Lipocine Inc. experienced a challenging first quarter in 2025, reporting a substantial net loss of $1,864,873 and a significant decline in total revenues to $93,864, down from $7,617,174 in Q1 2024. This downturn was primarily driven by the absence of large license revenue recognized in the prior year. The company's operating income shifted from a profit of $3,222,529 in Q1 2024 to a loss of $2,090,184 in Q1 2025, despite a reduction in research and development and general and administrative expenses.

Lipocine reported a net income of approximately $8,400 for the year ended December 31, 2024, a significant improvement from a net loss of $16.4 million in the prior year. The company's revenue for the year was $11.2 million, primarily driven by license and royalty revenue from partnerships.

Lipocine reported a net loss of $16.4 million, or ($3.14) per diluted share, for the year ended December 31, 2023, compared with a net loss of $10.8 million, or ($2.15) per diluted share, for the year ended December 31, 2022. As of December 31, 2023, Lipocine had $22.0 million of unrestricted cash, cash equivalents and marketable investment securities compared to $32.5 million at December 31, 2022.