LPCN Nasdaq Pharmaceutical Preparations Financials FY2016βFY2025
Lipocine Inc. had $2.0M of revenue in fiscal 2025, down 82.3% on the year before.
Last close Β· Oct 23, 2026
$1.44
1.4%Hi! I read Lipocine Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β82.3%
No. Sales fell 82.3% last year.
Does it make a profit?
β487.0%
No. It lost money last year.
How healthy are the accounts?
0 / 7
Weak. It passes 0 of 7 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Lipocine Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 5, 2026
Thursday Β· in 10 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 4, 2026 | Q2 '26 | Before the market opens | 8-K β |
| May 7, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Feb 18, 2026 | Q4 '25 | During market hours | 8-K β |
| Nov 6, 2025 | Q3 '25 | During market hours | 8-K β |
| Aug 5, 2025 | Q2 '25 | Before the market opens | 8-K β |
| May 8, 2025 | Q1 '25 | During market hours | 10-Q β |
| Mar 13, 2025 | Q4 '24 | During market hours | 10-K β |
| Nov 7, 2024 | Q3 '24 | Before the market opens | 10-Q β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Lipocine Inc. had $2.0M of revenue in fiscal 2025, down 82.3% on the year before. Its operating margin was β524.7%, down 514.4Β pts: of every 100 in sales, about β525 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Lipocine Inc. lost $9.6M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Lipocine Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $44.6M | $32.5M | $22.0M | $21.6M | $14.9M |
| Debt incl. finance leases | $4.0M | β | β | β | β |
| Net debt / EBITDA | β12.9x | β | β | β | β |
| Debt / equity | 0.1x | β | β | β | β |
| Interest coverage | 15.5x | β447.2x | β | β | β |
| Current ratio | 8.3x | 20.3x | 8.7x | 14.8x | 6.7x |
| Quick ratio | 8.3x | 20.3x | 8.7x | 14.8x | 6.7x |
| Total assets | $52.5M | $37.5M | $23.0M | $22.5M | $17.0M |
| Total liabilities | $6.9M | $1.9M | $2.6M | $1.5M | $2.5M |
| Shareholders' equity | $45.6M | $35.6M | $20.4M | $21.0M | $14.5M |
| Net debt (β = net cash) | β$40.6M | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Lipocine Inc. passes 0 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 1 / 7 | 3 / 8 | 2 / 8 | 2 / 8 | 4 / 8 | 2 / 7 | 1 / 7 | 4 / 7 | 0 / 7 |
| Accruals ratio | β2.5% | β16.3% | 1.8% | β6.6% | β25.2% | 9.7% | 2.7% | β14.8% | 5.4% | 0.7% |
| Altman Z'' | 9.52 | β13.87 | β19.23 | β24.07 | β20.43 | 1.69 | 7.18 | β19.66 | β8.64 | β32.69 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $0.0M | $0.0M | $0.4M | $0.2M | $0.0M | $16.1M | $0.5M | β$2.9M | $11.2M | $2.0M |
| Research and development | $8.1M | $11.0M | $6.5M | $7.5M | $9.7M | $7.7M | $8.6M | $10.2M | $7.4M | $8.6M |
| Operating income | β$19.2M | β$21.2M | β$11.3M | β$12.9M | β$18.0M | $3.1M | β$12.1M | β$17.9M | β$1.2M | β$10.4M |
| Interest expense | β | β | β | $0.8M | $0.4M | $0.2M | $0.0M | β | β | β |
| Pretax income | β$19.0M | β$21.0M | β$11.7M | β$13.0M | β$21.0M | β$0.6M | β$10.8M | β$16.4M | $0.0M | β$9.6M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$19.0M | β$21.0M | β$11.7M | β$13.0M | β$21.0M | β$0.6M | β$10.8M | β$16.4M | $0.0M | β$9.6M |
| Net income to common | β$19.0M | β$21.0M | β$11.7M | β$13.0M | β$21.0M | β$0.6M | β$10.8M | β$16.4M | $0.0M | β |
| Diluted EPS | β$1.04 | β$1.05 | β$0.55 | β$0.50 | β$0.38 | β$0.01 | β$2.15 | β$3.14 | β | β$1.69 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.03B | 0.06B | 0.09B | 0.01B | 0.01B | 0.01B | 0.01B |
| Cash flow | ||||||||||
| Cash from operations | β$18.3M | β$16.7M | β$12.1M | β$11.7M | β$15.3M | β$4.4M | β$12.0M | β$11.9M | β$1.2M | β$9.8M |
| Capital expenditure | $0.1M | $0.0M | $0.0M | β | β | $0.0M | $0.1M | $0.0M | $0.1M | β |
| Free cash flow | β$18.3M | β$16.7M | β$12.1M | β | β | β$4.4M | β$12.1M | β$11.9M | β$1.3M | β |
| Depreciation and amortization | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.1M |
| Stock-based compensation | $2.4M | $2.7M | $1.5M | $1.0M | $1.4M | $0.6M | $0.6M | $0.7M | $0.4M | $0.2M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $5.6M | $3.2M | $15.3M | $14.1M | $19.7M | $44.6M | $32.5M | $22.0M | $21.6M | $14.9M |
| Total debt | β | $0.0M | $13.3M | $10.0M | $8.3M | $4.0M | β | β | β | β |
| Current assets | $27.2M | $25.2M | $20.8M | $19.6M | $25.3M | $46.4M | $34.1M | $22.9M | $22.3M | $16.9M |
| Current liabilities | $1.3M | $6.3M | $4.5M | $5.0M | $6.6M | $5.6M | $1.7M | $2.6M | $1.5M | $2.5M |
| Property and equipment, net | $0.1M | $0.1M | $0.0M | $0.0M | β | $0.0M | $0.1M | $0.1M | $0.2M | $0.1M |
| Total assets | $27.3M | $25.3M | $20.9M | $19.7M | $25.4M | $52.5M | $37.5M | $23.0M | $22.5M | $17.0M |
| Total liabilities | $1.3M | $6.3M | $11.4M | $13.4M | $10.0M | $6.9M | $1.9M | $2.6M | $1.5M | $2.5M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | β | β | β | β | β |
| Shareholders' equity | $26.0M | $19.0M | $9.4M | $6.3M | $15.3M | $45.6M | $35.6M | $20.4M | $21.0M | $14.5M |
| Margins | ||||||||||
| Operating margin | β | β | β2,646.2% | β7,818.4% | β | 19.5% | β2,423.9% | 629.0% | β10.3% | β524.7% |
| EBITDA margin | β | β | β2,641.9% | β7,809.0% | β | 19.5% | β2,422.0% | 628.0% | β9.9% | β521.6% |
| Net margin | β | β | β2,724.3% | β7,883.2% | β | β3.9% | β2,151.7% | 573.6% | 0.1% | β487.0% |
| FCF margin | β | β | β2,822.1% | β | β | β27.4% | β2,420.5% | 416.7% | β11.7% | β |
| Returns | ||||||||||
| Return on capital | β | β106.3% | β119.0% | β459.1% | β354.7% | 50.4% | β | β | β | β |
| Return on capital employed | β73.7% | β111.8% | β69.2% | β87.8% | β95.9% | 6.7% | β33.8% | β88.0% | β5.5% | β71.6% |
| Return on equity | β72.9% | β93.3% | β82.1% | β165.5% | β193.9% | β2.1% | β26.5% | β58.4% | 0.0% | β54.3% |
| Return on assets | β69.4% | β79.7% | β50.5% | β64.2% | β93.2% | β1.6% | β23.9% | β54.0% | 0.0% | β48.7% |
| Return on tangible equity | β72.9% | β110.6% | β123.6% | β206.9% | β136.7% | β1.4% | β30.2% | β80.3% | 0.0% | β66.5% |
| Growth | ||||||||||
| Revenue growth | β | β | β | β61.4% | β100.0% | β | β96.9% | β670.2% | β | β82.3% |
| Net income growth | β | β | β | β | β | β | β | β | β | β114,713.1% |
| Share count change | β | 9.8% | 6.5% | 21.2% | 115.2% | 57.3% | β94.0% | 0.3% | 2.9% | 5.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β | β12.9x | β | β | β | β |
| Debt / equity | β | 0.0x | 1.4x | 1.6x | 0.5x | 0.1x | β | β | β | β |
| Interest coverage | β | β | β | β16.8x | β46.6x | 15.5x | β447.2x | β | β | β |
| Current ratio | 20.5x | 4.0x | 4.6x | 4.0x | 3.8x | 8.3x | 20.3x | 8.7x | 14.8x | 6.7x |
| Quick ratio | 20.5x | 4.0x | 4.6x | 4.0x | 3.8x | 8.3x | 20.3x | 8.7x | 14.8x | 6.7x |
| Capital allocation | ||||||||||
| Capex / revenue | β | β | 0.0% | β | β | 0.0% | 26.8% | β0.5% | 0.8% | β |
| Stock comp / revenue | β | β | 340.6% | 627.8% | β | 3.7% | 127.2% | β23.0% | 3.6% | 12.3% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 1.0 | 3.0 | 2.0 | 2.0 | 4.0 | 2.0 | 1.0 | 4.0 | 0.0 |
| Altman Z'' | 9.5 | β13.9 | β19.2 | β24.1 | β20.4 | 1.7 | 7.2 | β19.7 | β8.6 | β32.7 |
| Accruals ratio | β2.5% | β16.3% | 1.8% | β6.6% | β25.2% | 9.7% | 2.7% | β14.8% | 5.4% | 0.7% |
Source: SEC EDGAR XBRL filings (CIK 0001535955). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
