sufficient capital to complete the development processes for our product candidates, we may not be able to enter into partnerships or other strategic relationships to monetize our non-core assets, the FDA will not approve any of our products, risks related to our products, expected product benefits not being realized, clinical and regulatory expectations and plans not being realized, new regulatory developments and requirements, risks related to the FDA approval process including the receipt of regulatory approvals and our ability to utilize a streamlined approval pathway for LPCN 1154, the results and timing of clinical trials, patient acceptance of Lipocine's products, the manufacturing and commercialization of Lipocine's products, and other risks detailed in Lipocine's filings with the SEC, including, without limitation, its Form 10-K and other reports on Forms 8-K and 10-Q, all of which can be obtained on the SEC website at www.sec.gov. Lipocine assumes no obligation to update or revise publicly any forward-looking statements contained in this release, except as required by law.
LIPOCINE INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
September 30, December 31,
2024 2023
------------------------ -----------------
Assets
Current assets:
Cash and cash
equivalents $ 3,742,941 $ 4,771,758
Marketable
investment
securities 16,080,691 17,263,788
Accrued interest
income 91,482 52,254
Prepaid and other
current assets 588,824 773,424
Total current
assets 20,503,938 22,861,224
Property and
equipment, net of
accumulated
depreciation
of $1,207,726 and
$1,182,191
respectively 170,627 116,095
Other assets 23,753 23,753
Total assets $ 20,698,318 $ 23,001,072
======================== =================
Liabilities and
Stockholders'
Equity
Current liabilities:
Accounts payable $ 285,347 $ 1,395,977
Accrued expenses 1,292,285 1,218,486
Warrant liability 3,586 17,166
Total current
liabilities 1,581,218 2,631,629
Total liabilities 1,581,218 2,631,629
------------------------ -----------------
Stockholders'
equity:
Common stock, par
value $0.0001 per
share, 200,000,000
shares authorized;
5,348,276 and
5,316,166 issued,
and
5,347,940 and
5,315,830
outstanding,
respectively
outstanding 8,863 8,860
Additional paid-in
capital 220,690,052 220,171,250
Treasury stock at
cost, 336 shares (40,712) (40,712)
Accumulated other
comprehensive gain
(loss) 9,942 7,259
Accumulated deficit (201,551,045) (199,777,214)
Total
stockholders'
equity 19,117,100 20,369,443
Total liabilities
and stockholders'
equity $ 20,698,318 $ 23,001,072
======================== =================
LIPOCINE INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
----------------------------------------------------- -------------------------------------------------
2024 2023 2024 2023
-------------------------- ------------------------- ------------------------ -----------------------
Revenues:
License revenue $ - $ - $ 7,500,000 $ 54,990
Royalty revenue - - 206,738 -
Minimum guaranteed
royalties revenue
(reversal of
variable consideration) - (3,121,996) - (3,121,996)
Total revenues - (3,121,996) 7,706,738 (3,067,006)
-------------------------- ------------------------- ------------------------ -----------------------
Operating expenses:
Research and development 1,585,233 2,878,798 6,278,881 8,500,319
General and
administrative 1,045,240 1,042,572 4,128,371 3,770,281
-------------------------- ------------------------- ------------------------ -----------------------
Total operating expenses 2,630,473 3,921,370 10,407,252 12,270,600
-------------------------- ------------------------- ------------------------ -----------------------
Operating loss (2,630,473) (7,043,366) (2,700,514) (15,337,606)
-------------------------- ------------------------- ------------------------ -----------------------
Other income:
Interest and investment
income 273,574 317,569 913,784 1,067,561
Unrealized gain on
warrant liability 138,081 74,827 13,580 200,416
-------------------------- ------------------------- ------------------------ -----------------------
Total other income 411,655 392,396 927,364 1,267,977
Loss before income tax
expense (2,218,818) (6,650,970) (1,773,150) (14,069,629)
Income tax expense - - (681) (200)
Net loss (2,218,818) (6,650,970) (1,773,831) (14,069,829)
Issuance of Series B
preferred stock
dividend - - - (89)
-------------------------- ------------------------- ------------------------ -----------------------
Net loss
attributable to
common
shareholders $ (2,218,818) $ (6,650,970) $ (1,773,831) $ (14,069,918)
========================== ========================= ======================== =======================
Basic loss per share
attributable to common
stock $ (0.41) $ (1.26) $ (0.33) $ (2.68)
========================== ========================= ======================== =======================
Weighted average common
shares outstanding, basic 5,347,940 5,292,058 5,335,941 5,254,116
========================== ========================= ======================== =======================
Diluted loss per share
attributable to common
stock $ (0.44) $ (1.27) $ (0.33) $ (2.72)
========================== ========================= ======================== =======================
Weighted average common
shares outstanding,
diluted 5,347,940 5,292,058 5,335,941 5,254,116
========================== ========================= ======================== =======================
Comprehensive loss:
Net loss $ (2,218,818) $ (6,650,970) $ (1,773,831) $ (14,069,829)
Net unrealized gain on
marketable investment
securities 19,661 1,309 2,683 5,818
Comprehensive loss $ (2,199,157) $ (6,649,661) $ (1,771,148) $ (14,064,011)
========================== ========================= ======================== =======================
View original content to download multimedia:https://www.prnewswire.com/news-releases/lipocine-announces-financial-results-for-the-third-quarter-ended-september-30-2024-302298180.html
SOURCE Lipocine Inc.
(MORE TO FOLLOW) Dow Jones Newswires
November 07, 2024 08:00 ET (13:00 GMT)
Comments