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Lipocine cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.8M in Q3 2026 · −$10.0M over twelve months

Operating cash flow−$1.8M
Free cash flow−$1.8M

Analysis

In Q3 2026, Lipocine generated −$1.8M of operating cash flow. That is $1.2M more than in Q3 2025 (−$3.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$10.0M; the largest uses were operating cash flow ($10.0M), other investing ($7.4M); besides operations, cash came from shares issued ($16.1M), other financing ($7K); the cash balance fell by $1.3M.

Operating cash flow was −$1.8M against net income of −$666K. The largest differences: prepaid and other assets −$580K, payables −$136K, accrued liabilities +$103K.

Free cash flow

Lipocine: free cash flow by quarterLipocine: free cash flow by quarter$1.7MQ4 2024−$2.0MQ1 2025−$1.9MQ2 2025−$3.0MQ3 2025−$2.9MQ4 2025−$2.3MQ1 2026−$3.0MQ2 2026−$1.8MQ3 2026
Operating cash flow less capital spending.
Lipocine: operating cash flow against capital spendingLipocine: operating cash flow against capital spendingOperating cash flowCapital spending$1.7M$10KQ4 2024−$2.0M$0Q1 2025−$1.9M$0Q2 2025−$3.0M$0Q3 2025−$2.9M$0Q4 2025−$2.3M$0Q1 2026−$3.0M$0Q2 2026−$1.8M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$1.8M, Capital spending $0.

Capital allocation, year by year

Lipocine: where the cash came from (up) and went (down), by fiscal yearLipocine: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$4.4MFY2021: Shares issued $26.8MFY2021: Capital spending −$8K$26.8MFY2021FY2022: Operating cash flow −$12.0MFY2022: Net borrowing −$1.7MFY2022: Shares issued $190KFY2022: Capital spending −$134K$190KFY2022FY2023: Operating cash flow −$11.9MFY2023: Shares issued $405KFY2023: Capital spending −$13K$405KFY2023FY2024: Operating cash flow −$1.2MFY2024: Shares issued $209KFY2024: Capital spending −$90K$209KFY2024FY2025: Operating cash flow −$9.8MFY2025: Shares issued $2.9M$2.9MFY2025
Over these 5 years operating cash flow totalled −$39.2M; the largest uses were operating cash flow ($39.2M) and net borrowing ($1.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$21.5M
Debtnone
Net cash$21.5M
Cash runway2.1 years

Lipocine is burning cash: its operations consume cash, a free cash flow of −$10.0M a year at the current rate against $21.5M of cash and investments: a runway of about 2.1 years before any new financing.

Where the cash came from and went

Lipocine: sources (+) and uses (−) of cash, Q3 2026Lipocine: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$2.4MOperating cash flow−$1.8MOther investing−$578K
Lipocine: sources (+) and uses (−) of cash, TTM to Q3 2026Lipocine: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$16.1MOperating cash flow−$10.0MOther investing−$7.4MCash drawn (+) / kept (−)$1.3MOther financing$7K

From profit to cash

Lipocine: net income to operating cash flow, Q3 2026Lipocine: net income to operating cash flow, Q3 2026Net income−$666KDepreciation & amortization$15KStock-based pay$74KPayables−$136KAccrued liabilities$103KPrepaid and other assets−$580KOperating cash flow−$1.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$1.8M——$2.4M−$1.8M
Q2 2026−$3.0M—$1.5M$36K−$3.0M
Q1 2026−$2.3M—$12.0M$190K−$2.3M
Q4 2025−$2.9M—$2.7M−$1.3M−$2.9M
Q3 2025−$3.0M—$141K$2.1M−$3.0M
Q2 2025−$1.9M——−$2.7M−$1.9M
Q1 2025−$2.0M——$2.9M−$2.0M
Q4 2024$1.7M−$10K—−$2.5M$1.7M

Lipocine: income statement and cash flow

Lipocine, Q3 2026: revenue $2.3M (20× year over year), operating margin -37.9%. The chart follows the revenue to costs, profit and cash.

Lipocine: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.