Lipella Pharmaceuticals Inc.
LIPO Healthcare Biotechnology
Lipella Pharmaceuticals Inc.’s revenue for fiscal 2024 (year ended December 2024) was $536,400.00, up 19.3% from fiscal 2023. In the quarter to September 2025, revenue fell 36.4%, EPS grew 78.3% and free cash flow fell 41.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Lipella Pharmaceuticals Inc. (LIPO) Piotroski F-score
Lipella Pharmaceuticals Inc.'s Piotroski F-score for fiscal 2024 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, down from 4 in fiscal 2023.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2024 | 3 | (1.00) |
| FY2023 | 4 | 1.00 |
| FY2022 | 3 | (1.00) |
| FY2021 | 4 | — |
How fiscal 2024’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (160.49%) | (96.96%) | Fail | 0 |
| Positive operating cash flow | (3.95m) | (3.15m) | Fail | 0 |
| Rising return on assets | (160.49%) | (96.96%) | Fail | 0 |
| Cash flow above net income | 1.07m | 1.47m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 3.47 | 8.90 | Fail | 0 |
| No new shares issued | 1,048,000 | 750,000 | Fail | 0 |
| Rising gross margin | 100.00% | 100.00% | Fail | 0 |
| Rising asset turnover | 0.17 | 0.09 | Pass | 1 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| LIPO Lipella Pharmaceuticals Inc. | 3 |
| ADXN Addex Therapeutics Ltd. Sponsored ADR compare | 2 |
| CVKD Cadrenal Therapeutics, Inc. compare | — |
| ERNA Ernexa Therapeutics Inc. compare | — |
| IOBTQ IO Biotech, Inc. compare | — |
| PBLA Panbela Therapeutics Inc. compare | — |
| PPCB Propanc Biopharma Inc compare | — |
| UNBX UNITY Biotechnology, Inc. compare | — |
| CMND Clearmind Medicine Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover