Lipocine Inc.
LPCN Healthcare Biotechnology
Lipocine Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.0 million, down 82.3% from fiscal 2024. In the quarter to June 2026, revenue fell 69.5%, EPS grew 22.0% and free cash flow fell 60.6%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Lipocine Inc. (LPCN) Altman Z-score
Lipocine Inc.'s Altman Z-score for fiscal 2025 is −7.74, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −7.74 | (7.08) |
| FY2024 | −0.65 | 9.79 |
| FY2023 | −10.45 | (14.73) |
| FY2022 | 4.28 | (0.03) |
| FY2021 | 4.31 | 15.88 |
| FY2019 | −11.57 | (2.93) |
| FY2018 | −8.64 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.84 | — | 1.01 | |
| Retained earnings / total assets | (12.31) | — | −17.24 | |
| EBIT / total assets | (0.61) | — | −2.01 | |
| Market value of equity / total liabilities | 17.31 | — | 10.38 | |
| Sales / total assets | 0.12 | — | 0.12 | |
| Altman Z-score | Distress zone | −7.74 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −32.69 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| KTTA Pasithea Therapeutics Corp. compare | 3.0× |
| TVRD Tvardi Therapeutics, Inc. compare | −5.1× |
| LPCN Lipocine Inc. | −7.7× |
| ICU SeaStar Medical Holding Corporation compare | −16.1× |
| HIND Vyome Holdings, Inc. compare | −22.0× |
| CNSY Cerenome, Inc. compare | −44.9× |
| BCDA BioCardia, Inc. compare | −74.8× |
| RVLP RVL Pharmaceuticals PLC compare | — |
| CLVSQ Clovis Oncology, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets