Go Pro
→ Louis Navellier: My #1 AI stock for 2026 (name & ticker inside) (From InvestorPlace) (Ad)tc pixel Free LPCN Stock Alerts

Lipocine (LPCN) Financials

Lipocine logo
$2.23 +0.08 (+3.72%)
As of 11:36 AM Eastern
This is a fair market value price provided by Massive. Learn more.
Compare
Annual Income Statements for Lipocine

Annual Income Statements for Lipocine

This table shows Lipocine's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -18 -19 -21 -12 -13 -21 -0.63 -11 -16 0.01 -9.63
Consolidated Net Income / (Loss)		 -18 -19 -21 -12 -13 -21 -0.63 -11 -16 0.01 -9.63
Net Income / (Loss) Continuing Operations		 -18 -19 -21 -12 -13 -21 -0.63 -11 -16 0.01 -9.63
Total Pre-Tax Income 		-18 -19 -21 -12 -13 -21 -0.63 -11 -16 0.01 -9.63
Total Operating Income		 -18 -19 -21 -11 -13 -18 3.15 -12 -18 -1.16 -10
Total Gross Profit		 0.00 0.00 0.00 0.43 0.16 0.00 16 0.50 -2.96 11 1.98
Total Revenue		 0.00 0.00 0.00 0.43 0.16 0.00 16 0.50 -2.96 11 1.98
Operating Revenue		 - 0.00 0.00 0.43 0.16 0.00 16 0.50 -2.96 11 1.98
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 18 19 21 12 13 18 13 13 15 12 12
Selling, General & Admin Expense		 5.80 10 10 5.29 5.60 8.25 5.33 4.06 4.90 5.00 3.76
Research & Development Expense		 13 8.08 11 6.46 7.47 9.75 7.67 8.56 10 7.35 8.58
Total Other Income / (Expense), net		 0.17 0.22 0.24 -0.33 -0.11 -2.97 -3.78 1.36 1.58 1.16 0.74
Interest & Investment Income		 - - - - 0.42 0.08 0.07 0.57 1.37 1.15 0.74
Other Income / (Expense), net		 0.17 0.22 0.24 -0.33 0.24 -2.89 -3.64 0.82 0.21 0.02 0.00
Income Tax Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Basic Earnings per Share		 ($1.11) ($1.04) ($1.05) ($0.55) ($0.50) ($0.38) ($0.01) ($2.06) ($3.10) $0.00 ($1.77)
Weighted Average Basic Shares Outstanding		 16.47M 18.26M 20.05M 21.35M 25.88M 55.69M 86.93M 5.23M 5.27M 5.34M 5.45M
Diluted Earnings per Share		 ($1.11) ($1.04) ($1.05) ($0.55) ($0.50) ($0.38) ($0.01) ($2.15) ($3.14) $0.00 ($1.69)
Weighted Average Diluted Shares Outstanding		 16.47M 18.26M 20.05M 21.35M 25.88M 55.69M 87.62M 5.26M 5.27M 5.42M 5.71M
Weighted Average Basic & Diluted Shares Outstanding		 16.40M 18.20M 21.26M 23.88M 47.85M 88.29M 88.29M 88.51M 5.32M 5.35M 7.30M

Quarterly Income Statements for Lipocine

This table shows Lipocine's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -6.65 -2.28 3.51 -3.07 -2.22 1.78 -1.86 -2.21 -3.19 -2.37 -3.67
Consolidated Net Income / (Loss)		 -6.65 -2.28 3.51 -3.07 -2.22 1.78 -1.86 -2.21 -3.19 -2.37 -3.67
Net Income / (Loss) Continuing Operations		 -6.65 -2.28 3.51 -3.07 -2.22 1.78 -1.86 -2.21 -3.19 -2.37 -3.67
Total Pre-Tax Income 		-6.65 -2.28 3.51 -3.07 -2.22 1.78 -1.86 -2.21 -3.19 -2.37 -3.67
Total Operating Income		 -7.04 -2.59 3.22 -3.29 -2.63 1.55 -2.09 -2.40 -3.36 -2.52 -3.85
Total Gross Profit		 -3.12 0.11 7.62 0.09 0.00 3.49 0.09 0.62 0.11 1.15 0.12
Total Revenue		 -3.12 0.11 7.62 0.09 0.00 3.49 0.09 0.62 0.11 1.15 0.12
Operating Revenue		 -3.12 0.11 7.62 0.09 - - 0.09 0.62 0.11 1.15 0.12
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 3.92 2.81 4.39 3.38 2.63 1.95 2.18 3.03 3.48 3.66 3.97
Selling, General & Admin Expense		 1.04 1.13 1.58 1.51 1.05 0.87 1.12 0.89 0.77 0.98 1.20
Research & Development Expense		 2.88 1.67 2.82 1.87 1.59 1.07 1.06 2.14 2.71 2.68 2.76
Total Other Income / (Expense), net		 0.39 0.31 0.29 0.22 0.41 0.24 0.23 0.20 0.17 0.15 0.18
Interest & Investment Income		 0.32 0.30 0.33 0.31 0.27 0.23 0.23 0.20 0.17 0.15 0.18
Income Tax Expense		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Basic Earnings per Share		 ($1.26) ($0.43) $0.66 ($0.57) ($0.41) $0.33 ($0.35) ($0.41) ($0.59) ($0.42) ($0.54)
Weighted Average Basic Shares Outstanding		 5.29M 5.27M 5.32M 5.34M 5.35M 5.34M 5.35M 5.35M 5.41M 5.45M 6.80M
Diluted Earnings per Share		 ($1.27) ($0.43) $0.66 ($0.56) ($0.44) $0.33 ($0.35) ($0.41) ($0.59) ($0.34) ($0.54)
Weighted Average Diluted Shares Outstanding		 5.29M 5.27M 5.36M 5.34M 5.35M 5.42M 5.35M 5.35M 5.41M 5.71M 6.80M
Weighted Average Basic & Diluted Shares Outstanding		 5.32M 5.32M 5.35M 5.35M 5.35M 5.35M 5.35M 5.42M 5.55M 7.30M 8.24M

Annual Cash Flow Statements for Lipocine

This table details how cash moves in and out of Lipocine's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -7.66 -14 -2.35 9.87 1.65 9.49 -21 0.20 1.62 1.43 -1.00
Net Cash From Operating Activities		 -15 -18 -17 -12 -12 -15 -4.41 -12 -12 -1.22 -9.76
Net Cash From Continuing Operating Activities		 -15 -18 -17 -12 -12 -15 -4.41 -12 -12 -1.22 -9.76
Net Income / (Loss) Continuing Operations		 -18 -19 -21 -12 -13 -21 -0.63 -11 -16 0.01 -9.63
Consolidated Net Income / (Loss)		 -18 -19 -21 -12 -13 -21 -0.63 -11 -16 0.01 -9.63
Depreciation Expense		 0.03 0.03 0.03 0.02 0.02 0.00 0.00 0.01 0.03 0.04 0.06
Amortization Expense		 - 0.22 -0.10 -0.20 -0.16 -0.00 0.52 -0.12 -0.95 -0.70 -0.19
Non-Cash Adjustments To Reconcile Net Income		 1.33 2.37 2.72 1.76 1.02 4.14 -3.75 0.04 4.11 0.48 0.24
Changes in Operating Assets and Liabilities, net		 1.49 -1.94 1.64 -1.99 0.47 1.52 -0.54 -1.14 1.30 -1.06 -0.24
Net Cash From Investing Activities		 -25 3.23 3.13 11 3.00 3.89 -44 14 13 2.45 5.89
Net Cash From Continuing Investing Activities		 -25 3.23 3.13 11 3.00 3.89 -44 14 13 2.45 5.89
Purchase of Property, Plant & Equipment		 -0.03 -0.06 0.00 - - 0.00 -0.01 -0.13 -0.01 -0.09 0.00
Purchase of Investments		 -26 -25 -33 -26 -17 -6.32 -48 -45 -23 -33 -15
Sale and/or Maturity of Investments		 0.80 29 36 37 20 10 4.65 60 36 35 21
Net Cash From Financing Activities		 33 0.61 11 11 10 21 27 -2.13 0.40 0.21 2.87
Net Cash From Continuing Financing Activities		 33 0.61 11 11 10 21 27 -2.13 0.40 0.21 2.87
Issuance of Common Equity		 32 0.00 11 0.65 5.60 15 27 -0.02 0.40 0.21 2.87
Cash Income Taxes Paid		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Quarterly Cash Flow Statements for Lipocine

This table details how cash moves in and out of Lipocine's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -0.94 0.70 -1.69 2.47 -1.81 2.46 -2.85 2.69 -2.14 1.30 -0.19
Net Cash From Operating Activities		 -2.61 -2.02 2.41 -2.50 -2.83 1.70 -1.97 -1.89 -2.99 -2.92 -2.26
Net Cash From Continuing Operating Activities		 -2.61 -2.02 2.41 -2.50 -2.83 1.70 -1.97 -1.89 -2.99 -2.92 -2.26
Net Income / (Loss) Continuing Operations		 -6.65 -2.28 3.51 -3.07 -2.22 1.78 -1.86 -2.21 -3.19 -2.37 -3.67
Consolidated Net Income / (Loss)		 -6.65 -2.28 3.51 -3.07 -2.22 1.78 -1.86 -2.21 -3.19 -2.37 -3.67
Depreciation Expense		 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.01 0.01 0.01
Amortization Expense		 -0.24 -0.20 -0.21 -0.20 -0.17 -0.12 -0.06 -0.03 -0.03 -0.07 -0.10
Non-Cash Adjustments To Reconcile Net Income		 3.78 0.11 0.14 0.19 -0.03 0.19 0.07 0.07 0.05 0.05 1.09
Changes in Operating Assets and Liabilities, net		 0.49 0.34 -1.04 0.57 -0.42 -0.16 -0.13 0.27 0.17 -0.55 0.40
Net Cash From Investing Activities		 1.24 2.73 -4.09 4.75 1.02 0.76 -0.88 4.50 0.70 1.57 -9.90
Net Cash From Continuing Investing Activities		 1.24 2.73 -4.09 4.75 1.02 0.76 -0.88 4.50 0.70 1.57 -9.90
Purchase of Investments		 -4.76 -9.36 -11 -6.75 -5.60 -9.73 -5.08 - -5.20 -4.43 -15
Sale and/or Maturity of Investments		 6.00 12 6.70 12 6.70 11 4.20 4.50 5.90 6.00 5.30
Net Cash From Financing Activities		 0.42 -0.01 -0.01 0.22 - - 0.00 0.08 0.14 2.65 12
Net Cash From Continuing Financing Activities		 0.42 -0.01 -0.01 0.22 - - 0.00 0.08 0.14 2.65 12
Issuance of Common Equity		 0.42 -0.01 - - - - 0.00 0.08 0.14 2.65 12
Other Financing Activities, net		 - - - - - - 0.00 - - - 0.01

Annual Balance Sheets for Lipocine

This table presents Lipocine's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 45 27 25 21 20 25 52 38 23 23 17
Total Current Assets		 45 27 25 21 20 25 46 34 23 22 17
Cash & Equivalents		 20 5.56 3.21 8.08 9.73 19 2.95 3.15 4.77 6.21 5.21
Short-Term Investments		 24 21 18 7.17 4.34 0.45 42 29 17 15 9.72
Note & Lease Receivable		 0.14 0.04 0.02 0.04 0.02 0.00 0.25 0.08 0.05 0.12 0.01
Prepaid Expenses		 0.35 0.33 0.41 0.52 0.55 0.66 1.51 0.95 0.77 0.48 0.79
Other Current Assets		 - 0.00 3.32 - - - 0.00 0.58 - 0.09 1.15
Plant, Property, & Equipment, net		 0.08 0.10 0.08 0.02 0.00 0.00 0.01 0.13 0.12 0.17 0.10
Total Noncurrent Assets		 0.42 0.03 0.03 0.02 0.02 0.02 6.10 3.28 0.02 0.02 0.02
Other Noncurrent Operating Assets		 0.02 0.03 0.03 0.02 0.02 0.02 4.07 3.28 0.02 0.02 0.02
Total Liabilities & Shareholders' Equity		 45 27 25 21 20 25 52 38 23 23 17
Total Liabilities		 3.39 1.33 6.35 11 13 10 6.91 1.91 2.63 1.51 2.53
Total Current Liabilities		 3.39 1.33 6.35 4.49 4.96 6.58 5.62 1.68 2.63 1.51 2.53
Accounts Payable		 0.51 0.25 0.60 0.67 1.18 1.60 1.29 0.60 1.40 0.27 0.97
Accrued Expenses		 2.88 1.08 1.50 0.49 0.45 1.65 1.02 1.08 1.22 0.92 1.24
Current Deferred Revenue		 - - - - - - - - 0.00 0.32 0.32
Total Noncurrent Liabilities		 0.00 0.00 0.00 6.93 8.41 3.43 1.30 0.23 0.00 0.00 0.00
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 42 26 19 9.43 6.29 15 46 36 20 21 14
Total Preferred & Common Equity		 42 26 19 9.43 6.29 15 46 36 20 21 14
Total Common Equity		 42 26 19 9.43 6.29 15 46 36 20 21 14
Common Stock		 129 131 145 148 157 187 218 219 220 221 224
Retained Earnings		 -86 -105 -126 -138 -151 -172 -173 -183 -200 -200 -209
Treasury Stock		 -0.04 -0.04 -0.04 -0.04 -0.04 -0.04 -0.04 -0.04 -0.04 -0.04 -0.04
Accumulated Other Comprehensive Income / (Loss)		 -0.03 -0.01 -0.00 -0.00 -0.00 0.00 -0.02 -0.02 0.01 0.01 0.00

Quarterly Balance Sheets for Lipocine

This table presents Lipocine's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 25 25 23 21 20 19 16 25
Total Current Assets		 25 25 23 21 20 18 16 25
Cash & Equivalents		 4.07 3.08 5.55 3.74 3.35 6.04 3.90 5.02
Short-Term Investments		 20 22 17 16 16 12 11 20
Note & Lease Receivable		 0.04 0.10 0.06 0.09 0.18 0.12 0.12 0.11
Prepaid Expenses		 0.59 0.58 0.30 0.59 0.43 0.36 0.68 0.29
Other Current Assets		 0.13 - - - - - - 0.12
Plant, Property, & Equipment, net		 0.11 0.11 0.10 0.17 0.15 0.13 0.12 0.09
Total Noncurrent Assets		 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
Other Noncurrent Operating Assets		 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
Total Liabilities & Shareholders' Equity		 25 25 23 21 20 19 16 25
Total Liabilities		 2.27 1.49 1.82 1.58 1.30 1.45 1.93 2.53
Total Current Liabilities		 2.24 1.49 1.82 1.58 1.30 1.45 1.93 2.53
Accounts Payable		 1.10 0.67 0.45 0.29 0.36 0.44 0.86 1.56
Accrued Expenses		 1.14 0.76 1.23 1.29 0.62 0.69 0.75 0.65
Current Deferred Revenue		 - - - - 0.32 0.32 0.32 0.32
Total Noncurrent Liabilities		 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 22 24 21 19 19 17 14 23
Total Preferred & Common Equity		 22 24 21 19 19 17 14 23
Total Common Equity		 22 24 21 19 19 17 14 23
Common Stock		 220 220 221 221 221 221 221 236
Retained Earnings		 -197 -196 -199 -202 -202 -204 -207 -213
Treasury Stock		 -0.04 -0.04 -0.04 -0.04 -0.04 -0.04 -0.04 -0.04
Accumulated Other Comprehensive Income / (Loss)		 -0.01 -0.01 -0.01 0.01 0.01 -0.00 0.00 -0.01

