Lipocine Inc. (LPCN) 10-Year Financial Performance & Capital Metrics

LPCN • • Industrial / General

HealthcareBiotechnologyMetabolic & Liver DiseasesObesity & Metabolic Disorders

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 $11M +492.8%
EBITDA -$1M +93.8%
Net Income $8K +100.1%
EPS (Diluted) -0.00 +99.9%
Gross Margin 100% -78.1%
EBITDA Margin -9.95% -101.6%
Operating Margin -10.31% -101.6%
Net Margin 0.07% -100.0%
ROE 0.04% +100.1%
ROIC -5.7% +89.8%
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 97 (top 3%)
✓Strong 5Y sales CAGR of 132.5%

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y132.45%

3Y-11.47%

TTM-45.44%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-34.99%

EPS CAGR

10Y-

5Y-

3Y-

TTM-37.33%

ROCE

10Y Avg-54.62%

5Y Avg-39.33%

3Y Avg-32.89%

Latest-5.58%

Peer Comparison

Obesity & Metabolic Disorders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MNKDMannKind Corporation	1.71B	5.58	57.41	43.5%	9.32%		1.92%
CORTCorcept Therapeutics Incorporated	3.72B	35.39	28.77	39.94%	14.19%	16.65%	5.26%	0.01
GUTSFractyl Health, Inc. Common Stock	302.14M	1.97	-1.22	-22.5%	-40732.33%	-241.68%		2.20
LXRXLexicon Pharmaceuticals, Inc.	465.15M	1.28	-2.03	24.81%	-96.77%	-57.07%		0.74
RZLTRezolute, Inc.	260.56M	2.81	-2.87			-52.45%		0.01
MISTMilestone Pharmaceuticals Inc.	172.89M	2.03	-3.03	-100%		-282.97%		4.17
ALTAltimmune, Inc.	442.41M	4.24	-3.16	-95.31%	-4195.75%	-45.21%		0.01
BIOABioAge Labs, Inc.	771.24M	21.51	-3.24		-12.81%	-27.32%		0.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	0	0	0	428.03K	164.99K	0	16.14M	500K	-2.85M	11.2M
Revenue Growth %	-	-	-	-	-0.61%	-1%	-	-0.97%	-6.7%	4.93%
Cost of Goods Sold+	0	0	0	0	7.47M	0	7.67M	8.56M	10.18M	0
COGS % of Revenue	-	-	-	-	45.26%	-	0.47%	17.11%	-3.57%	-
Gross Profit+	0	0	0	428.03K	-7.3M	0	8.48M	-8.06M	-13.03M	11.2M
Gross Margin %	-	-	-	1%	-44.26%	-	0.53%	-16.11%	4.57%	1%
Gross Profit Growth %	-	-	-	-	-18.06%	1%	-	-1.95%	-0.62%	1.86%
Operating Expenses+	18.38M	18.97M	20.98M	12.09M	5.6M	18M	5.33M	4.06M	4.9M	12.35M
OpEx % of Revenue	-	-	-	28.24%	33.92%	-	0.33%	8.12%	-1.72%	1.1%
Selling, General & Admin	5.8M	10.38M	10.21M	5.29M	5.6M	8.25M	5.33M	4.06M	4.9M	5M
SG&A % of Revenue	-	-	-	12.36%	33.92%	-	0.33%	8.12%	-1.72%	0.45%
Research & Development	12.58M	8.08M	11M	6.46M	7.47M	9.75M	0	0	0	7.35M
R&D % of Revenue	-	-	-	15.1%	45.26%	-	-	-	-	0.66%
Other Operating Expenses	0	0	0	0	-7.47M	0	0	0	0	0
Operating Income+	-18.38M	-18.46M	-21.22M	-11.33M	-12.9M	-18M	3.15M	-12.12M	-17.93M	-1.16M
Operating Margin %	-	-	-	-26.46%	-78.19%	-	0.19%	-24.24%	6.29%	-0.1%
Operating Income Growth %	0.1%	-0%	-0.15%	0.47%	-0.14%	-0.4%	1.17%	-4.85%	-0.48%	0.94%
EBITDA+	-18.36M	-18.43M	-21.19M	-11.31M	-12.88M	-17.99M	3.15M	-12.11M	-17.9M	-1.11M
EBITDA Margin %	-	-	-	-26.42%	-78.09%	-	0.19%	-24.22%	6.28%	-0.1%
EBITDA Growth %	0.1%	-0%	-0.15%	0.47%	-0.14%	-0.4%	1.17%	-4.85%	-0.48%	0.94%
D&A (Non-Cash Add-back)	26.72K	31.96K	28.37K	18.59K	15.44K	3.55K	380	9.45K	28.66K	41.11K
EBIT	-18.38M	-18.97M	-21.22M	-11.33M	-12.24M	-18M	-430.91K	-10.73M	-17.93M	-1.16M
Net Interest Income+	0	0	0	0	-343.25K	-310.97K	-135.59K	545.48K	1.37M	1.15M
Interest Income	173.89K	0	0	0	-	75.65K	67.7K	572.58K	1.37M	1.15M
