Lipocine Inc.
LPCNHealthcare|Biotechnology|US
$1.57
+0.04 (+2.61%)
DCF Value
$0.67
Tangible Book / Share
$2.57
Cash / Share
$2.60
Financials
Financial Snapshot
Market Cap
$12.9M
Enterprise Value
$10.3M
Revenue (TTM)
$3.7M
Net Income (TTM)
-$9.3M
Cash & Investments
$21.5M
Net Cash
$21.5M
Free Cash Flow (TTM)
-$2.9M
Operating CF (TTM)
-$2.9M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$21.5M
Quarterly Burn
$729.9K
Monthly Burn
$243.3K
Est. Runway
~29.4 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $26.8M | $21.5M | $15.3M | $14.1M | $19.7M | $44.6M | $32.5M | $22.0M | $21.6M | $14.9M | $21.5M | |
| Operating Cash Flow | -$18.3M | -$16.7M | -$12.1M | -$11.7M | -$15.3M | -$4.4M | -$12.0M | -$11.9M | -$1.2M | -$9.8M | -$2.9M | |
| Free Cash Flow | -$18.3M | -$16.7M | -$12.1M | -$11.7M | -$15.3M | -$4.4M | -$12.1M | -$11.9M | -$1.3M | -$9.8M | -$2.9M | |
| Capital Expenditure | -$59.6K | $0.00 | $0.00 | $0.00 | $0.00 | -$7.6K | -$133.8K | -$13.2K | -$90.1K | $0.00 | $0.00 | |
| Financing Cash Flow | $605.9K | $11.2M | $10.7M | $10.3M | $20.9M | $26.9M | -$2.1M | $404.6K | $209.3K | $2.9M | $16.1M |
R&D Spending
R&D (TTM)
$9.6M
R&D Intensity
255.1%
R&D Growth vs Prior
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $428.0K | $165.0K | $0.00 | $16.1M | $500.0K | -$2.9M | $11.2M | $2.0M | $3.7M | |
| R&D Expense | $8.1M | $11.0M | $6.5M | $7.5M | $9.7M | $0.00 | $0.00 | $0.00 | $7.4M | $0.00 | $9.6M | |
| R&D % of Revenue | — | — | 1510.3% | 4526.5% | — | 0.0% | 0.0% | 0.0% | 65.7% | 0.0% | 255.1% | |
| SG&A | $10.4M | $10.2M | $5.3M | $5.6M | $8.2M | $5.3M | $4.1M | $4.9M | $5.0M | $3.8M | $4.3M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $428.0K | $165.0K | $0.00 | $16.1M | $500.0K | -$2.9M | $11.2M | $2.0M | $3.7M | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $7.5M | $0.00 | $7.7M | $8.6M | $10.2M | $0.00 | $8.6M | $29.8K | |
| Gross Profit | $0.00 | $0.00 | $428.0K | -$7.3M | $0.00 | $8.5M | -$8.1M | -$13.0M | $11.2M | -$6.6M | $1.4M | |
| R&D | $8.1M | $11.0M | $6.5M | $7.5M | $9.7M | $0.00 | $0.00 | $0.00 | $7.4M | $0.00 | $9.6M | |
| SG&A | $10.4M | $10.2M | $5.3M | $5.6M | $8.2M | $5.3M | $4.1M | $4.9M | $5.0M | $3.8M | $4.3M | |
| Operating Income | -$18.5M | -$21.2M | -$11.3M | -$12.9M | -$18.0M | $3.1M | -$12.1M | -$17.9M | -$1.2M | -$10.4M | -$9.2M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $343.3K | $386.6K | $203.3K | $27.1K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$19.0M | -$21.0M | -$11.7M | -$13.0M | -$21.0M | -$634.2K | -$10.8M | -$16.4M | $9.0K | -$9.6M | -$9.3M | |
| Net Income | -$19.0M | -$21.0M | -$11.7M | -$13.0M | -$21.0M | -$634.4K | -$10.8M | -$16.4M | $8.4K | -$9.6M | -$9.3M | |
| EPS (Diluted) | -17.68 | -17.85 | -9.28 | -8.54 | -6.40 | -0.12 | -2.05 | -3.14 | -0.00 | -1.69 | -1.36 | |
| EBITDA | -$18.9M | -$21.2M | -$11.3M | -$12.2M | -$18.0M | -$430.5K | -$10.7M | -$16.3M | $50.1K | -$9.6M | -$8.6M | |
| Shares Out. (M) | 1.07 | 1.18 | 1.26 | 1.52 | 3.28 | 5.15 | 5.26 | 5.27 | 5.42 | 5.71 | 8.24 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.6M | $3.2M | $8.1M | $9.7M | $19.2M | $3.0M | $3.1M | $4.8M | $6.2M | $5.2M | $2.6M | |
| Short-Term Investments | $21.3M | $18.3M | $7.2M | $4.3M | $450.0K | $41.7M | $29.4M | $17.3M | $15.4M | $9.7M | $18.9M | |
| Total Current Assets | $27.2M | $25.2M | $20.8M | $19.6M | $25.3M | $46.4M | $34.1M | $22.9M | $22.3M | $16.9M | $23.1M | |
| Total Assets | $27.3M | $25.3M | $20.9M | $19.7M | $25.4M | $52.5M | $37.5M | $23.0M | $22.5M | $17.0M | $23.2M | |
| Total Current Liabilities | $1.3M | $6.3M | $4.5M | $5.0M | $6.6M | $5.6M | $1.7M | $2.6M | $1.5M | $2.5M | $2.0M | |
| Long-Term Debt | $0.00 | $0.00 | $6.9M | $3.8M | $2.3M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $1.3M | $6.3M | $11.4M | $13.4M | $10.0M | $6.9M | $1.9M | $2.6M | $1.5M | $2.5M | $2.0M | |
| Stockholders' Equity | $26.0M | $19.0M | $9.4M | $6.3M | $15.3M | $45.6M | $35.6M | $20.4M | $21.0M | $14.5M | $21.2M | |
| Retained Earnings | -$105.4M | -$126.4M | -$138.1M | -$151.1M | -$172.0M | -$172.7M | -$183.4M | -$199.8M | -$199.8M | -$209.4M | -$216.4M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$18.3M | -$16.7M | -$12.1M | -$11.7M | -$15.3M | -$4.4M | -$12.0M | -$11.9M | -$1.2M | -$9.8M | -$2.9M | |
| Capital Expenditure | -$59.6K | $0.00 | $0.00 | $0.00 | $0.00 | -$7.6K | -$133.8K | -$13.2K | -$90.1K | $0.00 | $0.00 | |
| Free Cash Flow | -$18.3M | -$16.7M | -$12.1M | -$11.7M | -$15.3M | -$4.4M | -$12.1M | -$11.9M | -$1.3M | -$9.8M | -$2.9M | |
| Investing Cash Flow | $3.2M | $3.1M | $11.3M | $3.0M | $3.9M | -$43.8M | $14.3M | $13.1M | $2.4M | $5.9M | -$7.4M | |
| Financing Cash Flow | $605.9K | $11.2M | $10.7M | $10.3M | $20.9M | $26.9M | -$2.1M | $404.6K | $209.3K | $2.9M | $16.1M | |
| Issuance of Stock | $605.9K | $10.6M | $652.3K | $13.6M | $14.7M | $30.2M | $0.00 | $404.6K | $209.3K | $2.9M | $16.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$21.7K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $10.0M | -$3.3M | -$1.4M | -$3.3M | -$2.3M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.4M | $2.7M | $1.5M | $1.0M | $1.4M | $603.9K | $636.1K | $654.4K | $408.6K | $242.5K | $250.7K | |
| Net Change in Cash | -$14.4M | -$2.3M | $9.9M | $1.7M | $9.5M | -$21.3M | $197.9K | $1.6M | $1.4M | -$1.0M | -$1.3M |
Dilution Tracker
Shares outstanding grew 74.3% over 5 years — significant dilution
Shares Outstanding
8M
5-Year Share Growth
+74.3%
Stock Issuance (TTM)
$16.1M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.07 | 1.18 | 1.26 | 1.52 | 3.28 | 5.15 | 5.26 | 5.27 | 5.42 | 5.71 | 8.24 | |
| Change vs Prior % | — | 9.8% | 6.5% | 21.2% | 115.2% | 57.3% | 2.0% | 0.3% | 2.9% | 5.3% | 44.4% | |
| Stock Issuance | $605.9K | $10.6M | $652.3K | $13.6M | $14.7M | $30.2M | $0.00 | $404.6K | $209.3K | $2.9M | $16.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$21.7K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.4M | $2.7M | $1.5M | $1.0M | $1.4M | $603.9K | $636.1K | $654.4K | $408.6K | $242.5K | $250.7K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | 100.0% | -4426.5% | — | 52.5% | -1611.4% | 456.9% | 100.0% | -334.3% | 38.1% | |
| Operating Margin % | — | — | -2646.0% | -7818.8% | — | 19.5% | -2423.9% | 629.0% | -10.3% | -524.7% | -245.9% | |
| Net Margin % | — | — | -2724.1% | -7883.7% | — | -3.9% | -2151.7% | 573.6% | 0.1% | -487.1% | -249.2% | |
| EBITDA Margin % | — | — | -2641.7% | -7409.5% | — | -2.7% | -2144.3% | 572.6% | 0.4% | -484.0% | -230.2% | |
| FCF Margin % | — | — | -2822.0% | -7070.9% | — | -27.4% | -2420.5% | 416.7% | -11.7% | -493.8% | -78.0% | |
| ROE % | -72.9% | -110.6% | -123.6% | -206.9% | -136.7% | -1.4% | -30.2% | -80.3% | 0.0% | -66.5% | -46.5% | |
| ROA % | -69.4% | -82.9% | -55.9% | -66.2% | -82.7% | -1.2% | -28.7% | -71.1% | 0.0% | -56.6% | -40.2% | |
| ROIC % | -70.9% | -111.8% | -57.5% | -71.6% | -81.4% | 6.4% | -33.8% | -88.0% | -5.1% | -69.5% | -43.5% | |
| R&D / Revenue % | — | — | 1510.3% | 4526.5% | — | 0.0% | 0.0% | 0.0% | 65.7% | 0.0% | 255.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | -61.5% | -100.0% | 0.0% | -96.9% | -670.2% | 492.8% | -82.3% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | -1806.2% | 100.0% | 0.0% | -195.1% | -61.7% | 186.0% | -159.0% | |
| Operating Income | -0.4% | -15.0% | 46.6% | -13.9% | -39.5% | 117.5% | -485.3% | -48.0% | 93.6% | -797.9% | |
| Net Income | -4.2% | -10.6% | 44.4% | -11.6% | -61.2% | 97.0% | -1595.9% | -52.0% | 100.1% | -115371.9% | |
| EPS (Diluted) | 6.3% | -1.0% | 48.0% | 8.0% | 25.1% | 98.1% | -1608.3% | -53.2% | 99.9% | -105525.0% | |
| Operating Cash Flow | -19.1% | 8.6% | 27.7% | 3.4% | -31.2% | 71.2% | -171.3% | 0.9% | 89.7% | -699.3% | |
| Free Cash Flow | -19.2% | 8.9% | 27.7% | 3.4% | -31.2% | 71.1% | -173.9% | 1.8% | 89.0% | -644.3% | |
| R&D Expense | -35.8% | 36.3% | -41.3% | 15.5% | 30.5% | -100.0% | 0.0% | 0.0% | 0.0% | -100.0% | |
| SG&A Expense | 78.9% | -1.6% | -48.2% | 5.8% | 47.4% | -35.4% | -23.8% | 20.7% | 2.0% | -24.7% | |
| Total Assets | -39.7% | -7.4% | -17.7% | -5.7% | 29.0% | 107.0% | -28.5% | -38.7% | -2.1% | -24.5% | |
| Book Value / Share | -44.3% | -33.4% | -53.1% | -45.4% | 14.5% | 191.9% | -48.3% | -45.8% | 1.7% | -32.4% | |
| Debt | 0.0% | 0.0% | 0.0% | -30.3% | -21.8% | -58.7% | -100.0% | 0.0% | 0.0% | 0.0% | |
| Diluted Shares | 10.9% | 9.8% | 6.5% | 21.2% | 115.2% | 57.3% | 2.0% | 0.3% | 2.9% | 5.3% |
Valuation
P/E (TTM)At Loss
P/S3.46
10Y Low / Med / High2.33 / 60.44 / 67.61
P/B0.61
10Y Low / Med / High0.72 / 2.58 / 4.89
EV/EBITDAAt Loss
EV/Revenue2.76
10Y Low / Med / High1.77 / 44.80 / 69.49
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.67
Tangible Book / Share
$2.57
Net Current Assets / Share
$2.56
Graham Net-Net
$2.36
Cash / Share
$2.60
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -3.54 | -3.29 | -2.36 | -0.77 | -3.58 | -88.68 | -3.15 | -0.89 | 3050.00 | -4.54 | -1.15 | |
| P/S Ratio | 0.00 | 0.00 | 64.39 | 60.44 | 0.00 | 3.45 | 67.61 | -5.16 | 2.33 | 22.14 | 3.46 | |
| P/B Ratio | 2.58 | 3.62 | 2.92 | 1.59 | 4.89 | 1.22 | 0.95 | 0.72 | 1.24 | 3.02 | 0.61 | |
| EV/EBITDA | -3.25 | -3.09 | -2.63 | -0.60 | -3.41 | -127.75 | -2.86 | -0.61 | 395.86 | -4.08 | -1.20 | |
| EV/Revenue | 0.00 | 0.00 | 69.49 | 44.80 | 0.00 | 3.41 | 61.31 | -3.48 | 1.77 | 19.73 | 2.76 |
Analyst Estimates & Quality
Altman Z-Score
-9.22
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $631.2K | $745.0K | $1.2M |
| Net Income | -$8.8M | -$7.6M | -$5.4M |
| EPS | $-1.54 | $-1.34 | $-0.95 |
| # Analysts (EPS) | 1 | 1 | 1 |
Revenue Segments
By Product
| Segment | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| License | $11.0M | $500.0K | $110.0K | — |
| Materials | $1.0M | — | — | — |
| Minimum guaranteed royalties | $4.0M | — | — | — |
| Sales-based royalties | $55.0K | — | — | — |
| Royalty | — | — | — | $298.1K |