Lipocine Inc. income statement
In fiscal 2025, Lipocine Inc. reported revenue of $2.0m, down 82.3% on the year before, operating income of −$10.4m (a -524.7% margin) and net income of −$9.6m, or −$1.69 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2012Dec 2012 | 2013Dec 2013 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 16 | 1 | −3 | 11 | 2 | 2 |
| Research and development | 2 | 5 | 8 | 11 | 6 | 7 | 10 | 8 | 9 | 10 | 7 | 9 | 10 |
| General and administrative | 2 | 4 | 10 | 10 | 5 | 6 | 8 | 5 | 4 | 5 | 5 | 4 | 4 |
| Operating income | 4 | −11 | −19 | −21 | −11 | −13 | −18 | 3 | −12 | −18 | −1 | −10 | −13 |
| Interest expense | — | — | — | — | — | 1 | 0 | 0 | 0 | — | — | — | — |
| Income before tax | 4 | −11 | −19 | −21 | −12 | −13 | −21 | −1 | −11 | −16 | 0 | −10 | −12 |
| Income tax | 0 | −0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Net income | 4 | −11 | −19 | −21 | −12 | −13 | −21 | −1 | −11 | −16 | 0 | −10 | −12 |
| Diluted EPS | $14.45 | −$24.48 | −$1.04 | −$1.05 | −$0.55 | −$0.50 | −$0.38 | −$0.01 | −$2.15 | −$3.14 | — | −$1.69 | −$1.75 |
| Diluted shares (average) | — | — | 1m | 1m | 1m | 2m | 3m | 5m | 5m | 5m | 5m | 6m | 7m |
| EBITDA | 4 | −11 | −19 | −21 | −11 | −13 | −18 | 3 | −12 | −18 | −1 | −10 | −13 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 3,491 | 94 | 623 | 115 | 1,145 | 119 | 190 |
| Research and development | 1,585 | 1,073 | 1,062 | 2,137 | 2,708 | 2,678 | 2,764 | 2,041 |
| General and administrative | 1,045 | 873 | 1,122 | 890 | 768 | 983 | 1,204 | 991 |
| Operating income | −2,630 | 1,545 | −2,090 | −2,404 | −3,361 | −2,516 | −3,849 | −2,842 |
| Income before tax | −2,219 | 1,782 | −1,865 | −2,206 | −3,187 | −2,370 | −3,672 | −2,622 |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | — | 0 |
| Net income | −2,219 | 1,782 | −1,865 | −2,206 | −3,187 | −2,370 | −3,672 | −2,623 |
| Diluted EPS | −$0.44 | — | −$0.35 | −$0.41 | −$0.59 | −$0.34 | −$0.54 | −$0.32 |
| EBITDA | −2,622 | 1,561 | −2,075 | −2,388 | −3,347 | −2,501 | −3,835 | −2,828 |
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