Issue 001 | U.S. Pilot | US

LIPO

LIPELLA PHARMACEUTICALS INC.

Screen state: Needs Review Source state: Stale Filing 10-Q | 2025-11-14 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 75.3%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 2,079,288USD
Total Liabilities: 862,215USD
NCAV: 1,217,073USD
Cash: 1,855,771USD
NCAV per share: 0.26USD/share
Evidence: 3 annual | 13 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Not captured in this issue’s Mary run.

This archived issue is not backfilled with observations from a later screening run.

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing
Period-end Shares Outstanding	4,620,8374,620,837	4,467,3954,467,395	2,548,8112,548,811	1,208,9191,208,919	1,091,2051,091,205	950,7047,605,636	879,9817,039,846	756,7446,053,956	290,1975,803,945	n/an/a	n/an/a	287,1975,743,945
Weighted-average Basic Shares	4,549,1204,549,120	4,305,2434,305,243	2,056,8042,056,804	1,048,1851,048,185	1,119,1291,119,129	950,7047,605,636	911,5507,292,396	750,3846,003,074	287,6865,753,728	287,1975,743,945	287,1975,743,945	203,0314,060,624
Weighted-average Diluted Shares	4,549,1204,549,120	4,305,2434,305,243	2,056,8042,056,804	1,048,1851,048,185	1,119,1291,119,129	950,7047,605,636	911,5507,292,396	750,3846,003,074	287,6865,753,728	287,1975,743,945	287,1975,743,945	203,0314,060,624
Basic EPS	-1-1	-1-1	-1-1	-5-5	-4-4	-0-0	-0-0	-1-1	-1-1	-0-0	-0-0	-1-1
Diluted EPS	-1-1	-1-1	-1-1	-5-5	-4-4	-0-0	-0-0	-1-1	-1-1	-0-0	-0-0	-1-1
Basic-to-Diluted Share Difference	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net Share Count Change	3.4%	75.3%	110.8%	10.8%	14.8%	8.0%	16.3%	160.8%	Insufficient evidence	0.0%	41.5%	Insufficient evidence
Ownership Claim Change	-3.3%	-42.9%	-52.6%	-9.7%	-12.9%	-7.4%	-14.0%	-61.7%	Insufficient evidence	0.0%	-29.3%	Insufficient evidence

Verified split events: forward 187.33333333333334 on 2022-06-30; forward 170.0 on 2022-09-30; forward 2.5 on 2022-12-19; reverse 2.5 on 2023-12-31; reverse 8.0 on 2024-11-07

Known Unknowns

Only 13 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Medium | Filing

Some rows are based on older filing data and require manual freshness review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD
Revenue	536,357	449,617	184,156
Operating Income	-5,080,542	-4,745,953	-2,589,713
Net Income	-5,016,264	-4,618,965	-2,597,692
Cash From Operations	-3,950,747	-3,150,172	-1,831,161
Capex	-14,434	-14,434	n/a
Free Cash Flow	-3,965,181	-3,164,606	n/a
Cash And Equivalents	2,184,863	3,293,738	5,121,743
Accounts Receivable	84,713	32,286	113,655
Inventory	n/a	n/a	n/a
Total Current Assets	2,617,252	3,429,280	5,799,289
Total Assets	2,673,870	3,577,174	5,950,110
Total Current Liabilities	754,417	385,355	1,178,256
Total Liabilities	754,417	432,726	1,274,514
Shareholders Equity	1,919,453	3,144,448	4,675,596
Shares Outstanding	1,208,919	6,053,956	5,743,945
Shares Outstanding Diluted	n/a	n/a	n/a
Weighted Avg Shares Diluted	1,048,185	6,003,074	4,060,624
Weighted Avg Shares Basic	1,048,185	6,003,074	4,060,624
Net Share Count Change (Normalized)	10.8%	160.8%	Insufficient evidence
Ownership Claim Change (Normalized)	-9.7%	-61.7%	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 13 quarterly periods available from Data Vault for this company.

