LPCN)Earnings, Financials & Key Ratios

LPCN•NASDAQ
$2.43
$13M mkt cap·Price updated May 6, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryMetabolic and Obesity Therapies
AboutLipocine Inc., a clinical-stage biopharmaceutical company, focuses on the development of pharmaceutical products for the treatment of neuroendocrine and metabolic disorders. The company's primary development programs are based on oral delivery solutions for poorly bioavailable drugs. Its lead product candidate is TLANDO, an oral testosterone replacement therapy. The company's pipeline candidates also include LPCN 1144, an oral prodrug of bioidentical testosterone that has completed Phase II clinical trial for the treatment of non-cirrhotic non-alcoholic steatohepatitis; LPCN 1111, an oral prodrug of testosterone tridecanoate for once daily dosing, which has completed Phase II clinical trial in hypogonadal men; LPCN 1148, a novel prodrug of testosterone and testosterone laurate for the management of decompensated cirrhosis; LPCN 1154, an investigational new drug application to conduct a Phase 2 study in Postpartum depression; LPCN 2101 for women with epilepsy, which has completed pre-clinical study; and LPCN 1107, an oral hydroxyprogesterone caproate product that has completed dose finding Phase II clinical trial for the prevention of recurrent preterm birth. The company is headquartered in Salt Lake City, Utah.Show more
  • Revenue$2M-82.3%
  • EBITDA$0+100.0%
  • Net Income-$10M-115371.9%
  • EPS (Diluted)-1.69-105525.0%
  • Net Margin-487.05%-652988.7%
  • ROE-54.28%-134450.7%
Technical→

LPCN Key Insights

Lipocine Inc. (LPCN) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Trading at only 1.0x book value

✗Weaknesses

  • ✗Weak Piotroski F-Score: 1/9
  • ✗Weak momentum: RS Rating 5 (bottom 5%)
  • ✗Trading more than 30% below 52-week high
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

LPCN Price & Volume

Lipocine Inc. (LPCN) stock price & volume — 10-year historical chart

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LPCN Growth Metrics

Lipocine Inc. (LPCN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years58.12%
TTM-82.35%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-115371.85%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-

Return on Capital

10 Years-54.71%
5 Years-22.27%
3 Years-34.68%
Last Year-

LPCN Peer Comparison

Lipocine Inc. (LPCN) competitors in Metabolic and Obesity Therapies — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ANIP logoANIPANI Pharmaceuticals, Inc.Direct Competitor1.78B84.0625.3243.78%8.87%14.49%0.60
TLSA logoTLSATiziana Life Sciences LtdDirect Competitor187.05M1.47-6.68-8.69%0.03
NUVB logoNUVBNuvation Bio Inc.Direct Competitor1.75B5.04-8.406.99%-102.06%-44.1%0.03
CLDX logoCLDXCelldex Therapeutics, Inc.Direct Competitor2.29B34.39-8.82-78.63%-172.53%-49.09%0.00
ABBV logoABBVAbbVie Inc.Product Competitor362.56B204.9886.498.57%6.91%62.15%
AVDL logoAVDLAvadel Pharmaceuticals plcProduct Competitor2.1B21.64-42.435.05%-0.11%-0.33%0.02
MNKD logoMNKDMannKind CorporationProduct Competitor1.1B3.5617822.23%-6.63%
CLRB logoCLRBCellectar Biosciences, Inc.Product Competitor14.97M3.53-0.42-248.91%0.04

Compare LPCN vs Peers

Lipocine Inc. (LPCN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ANIP

Most directly comparable listed peer for LPCN.

Scale Benchmark

vs ABBV

Larger-name benchmark to compare LPCN against a more recognizable public peer.

