1. Propriety Drug Delivery Platform
Lipocine Inc.
FACT SHEET
(as of July 1, 2019)
TICKER
NASDAQ: LPCN
EXECUTIVE MANAGEMENT
Dr. Mahesh V. Patel
Chairman, President & CEO
Morgan Brown
EVP & Chief Financial Officer
FINANCIAL HIGHLIGHTS
Fully-Diluted Shares Outstanding (3/31/19)
27.6 million
Cash Balance (as of 3/31/19)
$22.5 million
Long Term Debt
$9.2 million
ANALYST COVERAGE
Dewey Steadman
Canaccord Genuity
Matt Kaplan
Ladenburg Thalmann
Oren Livnat
H.C. Wainwright & Co.
Dr. Cathy Reece
Empire Asset Management Company
John Vandermosten
Zacks Research
PRIMARY IR CONTACT
Hans Vitzhum
LifeSci Advisors
(646)
INVESTOR FACT SHEET
October 2011
Clinical-Stage Biopharmaceutical Company Focused on Metabolic and Endocrine Disorders
Product Pipeline
Propriety Drug Delivery Platform
TLANDO™ = Opportunity

2. INVESTOR FACT SHEET October 2011
Clinical Relationship Between Testosterone and NAFLD
Across the full disease spectrum
INVESTOR FACT SHEET
October 2011
LPCN 1144: A Differentiated Oral NASH Therapy
LPCN 1148: Oral Prodrug of Bioidentical Testosterone for the Treatment of NASH Cirrhosis
Potentially help patients survive longer while waiting for a liver transplant
T levels positively correlate with muscle mass in men and modulates bone density, hemoglobin production, insulin resistance, and immunity , commonly impaired in cirrhosis1
Testosterone therapy increased muscle mass in men with cirrhosis and low testosterone2
Next Steps:
Proof of Concept study in male NASH cirrhosis subjects
This document contains “forward-looking statements” that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes statements relating to the clinical status and potential uses and benefits of Lipocine’s product candidates. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, risks related to clinical trials, market acceptance, manufacturing and commercialization and other risks detailed in Lipocine’s filings with the U.S. Securities and Exchange Commission, all of which can be obtained on the Company’s website at or on the SEC website at The Company undertakes no duty to update or revise publicly any forward-looking statements contained in this document as a result of new information, future events or changes in the Company’s expectations.
675 Arapeen Drive, Suite 202  Salt Lake City, Utah 84108  Phone: