Lipocine Announces Financial Results for the First Quarter Ended March 31, 2023
First Quarter Highlights
Neuroactive Steroid for Depression
Dosing was initiated in a pilot clinical bridge study of LPCN 1154 (oral brexanolone) a neuroactive steroid product candidate that Lipocine is developing for postpartum depression ("PPD"). LPCN 1154 is targeted to be a differentiated oral treatment option as a mono or add-on therapy for patients with unresolved symptoms needing fast onset with high response in short treatment duration.
- Results are expected in the second quarter of the year. The FDA has agreed with Lipocine's proposal for establishing the efficacy of LPCN 1154 via the 505(b)(2) pathway. The proof-of-concept study is a prelude to a single confirmatory Pivotal PK study in place of an efficacy study for NDA submission.
LPCN 1148 in liver cirrhosis
LPCN 1148 is being evaluated in an ongoing Phase 2 proof-of-concept ("POC") study for the management of decompensated cirrhosis of various etiologies. Topline results are expected mid-2023.
Lipocine continues to explore partnering opportunities for LPCN 1107, our candidate for prevention of preterm birth, LPCN 1148, for the management of decompensated cirrhosis, LPCN 1144, our candidate for treatment of non-cirrhotic NASH, and LPCN 1111, a once-a-day therapy candidate for testosterone replacement therapy (TRT).
Quarter Ended March 31, 2023 Financial Results
Lipocine reported a net loss of
Lipocine recognized license revenue for payments receivable from Spriaso under a licensing agreement in the cough and cold field of approximately
Research and development expenses were
General and administrative expenses were
As of March 31, 2023, Lipocine had
About Lipocine
Lipocine is a biopharmaceutical company leveraging its proprietary technology platform to augment therapeutics through effective oral delivery to develop products for CNS disorders. Lipocine has candidates in development as well as candidates for which we are exploring partnering. Our candidates represent the enablement of patient friendly oral delivery options for a favorable benefit to risk profile which target large addressable markets with significant unmet medical needs.
Lipocine clinical development candidates include: LPCN 1154, oral brexanolone, for the potential treatment of postpartum depression, LPCN 2101 for the potential treatment of epilepsy and LPCN 1148, an oral prodrug of bioidentical testosterone targeted for the management of symptoms associated with liver cirrhosis. Lipocine is exploring partnering opportunities for LPCN 1107, our candidate for prevention of preterm birth, LPCN 1148, for the management of decompensated cirrhosis, LPCN 1144, our candidate for treatment of non-cirrhotic NASH, and LPCN 1111, a once-a-day therapy candidate for testosterone replacement therapy (TRT). TLANDO, a novel oral prodrug of testosterone containing testosterone undecanoate developed by Lipocine, is approved by the FDA for conditions associated with a deficiency of endogenous testosterone, also known as hypogonadism, in adult males. For more information, please visit www.lipocine.com.
Forward-Looking Statements
This release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include statements that are not historical facts regarding our product development efforts, our strategic plans for developing products to treat CNS disorders, our ability to monetize non-core product candidates, the application of our proprietary platform in developing new treatments for CNS disorders, our product candidates and related clinical trials, the achievement of milestones within and completion of clinical trials, the timing and completion of regulatory reviews, outcomes of clinical trials of our product candidates, and the potential uses and benefits of our product candidates. Investors are cautioned that all such forward-looking statements involve risks and uncertainties, including, without limitation, the risks that we may not be successful in developing product candidates to treat CNS disorders, we may not be able to enter into partnerships or other strategic relationships to monetize our non-core assets, the FDA will not approve any of our products, risks related to our products, expected product benefits not being realized, clinical and regulatory expectations and plans not being realized, new regulatory developments and requirements, risks related to the FDA approval process including the receipt of regulatory approvals, the results and timing of clinical trials, patient acceptance of Lipocine's products, the manufacturing and commercialization of Lipocine's products, and other risks detailed in Lipocine's filings with the SEC, including, without limitation, its Form 10-K and other reports on Forms 8-K and 10-Q, all of which can be obtained on the SEC website at www.sec.gov. Lipocine assumes no obligation to update or revise publicly any forward-looking statements contained in this release, except as required by law.
