LPCN (Lipocine Inc.) stock: $2.21, $18.2M market cap, $23.3M cash, -$5.1M EV, $20.4M fully diluted market cap. Next expected readout: Aug-27. Lead program: LPCN 1154A (Depression, Postpartum), Phase 3. Data from Fully Diluted's biotech stocks database.
Balance sheet
| Cash | $23.3M |
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| Debt | $0.0M |
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| Net cash | $23.3M |
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| Enterprise value | -$5.1M |
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| Basic shares | 8.2M shares |
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| Fully diluted shares | 9.2M shares |
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| Fully diluted market cap | $20.4M |
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| Cash per share | $2.84 |
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Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.
Price history
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Upcoming catalysts
| Expected | Drug | Phase | Indication | Mgmt guide |
|---|
| Sep 12 - Oct 24 | LPCN 1154A | Phase 3 | Depression, Postpartum; Postpartum Depression (PPD); Post-partum Depression | — |
Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
Full readout calendar →
Pipeline assets
TLANDO
Approved · Active Modality: small molecule (oral testosterone)
Aliases LPCN 1111 (once-daily formulation)
Target androgen receptor
Partnerships U.S./Canada: exclusive royalty-bearing license to Gordon Silver Limited (affiliate of Verity Pharma, Jan 2024; 12-18% tiered royalties; $11M license fee). South Korea: SPC. UAE: Pharmalink distribution (TESTYRA marketing authorization approval Jul 8, 2026). Additional licenses in GCC and Brazil. Company retains rest-of-world rights.
Indications- Male hypogonadism / testosterone replacement therapy (Approved)
- Klinefelter syndrome (Approved)
- Pediatric testosterone replacement therapy (Approved)
Status note Oral testosterone replacement therapy approved under NDA No. 208088 for conditions associated with a deficiency or absence of endogenous testosterone in males, including Klinefelter syndrome and pediatric indications. TLANDO XR (LPCN 1111), a potential once-daily oral TRT candidate, licensed to Verity/GSL for U.S./Canada development.
TLANDO XR
Stage not disclosed · Active Modality: small molecule (oral testosterone)
Aliases LPCN 1111
Target androgen receptor
Partnerships Licensed to Gordon Silver Limited/Verity Pharma for U.S./Canada; company retains development/commercialization rights outside U.S./Canada and outside the TRT field.
Indications- Testosterone replacement therapy (Stage not disclosed)
Status note Potential once-daily oral product candidate for testosterone replacement therapy. Trial phase not disclosed in the excerpts.
LPCN 1148
Phase 2 · Active Modality: small molecule (prodrug of testosterone + testosterone laurate)
Target androgen receptor
Partnerships No partnering agreement entered into; company actively exploring partnerships for development and/or marketing.
Indications- Decompensated cirrhosis (sarcopenia, prevention of overt hepatic encephalopathy recurrence) (Phase 2)
Status note Novel prodrug of testosterone and testosterone laurate (TL) for management of decompensated cirrhosis. Phase 2 proof-of-concept study (52 weeks) completed: 24-week L3-SMI increases maintained through 52 weeks; well-tolerated. Company does not anticipate further significant development activities without a partner.
LPCN 2401
Preclinical · Active Modality: small molecule (anabolic androgen receptor agonist)
Target androgen receptor
Indications- Obesity (improved body composition as adjunct to incretin mimetics) (Stage not disclosed)
Status note Once-daily oral formulation of a proprietary anabolic androgen receptor agonist for improved body composition as adjunct to GLP-1 agonists. Proof-of-concept study planned after additional regulatory clarity; company does not anticipate further significant development activities without a partner.
LPCN 1107
Stage not disclosed · Active Modality: small molecule (oral progestin)
Aliases oral hydroxy progesterone caproate
Target progesterone receptor
Indications- Prevention of pre-term birth (Stage not disclosed)
Status note Potential first oral hydroxy progesterone caproate product for prevention of pre-term birth. No further significant development activities anticipated without a partner.
LPCN 2201/2202
Stage not disclosed · Active
Target GABA-A
Indications- Major depressive disorder (MDD) (Stage not disclosed)
Status note Candidate(s) for major depressive disorder. Detail and stage not disclosed in the excerpts.
LPCN 2203
Stage not disclosed · Active
Target GABA-A
Indications- Essential tremor (Stage not disclosed)
Status note Candidate for essential tremor. Detail and stage not disclosed in the excerpts.
LPCN 2101
Stage not disclosed · Active
Target GABA-A
Indications- Epilepsy (Stage not disclosed)
Status note Candidate for epilepsy. Detail and stage not disclosed in the excerpts.
Per-asset detail extracted from the 10-Q filed 2026-08-04. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.