Symbols / LPCN $2.42 +2.98% Lipocine Inc.

Healthcare • Biotechnology • United States • NCM
LPCN Chart
O: — H: — L: — C: — V: —
SMA 20: — SMA 50: — SMA 200: —
About

Lipocine Inc., a clinical-stage biopharmaceutical company, engages in the research and development for the delivery of drugs using its proprietary delivery technology. The company offers TLANDO, an oral testosterone replacement therapy (TRT) comprising testosterone undecanoate. It also develops LPCN 1154 (BRLIZIO), an oral neuro-steroid in a Phase 3 pivotal trial for postpartum depression; LPCN 1148, a prodrug of testosterone and testosterone laurate that has completed a Phase 2 trial for the management of decompensated cirrhosis; LPCN 1107, an oral hydroxy progesterone caproate product that has completed a Phase 2 trial for the prevention of recurrent preterm birth; LPCN 1144, an oral prodrug of bioidentical testosterone that has completed a Phase 2 trial for pre-cirrhotic non-alcoholic steatohepatitis; and LPCN 2401, an oral formulation comprising a proprietary anabolic androgen receptor agonist that is in a Phase 2 trial to manage incretin mimetic use in obesity management. In addition, the company is developing LPCN 2201, an oral brexanolone formulation that has completed a Phase 1 trial for major depressive disorders; LPCN 2203, an oral candidate that has completed a Phase 1 trial for management of essential tremor; and LPCN 2101, a neuroactive steroids (NAS) candidate that has completed a Phase 1 trial for drug-resistant epilepsy and women with epilepsy. The company's products focus on neurological and psychiatric central nervous system (CNS) disorders, liver disease, and hormone supplementation in the United States. It has a collaboration with Verity Pharmaceuticals, Inc. to develop and commercialize TLANDO; and TLANDO XR (LPCN 1111), a once-daily oral product candidate that has completed a Phase 2 trial for testosterone replacement therapy. Lipocine Inc. was founded in 1997 and is headquartered in Salt Lake City, Utah.

Fundamentals
Scroll to Statements
Market Cap 17.67M Enterprise Value 2.67M Income -9.63M Sales 1.98M Book/sh 2.35 Cash/sh 2.04
Dividend Yield — Payout 0.00% Employees 14 IPO — P/E — Forward P/E -1.95
PEG — P/S 8.94 P/B 1.03 P/C — EV/EBITDA -0.26 EV/Sales 1.35
Quick Ratio 6.36 Current Ratio 6.68 Debt/Eq 3.10 LT Debt/Eq — EPS (ttm) -1.77 EPS next Y -1.24
EPS Growth — Revenue Growth -67.20% Earnings 2026-03-10 ROA -32.81% ROE -54.28% ROIC —
Gross Margin 100.00% Oper. Margin -219.65% Profit Margin 0.00% Shs Outstand 7.30M Shs Float 6.40M Short Float 2.01%
Short Ratio 1.35 Short Interest — 52W High 12.37 52W Low 1.81 Beta 1.09 Avg Volume 398.90K
