Lipocine Announces Financial Results for the Second Quarter Ended June 30, 2026
SALT LAKE CITY, Aug. 4, 2026 /PRNewswire/ -- Lipocine Inc. (NASDAQ: LPCN), a specialty pharmaceutical company focused on the development of novel oral therapeutics, today announced financial results for the second quarter ended June 30, 2026 and provided a corporate update.
Recent Developments and Corporate Update
LPCN 1154 (BRLIZIO™) for Postpartum Depression (PPD)
LPCN 2201 for Major Depressive Disorder
LPCN 2203 for Essential Tremor
TLANDO
Second Quarter Ended June 30, 2026 Financial Results
As of June 30, 2026, Lipocine had $23.3 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 $2.6 million, or ($0.32) per diluted share, for the quarter ended June 30, 2026, compared to a net loss of $2.2 million, or ($0.41) per diluted share, for the quarter ended June 30, 2025.
Royalty revenue from TLANDO sales were $190,000 during the three months ended June 30, 2026, compared to $123,000 during the three months ended June 30, 2025. In addition, license revenue of $500,000 was recognized in the three months ended June 30, 2025 and there was no license revenue in the comparable period of 2026.
Research and development expenses were $2.0 million and $2.1 million, respectively, for the quarters ended June 30, 2026 and 2025.
General and administrative expenses were $1.0 million and $0.9 million, respectively, for the quarters ended June 30, 2026 and 2025.
Six Months Ended June 30, 2026 Financial Results
Lipocine reported a net loss of $6.3 million, or ($0.84) per diluted share, for the six months ended June 30, 2026, compared to a net loss of $4.1 million, or ($0.76) per diluted share, for the six months ended June 30, 2025.
Lipocine recognized revenue of $309,000 and $717,000 during the six months ended June 30, 2026 and 2025, respectively. Revenue during the six months ended June 30, 2026 consisted entirely of royalty revenue from TLANDO sales. There was $500,000 of license revenue and $217,000 in royalty revenue during the same period in 2025.
Research and development expenses were $4.8 million and $3.2 million, respectively, for the six-month periods ended June 30, 2026 and 2025. The increase was driven primarily by costs related to the LPCN 1154 Phase 3 study and an increase in personnel expense, partially offset by a decrease in various research and development costs.
General and administrative expenses were $2.2 million and $2.0 million, respectively, for the six-month periods ended June 30, 2026 and 2025. The increase was primarily a result of an increase in consulting and professional fees and an increase in various general and administrative fees.
Interest and investment income was $0.4 million for each of the six-month periods ended June 30, 2026 and 2025.
For further detail on Lipocine's financial results for the three and six months ended June 30, 2026, refer to the Company's 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 our development of our products and product candidates and related efforts with the FDA, including the timing of clinical trials and regulatory submissions, the potential uses and benefits of our products and product candidates, the commercial potential for our product candidates, and potential strategic partnerships and other 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)
June 30,
December 31,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$ 4,979,430
$ 5,205,842
Marketable investment securities
18,287,179
9,724,545
Accrued interest income
101,065
14,189
License fee and royalties receivable
190,099
1,145,390
Prepaid and other current assets
179,004
787,600
Total current assets
23,736,777
16,877,566
Property and equipment, net of accumulated depreciation
of $1,313,541 and $1,284,079 respectively
74,831
104,293
Other assets
23,753
23,753
Total assets
$ 23,835,361
$ 17,005,612
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 680,525
$ 971,822
Accrued expenses
1,067,432
1,236,374
Deferred revenue
320,000
320,000
Total current liabilities
2,067,957
2,528,196
Total liabilities
2,067,957
2,528,196
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.0001 per share, 75,000,000
shares authorized; 8,244,589 and 6,158,779 issued and
8,244,253 and 6,158,443 outstanding, respectively
9,153
8,944
Additional paid-in capital
237,503,220
223,901,106
Treasury stock at cost, 336 shares
(40,712)
(40,712)
Accumulated other comprehensive income
(13,401)
4,445
Accumulated deficit
(215,690,856)
(209,396,367)
Total stockholders' equity
21,767,404
14,477,416
Total liabilities and stockholders' equity
$ 23,835,361
$ 17,005,612
LIPOCINE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Revenues:
License revenue
$ -
$ 500,000
$ -
$ 500,000
Royalty revenue
190,099
122,849
309,496
216,713
Total revenues
190,099
622,849
309,496
716,713
Operating expenses:
Research and development
2,041,389
2,136,769
4,805,782
3,198,341
General and administrative
990,956
890,433
2,195,425
2,012,910
Total operating expenses
3,032,345
3,027,202
7,001,207
5,211,251
Operating loss
(2,842,246)
(2,404,353)
(6,691,711)
(4,494,538)
Other income:
Interest and investment income
219,851
198,637
397,422
424,149
Total other income
219,851
198,637
397,422
424,149
Loss before income tax expense
(2,622,395)
(2,205,716)
(6,294,289)
(4,070,389)
Income tax expense
(200)
-
(200)
(200)
Net loss attributable to common shareholders
$ (2,622,595)
$ (2,205,716)
$ (6,294,489)
$ (4,070,589)
Basic loss per share attributable to common stock
$ (0.32)
$ (0.41)
$ (0.84)
$ (0.76)
Weighted average common shares outstanding, basic
8,216,988
5,351,957
7,509,923
5,350,267
Diluted loss per share attributable to common stock
$ (0.32)
$ (0.41)
$ (0.84)
$ (0.76)
Weighted average common shares outstanding, diluted
8,216,988
5,351,957
7,509,923
5,350,267
Comprehensive loss:
Net loss
$ (2,622,595)
$ (2,205,716)
$ (6,294,489)
$ (4,070,589)
Net unrealized loss on marketable investment securities
(6,207)
(6,764)
(17,846)
(10,381)
Comprehensive loss
$ (2,628,802)
$ (2,212,480)
$ (6,312,335)
$ (4,080,970)
SOURCE Lipocine Inc.