Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $428K | $165K | $0.00 | $16.1M | $500K | -$2.85M | $11.2M | $1.98M |
| Revenue growth | — | — | — | -61.5% | -100.0% | — | -96.9% | -670.2% | 492.8% | -82.3% |
| Operating income | -$19.2M | -$21.2M | -$11.3M | -$12.9M | -$18.0M | $3.15M | -$12.1M | -$17.9M | -$1.16M | -$10.4M |
| Operating margin | — | — | -2646.0% | -7818.8% | — | 19.5% | -2423.9% | 629.0% | -10.3% | -524.7% |
| Net income | -$19.0M | -$21.0M | -$11.7M | -$13.0M | -$21.0M | -$634K | -$10.8M | -$16.4M | $8.35K | -$9.63M |
| Net margin | — | — | -2724.1% | -7883.7% | — | -3.9% | -2151.7% | 573.6% | 0.1% | -487.1% |
| EPS (diluted) | -$1.04 | -$1.05 | -$0.55 | -$0.50 | -$0.38 | -$0.01 | -$2.15 | -$3.14 | — | -$1.69 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18.3M | -$16.7M | -$12.1M | -$11.7M | -$15.3M | -$4.41M | -$12.0M | -$11.9M | -$1.22M | -$9.76M |
| Capital expenditures | $59.6K | $0.00 | $0.00 | — | — | $7.59K | $134K | $13.2K | $90.1K | — |
| Free cash flow | -$18.3M | -$16.7M | -$12.1M | — | — | -$4.42M | -$12.1M | -$11.9M | -$1.31M | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $5.56M | $3.21M | $8.08M | $9.73M | $19.2M | $2.95M | $3.15M | $4.77M | $6.21M | $5.21M |
| Total assets | $27.3M | $25.3M | $20.9M | $19.7M | $25.4M | $52.5M | $37.5M | $23.0M | $22.5M | $17.0M |
| Total liabilities | $1.33M | $6.35M | $11.4M | $13.4M | $10.0M | $6.91M | $1.91M | $2.63M | $1.51M | $2.53M |
| Long-term debt | — | $0.00 | $10.0M | $6.67M | $5.00M | $1.67M | — | — | — | — |
| Shareholders' equity | $26.0M | $19.0M | $9.43M | $6.29M | $15.3M | $45.6M | $35.6M | $20.4M | $21.0M | $14.5M |
| Retained earnings | -$105M | -$126M | -$138M | -$151M | -$172M | -$173M | -$183M | -$200M | -$200M | -$209M |
| Shares (wtd avg diluted) | 18.3M | 20.1M | 21.4M | 25.9M | 55.7M | 87.6M | 5.26M | 5.27M | 5.42M | 5.71M |
Every figure is extracted from Lipocine Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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