Lipocine reported a FY 2025 net loss of USD 9.6 million, compared with net income of USD 8,000 a year earlier. FY 2025 revenue fell 82% to USD 1.98 million, driven mainly by USD 1.5 million of license revenue and USD 480,000 of TLANDO royalty revenue versus a prior-year period that included one-time upfront license revenue. Research and development expenses rose 17% to USD 8.58 million, primarily reflecting higher clinical study costs, supplies and research costs, and personnel-related costs. General and administrative expenses fell 25% to USD 3.76 million, mainly due to lower business development, strategic advisory and corporate legal fees tied to prior-year license agreements. Lipocine ended FY 2025 with USD 14.9 million in unrestricted cash, cash equivalents and marketable investment securities, and said it expects existing capital resources to fund projected operating requirements through at least March 31, 2027.

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