Metric	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD
Revenue	0	86,727	129,390	173,666	173,666	80,380	136,431	145,880	120,842	120,842	104,051	106,676	118,048
Operating Income	-1,274,272	-1,356,575	-1,327,821	-1,451,292	-1,451,292	-1,459,415	-952,189	-1,217,646	-729,594	-729,594	-1,356,727	-1,575,200	-1,084,432
Net Income	-1,254,078	-1,327,486	-1,306,523	-1,441,672	-1,441,672	-1,444,637	-938,146	-1,191,809	-688,884	-688,884	-1,323,570	-1,538,686	-1,067,825
Cash From Operations	-926,057	-1,433,138	-1,426,126	-990,413	-990,413	-653,103	-918,792	-1,388,439	-727,710	-727,710	-689,363	-655,109	-1,077,990
Capex	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free Cash Flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Cash And Equivalents	1,855,771	2,781,828	4,225,012	2,184,863	2,184,863	1,353,734	1,186,506	2,105,299	3,293,738	3,293,738	2,409,847	3,113,644	4,018,753
Total Current Assets	2,079,288	3,437,246	4,823,337	2,617,252	2,617,252	2,079,965	2,080,827	3,011,090	3,429,280	3,429,280	2,671,067	3,366,990	4,478,006
Total Liabilities	862,215	978,534	776,847	754,417	754,417	701,186	480,313	575,878	432,726	432,726	619,214	364,194	798,390
Shares Outstanding	4,620,837	4,467,395	2,548,811	1,208,919	1,208,919	1,091,205	7,605,636	7,039,846	6,053,956	6,053,956	5,803,945	5,743,945	5,743,945
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	4,549,120	4,305,243	2,056,804	1,048,185	1,048,185	1,119,129	7,605,636	7,292,396	6,003,074	6,762,228	5,753,728	5,743,945	5,743,945
Weighted Avg Shares Basic	4,549,120	4,305,243	2,056,804	1,048,185	1,048,185	1,119,129	7,605,636	7,292,396	6,003,074	6,762,228	5,753,728	5,743,945	5,743,945
Net Share Count Change (Normalized)	3.4%	75.3%	110.8%	10.8%	10.8%	14.8%	8.0%	16.3%	160.8%	160.8%	Insufficient evidence	0.0%	41.5%
Ownership Claim Change (Normalized)	-3.3%	-42.9%	-52.6%	-9.7%	-9.7%	-12.9%	-7.4%	-14.0%	-61.7%	-61.7%	Insufficient evidence	0.0%	-29.3%

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	2,079,288USD	us-gaap:AssetsCurrent	2025-09-30	1.00	Data Vault \| sec/companyfacts/cik=0001347242/companyfacts.json Data Vault \| sec/companyfacts/cik=0001347242/companyfacts.json
Total Liabilities	862,215USD	us-gaap:Liabilities	2025-09-30	1.00	Data Vault \| sec/companyfacts/cik=0001347242/companyfacts.json Data Vault \| sec/companyfacts/cik=0001347242/companyfacts.json
Cash	1,855,771USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2025-09-30	1.00	Data Vault \| sec/companyfacts/cik=0001347242/companyfacts.json Data Vault \| sec/companyfacts/cik=0001347242/companyfacts.json
Shares Outstanding	4,620,837	us-gaap:CommonStockSharesOutstanding	2025-09-30	1.00	Data Vault \| sec/companyfacts/cik=0001347242/companyfacts.json Data Vault \| sec/companyfacts/cik=0001347242/companyfacts.json
NCAV	1,217,073USD	derived	2025-09-30	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	0.26USD	derived	2025-09-30	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	75.3%	derived	2025-09-30	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001347242
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001347242/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001347242/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 13
Imported At: 2026-08-15T12:52:26+00:00
Rendered At: 2026-08-16T03:29:38+00:00

Run Audit

Mary Run: 7597e71d9e0c42a48d3fa1ce89682485
Mary As Of: 2026-07-11
Accession: 0001753926-25-001805
CIK: 0001347242
Mary Filing Date: 2025-11-14
Filing Currency: USD
Internal Discount: 75.3%
Source State: Stale Filing
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=7597e71d9e0c42a48d3fa1ce89682485; mary_as_of=2026-07-11; mary_filing_date=2025-11-14; mary_accession=0001753926-25-001805; mary_cik=0001347242; gnni_supporting_filing_date=2025-11-14; internal_discount=0.753216; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.; source requires review

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