What is Lipocine Inc's earnings per share (EPS)?

Lipocine Inc (LPCN) reported diluted earnings per share of $-1.69 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Lipocine Inc Financials

LPCN

Source SEC Filings (10-K/10-Q) Updated Mar 9, 2026 Currency USD FYE March

This page shows Lipocine Inc (LPCN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Earnings Quality Low Quality

1.01x

For every $1 of reported earnings, Lipocine Inc generates $1.01 in operating cash flow (-$9.8M OCF vs -$9.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.0M

YoY-82.3%

Lipocine Inc generated $2.0M in revenue in fiscal year 2025. This represents a decrease of 82.3% from the prior year.

EBITDA

-$10.3M

YoY-825.6%

Lipocine Inc's EBITDA was -$10.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 825.6% from the prior year.

Net Income

-$9.6M

YoY-115371.9%

Lipocine Inc reported -$9.6M in net income in fiscal year 2025. This represents a decrease of 115371.9% from the prior year.

EPS (Diluted)

$-1.69

Lipocine Inc earned $-1.69 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$9.9M

YoY-651.2%

Lipocine Inc generated -$9.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 651.2% from the prior year.

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

YoY+36.5%

5Y CAGR-36.4%

10Y CAGR-8.8%

Lipocine Inc had 7M shares outstanding in fiscal year 2025. This represents an increase of 36.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-524.7%

YoY-514.4pp

Lipocine Inc's operating margin was -524.7% in fiscal year 2025, reflecting core business profitability. This is down 514.4 percentage points from the prior year.

Net Margin

-487.1%

YoY-487.1pp

Lipocine Inc's net profit margin was -487.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 487.1 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$8.6M

YoY+16.8%

5Y CAGR-2.5%

10Y CAGR-3.8%

Lipocine Inc invested $8.6M in research and development in fiscal year 2025. This represents an increase of 16.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$90K

YoY+0.0%

10Y CAGR+12.1%

Lipocine Inc invested $90K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 0.0% from the prior year.

LPCN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.0M-82.3%	$11.2M	N/A	$500K-96.9%	$16.1M	$0
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$8.6M+16.8%	$7.4M-27.7%	$10.2M+18.9%	$8.6M+11.6%	$7.7M-21.4%	$9.7M
SG&A Expenses	$3.8M-24.7%	$5.0M+2.0%	$4.9M+20.7%	$4.1M-23.8%	$5.3M-35.4%	$8.2M
Operating Income	-$10.4M-797.9%	-$1.2M+93.6%	-$17.9M-48.0%	-$12.1M-485.3%	$3.1M+117.5%	-$18.0M
Interest Expense	N/A	N/A	N/A	$27K-86.7%	$203K-47.4%	$387K
Income Tax	$200-70.6%	$681-9.8%	$755+10.9%	$681+240.5%	$2000.0%	$200
Net Income	-$9.6M-115371.9%	$8K+100.1%	-$16.4M-52.0%	-$10.8M-1595.9%	-$634K+97.0%	-$21.0M
EPS (Diluted)	$-1.69	N/A	$-3.14-46.0%	$-2.15-21400.0%	$-0.01+97.4%	$-0.38

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$1.1M+899.7%	$115K-81.6%	$623K+563.6%	$94K	N/A	N/A	$90K-98.8%	$7.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$2.7M-1.1%	$2.7M+26.7%	$2.1M+101.3%	$1.1M	N/A	$1.6M-15.4%	$1.9M-33.5%	$2.8M
SG&A Expenses	$983K+28.1%	$768K-13.8%	$890K-20.7%	$1.1M	N/A	$1.0M-30.7%	$1.5M-4.3%	$1.6M
Operating Income	-$2.5M+25.1%	-$3.4M-39.8%	-$2.4M-15.0%	-$2.1M	N/A	-$2.6M+20.1%	-$3.3M-202.2%	$3.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	$200	N/A	N/A	$481+140.5%	$200
Net Income	-$2.4M+25.6%	-$3.2M-44.5%	-$2.2M-18.3%	-$1.9M	N/A	-$2.2M+27.7%	-$3.1M-187.3%	$3.5M
EPS (Diluted)	N/A	$-0.59-43.9%	$-0.41-17.1%	$-0.35	N/A	$-0.44+21.4%	$-0.56-184.8%	$0.66

