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Lipocine Inc (LPCN-1.12%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue recognized during the three months ended September 30, 2024, compared to a reversal of $3.1 million in the same period the previous year due to the termination of the Antares License Agreement.
Research and development expenses decreased to $1,585,233 from $2,878,798 in the same quarter of the previous year, primarily due to a reduction in costs related to the LPCN 1148 study and TLANDO-related expenses.
General and administrative expenses remained stable at $1,045,240 compared to $1,042,572 in the previous year.
Interest and investment income decreased to $273,574 from $317,569, attributed to lower cash and marketable investment securities balances.
A gain of $138,081 was recorded from the change in fair value of outstanding common stock warrants issued in the November 2019 Offering.
For the nine months ended September 30, 2024, Lipocine recognized $7,706,738 in revenue, primarily from licensing and royalty revenue related to the Verity License Agreement.
Net cash used in operating activities was $2,923,160 for the nine months ended September 30, 2024, compared to $9,843,686 in the previous year, reflecting reduced research and development expenditures.
Lipocine had $19,823,632 in cash, cash equivalents, and marketable investment securities as of September 30, 2024.
The company acknowledges its dependence on raising additional capital through equity or debt markets or out-licensing activities to support its operations beyond November 7, 2025.
The filing details agreements with Verity Pharmaceuticals, SPC Korea Limited, and Pharmalink for the commercialization of TLANDO in various territories.
Lipocine is focusing on advancing its CNS product candidates, including LPCN 1154 for postpartum depression, and exploring partnerships for its other pipeline assets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lipocine Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.