Annual Metrics And Ratios for Lipocine

This table displays calculated financial ratios and metrics derived from Lipocine's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 18,253,456.00 18,260,893.00 21,196,537.00 21,464,030.00 25,401,965.00 65,686,150.00 88,290,650.00 88,510,791.00 5,315,830.00 5,347,940.00 5,551,931.00
DEI Adjusted Shares Outstanding		 1,073,733.00 1,074,170.00 1,246,855.00 1,262,590.00 1,494,233.00 3,863,891.00 5,193,568.00 5,206,517.00 5,315,830.00 5,347,940.00 5,551,931.00
DEI Earnings Per Adjusted Shares Outstanding		 -16.96 -17.66 -16.83 -9.24 -8.71 -5.43 -0.12 -2.07 -3.08 0.00 -1.73
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% -61.45% -100.00% 0.00% -96.90% -692.16% 478.21% -82.35%
EBITDA Growth		 10.69% -2.93% -12.50% 43.77% -8.22% -63.02% 100.08% -65,898.44% -63.30% 90.37% -485.28%
EBIT Growth		 10.62% -4.19% -10.60% 44.43% -8.62% -64.95% 97.61% -2,167.00% -56.75% 93.58% -811.47%
NOPAT Growth		 10.25% -4.38% -10.59% 46.62% -13.90% -39.50% 117.48% -485.29% -47.95% 91.49% -579.80%
Net Income Growth		 10.62% -4.19% -10.60% 44.43% -11.56% -61.18% 96.97% -1,595.88% -51.99% 100.05% -115,371.85%
EPS Growth		 30.63% 6.31% -0.96% 47.62% 9.09% 24.00% 97.37% -1,595.88% -46.05% 100.00% 0.00%
Operating Cash Flow Growth		 11.26% -19.05% 8.64% 27.68% 3.42% -31.17% 71.17% -171.32% 0.86% 89.71% -699.25%
Free Cash Flow Firm Growth		 15.55% -35.42% 14.39% 25.24% 59.89% -266.58% 80.86% -272.98% 24.81% 73.03% -254.70%
Invested Capital Growth		 -114.20% 70.57% -202.14% 77.61% -911.25% 33.69% 133.23% 150.19% -153.66% 61.84% 28.75%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 29,250.18% -96.99% 3.46% 43.33% -54.27%
EBITDA Q/Q Growth		 -3.37% 9.19% -11.73% 13.82% -0.15% -25.38% 100.10% -381.35% -0.50% 70.17% -61.84%
EBIT Q/Q Growth		 -3.37% 8.08% -11.43% 14.00% -0.32% -25.51% 97.20% -393.08% -0.31% 78.40% -64.46%
NOPAT Q/Q Growth		 -3.58% 8.06% -12.68% 16.46% -2.19% -8.13% 121.78% -363.04% -0.18% 71.18% -64.36%
Net Income Q/Q Growth		 -3.37% 8.08% -12.70% 15.30% -0.51% -6.17% 96.43% -362.71% -0.32% 100.21% -75.84%
EPS Q/Q Growth		 4.31% 9.57% -10.53% 16.67% 9.09% -26.67% 95.00% -362.71% -1.95% 100.00% -67.33%
Operating Cash Flow Q/Q Growth		 6.41% 1.96% -11.70% 14.59% -10.15% -2.52% 74.19% -954.18% -1.57% 75.31% -89.92%
Free Cash Flow Firm Q/Q Growth		 9.36% -0.50% -8.72% 14.08% 48.34% -47.60% 73.14% -258.89% -0.14% 51.94% -80.01%
Invested Capital Q/Q Growth		 -77.32% 3.93% -30.37% -823.29% -409.83% -27.29% 145.71% -8.49% -21.93% 10.02% 54.20%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 100.00% 100.00% 0.00% 100.00% 100.00% 0.00% 100.00% 100.00%
EBITDA Margin		 0.00% 0.00% 0.00% -2,765.94% -7,765.78% 0.00% 0.11% -2,283.21% 0.00% -16.03% -531.37%
Operating Margin		 0.00% 0.00% 0.00% -2,646.03% -7,818.83% 0.00% 19.49% -2,423.88% 0.00% -10.31% -524.69%
EBIT Margin		 0.00% 0.00% 0.00% -2,723.94% -7,675.55% 0.00% -3.09% -2,260.69% 0.00% -10.16% -524.69%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% -2,724.11% -7,883.72% 0.00% -3.93% -2,151.73% 0.00% 0.07% -487.06%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.01% 100.00% 100.00% 100.03% 100.01% 100.00% 92.46% 100.00%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 102.71% 100.36% 127.19% 95.17% 92.29% -0.79% 92.83%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 7.54% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -390.40% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -384.48% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 363.90% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -53.28% -55.80% -93.26% -82.07% -165.47% -193.85% -2.08% -26.50% -58.40% 0.04% -54.28%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -223.54% -476.17% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% -50.50% -62.52% 0.00% -1.28% -25.11% 0.00% -5.00% -52.49%
Return on Assets (ROA)		 0.00% 0.00% 0.00% -50.50% -64.22% 0.00% -1.63% -23.90% 0.00% 0.04% -48.73%
Return on Common Equity (ROCE)		 -53.28% -55.80% -93.26% -82.07% -165.47% -193.85% -2.08% -26.50% -58.40% 0.04% -54.28%
Return on Equity Simple (ROE_SIMPLE)		 -43.37% -72.92% -110.55% -123.60% -206.87% -136.65% -1.39% -30.19% -80.28% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -13 -13 -15 -7.93 -9.03 -13 2.20 -8.48 -13 -1.07 -7.26
NOPAT Margin		 0.00% 0.00% 0.00% -1,852.22% -5,473.18% 0.00% 13.64% -1,696.71% 0.00% -9.54% -367.28%
Net Nonoperating Expense Percent (NNEP)		 -14.74% -15.47% -25.38% -23.73% -36.30% -53.99% -8.95% -5.92% -13.93% 4.93% -12.95%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - -61.62% -5.09% -50.15%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 1,235.69% 3,392.37% 0.00% 33.02% 812.50% 0.00% 44.66% 190.43%
R&D to Revenue		 0.00% 0.00% 0.00% 1,510.34% 4,526.46% 0.00% 47.49% 1,711.38% 0.00% 65.65% 434.26%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 2,746.03% 7,918.83% 0.00% 80.51% 2,523.88% 0.00% 110.31% 624.69%
Earnings before Interest and Taxes (EBIT)		 -18 -19 -21 -12 -13 -21 -0.50 -11 -18 -1.14 -10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -18 -19 -21 -12 -13 -21 0.02 -11 -19 -1.79 -11
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.62 2.58 3.84 2.96 1.56 5.82 1.92 0.99 0.73 1.24 3.08
Price to Tangible Book Value (P/TBV)		 5.62 2.58 3.84 2.96 1.56 5.82 1.92 0.99 0.73 1.24 3.08
Price to Revenue (P/Rev)		 0.00 0.00 0.00 65.19 59.26 0.00 5.42 70.42 0.00 2.33 22.55
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,124.75 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.03% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 34.79 0.86 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 41.85 0.00 0.00 2.67 5.36 0.00 0.40 15.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 2,488.53 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 19.61 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 1.09 1.14 0.36 0.05 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.73 0.61 0.15 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -1.06 -1.05 -1.07 -1.11 -1.39 -1.43 -1.04 -0.95 -0.97 -1.06 -1.03
Leverage Ratio		 1.07 1.07 1.17 1.63 2.58 2.08 1.28 1.11 1.08 1.10 1.11
Compound Leverage Factor		 1.07 1.07 1.17 1.63 2.65 2.09 1.63 1.06 1.00 -0.01 1.03
Debt to Total Capital		 0.00% 0.00% 0.00% 52.10% 53.20% 26.71% 4.83% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 16.93% 24.81% 15.92% 4.83% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 35.17% 28.39% 10.78% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 47.90% 46.80% 73.29% 95.17% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 -0.87 -0.56 -0.27 133.19 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.84 0.93 0.91 -2,554.98 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 -0.59 -0.30 -0.11 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 -1.29 -0.79 -0.44 1.05 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 1.26 1.32 1.51 -20.13 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 -0.87 -0.42 -0.18 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 38.86 23.85 -1.93 -8.69 -11.54 -5.98 4.20 4.29 -10.39 -0.63 -7.54
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 13.23 20.52 3.97 4.63 3.95 3.85 8.26 20.34 8.69 14.75 6.68
Quick Ratio		 13.13 20.27 3.39 3.40 2.84 2.99 7.99 19.43 8.39 14.38 5.91
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -11 -15 -13 -9.86 -3.95 -14 -2.77 -10 -7.78 -2.10 -7.44
Operating Cash Flow to CapEx		 -53,526.80% -30,648.68% 0.00% 0.00% 0.00% 0.00% -58,112.28% -8,943.23% -90,119.17% -1,355.63% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 -5.16 -95.48 -13.65 -381.86 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 -15.22 -100.80 -21.70 -441.69 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -15.22 -100.80 -21.74 -446.63 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.02 0.01 0.00 0.41 0.01 0.00 0.49 0.10
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 9.10 14.63 0.00 0.00 7.20 0.00 79.65 14.68
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -2.80 -0.82 -2.49 -0.56 -5.63 -3.74 1.24 3.11 -1.67 -0.64 -0.45
Invested Capital Turnover		 0.00 0.00 0.00 -0.28 -0.05 0.00 -12.94 0.23 0.00 -9.73 -3.63
Increase / (Decrease) in Invested Capital		 -1.49 1.97 -1.66 1.93 -5.08 1.90 4.98 1.86 -4.77 1.03 0.18
Enterprise Value (EV)		 191 40 51 18 -2.14 70 43 2.68 -7.20 4.46 30
Market Capitalization		 236 67 73 28 9.78 89 88 35 15 26 45
Book Value per Share		 $2.30 $1.42 $0.90 $0.44 $0.25 $0.23 $0.52 $0.40 $3.83 $3.93 $2.61
Tangible Book Value per Share		 $2.30 $1.42 $0.90 $0.44 $0.25 $0.23 $0.52 $0.40 $3.83 $3.93 $2.61
Total Capital		 42 26 19 20 13 21 48 36 20 21 14
Total Debt		 0.00 0.00 0.00 10 7.15 5.59 2.31 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 6.93 3.81 2.26 0.00 0.00 0.00 0.00 0.00
Net Debt		 -45 -27 -21 -9.99 -12 -19 -44 -33 -22 -22 -15
Capital Expenditures (CapEx)		 0.03 0.06 0.00 0.00 0.00 0.00 0.01 0.13 0.01 0.09 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2.90 -0.96 -2.59 -0.60 -1.07 -2.59 -1.54 -0.07 -1.81 -0.82 -0.58
Debt-free Net Working Capital (DFNWC)		 41 26 19 20 18 22 43 32 20 21 14
Net Working Capital (NWC)		 41 26 19 16 15 19 41 32 20 21 14
Net Nonoperating Expense (NNE)		 5.34 5.54 6.13 3.73 3.98 8.37 2.84 2.28 3.80 -1.08 2.37
Net Nonoperating Obligations (NNO)		 -45 -27 -21 -9.99 -12 -19 -44 -33 -22 -22 -15
Total Depreciation and Amortization (D&A)		 0.03 0.26 -0.07 -0.18 -0.15 0.00 0.52 -0.11 -0.92 -0.66 -0.13
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% -140.13% -648.00% 0.00% -9.57% -14.59% 0.00% -7.36% -29.39%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 4,590.97% 10,909.41% 0.00% 266.86% 6,491.39% 0.00% 185.82% 725.93%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 3,812.21% 8,889.08% 0.00% 252.55% 6,491.39% 0.00% 185.82% 725.93%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($18.87) ($17.68) ($17.85) ($9.35) ($8.50) ($6.46) ($0.17) ($2.04) ($3.10) $0.00 ($1.77)
Adjusted Weighted Average Basic Shares Outstanding		 968.87K 1.07M 1.18M 1.26M 1.52M 3.28M 5.11M 5.20M 5.27M 5.34M 5.45M
Adjusted Diluted Earnings per Share		 ($18.87) ($17.68) ($17.85) ($9.35) ($8.50) ($6.46) ($0.17) ($2.21) ($3.14) $0.00 ($1.69)
Adjusted Weighted Average Diluted Shares Outstanding		 968.87K 1.07M 1.18M 1.26M 1.52M 3.28M 5.11M 5.23M 5.27M 5.42M 5.71M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 1.07M 1.09M 1.25M 1.40M 2.81M 5.19M 5.19M 5.21M 5.32M 5.35M 7.30M
Normalized Net Operating Profit after Tax (NOPAT)		 -13 -13 -15 -7.93 -9.03 -13 2.20 -8.48 -13 -1.07 -7.26
Normalized NOPAT Margin		 0.00% 0.00% 0.00% -1,852.22% -5,473.18% 0.00% 13.64% -1,696.71% 0.00% -9.54% -367.28%
Pre Tax Income Margin		 0.00% 0.00% 0.00% -2,723.94% -7,883.60% 0.00% -3.93% -2,151.59% 0.00% 0.08% -487.04%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 -16.52 -137.59 -2.45 -417.13 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 -11.78 -82.98 10.83 -313.07 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -16.52 -137.59 -2.49 -422.07 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 -11.78 -82.98 10.79 -318.01 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Lipocine

