Lipocine (LPCN) AI Stock Analysis

• Market Cap: $52.35M
• Dividend Yield: N/A
• Average Volume (3M): 108.15K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.64
• Revenue Growth: -44.31%
• EPS Growth: -34.17%
• Country: US
• Employees: 16
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.59
• Shares Outstanding: 5,551,931
• 10 Day Avg. Volume: 74,623
• 30 Day Avg. Volume: 108,154
• PEG Ratio: -31.18
• Price to Book (P/B): 1.24
• Price to Sales (P/S): 2.33
• P/FCF Ratio: -19.87
• Enterprise Value/Market Cap: 0.93
• Enterprise Value/Revenue: 11.27
• Enterprise Value/Gross Profit: 22.29
• Enterprise Value/Ebitda: -7.80
• 1Y Price Target: $15.00
• Price Target Upside: 413.70% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -1.81
• Revenue Forecast (FY): $625.00K

• Rating: 54 Neutral
• Price Target: $11.00 ▲(276.71% Upside)
• Action: Reiterated Date: 01/21/26
• Date: Action: Reiterated 01/21/26

The score is held back primarily by weak financial performance (losses and persistent cash burn despite $0 debt) and limited valuation support (negative P/E, no dividend). These are partly offset by strong recent technical momentum and positive, catalyst-driven corporate events around Phase 3 progress and favorable safety readouts.

Positive Factors

Low leverage / clean balance sheet

Zero reported debt materially lowers solvency risk and preserves strategic flexibility to pursue partnerships or licensing. Over a 2–6 month horizon this reduces default risk and supports funding options (equity or deals) without debt servicing constraints.

Phase 3 completion and favorable safety for LPCN 1154

Completion of Phase 3 enrollment and clean DSMB safety findings meaningfully de-risk the lead program and support a planned 505(b)(2) NDA in 2026. This structural milestone strengthens licensing/commercialization prospects and improves long-term strategic optionality.

Positive Phase 2 data for LPCN 2401

Robust Phase 2 results in obesity/liver health diversify the pipeline and expand addressable markets beyond PPD. Durable efficacy and favorable safety over 72 weeks enhance attractiveness to partners and support multiple commercialization pathways over the medium term.

Negative Factors

Persistent negative operating cash flow

Repeated negative OCF and free cash flow indicate the company must rely on external capital or transactions to fund operations. Over months this elevates financing risk, increases probability of dilutive raises or onerous deals, and constrains autonomous development.

Ongoing net losses and weak margins

Continued net losses and volatile top-line performance demonstrate the company has not yet proven sustainable earnings power. Structural margin weakness raises questions about scalability and long-term commercial viability absent approvals, pricing power, or cost reductions.

Eroding equity base

Significant reduction in shareholders' equity reduces the balance sheet cushion and limits flexibility to self-fund trials or absorb setbacks. This structural deterioration increases dependence on external funding and may force dilution or less favorable partnership terms.

Lipocine Business Overview & Revenue Model

Company Description

Lipocine Inc., a clinical-stage biopharmaceutical company, focuses on the development of pharmaceutical products for the treatment of neuroendocrine and metabolic disorders. The company's primary development programs are based on oral delivery solutions for poorly bioavailable drugs. Its lead product candidate is TLANDO, an oral testosterone replacement therapy. The company's pipeline candidates also include LPCN 1144, an oral prodrug of bioidentical testosterone that has completed Phase II clinical trial for the treatment of non-cirrhotic non-alcoholic steatohepatitis; LPCN 1111, an oral prodrug of testosterone tridecanoate for once daily dosing, which has completed Phase II clinical trial in hypogonadal men; LPCN 1148, a novel prodrug of testosterone and testosterone laurate for the management of decompensated cirrhosis; LPCN 1154, an investigational new drug application to conduct a Phase 2 study in Postpartum depression; LPCN 2101 for women with epilepsy, which has completed pre-clinical study; and LPCN 1107, an oral hydroxyprogesterone caproate product that has completed dose finding Phase II clinical trial for the prevention of recurrent preterm birth. The company is headquartered in Salt Lake City, Utah.

How the Company Makes Money

Lipocine generates revenue primarily through the development and commercialization of its pharmaceutical products. The company may earn revenue from product sales once its therapeutics receive regulatory approval and are launched in the market. Additionally, Lipocine could potentially generate revenue through licensing agreements or partnerships with larger pharmaceutical companies seeking to leverage its proprietary technology for their own product development. Research grants and funding from governmental or private entities may also contribute to its earnings, especially during the clinical trial phases of its products. The successful advancement of its product pipeline and strategic collaborations are critical for enhancing Lipocine's revenue prospects.

