Lipocine reports FY2023 net loss $16.4M; signs TLANDO license deal with Verity Pharma for $11M upfront

Lipocine Inc.

Net loss $16.4M ($3.14 diluted EPS) in 2023 vs $10.8M loss in 2022; revenue reversal of $2.9M from Antares termination.
Entered exclusive license with Verity Pharma for TLANDO in U.S./Canada; received $7.5M of $11M upfront, up to $259M milestones, 12-18% royalties.
Cash $22.0M at 2023 year-end; subsequent $7.5M from Verity brings pro-forma cash to ~$29.5M.
LPCN 1154 oral brexanolone: positive PK bridge study; pivotal study starts Q1'24, NDA filing expected Q4'24.
LPCN 1148 Phase 2 POC met primary endpoint for decompensated cirrhosis; fewer HE events, symptom improvement.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Lipocine Inc. reported the year ended December 31, 2023 results: revenue $2.9 million, net income net loss of $16.4 million, EPS ($3.14) per diluted share.

Period: the year ended December 31, 2023
Revenue: $2.9 million
Net income: net loss of $16.4 million
EPS: ($3.14) per diluted share
Result: reported results

Exact text from the filing

per diluted share, for the year ended December 31, 2022. During 2023 Lipocine recognized a non-cash minimum guaranteed royalties reversal of variable consideration revenue of $2.9 million related to the termination of the Antares License Agreement. The reversal of revenue is due to the fact that, as a result of the termination of the license agreement, the Company

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Source: SEC EDGAR

accession 0001493152-24-009128

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