Interest Expense	0	0	0	0	343.25K	386.62K	203.29K	27.1K	0	0
Other Income/Expense	173.89K	216.08K	235.82K	-333.5K	-106.85K	-2.97M	-3.78M	1.36M	1.58M	1.16M
Pretax Income+	-18.21M	-18.97M	-20.98M	-11.66M	-13.01M	-20.96M	-634.2K	-10.76M	-16.35M	9.03K
Pretax Margin %	-	-	-	-27.24%	-78.84%	-	-0.04%	-21.52%	5.74%	0%
Income Tax+	200	752	700	700	200	200	200	681	755	681
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	0.92%
Net Income+	-18.21M	-18.97M	-20.98M	-11.66M	-13.01M	-20.96M	-634.4K	-10.76M	-16.35M	8.35K
Net Margin %	-	-	-	-27.24%	-78.84%	-	-0.04%	-21.52%	5.74%	0%
Net Income Growth %	0.11%	-0.04%	-0.11%	0.44%	-0.12%	-0.61%	0.97%	-15.96%	-0.52%	1%
Net Income (Continuing)	-18.21M	-18.97M	-20.98M	-11.66M	-13.01M	-20.96M	-634.4K	-10.76M	-16.35M	8.35K
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-18.87	-17.68	-17.85	-9.28	-8.54	-6.40	-0.12	-2.05	-3.14	-0.00
EPS Growth %	0.31%	0.06%	-0.01%	0.48%	0.08%	0.25%	0.98%	-16.08%	-0.53%	1%
EPS (Basic)	-18.79	-17.66	-17.79	-9.35	-8.54	-6.46	-0.19	-2.15	-3.14	0.00
Diluted Shares Outstanding	968.87K	1.07M	1.18M	1.26M	1.52M	3.28M	5.15M	5.26M	5.27M	5.42M
Basic Shares Outstanding	964.94K	1.07M	1.18M	1.25M	1.52M	3.25M	3.3M	4.99M	5.27M	5.34M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	44.88M	27.21M	25.22M	20.81M	19.63M	25.33M	46.38M	34.14M	22.86M	22.32M
Cash & Short-Term Investments	44.38M	26.84M	21.47M	15.25M	14.07M	19.67M	44.62M	32.53M	22.04M	21.63M
Cash Only	20.01M	5.56M	3.21M	8.08M	9.73M	19.22M	2.95M	3.15M	4.77M	6.21M
Short-Term Investments	24.38M	21.28M	18.26M	7.17M	4.34M	449.99K	41.67M	29.38M	17.26M	15.43M
Accounts Receivable	144.54K	38.94K	3.34M	38.51K	16.52K	391	247.25K	659.86K	52.25K	120.45K
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	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	5M	5M	5M	0	945.32K	773.42K	567.91K
Total Non-Current Assets+	499.75K	134.19K	105.82K	42.75K	27.31K	23.75K	6.1M	3.41M	139.85K	188.83K
Property, Plant & Equipment	75.75K	103.44K	75.07K	19K	3.55K	0	7.21K	131.59K	116.09K	165.07K
Fixed Asset Turnover	-	-	-	22.53x	46.42x	-	2238.36x	3.80x	-24.56x	67.84x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	400.25K	0	0	0	0	0	2.02M	3.25M	0	0
Other Non-Current Assets	23.75K	30.75K	30.75K	23.75K	23.75K	23.75K	4.07M	23.75K	23.75K	23.75K
Total Assets+	45.38M	27.34M	25.33M	20.85M	19.66M	25.35M	52.48M	37.54M	23M	22.51M
Asset Turnover	-	-	-	0.02x	0.01x	-	0.31x	0.01x	-0.12x	0.50x
Asset Growth %	0.62%	-0.4%	-0.07%	-0.18%	-0.06%	0.29%	1.07%	-0.28%	-0.39%	-0.02%
Total Current Liabilities+	3.39M	1.33M	6.35M	4.49M	4.96M	6.58M	5.62M	1.68M	2.63M	1.51M
Accounts Payable	507.07K	245.91K	598.07K	671.28K	1.18M	1.6M	1.29M	600.39K	1.4M	271.7K
Days Payables Outstanding	-	-	-	-	57.78	-	61.39	25.61	50.08	-
Short-Term Debt	0	0	0	3.33M	3.33M	3.33M	2.31M	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	320K
Other Current Liabilities	0	0	4.25M	0	0	0	1M	0	17.17K	0
Current Ratio	13.23x	20.52x	3.97x	4.63x	3.95x	3.85x	8.26x	20.34x	8.69x	14.75x
Quick Ratio	13.23x	20.52x	3.97x	4.63x	3.95x	3.85x	8.26x	20.34x	8.69x	14.75x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	-3.64K	0	0	6.93M	8.41M	3.43M	1.3M	229.86K	0	0
