Saturday 17 October 2026 Export LPCN’s income statement to Excel — free account

Lipocine Inc.

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.

1.56 0.12 −7.14%

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Market cap: $13.9M
P/E: 0.0×
Fwd P/E: −1.1×
Dividend yield: —
F-score: 1/9
Altman Z: −7.74
Beneish M: 23.60
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.52

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	4	—	—	—	—	2	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 4.71%

Capital & Financial Ratios $m

Market Cap 13.85

Revenue 1.57

Net Income (11.85)

Free Cash Flow (11.19)

Net Debt (23.27)

Current Ratio 11.48

Debt/Equity 0.00

P/E ratio 0.00

Fwd P/E (1.08)

P/S ratio 7.75

P/B ratio 0.56

Past 5Y EPS Growth —

This Y EPS Growth 8.58%

Next Y EPS Growth 13.27%

Next Y revenue growth (68.07%)

Next 5Y EPS Growth 17.47%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 81.09%

10-year low 10-year high

P/B against its own 10 years 0.26%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	22	22	15	23
Receivables	0	0	1	0
Inventory	—	—	—	—
Other	—	—	—	—
	23	22	17	24

	2023	2024	2025	Q'26
Payables	1	0	1	1
ST’ Debt	—	—	—	—
Other	0	—	—	—
	3	2	3	2

Compound Annual Growth %

	10y	5y	3y
Sales	—	64.32%	58.12%
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	(10.10%)	(1.15%)	(25.94%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	0	0	—	—	—
’25	0	1	0	1	2
’24	8	0	—	3	11
’23	0	—	(3)	0	(3)
’22	—	1	—	—	1
’21	—	—	0	16	16
’19	—	—	0	—	0