This table displays calculated financial ratios and metrics derived from Lipocine's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 5,315,830.00 5,315,830.00 5,315,830.00 5,347,940.00 5,347,940.00 5,347,940.00 5,350,356.00 5,350,356.00 5,419,047.00 5,551,931.00 7,299,687.00
DEI Adjusted Shares Outstanding		 5,315,830.00 5,315,830.00 5,315,830.00 5,347,940.00 5,347,940.00 5,347,940.00 5,350,356.00 5,350,356.00 5,419,047.00 5,551,931.00 7,299,687.00
DEI Earnings Per Adjusted Shares Outstanding		 -1.25 -0.43 0.66 -0.57 -0.41 0.33 -0.35 -0.41 -0.59 -0.43 -0.50
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 13,751.93% 0.00% 100.00% 3,187.54% -98.77% 595.42% 0.00% -67.19% 27.20%
EBITDA Growth		 -174.81% -3.45% 166.28% 14.60% 63.18% 152.10% -171.67% 32.04% -27.48% -277.53% -84.31%
EBIT Growth		 -170.82% -2.16% 175.05% 14.03% 64.23% 160.02% -165.68% 28.80% -34.85% -262.41% -84.17%
NOPAT Growth		 -142.93% -1.27% 206.10% 16.76% 62.65% 185.13% -145.41% 26.98% -27.77% -213.95% -84.17%
Net Income Growth		 -176.07% -2.35% 190.79% 13.53% 66.64% 178.09% -153.08% 28.12% -43.63% -232.99% -96.90%
EPS Growth		 -144.23% 0.00% 186.84% 17.65% 65.35% 176.74% -153.03% 26.79% -34.09% -203.03% -54.29%
Operating Cash Flow Growth		 18.52% -9.97% 161.29% 24.53% -8.71% 184.16% -181.80% 24.48% -5.39% -271.54% -14.62%
Free Cash Flow Firm Growth		 97.90% 180.84% 265.02% 159.19% -1,363.92% -82.57% -123.18% -223.28% 17.23% -477.36% 18.87%
Invested Capital Growth		 -140.27% -153.66% -121.86% -148.53% 48.30% 61.84% 23.24% 39.78% -39.98% 28.75% -266.15%
Revenue Q/Q Growth		 0.00% 103.40% 7,072.41% -98.82% -100.00% 0.00% -97.31% 563.57% -81.60% 899.69% -89.58%
EBITDA Q/Q Growth		 -72.54% 61.46% 207.22% -219.78% 25.60% 154.53% -247.49% -13.59% -39.55% 24.07% -53.13%
EBIT Q/Q Growth		 -77.40% 62.96% 223.30% -206.11% 26.20% 162.15% -234.93% -15.03% -39.79% 25.15% -53.01%
NOPAT Q/Q Growth		 -78.06% 63.18% 277.51% -171.53% 20.11% 183.93% -194.67% -15.03% -39.79% 25.15% -53.01%
Net Income Q/Q Growth		 -87.42% 65.69% 253.95% -187.34% 27.69% 180.32% -204.64% -18.28% -44.48% 25.63% -54.93%
EPS Q/Q Growth		 -86.76% 66.14% 253.49% -184.85% 21.43% 175.00% -206.06% -17.14% -43.90% 42.37% -58.82%
Operating Cash Flow Q/Q Growth		 21.26% 22.40% 219.05% -203.75% -13.42% 160.08% -215.71% 4.22% -58.29% 2.22% 22.69%
Free Cash Flow Firm Q/Q Growth		 94.37% 1,829.94% 136.43% -74.28% -239.14% 120.59% -414.52% -36.79% 6.59% 6.11% 32.38%
Invested Capital Q/Q Growth		 -149.47% -21.93% 59.45% -98.41% 47.29% 10.02% 18.43% -55.67% -22.52% 54.20% -319.18%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 100.00% 100.00% 100.00% 0.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 0.00% -2,613.57% 39.07% -3,980.05% 0.00% 41.42% -2,272.25% -388.96% -2,950.78% -224.14% -3,292.43%
Operating Margin		 0.00% -2,441.93% 42.31% -3,676.18% 0.00% 44.27% -2,226.82% -386.03% -2,933.51% -219.65% -3,224.09%
EBIT Margin		 0.00% -2,430.37% 41.78% -3,770.44% 0.00% 44.37% -2,226.82% -386.03% -2,933.51% -219.65% -3,224.09%
Profit (Net Income) Margin		 0.00% -2,148.99% 46.13% -3,426.15% 0.00% 51.04% -1,986.78% -354.13% -2,781.46% -206.92% -3,075.37%
Tax Burden Percent		 100.00% 100.02% 99.99% 100.02% 100.00% 100.00% 100.01% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 95.44% 88.40% 110.41% 90.85% 89.02% 115.05% 89.21% 91.74% 94.82% 94.21% 95.39%
Effective Tax Rate		 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 161.22% -16,982.61% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 160.13% -16,979.45% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% -153.21% 16,494.37% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -54.21% -58.40% 8.00% -488.25% -19.50% 0.04% -24.89% -23.51% -32.92% -54.28% -54.41%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 6.47% -661.00% 0.00% 21.83% -356.21% -78.08% -689.70% -21.97% -281.54%
Return on Assets (ROA)		 0.00% 0.00% 7.14% -600.64% 0.00% 25.12% -317.81% -71.63% -653.95% -20.70% -268.55%
Return on Common Equity (ROCE)		 -54.21% -58.40% 8.00% -488.25% -19.50% 0.04% -24.89% -23.51% -32.92% -54.28% -54.41%
Return on Equity Simple (ROE_SIMPLE)		 -72.50% 0.00% -37.44% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -4.93 -1.82 3.22 -2.30 -1.84 1.55 -1.46 -1.68 -2.35 -1.76 -2.69
NOPAT Margin		 0.00% -1,709.35% 42.30% -2,573.32% 0.00% 44.27% -1,558.78% -270.22% -2,053.46% -153.75% -2,256.86%
Net Nonoperating Expense Percent (NNEP)		 -5.92% -1.71% 1.09% -3.16% -1.73% 1.08% -1.81% -2.58% -4.77% -3.33% -4.40%
Return On Investment Capital (ROIC_SIMPLE)		 - -8.91% 13.45% -10.87% -9.63% 7.36% -7.62% -9.83% -16.64% -12.16% -11.80%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 1,068.36% 20.69% 1,683.04% 0.00% 25.01% 1,195.85% 142.96% 670.17% 85.86% 1,008.79%
R&D to Revenue		 0.00% 1,577.13% 37.01% 2,093.14% 0.00% 30.73% 1,130.97% 343.06% 2,363.34% 233.79% 2,315.30%
Operating Expenses to Revenue		 0.00% 2,645.49% 57.69% 3,776.18% 0.00% 55.73% 2,326.82% 486.03% 3,033.51% 319.65% 3,324.09%
Earnings before Interest and Taxes (EBIT)		 -6.97 -2.58 3.18 -3.38 -2.49 1.55 -2.09 -2.40 -3.36 -2.52 -3.85
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -7.20 -2.78 2.98 -3.56 -2.65 1.45 -2.13 -2.42 -3.38 -2.57 -3.93
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.70 0.73 1.15 2.08 1.26 1.24 0.89 0.99 1.09 3.08 2.55
Price to Tangible Book Value (P/TBV)		 0.70 0.73 1.15 2.08 1.26 1.24 0.89 0.99 1.09 3.08 2.55
Price to Revenue (P/Rev)		 0.00 0.00 6.01 9.39 3.07 2.33 4.63 4.02 3.57 22.55 29.13
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 3,124.75 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.65 4.59 0.54 0.40 0.00 0.00 0.07 15.00 16.78
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.97 -0.97 -0.96 -0.97 -1.05 -1.06 -1.03 -1.06 -1.05 -1.03 -1.06
Leverage Ratio		 1.07 1.08 1.06 1.08 1.09 1.10 1.06 1.09 1.11 1.11 1.09
Compound Leverage Factor		 1.02 0.96 1.17 0.98 0.97 1.27 0.95 1.00 1.05 1.05 1.04
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -6.95 -8.22 2.05 3.20 -3.44 -0.24 -4.96 -7.46 -12.61 -6.02 2.73
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 10.98 8.69 16.99 12.56 12.97 14.75 15.64 12.71 8.25 6.68 9.99
Quick Ratio		 10.66 8.39 16.60 12.40 12.59 14.38 15.31 12.46 7.90 5.91 9.83
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -0.17 2.96 6.99 1.80 -2.50 0.52 -1.62 -2.22 -2.07 -1.94 -1.31
Operating Cash Flow to CapEx		 0.00% -22,060.71% 0.00% 0.00% 0.00% 16,986.99% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.15 0.18 0.34 0.49 0.16 0.20 0.24 0.10 0.09
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 38.61 42.31 54.72 79.65 28.59 36.20 29.82 14.68 16.76
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -1.37 -1.67 -0.68 -1.34 -0.71 -0.64 -0.52 -0.81 -0.99 -0.45 -1.90
Invested Capital Turnover		 0.00 0.00 3.81 6.60 -7.54 -9.73 -6.15 -3.92 -5.10 -3.63 -1.66
Increase / (Decrease) in Invested Capital		 -4.76 -4.77 -3.77 -4.10 0.66 1.03 0.16 0.53 -0.28 0.18 -1.38
Enterprise Value (EV)		 -8.01 -7.20 3.01 22 4.19 4.46 -2.70 -1.03 0.31 30 34
Market Capitalization		 16 15 28 44 24 26 17 17 15 45 58
Book Value per Share		 $4.23 $3.83 $4.51 $3.97 $3.57 $3.93 $3.59 $3.20 $2.61 $2.61 $3.13
Tangible Book Value per Share		 $4.23 $3.83 $4.51 $3.97 $3.57 $3.93 $3.59 $3.20 $2.61 $2.61 $3.13
Total Capital		 22 20 24 21 19 21 19 17 14 14 23
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -24 -22 -25 -23 -20 -22 -20 -18 -15 -15 -25
Capital Expenditures (CapEx)		 0.00 0.01 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1.48 -1.81 -0.81 -1.46 -0.90 -0.82 -0.69 -0.96 -1.13 -0.58 -2.01
Debt-free Net Working Capital (DFNWC)		 22 20 24 21 19 21 19 17 14 14 23
Net Working Capital (NWC)		 22 20 24 21 19 21 19 17 14 14 23
Net Nonoperating Expense (NNE)		 1.72 0.47 -0.29 0.76 0.38 -0.24 0.40 0.52 0.83 0.61 0.98
Net Nonoperating Obligations (NNO)		 -24 -22 -25 -23 -20 -22 -20 -18 -15 -15 -25
Total Depreciation and Amortization (D&A)		 -0.23 -0.19 -0.21 -0.19 -0.16 -0.10 -0.04 -0.02 -0.02 -0.05 -0.08
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% -17.54% -31.19% -11.53% -7.36% -18.83% -22.92% -26.19% -29.39% -100.49%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 517.78% 449.49% 242.20% 185.82% 517.76% 403.30% 323.85% 725.93% 1,134.60%
Net Working Capital to Revenue		 0.00% 0.00% 517.78% 449.49% 242.20% 185.82% 517.76% 403.30% 323.85% 725.93% 1,134.60%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.26) ($0.43) $0.66 ($0.57) ($0.41) $0.33 ($0.35) ($0.41) ($0.59) ($0.42) ($0.54)
Adjusted Weighted Average Basic Shares Outstanding		 5.29M 5.27M 5.32M 5.34M 5.35M 5.34M 5.35M 5.35M 5.41M 5.45M 6.80M
Adjusted Diluted Earnings per Share		 ($1.27) ($0.43) $0.66 ($0.56) ($0.44) $0.33 ($0.35) ($0.41) ($0.59) ($0.34) ($0.54)
Adjusted Weighted Average Diluted Shares Outstanding		 5.29M 5.27M 5.36M 5.34M 5.35M 5.42M 5.35M 5.35M 5.41M 5.71M 6.80M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($0.43) $0.00 $0.00 $0.00 $0.33 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 5.32M 5.32M 5.35M 5.35M 5.35M 5.35M 5.35M 5.42M 5.55M 7.30M 8.24M
Normalized Net Operating Profit after Tax (NOPAT)		 -4.93 -1.82 3.22 -2.30 -1.84 1.08 -1.46 -1.68 -2.35 -1.76 -2.69
Normalized NOPAT Margin		 0.00% -1,709.35% 42.30% -2,573.32% 0.00% 30.99% -1,558.78% -270.22% -2,053.46% -153.75% -2,256.86%
Pre Tax Income Margin		 0.00% -2,148.47% 46.13% -3,425.62% 0.00% 51.04% -1,986.57% -354.13% -2,781.46% -206.92% -3,075.37%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Lipocine’s Q1 2026 results show a company that is still losing money on operations, but it remains well-capitalized for the near term. Revenue was modest at $119.4 thousand, while the quarterly net loss was $3.7 million. The bigger picture, though, is that Lipocine ended the quarter with $24.7 million in cash and short-term investments, giving it a sizable liquidity cushion relative to its current burn rate.

