# LIPOCINE INC. (LPCN) · Edgar & Edgarette company card

> Lipocine (LPCN) saw revenue fall 82.3% in FY2025 to $2 million, operating margin -525% against a -3.8% median for pharmaceutical preparations, equity 85.1% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1535955 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/LPCN) · [JSON](https://www.pops4.com/boards/company/LPCN.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $2M |
| Revenue growth, 1 year | -82.3% |
| Revenue growth per year | -40.8% |
| Operating margin | -524.7% (prior year -10.3%) |
| Net margin | -487.1% |
| Operating cash flow | −$10M |
| Capital spending | — |
| Free cash flow | — |
| Cash | $5M |
| Long-term debt | — |
| Total assets | $17M |
| Total equity | $14M |
| Equity ÷ assets | 85.1% |
| Return on equity | -66.5% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -32.69 (distress zone)
- Piotroski F: 1 of 9 (weak)
- Health Harbor boat: Old boat · three warning signs · operating cash flow was negative; operating loss: a margin of -524.7% in FY2025; revenue is hard to predict: its 80% range is ±53%

## Edgarette's reading

Exposure: revenue $2.0M (FY2025). Experience: revenue down 82.3% on the year, down 40.8% a year over 4 years; operating margin -524.7%, down from -10.3%. Soundness: equity 85.1% of assets, return on equity -66.5%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $949K and $3.1M next year (method v4.1: its own 0-year record of growth weighed at 0% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $876K to $3.3M. A statistical range, not company guidance. Against peers (114 filers, $50M+ revenue, pharmaceutical preparations): operating margin -524.7% against a -3.8% median; growth -82.3% against 13.7%.

Range logged 2026-09-29, receipt 1b21e035e625e7a6, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 4, latest 2026-08-03 ([filing](https://www.sec.gov/Archives/edgar/data/1535955/000149315226035762/0001493152-26-035762-index.htm))

## Recent filings

- 8-K · filed 2026-10-20 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1535955/000149315226047693/0001493152-26-047693-index.htm)
- 8-K · filed 2026-10-07 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1535955/000149315226046060/0001493152-26-046060-index.htm)
- 8-K · filed 2026-09-16 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1535955/000149315226042933/0001493152-26-042933-index.htm)
- 8-K · filed 2026-09-14 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1535955/000149315226042466/0001493152-26-042466-index.htm)
- 8-K · filed 2026-09-11 · 8.01 Other Events · [filing](https://www.sec.gov/Archives/edgar/data/1535955/000149315226042286/0001493152-26-042286-index.htm)
- 8-K · filed 2026-09-10 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1535955/000149315226042052/0001493152-26-042052-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001535955.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1535955

## Cite

POPS4, Edgar & Edgarette: LIPOCINE INC. (LPCN) company card, from the company's own SEC filings, accessed 2026-11-05, https://www.pops4.com/boards/company/LPCN. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.