Volume 245.19K Target Price $6.00 Recom Buy Prev Close $2.35 Price $2.42 Change 2.98%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$6.00
Mean price target
2. Current target
$2.42
Latest analyst target
3. DCF / Fair value
$-16.95
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$2.42
Low
$6.00
High
$6.00
Mean
$6.00

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-06 down HC Wainwright & Co. Buy → Neutral —
2026-01-21 main HC Wainwright & Co. Buy → Buy $15
2025-11-13 main HC Wainwright & Co. Buy → Buy $7
2025-08-20 reit HC Wainwright & Co. Buy → Buy $8
2025-06-27 reit HC Wainwright & Co. Buy → Buy $8
2025-06-10 reit HC Wainwright & Co. Buy → Buy $8
2023-07-27 reit Cantor Fitzgerald Overweight → Overweight $33
News
RSS: Latest LPCN news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-04-07 HIGUCHI JOHN W Director — 40,000 $2.03 $81,200
2026-04-06 HIGUCHI JOHN W Director — 123,000 $2.05 $252,150
2026-04-06 PATEL MAHESH V Chief Executive Officer — 25,000 $2.03 $50,750
2026-04-02 PATEL MAHESH V Chief Executive Officer — 25,000 $9.25 $231,250
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
1.98
-82.35%
11.20
+492.80%
-2.85
-670.16%
0.50
Operating Revenue
1.98
-82.35%
11.20
+492.80%
-2.85
-670.16%
0.50
Cost Of Revenue
8.58
+16.76%
7.35
-27.75%
10.18
+18.91%
8.56
Reconciled Cost Of Revenue
8.58
+16.76%
7.35
-27.75%
10.18
+18.91%
8.56
Gross Profit
-6.61
-271.78%
3.85
+129.53%
-13.03
-61.68%
-8.06
Operating Expense
3.76
-24.74%
5.00
+1.97%
4.90
+20.74%
4.06
Selling General And Administration
3.76
-24.74%
5.00
+1.97%
4.90
+20.74%
4.06
General And Administrative Expense
3.76
-24.74%
5.00
+1.97%
4.90
+20.74%
4.06
Other Gand A
3.76
-24.74%
5.00
+1.97%
4.90
+20.74%
4.06
Total Expenses
12.35
-0.04%
12.35
-18.08%
15.08
+19.50%
12.62
Operating Income
-10.37
-797.93%
-1.16
+93.56%
-17.93
-47.95%
-12.12
Total Operating Income As Reported
-10.37
-797.93%
-1.16
+93.56%
-17.93
-47.95%
-12.12
EBITDA
-10.31
-825.61%
-1.11
+93.78%
-17.90
-66.98%
-10.72
Normalized EBITDA
-10.31
-811.56%
-1.13
+93.76%
-18.11
-57.01%
-11.54
Reconciled Depreciation
0.06
+47.87%
0.04
+43.42%
0.03
+203.19%
0.01
EBIT
-10.37
-797.93%
-1.16
+93.56%
-17.93
-67.10%
-10.73
Total Unusual Items
—
0.02
-91.93%
0.21
-73.93%
0.82
Total Unusual Items Excluding Goodwill
—
0.02
-91.93%
0.21
-73.93%
0.82
Special Income Charges
—
—
0.00
-100.00%
0.25
Other Special Charges
—
—
—
-0.25
Net Income
-9.63
-115371.85%
0.01
+100.05%
-16.35
-51.99%
-10.76
Pretax Income
-9.63
-106679.26%
0.01
+100.06%
-16.35
-51.99%
-10.76
Net Non Operating Interest Income Expense
0.74
-35.12%
1.15
-16.10%
1.37
+150.59%
0.55
Interest Expense Non Operating
—
—
0.00
-100.00%
0.03
Net Interest Income
0.74
-35.12%
1.15
-16.10%
1.37
+150.59%
0.55
Interest Expense
—
—