What stands out most is the turnaround from late 2024 into 2025 and early 2026: Lipocine moved from a profitable Q4 2024 to a string of losses in 2025 and Q1 2026 as revenue dropped sharply and operating costs stayed elevated. The company continues to rely on investment income and financing activity to support operations, while dilution has also been a factor.

  • Lipocine finished Q1 2026 with $24.7 million in cash, equivalents, and short-term investments, up from $15.1 million at the end of Q3 2025.
  • The company generated $119.4 thousand in revenue in Q1 2026, which is small but still positive.
  • Current assets of $25.2 million far exceeded current liabilities of $2.5 million, indicating a strong short-term liquidity position.
  • Lipocine has no long-term debt on the balance sheet, which reduces financial risk.
  • Operating cash outflow in Q1 2026 was $2.3 million, which is manageable compared with its cash reserves.
  • The company recorded $1.8 million in interest and investment income and used investment sales to help fund operations.
  • Q1 2026 included $11.96 million of common equity issuance, showing continued access to external capital.
  • Shares outstanding have drifted higher over time, signaling ongoing dilution risk for existing shareholders.
  • Q1 2026 net loss widened to $3.7 million from $2.4 million in Q4 2025.
  • Revenue fell sharply to $119.4 thousand in Q1 2026 from $1.15 million in Q4 2025, showing uneven commercial performance.

