LIPO

LIPELLA PHARMACEUTICALS INC.

LIPELLA PHARMACEUTICALS INC. is an American pharmaceutical preparations company based in Pittsburgh.2

$0.00 up 0.00 (0.00%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 20, 2026.

Overview

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  • TickerLIPO2
  • IndustryPharmaceutical Preparations2
  • HeadquartersPittsburgh, United States2
  • Incorporated inDE4
  • Business address400 N Lexington St, Ste Ll103, Pittsburgh, Pa 152084
  • Filer category, Emerging growth company4
  • Legal formCorporation2
  • LEI549300NLVVVRGBF0WG692
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O BUSINESS FILINGS INCORPORATED, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 39250212

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U.S. patent covering LP-10 expires July 11, 2035, unless extended for regulatory delay (up to 14 years), our second issued U.S.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

-947.2%Operating margin6
-935.2%Net margin6
19.3%Revenue growth, 20246
-261.3%Return on equity6

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Research and development100¢$3.6M

Out of $536.4K in revenue.6 The company lost money this year.

Financial statements

Revenue786$536.4K in 2024+107% since 2021
0$200.0K$400.0K$600.0K2021: $259.3K$259.3K20212022: $184.2K$184.2K2022−29%2023: $449.6K$449.6K2023+144%2024: $536.4K$536.4K2024+19%
Operating income786-$5.1M in 2024+165% since 2021
-$6.0M-$4.0M-$2.0M02021: -$1.9M-$1.9M20212022: -$2.6M-$2.6M2022+35%2023: -$4.7M-$4.7M2023+83%2024: -$5.1M-$5.1M2024+7%
Net income786-$5.0M in 2024+169% since 2021
-$6.0M-$4.0M-$2.0M02021: -$1.9M-$1.9M20212022: -$2.6M-$2.6M2022+39%2023: -$4.6M-$4.6M2023+78%2024: -$5.0M-$5.0M2024+9%
Fiscal year20202021202220232024
Revenue$259.3K7$184.2K8$449.6K6$536.4K6
Research and development$1.5M7$2.5M8$3.0M6$3.6M6
Operating income-$1.9M7-$2.6M8-$4.7M6-$5.1M6
Interest$6.8K7$9.6K8$10.8K6
Income before tax-$1.9M7-$2.6M8-$4.6M6-$5.0M6
Net income-$1.9M7-$2.6M8-$4.6M6-$5.0M6
Earnings per share-$0.557-$0.648-$6.166-$4.796
Earnings per share (diluted)-$0.557-$0.648-$6.166-$4.796
Shares (weighted, basic)3.4M shares74.1M shares8750.4K shares61.0M shares6
Shares (weighted, diluted)3.4M shares74.1M shares8750.4K shares61.0M shares6

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Corporate structure

LIPELLA PHARMACEUTICALS INC. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of LIPELLA PHARMACEUTICALS INC.

  • Leaf Huang Filed SCHEDULE 13G/A on LIPELLA PHARMACEUTICALS INC., latest May 1, 2025 (4 filings since Feb 9, 2023)
  • Jonathan H. Kaufman Filed SCHEDULE 13D/A on LIPELLA PHARMACEUTICALS INC., latest Apr 9, 2025 (19 filings since Dec 29, 2022)
  • Michael B. Chancellor Filed SCHEDULE 13D/A on LIPELLA PHARMACEUTICALS INC., latest Apr 9, 2025 (10 filings since Dec 29, 2022)
  • SABBY MANAGEMENT, LLC Filed SCHEDULE 13G/A on LIPELLA PHARMACEUTICALS INC., latest Jan 3, 2025 (2 filings since Jan 3, 2024)
  • Michele Gruber Filed SC 13G/A on LIPELLA PHARMACEUTICALS INC., latest Nov 14, 2024 (3 filings since Mar 29, 2023)
  • LIPELLA PHARMACEUTICALS INC. Pittsburgh, Pennsylvania, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What LIPELLA PHARMACEUTICALS INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Furniture and fixtures$140.3K6 Dec 31, 2024$140.3K6 Dec 31, 20230%
Accumulated depreciation$130.4K6 Dec 31, 2024$127.5K6 Dec 31, 2023+2.3%
Property and equipment, net$9.9K6 Dec 31, 2024$12.8K6 Dec 31, 2023−22.6%
Operating-lease assets (leased space)$46.8K6 Dec 31, 2024$135.1K6 Dec 31, 2023−65.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.2M6 Dec 31, 2024$3.3M6 Dec 31, 2023−33.7%

