# Lipocine Inc. (LPCN)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $13M  
**Price:** $2.20 (+11.11%)

> Lipocine Inc. is a pharmaceutical company specializing in the development and commercialization of innovative products through its proprietary oral drug delivery technology. The primary function of Lipocine Inc. is to improve patient compliance by converting drugs traditionally administered via injection into oral dosage forms. This technology enhances the absorption and bioavailability of oral medications, thereby addressing common challenges faced in drug delivery. Lipocine Inc.'s portfolio includes products targeting testosterone deficiency and metabolic disorders, with some in advanced stages of clinical trials. Operating at the intersection of the pharmaceutical and biotechnology sectors, the company plays a vital role in advancing therapeutic solutions for endocrine and metabolic ailments. Lipocine's innovations hold significant market potential, as they aim to create more patient-friendly therapeutic options, which can lead to increased adoption and market acceptance. Headquartered in Salt Lake City, Utah, Lipocine Inc. continues to explore strategic partnerships to expand its reach and impact within the healthcare industry.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $2M | — | -$10M | -$10M | $-1.69 |
| 2024 | $11M | — | -$1M | $8,352 | — |
| 2023 | -$3M | — | -$18M | -$16M | $-3.14 |
| 2022 | $500,000 | — | -$12M | -$11M | $-2.15 |
| 2021 | $16M | — | $3M | -$634,399 | $-0.01 |
| 2020 | — | — | -$18M | -$21M | $-0.38 |
| 2019 | $164,990 | — | -$13M | -$13M | $-0.50 |
| 2018 | $428,031 | — | -$11M | -$12M | $-0.55 |
| 2017 | — | — | -$21M | -$21M | $-1.05 |
| 2016 | — | — | -$19M | -$19M | $-1.04 |
| 2013 | — | — | -$11M | -$11M | $-1.44 |
| 2012 | $8M | — | $4M | $4M | $0.85 |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $17M | $3M | $14M | $5M | — |
| 2024 | $23M | $2M | $21M | $6M | — |
| 2023 | $23M | $3M | $20M | $5M | — |
| 2022 | $38M | $2M | $36M | $3M | — |
| 2021 | $52M | $7M | $46M | $3M | $2M |
| 2020 | $25M | $10M | $15M | $19M | $5M |
| 2019 | $20M | $13M | $6M | $10M | $7M |
| 2018 | $21M | $11M | $9M | $8M | $10M |
| 2017 | $25M | $6M | $19M | $3M | — |
| 2016 | $27M | $1M | $26M | $6M | — |
| 2013 | $46M | $1M | $45M | $45M | — |
| 2012 | $6M | $250,025 | $5M | $5M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$10M | — | — |
| 2024 | -$1M | $90,086 | -$1M |
| 2023 | -$12M | $13,167 | -$12M |
| 2022 | -$12M | $133,831 | -$12M |
| 2021 | -$4M | $7,591 | -$4M |
| 2020 | -$15M | — | — |
| 2019 | -$12M | — | — |
| 2018 | -$12M | — | -$12M |
| 2017 | -$17M | — | -$17M |
| 2016 | -$18M | $59,650 | -$18M |
| 2015 | -$15M | $28,689 | -$15M |
| 2013 | -$9M | $1,206 | -$9M |
| 2012 | -$3M | $12,316 | -$3M |
| 2011 | -$7,295 | — | — |

Source: [CompaniesByCap](https://companiesbycap.com/company/LPCN)