Lipocine : Announces Financial Results for the First Quarter Ended March 31, 2026
LPCN
Published on 05/07/2026 at 07:10 pm EDT - Modified on 05/07/2026 at 07:18 pm EDT
SALT LAKE CITY, May 7, 2026 /PRNewswire / -- Lipocine Inc. (NASDAQ: LPCN), a biopharmaceutical company leveraging its proprietary technology platform to augment therapeutics through effective oral delivery, today announced financial results for the first quarter ended March 31, 2026 and provided a corporate update.
Neuroactive Steroids (NAS)
LPCN 1154 for Postpartum Depression ("PPD")
TLANDO®
First Quarter Ended March 31, 2026, Financial Results
As of March 31, 2026, Lipocine had $24.7 million of unrestricted cash, cash equivalents and marketable investment securities compared to $14.9 million at December 31, 2025.
Lipocine reported a net loss of $3.7 million, or ($0.52) per diluted share, for the quarter ended March 31, 2026, compared with a net loss of $1.9 million, or ($0.35) per diluted share, for the quarter ended March 31, 2025.
The company recognized royalty revenue from TLANDO sales of $119,000 during the quarter ended March 31, 2026, compared to royalty revenue of $94,000 during the quarter ended March 31, 2025.
Research and development expenses were $2.8 million and $1.1 million, respectively, for the quarters ended March 31, 2026 and 2025. The increase in research and development expenses was mainly the result of an increase in costs related to our LPCN 1154 clinical study in 2026.
General and administrative expenses were $1.2 million and $1.1 million, respectively, for the quarters ended March 31, 2026 and 2025. The increase in general and administrative expenses was primarily a result of an increase in various professional and consulting fees.
For further details on Lipocine's financial results for the quarter ended March 31, 2026, refer to Form 10-Q filed with the SEC.
About Lipocine
Lipocine is a biopharmaceutical company leveraging its proprietary technology platform to develop innovative products with effective oral delivery. Lipocine has drug candidates in development as well as drug candidates for which we are exploring partnerships. Our drug candidates represent enablement of differentiated patient friendly oral delivery options for favorable benefit to risk profile which target large addressable markets with significant unmet medical needs.
Lipocine's development pipeline includes: LPCN 1154 for the treatment of postpartum depression, LPCN 2201 for treatment of major depressive disorder, LPCN 2101 for the treatment of epilepsy, LPCN 2203 targeted for the management of essential tremor, LPCN 2401 as an aid for improved body composition in obesity management, LPCN 1148 targeted for the management of symptoms associated with liver cirrhosis, and LPCN 1107 our candidate for prevention of preterm birth. 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 the potential uses and benefits of products and product candidates, the commercial potential for product candidates, the timing of regulatory reviews and approvals and related procedures, and potential strategic opportunities. 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, we may not have sufficient capital to complete the development processes for our product candidates or we may decide to allocate our available capital to other product candidates, we may not be able to enter into partnerships or other strategic relationships to monetize our assets, safety and efficacy studies, including those relating to LPCN 1154, may not be successful or may not provide results that would support the submission of a NDA, the FDA may 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 and our ability to utilize a streamlined approval pathway for LPCN 1154, 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,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$ 5,015,608
$ 5,205,842
Marketable investment securities
19,713,463
9,724,545
Accrued interest income
111,411
14,189
License fee and royalties receivable
119,397
1,145,390
Prepaid and other current assets
285,055
787,600
Total current assets
25,244,934
16,877,566
Property and equipment, net of accumulated depreciation
of $1,298,893 and $1,284,079 respectively
89,479
104,293
Other assets
23,753
23,753
Total assets
$ 25,358,166
$ 17,005,612
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 1,562,728
$ 971,822
Accrued expenses
645,115
1,236,374
Deferred revenue
320,000
320,000
Total current liabilities
2,527,843
2,528,196
Total liabilities
2,527,843
2,528,196
Stockholders' equity:
Common stock, par value $0.0001 per share, 75,000,000
shares authorized; 7,475,451 and 6,158,779 issued and
7,475,115 and 6,158,443 outstanding, respectively
9,076
8,944
Additional paid-in capital
235,937,414
223,901,106
Treasury stock at cost, 336 shares
(40,712)
(40,712)
Accumulated other comprehensive income
(7,194)
4,445
Accumulated deficit
(213,068,261)
(209,396,367)
Total stockholders' equity
22,830,323
14,477,416
Total liabilities and stockholders' equity
$ 25,358,166
$ 17,005,612
LIPOCINE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
Three Months Ended March 31,
2026
2025
Revenues:
Royalty revenue
119,397
93,864
Total revenues
119,397
93,864
Operating expenses:
Research and development
2,764,394
1,061,571
General and administrative
1,204,467
1,122,477
Total operating expenses
3,968,861
2,184,048
Operating loss
(3,849,464)
(2,090,184)
Other income:
Interest and investment income
177,570
225,511
Total other income
177,570
225,511
Loss before income tax expense
(3,671,894)
(1,864,673)
Income tax expense
-
(200)
Net loss attributable to common shareholders
$ (3,671,894)
$ (1,864,873)
Basic loss per share attributable to common stock
$ (0.54)
$ (0.35)
Weighted average common shares outstanding, basic
6,795,002
5,348,557
Diluted loss per share attributable to common stock
$ (0.54)
$ (0.35)
Weighted average common shares outstanding, diluted
6,795,002
5,348,557
Comprehensive loss:
Net loss
$ (3,671,894)
$ (1,864,873)
Net unrealized loss on marketable investment securities
(11,639)
(3,617)
Comprehensive loss
$ (3,683,533)
$ (1,868,490)
SOURCE Lipocine Inc.
For further information: For further information: Krista Fogarty, Phone: (801) 994-7383, [email protected]; Investors: PJ Kelleher, Phone: (617) 430-7579, [email protected]
Disclaimer
Lipocine Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 22:54 UTC.