LPCN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	N/A	$22.5M-2.1%	$23.0M-38.7%	$37.5M-28.5%	$52.5M+107.0%	$25.4M
Current Assets	N/A	$22.3M-2.4%	$22.9M-33.0%	$34.1M-26.4%	$46.4M+83.1%	$25.3M
Cash & Equivalents	N/A	$6.2M+30.1%	$4.8M+51.6%	$3.1M+6.7%	$3.0M-84.6%	$19.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	N/A	$1.5M-42.5%	$2.6M+37.9%	$1.9M-72.4%	$6.9M-31.0%	$10.0M
Current Liabilities	N/A	$1.5M-42.5%	$2.6M+56.8%	$1.7M-70.1%	$5.6M-14.7%	$6.6M
Long-Term Debt	N/A	N/A	N/A	N/A	$1.7M-26.1%	$2.3M
Total Equity	N/A	$21.0M+3.1%	$20.4M-42.8%	$35.6M-21.8%	$45.6M+197.0%	$15.3M
Retained Earnings	N/A	-$199.8M0.0%	-$199.8M-8.9%	-$183.4M-6.2%	-$172.7M-0.4%	-$172.0M

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$17.0M+5.8%	$16.1M-13.5%	$18.6M-9.4%	$20.5M-8.9%	$22.5M+8.8%	$20.7M-10.1%	$23.0M-9.5%	$25.4M
Current Assets	$16.9M+5.9%	$15.9M-13.5%	$18.4M-9.4%	$20.3M-8.9%	$22.3M+8.9%	$20.5M-10.5%	$22.9M-9.5%	$25.3M
Cash & Equivalents	$5.2M+33.4%	$3.9M-35.5%	$6.0M+80.2%	$3.4M-45.9%	$6.2M+65.8%	$3.7M-32.6%	$5.6M+80.2%	$3.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.5M+30.9%	$1.9M+33.3%	$1.4M+11.5%	$1.3M-14.1%	$1.5M-4.3%	$1.6M-13.3%	$1.8M+22.4%	$1.5M
Current Liabilities	$2.5M+30.9%	$1.9M+33.3%	$1.4M+11.5%	$1.3M-14.1%	$1.5M-4.3%	$1.6M-13.3%	$1.8M+22.4%	$1.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$14.5M+2.4%	$14.1M-17.4%	$17.1M-10.8%	$19.2M-8.6%	$21.0M+9.8%	$19.1M-9.9%	$21.2M-11.5%	$24.0M
Retained Earnings	-$209.4M-1.1%	-$207.0M-1.6%	-$203.8M-1.1%	-$201.6M-0.9%	-$199.8M+0.9%	-$201.6M-1.1%	-$199.3M-1.6%	-$196.3M

LPCN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$9.8M-699.3%	-$1.2M+89.7%	-$11.9M+0.9%	-$12.0M-171.3%	-$4.4M+71.2%	-$15.3M
Capital Expenditures	$90K0.0%	$90K+584.2%	$13K-90.2%	$134K+1663.0%	$8K	N/A
Free Cash Flow	-$9.9M-651.2%	-$1.3M+89.0%	-$11.9M+1.8%	-$12.1M-173.9%	-$4.4M	N/A
Investing Cash Flow	$5.9M+140.8%	$2.4M-81.3%	$13.1M-8.5%	$14.3M+132.6%	-$43.8M-1224.7%	$3.9M
Financing Cash Flow	$2.9M+1270.8%	$209K-48.3%	$405K+119.0%	-$2.1M-107.9%	$26.9M+28.8%	$20.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	-$2.9M+2.2%	-$3.0M-58.3%	-$1.9M+4.2%	-$2.0M-215.7%	$1.7M+160.1%	-$2.8M-13.4%	-$2.5M-203.7%	$2.4M
Capital Expenditures	N/A	N/A	N/A	N/A	$10K	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	$1.7M	N/A	N/A	N/A
Investing Cash Flow	$1.6M+124.1%	$701K-84.4%	$4.5M+610.2%	-$882K-215.9%	$761K-25.6%	$1.0M-78.5%	$4.8M+216.2%	-$4.1M
Financing Cash Flow	$2.7M+1776.8%	$141K	N/A	N/A	$0	$0-100.0%	$217K+2784.4%	-$8K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$8K

