$LPCN
Lipocine Inc.

2018 Q4 Form 10-K Financial Statement

#000114420419012434 Filed on March 06, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2018 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $990.0K $930.0K $1.680M
YoY Change -72.8% -65.81% -17.24%
% of Gross Profit
Research & Development $2.180M $1.423M $1.482M
YoY Change 23.16% -30.47% -63.91%
% of Gross Profit
Depreciation & Amortization $10.00K $0.00 $0.00
YoY Change 0.0% -100.0%
% of Gross Profit
Operating Expenses $3.170M $2.353M $3.164M
YoY Change -41.3% -50.63% -48.47%
Operating Profit -$3.171M -$2.353M -$3.164M
YoY Change -41.3% -50.63% -48.47%
Interest Expense $218.6K $211.5K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$50.00K -$106.0K -$91.09K
YoY Change -171.43% -261.09% -279.13%
Pretax Income -$3.230M -$2.459M -$3.256M
YoY Change -39.4% -47.68% -46.54%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.225M -$2.459M -$3.256M
YoY Change -39.5% -47.68% -46.54%
Net Earnings / Revenue
Basic Earnings Per Share -$0.15 -$0.12 -$0.15
Diluted Earnings Per Share -$0.15 -$0.12 -$0.15
COMMON SHARES
Basic Shares Outstanding 21.46M shares 21.27M shares 21.26M shares
Diluted Shares Outstanding 21.27M shares 21.26M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.25M $16.88M $20.09M
YoY Change -28.97% -34.27% -27.81%
Cash & Equivalents $8.078M $4.803M $1.602M
Short-Term Investments $7.170M $12.08M $18.49M
Other Short-Term Assets $5.520M $5.730M $5.110M
YoY Change 1246.34% 1173.33% 5577.78%
Inventory
Prepaid Expenses
Receivables $40.00K $30.00K $50.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $20.81M $22.64M $25.25M
YoY Change -17.49% -13.4% -9.59%
LONG-TERM ASSETS
Property, Plant & Equipment $19.00K $23.44K $27.89K
YoY Change -74.69% -70.7% -69.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $23.75K $23.75K $23.75K
YoY Change -22.76% -20.82% -20.82%
Total Long-Term Assets $42.75K $47.20K $51.64K
YoY Change -59.6% -60.67% -56.97%
TOTAL ASSETS
Total Short-Term Assets $20.81M $22.64M $25.25M
Total Long-Term Assets $42.75K $47.20K $51.64K
Total Assets $20.85M $22.69M $25.30M
YoY Change -17.66% -13.61% -9.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $671.3K $239.9K $406.5K
YoY Change 12.24% -70.01% -63.37%
Accrued Expenses $487.1K $488.6K $887.0K
YoY Change -67.46% -70.91% -50.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.330M $2.340M $1.550M
YoY Change
Total Short-Term Liabilities $4.492M $3.070M $2.843M
YoY Change -29.21% 23.77% -1.97%
LONG-TERM LIABILITIES
Long-Term Debt $6.927M $7.854M $8.580M
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $6.927M $7.854M $8.580M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.492M $3.070M $2.843M
Total Long-Term Liabilities $6.927M $7.854M $8.580M
Total Liabilities $11.42M $10.92M $11.42M
YoY Change 79.95% 340.46% 293.91%
SHAREHOLDERS EQUITY
Retained Earnings -$138.1M -$134.8M -$132.4M
YoY Change 9.22%
Common Stock $2.174K $2.134K $2.127K
YoY Change 2.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $40.71K $40.71K $40.71K
YoY Change 0.0%
Treasury Stock Shares $5.710K 5.710K shares 5.710K shares
Shareholders Equity $9.434M $11.76M $13.88M
YoY Change
Total Liabilities & Shareholders Equity $20.85M $22.69M $25.30M
YoY Change -17.66% -13.61% -9.8%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income -$3.225M -$2.459M -$3.256M
YoY Change -39.5% -47.68% -46.54%
Depreciation, Depletion And Amortization $10.00K $0.00 $0.00
YoY Change 0.0% -100.0%
Cash From Operating Activities -$2.230M -$3.360M -$2.740M
YoY Change -48.02% -26.48% -41.7%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $4.940M $6.470M $780.0K
YoY Change -372.93% -225.15% -91.01%
Cash From Investing Activities $4.940M $6.470M $780.0K
YoY Change -372.93% -225.15% -91.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $91.00K $0.00
YoY Change -96.04% -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 560.0K 90.00K 0.000
YoY Change 1020.0% -96.22% -100.0%
NET CHANGE
Cash From Operating Activities -2.230M -3.360M -2.740M
Cash From Investing Activities 4.940M 6.470M 780.0K
Cash From Financing Activities 560.0K 90.00K 0.000
Net Change In Cash 3.270M 3.200M -1.960M
YoY Change -154.05% -143.48% -120.23%
FREE CASH FLOW
Cash From Operating Activities -$2.230M -$3.360M -$2.740M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2018 us-gaap Use Of Estimates
UseOfEstimates
<table cellpadding="0" cellspacing="0" style="font: 10pt &quot;times new roman&quot;, times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px; width: 100%; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"><tr style="vertical-align: top; text-align: justify;"><td style="width: 0.4in; padding: 0px;"></td><td style="text-align: left; width: 0.25in; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(a)</div></div></td><td style="text-align: justify; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-bottom: 0px; margin-top: 0px;">&#160;</div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin: 0px 0px 0px 0.68in; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include those related to stock-based compensation; income tax uncertainties; and the useful lives of property and equipment.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1457720
CY2017 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2716142
CY2016 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2372615
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0280
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0213
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0176
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
82.12
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
82.12
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
82.12
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8356