LIPOCINE INC. AND SUBSIDIARIES | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
March 31, | December 31, | |||||||
2023 | 2022 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ 4,769,180 | $ 3,148,496 | ||||||
Marketable investment securities | 24,100,430 | 29,381,410 | ||||||
Accrued interest income | 39,060 | 80,427 | ||||||
Contract asset - current portion | 579,428 | 579,428 | ||||||
Prepaid and other current assets | 1,126,731 | 945,319 | ||||||
Total current assets | 30,614,829 | 34,135,080 | ||||||
Contract asset - non-current portion | 3,252,500 | 3,252,500 | ||||||
Property and equipment, net of accumulated depreciation | ||||||||
of | 130,770 | 131,589 | ||||||
Other assets | 23,753 | 23,753 | ||||||
Total assets | $ 34,021,852 | $ 37,542,922 | ||||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ 796,476 | $ 600,388 | ||||||
Accrued expenses | 1,133,626 | 1,077,738 | ||||||
Total current liabilities | 1,930,102 | 1,678,126 | ||||||
Warrant liability | 131,722 | 229,856 | ||||||
Total liabilities | 2,061,824 | 1,907,982 | ||||||
Commitments and contingencies | ||||||||
Mezzanine equity: | ||||||||
Preferred stock, par value | ||||||||
share redemption value), 10,000,000 shares authorized; | ||||||||
88,511 and zero issued and outstanding at March 31, 2023 | ||||||||
and December 31, 2022, respectively | 9 | - | ||||||
Stockholders' equity: | ||||||||
Common stock, par value | ||||||||
shares authorized; 88,516,501 issued and | ||||||||
88,510,791 outstanding | 8,852 | 8,852 | ||||||
Additional paid-in capital | 219,284,000 | 219,112,164 | ||||||
Treasury stock at cost, 5,710 shares | (40,712) | (40,712) | ||||||
Accumulated other comprehensive loss | 3,241 | (20,321) | ||||||
Accumulated deficit | (187,295,362) | (183,425,043) | ||||||
Total stockholders' equity | 31,960,028 | 35,634,940 | ||||||
Total liabilities and stockholders' equity | $ 34,021,852 | $ 37,542,922 | ||||||
LIPOCINE INC. AND SUBSIDIARIES | ||||||||
Condensed Consolidated Statements of Operations and Comprehensive Loss | ||||||||
(Unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
2023 | 2022 | |||||||
Revenues: | $ 54,990 | $ - | ||||||
Operating expenses: | ||||||||
Research and development | 3,106,310 | 1,887,953 | ||||||
General and administrative | 1,287,313 | 1,243,687 | ||||||
Total operating expenses | 4,393,623 | 3,131,640 | ||||||
Operating loss | (4,338,633) | (3,131,640) | ||||||
Other income (expense): | ||||||||
Interest and investment income | 370,469 | 41,576 | ||||||
Interest expense | - | (19,529) | ||||||
Unrealized gain (loss) on warrant liability | 98,134 | (377,988) | ||||||
Total other income (expense), net | 468,603 | (355,941) | ||||||
Loss before income tax expense | (3,870,030) | (3,487,581) | ||||||
Income tax expense | (200) | (200) | ||||||
Net loss | (3,870,230) | (3,487,781) | ||||||
Issuance of Series B preferred stock dividend | (89) | - | ||||||
Net loss attributable to common shareholders | ||||||||
Basic loss per share attributable to common stock | $ (0.04) | $ (0.04) | ||||||
Weighted average common shares outstanding, basic | 88,510,791 | 88,309,628 | ||||||
Diluted loss per share attributable to common stock | $ (0.04) | $ (0.04) | ||||||
Weighted average common shares outstanding, diluted | 88,510,791 | 88,309,628 | ||||||
Comprehensive loss: | ||||||||
Net loss | ||||||||
Net unrealized gain (loss) on available-for-sale securities | 23,562 | (49,400) | ||||||
Comprehensive loss | ||||||||
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SOURCE Lipocine Inc.