Lipocine Financial Statement Overview

Summary

Overall fundamentals are weak due to sizeable TTM net losses and consistently negative operating/free cash flow, implying ongoing funding risk. The main offset is a relatively strong balance sheet with $0 debt, though equity has eroded materially over time.

Income Statement

TTM (Trailing-Twelve-Months) revenue rebounded to $4.3M with strong reported growth, but profitability deteriorated sharply with a large net loss (-$5.5M) and deeply negative margins. Annual results show volatility: 2024 had meaningful revenue ($11.2M) and was roughly breakeven on net income, yet operating profits remained negative, and prior years reflect large losses. Overall, the top line is inconsistent and earnings power remains weak.

Balance Sheet

The balance sheet is a relative strength: total debt is $0 in TTM (Trailing-Twelve-Months) and recent annual periods, with equity still substantial ($14.1M TTM) versus assets ($16.1M). However, equity has declined materially versus earlier years (e.g., ~$45.6M in 2021), reflecting ongoing losses and capital erosion. Low leverage reduces financial risk, but shrinking equity limits long-term flexibility.

Cash Flow

Cash generation remains a major weakness: operating cash flow is negative in every period shown, including -$5.1M in TTM (Trailing-Twelve-Months) and -$1.2M in 2024, with free cash flow also consistently negative. While free cash flow shows improvement versus some prior years (notably from very large burns in 2022–2023), the business is still consuming cash and likely reliant on external funding if this persists.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.32M	11.20M	-2.85M	500.00K	16.14M	0.00
Gross Profit	2.19M	11.20M	-13.03M	-8.06M	8.48M	0.00
EBITDA	-6.25M	-1.11M	-17.90M	-10.72M	-430.53K	-17.99M
Net Income	-5.48M	8.35K	-16.35M	-10.76M	-634.40K	-20.96M
Balance Sheet
Total Assets	16.07M	22.51M	23.00M	37.54M	52.48M	25.35M
Cash, Cash Equivalents and Short-Term Investments	15.13M	21.63M	22.04M	32.53M	44.62M	19.67M
Total Debt	0.00	0.00	0.00	0.00	2.31M	5.59M
Total Liabilities	1.93M	1.51M	2.63M	1.91M	6.91M	10.01M
Stockholders Equity	14.14M	21.00M	20.37M	35.63M	45.57M	15.34M
Cash Flow
Free Cash Flow	-5.15M	-1.31M	-11.88M	-12.10M	-4.42M	-15.30M
Operating Cash Flow	-5.14M	-1.22M	-11.87M	-11.97M	-4.41M	-15.30M
Investing Cash Flow	5.08M	2.45M	13.08M	14.29M	-43.78M	3.89M
Financing Cash Flow	216.95K	209.34K	404.57K	-2.13M	26.92M	20.90M

Lipocine Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.92
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LPCN, the sentiment is Positive. The current price of 2.92 is below the 20-day moving average (MA) of 8.97, below the 50-day MA of 8.03, and below the 200-day MA of 4.33, indicating a bullish trend. The MACD of 0.33 indicates Positive momentum. The RSI at 57.45 is Neutral, neither overbought nor oversold. The STOCH value of 51.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LPCN.

Lipocine Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LPCN	54 Neutral	$52.35M	-9.33	-32.92%	―	-44.31%	-34.17%
IBIO	53 Neutral	$85.32M	-2.85	-70.22%	―	185.71%	79.03%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SNSE	51 Neutral	$44.23M	-1.61	-67.47%	―	―	9.63%
PULM	48 Neutral	$12.16M	-1.88	-79.47%	―	-99.97%	35.59%
BCDA	45 Neutral	$12.36M	-0.72	-317.47%	―	-100.00%	58.50%

Lipocine Corporate Events

Lipocine Completes Phase 3 Enrollment for Postpartum Depression Drug

On January 20, 2026, Lipocine announced it has completed enrollment and dosing of 90 patients in its Phase 3 clinical trial of LPCN 1154, an oral formulation of brexanolone, for the treatment of postpartum depression, with the candidate showing a favorable safety profile to date and no drug-related serious adverse events or treatment discontinuations. The pivotal, randomized, double-blind outpatient study in women with severe postpartum depression is intended to support a planned 505(b)(2) NDA submission in 2026, positioning LPCN 1154 as a potential first-line, at-home, rapid-acting treatment option in an area where current therapies have slow onset and tolerability limitations, and underscoring Lipocine’s strategic focus on high-need neuropsychiatric indications.

