Lipocine Inc. (LPCN) Stock

Lipocine Inc. (LPCN) is a Healthcare stock trading at $2.10 (as of 2026-07-24), with a market capitalization of $17.31M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Lipocine Inc. is a biopharmaceutical company developing oral drug products for neuroendocrine and metabolic disorders, with a focus on improving delivery of poorly bioavailable therapies. Its pipeline includes TLANDO, an oral testosterone replacement therapy, and multiple oral testosterone prodrugs and related hormone formulations aimed at conditions such as hypogonadism and liver disease.

Understand Lipocine Inc.: how it makes money

Lipocine develops oral pharmaceutical therapies for neuroendocrine and metabolic disorders, including TLANDO (oral testosterone replacement therapy), and it can make money through royalty and license revenue tied to product sales and licensing.

The profit model is currently dependent on monetizing its programs through royalty and license revenue, but the latest quarter shows zero royalty and zero license revenue, so trial progress becomes the near-term focus rather than cash generation.

Revenue by segment (latest quarter)
Royalties$0.0B
Licenses$0.0B

Business quality (Weak): Revenue is currently 0.0B and operating margin is highly negative, so investors have limited proof of the monetization model in the latest quarter, with key signals coming from clinical execution and any future royalty or licensing outcomes.

Bull case

  • Trial execution signal: Phase 3 enrollment completion is reported at 80.0% and 74 participants completed dosing out of 90 randomized.
  • Clear monetization pathway if products generate sales: The company reports potential monetization through royalty revenue, including royalty revenue from TLANDO sales, and through license revenue.

Bear case

  • No current monetization from royalties or licenses: In the latest quarter, royalty revenue and license revenue are both 0.0B, including royalty revenue from TLANDO sales at 0.0B.
  • Material operating losses: The reported operating margin for the quarter is -3224.1%.
  • Clinical attrition in the Phase 3 datapoints: Phase 3 shows 74 participants completed dosing out of 90 randomized, implying that 16 participants did not complete dosing (based on the reported counts).
Valuation — source: SEC EDGAR (first-party)
Price$2.10
Market Cap$17.31M
Price / Book0.76
Price / Sales8.65
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.98M
Net Margin-487.1%
Revenue Growth (YoY)27.2%
EPS Growth (YoY)54.3%
Financial Health — source: SEC EDGAR
Altman Z-Score-14.48 (distress)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.2
Industry P/E (Pharmaceutical Products)17.0
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderIkarian Capital, LLC ($4.06M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOMahesh V. Patel
Employees16
CountryUS
IPO Date2013-10-22

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LPCN earnings history · LPCN institutional & insider holders · LPCN KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.