Long-Term Debt	0	0	0	6.93M	3.81M	2.26M	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	-3.64K	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	3.64K	0	0	0	4.59M	1.17M	1.3M	229.86K	0	0
Total Liabilities	3.39M	1.33M	6.35M	11.42M	13.37M	10.01M	6.91M	1.91M	2.63M	1.51M
Total Debt+	0	0	0	10.26M	7.15M	5.59M	2.31M	0	0	0
Net Debt	-20.01M	-5.56M	-3.21M	2.18M	-2.58M	-13.63M	-639.73K	-3.15M	-4.77M	-6.21M
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+	41.99M	26.02M	18.98M	9.43M	6.29M	15.34M	45.57M	35.63M	20.37M	21M
Equity Growth %	0.59%	-0.38%	-0.27%	-0.5%	-0.33%	1.44%	1.97%	-0.22%	-0.43%	0.03%
Book Value per Share	43.33	24.22	16.09	7.51	4.13	4.68	8.84	6.78	3.87	3.87
Total Shareholders' Equity	41.99M	26.02M	18.98M	9.43M	6.29M	15.34M	45.57M	35.63M	20.37M	21M
Common Stock	1.82K	1.85K	2.13K	2.17K	3.77K	7K	8.83K	8.85K	8.86K	8.86K
Retained Earnings	-86.45M	-105.42M	-126.4M	-138.06M	-151.07M	-172.03M	-172.67M	-183.43M	-199.78M	-199.77M
Treasury Stock	-40.71K	-40.71K	-40.71K	-40.71K	-40.71K	-40.71K	-40.71K	-40.71K	-40.71K	-40.71K
Accumulated OCI	-32.9K	-8.49K	-4.62K	-963	-38	0	-18.02K	-20.32K	7.26K	9.14K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-15.36M	-18.28M	-16.7M	-12.08M	-11.67M	-15.3M	-4.41M	-11.97M	-11.87M	-1.22M
Operating CF Margin %	-	-	-	-28.22%	-70.71%	-	-0.27%	-23.94%	4.16%	-0.11%
Operating CF Growth %	0.11%	-0.19%	0.09%	0.28%	0.03%	-0.31%	0.71%	-1.71%	0.01%	0.9%
Net Income	-18.21M	-18.97M	-20.98M	-11.66M	-13.01M	-20.96M	-634.4K	-10.76M	-16.35M	8.35K
Depreciation & Amortization	26.72K	31.96K	28.37K	18.59K	15.44K	3.55K	380	9.45K	28.66K	41.11K
Stock-Based Compensation	1.15M	2.37M	2.72M	1.46M	1.04M	1.37M	603.95K	636.14K	654.44K	408.55K
Deferred Taxes	0	0	0	-160.87K	0	0	159.69K	0	0	0
Other Non-Cash Items	181.39K	224.48K	-99.89K	259.87K	-179.5K	2.76M	53.75K	-932.15K	1.8M	-715.03K
Working Capital Changes	1.49M	-1.94M	1.64M	-1.99M	469.35K	1.52M	-4.59M	-923.63K	2.01M	-964.21K
Change in Receivables	-144.54K	105.59K	-3.3M	3.3M	21.99K	16.13K	-246.86K	384.9K	738.11K	-68.19K
Change in Inventory	0	0	0	0	0	0	246.86K	-384.9K	0	0
Change in Payables	200.79K	-261.15K	352.15K	73.21K	510.96K	414.98K	-307.88K	-688.95K	795.59K	-1.12M
Cash from Investing+	-25.02M	3.23M	3.13M	11.29M	3M	3.89M	-43.78M	14.29M	13.08M	2.45M
Capital Expenditures	-28.69K	-59.65K	0	0	0	0	-7.59K	-133.83K	-13.17K	-90.09K
CapEx % of Revenue	-	-	-	-	-	-	0%	0.27%	-0%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-25.02M	-7K	3.13M	7K	0	0	-43.78B	14.29M	0	0
Cash from Financing+	32.72M	605.87K	11.23M	10.65M	10.32M	20.9M	26.92M	-2.13M	404.57K	209.34K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	276.99K	605.87K	581.14K	0	56.35K	7.67M	11.69K	-21.7K	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-15.38M	-18.34M	-16.7M	-12.08M	-11.67M	-15.3M	-4.42M	-12.1M	-11.88M	-1.31M
FCF Margin %	-	-	-	-28.22%	-70.71%	-	-0.27%	-24.21%	4.17%	-0.12%
FCF Growth %	0.11%	-0.19%	0.09%	0.28%	0.03%	-0.31%	0.71%	-1.74%	0.02%	0.89%
FCF per Share	-15.88	-17.08	-14.16	-9.62	-7.66	-4.67	-0.86	-2.30	-2.25	-0.24
FCF Conversion (FCF/Net Income)	0.84x	0.96x	0.80x	1.04x	0.90x	0.73x	6.95x	1.11x	0.73x	-146.22x
Interest Paid	0	0	0	533.54K	545.54K	276.02K	149.54K	21.26K	0	0
Taxes Paid	200	752	700	700	200	200	200	200	225	681

