Lipocine Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $2.0M | $11.2M | -$2.9M | $500,000 | $16.1M |
| Research and development | $8.6M | $7.4M | $10.2M | $8.6M | $7.7M |
| Operating expenses | $12.3M | $12.4M | $15.1M | $12.6M | $13.0M |
| Operating income | -$10.4M | -$1.2M | -$17.9M | -$12.1M | $3.1M |
| Interest expense | — | — | — | $27,098 | $203,292 |
| Pretax income | -$9.6M | $9,033 | -$16.4M | -$10.8M | -$634,199 |
| Income tax expense | $200 | $681 | $755 | $681 | $200 |
| Net income | -$9.6M | $8,352 | -$16.4M | -$10.8M | -$634,399 |
| Balance Sheet | |||||
| Cash and equivalents | $5.2M | $6.2M | $4.8M | $3.1M | $3.0M |
| Current assets | $16.9M | $22.3M | $22.9M | $34.1M | $46.4M |
| Total assets | $17.0M | $22.5M | $23.0M | $37.5M | $52.5M |
| Current liabilities | $2.5M | $1.5M | $2.6M | $1.7M | $5.6M |
| Total liabilities | $2.5M | $1.5M | $2.6M | $1.9M | $6.9M |
| Stockholders' equity | $14.5M | $21.0M | $20.4M | $35.6M | $45.6M |
| Cash Flow Statement | |||||
| Cash from operations | -$9.8M | -$1.2M | -$11.9M | -$12.0M | -$4.4M |
| Depreciation and amortization | $61,000 | $41,000 | $29,000 | $9,500 | $400 |
| Stock-based compensation | $242,497 | $408,551 | $654,438 | $636,140 | $603,946 |
| Capital expenditure | — | $90,086 | $13,167 | $133,831 | $7,591 |
| Free cash flow | — | -$1.3M | -$11.9M | -$12.1M | -$4.4M |
Shares outstanding 8.2M · Free float 74.6%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.