LPCN Stock — Lipocine Inc.: Cash, EV, Pipeline

What they do

We are a biopharmaceutical company focused on leveraging our proprietary technology platform to develop innovative products with effective oral delivery of previously difficult to deliver molecules. Our proprietary delivery technologies are designed to improve patient compliance and safety through orally available treatment options.

Source: 10-K FY2025 via SEC EDGAR

Share price

$1.57

Market cap

$12.9M

Cash

$21.4M

Enterprise value

-$8.5M

Balance sheet

Cash	$21.4M
Debt	$0.0M
Net cash	$21.4M
Enterprise value	-$8.5M
Basic shares	6.0M shares
Fully diluted shares	6.4M shares
Fully diluted market cap	$10.0M
Cash per share	$3.59
Quarterly burn	$3.0M
Cash runway	7.7 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

6.0M

Pre-funded warrants

0.0M

Options

0.4M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.0M

FDSO

6.4M

Cap table as of 2026-06-30.

Price history

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Next catalyst

LPCN 1154A · Sep 12 - Oct 24 in 10 mo · Phase 3 · Depression, Postpartum; Postpartum Depression (PPD); Post-partum Depression

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Sep 12 - Oct 24 in 10 mo	LPCN 1154A	Phase 3	Depression, Postpartum; Postpartum Depression (PPD); Post-partum Depression	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

TLANDO

Approved · Active Modality: small molecule (oral testosterone)

Aliases LPCN 1111 (once-daily formulation)

Target androgen receptor

Partnerships U.S./Canada: exclusive royalty-bearing license to Gordon Silver Limited (affiliate of Verity Pharma, Jan 2024; 12-18% tiered royalties; $11M license fee). South Korea: SPC. UAE: Pharmalink distribution (TESTYRA marketing authorization approval Jul 8, 2026). Additional licenses in GCC and Brazil. Company retains rest-of-world rights.

Indications

Male hypogonadism / testosterone replacement therapy (Approved)
Klinefelter syndrome (Approved)
Pediatric testosterone replacement therapy (Approved)

Status note Oral testosterone replacement therapy approved under NDA No. 208088 for conditions associated with a deficiency or absence of endogenous testosterone in males, including Klinefelter syndrome and pediatric indications. TLANDO XR (LPCN 1111), a potential once-daily oral TRT candidate, licensed to Verity/GSL for U.S./Canada development.

TLANDO XR

Stage not disclosed · Active Modality: small molecule (oral testosterone)

Aliases LPCN 1111

Target androgen receptor

Partnerships Licensed to Gordon Silver Limited/Verity Pharma for U.S./Canada; company retains development/commercialization rights outside U.S./Canada and outside the TRT field.

Indications

Testosterone replacement therapy (Stage not disclosed)

Status note Potential once-daily oral product candidate for testosterone replacement therapy. Trial phase not disclosed in the excerpts.

LPCN 1148

Phase 2 · Active Modality: small molecule (prodrug of testosterone + testosterone laurate)

Target androgen receptor

Partnerships No partnering agreement entered into; company actively exploring partnerships for development and/or marketing.

Indications

Decompensated cirrhosis (sarcopenia, prevention of overt hepatic encephalopathy recurrence) (Phase 2)

Status note Novel prodrug of testosterone and testosterone laurate (TL) for management of decompensated cirrhosis. Phase 2 proof-of-concept study (52 weeks) completed: 24-week L3-SMI increases maintained through 52 weeks; well-tolerated. Company does not anticipate further significant development activities without a partner.

LPCN 2401

Preclinical · Active Modality: small molecule (anabolic androgen receptor agonist)

Target androgen receptor

Indications

Obesity (improved body composition as adjunct to incretin mimetics) (Stage not disclosed)

Status note Once-daily oral formulation of a proprietary anabolic androgen receptor agonist for improved body composition as adjunct to GLP-1 agonists. Proof-of-concept study planned after additional regulatory clarity; company does not anticipate further significant development activities without a partner.

LPCN 1107

Stage not disclosed · Active Modality: small molecule (oral progestin)

Aliases oral hydroxy progesterone caproate

Target progesterone receptor

Indications

Prevention of pre-term birth (Stage not disclosed)

Status note Potential first oral hydroxy progesterone caproate product for prevention of pre-term birth. No further significant development activities anticipated without a partner.

LPCN 2201/2202

Stage not disclosed · Active

Target GABA-A

Indications

Major depressive disorder (MDD) (Stage not disclosed)

Status note Candidate(s) for major depressive disorder. Detail and stage not disclosed in the excerpts.

LPCN 2203

Stage not disclosed · Active

Target GABA-A

Indications

Essential tremor (Stage not disclosed)

Status note Candidate for essential tremor. Detail and stage not disclosed in the excerpts.

LPCN 2101

Stage not disclosed · Active

Target GABA-A

Indications

Epilepsy (Stage not disclosed)

Status note Candidate for epilepsy. Detail and stage not disclosed in the excerpts.

Per-asset detail extracted from the 10-Q filed 2026-08-04. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	LPCN 1154A
Lead indication	Depression, Postpartum
Lead phase	Phase 3
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07822321	Phase 3	Recruiting	Sponsor	Lipocine Inc.	—	Depression, Postpartum; Postpartum Depression (PPD); Post-partum Depression	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Lipocine Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Ikarian Capital	508,556	no change	0.21%	2026-08-14
ADAR1 Capital Management	0	-23,180	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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LPCN — Lipocine Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

LPCN — Lipocine Inc.