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Lipocine (LPCN) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Lipocine (LPCN) Q3 2026 earnings results →
Q3 2026 Revenue up 1899% year over year to $2.3M · 29¢ of every $1 of revenue lost · operating margin -37.9%
Lipocine made $2.3M in Q3 2026 (20× Y/Y). Operating margin -37.9%, net loss $666K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $2.3M in Q3 2026, up 1899% year over year and up 1105% from the previous quarter.
Operating costs exceeded revenue by $869K, an operating margin of -37.9%. Total costs fell 9% while revenue rose 1899%. The fastest-growing cost line was General & admin (+42%). The quarter ended with a net loss of $666K, narrower than the previous quarter's $2.6M loss. Non-operating items added $202K, -30% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$1.8M. Non-cash charges added back $15K of depreciation and amortization and $74K of share-based compensation. Working capital and other items used $1.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $2.3M | 20× | -37.9% | −$666K | −$1.8M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $190K | -70% | n/m | −$2.6M | −$3.0M |
| Q1 2026 | 10-Q | May 7, 2026 | $119K | +27% | n/m | −$3.7M | −$2.3M |
| Q4 2025 | 10-K | Mar 10, 2026 | $1.1M | -67% | -219.6% | −$2.4M | −$2.9M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $115K | — | n/m | −$3.2M | −$3.0M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $623K | +595% | -386.0% | −$2.2M | −$1.9M |
| Q1 2025 | 10-Q | May 8, 2025 | $94K | -99% | n/m | −$1.9M | −$2.0M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Lipocine
Lipocine is a biopharmaceutical company leveraging its proprietary technology platform to develop innovative products with effective oral delivery. Lipocine has drug candidates in development as well as drug candidates for which we are exploring partnerships. Our drug candidates represent enablement of differentiated, patient friendly oral delivery options for favorable benefit to risk profile which target large addressable markets with significant unmet medical needs.
In its own words, from its 8-K, filed Aug 4, 2026.
Lipocine against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: 20× against the peers' median +10%. Operating margin: -37.9% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| LPCN Lipocine | Q3 2026 | $2.3M | 20× | -37.9% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Lipocine 10-Q on SEC EDGAR · CIK 1535955 · Pharmaceutical Preparations
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results