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-53.28%	-55.8%	-93.26%	-82.07%	-165.47%	-193.85%	-2.08%	-26.5%	-58.4%	0.04%
Return on Invested Capital (ROIC)	-133.39%	-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%
Debt / Equity	-	-	-	1.09x	1.14x	0.36x	0.05x	-	-	-
Interest Coverage	-	-	-	-	-37.58x	-46.55x	15.47x	-447.24x	-	-
FCF Conversion	0.84x	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%

Revenue by Segment

	2021	2022	2023	2024
Royalty	-	-	-	298.14K
Royalty Growth	-	-	-	-
License	11M	500K	109.99K	-
License Growth	-	-95.45%	-78.00%	-
Minimum guaranteed royalties	4.05M	-	-	-
Minimum guaranteed royalties Growth	-	-	-	-
Materials	1.04M	-	-	-
Materials Growth	-	-	-	-
Sales-based royalties	54.99K	-	-	-
Sales-based royalties Growth	-	-	-	-

Frequently Asked Questions

Growth & Financials

Lipocine Inc. (LPCN) reported $4.3M in revenue for fiscal year 2024.

Lipocine Inc. (LPCN) grew revenue by 492.8% over the past year. This is strong growth.

Lipocine Inc. (LPCN) reported a net loss of $5.5M for fiscal year 2024.

Dividend & Returns

Lipocine Inc. (LPCN) has a return on equity (ROE) of 0.0%. This is below average, suggesting room for improvement.

Lipocine Inc. (LPCN) had negative free cash flow of $5.1M in fiscal year 2024, likely due to heavy capital investments.

