Every 10-Q that Lipocine Inc. (LPCN) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow LPCN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full LPCN filings page.
Lipocine Inc., a clinical‑stage biopharma company focused on oral hormone and CNS therapies, reported Q2 2026 revenue of $190,099, all from TLANDO royalties, and a net loss of $2.6 million (H1 2026 loss $6.3 million on $309,496 revenue). Operating expenses increased year to date versus 2025, mainly from higher research and development spending.
Cash and cash equivalents were $4.98 million with $18.29 million in marketable securities at June 30, 2026. After raising $13.5 million net through at‑the‑market share sales, management expects existing capital to fund operations through at least August 4, 2027, while still anticipating additional financing over the longer term. Growth is anchored in TLANDO licensing, including an $11.0 million Verity deal and UAE approval for TESTYRA, alongside a CNS pipeline where lead PPD candidate LPCN 1154 recently failed to meet its Phase 3 primary endpoint, prompting further analyses, a new trial, and an upcoming FDA meeting.
Lipocine Inc. reported a larger net loss as it continued to invest in its pipeline while strengthening its balance sheet. For the three months ended March 31, 2026, total revenues were $119,397, all from TLANDO royalties, compared with $93,864 a year earlier.
The company’s net loss widened to $3.67 million from $1.86 million, driven mainly by higher research and development expense of $2.76 million versus $1.06 million as clinical programs advanced. General and administrative costs were stable at about $1.20 million.
Liquidity improved: cash and cash equivalents were $5.02 million and marketable investment securities $19.71 million, bringing total current assets to $25.24 million. During the quarter, Lipocine sold 1,314,138 shares via its at-the-market program, generating about $12.0 million in net proceeds, which helped lift stockholders’ equity to $22.83 million. Management believes existing capital resources will fund projected operating requirements through at least May 7, 2027, but it still anticipates needing additional financing over time to support development of its CNS and liver disease candidates.
Lipocine Inc. reported Q3 2025 results, highlighting modest royalty revenue and higher R&D investment as it advances its pipeline. Revenue was $114,574 for the quarter, driven by royalties, with nine‑month revenue of $831,287. The company posted a Q3 net loss of $3,186,832 and a nine‑month net loss of $7,257,421.
Cash and cash equivalents were $3,901,040 and marketable investment securities were $11,230,031 as of September 30, 2025. Management states existing capital resources are expected to fund operations through at least November 6, 2026. Stockholders’ equity was $14,142,048. Shares outstanding were 5,551,931 as of November 5, 2025.
Commercial progress continued under the Verity license for TLANDO, with Q3 royalty revenue of approximately $115,000 and a Canadian NDS filed in June 2025. Year‑to‑date, licensing revenue was $500,000 and royalty revenue was approximately $331,000, reflecting a shift from prior‑year upfront license income. R&D expenses rose to $2,707,777 in Q3, while G&A declined to $767,837. The company also sold 68,691 shares via its ATM program for net proceeds of $217,000 year‑to‑date.
Lipocine Inc. (LPCN) – Q2 2025 10-Q snapshot
For the quarter ended 30 Jun 2025, revenue jumped to $0.623 M (vs $0.090 M LY) on a one-time $0.5 M license payment from newly signed partners, offsetting lower royalties. Operating expenses fell 10% YoY to $3.0 M, led by a 41% drop in G&A, but R&D rose 14% to support LPCN 1154 and other pipeline programs. Net loss narrowed to $2.21 M (-$0.41 EPS) from -$3.07 M (-$0.57 EPS).
Six-month results were weaker: revenue fell 91% YoY to $0.717 M as the prior-year period contained a $7.5 M Verity up-front; net loss swung to $4.07 M (-$0.76 EPS) from a $0.45 M profit. Operating cash burn was $3.9 M; cash & treasury bills ended at $18.6 M (cash $6.0 M, securities $11.9 M) versus $22.5 M 12/31/24. Management projects liquidity through at least Aug 2026 but continues to access an ATM facility (23,739 shares sold for $0.08 M during Q2).
- Total liabilities remain low at $1.45 M; equity fell to $17.1 M.
- New Aché license (Brazil) plus earlier SPC (South Korea) and Pharmalink (GCC) deals expand TLANDO ex-US footprint; up to $259 M in contingent milestones remain unrealized.
- Authorized shares cut to 75 M; 5.42 M shares outstanding.
- No warrants outstanding after 2019/2020 series expired.
Outlook: Near-term revenue hinges on additional license milestones and TLANDO royalties; continued pipeline spend and limited cash generation imply further equity or partnership funding before 2026.