Properties, in its own words

Our principal executive offices are located at 7800 Susquehanna Street, Suite 505, Pittsburgh, PA 15208, containing approximately 2,000 square feet of combined laboratory, office and warehouse space that we use in our research and development efforts. The lease for our principal executive offices has a five-year term that ends on June 30, 2025, and the lease provides us with an option to extend the term for an additional five years. We believe our executive offices, including our Facility, are adequate to meet our current needs, although we may seek to negotiate new leases or evaluate additional or alternate space for our operations. We believe appropriate alternative space will be readily available on commercially reasonable terms.

Item 2 of the 10-K filed Mar 28, 2025.5

Leadership

Who has led LIPELLA PHARMACEUTICALS INC., and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Douglas Johnston2022–2024
2025
Board members and other officers (8)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • President, Chief Executive Officer, Secretary and Treasurer and Chairman of the Board of DirectorsJonathan Kaufman named Sep 12, 2023 to Apr 1, 202519

Former names

  • LIPELLA PHARMACEUTICALS INCDec 9, 2005 to Sep 11, 20234

Timeline

  1. Jul 15, 20268-K Bankruptcy or receivership20
  2. Mar 31, 20268-K Bankruptcy or receivership21
  3. Feb 4, 20268-K Executive or director change22
  4. Oct 21, 20258-K Executive or director change23
  5. Oct 9, 20258-K Executive or director change24
  6. Sep 18, 20258-K Regulation FD disclosure; Other events25
  7. Jun 25, 20258-K Regulation FD disclosure; Other events26
  8. Jun 20, 20258-K Listing notice or transfer; Regulation FD disclosure27
  9. Jun 16, 20258-K Other events28
  10. May 16, 20258-K Listing notice or transfer29
  11. May 15, 20258-K Regulation FD disclosure; Other events30
  12. Apr 14, 20258-K Other events31
  13. Feb 15, 2005Founded LIPELLA PHARMACEUTICALS INC. is founded2

Calendar

When it reported results

  1. May 15, 2023Reported quarterly or annual results32
  2. Apr 3, 2023Reported quarterly or annual results33

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

212 filings to the SEC since October 2021: 3 annual reports, 9 quarterly reports, 50 major events, 36 insider forms, 38 large holders, 5 private raises, 71 other. The latest 20:

  1. Jul 15, 20268-K EDGAR
  2. Mar 31, 20268-K EDGAR
  3. Feb 4, 20268-K EDGAR
  4. Nov 14, 202510-Q FORM 10Q EDGAR
  5. Oct 21, 20258-K EDGAR
  6. Oct 9, 20258-K EDGAR
  7. Oct 6, 202525-NSE EDGAR
  8. Sep 18, 20258-K EDGAR
  9. Aug 14, 202510-Q EDGAR
  10. Jun 25, 20258-K EDGAR
  11. Jun 20, 20258-K EDGAR
  12. Jun 16, 20258-K EDGAR
  13. Jun 10, 2025PRE 14A EDGAR
  14. May 16, 20258-K EDGAR
  15. May 15, 20258-K EDGAR
  16. May 14, 202510-Q EDGAR
  17. May 1, 2025SCHEDULE 13G/A EDGAR
  18. Apr 14, 20258-K EDGAR
  19. Apr 9, 2025SCHEDULE 13D/A EDGAR
  20. Apr 9, 2025SCHEDULE 13D/A EDGAR

