Lipocine Inc. (LPCN)

Lipocine Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Equivalents	2.59	5.21	6.21	4.77	3.15	2.95
Short-Term Investments	18.86	9.72	15.43	17.26	29.38	41.67
Cash & Short-Term Investments	21.46	14.93	21.63	22.04	32.53	44.62
Cash Growth	41.80%	-30.98%	-1.82%	-32.26%	-27.09%	126.86%
Accounts Receivable	-	-	-	-	0.58	-
Other Receivables	0.9	1.16	0.21	0.05	0.08	0.25
Receivables	0.9	1.16	0.21	0.05	0.66	0.25
Prepaid Expenses	0.76	0.79	0.48	0.77	0.95	1.51
Total Current Assets	23.11	16.88	22.32	22.86	34.14	46.38
Property, Plant & Equipment	0.06	0.1	0.17	0.12	0.13	0.01
Long-Term Investments	-	-	-	-	-	2.02
Long-Term Accounts Receivable	-	-	-	-	3.25	4.05
Other Long-Term Assets	0.02	0.02	0.02	0.02	0.02	0.02
Total Assets	23.2	17.01	22.51	23	37.54	52.48

Liabilities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts Payable	0.54	0.97	0.27	1.4	0.6	1.29
Accrued Expenses	1.17	0.79	0.92	1.22	1.08	1.02
Current Portion of Long-Term Debt	-	-	-	-	-	2.31
Current Portion of Leases	-	0.45	-	-	-	-
Current Unearned Revenue	0.32	0.32	0.32	-	-	-
Other Current Liabilities	-	-	-	0.02	-	1
Total Current Liabilities	2.03	2.53	1.51	2.63	1.68	5.62
Other Long-Term Liabilities	-	-	-	-	0.23	1.3
Total Liabilities	2.03	2.53	1.51	2.63	1.91	6.91

Shareholders' Equity

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Common Stock	0.01	0.01	0.01	0.01	0.01	0.01
Additional Paid-In Capital	237.58	223.9	220.79	220.17	219.11	218.29
Retained Earnings	-216.36	-209.4	-199.77	-199.78	-183.43	-172.67
Treasury Stock	-0.04	-0.04	-0.04	-0.04	-0.04	-0.04
Comprehensive Income & Other	-0.03	0	0.01	0.01	-0.02	-0.02
Shareholders' Equity	21.16	14.48	21	20.37	35.63	45.57
Total Liabilities & Equity	23.2	17.01	22.51	23	37.54	52.48

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Total Debt	-	0.45	-	-	-	2.31
Net Cash (Debt)	21.46	14.48	21.63	22.04	32.53	44.33
Net Cash Growth	43.29%	-33.06%	-1.82%	-32.26%	-26.62%	214.90%
Net Cash Per Share	2.96	2.66	3.99	4.18	6.19	8.60
Filing Date Shares Outstanding	8.25	7.3	5.35	5.32	5.21	5.19
Total Common Shares Outstanding	8.25	6.16	5.35	5.32	5.21	5.19
Working Capital	21.08	14.35	20.81	20.23	32.46	40.76
Book Value Per Share	2.57	2.35	3.93	3.83	6.84	8.77
Tangible Book Value	21.16	14.48	21	20.37	35.63	45.57
Tangible Book Value Per Share	2.57	2.35	3.93	3.83	6.84	8.77
Machinery	-	1.39	1.39	1.3	1.29	1.15

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Nov 5, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Nov 8, 2026

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