What is Lipella Pharmaceuticals Inc's earnings per share (EPS)?

Lipella Pharmaceuticals Inc (LIPO) reported diluted earnings per share of -$4.79 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Lipella Pharmaceuticals Inc (LIPO) Financials

LIPO

FY2024 annual

Revenue $536K +19.3% YoY

Net Income -$5.0M -8.6% YoY

EPS (Diluted) -$4.79 YoY not available

Operating Cash Flow -$4.0M -25.4% YoY

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2025, ended Sep 30, 2025 Reported Nov 14, 2025 Currency USD FYE December

Newest figures come from the 10-Q for Q3 FY2025, filed Nov 14, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LIPO SEC filings page.

Lipella Pharmaceuticals Inc (LIPO) reported $536K in revenue for fiscal year 2024, up 19.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI LIPO FY2024 2026-08-30

Development spending remains far ahead of revenue, making external financing central to Lipella Pharmaceuticals’ current operating model

Revenue increased 19.3% from FY2023 to FY2024 while R&D rose to $3.6M. That widening development intensity coincided with an operating loss of $5.1M, so growth has not yet translated into operating leverage.

The company burned $4.0M in operating cash in FY2024 while its net loss was $5.0M; cash outflow was smaller than accounting loss, but still required $2.8M of financing inflow. This makes financing activity a material part of the operating model rather than a secondary balance-sheet detail.

Liquidity is not simply a cash-rich story: the current ratio was 3.5x, yet reported liquidity equaled 6.6 months of the latest annual operating outflow. Meanwhile, total assets fell 25.3% from FY2023 to FY2024, indicating a narrowing balance-sheet cushion despite current assets exceeding current liabilities.

Financial Health Signals

Financial health score not available

Lipella Pharmaceuticals Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

3/7

Lipella Pharmaceuticals Inc passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality No Cash Backing

N/A

Lipella Pharmaceuticals Inc reported a net loss of $5.0M while operations used $4.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

EBITDA

-$1.3M

YoY+12.7%

QoQ+6.1%

Lipella Pharmaceuticals Inc's EBITDA was -$1.3M in Q3 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.7% from the same quarter a year earlier. Against the prior quarter it is up 6.1%.

Net Income

-$1.3M

YoY+13.2%

QoQ+5.5%

Lipella Pharmaceuticals Inc reported -$1.3M in net income in Q3 2025. This represents an increase of 13.2% from the same quarter a year earlier. Against the prior quarter it is up 5.5%.

EPS (Diluted)

-$0.28

QoQ+9.7%

Lipella Pharmaceuticals Inc earned -$0.28 per diluted share (EPS) in Q3 2025. Against the prior quarter it is up 9.7%.

Revenue

Not reported for Q3 2025.

Cash & Balance Sheet

Cash & Debt

$1.9M

YoY+37.1%

QoQ-33.3%

Lipella Pharmaceuticals Inc held $1.9M in cash as of Q3 2025; long-term debt is not reported for that period.

Shares Outstanding

QoQ0.0%

Lipella Pharmaceuticals Inc had 5M shares outstanding in Q3 2025. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q3 2025.

Dividends Per Share

Not reported for Q3 2025.

Margins & Returns

Return on Equity

-84.3%

YoY+14.7pp

QoQ-35.9pp

Lipella Pharmaceuticals Inc's ROE was -84.3% in Q3 2025, measuring profit generated per dollar of shareholder equity. This is up 14.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 35.9 percentage points.

Gross Margin

Not reported for Q3 2025.

Operating Margin

Not reported for Q3 2025.

Net Margin

Not reported for Q3 2025.

Capital Allocation

R&D Spending

$721K

YoY-31.1%

QoQ-8.9%

Lipella Pharmaceuticals Inc invested $721K in research and development in Q3 2025. This represents a decrease of 31.1% from the same quarter a year earlier. Against the prior quarter it is down 8.9%.

Share Buybacks

Not reported for Q3 2025.

Capital Expenditures

Not reported for Q3 2025.

LIPO Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LIPO quarterly income statement

Metric	TTM	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Revenue	N/A	$536K+19.3%	$450K+144.2%	$184K-29.0%	$259K
R&D Expenses	$3.6M	$3.6M+18.9%	$3.0M+19.3%	$2.5M+74.9%	$1.5M
SG&A Expenses	$2.2M	$2.0M-7.1%	$2.2M+853.5%	$226K-68.5%	$718K
Operating Income	-$5.4M	-$5.1M-7.0%	-$4.7M-83.3%	-$2.6M-35.2%	-$1.9M
EBITDA	N/A	-$5.1M-7.0%	-$4.7M-83.2%	-$2.6M-35.2%	-$1.9M
Interest Expense	N/A	N/A	$11K+12.9%	$10K+40.6%	$7K
Net Income	-$5.3M	-$5.0M-8.6%	-$4.6M-77.8%	-$2.6M-39.3%	-$1.9M
EPS (Basic)	N/A	-$4.79+22.2%	-$6.16-862.5%	-$0.64-16.4%	-$0.55
EPS (Diluted)	—	-$4.79	-$6.16	-$0.64-16.4%	-$0.55
Diluted Shares (Avg)	N/A	1M	750,383	4M+19.1%	3M

Metric	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-Q	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
Revenue	N/A	$87K-36.4%	$129K-11.3%	$174K+43.7%	$80K-22.7%	$136K+27.9%	$146K+23.6%	$121K
R&D Expenses	$721K-31.1%	$792K+19.7%	$993K+17.9%	$1.1M+133.9%	$1.0M+25.6%	$662K-37.4%	$843K+21.5%	$454K
SG&A Expenses	$553K+12.2%	$652K+52.6%	$464K-11.0%	$563K+42.0%	$493K-21.4%	$427K-31.6%	$521K+2.4%	$396K
Operating Income	-$1.3M+12.7%	-$1.4M-42.5%	-$1.3M-9.0%	-$1.5M-98.9%	-$1.5M-7.6%	-$952K+39.6%	-$1.2M-12.3%	-$730K
EBITDA	-$1.3M+12.7%	-$1.4M-42.5%	-$1.3M-9.1%	-$1.5M	-$1.5M	-$951K	-$1.2M	N/A
Net Income	-$1.3M+13.2%	-$1.3M-41.5%	-$1.3M-9.6%	-$1.4M-109.3%	-$1.4M-9.1%	-$938K+39.0%	-$1.2M-11.6%	-$689K
EPS (Basic)	-$0.28+78.3%	-$0.31+68.7%	-$0.64+51.1%	-$1.19-1222.2%	-$1.29+29.9%	-$0.99-266.7%	-$1.31-589.5%	-$0.09-28.6%
EPS (Diluted)	-$0.28	-$0.31	-$0.64	-$1.19	-$1.29	-$0.99	-$1.31	-$0.09-28.6%
Diluted Shares (Avg)	5M	4M	2M	N/A	1M	950,669	911,515	N/A

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense, Income Tax.

LIPO Balance Sheet

LIPO quarterly balance sheet

Metric	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Total Assets	$2.7M-25.3%	$3.6M-39.9%	$6.0M+195.6%	$2.0M
Current Assets	$2.6M-23.7%	$3.4M-40.9%	$5.8M+220.7%	$1.8M
Cash & Equivalents	$2.2M-33.7%	$3.3M-35.7%	$5.1M+262.3%	$1.4M
Short-Term Investments	$0	$0	$0-100.0%	$301K
Accounts Receivable	$85K+162.4%	$32K-71.6%	$114K	N/A
Long-Term Investments	$0	$0	$0	$0
Total Liabilities	$754K+74.3%	$433K-66.0%	$1.3M+116.3%	$589K
Current Liabilities	$754K+95.8%	$385K-67.3%	$1.2M+245.9%	$341K
Non-Current Liabilities	$0-100.0%	$47K-50.8%	$96K-61.3%	$249K
Total Equity	$1.9M-39.0%	$3.1M-32.7%	$4.7M+228.4%	$1.4M
Retained Earnings	-$15.3M-48.6%	-$10.3M-81.0%	-$5.7M-83.6%	-$3.1M

Metric	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-Q	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
Total Assets	$2.3M+8.8%	$3.7M+70.3%	$4.9M+54.8%	$2.7M-25.3%	$2.2M-24.0%	$2.2M-37.4%	$3.1M-32.0%	$3.6M-39.9%
Current Assets	$2.1M0.0%	$3.4M+65.2%	$4.8M+60.2%	$2.6M-23.7%	$2.1M-22.1%	$2.1M-38.2%	$3.0M-32.8%	$3.4M-40.9%
Cash & Equivalents	$1.9M+37.1%	$2.8M+134.5%	$4.2M+100.7%	$2.2M-33.7%	$1.4M-43.8%	$1.2M-61.9%	$2.1M-47.6%	$3.3M-35.7%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	N/A	N/A	N/A	$85K+162.4%	$31K-41.5%	$35K+26.0%	$69K-17.9%	$32K-71.6%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$862K+23.0%	$979K+103.7%	$777K+34.9%	$754K+74.3%	$701K+13.2%	$480K+31.9%	$576K-27.9%	$433K-66.0%
Current Liabilities	$642K-8.4%	$747K+55.5%	$777K+40.8%	$754K+95.8%	$701K+27.8%	$480K+60.7%	$552K-23.1%	$385K-67.3%
Non-Current Liabilities	$220K	$232K	$1-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	$24K-70.4%	$47K-50.8%
Total Equity	$1.5M+2.0%	$2.7M+60.9%	$4.1M+59.3%	$1.9M-39.0%	$1.5M-34.3%	$1.7M-45.5%	$2.6M-32.9%	$3.1M-32.7%
Retained Earnings	-$19.2M-38.3%	-$18.0M-44.3%	-$16.6M-44.6%	-$15.3M-48.6%	-$13.9M-44.3%	-$12.5M-49.8%	-$11.5M-70.0%	-$10.3M-81.0%

Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.

LIPO Cash Flow Statement

LIPO quarterly cash flow statement

Metric	TTM	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Operating Cash Flow	-$4.8M	-$4.0M-25.4%	-$3.2M-72.0%	-$1.8M-85.1%	-$989K
Depreciation & Amortization	N/A	$3K+71.3%	$2K	$0	$0
Capital Expenditures	N/A	N/A	$14K	N/A	N/A
Free Cash Flow	N/A	N/A	-$3.2M	N/A	N/A
Investing Cash Flow	N/A	N/A	-$14K-104.8%	$301K+200.0%	-$301K
Financing Cash Flow	$5.3M	$2.8M+112.6%	$1.3M-74.5%	$5.2M+149.8%	$2.1M

Metric	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-Q	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
Operating Cash Flow	-$926K-41.8%	-$1.4M-56.0%	-$1.4M-2.7%	-$990K-36.1%	-$653K+5.3%	-$919K-40.3%	-$1.4M-28.8%	-$728K-214.3%
Depreciation & Amortization	$7220.0%	$721-0.1%	$722+0.1%	$721-0.3%	$722	$722	$721	$723
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$728K
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Financing Cash Flow	$0-100.0%	-$10K	$3.5M+1633.1%	$1.8M+13.0%	$820K	$0+100.0%	$200K+900.0%	$1.6M

Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.

LIPO Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

LIPO quarterly financial ratios

Metric	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Operating Margin	-947.2%	-1055.5%	-1406.3%	-738.7%
Net Margin	-935.2%	-1027.3%	-1410.6%	-719.3%
Return on Equity	-261.3%-114.4pp	-146.9%-91.3pp	-55.6%+75.5pp	-131.0%
Return on Assets	-187.6%-58.5pp	-129.1%-85.5pp	-43.7%+49.0pp	-92.7%
Current Ratio	3.47-5.4x	8.90+4.0x	4.92-0.4x	5.31
Debt-to-Equity	0.39+0.3x	0.14-0.1x	0.27-0.1x	0.41
Asset Turnover	0.20+0.1x	0.13+0.1x	0.03-0.1x	0.13
FCF Margin	N/A	-703.8%	N/A	N/A

Metric	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-Q	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
Operating Margin	N/A	-1564.2%	-1026.2%	-835.7%	-1815.6%	-697.9%	-834.7%	-603.8%
Net Margin	N/A	-1530.7%	-1009.8%	-830.1%	-1797.3%	-687.6%	-817.0%	-570.1%
Return on Equity	-84.3%+14.7pp	-48.4%+6.6pp	-32.0%+14.5pp	-75.1%-53.2pp	-99.0%-39.4pp	-55.1%-5.8pp	-46.5%-18.6pp	-21.9%
Return on Assets	-53.4%+13.5pp	-35.7%+7.3pp	-26.9%+11.1pp	-53.9%-34.7pp	-66.9%-20.3pp	-43.0%+1.1pp	-38.0%-14.9pp	-19.3%
Current Ratio	3.24+0.3x	4.60+0.3x	6.21+0.8x	3.47-5.4x	2.97-1.9x	4.33-6.9x	5.46-0.8x	8.90+4.0x
Debt-to-Equity	0.58+0.1x	0.36+0.1x	0.190.0x	0.39+0.3x	0.48+0.2x	0.28+0.2x	0.220.0x	0.14-0.1x
Asset Turnover	N/A	0.020.0x	0.030.0x	0.060.0x	0.040.0x	0.060.0x	0.050.0x	0.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-602.2%

Not reported in any period shown, so not listed: Gross Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Lipella Pharmaceuticals Inc LIPO	FY2024	$536K	-$5.0M	N/A	N/A	—
Gt Biopharma Inc GTBP	FY2025	N/A	-$28.4M	N/A	$10.9M	—
Scisparc SPRC	FY2025	$856K	-$12.6M	N/A	$3.1M	—
Protagenic Therapeutics Inc PTIX	FY2026	$0	$1.4M	N/A	$1.4M	—
Salarius Pharmaceuticals Inc SLRX	FY2025	N/A	$12.5M	N/A	$4.9M	—
Scinai Immunotherapeutics Ltd. SCNI	FY2025	$1.3M	-$8.3M	N/A	$1.3M	45/100

Where Lipella Pharmaceuticals Inc Ranks

Frequently Asked Questions

What is Lipella Pharmaceuticals Inc's annual revenue?

Lipella Pharmaceuticals Inc (LIPO) reported $536K in total revenue for fiscal year 2024. This represents a 19.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Lipella Pharmaceuticals Inc's revenue growing?

Lipella Pharmaceuticals Inc (LIPO) revenue grew by 19.3% year-over-year, from $450K to $536K in fiscal year 2024.

Is Lipella Pharmaceuticals Inc profitable?

No, Lipella Pharmaceuticals Inc (LIPO) reported a net income of -$5.0M in fiscal year 2024.

What is Lipella Pharmaceuticals Inc's EBITDA?

Lipella Pharmaceuticals Inc (LIPO) had EBITDA of -$5.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Lipella Pharmaceuticals Inc's return on equity (ROE)?

Lipella Pharmaceuticals Inc (LIPO) has a return on equity of -261.3% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Lipella Pharmaceuticals Inc's operating cash flow?

Lipella Pharmaceuticals Inc (LIPO) recorded an outflow of $4.0M in operating cash flow during fiscal year 2024, representing cash used by core business activities.

What are Lipella Pharmaceuticals Inc's total assets?

Lipella Pharmaceuticals Inc (LIPO) had $2.7M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Lipella Pharmaceuticals Inc spend on research and development?

Lipella Pharmaceuticals Inc (LIPO) invested $3.6M in research and development during fiscal year 2024.

How many shares does Lipella Pharmaceuticals Inc have outstanding?

Lipella Pharmaceuticals Inc (LIPO) had 3M shares outstanding as of fiscal year 2024.

What is Lipella Pharmaceuticals Inc's current ratio?

Lipella Pharmaceuticals Inc (LIPO) had a current ratio of 3.47 as of fiscal year 2024, which is generally considered healthy.

What is Lipella Pharmaceuticals Inc's debt-to-equity ratio?

Lipella Pharmaceuticals Inc (LIPO) had a debt-to-equity ratio of 0.39 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Lipella Pharmaceuticals Inc's return on assets (ROA)?

Lipella Pharmaceuticals Inc (LIPO) had a return on assets of -187.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

How does Lipella Pharmaceuticals Inc's liquidity compare with its operating cash outflow?

At the end of fiscal year 2024, Lipella Pharmaceuticals Inc (LIPO) held $2.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $4.0M over that year. Dividing the one by the other, the reported balance equals about 7 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Lipella Pharmaceuticals Inc's Piotroski F-Score?

Lipella Pharmaceuticals Inc (LIPO) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Lipella Pharmaceuticals Inc's earnings high quality?

Lipella Pharmaceuticals Inc (LIPO) reported a net loss of $5.0M while operations used $4.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.