Lipocine(US:LPCN)2025-11-06 14:40Financial Performance - As of September 30, 2025, Lipocine had $15.1 million in unrestricted cash, down from $21.6 million at December 31, 2024, representing a decrease of approximately 30.3%[7] - The net loss for the third quarter ended September 30, 2025, was $3.2 million, or ($0.59) per diluted share, compared to a net loss of $2.2 million, or ($0.44) per diluted share, for the same period in 2024, indicating an increase in loss of 45.5%[7] - For the nine months ended September 30, 2025, Lipocine reported a net loss of $7.3 million, or ($1.35) per diluted share, compared to a net loss of $1.8 million, or ($0.33) per diluted share, for the same period in 2024, representing an increase in loss of 305.6%[13] - Total revenues for the three months ended September 30, 2025, were $114,574, compared to $0 in the same period of 2024, indicating a significant increase[26] - Total revenue for the nine months ended September 30, 2025, was $831,000, a significant decrease from $7.7 million in the same period of 2024, primarily due to a drop in license revenue from $7.5 million to $500,000[14] - License revenue for the nine months ended September 30, 2025, was $500,000, down from $7,500,000 in the same period of 2024[26] - The net loss attributable to common shareholders for the three months ended September 30, 2025, was $3,186,832, compared to a loss of $2,218,818 in the same period of 2024[26] - Comprehensive loss for the three months ended September 30, 2025, was $(3,180,962), compared to $(2,199,157) in the same period of 2024[26] Expenses - Research and development expenses increased to $2.7 million for the third quarter of 2025 from $1.6 million in the same quarter of 2024, reflecting a rise of 68.8% primarily due to ongoing clinical trials[9] - Operating expenses for the three months ended September 30, 2025, totaled $3,475,614, an increase from $2,630,473 in the same period of 2024[26] - Research and development expenses for the three months ended September 30, 2025, were $2,707,777, up from $1,585,233 in the same period of 2024[26] - General and administrative expenses decreased to $0.8 million for the third quarter of 2025 from $1.1 million in the same quarter of 2024, a reduction of 27.3%[11] - General and administrative expenses for the three months ended September 30, 2025, were $767,837, down from $1,045,240 in the same period of 2024[26] Assets and Cash Position - Lipocine's total assets decreased to $16.1 million as of September 30, 2025, from $22.5 million at December 31, 2024, a decline of approximately 28.5%[24] Product Development - Lipocine is developing LPCN 1154 for postpartum depression, with top-line data expected in Q2 2026 and plans for a 505(b)(2) NDA submission in the U.S. in 2026[4] - The company is exploring partnerships for LPCN 1154 and LPCN 2401, which targets obesity management and is expected to enter a proof-of-concept Phase 2 study[10] Revenue Sources - Royalty revenue from TLANDO sales was $115,000 during the quarter ended September 30, 2025, with no royalty revenue recorded in the comparable period in 2024[8]