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Lipocine Inc. (LPCN) 10-Year Financial Performance & Capital Metrics

LPCN • • Industrial / General

HealthcareBiotechnologyMetabolic & Liver DiseasesObesity & Metabolic Disorders

Revenue $11M +492.8%
EBITDA -$1M +93.8%
Net Income $8K +100.1%
EPS (Diluted) -0.00 +99.9%
Gross Margin 100% -78.1%
EBITDA Margin -9.95% -101.6%
Operating Margin -10.31% -101.6%
Net Margin 0.07% -100.0%
ROE 0.04% +100.1%
ROIC -5.7% +89.8%
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 97 (top 3%)
✓Strong 5Y sales CAGR of 132.5%

✗Weaknesses

✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y132.45%

3Y-11.47%

TTM-45.44%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-34.99%

EPS CAGR

10Y-

5Y-

3Y-

TTM-37.33%

ROCE

10Y Avg-54.62%

5Y Avg-39.33%

3Y Avg-32.89%

Latest-5.58%

Peer Comparison

Obesity & Metabolic Disorders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MNKDMannKind Corporation	1.71B	5.58	57.41	43.5%	9.32%		1.92%
CORTCorcept Therapeutics Incorporated	3.72B	35.39	28.77	39.94%	14.19%	16.65%	5.26%	0.01
GUTSFractyl Health, Inc. Common Stock	302.14M	1.97	-1.22	-22.5%	-40732.33%	-241.68%		2.20
LXRXLexicon Pharmaceuticals, Inc.	465.15M	1.28	-2.03	24.81%	-96.77%	-57.07%		0.74
RZLTRezolute, Inc.	260.56M	2.81	-2.87			-52.45%		0.01
MISTMilestone Pharmaceuticals Inc.	172.89M	2.03	-3.03	-100%		-282.97%		4.17
ALTAltimmune, Inc.	442.41M	4.24	-3.16	-95.31%	-4195.75%	-45.21%		0.01
BIOABioAge Labs, Inc.	771.24M	21.51	-3.24		-12.81%	-27.32%		0.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	0	0	0	428.03K	164.99K	0	16.14M	500K	-2.85M	11.2M
Revenue Growth %	-	-	-	-	-0.61%	-1%	-	-0.97%	-6.7%	4.93%
Cost of Goods Sold+	0	0	0	0	7.47M	0	7.67M	8.56M	10.18M	0
COGS % of Revenue	-	-	-	-	45.26%	-	0.47%	17.11%	-3.57%	-
Gross Profit+	0	0	0	428.03K	-7.3M	0	8.48M	-8.06M	-13.03M	11.2M
Gross Margin %	-	-	-	1%	-44.26%	-	0.53%	-16.11%	4.57%	1%
Gross Profit Growth %	-	-	-	-	-18.06%	1%	-	-1.95%	-0.62%	1.86%
Operating Expenses+	18.38M	18.97M	20.98M	12.09M	5.6M	18M	5.33M	4.06M	4.9M	12.35M
OpEx % of Revenue	-	-	-	28.24%	33.92%	-	0.33%	8.12%	-1.72%	1.1%
Selling, General & Admin	5.8M	10.38M	10.21M	5.29M	5.6M	8.25M	5.33M	4.06M	4.9M	5M
SG&A % of Revenue	-	-	-	12.36%	33.92%	-	0.33%	8.12%	-1.72%	0.45%
Research & Development	12.58M	8.08M	11M	6.46M	7.47M	9.75M	0	0	0	7.35M
R&D % of Revenue	-	-	-	15.1%	45.26%	-	-	-	-	0.66%
Other Operating Expenses	0	0	0	0	-7.47M	0	0	0	0	0
Operating Income+	-18.38M	-18.46M	-21.22M	-11.33M	-12.9M	-18M	3.15M	-12.12M	-17.93M	-1.16M
Operating Margin %	-	-	-	-26.46%	-78.19%	-	0.19%	-24.24%	6.29%	-0.1%
Operating Income Growth %	0.1%	-0%	-0.15%	0.47%	-0.14%	-0.4%	1.17%	-4.85%	-0.48%	0.94%
EBITDA+	-18.36M	-18.43M	-21.19M	-11.31M	-12.88M	-17.99M	3.15M	-12.11M	-17.9M	-1.11M
EBITDA Margin %	-	-	-	-26.42%	-78.09%	-	0.19%	-24.22%	6.28%	-0.1%
EBITDA Growth %	0.1%	-0%	-0.15%	0.47%	-0.14%	-0.4%	1.17%	-4.85%	-0.48%	0.94%
D&A (Non-Cash Add-back)	26.72K	31.96K	28.37K	18.59K	15.44K	3.55K	380	9.45K	28.66K	41.11K
EBIT	-18.38M	-18.97M	-21.22M	-11.33M	-12.24M	-18M	-430.91K	-10.73M	-17.93M	-1.16M
Net Interest Income+	0	0	0	0	-343.25K	-310.97K	-135.59K	545.48K	1.37M	1.15M
Interest Income	173.89K	0	0	0	-	75.65K	67.7K	572.58K	1.37M	1.15M