0.00
-100.00%
0.03
Interest Income Non Operating
0.74
-35.12%
1.15
-16.10%
1.37
+138.73%
0.57
Interest Income
0.74
-35.12%
1.15
-16.10%
1.37
+138.73%
0.57
Other Income Expense
—
0.02
-91.93%
0.21
-73.93%
0.82
Gain On Sale Of Security
—
0.02
-91.93%
0.21
-62.42%
0.57
Tax Provision
0.00
-70.63%
0.00
-9.80%
0.00
+10.87%
0.00
Tax Rate For Calcs
0.00
+178.55%
0.00
-64.10%
0.00
+0.00%
0.00
Tax Effect Of Unusual Items
0.00
-100.00%
0.00
-97.10%
0.04
-73.93%
0.17
Net Income Including Noncontrolling Interests
-9.63
-115371.85%
0.01
+100.05%
-16.35
-51.99%
-10.76
Net Income From Continuing Operation Net Minority Interest
-9.63
-115371.85%
0.01
+100.05%
-16.35
-51.99%
-10.76
Net Income From Continuing And Discontinued Operation
-9.63
-115371.85%
0.01
+100.05%
-16.35
-51.99%
-10.76
Net Income Continuous Operations
-9.63
-115371.85%
0.01
+100.05%
-16.35
-51.99%
-10.76
Normalized Income
-9.63
-127927.87%
-0.01
+99.95%
-16.52
-44.87%
-11.40
Net Income Common Stockholders
-9.63
-115371.85%
0.01
+100.05%
-16.35
-51.99%
-10.76
Diluted EPS
-1.77
0.00
+100.00%
-3.14
-42.08%
-2.21
Basic EPS
-1.77
0.00
+100.00%
-3.10
-51.96%
-2.04
Basic Average Shares
5.45
+2.06%
5.34
+1.31%
5.27
+1.27%
5.20
Diluted Average Shares
5.71
+5.27%
5.42
+2.90%
5.27
+0.80%
5.23
Diluted NI Availto Com Stockholders
-9.63
-109129.69%
-0.01
+99.95%
-16.56
-46.27%
-11.32
Average Dilution Earnings
0.00
+100.00%
-0.02
+91.93%
-0.21
+62.42%
-0.57
Preferred Stock Dividends
—
—
0.00
—
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
17.01
-24.45%
22.51
-2.13%
23.00
-38.73%
37.54
Current Assets
16.88
-24.39%
22.32
-2.36%
22.86
-33.03%
34.14
Cash Cash Equivalents And Short Term Investments
14.93
-30.98%
21.63
-1.83%
22.04
-32.26%
32.53
Cash And Cash Equivalents
5.21
-16.11%
6.21
+30.06%
4.77
+51.56%
3.15
Other Short Term Investments
9.72
-36.97%
15.43
-10.64%
17.26
-41.24%
29.38
Receivables
1.16
+447.35%
0.21
+305.43%
0.05
-92.08%
0.66
Other Receivables
1.15
+1153.09%
0.09
—
0.58
Accrued Interest Receivable
0.01
-88.22%
0.12
+130.50%
0.05
-35.03%
0.08
Prepaid Assets
—
—
—
—
Restricted Cash
—
—
—
—
Other Current Assets
0.79
+65.29%
0.48
-38.39%
0.77
-18.18%
0.95
Total Non Current Assets
0.13
-32.19%
0.19
+35.02%
0.14
-95.90%
3.41
Net PPE
0.10
-36.82%
0.17
+42.19%
0.12
-11.77%
0.13
Gross PPE
1.39
+0.00%
1.39
+6.94%
1.30
+1.02%
1.29
Accumulated Depreciation
-1.28
-4.97%
-1.22
-3.48%
-1.18
-2.48%
-1.15
Machinery Furniture Equipment
1.39
+0.00%
1.39
+6.94%
1.30
+1.02%
1.29
Investments And Advances
—
—
—
0.00
Non Current Accounts Receivable
—
—
—
3.25
Non Current Deferred Assets
—
—
—
—
Other Non Current Assets
0.02
+0.00%
0.02
+0.00%
0.02
+0.00%
0.02
Total Liabilities Net Minority Interest
2.53
+67.11%
1.51
-42.51%
2.63
