Estados financieros detallados de Lipocine Inc. (LPCN): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 98.1%, margen operativo -8.0%, margen neto -7.6%.
Al precio actual de $2.16, LPCN presenta beneficios negativos (P/E no significativo) y un ROE del -64.75%. La capitalización bursátil es de $18M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | $428031 | $164990 | 0 | $16.1M | $500000 | -$2.9M | $11.2M | $2.0M |
| Coste de Ventas | 0 | 0 | 0 | $7.5M | 0 | $7.7M | $8.6M | $10.2M | 0 | $8.6M |
| Beneficio Bruto | 0 | 0 | $428031 | -$7.3M | 0 | $8.5M | -$8.1M | -$13.0M | $11.2M | -$6.6M |
| I+D | $8.1M | $11.0M | $6.5M | $7.5M | $9.7M | 0 | 0 | 0 | $7.4M | 0 |
| Generales y Administrativos | $10.4M | $10.2M | $5.3M | $5.6M | $8.2M | $5.3M | $4.1M | $4.9M | $5.0M | $3.8M |
| Gastos Operativos | $19.0M | $21.0M | $12.1M | $5.6M | $18.0M | $5.3M | $4.1M | $4.9M | $12.4M | $3.8M |
| Beneficio Operativo | -$18.5M | -$21.2M | -$11.3M | -$12.9M | -$18.0M | $3.1M | -$12.1M | -$17.9M | -$1.2M | -$10.4M |
| EBITDA | -$18.9M | -$21.2M | -$11.3M | -$12.2M | -$18.0M | -$430527 | -$10.7M | -$16.3M | $50139 | -$9.6M |
| Gastos por Intereses | 0 | 0 | 0 | $343254 | $386618 | $203292 | $27098 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$19.0M | -$21.0M | -$11.7M | -$13.0M | -$21.0M | -$634199 | -$10.8M | -$16.4M | $9033 | -$9.6M |
| Impuestos | $752 | $700 | $700 | $200 | $200 | $200 | $681 | $755 | $681 | $200 |
| Beneficio Neto | -$19.0M | -$21.0M | -$11.7M | -$13.0M | -$21.0M | -$634399 | -$10.8M | -$16.4M | $8352 | -$9.6M |
| BPA | $-17.66 | $-17.79 | $-9.35 | $-8.54 | $-6.46 | $-0.19 | $-2.15 | $-3.14 | $0.00 | $-1.77 |
| BPA Diluido | $-17.68 | $-17.85 | $-9.28 | $-8.54 | $-6.40 | $-0.12 | $-2.05 | $-3.14 | $-0.00 | $-1.69 |
| Acciones en Circulación (Diluidas) | $1.1M | $1.2M | $1.3M | $1.5M | $3.3M | $5.2M | $5.3M | $5.3M | $5.4M | $5.7M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $114574 | $1.1M | $119397 | $190099 |
| Beneficio Bruto | $114574 | $1.1M | $104583 | $190099 |
| Beneficio Operativo | -$3.4M | -$2.5M | -$3.8M | -$2.8M |
| EBITDA | -$3.2M | -$2.4M | -$3.7M | -$2.6M |
| Beneficio Neto | -$3.2M | -$2.4M | -$3.7M | -$2.6M |
| BPA | $-0.59 | $-0.42 | $-0.54 | $-0.32 |
| BPA Diluido | $-0.59 | $-0.42 | $-0.54 | $-0.32 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $5.6M | $3.2M | $8.1M | $9.7M | $19.2M | $3.0M | $3.1M | $4.8M | $6.2M | $5.2M |
| Inversiones a Corto | $21.3M | $18.3M | $7.2M | $4.3M | $449992 | $41.7M | $29.4M | $17.3M | $15.4M | $9.7M |
| Cuentas por Cobrar | $38943 | $3.3M | $38514 | $16522 | $391 | $247253 | $659855 | $52254 | $120447 | $14189 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $27.2M | $25.2M | $20.8M | $19.6M | $25.3M | $46.4M | $34.1M | $22.9M | $22.3M | $16.9M |
| Inmovilizado Material | $103440 | $75070 | $18997 | $3554 | 0 | $7211 | $131589 | $116095 | $165075 | $104293 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $27.3M | $25.3M | $20.9M | $19.7M | $25.4M | $52.5M | $37.5M | $23.0M | $22.5M | $17.0M |
| Cuentas por Pagar | $245915 | $598070 | $671280 | $1.2M | $1.6M | $1.3M | $600388 | $1.4M | $271696 | $971822 |
| Deuda a Corto | 0 | 0 | $3.3M | $3.3M | $3.3M | $2.3M | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $1.3M | $6.3M | $4.5M | $5.0M | $6.6M | $5.6M | $1.7M | $2.6M | $1.5M | $2.5M |
| Deuda a Largo | 0 | 0 | $6.9M | $3.8M | $2.3M | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $1.3M | $6.3M | $11.4M | $13.4M | $10.0M | $6.9M | $1.9M | $2.6M | $1.5M | $2.5M |
| Reservas | -$105.4M | -$126.4M | -$138.1M | -$151.1M | -$172.0M | -$172.7M | -$183.4M | -$199.8M | -$199.8M | -$209.4M |
| Patrimonio Neto | $26.0M | $19.0M | $9.4M | $6.3M | $15.3M | $45.6M | $35.6M | $20.4M | $21.0M | $14.5M |
| Deuda Total | 0 | 0 | $10.3M | $7.1M | $5.6M | $2.3M | 0 | 0 | 0 | $449591 |
| Deuda Neta | -$26.8M | -$21.5M | -$5.0M | -$6.9M | -$14.1M | -$42.3M | -$32.5M | -$22.0M | -$21.6M | -$14.5M |
| Capital Circulante | $25.9M | $18.9M | $16.3M | $14.7M | $18.7M | $40.8M | $32.5M | $20.2M | $20.8M | $14.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $3.9M | $5.2M | $5.0M | $5.0M |
| Activos Totales | $16.1M | $17.0M | $25.4M | $23.8M |
| Pasivos Totales | $1.9M | $2.5M | $2.5M | $2.1M |
| Patrimonio Neto | $14.1M | $14.5M | $22.8M | $21.8M |
| Deuda Total | $157200 | $449591 | 0 | 0 |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$19.0M | -$21.0M | -$11.7M | -$13.0M | -$21.0M | -$634399 | -$10.8M | -$16.4M | $8352 | -$9.6M |
| Amortizaciones | $31960 | $28370 | $18595 | $15443 | $3554 | $380 | $9453 | $28661 | $41106 | $60782 |
| Compensación en Acciones | $2.4M | $2.7M | $1.5M | $1.0M | $1.4M | $603946 | $636140 | $654438 | $408551 | $242497 |
| Cambio en Capital Circulante | -$1.9M | $1.6M | -$2.0M | $469347 | $1.5M | -$4.6M | -$923630 | $2.0M | -$964211 | -$243557 |
| Flujo de Caja Operativo | -$18.3M | -$16.7M | -$12.1M | -$11.7M | -$15.3M | -$4.4M | -$12.0M | -$11.9M | -$1.2M | -$9.8M |
| Inversiones (CapEx) | -$59650 | 0 | 0 | 0 | 0 | -$7591 | -$133831 | -$13167 | -$90086 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | $43.78B | -$14.3M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | -$21700 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$18.3M | -$16.7M | -$12.1M | -$11.7M | -$15.3M | -$4.4M | -$12.1M | -$11.9M | -$1.3M | -$9.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$3.0M | -$2.9M | -$2.3M | -$3.0M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$3.0M | -$2.9M | -$2.3M | -$3.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $53256 | $53032 | $65398 | $58145 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | -61.5% | -100.0% | | -96.9% | -670.2% | +492.8% | -82.3% |
| Crecimiento Beneficio Neto (anual) | | -10.6% | +44.4% | -11.6% | -61.2% | +97.0% | -1595.9% | -52.0% | +100.1% | -115371.9% |
| Crecimiento BPA (anual) | | -0.7% | +47.4% | +8.7% | +24.4% | +97.1% | -1031.6% | -46.0% | +100.1% | -110725.0% |
| Cambio en Acciones (anual) | | +9.8% | +6.5% | +21.2% | +115.2% | +57.3% | +2.0% | +0.3% | +2.9% | +5.3% |
| Crecimiento FCF (anual) | | +8.9% | +27.7% | +3.4% | -31.2% | +71.1% | -173.9% | +1.8% | +89.0% | -644.3% |
| Margen Bruto | | | 100.0% | -4426.5% | | 52.5% | -1611.4% | 456.9% | 100.0% | -334.3% |
| Margen Operativo | | | -2646.0% | -7818.8% | | 19.5% | -2423.9% | 629.0% | -10.3% | -524.7% |
| Margen EBITDA | | | -2641.7% | -7409.5% | | -2.7% | -2144.3% | 572.6% | 0.4% | -484.0% |
| Margen Neto | | | -2724.1% | -7883.7% | | -3.9% | -2151.7% | 573.6% | 0.1% | -487.1% |
| Margen FCF | | | -2822.0% | -7070.9% | | -27.4% | -2420.5% | 416.7% | -11.7% | -493.8% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 7.5% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-17.08 | $-14.16 | $-9.62 | $-7.66 | $-4.67 | $-0.86 | $-2.30 | $-2.25 | $-0.24 | $-1.71 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $1.1M | $1.2M | $1.2M | $1.5M | $3.2M | $3.3M | $5.0M | $5.3M | $5.3M | $5.4M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -64.75% |
| Rentabilidad sobre capital invertido | -57.74% |
| Rentabilidad sobre activos | -49.72% |
| Margen bruto | 98.10% |
| Margen operativo | -800.82% |
| Margen neto | -755.13% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 11.48 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -3.54 | -3.29 | -2.36 | -0.77 | -3.58 | -88.68 | -3.15 | -0.89 | 3050.00 | -4.54 |
| P/VC | 2.58 | 3.62 | 2.92 | 1.59 | 4.89 | 1.22 | 0.95 | 0.72 | 1.24 | 3.02 |
| P/V | 0.00 | 0.00 | 64.39 | 60.44 | 0.00 | 3.45 | 67.61 | -5.16 | 2.33 | 22.14 |
| Margen Bruto | 0.0% | 0.0% | 100.0% | -4426.5% | 0.0% | 52.5% | -1611.4% | 456.9% | 100.0% | -334.3% |
| Margen Operativo | 0.0% | 0.0% | -2646.0% | -7818.8% | 0.0% | 19.5% | -2423.9% | 629.0% | -10.3% | -524.7% |
| Margen Neto | 0.0% | 0.0% | -2724.1% | -7883.7% | 0.0% | -3.9% | -2151.7% | 573.6% | 0.1% | -487.1% |