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8054
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8426
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M11D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M6D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M2D
CY2018Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
14504042
CY2017Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
20429135
CY2018 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11660022
CY2017 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-20982860
CY2016 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-18971508
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21352339
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20051934
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18258149
CY2018 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.55
CY2017 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.05
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.04
CY2018 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-11660022
CY2017 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-20982860
CY2016 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-18971508
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21352339
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20051934
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18258149
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.55
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.05
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.04
CY2018Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
7300000
CY2017Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
2200000
CY2018Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1100000
CY2018 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y0M4D
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.01
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.45
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.06
CY2018Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
7174016
CY2018Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2018Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
979
CY2018Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
7173037
CY2017Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
18261937
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
4616
CY2017Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
18257321
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
7174016
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
7173037
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
7174016
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
7173037
CY2018 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
36800000
CY2017 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
36200000
CY2016 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
28600000
CY2018Q1 us-gaap Revenues
Revenues
428031
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2636986
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-3164410
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2353056
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-3171367
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-2719971
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-3255501
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-2459072
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
-3225478
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2018Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4908915
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-6140618
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4766059
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-5402384
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
-4861260
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-6089766
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-4700248
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
-5331586
CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.26
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.31
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.25
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.31
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.25
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
223000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
216000
CY2018 lpcn Class Of Warrant Or Right Redemption Price Of Warrants Or Rights
ClassOfWarrantOrRightRedemptionPriceOfWarrantsOrRights
0.001
CY2013Q3 lpcn Percentage Of Fee To Be Received
PercentageOfFeeToBeReceived
0.2
CY2013Q3 lpcn Maximum Proceeds From Affiliates Under License Agreement
MaximumProceedsFromAffiliatesUnderLicenseAgreement
10000000
CY2018 lpcn Description Of Terms Of Service Agreement
DescriptionOfTermsOfServiceAgreement
Under the service agreement, the Company provided facilities and up to 10 percent of the services of certain employees to Spriaso for a period of 18 months which expired
CY2015Q1 lpcn Service Fee
ServiceFee
230
CY2018 lpcn Proceeds From Reimbursement
ProceedsFromReimbursement
5000
CY2017 lpcn Proceeds From Reimbursement
ProceedsFromReimbursement
31000
CY2016 lpcn Proceeds From Reimbursement
ProceedsFromReimbursement
3000
CY2018 us-gaap Proceeds From License Fees Received
ProceedsFromLicenseFeesReceived
428000
CY2017 us-gaap Proceeds From License Fees Received
ProceedsFromLicenseFeesReceived
0
CY2016 us-gaap Proceeds From License Fees Received
ProceedsFromLicenseFeesReceived
0
CY2018 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
84000
CY2017 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
82000
CY2016 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
128000