The 212 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

3 open-market trades by officers, directors and large owners since October 2021: 3 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 14, 2024Kaufman Jonathan HSee remarks below.Buy10,000$0.76$7.6KForm 4
Mar 19, 2024Kaufman Jonathan HSee remarks below.Buy25,000$0.87$21.8KForm 4
Mar 18, 2024Kaufman Jonathan HSee remarks below.Buy30,000$0.79$23.7KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Leaf HuangSCHEDULE 13G/A, 4 filings Feb 9, 2023 to May 1, 202534
  • Jonathan H. KaufmanSCHEDULE 13D/A, 19 filings Dec 29, 2022 to Apr 9, 202535
  • Michael B. ChancellorSCHEDULE 13D/A, 10 filings Dec 29, 2022 to Apr 9, 202536
  • SABBY MANAGEMENT, LLCSCHEDULE 13G/A, 2 filings Jan 3, 2024 to Jan 3, 202537
  • Michele GruberSC 13G/A, 3 filings Mar 29, 2023 to Nov 14, 202438

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Mar 17, 2025Raised $9,000 in a private offering of equity Form D: 29 investors so far Form D
  2. Dec 23, 2024Raised $2.6 million in a private offering of equity Form D: $6 million offered in all Form D
  3. Jul 31, 2024Raised $120,086 in a private offering of equity Form D: 1 investor so far Form D
  4. Oct 23, 2023Raised $2 million in a private offering of equity Form D: 1 investor so far Form D
  5. Jul 10, 2023Filed a private offering of equity Form D: $122,400 offered in all Form D

SEC filer profile

How LIPELLA PHARMACEUTICALS INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLIPELLA PHARMACEUTICALS INC.1
  • CIK0001347242
  • Employer ID (EIN)20-23880405
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address400 N Lexington St, Ste Ll103, Pittsburgh, PA 152081
  • Phone412-901-03151
  • Shares outstanding4,620,837 as of Nov 13, 202510
  • Public float$2.6M as of Jun 30, 20245
  • AuditorUrish Popeck & Co., LLC, Pittsburgh, PA PCAOB ID 10135
  • On EDGAR sinceDec 9, 20051
  • Filings225 in all: 8-K (49), 4 (27), SCHEDULE 13D/A (16), CORRESP (12), SC 13D/A (11), UPLOAD (10), 10-Q (9), 3 (9)1
    All 38 form types

    424B3 (8), D (6), D/A (5), EFFECT (5), REGDEX (5), S-1/A (5), SC 13G/A (4), 10-K (3), DEF 14A (3), DEFA14A (3), DRSLTR (3), PRE 14A (3), S-3 (3), SC 13G (3), 424B4 (2), 424B5 (2), REGDEX/A (2), S-1 (2), S-8 (2), SC 13D (2), SCHEDULE 13G/A (2), 25-NSE (1), 8-A12B (1), 8-K/A (1), ARS (1), CERT (1), DRS (1), DRS/A (1), POS EX (1), S-8 POS (1)

  • Latest filingsAnnual report (10-K) Mar 28, 2025
    Quarterly report (10-Q) Nov 14, 2025
    Proxy statement (DEF 14A) Nov 12, 2024
    Latest 8-K (8-K) Jul 15, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per shareLIPOThe Nasdaq

From the cover page of the 10-K filed Mar 28, 2025 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks LIPELLA PHARMACEUTICALS INC. names in Item 1A of its 10-K filed Mar 28, 2025: 56 risks under these headings, as written.5

  • Risks Related to Our Business
  • The report of the independent registered public accounting firm on our 2024 and 2023 financial statements contains a going concern qualification.
  • We have incurred net losses since inception. We expect to incur losses for the foreseeable future and may never achieve or maintain profitability.
  • We will need to raise additional funding in order to receive approval for LP-10 or any other product candidate. Such funding may not be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may force us to delay, limit or terminate certain of our product development efforts or other operations.
  • We are currently supported partially by government grant awards, which may not be available to us in the future, and such grant awards are subject to guidelines regulating our research.
  • Our ability to obtain reimbursement or funding for our programs from the federal government may be impacted by possible reductions in federal spending.
  • We are substantially dependent on the success of our lead product candidates, LP-10 and LP-310. If we are unable to commercialize LP-10 or LP-310, or experience significant delays in doing so, our business will be materially harmed.
  • We are early in our efforts to develop LP-10, LP-310, and our other product candidates. If we are unable to advance LP-10, LP-310, and such other candidates through clinical trials, obtain regulatory approval and ultimately commercialize such product candidates, or if we experience significant delays in doing so, our business will be materially harmed.
  • We are heavily dependent on the success of our product candidates, which are in the early stages of clinical development. Although we have reported positive results from our phase 2a clinical trials for LP-10 and LP-310, we cannot give any assurance that our trial results are indicative of success for future trials or commercialization.
  • Even if we complete the necessary clinical trials for LP-10, LP-310 or for any of our other product candidates in the future, such as LP-410 or LP-50, we cannot predict when, or if, we will obtain regulatory approval to commercialize such other product candidates, and the approval may be for a narrower indication than we seek.
  • LP-10 or LP-310 may cause undesirable side effects or have other properties that could delay or prevent its regulatory approval, limit its commercial potential, or result in significant negative consequences following any potential marketing approval.
  • Our pipeline of products, including LP-10, LP-310, LP-410 and LP-50, are each based on novel technology, which makes it difficult to predict the time and cost of development and of subsequently obtaining regulatory approval.
The other 45 risks
  • Even if we obtain regulatory approval for a product candidate, each approved product candidate will remain subject to regulatory oversight.
  • Even if we obtain and maintain approval for our product candidates from the FDA, we may never obtain approval for them outside of the United States, which could limit our market opportunities and adversely affect our business.
  • If the FDA does not conclude that LP-10, LP-310 or any of our other product candidates satisfy the requirements for the 505(b)(2) regulatory approval pathway, or if the requirements for approval of such product candidates under Section 505(b)(2) are not as we expect, the approval pathway for such product candidates will likely take significantly longer, cost significantly more and encounter significantly greater complications and risks than anticipated, and in any case may not be successful.
  • FDA designations to expedite drug development and review, including “orphan drug” designation, Breakthrough Therapy designation, and/or Fast Track designation, even if granted for any of our product candidates, may not lead to a faster development, regulatory review or approval process and do not increase the likelihood that any of our product candidates will receive marketing approval in the United States.
  • If we are not successful in discovering, developing and commercializing additional product candidates, our ability to expand our business and achieve our strategic objectives would be impaired.
  • We face significant competition in an environment of rapid technological change and the possibility that our competitors may achieve regulatory approval before us or develop therapies that are more advanced or effective than ours, which may adversely affect our financial condition and our ability to successfully market or commercialize our product candidates.
  • Risks Related to Manufacturing
  • Delays in obtaining regulatory approvals of the process and facilities needed to manufacture any of our product candidates, including LP-10 and LP-310, or disruptions in our manufacturing process may delay or disrupt our product development and commercialization efforts.
  • Although we have established our Facility, we may need to utilize third parties to conduct our product manufacturing for the near future. Therefore, we are subject to the risk that these third parties may not perform satisfactorily.
  • Any contamination in our manufacturing process, shortages of raw materials or failure of any of our key suppliers to deliver necessary components could result in delays in our clinical development or marketing schedules.
  • Risks Related to Commercialization of Our Product Candidates
  • If we are unable to expand our market development capabilities or enter into agreements with third parties to market and sell our product candidates, we may be unable to generate any product revenue.
  • If the market opportunities for LP-10 or LP-310 are smaller than we believe they are, our product revenues may be adversely impacted, and our business may suffer.
  • Government price controls or other changes in pricing regulation could restrict the amount that we are able to charge for any of our product candidates that may be approved in the future, including LP-10 and LP-310, which would adversely affect our revenue and results of operations.
  • The insurance coverage and reimbursement status of newly approved products is uncertain. Failure to obtain or maintain adequate coverage and reimbursement for our products, if approved, could limit our ability to market those products and decrease our ability to generate product revenue.
  • Healthcare legislative reform measures may have a material adverse effect on our business and results of operations.
  • We may be subject, directly or indirectly, to federal and state healthcare fraud and abuse laws, false claims laws and health information privacy and security laws. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.
  • Risks Related to Our Operations
  • If we are unable to manage expected growth in the scale and complexity of our operations, our performance may suffer.
  • Our future success depends on our ability to retain key employees and scientific advisors and to attract, retain and motivate qualified personnel.
  • Our employees, principal investigators and advisors may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.
  • If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of our business.
  • A pandemic, epidemic or outbreak of an infectious disease, may materially and adversely affect our business and our financial results and could cause a disruption to the development of our product candidates.
  • Unfavorable global economic conditions could adversely affect our business, financial condition or results of operations.
  • Our internal computer systems, or those of our collaborators or other contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of our product development programs.
  • Our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and to limit commercialization of any products that we may develop.
  • Risks Related to Our Intellectual Property
  • If we are unable to obtain and maintain adequate U.S. and foreign patent protection for our product candidates, including LP-10, LP-310, LP-410, LP-50 and any future product candidates that we may develop, and/or our Platform, or if the scope of the patent protection obtained is not sufficiently broad, our competitors could develop and commercialize products and technologies similar or identical to ours, and our ability to successfully commercialize such products and technologies may be adversely affected.
  • We will not be able to protect our intellectual property rights in certain parts of the world.
  • Third parties may initiate legal proceedings alleging that we are infringing their intellectual property rights, the outcome of which would be uncertain and could have a material adverse effect on the success of our business.
  • Intellectual property litigation could cause us to spend substantial resources and distract our personnel from their normal responsibilities.
  • Changes in U.S. patent law could diminish the value of patents in general, thereby impairing our ability to protect our product candidates.
  • Intellectual property rights and regulatory exclusivity rights do not necessarily address all potential threats.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed. Our reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed.
  • Risks Related to our Common Stock
  • The market price and trading volume of our Common Stock may experience rapid and substantial volatility, which could cause purchasers of our Common Stock to incur substantial losses.
  • Our Common Stock is currently listed on the Nasdaq Capital Market. We have been notified by Nasdaq of our failure to comply with certain continued listing requirements and, if we are unable to regain compliance with all applicable continued listing requirements and standards of Nasdaq, our Common Stock could be delisted from the Nasdaq Capital Market.
  • If there are substantial sales of shares of our Common Stock, the price of our Common Stock could decline.
  • Because certain of our stockholders control a significant number of shares of our Common Stock, they may have effective control over actions requiring stockholder approval.
  • Provisions in our Second Amended and Restated Certificate of Incorporation, as amended (our “Certificate of Incorporation”), our amended and restated by-laws (our “Bylaws”) and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management.
  • Our Certificate of Incorporation and our Bylaws provide that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • Raising additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our technologies, including LP-10 and LP-310.
  • Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.
  • In the event that our Common Stock is delisted from the Nasdaq Capital Market, U.S. broker-dealers may be discouraged from effecting transactions in shares of our Common Stock because they may be considered penny stocks and thus be subject to the penny stock rules.
  • General Risk Factors
  • Market and economic conditions may negatively impact our business, financial condition and share price.
  • If securities analysts do not publish research or reports about our business or if they publish negative evaluations of our Common Stock, the price of our Common Stock could decline.
  • We are an “emerging growth company” and the reduced disclosure requirements applicable to emerging growth companies may make our securities less attractive to investors.
  • We will incur increased costs as a result of operating as a smaller reporting public company, and our management will be required to devote substantial time to new compliance initiatives.
  • Our business could be adversely impacted if there are deficiencies in our disclosure controls and procedures or our internal control over financial reporting.

Legal proceedings

From time to time, we may be involved in legal proceedings arising in the ordinary course of our business. We are not presently a party to any legal proceedings that, in the opinion of our management, would have a material adverse effect on our business. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity and reputation harm, and other factors.

The opening of Item 3, Legal Proceedings.5

Sources

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