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Tvardi Therapeutics vs Lipocine: TVRD and LPCN compared
Tvardi Therapeutics is the larger company: $2.6M of revenue in its latest quarter (Q1 2025) against $2.3M for Lipocine (Q3 2026). Lipocine is growing faster (20× against +20% a year earlier). Lipocine is more profitable, with an operating margin of -37.9% against -92.9%.
Where the money goes: TVRD and LPCN
Tvardi Therapeutics (TVRD) · Q1 2025
Tvardi Therapeutics, Q1 2025: revenue $2.6M (+20% year over year), operating margin -92.9%, net loss $4.9M, operating cash flow −$4.7M. The chart follows the revenue to costs, profit and cash.
Lipocine (LPCN) · Q3 2026
Lipocine, Q3 2026: revenue $2.3M (20× year over year), operating margin -37.9%, net loss $666K, operating cash flow −$1.8M. The chart follows the revenue to costs, profit and cash.
| Tvardi Therapeutics (TVRD) | Lipocine (LPCN) | |
|---|---|---|
| Latest quarter | Q1 2025 | Q3 2026 |
| Revenue | $2.6M | $2.3M |
| Revenue growth, Y/Y | +20% | 20× |
| Operating margin | -92.9% | -37.9% |
| Net earnings | −$4.9M | −$666K |
| Net margin | -191.0% | -29.1% |
| Operating cash flow | −$4.7M | −$1.8M |
Where the revenue comes from
Tvardi Therapeutics
- Other revenue: $1.3M (51%)
- Collaborative revenue: $1.2M (47%)
- Clinical compound revenue: $48K (2%)
Questions
Which is bigger, Tvardi Therapeutics or Lipocine?
Tvardi Therapeutics is the larger company: $2.6M of revenue in its latest quarter (Q1 2025) against $2.3M for Lipocine (Q3 2026).
Is Tvardi Therapeutics or Lipocine growing faster?
Lipocine is growing faster (20× against +20% a year earlier).
Which is more profitable, Tvardi Therapeutics or Lipocine?
Lipocine is more profitable, with an operating margin of -37.9% against -92.9%.
More: Tvardi Therapeutics earnings · how Tvardi Therapeutics makes money · Lipocine earnings · how Lipocine makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed May 13, 2025; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.