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(2)	(3)	—	—	—
’25	(2)	(2)	(3)	(3)	(10)
’24	2	(2)	(3)	2	(1)
’23	(4)	(3)	(3)	(2)	(12)
’22	(4)	(3)	(3)	(2)	(12)
’21	(4)	(2)	(7)	9	(4)
’20	(3)	(4)	(4)	(4)	(15)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(2)	(3)	—	—	—
’25	(2)	(2)	(3)	(3)	(10)
’24	2	(2)	(3)	2	(1)
’23	(4)	(3)	(3)	(2)	(12)
’22	(4)	(3)	(3)	(2)	(12)
’21	(4)	(2)	(7)	9	(4)
’20	(3)	(4)	(4)	(4)	(15)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.54)	(0.32)	—	—	—
’25	(0.35)	(0.41)	(0.59)	(0.34)	(1.69)
’24	0.66	(0.56)	(0.44)	0.33	0.00
’23	(0.68)	(0.68)	(1.27)	(0.42)	(3.14)
’22	(0.68)	(0.50)	(0.51)	(0.51)	(2.21)
’21	(0.68)	(1.36)	(0.51)	2.55	(0.12)
’20	(2.38)	(2.21)	(1.19)	(1.02)	(6.46)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	42.67	55.25	17.51	5.44	5.12	16.46	6.12	2.31	2.76	2.52	Analyst estimates 2026–2028 Powerpack
	High	220.83	90.61	61.03	58.65	40.63	41.14	32.13	10.34	11.79	8.29
People
People	Employees	14	14	10	12	11	13	17	17	16	14
	Revenue/emp, $m	0.00	0.00	0.04	0.01	0.00	1.24	0.03	(0.17)	0.70	0.14
Income, $m
Income, $m	Revenue	—	—	0	0	—	16	1	(3)	11	2
	Gross margin, %	0.00	0.00	100.00	100.00	0.00	100.00	100.00	100.00	100.00	100.00
	EBT	(19)	(21)	(12)	(13)	(21)	(1)	(11)	(16)	0	(10)
	EBT margin, %	0.00	0.00	(2,724.14)	(7,883.09)	0.00	(3.93)	(2,151.60)	573.57	0.08	(487.04)
	Net income	(19)	(21)	(12)	(13)	(21)	(1)	(11)	(16)	0	(10)
	Depreciation	0	0	0	0	0	1	0	(1)	(1)	0
Per share, $
Per share, $	Revenue	0.00	0.00	0.34	0.11	0.00	3.16	0.10	(0.54)	2.10	0.36
	Earnings	(17.69)	(17.86)	(9.35)	(8.50)	(6.46)	(0.12)	(2.04)	(3.10)	0.00	(1.77)
	Cash flow	(17.03)	(14.16)	(9.62)	(7.67)	(4.67)	(0.86)	(2.29)	(2.25)	(0.23)	(1.79)
	Capex	(0.06)	0.00	0.00	0.00	0.00	0.00	(0.03)	0.00	(0.02)	0.00
	Free cash flow	(17.08)	(14.16)	(9.62)	(7.67)	(4.67)	(0.86)	(2.31)	(2.25)	(0.25)	(1.79)
	Book value	24.23	16.10	7.51	4.13	4.69	8.91	6.81	3.87	3.93	2.66
	Shares, m	1	1	1	2	3	5	5	5	5	5
Valuation, ×
Valuation, ×	P/E	—	—	0.00	0.00	—	0.00	0.00	0.00	488.00	0.00
	P/S	—	—	0.00	0.00	—	5.15	2.19	0.00	2.28	22.14
	P/B	—	—	2.94	1.59	—	1.89	1.03	0.74	1.24	3.02
	EV/Sales	—	—	0.00	0.00	—	2.71	0.42	1.72	0.64	16.06
	EV/FCF	—	—	(1.46)	0.17	—	(10.20)	(0.59)	0.34	(5.56)	(3.22)
Cash, $m
Cash, $m	Operating cash flow	(18)	(17)	(12)	(12)	(15)	(4)	(12)	(12)	(1)	(10)
	Capex	0	—	—	—	—	0	0	0	0	—
	Free cash flow	(18)	(17)	(12)	(12)	(15)	(4)	(12)	(12)	(1)	(10)
Balance, $m
Balance, $m	Working capital	26	19	16	15	19	41	32	20	21	14
	Total debt	—	—	10	7	6	2	—	—	—	—
	Net debt	(27)	(21)	(10)	(12)	(19)	(42)	(33)	(22)	(22)	(15)
	Shareholders’ equity	26	19	9	6	15	46	36	20	21	14
Returns, %
Returns, %	ROA	(52.18)	(79.68)	(50.50)	(64.22)	(93.15)	(1.63)	(23.90)	(54.02)	0.04	(48.73)
	ROIC	0.00	0.00	0.00	0.00	0.00	60.25	(243.95)	0.00	0.00	0.00
	ROE	(55.80)	(93.26)	(82.07)	(165.47)	(193.85)	(2.08)	(26.50)	(58.40)	0.04	(54.28)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CNSY Cerenome, Inc.	$14.3M	— (loss-making)	— (loss-making)	−70.43% (below 0%: shrinking)	n/m	−31.46% (below 0%: shrinking)	100.00%	(2,203.65%)	Compare
TVRD Tvardi Therapeutics, Inc.	$14.3M	— (loss-making)	— (loss-making)	+20.33% (above 0%: growing)	n/m	−57.26% (below 0%: shrinking)	100.00%	0.00%	Compare
CLVSQ Clovis Oncology, Inc.	$14.2M	— (loss-making)	— (loss-making)	−19.13% (below 0%: shrinking)	n/m	+11.83% (above 0%: growing)	71.93%	(144.26%)	Compare
BCDA BioCardia, Inc.	$14.2M	— (loss-making)	— (loss-making)	−93.02% (below 0%: shrinking)	n/m	−5.15% (below 0%: shrinking)	100.00%	0.00%	Compare
RVLP RVL Pharmaceuticals PLC	$14.1M	— (loss-making)	— (loss-making)	−2.25% (below 0%: shrinking)	n/m	−734.24% (below 0%: shrinking)	76.43%	(266.66%)	Compare
LPCN Lipocine Inc.	$13.9M	— (loss-making)	— (loss-making)	−69.48% (below 0%: shrinking)	n/m	−60.56% (below 0%: shrinking)	100.00%	(1,495.11%)
KTTA Pasithea Therapeutics Corp.	$13.7M	— (loss-making)	— (loss-making)	+1,494.04% (above 0%: growing)	n/m	−21.68% (below 0%: shrinking)	0.00%	0.00%	Compare
ICU SeaStar Medical Holding Corporation	$13.5M	— (loss-making)	— (loss-making)	+81.95% (above 0%: growing)	n/m	+0.43% (above 0%: growing)	91.22%	(616.42%)	Compare
HIND Vyome Holdings, Inc.	$13.4M	0.0×	— (loss-making)	−46.00% (below 0%: shrinking)	n/m	−195.04% (below 0%: shrinking)	43.33%	(3,194.81%)	Compare
Median of peers	$14.1M	—	—	−10.69%	—	−26.57%	83.82%	(205.46%)

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Lipocine Inc. (LPCN) key facts

Concern: Lipocine Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.0 million, down 82.3% from fiscal 2024.
Lipocine Inc. (LPCN) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, LPCN traded at $1.56, a market capitalization of $13.9 million.
Return on equity was −54.3% and debt-to-equity 0.00.
Its Piotroski F-score is 1 out of 9 and its Altman Z-score is −7.74 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.