+37.93%
1.91
Current Liabilities
2.53
+67.11%
1.51
-42.51%
2.63
+56.82%
1.68
Payables And Accrued Expenses
2.21
+85.11%
1.19
-54.37%
2.61
+55.80%
1.68
Payables
0.97
+257.69%
0.27
-80.54%
1.40
+132.51%
0.60
Accounts Payable
0.97
+257.69%
0.27
-80.54%
1.40
+132.51%
0.60
Current Accrued Expenses
1.24
+34.21%
0.92
-24.39%
1.22
+13.06%
1.08
Current Debt And Capital Lease Obligation
—
—
—
—
Current Debt
—
—
—
—
Current Deferred Liabilities
0.32
+0.00%
0.32
0.00
—
Current Deferred Revenue
0.32
+0.00%
0.32
0.00
—
Other Current Liabilities
—
—
0.02
—
Total Non Current Liabilities Net Minority Interest
0.00
0.00
0.00
-100.00%
0.23
Other Non Current Liabilities
—
—
—
—
Stockholders Equity
14.48
-31.05%
21.00
+3.08%
20.37
-42.84%
35.63
Common Stock Equity
14.48
-31.05%
21.00
+3.08%
20.37
-42.84%
35.63
Capital Stock
0.01
+0.91%
0.01
+0.03%
0.01
+0.09%
0.01
Common Stock
0.01
+0.91%
0.01
+0.03%
0.01
+0.09%
0.01
Preferred Stock
—
—
—
0.00
Share Issued
6.16
+15.15%
5.35
+0.60%
5.32
+2.10%
5.21
Ordinary Shares Number
6.16
+15.16%
5.35
+0.60%
5.32
+2.10%
5.21
Treasury Shares Number
0.00
+0.00%
0.00
+0.00%
0.00
+0.30%
0.00
Additional Paid In Capital
223.90
+1.41%
220.79
+0.28%
220.17
+0.48%
219.11
Retained Earnings
-209.40
-4.82%
-199.77
+0.00%
-199.78
-8.91%
-183.43
Gains Losses Not Affecting Retained Earnings
0.00
-51.36%
0.01
+25.89%
0.01
+135.72%
-0.02
Treasury Stock
0.04
+0.00%
0.04
+0.00%
0.04
+0.00%
0.04
Other Equity Adjustments
0.00
-51.36%
0.01
+25.89%
0.01
+135.72%
-0.02
Total Equity Gross Minority Interest
14.48
-31.05%
21.00
+3.08%
20.37
-42.84%
35.63
Total Capitalization
14.48
-31.05%
21.00
+3.08%
20.37
-42.84%
35.63
Working Capital
14.35
-31.04%
20.81
+2.86%
20.23
-37.67%
32.46
Invested Capital
14.48
-31.05%
21.00
+3.08%
20.37
-42.84%
35.63
Total Debt
—
—
—
—
Net Tangible Assets
14.48
-31.05%
21.00
+3.08%
20.37
-42.84%
35.63
Tangible Book Value
14.48
-31.05%
21.00
+3.08%
20.37
-42.84%
35.63
Available For Sale Securities
—
—
—
—
Derivative Product Liabilities
—
—
0.00
-100.00%
0.23
Investmentin Financial Assets
—
—
—
0.00
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-9.76
-699.25%
-1.22
+89.71%
-11.87
+0.86%
-11.97
Cash Flow From Continuing Operating Activities
-9.76
-699.25%
-1.22
+89.71%
-11.87
+0.86%
-11.97
Net Income From Continuing Operations
-9.63
-115371.85%
0.01
+100.05%
-16.35
-51.99%
-10.76
Depreciation Amortization Depletion
0.06
+47.87%
0.04
+43.42%
0.03
+203.19%
0.01
Depreciation
0.06
+47.87%
0.04
+43.42%
0.03
+203.19%
0.01
Depreciation And Amortization
0.06
+47.87%
0.04
+43.42%
0.03
+203.19%
0.01
Other Non Cash Items
—
—
—
-0.24
Stock Based Compensation
0.24
-40.64%
0.41
-37.57%
0.65
+2.88%
0.64
Asset Impairment Charge
—
0.00
-100.00%
2.96
0.00