Peer Set

Compare Top 5

vs ANIP, TLSA, NUVB, CLDX

LPCN Income Statement

Lipocine Inc. (LPCN) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue0428.03K164.99K016.14M500K-2.85M11.2M1.98M
Revenue Growth %---61.45%-100%--96.9%-670.16%492.8%-82.35%
Cost of Goods Sold007.47M07.67M8.56M10.18M00
COGS % of Revenue--4526.46%-47.49%1711.38%-356.92%--
Gross Profit
0▲ 0%
428.03K▲ 0%
-7.3M▼ 1806.2%
0▲ 100.0%
8.48M▲ 0%
-8.06M▼ 195.1%
-13.03M▼ 61.7%
11.2M▲ 186.0%
0▼ 100.0%
Gross Margin %-100%-4426.46%-52.51%-1611.38%456.92%100%-
Gross Profit Growth %---1806.24%100%--195.06%-61.68%185.97%-100%
Operating Expenses20.98M12.09M5.6M18M5.33M4.06M4.9M12.35M12.35M
OpEx % of Revenue-2823.94%3392.37%-33.02%812.5%-172.05%110.31%624.69%
Selling, General & Admin10.21M5.29M5.6M8.25M5.33M4.06M4.9M5M3.76M
SG&A % of Revenue-1235.69%3392.37%-33.02%812.5%-172.05%44.66%190.43%
Research & Development11M6.46M7.47M9.75M0007.35M8.58M
R&D % of Revenue-1510.34%4526.46%----65.65%434.26%
Other Operating Expenses00-7.47M000000
Operating Income
-21.22M▲ 0%
-11.33M▲ 46.6%
-12.9M▼ 13.9%
-18M▼ 39.5%
3.15M▲ 117.5%
-12.12M▼ 485.3%
-17.93M▼ 48.0%
-1.16M▲ 93.6%
0▲ 100.0%
Operating Margin %--2646.03%-7818.83%-19.49%-2423.88%628.98%-10.31%-
Operating Income Growth %-14.95%46.62%-13.9%-39.5%117.48%-485.29%-47.95%93.56%100%
EBITDA-21.19M-11.31M-12.88M-17.99M3.15M-12.11M-17.9M-1.11M0
EBITDA Margin %--2641.68%-7809.47%-19.49%-2421.98%627.97%-9.95%-
EBITDA Growth %-15%46.64%-13.95%-39.64%117.48%-484.95%-47.83%93.78%100%
D&A (Non-Cash Add-back)28.37K18.59K15.44K3.55K3809.45K28.66K41.11K0
EBIT-21.22M-11.33M-12.24M-18M-430.91K-10.73M-17.93M-1.16M0
Net Interest Income00-343.25K-310.97K-135.59K545.48K1.37M1.15M0
Interest Income00-75.65K67.7K572.58K1.37M1.15M744.07K
Interest Expense00343.25K386.62K203.29K27.1K000
Other Income/Expense235.82K-333.5K-106.85K-2.97M-3.78M1.36M1.58M1.16M0
Pretax Income
-20.98M▲ 0%
-11.66M▲ 44.4%
-13.01M▼ 11.6%
-20.96M▼ 61.2%
-634.2K▲ 97.0%
-10.76M▼ 1596.3%
-16.35M▼ 52.0%
9.03K▲ 100.1%
-9.63M▼ 106679.3%
Pretax Margin %--2723.94%-7883.6%--3.93%-2151.59%573.57%0.08%-487.04%
Income Tax700700200200200681755681-200
Effective Tax Rate %-0%-0.01%-0%-0%-0.03%-0.01%-0%7.54%0%
Net Income
-20.98M▲ 0%
-11.66M▲ 44.4%
-13.01M▼ 11.6%
-20.96M▼ 61.2%
-634.4K▲ 97.0%
-10.76M▼ 1595.9%
-16.35M▼ 52.0%
8.35K▲ 100.1%
-9.63M▼ 115371.9%
Net Margin %--2724.11%-7883.72%--3.93%-2151.73%573.59%0.07%-487.05%
Net Income Growth %-10.6%44.43%-11.56%-61.18%96.97%-1595.88%-51.99%100.05%-115371.85%
Net Income (Continuing)-20.98M-11.66M-13.01M-20.96M-634.4K-10.76M-16.35M8.35K-9.63M
Discontinued Operations000000000
Minority Interest000000000
EPS (Diluted)
-17.85▲ 0%
-9.28▲ 48.0%
-8.54▲ 8.0%
-6.40▲ 25.1%
-0.12▲ 98.1%
-2.05▼ 1608.3%
-3.14▼ 53.2%
-0.00▲ 99.9%
-1.69▼ 105525.0%
EPS Growth %-0.96%48.01%7.97%25.06%98.13%-1608.33%-53.17%99.95%-
EPS (Basic)-17.79-9.35-8.54-6.46-0.19-2.15-3.140.00-1.77
Diluted Shares Outstanding1.18M1.26M1.52M3.28M5.15M5.26M5.27M5.42M5.71M
Basic Shares Outstanding1.18M1.25M1.52M3.25M3.3M4.99M5.27M5.34M5.45M
Dividend Payout Ratio---------

