Lipocine (LPCN) investor relations material

Executive summary

• Focused on oral drug delivery for CNS, liver, and hormone disorders, with TLANDO as the lead commercial product and a pipeline including LPCN 1154 (PPD), LPCN 2201 (MDD), LPCN 2203 (essential tremor), and LPCN 2101 (epilepsy).

• Reported topline Phase 3 results for LPCN 1154 in postpartum depression; primary endpoint not met, but post hoc analysis excluding an outlier site showed rapid, sustained, and clinically meaningful improvement in depression symptoms.

• Initiated a new placebo-controlled clinical trial for LPCN 1154 and scheduled an FDA guidance meeting for Q3 2026.

• Multiple licensing agreements for TLANDO in the U.S., Canada, South Korea, GCC, Brazil, and new marketing authorizations in the UAE, generating milestone and royalty revenues.

• Exploring business partnerships for LPCN 1154 and TLANDO, with ongoing efforts to expand licensing outside current territories.

Financial highlights

• Q2 2026 revenue was $190,099, down from $622,849 in Q2 2025, primarily from TLANDO royalties; no license revenue in Q2 2026 versus $500,000 in Q2 2025.

• Net loss for Q2 2026 was $2.62 million ($0.32 per diluted share), compared to $2.21 million ($0.41 per diluted share) in Q2 2025; six-month net loss was $6.29 million ($0.84 per diluted share) vs. $4.07 million ($0.76 per diluted share) year-over-year.

• Operating expenses for Q2 2026 were $3.03 million, flat year-over-year; R&D expenses were $2.0 million, and G&A expenses were $1.0 million, both slightly up from Q2 2025.

• Interest and investment income increased to $219,851 in Q2 2026; $0.4 million for the six months ended June 30, 2026, unchanged year-over-year.

• Cash, cash equivalents, and marketable securities totaled $23.3 million as of June 30, 2026, up from $14.9 million at year-end 2025.

Outlook and guidance

• Existing capital resources are expected to fund operations through at least August 2027; additional capital will be needed beyond that period or sooner if development activities accelerate.

• New clinical trial for LPCN 1154 in postpartum depression underway to supplement existing data; Phase 2 study protocols for LPCN 2201 and LPCN 2203 planned for FDA submission.

• Continued pursuit of strategic partnerships and commercialization opportunities for pipeline assets.