CY2018 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
1
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
3333000
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3333000
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
3334000
CY2018Q4 lpcn Long Term Debt Maturities Repayments Of Principal After Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearThree
0
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
10000000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
53460
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
53460
CY2018 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
323000
CY2017 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
379000
CY2016 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
374000
CY2018Q4 lpcn Capitalized Computer Equipment And Hardware
CapitalizedComputerEquipmentAndHardware
43361
CY2017Q4 lpcn Capitalized Computer Equipment And Hardware
CapitalizedComputerEquipmentAndHardware
43361
CY2018Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1048932
CY2017Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1048932
CY2018Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
51404
CY2017Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
103857
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1143697
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1196150
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1124700
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1121080
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18997
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
75070
CY2018Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.45
CY2015Q4 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.15
CY2015Q4 lpcn Class Of Warrant Or Right Redemption Price Of Warrants Or Rights
ClassOfWarrantOrRightRedemptionPriceOfWarrantsOrRights
63.96
CY2017Q4 lpcn Common Stock Additional Amount Authorized
CommonStockAdditionalAmountAuthorized
25000000
CY2017Q4 lpcn Common Stock Preferred Stock Debt Securities Warrants And Units To Be Sold Amount Maximum
CommonStockPreferredStockDebtSecuritiesWarrantsAndUnitsToBeSoldAmountMaximum
150000000
CY2017Q1 lpcn Controlled Equity Offering Sales Agreement Maximum Amount Authorized
ControlledEquityOfferingSalesAgreementMaximumAmountAuthorized
20000000
CY2018Q3 lpcn Controlled Equity Offering Sales Agreement Maximum Amount Authorized
ControlledEquityOfferingSalesAgreementMaximumAmountAuthorized
10800000
CY2018 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
CY2017 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
CY2016 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
CY2018 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
700
CY2017 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
700
CY2016 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
752
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2017 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2016 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
700
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
700
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
752
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-2448457
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-7133934
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-6450075
CY2018 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2671563
CY2017 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-6173708
CY2016 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
6709591
CY2018 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
13240342
CY2016 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
553
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
462
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
496
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
136903
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
684854
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
200002
CY2018 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
266163
CY2017 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
394470
CY2016 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
337968
CY2018 lpcn Income Tax Reconciliation Orphan Drug Tax Credits
IncomeTaxReconciliationOrphanDrugTaxCredits
95822
CY2017 lpcn Income Tax Reconciliation Orphan Drug Tax Credits
IncomeTaxReconciliationOrphanDrugTaxCredits
227109
CY2016 lpcn Income Tax Reconciliation Orphan Drug Tax Credits
IncomeTaxReconciliationOrphanDrugTaxCredits
127641
CY2018 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
2123
CY2017 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
4263
CY2016 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
6347
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
1540215
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
1330706
CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
27397503
CY2017Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
25395518
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits
48294
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits
54729
CY2018Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
3362473
CY2017Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
3012081
CY2018Q4 lpcn Deferred Tax Assets Orphan Drug Tax Credit
DeferredTaxAssetsOrphanDrugTaxCredit
1144583
CY2017Q4 lpcn Deferred Tax Assets Orphan Drug Tax Credit
DeferredTaxAssetsOrphanDrugTaxCredit
1023290
CY2018Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Other
DeferredTaxAssetsTaxCreditCarryforwardsOther
378
CY2017Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Other
DeferredTaxAssetsTaxCreditCarryforwardsOther
104
CY2018Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
33493680
CY2017Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