Looking at the multi-quarter trend, revenue has been highly volatile. Lipocine posted strong quarterly revenue in Q4 2024 at $3.5 million, but that was followed by much weaker quarters through 2025 and Q1 2026. Q1 2025 revenue was only $93.9 thousand, Q2 2025 was $622.8 thousand, Q3 2025 was $114.6 thousand, and Q4 2025 temporarily rebounded to $1.15 million. That kind of inconsistency makes it harder to view the business as sustainably profitable yet.

Profitability remains the main issue. In Q1 2026, operating expenses totaled $4.0 million, led by $2.76 million in R&D and $1.20 million in SG&A. Even with interest income, Lipocine still posted a pre-tax loss of $3.7 million. The company has shown it can produce a profitable quarter, as seen in Q4 2024’s $1.78 million net income, but the recent trend is clearly back toward losses.

Balance sheet trends are mixed but still supportive. Cash and investments have declined from the highs seen in early 2024, but they remain substantial. Total equity increased to $22.8 million in Q1 2026 from $14.1 million in Q3 2025, largely helped by equity issuance. That improves the capital base, but it also points to shareholder dilution as a recurring funding source.

Bottom line: Lipocine appears financially stable in the short term thanks to a healthy cash position and no debt, but the underlying business is still not consistently generating enough revenue to cover operating costs. For retail investors, the stock story still hinges on whether management can turn its intermittent revenue into a more durable commercial model before dilution and losses erode the balance sheet further.

07/21/26 11:41 AM ETAI Generated. May Contain Errors.

Lipocine Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Lipocine's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Lipocine's net income appears to be on a downward trend, with a most recent value of -$9.63 million in 2025, falling from -$18.21 million in 2015. The previous period was $8.35 thousand in 2024. View Lipocine's forecast to see where analysts expect Lipocine to go next.

Lipocine's total operating income in 2025 was -$10.37 million, based on the following breakdown:
  • Total Gross Profit: $1.98 million
  • Total Operating Expenses: $12.35 million

Over the last 10 years, Lipocine's total revenue changed from $0.00 in 2015 to $1.98 million in 2025, a change of 197,667,700.0%.

Lipocine's total liabilities were at $2.53 million at the end of 2025, a 67.1% increase from 2024, and a 25.5% decrease since 2015.

In the past 10 years, Lipocine's cash and equivalents has ranged from $2.95 million in 2021 to $20.01 million in 2015, and is currently $5.21 million as of their latest financial filing in 2025.

Over the last 10 years, Lipocine's book value per share changed from 2.30 in 2015 to 2.61 in 2025, a change of 13.4%.


Related Companies

Financial statements for NASDAQ:LPCN last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
Trump Takes Emergency Action - Plus Elon Musk's New Venture
Elon Musk has quietly launched a new venture - one that has nothing to do with rockets, EVs, or Neuralink. Tru...
Altimetry | Sponsoredtc pixel
Your $29.97 book is free today
Why Some Traders Skip Stocks Entirely You don't need a big account to trade options. In fact, options ca...
Profits Run | Sponsoredtc pixel
Ready to give options a try? Your first trade (Ticker included) -INSIDE
Tired of trying tactic after tactic when it comes to options trades... only to be met with market noise and st...
Base Camp Trading | Sponsoredtc pixel
SPCX Warning - and Worst News for Stocks in 50 Years
Goldman Sachs and Morgan Stanley are now predicting what could be the worst news for the U.S. stock market in ...
TradeSmith | Sponsoredtc pixel
CODE RED: AI Meltdown Imminent?
After correctly predicting the 2008 and 2020 stock market meltdowns, I believe this AI company is about to tri...
Paradigm Press | Sponsoredtc pixel
Elon’s new "tollbooth"
The SpaceX IPO was valued at $1.75 trillion. But one analyst says fighting over those shares may be the wrong ...
Weiss Ratings | Sponsoredtc pixel
Elon's new "super startup"
Adam O'Dell - the analyst who recommended Palantir before it became the top S&P 500 performer - has identified...
Banyan Hill Publishing | Sponsoredtc pixel
Oil is settling in yuan now - here's what that means for gold
Saudi Arabia has terminated its 1974 petrodollar agreement with the United States - the deal that forced every...
Golden Portfolio | Sponsoredtc pixel