Lipocine Inc. (LPCN) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Lipocine Inc. (LPCN) stock price & volume — 10-year historical chart
Lipocine Inc. (LPCN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Lipocine Inc. (LPCN) competitors in Metabolic and Obesity Therapies — business model, growth, and fundamentals comparison
Lipocine Inc. (LPCN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Lipocine Inc. (LPCN) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 0 | 428.03K | 164.99K | 0 | 16.14M | 500K | -2.85M | 11.2M | 1.98M |
| Revenue Growth % | - | - | -61.45% | -100% | - | -96.9% | -670.16% | 492.8% | -82.35% |
| Cost of Goods Sold | 0 | 0 | 7.47M | 0 | 7.67M | 8.56M | 10.18M | 0 | 0 |
| 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 Expenses | 20.98M | 12.09M | 5.6M | 18M | 5.33M | 4.06M | 4.9M | 12.35M | 12.35M |
| OpEx % of Revenue | - | 2823.94% | 3392.37% | - | 33.02% | 812.5% | -172.05% | 110.31% | 624.69% |
| Selling, General & Admin | 10.21M | 5.29M | 5.6M | 8.25M | 5.33M | 4.06M | 4.9M | 5M | 3.76M |
| SG&A % of Revenue | - | 1235.69% | 3392.37% | - | 33.02% | 812.5% | -172.05% | 44.66% | 190.43% |
| Research & Development | 11M | 6.46M | 7.47M | 9.75M | 0 | 0 | 0 | 7.35M | 8.58M |
| R&D % of Revenue | - | 1510.34% | 4526.46% | - | - | - | - | 65.65% | 434.26% |
| Other Operating Expenses | 0 | 0 | -7.47M | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 | -17.99M | 3.15M | -12.11M | -17.9M | -1.11M | 0 |
| 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) | 28.37K | 18.59K | 15.44K | 3.55K | 380 | 9.45K | 28.66K | 41.11K | 0 |
| EBIT | -21.22M | -11.33M | -12.24M | -18M | -430.91K | -10.73M | -17.93M | -1.16M | 0 |
| Net Interest Income | 0 | 0 | -343.25K | -310.97K | -135.59K | 545.48K | 1.37M | 1.15M | 0 |
| Interest Income | 0 | 0 | - | 75.65K | 67.7K | 572.58K | 1.37M | 1.15M | 744.07K |
| Interest Expense | 0 | 0 | 343.25K | 386.62K | 203.29K | 27.1K | 0 | 0 | 0 |
| Other Income/Expense | 235.82K | -333.5K | -106.85K | -2.97M | -3.78M | 1.36M | 1.58M | 1.16M | 0 |
| 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 Tax | 700 | 700 | 200 | 200 | 200 | 681 | 755 | 681 | -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 | -16.35M | 8.35K | -9.63M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 | -3.14 | 0.00 | -1.77 |
| Diluted Shares Outstanding | 1.18M | 1.26M | 1.52M | 3.28M | 5.15M | 5.26M | 5.27M | 5.42M | 5.71M |
| Basic Shares Outstanding | 1.18M | 1.25M | 1.52M | 3.25M | 3.3M | 4.99M | 5.27M | 5.34M | 5.45M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Lipocine Inc. (LPCN) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 25.22M | 20.81M | 19.63M | 25.33M | 46.38M | 34.14M | 22.86M | 22.32M | 16.88M |
| Cash & Short-Term Investments | 21.47M | 15.25M | 14.07M | 19.67M | 44.62M | 32.53M | 22.04M | 21.63M | 14.93M |
| Cash Only | 3.21M | 8.08M | 9.73M | 19.22M | 2.95M | 3.15M | 4.77M | 6.21M | 5.21M |
| Short-Term Investments | 18.26M | 7.17M | 4.34M | 449.99K | 41.67M | 29.38M | 17.26M | 15.43M | 9.72M |
| Accounts Receivable | 3.34M | 38.51K | 16.52K | 391 | 247.25K | 659.86K | 52.25K | 120.45K | 0 |
| Days Sales Outstanding | - | 32.84 | 36.55 | - | 5.59 | 481.69 | -6.69 | 3.93 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 5M | 5M | 5M | 0 | 945.32K | 773.42K | 567.91K | 1.95M |
| Total Non-Current Assets | 105.82K | 42.75K | 27.31K | 23.75K | 6.1M | 3.41M | 139.85K | 188.83K | 128.05K |
| Property, Plant & Equipment | 75.07K | 19K | 3.55K | 0 | 7.21K | 131.59K | 116.09K | 165.07K | 104.29K |
| Fixed Asset Turnover | - | 22.53x | 46.42x | - | 2238.36x | 3.80x | -24.56x | 67.84x | 18.95x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 2.02M | 3.25M | 0 | 0 | 0 |
| Other Non-Current Assets | 30.75K | 23.75K | 23.75K | 23.75K | 4.07M | 23.75K | 23.75K | 23.75K | 23.75K |
| 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 | - | 0.02x | 0.01x | - | 0.31x | 0.01x | -0.12x | 0.50x | 0.12x |
| Asset Growth % | -7.38% | -17.66% | -5.72% | 28.97% | 107.01% | -28.47% | -38.73% | -2.13% | -24.45% |
| Total Current Liabilities | 6.35M | 4.49M | 4.96M | 6.58M | 5.62M | 1.68M | 2.63M | 1.51M | 2.53M |
| Accounts Payable | 598.07K | 671.28K | 1.18M | 1.6M | 1.29M | 600.39K | 1.4M | 271.7K | 971.82K |
| Days Payables Outstanding | - | - | 57.78 | - | 61.39 | 25.61 | 50.08 | - | - |
| Short-Term Debt | 0 | 3.33M | 3.33M | 3.33M | 2.31M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 320K | 320K |