LPCN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-524.7%-514.4pp	-10.3%	N/A	-2423.9%-2443.4pp	19.5%	N/A
Net Margin	-487.1%-487.1pp	0.1%	N/A	-2151.7%-2147.8pp	-3.9%	N/A
Return on Equity	N/A	0.0%+80.3pp	-80.3%-50.1pp	-30.2%-28.8pp	-1.4%+135.3pp	-136.7%
Return on Assets	N/A	0.0%+71.1pp	-71.1%-42.4pp	-28.7%-27.5pp	-1.2%+81.5pp	-82.7%
Current Ratio	N/A	14.75+6.1	8.69-11.7	20.34+12.1	8.26+4.4	3.85
Debt-to-Equity	N/A	0.07-0.1	0.13+0.1	0.05+0.0	0.04-0.1	0.15
FCF Margin	-498.4%-486.6pp	-11.7%	N/A	-2420.5%-2393.2pp	-27.4%	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-219.6%+2713.9pp	-2933.5%-2547.5pp	-386.0%+1840.8pp	-2226.8%	N/A	N/A	-3676.2%-3718.5pp	42.3%
Net Margin	-206.9%+2574.5pp	-2781.5%-2427.3pp	-354.1%+1632.6pp	-1986.8%	N/A	N/A	-3426.1%-3472.3pp	46.1%
Return on Equity	-16.4%+6.2pp	-22.5%-9.7pp	-12.9%-3.2pp	-9.7%	N/A	-11.6%+2.9pp	-14.5%-29.1pp	14.7%
Return on Assets	-13.9%+5.9pp	-19.8%-8.0pp	-11.9%-2.8pp	-9.1%	N/A	-10.7%+2.6pp	-13.3%-27.1pp	13.8%
Current Ratio	6.68-1.6	8.25-4.5	12.71-2.9	15.64+0.9	14.75+1.8	12.97+0.4	12.56-4.4	16.99
Debt-to-Equity	0.17+0.0	0.14+0.1	0.08+0.0	0.070.0	0.07-0.0	0.080.0	0.09+0.0	0.06
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Lipocine Inc's annual revenue?

Lipocine Inc (LPCN) reported $2.0M in total revenue for fiscal year 2025. This represents a -82.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Lipocine Inc's revenue growing?

Lipocine Inc (LPCN) revenue declined by 82.3% year-over-year, from $11.2M to $2.0M in fiscal year 2025.

Is Lipocine Inc profitable?

No, Lipocine Inc (LPCN) reported a net income of -$9.6M in fiscal year 2025, with a net profit margin of -487.1%.

What is Lipocine Inc's EBITDA?

Lipocine Inc (LPCN) had EBITDA of -$10.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Lipocine Inc's operating margin?

Lipocine Inc (LPCN) had an operating margin of -524.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Lipocine Inc's net profit margin?

Lipocine Inc (LPCN) had a net profit margin of -487.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Lipocine Inc's free cash flow?

Lipocine Inc (LPCN) generated -$9.9M in free cash flow during fiscal year 2025. This represents a -651.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Lipocine Inc's operating cash flow?

Lipocine Inc (LPCN) generated -$9.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Lipocine Inc's capital expenditures?

Lipocine Inc (LPCN) invested $90K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Lipocine Inc spend on research and development?

Lipocine Inc (LPCN) invested $8.6M in research and development during fiscal year 2025.

How many shares does Lipocine Inc have outstanding?

Lipocine Inc (LPCN) had 7M shares outstanding as of fiscal year 2025.

Are Lipocine Inc's earnings high quality?

Lipocine Inc (LPCN) has an earnings quality ratio of 1.01x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.