Operating Gains Losses
—
-0.02
+91.93%
-0.21
+62.42%
-0.57
Gain Loss On Investment Securities
—
-0.02
+91.93%
-0.21
+62.42%
-0.57
Change In Working Capital
-0.24
+74.74%
-0.96
-148.03%
2.01
+317.35%
-0.92
Change In Receivables
-0.95
-4182.92%
0.02
-96.86%
0.74
+91.77%
0.38
Change In Prepaid Assets
-0.31
-372.64%
0.11
-65.74%
0.33
-41.48%
0.57
Change In Payables And Accrued Expense
1.02
+171.42%
-1.42
-251.82%
0.94
+249.18%
-0.63
Change In Accrued Expense
0.32
+206.02%
-0.30
-311.19%
0.14
+129.68%
0.06
Change In Payable
0.70
+162.27%
-1.12
-241.31%
0.80
+215.48%
-0.69
Change In Account Payable
0.70
+162.27%
-1.12
-241.31%
0.80
+215.48%
-0.69
Change In Other Working Capital
—
0.32
—
—
Change In Other Current Liabilities
—
—
0.00
+100.00%
-1.25
Investing Cash Flow
5.89
+140.84%
2.45
-81.31%
13.08
-8.46%
14.29
Cash Flow From Continuing Investing Activities
5.89
+140.84%
2.45
-81.31%
13.08
-8.46%
14.29
Net PPE Purchase And Sale
0.00
+100.00%
-0.09
-584.18%
-0.01
+90.16%
-0.13
Purchase Of PPE
0.00
+100.00%
-0.09
-584.18%
-0.01
+90.16%
-0.13
Capital Expenditure
—
-0.09
-584.18%
-0.01
+90.16%
-0.13
Net Investment Purchase And Sale
5.89
+132.28%
2.54
-80.64%
13.10
-9.22%
14.43
Purchase Of Investment
-14.71
+55.24%
-32.86
-43.50%
-22.90
+49.19%
-45.07
Sale Of Investment
20.60
-41.81%
35.40
-1.67%
36.00
-39.50%
59.50
Financing Cash Flow
2.87
+1270.76%
0.21
-48.26%
0.40
+119.02%
-2.13
Cash Flow From Continuing Financing Activities
2.87
+1270.76%
0.21
-48.26%
0.40
+119.02%
-2.13
Net Issuance Payments Of Debt
—
—
0.00
+100.00%
-2.32
Issuance Of Debt
—
—
—
—
Repayment Of Debt
—
—
0.00
+100.00%
-2.32
Long Term Debt Issuance
—
—
—
—
Long Term Debt Payments
—
—
0.00
+100.00%
-2.32
Net Long Term Debt Issuance
—
—
0.00
+100.00%
-2.32
Net Common Stock Issuance
2.87
+1270.76%
0.21
-48.26%
0.40
+1964.36%
-0.02
Common Stock Payments
—
—
—
-0.02
Repurchase Of Capital Stock
—
—
—
-0.02
Proceeds From Stock Option Exercised
—
—
0.00
-100.00%
0.21
Changes In Cash
-1.00
-169.73%
1.43
-11.65%
1.62
+720.06%
0.20
Beginning Cash Position
6.21
+30.06%
4.77
+51.56%
3.15
+6.71%
2.95
End Cash Position
5.21
-16.11%
6.21
+30.06%
4.77
+51.56%
3.15
Free Cash Flow
-9.76
-644.34%
-1.31
+88.96%
-11.88
+1.85%
-12.10
Interest Paid Supplemental Data
—
—
0.00
-100.00%
0.02
Income Tax Paid Supplemental Data
0.00
-70.63%
0.00
+202.67%
0.00
+12.50%
0.00
Amortization Of Securities
-0.19
+72.35%
-0.70
+26.74%
-0.95
-680.55%
-0.12
Common Stock Issuance
2.87
+1270.76%
0.21
-48.26%
0.40
0.00
Issuance Of Capital Stock
2.87
+1270.76%
0.21
-48.26%
0.40
0.00
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Trades
Date User Broker Pattern Type Position Size Entry Price Trade P&L Status
Posts
Published Title Author Category