LPCN Balance Sheet

Lipocine Inc. (LPCN) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets25.22M20.81M19.63M25.33M46.38M34.14M22.86M22.32M16.88M
Cash & Short-Term Investments21.47M15.25M14.07M19.67M44.62M32.53M22.04M21.63M14.93M
Cash Only3.21M8.08M9.73M19.22M2.95M3.15M4.77M6.21M5.21M
Short-Term Investments18.26M7.17M4.34M449.99K41.67M29.38M17.26M15.43M9.72M
Accounts Receivable3.34M38.51K16.52K391247.25K659.86K52.25K120.45K0
Days Sales Outstanding-32.8436.55-5.59481.69-6.693.93-
Inventory000000000
Days Inventory Outstanding---------
Other Current Assets05M5M5M0945.32K773.42K567.91K1.95M
Total Non-Current Assets105.82K42.75K27.31K23.75K6.1M3.41M139.85K188.83K128.05K
Property, Plant & Equipment75.07K19K3.55K07.21K131.59K116.09K165.07K104.29K
Fixed Asset Turnover-22.53x46.42x-2238.36x3.80x-24.56x67.84x18.95x
Goodwill000000000
Intangible Assets000000000
Long-Term Investments00002.02M3.25M000
Other Non-Current Assets30.75K23.75K23.75K23.75K4.07M23.75K23.75K23.75K23.75K
Total Assets
25.33M▲ 0%
20.85M▼ 17.7%
19.66M▼ 5.7%
25.35M▲ 29.0%
52.48M▲ 107.0%
37.54M▼ 28.5%
23M▼ 38.7%
22.51M▼ 2.1%
17.01M▼ 24.5%
Asset Turnover-0.02x0.01x-0.31x0.01x-0.12x0.50x0.12x
Asset Growth %-7.38%-17.66%-5.72%28.97%107.01%-28.47%-38.73%-2.13%-24.45%
Total Current Liabilities6.35M4.49M4.96M6.58M5.62M1.68M2.63M1.51M2.53M
Accounts Payable598.07K671.28K1.18M1.6M1.29M600.39K1.4M271.7K971.82K
Days Payables Outstanding--57.78-61.3925.6150.08--
Short-Term Debt03.33M3.33M3.33M2.31M0000
Deferred Revenue (Current)0000000320K320K
Other Current Liabilities4.25M0001M017.17K02.21M
Current Ratio3.97x4.63x3.95x3.85x8.26x20.34x8.69x14.75x6.68x
Quick Ratio3.97x4.63x3.95x3.85x8.26x20.34x8.69x14.75x6.68x
Cash Conversion Cycle---------
Total Non-Current Liabilities06.93M8.41M3.43M1.3M229.86K000
Long-Term Debt06.93M3.81M2.26M00000
Capital Lease Obligations000000000
Deferred Tax Liabilities000000000
Other Non-Current Liabilities004.59M1.17M1.3M229.86K000
Total Liabilities6.35M11.42M13.37M10.01M6.91M1.91M2.63M1.51M2.53M
Total Debt010.26M7.15M5.59M2.31M0000
Net Debt-3.21M2.18M-2.58M-13.63M-639.73K-3.15M-4.77M-6.21M-5.21M
Debt / Equity-1.09x1.14x0.36x0.05x----
Debt / EBITDA----0.73x----
Net Debt / EBITDA-----0.20x----
Interest Coverage---37.58x-46.55x15.47x-447.24x---
Total Equity
18.98M▲ 0%
9.43M▼ 50.3%
6.29M▼ 33.3%
15.34M▲ 144.0%
45.57M▲ 197.0%
35.63M▼ 21.8%
20.37M▼ 42.8%
21M▲ 3.1%
14.48M▼ 31.1%
Equity Growth %-27.05%-50.3%-33.35%144%197.03%-21.8%-42.84%3.08%-31.05%
Book Value per Share16.097.514.134.688.846.783.873.872.54
Total Shareholders' Equity18.98M9.43M6.29M15.34M45.57M35.63M20.37M21M14.48M
Common Stock2.13K2.17K3.77K7K8.83K8.85K8.86K8.86K8.94K
Retained Earnings-126.4M-138.06M-151.07M-172.03M-172.67M-183.43M-199.78M-199.77M-209.4M
Treasury Stock-40.71K-40.71K-40.71K-40.71K-40.71K-40.71K-40.71K-40.71K0
Accumulated OCI-4.62K-963-380-18.02K-20.32K7.26K9.14K0
Minority Interest000000000

LPCN Cash Flow Statement

Lipocine Inc. (LPCN) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-16.7M-12.08M-11.67M-15.3M-4.41M-11.97M-11.87M-1.22M0
Operating CF Margin %--2821.95%-7070.86%--27.33%-2393.76%416.23%-10.91%-
Operating CF Growth %8.64%27.68%3.42%-31.17%71.17%-171.32%0.86%89.71%100%
Net Income-20.98M-11.66M-13.01M-20.96M-634.4K-10.76M-16.35M8.35K-9.63M
Depreciation & Amortization28.37K18.59K15.44K3.55K3809.45K28.66K41.11K60.78K
Stock-Based Compensation2.72M1.46M1.04M1.37M603.95K636.14K654.44K408.55K242.5K
Deferred Taxes0-160.87K00159.69K0000
Other Non-Cash Items-99.89K259.87K-179.5K2.76M53.75K-932.15K1.8M-715.03K9.32M
Working Capital Changes1.64M-1.99M469.35K1.52M-4.59M-923.63K2.01M-964.21K0
Change in Receivables-3.3M3.3M21.99K16.13K-246.86K384.9K738.11K-68.19K0
Change in Inventory0000246.86K-384.9K000
Change in Payables352.15K73.21K510.96K414.98K-307.88K-688.95K795.59K-1.12M700.13K
Cash from Investing3.13M11.29M3M3.89M-43.78M14.29M13.08M2.45M5.89M
Capital Expenditures0000-7.59K-133.83K-13.17K-90.09K0
CapEx % of Revenue----0.05%26.77%-0.46%0.8%-
Acquisitions000043.78B-14.29M000
Investments---------
Other Investing3.13M7K00-43.78B14.29M000
Cash from Financing11.23M10.65M10.32M20.9M26.92M-2.13M404.57K209.34K2.87M
Debt Issued (Net)010M-3.33M-1.43M-3.33M-2.32M000
Equity Issued (Net)1000K652.33K1000K1000K1000K211.42K404.57K209.34K0
Dividends Paid000000000
Share Repurchases00000-21.7K000
Other Financing581.14K056.35K7.67M11.69K-21.7K002.87M
Net Change in Cash
-2.35M▲ 0%
9.87M▲ 519.9%
1.65M▼ 83.3%
9.49M▲ 474.7%
-21.27M▼ 324.1%
197.94K▲ 100.9%
1.62M▲ 720.1%
1.43M▼ 11.6%
-1M▼ 169.7%
Free Cash Flow
-16.7M▲ 0%
-12.08M▲ 27.7%
-11.67M▲ 3.4%
-15.3M▼ 31.2%
-4.42M▲ 71.1%
-12.1M▼ 173.9%
-11.88M▲ 1.8%
-1.31M▲ 89.0%
0▲ 100.0%
FCF Margin %--2821.95%-7070.86%--27.38%-2420.53%416.69%-11.71%-
FCF Growth %8.94%27.68%3.42%-31.17%71.12%-173.88%1.85%88.96%100%
FCF per Share-14.16-9.62-7.66-4.67-0.86-2.30-2.25-0.24-
FCF Conversion (FCF/Net Income)0.80x1.04x0.90x0.73x6.95x1.11x0.73x-146.22x-
Interest Paid0533.54K545.54K276.02K149.54K21.26K000
Taxes Paid7007002002002002002256810

LPCN Key Ratios

Lipocine Inc. (LPCN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-55.8%-93.26%-82.07%-165.47%-193.85%-2.08%-26.5%-58.4%0.04%-54.28%
Return on Invested Capital (ROIC)-65.25%-87.86%-62.04%-126.28%-497.87%10.12%-23.48%-55.94%-5.7%-
Gross Margin--100%-4426.46%-52.51%-1611.38%456.92%100%-
Net Margin---2724.11%-7883.72%--3.93%-2151.73%573.59%0.07%-487.05%
Debt / Equity--1.09x1.14x0.36x0.05x----
Interest Coverage----37.58x-46.55x15.47x-447.24x---
FCF Conversion0.96x0.80x1.04x0.90x0.73x6.95x1.11x0.73x-146.22x-
Revenue Growth----61.45%-100%--96.9%-670.16%492.8%-82.35%

LPCN Frequently Asked Questions

Lipocine Inc. (LPCN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Lipocine Inc. (LPCN) reported $2.0M in revenue for fiscal year 2025.

Lipocine Inc. (LPCN) saw revenue decline by 82.3% over the past year.

Lipocine Inc. (LPCN) reported a net loss of $9.6M for fiscal year 2025.

Dividend & Returns

Lipocine Inc. (LPCN) has a return on equity (ROE) of -54.3%. Negative ROE indicates the company is unprofitable.

Lipocine Inc. (LPCN) had negative free cash flow of $6.8M in fiscal year 2025, likely due to heavy capital investments.

Explore More LPCN

Lipocine Inc. (LPCN) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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Dividend History

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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