30816428
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
33493680
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
30813270
CY2018Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2017Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
3158
CY2018Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
0
CY2017Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
3158
CY2018Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
0
CY2017Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
3158
CY2018Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2017Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2018Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
234
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
CY2018 lpcn Operating Loss Carry Forwards Limitations On Use Amount
OperatingLossCarryForwardsLimitationsOnUseAmount
1100000
CY2018 lpcn Operating Loss Carry Forwards Preownership Change Amount
OperatingLossCarryForwardsPreownershipChangeAmount
20200000
CY2018 lpcn Operating Loss Forgive Pre Ownership Change Amount
OperatingLossForgivePreOwnershipChangeAmount
5500000
CY2018 lpcn Tax Credit Carryforward Pre Ownership Change Amount
TaxCreditCarryforwardPreOwnershipChangeAmount
1200000
CY2018 lpcn Operating Loss Carry Forwards Expiration Date1
OperatingLossCarryForwardsExpirationDate1
Approximately $25.7 million of the NOL will expire between 2023 and 2033 and $70.8 million of the NOL will expire 2034 through 2037. Pursuant to the Tax Cuts and Jobs Act of 2017, NOL's generated in 2018 and subsequent years have an unlimited carryforward therefore the 2018 NOL of $10.1 million can be carried forward indefinitely. The research and development credits will begin to expire in 2033 through 2038.
CY2018 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
2700000
CY2017 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
5100000
CY2018Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
106600000
CY2018Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
2300000
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8077539
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3210749
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
5000000
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0
CY2018Q4 us-gaap Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
7173037
CY2017Q4 us-gaap Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
18257321
CY2018Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
38514
CY2017Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
23067
CY2018Q4 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
0
CY2017Q4 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
3319927
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
520113
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
408227
CY2018Q4 us-gaap Assets Current
AssetsCurrent
20809203
CY2017Q4 us-gaap Assets Current
AssetsCurrent
25219291
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
23753
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
30753
CY2018Q4 us-gaap Assets
Assets
20851953
CY2017Q4 us-gaap Assets
Assets
25325114
CY2018Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
671280
CY2017Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
598070
CY2018Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
0
CY2017Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
4250000
CY2018Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
487135
CY2017Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1497056
CY2018Q4 us-gaap Debt Current
DebtCurrent
3333333
CY2017Q4 us-gaap Debt Current
DebtCurrent
0
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
4491748
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
6345126
CY2018Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6926532
CY2017Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0
CY2018Q4 us-gaap Liabilities
Liabilities
11418280
CY2017Q4 us-gaap Liabilities
Liabilities
6345126
CY2018 lpcn License Revenue
LicenseRevenue
428031
CY2017 lpcn License Revenue
LicenseRevenue
0
CY2016 lpcn License Revenue
LicenseRevenue
0
CY2018Q2 us-gaap Revenues
Revenues
0
CY2018Q3 us-gaap Revenues
Revenues
0
CY2018Q4 us-gaap Revenues
Revenues
0
CY2018 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
198344
CY2017 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
99894
CY2016 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-224482
CY2018 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
3653
CY2017 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
3877
CY2016 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
24407
CY2018 dei Document Type
DocumentType
10-K
CY2018 dei Amendment Flag
AmendmentFlag
false
CY2018 dei Document Period End Date
DocumentPeriodEndDate
2018-12-31
CY2018 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2018 dei Entity Registrant Name
EntityRegistrantName
Lipocine Inc.
CY2018 dei Entity Central Index Key
EntityCentralIndexKey
0001535955
CY2018 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2018 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2018 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2018 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2018 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2018Q2 dei Entity Public Float
EntityPublicFloat
26000000
CY2018 dei Trading Symbol
TradingSymbol
LPCN
CY2019Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
23878948
CY2018 dei Entity Shell Company
EntityShellCompany
false
CY2018 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2018 dei Entity Small Business
EntitySmallBusiness
true

Files In Submission

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0001144204-19-012434.txt Edgar Link pending
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