Lipocine Inc. (LPCN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LPCN SEC filings page.
Lipocine Inc. (LPCN) reported $1.6M in revenue over the twelve months to Jun 30, 2026. 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).
Lipocine remains a development-stage business: R&D and operating costs exceed modest revenue, while liabilities remain comparatively low.
In FY2025, the operating loss of$10.4M and operating cash flow of-$9.8M were close, and that relationship also held in FY2024, indicating reported losses largely reflected cash costs rather than merely noncash accounting. Meanwhile, revenue fell from$11.2M in FY2024 to$2.0M in FY2025, leaving the development cost base less supported by incoming sales.
R&D intensity was high: the company spent
Liabilities were
Financial Health Signals
Scored against emerging 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. held $14.9M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $9.8M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Lipocine Inc. scores 43/100 among other emerging companies.
Lipocine Inc. had 7M shares outstanding at the end of fiscal year 2025, against 5M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Lipocine Inc. scores 38/100 among other emerging companies.
Lipocine Inc. spent $8.6M on research and development in fiscal year 2025, which was 69.5% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Lipocine Inc. scores 90/100 among other emerging companies.
Lipocine Inc. reported revenue of $2.0M in fiscal year 2025, against $11.2M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Lipocine Inc. scores 1/100 among other emerging companies.
Lipocine Inc.'s operations used $9.8M of cash in fiscal year 2025, against $1.2M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Lipocine Inc. scores 55/100 among other emerging companies.
Lipocine Inc.'s cash, cash equivalents and investments came to $14.9M at the end of fiscal year 2025, against $2.5M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Lipocine Inc. scores 91/100 among other emerging companies.
Lipocine Inc. scores -14.76, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($14.2M) 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 $190K in revenue in Q2 2026. This represents a decrease of 69.5% from the same quarter a year earlier. Against the prior quarter it is up 59.2%.
Lipocine Inc.'s EBITDA was -$2.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 18.4% from the same quarter a year earlier. Against the prior quarter it is up 26.3%.
Lipocine Inc. reported -$2.6M in net income in Q2 2026. This represents a decrease of 18.9% from the same quarter a year earlier. Against the prior quarter it is up 28.6%.
Lipocine Inc. earned -$0.32 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 40.7%.
Cash & Balance Sheet
Lipocine Inc. held $5.0M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Lipocine Inc.'s ROE was -12.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.0 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Lipocine Inc. invested $2.0M in research and development in Q2 2026. This represents a decrease of 4.5% from the same quarter a year earlier. Against the prior quarter it is down 26.2%.
Not reported for Q2 2026.
Not reported for Q2 2026.
LPCN 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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $190K-69.5% | $119K+27.2% | $1.1M | $115K | $623K+595.4% | $94K-98.8% | N/A | N/A |
| R&D Expenses | $2.0M-4.5% | $2.8M+160.4% | $2.7M | $2.7M+70.8% | $2.1M+14.0% | $1.1M-62.3% | N/A | $1.6M-44.9% |
| SG&A Expenses | $991K+11.3% | $1.2M+7.3% | $983K | $768K-26.5% | $890K-40.9% | $1.1M-28.8% | N/A | $1.0M+0.3% |
| Operating Income | -$2.8M-18.2% | -$3.8M-84.2% | -$2.5M | -$3.4M-27.8% | -$2.4M+27.0% | -$2.1M-164.9% | N/A | -$2.6M+62.7% |
| EBITDA | -$2.8M-18.4% | -$3.8M-84.8% | -$2.5M | -$3.3M-27.6% | -$2.4M+27.3% | -$2.1M-164.2% | N/A | -$2.6M+62.7% |
| Income Tax | $200 | N/A | N/A | N/A | N/A | $2000.0% | N/A | N/A |
| Net Income | -$2.6M-18.9% | -$3.7M-96.9% | -$2.4M | -$3.2M-43.6% | -$2.2M+28.1% | -$1.9M-153.1% | N/A | -$2.2M+66.6% |
| EPS (Basic) | -$0.32+22.0% | -$0.54-54.3% | -$0.42 | -$0.59-43.9% | -$0.41+28.1% | -$0.35-153.0% | N/A | -$0.41+67.5% |
| EPS (Diluted) | -$0.32 | -$0.54-54.3% | -$0.34 | -$0.59-34.1% | -$0.41+26.8% | -$0.35-153.0% | N/A | -$0.44+65.4% |
| Diluted Shares (Avg) | 8M | 7M+27.0% | N/A | 5M+1.2% | 5M+0.2% | 5M-0.2% | N/A | 5M+1.1% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
LPCN Balance Sheet
