$LPCN

$1.52 +$0.01 (0.66%) Close

$LPCN Overview Financial Statements SEC Filings Executives News Red Flags Capital Raising Ownership Insider Transactions Congressional Trades

Ownership

13F as of Q2 2026 · 8.2M shares outstanding

Who owns LPCN?

By type of holder

Institutions 35.8% Insiders 5.4% Everyone else 58.8%

Concentration Top 10 holders own 32.7%

Squadron Capital Management LLC 9.8% · Ikarian Capital, LLC 6.2%

Institutional ownership

35.8%

-2.0 pts vs last qtr

Institutional holders

-12 vs last qtr

Net shares bought

−163.4K

by institutions in Q2 2026

New / sold out

4 / 16

positions opened vs closed

How is ownership changing?

Institutions, last 8 quarters

Biggest buyers in Q2 2026

Squadron Capital Management LLC +360.0K
Acadian Asset Management LLC NEW +170.4K

Biggest sellers in Q2 2026

Rosalind Advisors, Inc. SOLD OUT −221.6K
AIGH Capital Management LLC SOLD OUT −200.0K

Who is planning to sell?

No insider has filed a notice of proposed sale (Form 144) for Lipocine Inc in the last 12 months.

Is your stake being diluted?

Diluted share count, FY2016–FY2025

+431.5%

+20.40% a year

Each share's claim on the business

−81.2%

shrank without buying or selling a share

Spent on buybacks vs paid in stock

— vs $11.5M

over 10 fiscal years

Diluted shares, split-adjusted

Buybacks Stock-based comp

How patient are the owners?

Institutional shares by how long they've been held

5+ years0% 3–5 years18% 1–3 years2% Under 1 year80%

Quarterly turnover

31.0%

of institutional shares changed hands

Top 10 managers, median time held

2 quarters

Super Investors

Investment managers reporting LPCN on Form 13F

Holder	Shares	% of company	Change vs last qtr	Held since	% of their book
SC Squadron Capital Management LLC	810.0K	9.83%	+360.0K (+80.0%)	Q4 '25	0.6%
Shares held by quarter Peak holding810.0K (Q2'26) Change over 8 quarters+810.0K Share of the company9.830% Squadron Capital Management LLC's full portfolio →
IC Ikarian Capital, LLC	508.6K	6.17%	Unchanged	Q4 '25	0.1%
Shares held by quarter Peak holding508.6K (Q1'26) Change over 8 quarters+508.6K Share of the company6.170% Ikarian Capital, LLC's full portfolio →

Squadron Capital Management LLC

810.0K

% of company

9.83%

Change vs last qtr

+360.0K (+80.0%)

Held since

Q4 '25

Ikarian Capital, LLC

508.6K

% of company

6.17%

Change vs last qtr

Unchanged

Held since

Q4 '25

28 more super investors behind a free account

See every manager holding Lipocine Inc, how their position has changed, and how long they've held it.

Institutional Funds

Mutual funds and ETFs reporting LPCN on Form N-PORT; together they hold 3.7% of the company

Fund	Position value	Shares	% of company	% of the fund	As of
VT Vanguard Total Stock Market Index Fund Vanguard Index Funds	$365K	142.8K	1.73%	0.00%	June 30, 2026
VE Vanguard Extended Market Index Fund Vanguard Index Funds	$148K	57.9K	0.70%	0.00%	June 30, 2026

Vanguard Total Stock Market Index Fund

Vanguard Index Funds

Position value

$365K

% of company

1.73%

% of the fund

0.00%

As of

June 30, 2026

Vanguard Extended Market Index Fund

Vanguard Index Funds

Position value

$148K

% of company

0.70%

% of the fund

0.00%

As of

June 30, 2026

14 more funds behind a free account

See every fund holding Lipocine Inc and how much of the fund the position is.

Insiders and 5%+ holders

From Forms 3/4/5 and Schedules 13D/G

Holder	Shares	% of company	Change vs last qtr	8 quarters	Held since	% of their book
HJ Higuchi John W. Insider	251.7K	3.05%	—	—	—	—
Insider holdings come from Form 3/4/5 filings, which are not quarterly. Share of the company3.050% Higuchi John W.'s insider activity →
PM Patel Mahesh V. Insider	193.6K	2.35%	—	—	—	—
Insider holdings come from Form 3/4/5 filings, which are not quarterly. Share of the company2.350% Patel Mahesh V.'s insider activity →

Higuchi John W.

Insider

251.7K

% of company

3.05%

Change vs last qtr

—

Held since

—

Patel Mahesh V.

Insider

193.6K

% of company

2.35%

Change vs last qtr

—

Held since

—

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