Lipocine reports FY2025 net loss of $9.6M; cash $14.9M; PPD Phase 3 topline due April 2026

Lipocine Inc.

Net loss of $9.6M ($1.69/diluted) vs $8K net income in FY2024; revenue fell to $2.0M from $11.2M.
Cash and equivalents $14.9M at Dec 31, 2025, increased to $24.7M post-ATM offering in Q1 2026.
Phase 3 study of LPCN 1154 (PPD) completed last patient visit; topline data expected early April 2026.
R&D expenses rose to $8.6M from $7.4M on higher clinical study costs; G&A down to $3.8M.
Company plans 505(b)(2) NDA submission for LPCN 1154 in mid-2026 if Phase 3 successful.

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