Filing Flows › Lipocine (LPCN) › Q4 2025
Lipocine (LPCN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 10, 2026
Lipocine (LPCN) reported revenue of $1.1M for the fourth quarter 2025 (Q4 2025), -67% from a year earlier and +900% from the quarter before. Operating margin was -219.6%, net loss $2.4M (206.9% of revenue).
Lipocine, Q4 2025: revenue $1.1M (-67% year over year), operating margin -219.6%, net loss $2.4M, operating cash flow −$2.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1M | +900% | -67% |
| Operating profit | −$2.5M | — | — |
| Net earnings | −$2.4M | — | — |
| Operating cash flow | −$2.9M | — | — |
What changed
Revenue was $1.1M in Q4 2025, down 67% year over year and up 900% from the previous quarter.
Operating costs exceeded revenue by $2.5M, an operating margin of -219.6%. Total costs grew 88% against a revenue fall of 67%. The fastest-growing cost line was Research & development (+150%). The quarter ended with a net loss of $2.4M, narrower than the previous quarter's $3.2M loss.
Operating cash flow was −$2.9M. Non-cash charges added back $15K of depreciation and amortization and $53K of share-based compensation. Working capital and other items used $617K.
Questions
What was Lipocine's revenue in the fourth quarter 2025?
Lipocine (LPCN) reported revenue of $1.1M for the fourth quarter 2025 (Q4 2025), -67% from a year earlier and +900% from the quarter before.
Was Lipocine profitable in the fourth quarter 2025?
Operating loss was $2.5M (-219.6% of revenue) and net loss $2.4M.
Source: Lipocine 10-K on SEC EDGAR.