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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $23.8M+28.3% | $25.4M+23.7% | $17.0M-24.5% | $16.1M-22.3% | $18.6M-19.3% | $20.5M-19.4% | $22.5M-2.1% | $20.7M-16.4% |
| Current Assets | $23.7M+28.9% | $25.2M+24.2% | $16.9M-24.4% | $15.9M-22.3% | $18.4M-19.6% | $20.3M-19.7% | $22.3M-2.4% | $20.5M-16.7% |
| Cash & Equivalents | $5.0M-17.6% | $5.0M+49.5% | $5.2M-16.1% | $3.9M+4.2% | $6.0M+8.8% | $3.4M+8.9% | $6.2M+30.1% | $3.7M-8.1% |
| Short-Term Investments | $18.3M+53.8% | $19.7M+20.5% | $9.7M-37.0% | $11.2M-30.2% | $11.9M-30.0% | $16.4M-24.1% | $15.4M-10.6% | $16.1M-18.7% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $2.1M+42.7% | $2.5M+94.5% | $2.5M+67.1% | $1.9M+22.1% | $1.4M-20.6% | $1.3M-12.8% | $1.5M-42.5% | $1.6M-30.4% |
| Current Liabilities | $2.1M+42.7% | $2.5M+94.5% | $2.5M+67.1% | $1.9M+22.1% | $1.4M-20.6% | $1.3M-12.8% | $1.5M-42.5% | $1.6M-29.5% |
| Non-Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0-100.0% |
| Total Equity | $21.8M+27.1% | $22.8M+18.9% | $14.5M-31.1% | $14.1M-26.0% | $17.1M-19.2% | $19.2M-19.9% | $21.0M+3.1% | $19.1M-15.0% |
| Retained Earnings | -$215.7M-5.8% | -$213.1M-5.7% | -$209.4M-4.8% | -$207.0M-2.7% | -$203.8M-2.3% | -$201.6M-2.7% | -$199.8M0.0% | -$201.6M-2.1% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.0M-60.6% | -$2.3M-14.6% | -$2.9M-271.5% | -$3.0M-5.4% | -$1.9M+24.5% | -$2.0M-181.8% | $1.7M+184.2% | -$2.8M-8.7% |
| Depreciation & Amortization | $15K-9.1% | $15K-4.9% | $15K-3.8% | $14K+65.9% | $16K+89.2% | $16K+82.9% | $16K+94.6% | $9K+9.8% |
| Stock-Based Compensation | $58K-10.8% | $65K-7.9% | N/A | $53K-50.6% | $65K-36.2% | $71K-28.5% | N/A | $108K-31.8% |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | $10K+9.3% | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | $1.7M+183.3% | N/A |
| Investing Cash Flow | $1.5M-67.0% | -$9.9M-1022.8% | $1.6M+106.5% | $701K-31.4% | $4.5M-5.3% | -$882K+78.4% | $761K-72.1% | $1.0M-17.7% |
| Financing Cash Flow | $1.5M | $12.0M | $2.7M | $141K | N/A | N/A | $0+100.0% | $0-100.0% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
LPCN 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.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1495.1% | -3224.1% | -219.6% | -2933.5% | -386.0% | -2226.8% | N/A | N/A |
| Net Margin | -1379.6% | -3075.4% | -207.1% | -2781.5% | -354.1% | -1986.8% | N/A | N/A |
| Return on Equity | -12.0%+0.8pp | -16.1%-6.4pp | -16.4% | -22.5%-10.9pp | -12.9%+1.6pp | -9.7%-24.4pp | N/A | -11.6%+18.0pp |
| Return on Assets | -11.0%+0.9pp | -14.5%-5.4pp | -14.0% | -19.8%-9.1pp | -11.9%+1.5pp | -9.1%-22.9pp | N/A | -10.7%+16.1pp |
| Current Ratio | 11.48-1.2x | 9.99-5.7x | 6.68-8.1x | 8.25-4.7x | 12.71+0.2x | 15.64-1.3x | 14.75+6.1x | 12.97+2.0x |
| Debt-to-Equity | 0.100.0x | 0.110.0x | 0.17+0.1x | 0.14+0.1x | 0.080.0x | 0.070.0x | 0.07-0.1x | 0.080.0x |
| Asset Turnover | 0.010.0x | 0.000.0x | 0.07 | 0.01 | 0.030.0x | 0.00-0.3x | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin, FCF 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.
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 |
|---|---|---|---|---|---|---|
| Lipocine Inc. LPCN | FY2025 | $2.0M | -$9.6M | N/A | $14.2M | 53/100 |
| MetaVia Inc. MTVA | FY2025 | N/A | -$13.0M | N/A | $8.8M | — |
| Minerva Neurosciences, Inc NERV | FY2025 | N/A | -$293.4M | N/A | $153.7M | — |
| Pulmatrix, Inc. PULM | FY2025 | N/A | -$5.2M | N/A | $5.6M | — |
| SYNLOGIC INC SYBX | FY2025 | $0 | -$1.0M | N/A | $6.6M | — |
| Tharimmune, Inc. THAR | FY2025 | N/A | -$35.9M | N/A | $187.4M | — |
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 P/E ratio?
Lipocine Inc. (LPCN) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $14.2M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Lipocine Inc.'s price-to-sales ratio?
Lipocine Inc. (LPCN) trades at 9.0x sales, its market capitalization divided by revenue of $1.6M revenue, trailing 12 months to June 30, 2026. The market capitalization is $14.2M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Lipocine Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Lipocine Inc. (LPCN) held $14.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $9.8M over that year. Dividing the one by the other, the reported balance equals about 18 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 Lipocine Inc.'s Altman Z-Score?
Lipocine Inc. (LPCN) has an Altman Z-Score of -14.76, 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 53 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.