$LPCN
Lipocine Inc.

2019 Q1 Form 10-Q Financial Statement

#000114420419024378 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $0.00 $0.00 $428.0K
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.180M $990.0K $1.690M
YoY Change -30.18% -72.8% -7.65%
% of Gross Profit
Research & Development $1.949M $2.180M $1.378M
YoY Change 41.51% 23.16% -55.33%
% of Gross Profit
Depreciation & Amortization $0.00 $10.00K $10.00K
YoY Change -100.0% 0.0% 0.0%
% of Gross Profit
Operating Expenses $3.125M $3.170M $3.065M
YoY Change 1.97% -41.3% -37.56%
Operating Profit -$3.125M -$3.171M -$2.637M
YoY Change 18.52% -41.3% -46.28%
Interest Expense $223.8K $192.5K
YoY Change 16.27%
% of Operating Profit
Other Income/Expense, Net -$98.52K -$50.00K -$82.29K
YoY Change 19.74% -171.43% -270.17%
Pretax Income -$3.224M -$3.230M -$2.719M
YoY Change 18.55% -39.4% -44.05%
Income Tax $700.00 $0.00 $700.00
% Of Pretax Income
Net Earnings -$3.224M -$3.225M -$2.720M
YoY Change 18.55% -39.5% -44.05%
Net Earnings / Revenue -635.46%
Basic Earnings Per Share -$0.14 -$0.15 -$0.13
Diluted Earnings Per Share -$0.14 -$0.15 -$0.13
COMMON SHARES
Basic Shares Outstanding 23.38M 21.46M shares 21.26M
Diluted Shares Outstanding 23.38M 21.26M

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.52M $15.25M $27.76M
YoY Change -36.89% -28.97% 3.58%
Cash & Equivalents $8.222M $8.078M $8.561M
Short-Term Investments $9.300M $7.170M $19.20M
Other Short-Term Assets $5.410M $5.520M $250.0K
YoY Change 2064.0% 1246.34% -3.85%
Inventory
Prepaid Expenses
Receivables $20.00K $40.00K $50.00K
Other Receivables $0.00 $0.00 $3.560M
Total Short-Term Assets $22.95M $20.81M $31.62M
YoY Change -27.42% -17.49% 16.68%
LONG-TERM ASSETS
Property, Plant & Equipment $15.14K $19.00K $30.00K
YoY Change -49.55% -74.69% -70.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $23.75K $23.75K $20.00K
YoY Change 18.77% -22.76% -33.33%
Total Long-Term Assets $38.89K $42.75K $60.00K
YoY Change -35.19% -59.6% -50.0%
TOTAL ASSETS
Total Short-Term Assets $22.95M $20.81M $31.62M
Total Long-Term Assets $38.89K $42.75K $60.00K
Total Assets $22.99M $20.85M $31.68M
YoY Change -27.43% -17.66% 16.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $517.7K $671.3K $390.0K
YoY Change 32.75% 12.24% -54.12%
Accrued Expenses $426.2K $487.1K $305.1K
YoY Change 39.7% -67.46% -79.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.330M $3.330M $1.340M
YoY Change 148.51%
Total Short-Term Liabilities $4.277M $4.492M $6.280M
YoY Change -31.89% -29.21% 168.38%
LONG-TERM LIABILITIES
Long-Term Debt $6.160M $6.927M $8.724M
YoY Change -29.39%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $6.160M $6.927M $8.724M
YoY Change -29.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.277M $4.492M $6.280M
Total Long-Term Liabilities $6.160M $6.927M $8.724M
Total Liabilities $10.44M $11.42M $15.01M
YoY Change -30.46% 79.95% 541.45%
SHAREHOLDERS EQUITY
Retained Earnings -$141.3M -$138.1M
YoY Change 9.22%
Common Stock $2.458K $2.174K
YoY Change 2.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $40.71K $40.71K
YoY Change 0.0%
Treasury Stock Shares $5.710K $5.710K 5.710K shares
Shareholders Equity $12.55M $9.434M $16.67M
YoY Change
Total Liabilities & Shareholders Equity $22.99M $20.85M $31.68M
YoY Change -27.43% -17.66% 16.39%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income -$3.224M -$3.225M -$2.720M
YoY Change 18.55% -39.5% -44.05%
Depreciation, Depletion And Amortization $0.00 $10.00K $10.00K
YoY Change -100.0% 0.0% 0.0%
Cash From Operating Activities -$3.003M -$2.230M -$3.746M
YoY Change -19.84% -48.02% 19.35%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$2.080M $4.940M -$900.0K
YoY Change 131.11% -372.93% -162.94%
Cash From Investing Activities -$2.082M $4.940M -$903.2K
YoY Change 130.56% -372.93% -163.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.063M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.230M 560.0K 10.00M
YoY Change -47.7% 1020.0% 223.98%
NET CHANGE
Cash From Operating Activities -3.003M -2.230M -3.746M
Cash From Investing Activities -2.082M 4.940M -903.2K
Cash From Financing Activities 5.230M 560.0K 10.00M
Net Change In Cash 144.6K 3.270M 5.351M
YoY Change -97.3% -154.05% 288.91%
FREE CASH FLOW
Cash From Operating Activities -$3.003M -$2.230M -$3.746M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1661099
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.00
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y10M6D
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
55064
CY2019Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
16591852
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3224472
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2719971
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23383008
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21264539
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-3224472
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2719971
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23383008
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21264539
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2019Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1128561
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1124700
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2018Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2019Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2018Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2019Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
24580663
CY2018Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
21737196
CY2019Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24574953
CY2018Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
21731486
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
5710
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
5710
CY2019Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
125265
CY2018Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
110181
CY2019Q1 us-gaap Interest Expense
InterestExpense
223789
CY2018Q1 us-gaap Interest Expense
InterestExpense
192466
CY2018Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
10000000
CY2019Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
2352
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-15035
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
18979988
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-2719971
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-15035
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
427280
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
16672262
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
9433673
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-3224472
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
2352
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
276927
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
6063214
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
12551694
CY2015Q1 lpcn Service Fee
ServiceFee
230
CY2018Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
14504042
CY2019Q1 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 January 23, 2015
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
898000
CY2019Q1 dei Document Type
DocumentType
10-Q
CY2019Q1 dei Amendment Flag
AmendmentFlag
false
CY2019Q1 dei Document Period End Date
DocumentPeriodEndDate
2019-03-31
CY2019Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
CY2019Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2019Q1 dei Entity Registrant Name
EntityRegistrantName
Lipocine Inc.
CY2019Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001535955
CY2019Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2019Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2019Q1 dei Trading Symbol
TradingSymbol
LPCN
CY2019Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
21574953
CY2019Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2019Q1 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
9298949
CY2019Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1389
CY2019Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0
CY2019Q1 us-gaap Available For Sale Securities
AvailableForSaleSecurities
9300338

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