Interest Expense	0	0	0	0	343.25K	386.62K	203.29K	27.1K	0	0
Other Income/Expense	173.89K	216.08K	235.82K	-333.5K	-106.85K	-2.97M	-3.78M	1.36M	1.58M	1.16M
Pretax Income+	-18.21M	-18.97M	-20.98M	-11.66M	-13.01M	-20.96M	-634.2K	-10.76M	-16.35M	9.03K
Pretax Margin %	-	-	-	-27.24%	-78.84%	-	-0.04%	-21.52%	5.74%	0%
Income Tax+	200	752	700	700	200	200	200	681	755	681
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	0.92%
Net Income+	-18.21M	-18.97M	-20.98M	-11.66M	-13.01M	-20.96M	-634.4K	-10.76M	-16.35M	8.35K
Net Margin %	-	-	-	-27.24%	-78.84%	-	-0.04%	-21.52%	5.74%	0%
Net Income Growth %	0.11%	-0.04%	-0.11%	0.44%	-0.12%	-0.61%	0.97%	-15.96%	-0.52%	1%
Net Income (Continuing)	-18.21M	-18.97M	-20.98M	-11.66M	-13.01M	-20.96M	-634.4K	-10.76M	-16.35M	8.35K
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-18.87	-17.68	-17.85	-9.28	-8.54	-6.40	-0.12	-2.05	-3.14	-0.00
EPS Growth %	0.31%	0.06%	-0.01%	0.48%	0.08%	0.25%	0.98%	-16.08%	-0.53%	1%
EPS (Basic)	-18.79	-17.66	-17.79	-9.35	-8.54	-6.46	-0.19	-2.15	-3.14	0.00
Diluted Shares Outstanding	968.87K	1.07M	1.18M	1.26M	1.52M	3.28M	5.15M	5.26M	5.27M	5.42M
Basic Shares Outstanding	964.94K	1.07M	1.18M	1.25M	1.52M	3.25M	3.3M	4.99M	5.27M	5.34M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	44.88M	27.21M	25.22M	20.81M	19.63M	25.33M	46.38M	34.14M	22.86M	22.32M
Cash & Short-Term Investments	44.38M	26.84M	21.47M	15.25M	14.07M	19.67M	44.62M	32.53M	22.04M	21.63M
Cash Only	20.01M	5.56M	3.21M	8.08M	9.73M	19.22M	2.95M	3.15M	4.77M	6.21M
Short-Term Investments	24.38M	21.28M	18.26M	7.17M	4.34M	449.99K	41.67M	29.38M	17.26M	15.43M
Accounts Receivable	144.54K	38.94K	3.34M	38.51K	16.52K	391	247.25K	659.86K	52.25K	120.45K
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	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	5M	5M	5M	0	945.32K	773.42K	567.91K
Total Non-Current Assets+	499.75K	134.19K	105.82K	42.75K	27.31K	23.75K	6.1M	3.41M	139.85K	188.83K
Property, Plant & Equipment	75.75K	103.44K	75.07K	19K	3.55K	0	7.21K	131.59K	116.09K	165.07K
Fixed Asset Turnover	-	-	-	22.53x	46.42x	-	2238.36x	3.80x	-24.56x	67.84x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	400.25K	0	0	0	0	0	2.02M	3.25M	0	0
Other Non-Current Assets	23.75K	30.75K	30.75K	23.75K	23.75K	23.75K	4.07M	23.75K	23.75K	23.75K
Total Assets+	45.38M	27.34M	25.33M	20.85M	19.66M	25.35M	52.48M	37.54M	23M	22.51M
Asset Turnover	-	-	-	0.02x	0.01x	-	0.31x	0.01x	-0.12x	0.50x
Asset Growth %	0.62%	-0.4%	-0.07%	-0.18%	-0.06%	0.29%	1.07%	-0.28%	-0.39%	-0.02%
Total Current Liabilities+	3.39M	1.33M	6.35M	4.49M	4.96M	6.58M	5.62M	1.68M	2.63M	1.51M
Accounts Payable	507.07K	245.91K	598.07K	671.28K	1.18M	1.6M	1.29M	600.39K	1.4M	271.7K
Days Payables Outstanding	-	-	-	-	57.78	-	61.39	25.61	50.08	-
Short-Term Debt	0	0	0	3.33M	3.33M	3.33M	2.31M	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	320K
Other Current Liabilities	0	0	4.25M	0	0	0	1M	0	17.17K	0
Current Ratio	13.23x	20.52x	3.97x	4.63x	3.95x	3.85x	8.26x	20.34x	8.69x	14.75x
Quick Ratio	13.23x	20.52x	3.97x	4.63x	3.95x	3.85x	8.26x	20.34x	8.69x	14.75x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	-3.64K	0	0	6.93M	8.41M	3.43M	1.3M	229.86K	0	0
