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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.

1.56 0.12 −7.14%
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 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (1.08) (negative: loss-making)
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%) (below 0%: weak)
Next 5Y EPS Growth 17.47% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is −5.2×, against a ten-year median of 0.4×; over the ten years it ranged from −5.2× in 2026 to 21.4× in 2026.
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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

Lipocine Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

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%)

All 614 Biotechnology stocks →

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.

Lipocine Inc. (LPCN) Latest News

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stockrow.com/LPCN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com