Lipocine (LPCN) AI Stock Analysis

• Market Cap: $61.07M
• Dividend Yield: N/A
• Average Volume (3M): 69.37K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.69
• 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: 103,401
• 30 Day Avg. Volume: 69,372
• 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: <0.01
• Enterprise Value/Revenue: 0.07
• Enterprise Value/Gross Profit: 0.14
• Enterprise Value/Ebitda: -0.05
• 1Y Price Target: $6.88
• Price Target Upside: 135.45% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $7.50 ▲(156.85% Upside)

The score is held back primarily by weak financial performance (large TTM losses and ongoing cash burn despite a low-debt balance sheet). Technicals are a tailwind with strong trend/momentum, though signals look overextended. Corporate events are supportive due to positive Phase 3 safety/progress updates, while valuation remains less favorable given loss-making status and no dividend yield.

Positive Factors

Zero-debt balance sheet

A zero-debt capital structure meaningfully reduces financial risk for a clinical-stage biotech with long development timelines. Low leverage preserves ability to pursue partnerships or licensing without immediate debt servicing, supporting strategic optionality during pivotal trials.

Phase 3 progress for LPCN-1154

Robust enrollment and DSMB reviews reduce execution and safety risk for LPCN‑1154. If pivotal results support a 505(b)(2) NDA, the candidate could unlock regulatory filing, partnering or royalty streams — structurally shifting the company from preclinical risk toward commercial opportunity.

Positive Phase 2 data for LPCN-2401

Durable, positive Phase 2 efficacy and tolerability data in obesity/metabolic endpoints broaden the pipeline beyond a single CNS/PPD asset. Demonstrated multi-month safety and efficacy enhances partner interest, reduces binary program risk, and supports multiple development or licensing pathways.

Negative Factors

Persistent negative cash flow

Sustained operating cash burn forces reliance on external financing or partnerships to fund pivotal trials and commercialization activities. Repeated negative cash flow increases dilution risk, constrains R&D pacing, and limits the firm's ability to self-fund multiple programs over the next several quarters.

Volatile revenue and weak profitability

Inconsistent top-line and persistent losses indicate fragile underlying earnings power absent regulatory approvals or lucrative licensing. Revenue volatility undermines budgeting for expensive Phase 3/commercial activities and raises uncertainty about sustainable margins post-launch without partner support.

Material equity erosion since 2021

Substantial decline in shareholders' equity signals multi-year capital consumption and reduces financial flexibility. With diminished internal capital, the company may face weaker negotiating leverage in partnerships and a higher likelihood of dilutive financings to support late‑stage trials and potential commercialization.

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

Lipocine shows signs of financial recovery with positive net income in 2024, but profitability and cash flow generation remain challenges. The balance sheet is strong with no debt, providing a buffer against operational volatility. While the financial trajectory is improving, consistent revenue and profit growth are needed to enhance financial stability.

Income Statement

Lipocine's financial performance shows some improvement with a positive net income in the latest year, but historical profitability has been weak. Revenue growth is volatile, with a significant increase in 2024 after a decline in 2023. EBIT and EBITDA margins are negative, reflecting operational challenges.

Balance Sheet

The company's balance sheet is relatively strong with no debt in the latest year and an increasing equity base. The equity ratio is high, indicating financial stability. However, the return on equity remains low due to historically negative net income.

Cash Flow

Cash flow management appears stable, with reduced negative free cash flow in recent years. However, there is no operating cash flow in 2024, which raises concerns about cash generation from core operations. The company has managed to improve its cash position through investing and financing activities.

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: Negative
• RSI: Negative
• STOCH: Negative

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 6.97, below the 50-day MA of 4.63, and below the 200-day MA of 3.49, indicating a bullish trend. The MACD of 1.75 indicates Negative momentum. The RSI at 91.27 is Negative, neither overbought nor oversold. The STOCH value of 88.53 is Negative, 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
IBIO	55 Neutral	$55.99M	-1.59	-54.50%	―	185.71%	79.03%
LPCN	52 Neutral	$61.07M	-11.08	-32.92%	―	-44.31%	-34.17%
SNSE	52 Neutral	$15.11M	-0.54	-67.47%	―	―	9.63%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BCDA	51 Neutral	$15.07M	-0.81	-317.47%	―	-100.00%	58.50%
PULM	43 Neutral	$8.66M	-1.49	-79.47%	―	-99.97%	35.59%

Lipocine Corporate Events

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.