Core Insights - Lipocine Inc. reported its financial results for Q3 2025, highlighting ongoing clinical trials and product development efforts, particularly for LPCN 1154 aimed at treating postpartum depression [1][5][9]. Financial Performance - As of September 30, 2025, Lipocine had $15.1 million in unrestricted cash and equivalents, down from $21.6 million at the end of 2024 [5]. - The company reported a net loss of $3.2 million, or ($0.59) per diluted share, for Q3 2025, compared to a net loss of $2.2 million, or ($0.44) per diluted share, for Q3 2024 [5][9]. - Total revenues for the nine months ended September 30, 2025, were $831,000, significantly lower than $7.7 million for the same period in 2024, primarily due to a decrease in license revenue [10]. Research and Development - Research and development expenses increased to $2.7 million in Q3 2025 from $1.6 million in Q3 2024, driven by costs associated with the LPCN 1154 Phase 3 clinical trial [7]. - The company is advancing LPCN 1154, an oral formulation for postpartum depression, with top-line data expected in Q2 2026 [3][5]. - LPCN 2101, a candidate for epilepsy, is under evaluation for a potential Phase 2 proof-of-concept study, with promising pre-clinical results [3][5]. Product Development and Partnerships - Lipocine is exploring partnerships for LPCN 1154 and LPCN 2401, which targets obesity management [3][5]. - LPCN 2401 is designed as a once-daily oral formulation and may enter a proof-of-concept Phase 2 study pending regulatory guidance [3][5]. Market Presence - The company has an exclusive license agreement with Verity Pharma for TLANDO, its oral testosterone replacement therapy, which has generated royalty revenue of $115,000 in Q3 2025 [6][10].