LPCN on Nasdaq

Lipocine Inc.

American pharmaceutical preparations company based in Salt Lake City. Summary from the record

Price unavailable

Last updated Oct 19, 2026.

Overview

Compare with Oramed Pharmaceuticals, Sagimet Biosciences Inc. or Cocrystal Pharma, Inc., or pick any stock.

  • TickerLPCN on Nasdaq2
  • IndustryPharmaceutical Preparations2
  • HeadquartersSalt Lake City, United States2
  • Incorporated inDE3
  • Business address675 Arapeen Drive, Suite 202, Salt Lake City, X1 841083
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300RXPEQXOJXVBI102
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O INCORP SERVICES, INC., 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 50515882

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Inc. (“Lipocine” or the “Company”) is incorporated under the laws of the State of Delaware.4 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 2025

-524.7%Operating margin5
-487.1%Net margin5
-82.3%Revenue growth, 20255
-66.5%Return on equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

License brought in 76% of the revenue Lipocine Inc. broke down this way in fiscal 2025.

  1. License$1.5M576%down 86% from 2024
  2. Royalty$476.7K524%up 60% from 2024
Products and services by year
Products and services20242025
License$10.9M$1.5M
Royalty$298.1K$476.7K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development100¢$8.6M
  • Income tax0¢$200

Out of $2.0M in revenue.5 The company lost money this year.

Financial statements

Revenue6785$2.0M in 2025+1098% since 2019
-$5.0M0$5.0M$10.0M$15.0M$20.0M2019: $165.0K$165.0K20192020: $0$020202021: $16.1M$16.1M20212022: $500.0K$500.0K2022−97%2023: -$2.9M-$2.9M20232024: $11.2M$11.2M20242025: $2.0M$2.0M2025−82%
Operating income6971085-$10.4M in 2025−20% since 2019
-$20.0M-$10.0M0$10.0M2019: -$12.9M-$12.9M20192020: -$18.0M-$18.0M2020+40%2021: $3.1M$3.1M20212022: -$12.1M-$12.1M20222023: -$17.9M-$17.9M2023+48%2024: -$1.2M-$1.2M2024−94%2025: -$10.4M-$10.4M2025+798%
Net income6971085-$9.6M in 2025−26% since 2019
-$30.0M-$20.0M-$10.0M0$10.0M2019: -$13.0M-$13.0M20192020: -$21.0M-$21.0M2020+61%2021: -$634.4K-$634.4K2021−97%2022: -$10.8M-$10.8M2022+1596%2023: -$16.4M-$16.4M2023+52%2024: $8.4K$8.4K20242025: -$9.6M-$9.6M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
License revenue$1.5M$10.9M
Royalty revenue$476.7K$298.1K
Total revenues$2.0M$11.2M
Research and development$8.6M$7.4M
General and administrative$3.8M$5.0M
Total operating expenses$12.3M$12.4M
Operating loss-$10.4M-$1.2M
Interest and investment income$744.1K$1.1M
Unrealized gain on warrant liability$17.2K
Total other income$744.1K$1.2M
Income (loss) before income tax expense-$9.6M$9.0K
Income tax expense-$200-$681
Net income (loss)-$9.6M$8.4K
Basic income (loss) per share attributable to common stock-$1.77
Weighted average common shares outstanding, basic5.4M shares5.3M shares
Diluted income (loss) per share attributable to common stock-$1.69
Weighted average common shares outstanding, diluted5.7M shares5.4M shares
Net unrealized gain (loss) on available-for-sale securities-$4.7K$1.9K
Comprehensive gain (loss)-$9.6M$10.2K

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Leadership

Who has led Lipocine Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Mahesh Patel V.2013–now

Chair

  1. Mahesh Patel V.2016–2017

President

  1. Israel Menahem Vizel2012
  2. Mahesh Patel V.2013–2024

Chief financial officer

  1. Morgan R. Brown2013–2021
201520202025
Board members and other officers (20)

Former names

  • MARATHON BAR CORPNov 30, 2011 to Jul 9, 20133

Timeline

  1. Dec 11, 2013New chief executive Mahesh Patel V. becomes CEO13

Filings

272 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 161 major events, 64 insider forms, 6 large holders, 21 other. The latest 20:

  1. Oct 7, 20268-K EDGAR
  2. Oct 1, 20264 EDGAR
  3. Sep 30, 20264 EDGAR
  4. Sep 16, 20268-K EDGAR
  5. Sep 14, 20268-K EDGAR
  6. Sep 11, 20268-K EDGAR
  7. Sep 10, 20268-K EDGAR
  8. Aug 21, 20268-K/A EDGAR
  9. Aug 14, 2026SCHEDULE 13G/A EDGAR
  10. Aug 7, 20264 EDGAR
  11. Aug 7, 20263 EDGAR
  12. Aug 4, 20268-K EDGAR
  13. Aug 4, 202610-Q EDGAR
  14. Aug 3, 20268-K EDGAR
  15. Jun 30, 20264 EDGAR
  16. Jun 12, 20268-K EDGAR
  17. Jun 9, 2026S-8 EDGAR
  18. Jun 4, 20268-K EDGAR
  19. Jun 4, 20264 EDGAR
  20. Jun 4, 20264 EDGAR

The 272 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

15 open-market trades by officers, directors and large owners since October 2021: 15 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 28, 2026Higuchi John W.DirectorBuy12,561$2.16$27.1KForm 4
Apr 7, 2026Higuchi John W.DirectorBuy40,000$2.03$81.2KForm 4
Apr 6, 2026Higuchi John W.DirectorBuy123,000$2.05$252.2KForm 4
Apr 6, 2026Patel Mahesh V.Chief Executive OfficerBuy25,000$2.03$50.8KForm 4
Apr 2, 2026Patel Mahesh V.Chief Executive OfficerBuy25,000$2.02$50.5KForm 4
May 25, 2023Patel Mahesh V.Chief Executive OfficerBuy8,706$5.03$43.8KForm 4
Mar 24, 2023Patel Mahesh V.Chief Executive OfficerBuy150,000$0.32$48.0KForm 4
Mar 20, 2023Ono Richard DanaDirectorBuy4,000$0.34$1.4KForm 4
Mar 17, 2023Patel Mahesh V.Chief Executive OfficerBuy50,000$0.33$16.5KForm 4
Nov 22, 2022Papapetropoulos SpyrosDirectorBuy21,739$0.47$10.2KForm 4
Nov 14, 2022Patel Mahesh V.Chief Executive OfficerBuy75,000$0.39$29.2KForm 4
Sep 27, 2022Patel Mahesh V.Chief Executive OfficerBuy100,000$0.41$41.0KForm 4
May 17, 2022Fogarty KristaPrincipal Accounting OfficerBuy12,500$0.86$10.8KForm 4
May 16, 2022Patel Mahesh V.Chief Executive OfficerBuy50,000$0.77$38.5KForm 4
Nov 18, 2021Patel Mahesh V.Chief Executive OfficerBuy25,000$1.09$27.2KForm 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.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 36. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Squadron Capital Management LLC810,000$2.1M0.7%+360,000
Ikarian Capital, LLC508,556$1.3M0.2%No change
Eversept Partners, LP294,989$755.2K0.0%No change
Vanguard Capital Management LLC230,823$590.9K0.0%+30,155
Boothbay Fund Management, LLC140,487$359.6K0.0%No change
Jane Street Group, LLC95,227$243.8K0.0%+75,200
BlackRock, Inc.89,272$228.5K0.0%No change
Two Sigma Investments, LP84,887$217.3K0.0%+51,137
Citadel Advisors LLC81,221$207.9K0.0%+52,133
Seven Fleet Capital Management LP78,842$201.8K0.0%−46,100
Geode Capital Management, LLC74,477$190.8K0.0%+11,342
Renaissance Technologies LLC69,209$177.2K0.0%+30,712
Vanguard Fiduciary Trust Co54,539$139.6K0.0%+22,126
Dimensional Fund Advisors LP36,775$94.1K0.0%+17,653
Susquehanna International Group, Llp25,376$65.0K0.0%+468
State Street Corp22,407$57.4K0.0%No change
Birchview Capital, LP16,712$42.8K0.0%−95,074
Northern Trust Corp15,942$40.8K0.0%+2,900
Barclays PLC9,827$25.2K0.0%+415
UBS Group AG3,596$9.2K0.0%+102
Wells Fargo & Company/mn2,706$6.9K0.0%No change
Vanguard Global Advisers, LLC1,691$4.3K0.0%No change
Tower Research Capital LLC (TRC)678$1.7K0.0%−255
Morgan Stanley574$1.5K0.0%No change
Caldwell Sutter Capital, Inc.471$1.2K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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