The most recent analyst rating on (LPCN) stock is a Buy with a $12.50 price target. To see the full list of analyst forecasts on Lipocine stock, see the LPCN Stock Forecast page.

Lipocine updates investor presentation and corporate materials

Lipocine reported that it has updated the corporate presentation it uses in discussions with investors, analysts and other stakeholders. The refreshed materials, which have been formally filed, are intended to support the company’s ongoing investor relations efforts and provide the market with its latest strategic and operational information, though no additional operational or financial details were disclosed in the announcement.

The most recent analyst rating on (LPCN) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Lipocine stock, see the LPCN Stock Forecast page.

Lipocine Advances Phase 3 Postpartum Depression Drug Trial

On January 12, 2026, Lipocine reported that an independent Data Safety Monitoring Board completed its second planned interim safety review of the company’s Phase 3 trial of LPCN 1154, an oral brexanolone candidate for rapid treatment of postpartum depression, and recommended the study continue without modification. The review, based on safety data from 82 randomized participants, found no drug-related serious adverse events, no excessive sedation, no loss of consciousness, and no treatment discontinuations, with only one dose reduction due to an adverse event, and the trial has stopped screening new participants while continuing to enroll eligible women in an outpatient setting without required medical monitoring. The company said it remains on track to report topline safety and efficacy data early in the second quarter of 2026, with the Phase 3 results expected to support a 505(b)(2) new drug application later that year, underscoring LPCN 1154’s potential to become a first-line, convenient at-home therapy that could shift the treatment paradigm in postpartum depression if ultimately approved.

The most recent analyst rating on (LPCN) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Lipocine stock, see the LPCN Stock Forecast page.

Lipocine Advances Phase 3 Trial for PPD Treatment

On December 16, 2025, Lipocine announced that its Phase 3 clinical trial for LPCN 1154, an oral formulation of brexanolone for postpartum depression (PPD), reached 80% enrollment. The trial, which aims to provide rapid relief for PPD, is expected to have topline results by the second quarter of 2026. The study’s progress suggests a strong unmet medical need in the PPD population, and the results could support a 505(b)(2) NDA submission in 2026. The announcement highlights Lipocine’s commitment to addressing significant unmet medical needs and could enhance its positioning in the biopharmaceutical industry.

The most recent analyst rating on (LPCN) stock is a Buy with a $7.00 price target. To see the full list of analyst forecasts on Lipocine stock, see the LPCN Stock Forecast page.

Lipocine Showcases LPCN 2101 at Epilepsy Meeting

Lipocine presented posters for LPCN 2101 at the American Epilepsy Society Annual Meeting held from December 5th to 9th, 2025, in Atlanta, GA. This presentation could potentially enhance Lipocine’s visibility and influence within the epilepsy treatment sector, impacting its market positioning and stakeholder engagement.

The most recent analyst rating on (LPCN) stock is a Buy with a $7.00 price target. To see the full list of analyst forecasts on Lipocine stock, see the LPCN Stock Forecast page.

Lipocine Announces Positive Interim Results for PPD Trial

On November 18, 2025, Lipocine announced promising interim safety results from its Phase 3 clinical trial of LPCN 1154, an oral brexanolone formulation for postpartum depression (PPD). The Drug Safety Monitoring Board recommended the trial continue as planned, with no serious adverse events reported among participants. The trial’s success could position LPCN 1154 as a game-changing treatment for PPD, with topline results expected in the second quarter of 2026, potentially supporting a New Drug Application submission.

The most recent analyst rating on (LPCN) stock is a Buy with a $7.00 price target. To see the full list of analyst forecasts on Lipocine stock, see the LPCN Stock Forecast page.

Lipocine Updates Corporate Presentation for Investors

Lipocine has updated its corporate presentation, which is used for meetings with investors and analysts. This update may impact the company’s communication strategy and investor relations.

The most recent analyst rating on (LPCN) stock is a Buy with a $7.00 price target. To see the full list of analyst forecasts on Lipocine stock, see the LPCN Stock Forecast page.

Lipocine Presents Promising LPCN 2401 Data at ObesityWeek

On November 4, 2025, Lipocine Inc. presented clinical data for LPCN 2401 at the ObesityWeek® conference in Atlanta, highlighting its potential in improving body composition and liver health in men with obesity. The Phase 2 trial results demonstrated that LPCN 2401, both alone and combined with vitamin E, significantly increased lean mass, reduced fat mass, and improved liver health markers compared to placebo, with no concerning safety signals observed over 72 weeks of exposure.

The most recent analyst rating on (LPCN) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Lipocine stock, see the LPCN Stock Forecast page.