Lipocine Q3 net loss widens to $3.2M; cash drops to $15.1M; PPD trial on track

Lipocine Inc.

2025-Q3 EPS reported -$1.35 revenue$831,287

Net loss of $3.2M ($0.59/sh) vs $2.2M loss ($0.44/sh) in Q3 2024.
Cash & investments $15.1M at Sep 30, 2025, down from $21.6M at Dec 31, 2024.
R&D spend $2.7M (+69% YoY) driven by LPCN 1154 Phase 3 PPD trial; top-line data expected Q2 2026.
TLANDO royalty revenue $115k; nine-month license revenue $500k vs $7.5M prior year from Verity deal.
LPCN 2101 abstracts accepted for AES meeting Dec 5-9; exploring partnerships for multiple assets.

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