Long-Term Debt	0	0	0	6.93M	3.81M	2.26M	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	-3.64K	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	3.64K	0	0	0	4.59M	1.17M	1.3M	229.86K	0	0
Total Liabilities	3.39M	1.33M	6.35M	11.42M	13.37M	10.01M	6.91M	1.91M	2.63M	1.51M
Total Debt+	0	0	0	10.26M	7.15M	5.59M	2.31M	0	0	0
Net Debt	-20.01M	-5.56M	-3.21M	2.18M	-2.58M	-13.63M	-639.73K	-3.15M	-4.77M	-6.21M
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+	41.99M	26.02M	18.98M	9.43M	6.29M	15.34M	45.57M	35.63M	20.37M	21M
Equity Growth %	0.59%	-0.38%	-0.27%	-0.5%	-0.33%	1.44%	1.97%	-0.22%	-0.43%	0.03%
Book Value per Share	43.33	24.22	16.09	7.51	4.13	4.68	8.84	6.78	3.87	3.87
Total Shareholders' Equity	41.99M	26.02M	18.98M	9.43M	6.29M	15.34M	45.57M	35.63M	20.37M	21M
Common Stock	1.82K	1.85K	2.13K	2.17K	3.77K	7K	8.83K	8.85K	8.86K	8.86K
Retained Earnings	-86.45M	-105.42M	-126.4M	-138.06M	-151.07M	-172.03M	-172.67M	-183.43M	-199.78M	-199.77M
Treasury Stock	-40.71K	-40.71K	-40.71K	-40.71K	-40.71K	-40.71K	-40.71K	-40.71K	-40.71K	-40.71K
Accumulated OCI	-32.9K	-8.49K	-4.62K	-963	-38	0	-18.02K	-20.32K	7.26K	9.14K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-15.36M	-18.28M	-16.7M	-12.08M	-11.67M	-15.3M	-4.41M	-11.97M	-11.87M	-1.22M
Operating CF Margin %	-	-	-	-28.22%	-70.71%	-	-0.27%	-23.94%	4.16%	-0.11%
Operating CF Growth %	0.11%	-0.19%	0.09%	0.28%	0.03%	-0.31%	0.71%	-1.71%	0.01%	0.9%
Net Income	-18.21M	-18.97M	-20.98M	-11.66M	-13.01M	-20.96M	-634.4K	-10.76M	-16.35M	8.35K
Depreciation & Amortization	26.72K	31.96K	28.37K	18.59K	15.44K	3.55K	380	9.45K	28.66K	41.11K
Stock-Based Compensation	1.15M	2.37M	2.72M	1.46M	1.04M	1.37M	603.95K	636.14K	654.44K	408.55K
Deferred Taxes	0	0	0	-160.87K	0	0	159.69K	0	0	0
Other Non-Cash Items	181.39K	224.48K	-99.89K	259.87K	-179.5K	2.76M	53.75K	-932.15K	1.8M	-715.03K
Working Capital Changes	1.49M	-1.94M	1.64M	-1.99M	469.35K	1.52M	-4.59M	-923.63K	2.01M	-964.21K
Change in Receivables	-144.54K	105.59K	-3.3M	3.3M	21.99K	16.13K	-246.86K	384.9K	738.11K	-68.19K
Change in Inventory	0	0	0	0	0	0	246.86K	-384.9K	0	0
Change in Payables	200.79K	-261.15K	352.15K	73.21K	510.96K	414.98K	-307.88K	-688.95K	795.59K	-1.12M
Cash from Investing+	-25.02M	3.23M	3.13M	11.29M	3M	3.89M	-43.78M	14.29M	13.08M	2.45M
Capital Expenditures	-28.69K	-59.65K	0	0	0	0	-7.59K	-133.83K	-13.17K	-90.09K
CapEx % of Revenue	-	-	-	-	-	-	0%	0.27%	-0%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-25.02M	-7K	3.13M	7K	0	0	-43.78B	14.29M	0	0
Cash from Financing+	32.72M	605.87K	11.23M	10.65M	10.32M	20.9M	26.92M	-2.13M	404.57K	209.34K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	276.99K	605.87K	581.14K	0	56.35K	7.67M	11.69K	-21.7K	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-15.38M	-18.34M	-16.7M	-12.08M	-11.67M	-15.3M	-4.42M	-12.1M	-11.88M	-1.31M
FCF Margin %	-	-	-	-28.22%	-70.71%	-	-0.27%	-24.21%	4.17%	-0.12%
FCF Growth %	0.11%	-0.19%	0.09%	0.28%	0.03%	-0.31%	0.71%	-1.74%	0.02%	0.89%
FCF per Share	-15.88	-17.08	-14.16	-9.62	-7.66	-4.67	-0.86	-2.30	-2.25	-0.24
FCF Conversion (FCF/Net Income)	0.84x	0.96x	0.80x	1.04x	0.90x	0.73x	6.95x	1.11x	0.73x	-146.22x
Interest Paid	0	0	0	533.54K	545.54K	276.02K	149.54K	21.26K	0	0
Taxes Paid	200	752	700	700	200	200	200	200	225	681