| Other Current Liabilities | 4.25M | 0 | 0 | 0 | 1M | 0 | 17.17K | 0 | 2.21M |
| Current Ratio | 3.97x | 4.63x | 3.95x | 3.85x | 8.26x | 20.34x | 8.69x | 14.75x | 6.68x |
| Quick Ratio | 3.97x | 4.63x | 3.95x | 3.85x | 8.26x | 20.34x | 8.69x | 14.75x | 6.68x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 6.93M | 8.41M | 3.43M | 1.3M | 229.86K | 0 | 0 | 0 |
| Long-Term Debt | 0 | 6.93M | 3.81M | 2.26M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 4.59M | 1.17M | 1.3M | 229.86K | 0 | 0 | 0 |
| Total Liabilities | 6.35M | 11.42M | 13.37M | 10.01M | 6.91M | 1.91M | 2.63M | 1.51M | 2.53M |
| Total Debt | 0 | 10.26M | 7.15M | 5.59M | 2.31M | 0 | 0 | 0 | 0 |
| Net Debt | -3.21M | 2.18M | -2.58M | -13.63M | -639.73K | -3.15M | -4.77M | -6.21M | -5.21M |
| Debt / Equity | - | 1.09x | 1.14x | 0.36x | 0.05x | - | - | - | - |
| Debt / EBITDA | - | - | - | - | 0.73x | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | -0.20x | - | - | - | - |
| Interest Coverage | - | - | -37.58x | -46.55x | 15.47x | -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 Share | 16.09 | 7.51 | 4.13 | 4.68 | 8.84 | 6.78 | 3.87 | 3.87 | 2.54 |
| Total Shareholders' Equity | 18.98M | 9.43M | 6.29M | 15.34M | 45.57M | 35.63M | 20.37M | 21M | 14.48M |
| Common Stock | 2.13K | 2.17K | 3.77K | 7K | 8.83K | 8.85K | 8.86K | 8.86K | 8.94K |
| 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 | -40.71K | 0 |
| Accumulated OCI | -4.62K | -963 | -38 | 0 | -18.02K | -20.32K | 7.26K | 9.14K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Lipocine Inc. (LPCN) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -16.7M | -12.08M | -11.67M | -15.3M | -4.41M | -11.97M | -11.87M | -1.22M | 0 |
| 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 | -16.35M | 8.35K | -9.63M |
| Depreciation & Amortization | 28.37K | 18.59K | 15.44K | 3.55K | 380 | 9.45K | 28.66K | 41.11K | 60.78K |
| Stock-Based Compensation | 2.72M | 1.46M | 1.04M | 1.37M | 603.95K | 636.14K | 654.44K | 408.55K | 242.5K |
| Deferred Taxes | 0 | -160.87K | 0 | 0 | 159.69K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -99.89K | 259.87K | -179.5K | 2.76M | 53.75K | -932.15K | 1.8M | -715.03K | 9.32M |
| Working Capital Changes | 1.64M | -1.99M | 469.35K | 1.52M | -4.59M | -923.63K | 2.01M | -964.21K | 0 |
| Change in Receivables | -3.3M | 3.3M | 21.99K | 16.13K | -246.86K | 384.9K | 738.11K | -68.19K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 246.86K | -384.9K | 0 | 0 | 0 |
| Change in Payables | 352.15K | 73.21K | 510.96K | 414.98K | -307.88K | -688.95K | 795.59K | -1.12M | 700.13K |
| Cash from Investing | 3.13M | 11.29M | 3M | 3.89M | -43.78M | 14.29M | 13.08M | 2.45M | 5.89M |
| Capital Expenditures | 0 | 0 | 0 | 0 | -7.59K | -133.83K | -13.17K | -90.09K | 0 |
| CapEx % of Revenue | - | - | - | - | 0.05% | 26.77% | -0.46% | 0.8% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 43.78B | -14.29M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 3.13M | 7K | 0 | 0 | -43.78B | 14.29M | 0 | 0 | 0 |
| Cash from Financing | 11.23M | 10.65M | 10.32M | 20.9M | 26.92M | -2.13M | 404.57K | 209.34K | 2.87M |
| Debt Issued (Net) | 0 | 10M | -3.33M | -1.43M | -3.33M | -2.32M | 0 | 0 | 0 |
| Equity Issued (Net) | 1000K | 652.33K | 1000K | 1000K | 1000K | 211.42K | 404.57K | 209.34K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -21.7K | 0 | 0 | 0 |
| Other Financing | 581.14K | 0 | 56.35K | 7.67M | 11.69K | -21.7K | 0 | 0 | 2.87M |
| 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) | 0.80x | 1.04x | 0.90x | 0.73x | 6.95x | 1.11x | 0.73x | -146.22x | - |
| Interest Paid | 0 | 533.54K | 545.54K | 276.02K | 149.54K | 21.26K | 0 | 0 | 0 |
| Taxes Paid | 700 | 700 | 200 | 200 | 200 | 200 | 225 | 681 | 0 |
Lipocine Inc. (LPCN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | - | - | 1.09x | 1.14x | 0.36x | 0.05x | - | - | - | - |
| Interest Coverage | - | - | - | -37.58x | -46.55x | 15.47x | -447.24x | - | - | - |
| FCF Conversion | 0.96x | 0.80x | 1.04x | 0.90x | 0.73x | 6.95x | 1.11x | 0.73x | -146.22x | - |
| Revenue Growth | - | - | - | -61.45% | -100% | - | -96.9% | -670.16% | 492.8% | -82.35% |
Lipocine Inc. (LPCN) stock FAQ — growth, dividends, profitability & financials explained
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.
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.
Lipocine Inc. (LPCN) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates