Lipocine Inc Financials
Lipocine Inc (LPCN) reported $2.0M in revenue for fiscal year 2025, down 82.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Balance-sheet liquidity is cushioning a development-stage cash burn as revenue swings fail to fund Lipocine’s research program.
In FY2025, operations used$9.8M while revenue was only$2.0M , so the business still consumes cash far faster than it produces commercial receipts. Cash nevertheless ended at$5.2M because investing inflows and financing inflows supplied more than$8.7M , meaning liquidity was preserved by balance-sheet actions rather than by sales.
Revenue fell from
Liabilities remain low: FY2025 total liabilities were
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Lipocine Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Lipocine Inc's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 11/100.
Lipocine Inc's revenue declined 82.3% year-over-year, from $11.2M to $2.0M. This contraction results in a growth score of 1/100.
Lipocine Inc carries a low D/E ratio of 0.17, meaning only $0.17 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 76/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 6.68, Lipocine Inc holds $6.68 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 93/100.
Lipocine Inc posts a -66.5% return on equity (ROE), meaning it loses $67 for every $100 of shareholders' equity. This results in a returns score of 15/100. This is down from 0.1% the prior year.
Lipocine Inc scores -14.09, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($17.0M) relative to total liabilities ($2.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Lipocine Inc passes 0 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Lipocine Inc reported a net loss of $9.6M while operations used $9.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Lipocine Inc generated $2.0M in revenue in fiscal year 2025. This represents a decrease of 82.3% from the prior year.
Lipocine Inc's EBITDA was -$10.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 825.6% from the prior year.
Lipocine Inc reported -$9.6M in net income in fiscal year 2025. This represents a decrease of 96400.0% from the prior year.
Cash & Balance Sheet
Lipocine Inc held $5.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Lipocine Inc's ROE was -66.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 66.6 percentage points from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Lipocine Inc invested $8.6M in research and development in fiscal year 2025. This represents an increase of 16.8% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
LPCN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6M | $2.0M-82.3% | $11.2M | N/A | $500K-96.9% | $16.1M | $0-100.0% | $165K-61.5% | $428K | $0 | $0 | N/A | N/A | $0-100.0% | $7.7M | N/A |
| R&D Expenses | $10.2M | $8.6M+16.8% | $7.4M-27.7% | $10.2M+18.9% | $8.6M+11.6% | $7.7M-21.4% | $9.7M+30.5% | $7.5M+15.5% | $6.5M-41.3% | $11.0M+36.3% | $8.1M-35.8% | $12.6M-18.7% | $15.5M+202.2% | $5.1M+124.6% | $2.3M | N/A |
| SG&A Expenses | $3.9M | $3.8M-24.7% | $5.0M+2.0% | $4.9M+20.7% | $4.1M-23.8% | $5.3M-35.4% | $8.2M+47.4% | $5.6M+5.8% | $5.3M-48.2% | $10.2M-1.6% | $10.4M+78.9% | $5.8M+16.0% | $5.0M+37.6% | $3.6M+134.4% | $1.6M+29950.3% | $5K |
| Operating Income | -$12.6M | -$10.4M-797.9% | -$1.2M+93.6% | -$17.9M-48.0% | -$12.1M-485.3% | $3.1M+117.5% | -$18.0M-39.5% | -$12.9M-13.9% | -$11.3M+46.6% | -$21.2M-10.6% | -$19.2M-4.4% | -$18.4M+10.2% | -$20.5M-91.7% | -$10.7M-375.5% | $3.9M | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | $27K-86.7% | $203K-47.4% | $387K-49.6% | $767K | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | $200-70.6% | $681-9.8% | $755+10.9% | $681+240.5% | $2000.0% | $2000.0% | $200-71.4% | $7000.0% | $700-6.9% | $752+276.0% | $2000.0% | $200+100.4% | -$55K-8148.0% | $684 | N/A |
| Net Income | -$11.9M | -$9.6M-96400.0% | $10K+100.1% | -$16.4M-52.0% | -$10.8M-1595.9% | -$634K+97.0% | -$21.0M-61.2% | -$13.0M-11.6% | -$11.7M+44.4% | -$21.0M-10.6% | -$19.0M-4.2% | -$18.2M+10.6% | -$20.4M-92.4% | -$10.6M-372.5% | $3.9M+75398.4% | -$5K |
| EPS (Diluted) | — | -$1.69 | N/A | -$3.14-46.0% | -$2.15 | -$0.01+97.4% | -$0.38 | -$0.50+9.1% | -$0.55+47.6% | -$1.05-1.0% | -$1.04+6.3% | -$1.11+30.6% | -$1.60 | -$1.44 | $0.85 | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
LPCN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $17.0M-24.5% | $22.5M-2.1% | $23.0M-38.7% | $37.5M-28.5% | $52.5M+107.0% | $25.4M+29.0% | $19.7M-5.7% | $20.9M-17.7% | $25.3M-7.4% | $27.3M-39.7% | $45.4M+62.1% | $28.0M-39.3% | $46.1M+728.3% | $5.6M+17056.9% | $32K |
| Current Assets | $16.9M-24.4% | $22.3M-2.4% | $22.9M-33.0% | $34.1M-26.4% | $46.4M+83.1% | $25.3M+29.0% | $19.6M-5.7% | $20.8M-17.5% | $25.2M-7.3% | $27.2M-39.4% | $44.9M+60.9% | $27.9M-39.4% | $46.0M+741.3% | $5.5M+16766.1% | $32K |
| Cash & Equivalents | $5.2M-16.1% | $6.2M+30.1% | $4.8M+51.6% | $3.1M+6.7% | $3.0M-84.6% | $19.2M+97.5% | $9.7M+20.4% | $8.1M+151.6% | $3.2M-42.3% | $5.6M-72.2% | $20.0M-27.7% | $27.7M-38.9% | $45.3M+741.8% | $5.4M | N/A |
| Total Liabilities | $2.5M+67.1% | $1.5M-42.5% | $2.6M+37.9% | $1.9M-72.4% | $6.9M-31.0% | $10.0M-25.1% | $13.4M+17.1% | $11.4M+80.0% | $6.3M+378.5% | $1.3M-60.9% | $3.4M+107.6% | $1.6M+27.2% | $1.3M+413.5% | $250K+119.7% | -$1.3M |
| Current Liabilities | $2.5M+67.1% | $1.5M-42.5% | $2.6M+56.8% | $1.7M-70.1% | $5.6M-14.7% | $6.6M+32.6% | $5.0M+10.5% | $4.5M-29.2% | $6.3M+378.5% | $1.3M-60.9% | $3.4M+107.6% | $1.6M+27.2% | $1.3M+503.2% | $213K+2698.3% | $8K |
| Long-Term Debt | N/A | N/A | N/A | N/A | $1.7M-26.1% | $2.3M-40.8% | $3.8M-44.9% | $6.9M | $0 | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $14.5M-31.1% | $21.0M+3.1% | $20.4M-42.8% | $35.6M-21.8% | $45.6M+197.0% | $15.3M+144.0% | $6.3M-33.3% | $9.4M-50.3% | $19.0M-27.0% | $26.0M-38.0% | $42.0M+59.3% | $26.4M-41.2% | $44.8M+743.2% | $5.3M+308.4% | $1.3M |
| Retained Earnings | -$209.4M-4.8% | -$199.8M0.0% | -$199.8M-8.9% | -$183.4M-6.2% | -$172.7M-0.4% | -$172.0M-13.9% | -$151.1M-9.4% | -$138.1M-9.2% | -$126.4M-19.9% | -$105.4M-21.9% | -$86.4M-26.7% | -$68.2M-42.6% | -$47.9M-28.4% | -$37.3M | N/A |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
LPCN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$11.2M | -$9.8M-699.3% | -$1.2M+89.7% | -$11.9M+0.9% | -$12.0M-171.3% | -$4.4M+71.2% | -$15.3M-31.2% | -$11.7M+3.4% | -$12.1M+27.7% | -$16.7M+8.6% | -$18.3M-19.1% | -$15.4M+11.3% | -$17.3M-101.5% | -$8.6M-170.2% | -$3.2M-43469.5% | -$7K |
| Capital Expenditures | N/A | N/A | $90K+584.2% | $13K-90.2% | $134K+1663.0% | $8K | N/A | N/A | $0 | $0-100.0% | $60K+107.9% | $29K-51.9% | $60K+4842.6% | $1K-90.2% | $12K | N/A |
| Free Cash Flow | N/A | N/A | -$1.3M+89.0% | -$11.9M+1.8% | -$12.1M-173.9% | -$4.4M | N/A | N/A | -$12.1M+27.7% | -$16.7M+8.9% | -$18.3M-19.2% | -$15.4M+11.4% | -$17.4M-102.1% | -$8.6M-169.2% | -$3.2M | N/A |
| Investing Cash Flow | -$6.1M | $5.9M+140.8% | $2.4M-81.3% | $13.1M-8.5% | $14.3M+132.6% | -$43.8M-1224.7% | $3.9M+29.8% | $3.0M-73.5% | $11.3M+261.3% | $3.1M-3.2% | $3.2M+112.9% | -$25.0M | N/A | -$1K+90.2% | -$12K | N/A |
| Financing Cash Flow | $16.3M | $2.9M+1270.8% | $209K-48.3% | $405K+119.0% | -$2.1M-107.9% | $26.9M+28.8% | $20.9M+102.5% | $10.3M-3.1% | $10.7M-5.1% | $11.2M+1752.9% | $606K-98.1% | $32.7M | N/A | $48.5M | $0-100.0% | $30K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
LPCN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -524.7% | -10.3% | N/A | -2423.9% | 19.5% | N/A | -7818.8% | -2646.0% | N/A | N/A | N/A | N/A | N/A | 50.3% | N/A |
| Net Margin | -487.2% | 0.1% | N/A | -2151.7% | -3.9% | N/A | -7883.7% | -2724.1% | N/A | N/A | N/A | N/A | N/A | 50.4% | N/A |
| Return on Equity | -66.5%-66.6pp | 0.1%+80.3pp | -80.3%-50.1pp | -30.2%-28.8pp | -1.4%+135.3pp | -136.7%+70.2pp | -206.9%-83.3pp | -123.6%-13.1pp | -110.5%-37.6pp | -72.9%-29.5pp | -43.4%+33.9pp | -77.3%-53.7pp | -23.6%-96.7pp | 73.1%+73.5pp | -0.4% |
| Return on Assets | -56.6%-56.7pp | 0.0%+71.1pp | -71.1%-42.4pp | -28.7%-27.5pp | -1.2%+81.5pp | -82.7%-16.5pp | -66.2%-10.2pp | -55.9%+26.9pp | -82.8%-13.5pp | -69.4%-29.3pp | -40.1%+32.6pp | -72.8%-49.8pp | -23.0%-92.8pp | 69.8%+85.7pp | -15.9% |
| Current Ratio | 6.68-8.1x | 14.75+6.1x | 8.69-11.7x | 20.34+12.1x | 8.26+4.4x | 3.85-0.1x | 3.95-0.7x | 4.63+0.7x | 3.97-16.5x | 20.52+7.3x | 13.23-3.8x | 17.08-18.8x | 35.86+10.1x | 25.71+21.4x | 4.27 |
| Debt-to-Equity | 0.17+0.1x | 0.07-0.1x | 0.13+0.1x | 0.050.0x | 0.04-0.1x | 0.15-0.5x | 0.61-0.1x | 0.73+0.7x | 0.00-0.1x | 0.050.0x | 0.080.0x | 0.060.0x | 0.030.0x | 0.05 | N/A |
| FCF Margin | N/A | -11.7% | N/A | -2420.5% | -27.4% | N/A | N/A | -2821.9% | N/A | N/A | N/A | N/A | N/A | -41.4% | N/A |
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.
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Where Lipocine Inc Ranks
Frequently Asked Questions
What is Lipocine Inc's annual revenue?
Lipocine Inc (LPCN) reported $2.0M in total revenue for fiscal year 2025. This represents a -82.3% 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 Lipocine Inc's revenue growing?
Lipocine Inc (LPCN) revenue declined by 82.3% year-over-year, from $11.2M to $2.0M in fiscal year 2025.
Is Lipocine Inc profitable?
No, Lipocine Inc (LPCN) reported a net income of -$9.6M in fiscal year 2025.
What is Lipocine Inc's EBITDA?
Lipocine Inc (LPCN) had EBITDA of -$10.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Lipocine Inc's return on equity (ROE)?
Lipocine Inc (LPCN) has a return on equity of -66.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Lipocine Inc's operating cash flow?
Lipocine Inc (LPCN) recorded an outflow of $9.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Lipocine Inc's total assets?
Lipocine Inc (LPCN) had $17.0M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Lipocine Inc spend on research and development?
Lipocine Inc (LPCN) invested $8.6M in research and development during fiscal year 2025.
What is Lipocine Inc's current ratio?
Lipocine Inc (LPCN) had a current ratio of 6.68 as of fiscal year 2025, which is generally considered healthy.
What is Lipocine Inc's debt-to-equity ratio?
Lipocine Inc (LPCN) had a debt-to-equity ratio of 0.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Lipocine Inc's return on assets (ROA)?
Lipocine Inc (LPCN) had a return on assets of -56.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Lipocine Inc's cash runway?
Based on fiscal year 2025 data, Lipocine Inc (LPCN) had $5.2M in cash against an annual operating cash burn of $9.8M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Lipocine Inc's Altman Z-Score?
Lipocine Inc (LPCN) has an Altman Z-Score of -14.09, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Lipocine Inc's Piotroski F-Score?
Lipocine Inc (LPCN) has a Piotroski F-Score of 0 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 Lipocine Inc's earnings high quality?
Lipocine Inc (LPCN) reported a net loss of $9.6M while operations used $9.8M 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.
How financially healthy is Lipocine Inc?
Lipocine Inc (LPCN) scores 35 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.