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-53.28%	-55.8%	-93.26%	-82.07%	-165.47%	-193.85%	-2.08%	-26.5%	-58.4%	0.04%
Return on Invested Capital (ROIC)	-133.39%	-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%
Debt / Equity	-	-	-	1.09x	1.14x	0.36x	0.05x	-	-	-
Interest Coverage	-	-	-	-	-37.58x	-46.55x	15.47x	-447.24x	-	-
FCF Conversion	0.84x	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%

Revenue by Segment

	2021	2022	2023	2024
Royalty	-	-	-	298.14K
Royalty Growth	-	-	-	-
License	11M	500K	109.99K	-
License Growth	-	-95.45%	-78.00%	-
Minimum guaranteed royalties	4.05M	-	-	-
Minimum guaranteed royalties Growth	-	-	-	-
Materials	1.04M	-	-	-
Materials Growth	-	-	-	-
Sales-based royalties	54.99K	-	-	-
Sales-based royalties Growth	-	-	-	-

Frequently Asked Questions

Growth & Financials

Lipocine Inc. (LPCN) reported $4.3M in revenue for fiscal year 2024.

Lipocine Inc. (LPCN) grew revenue by 492.8% over the past year. This is strong growth.

Lipocine Inc. (LPCN) reported a net loss of $5.5M for fiscal year 2024.

Dividend & Returns

Lipocine Inc. (LPCN) has a return on equity (ROE) of 0.0%. This is below average, suggesting room for improvement.

Lipocine Inc. (LPCN) had negative free cash flow of $5.1M in fiscal year 2024, likely due to heavy capital investments.