Detailed financial statements for Lipocine Inc. (LPCN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Lipocine Inc. is a biopharmaceutical firm currently in the clinical development phase, concentrating its efforts on creating medicinal products to address a range of neuroendocrine and metabolic conditions. A core aspect of the company's research and development involves formulating oral delivery methods for pharmaceutical compounds that typically suffer from low bioavailability. Its foremost investigational therapy is TLANDO, an oral solution for testosterone replacement.
Analysis Summary
Trailing-twelve-month margins: gross margin 98.1%, operating margin -8.0%, net margin -7.6%.
At the current price of $2.16, LPCN has negative trailing earnings (P/E not meaningful) and an ROE of -64.75%. Market capitalisation stands at $18M.
Balance sheet quality for LPCN: current ratio of 6.7, net cash position of $14.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | $428031 | $164990 | 0 | $16.1M | $500000 | -$2.9M | $11.2M | $2.0M |
| Cost of Revenue | 0 | 0 | 0 | $7.5M | 0 | $7.7M | $8.6M | $10.2M | 0 | $8.6M |
| Gross Profit | 0 | 0 | $428031 | -$7.3M | 0 | $8.5M | -$8.1M | -$13.0M | $11.2M | -$6.6M |
| Research & Development | $8.1M | $11.0M | $6.5M | $7.5M | $9.7M | 0 | 0 | 0 | $7.4M | 0 |
| Selling, General & Admin | $10.4M | $10.2M | $5.3M | $5.6M | $8.2M | $5.3M | $4.1M | $4.9M | $5.0M | $3.8M |
| Operating Expenses | $19.0M | $21.0M | $12.1M | $5.6M | $18.0M | $5.3M | $4.1M | $4.9M | $12.4M | $3.8M |
| Operating Income | -$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 |
| Interest Expense | 0 | 0 | 0 | $343254 | $386618 | $203292 | $27098 | 0 | 0 | 0 |
| Pre-tax Income | -$19.0M | -$21.0M | -$11.7M | -$13.0M | -$21.0M | -$634199 | -$10.8M | -$16.4M | $9033 | -$9.6M |
| Income Tax | $752 | $700 | $700 | $200 | $200 | $200 | $681 | $755 | $681 | $200 |
| Net Income | -$19.0M | -$21.0M | -$11.7M | -$13.0M | -$21.0M | -$634399 | -$10.8M | -$16.4M | $8352 | -$9.6M |
| EPS | $-17.66 | $-17.79 | $-9.35 | $-8.54 | $-6.46 | $-0.19 | $-2.15 | $-3.14 | $0.00 | $-1.77 |
| EPS (Diluted) | $-17.68 | $-17.85 | $-9.28 | $-8.54 | $-6.40 | $-0.12 | $-2.05 | $-3.14 | $-0.00 | $-1.69 |
| Shares Outstanding (Diluted) | $1.1M | $1.2M | $1.3M | $1.5M | $3.3M | $5.2M | $5.3M | $5.3M | $5.4M | $5.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $114574 | $1.1M | $119397 | $190099 |
| Gross Profit | $114574 | $1.1M | $104583 | $190099 |
| Operating Income | -$3.4M | -$2.5M | -$3.8M | -$2.8M |
| EBITDA | -$3.2M | -$2.4M | -$3.7M | -$2.6M |
| Net Income | -$3.2M | -$2.4M | -$3.7M | -$2.6M |
| EPS | $-0.59 | $-0.42 | $-0.54 | $-0.32 |
| EPS (Diluted) | $-0.59 | $-0.42 | $-0.54 | $-0.32 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $5.6M | $3.2M | $8.1M | $9.7M | $19.2M | $3.0M | $3.1M | $4.8M | $6.2M | $5.2M |
| Short-term Investments | $21.3M | $18.3M | $7.2M | $4.3M | $449992 | $41.7M | $29.4M | $17.3M | $15.4M | $9.7M |
| Receivables | $38943 | $3.3M | $38514 | $16522 | $391 | $247253 | $659855 | $52254 | $120447 | $14189 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $27.2M | $25.2M | $20.8M | $19.6M | $25.3M | $46.4M | $34.1M | $22.9M | $22.3M | $16.9M |
| Property, Plant & Equipment | $103440 | $75070 | $18997 | $3554 | 0 | $7211 | $131589 | $116095 | $165075 | $104293 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $27.3M | $25.3M | $20.9M | $19.7M | $25.4M | $52.5M | $37.5M | $23.0M | $22.5M | $17.0M |
| Accounts Payable | $245915 | $598070 | $671280 | $1.2M | $1.6M | $1.3M | $600388 | $1.4M | $271696 | $971822 |
| Short-term Debt | 0 | 0 | $3.3M | $3.3M | $3.3M | $2.3M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.3M | $6.3M | $4.5M | $5.0M | $6.6M | $5.6M | $1.7M | $2.6M | $1.5M | $2.5M |
| Long-term Debt | 0 | 0 | $6.9M | $3.8M | $2.3M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.3M | $6.3M | $11.4M | $13.4M | $10.0M | $6.9M | $1.9M | $2.6M | $1.5M | $2.5M |
| Retained Earnings | -$105.4M | -$126.4M | -$138.1M | -$151.1M | -$172.0M | -$172.7M | -$183.4M | -$199.8M | -$199.8M | -$209.4M |
| Total Equity | $26.0M | $19.0M | $9.4M | $6.3M | $15.3M | $45.6M | $35.6M | $20.4M | $21.0M | $14.5M |
| Total Debt | 0 | 0 | $10.3M | $7.1M | $5.6M | $2.3M | 0 | 0 | 0 | $449591 |
| Net Debt | -$26.8M | -$21.5M | -$5.0M | -$6.9M | -$14.1M | -$42.3M | -$32.5M | -$22.0M | -$21.6M | -$14.5M |
| Working Capital | $25.9M | $18.9M | $16.3M | $14.7M | $18.7M | $40.8M | $32.5M | $20.2M | $20.8M | $14.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $3.9M | $5.2M | $5.0M | $5.0M |
| Total Assets | $16.1M | $17.0M | $25.4M | $23.8M |
| Total Liabilities | $1.9M | $2.5M | $2.5M | $2.1M |
| Total Equity | $14.1M | $14.5M | $22.8M | $21.8M |
| Total Debt | $157200 | $449591 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$19.0M | -$21.0M | -$11.7M | -$13.0M | -$21.0M | -$634399 | -$10.8M | -$16.4M | $8352 | -$9.6M |
| Depreciation & Amortization | $31960 | $28370 | $18595 | $15443 | $3554 | $380 | $9453 | $28661 | $41106 | $60782 |
| Stock-based Compensation | $2.4M | $2.7M | $1.5M | $1.0M | $1.4M | $603946 | $636140 | $654438 | $408551 | $242497 |
| Change in Working Capital | -$1.9M | $1.6M | -$2.0M | $469347 | $1.5M | -$4.6M | -$923630 | $2.0M | -$964211 | -$243557 |
| Operating Cash Flow | -$18.3M | -$16.7M | -$12.1M | -$11.7M | -$15.3M | -$4.4M | -$12.0M | -$11.9M | -$1.2M | -$9.8M |
| Capital Expenditure | -$59650 | 0 | 0 | 0 | 0 | -$7591 | -$133831 | -$13167 | -$90086 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | $43.78B | -$14.3M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$21700 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$18.3M | -$16.7M | -$12.1M | -$11.7M | -$15.3M | -$4.4M | -$12.1M | -$11.9M | -$1.3M | -$9.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$3.0M | -$2.9M | -$2.3M | -$3.0M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.0M | -$2.9M | -$2.3M | -$3.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $53256 | $53032 | $65398 | $58145 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | -61.5% | -100.0% | | -96.9% | -670.2% | +492.8% | -82.3% |
| Net Income Growth (YoY) | | -10.6% | +44.4% | -11.6% | -61.2% | +97.0% | -1595.9% | -52.0% | +100.1% | -115371.9% |
| EPS Growth (YoY) | | -0.7% | +47.4% | +8.7% | +24.4% | +97.1% | -1031.6% | -46.0% | +100.1% | -110725.0% |
| Shares Change (YoY) | | +9.8% | +6.5% | +21.2% | +115.2% | +57.3% | +2.0% | +0.3% | +2.9% | +5.3% |
| FCF Growth (YoY) | | +8.9% | +27.7% | +3.4% | -31.2% | +71.1% | -173.9% | +1.8% | +89.0% | -644.3% |
| Gross Margin | | | 100.0% | -4426.5% | | 52.5% | -1611.4% | 456.9% | 100.0% | -334.3% |
| Operating Margin | | | -2646.0% | -7818.8% | | 19.5% | -2423.9% | 629.0% | -10.3% | -524.7% |
| EBITDA Margin | | | -2641.7% | -7409.5% | | -2.7% | -2144.3% | 572.6% | 0.4% | -484.0% |
| Net Margin | | | -2724.1% | -7883.7% | | -3.9% | -2151.7% | 573.6% | 0.1% | -487.1% |
| FCF Margin | | | -2822.0% | -7070.9% | | -27.4% | -2420.5% | 416.7% | -11.7% | -493.8% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 7.5% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-17.08 | $-14.16 | $-9.62 | $-7.66 | $-4.67 | $-0.86 | $-2.30 | $-2.25 | $-0.24 | $-1.71 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.1M | $1.2M | $1.2M | $1.5M | $3.2M | $3.3M | $5.0M | $5.3M | $5.3M | $5.4M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -64.75% |
| Return on Invested Capital | -57.74% |
| Return on Assets | -49.72% |
| Gross Margin | 98.10% |
| Operating Margin | -800.82% |
| Net Margin | -755.13% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 11.48 |
Key Ratios (10y)
| Year | 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/B | 2.58 | 3.62 | 2.92 | 1.59 | 4.89 | 1.22 | 0.95 | 0.72 | 1.24 | 3.02 |
| P/S | 0.00 | 0.00 | 64.39 | 60.44 | 0.00 | 3.45 | 67.61 | -5.16 | 2.33 | 22.14 |
| Gross Margin | 0.0% | 0.0% | 100.0% | -4426.5% | 0.0% | 52.5% | -1611.4% | 456.9% | 100.0% | -334.3% |
| Operating Margin | 0.0% | 0.0% | -2646.0% | -7818.8% | 0.0% | 19.5% | -2423.9% | 629.0% | -10.3% | -524.7% |
| Net Margin | 0.0% | 0.0% | -2724.1% | -7883.7% | 0.0% | -3.9% | -2151.7% | 573.6% | 0.1% | -487.1% |