Lucide Ledger

A filing-first public record from Lucide House.

Issue 015 | U.S. Pilot | US

LPCN

Lipocine Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-07 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 52.6%

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

Current Assets
25,244,934USD
Total Liabilities
2,527,843USD
NCAV
22,717,091USD
Cash
5,015,608USD
NCAV per share
2.63USD/share
Evidence
10 annual | 20 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.

Evaluated
12
Triggered
2
Unavailable
7
Requires inspection Negative OCF -2,257,137
Latest
-2,257,1372026-03-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001493152-26-021637

Supporting observation Current Ratio > 1.5 9.99
Latest
9.992026-03-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001493152-26-021637

7 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Material 1Y Share Increase 1Y share change >= +2% using the same share-count source
NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive
No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source
Non-Positive Equity ordinary shareholders equity <= 0
Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 0001493152-25-021007 2025-11-06 10-Q Missing Source Data Vault | sec/cleaned/cik=0001535955/accession=0001493152-25-021007/parser=html-cleaner-v1/full.txt
Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

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.

Annual Financials

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

Metric
2025-12-31
10-K
USD
2024-12-31
10-K
USD
2023-12-31
10-K
USD
2022-12-31
10-K
USD
2021-12-31
10-K
USD
2020-12-31
10-K
USD
2019-12-31
10-K
USD
2018-12-31
10-K
USD
2017-12-31
10-K
USD
2016-12-31
10-K
USD
Revenue 1,976,677 11,198,144 -2,850,818 500,000 16,140,838 0 164,990 428,031 0 0
Operating Income -10,371,379 -1,155,035 -17,930,957 -12,119,375 3,145,503 -17,996,264 -12,900,290 -11,325,819 -21,217,976 -19,186,834
Net Income -9,627,505 8,352 -16,352,082 -10,758,636 -634,399 -20,964,819 -13,007,344 -11,660,022 -20,982,860 -18,971,508
Cash From Operations -9,760,721 -1,221,233 -11,865,991 -11,968,819 -4,411,303 -15,303,098 -11,666,217 -12,078,825 -16,702,015 -18,281,938
Capex -90,086 -90,086 -13,167 -133,831 -7,591 n/a n/a 0 0 -59,650
Free Cash Flow -9,850,807 -1,311,319 -11,879,158 -12,102,650 -4,418,894 n/a n/a -12,078,825 -16,702,015 -18,341,588
Cash And Equivalents 5,205,842 6,205,926 4,771,758 3,148,496 2,950,552 19,217,382 9,728,523 8,077,539 3,210,749 5,560,716
Accounts Receivable n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Inventory n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Total Current Assets 16,877,566 22,321,673 22,861,224 34,135,080 46,379,675 25,329,023 19,630,973 20,809,203 25,219,291 27,208,777
Total Assets 17,005,612 22,510,501 23,001,072 37,542,922 52,482,439 25,352,776 19,658,280 20,851,953 25,325,114 27,342,970
Total Current Liabilities 2,528,196 1,512,936 2,631,629 1,678,126 5,616,625 6,583,731 4,964,877 4,491,748 6,345,126 1,326,169
Total Liabilities 2,528,196 1,512,936 2,631,629 1,907,982 6,912,421 10,010,857 13,370,484 11,418,280 6,345,126 1,326,169
Shareholders Equity 14,477,416 20,997,565 20,369,443 35,634,940 45,570,018 15,341,919 6,287,796 9,433,673 18,979,988 26,016,801
Shares Outstanding 7,299,687 5,350,356 5,315,830 1,041,303 1,038,714 1,038,714 562,994 280,929 250,171 218,763
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 5,448,871 5,422,604 5,269,671 1,040,673 1,022,760 655,154 304,497 251,204 235,905 214,802
Weighted Avg Shares Basic 5,448,871 5,338,957 5,269,671 1,040,673 1,022,760 655,154 304,497 251,204 235,905 214,802
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

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

Metric
2026-06-30
10-Q
USD
2026-03-31
10-Q
USD
2025-12-31
10-K
USD
2025-09-30
10-Q
USD
2025-06-30
10-Q
USD
2025-03-31
10-Q
USD
2024-12-31
10-K
USD
2024-09-30
10-Q
USD
2024-06-30
10-Q
USD
2024-03-31
10-Q
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
2022-12-31
10-K
USD
2022-09-30
10-Q
USD
2022-06-30
10-Q
USD
2022-03-31
10-Q
USD
2021-12-31
10-K
USD
2021-09-30
10-Q
USD
Revenue 190,099 119,397 1,145,390 114,574 622,849 93,864 3,491,406 -1 89,565 7,617,174 216,188 -3,121,996 0 54,990 n/a 500,000 500,000 n/a n/a 54,994
Operating Income -2,842,246 -3,849,464 -2,515,802 -3,361,040 -2,404,353 -2,090,184 1,545,477 -2,630,473 -3,292,568 3,222,529 -2,593,353 -7,043,366 -3,955,605 -4,338,633 -2,560,833 -2,899,371 -3,527,531 -3,131,640 12,783,948 -3,533,673
Net Income -2,622,595 -3,671,894 -2,370,084 -3,186,832 -2,205,716 -1,864,873 1,782,183 -2,218,818 -3,068,634 3,513,621 -2,282,253 -6,650,970 -3,548,629 -3,870,230 -2,229,913 -2,409,165 -2,631,777 -3,487,781 12,624,021 -3,081,297
Cash From Operations -3,028,427 -2,257,137 -2,919,507 -2,985,723 -1,886,234 -1,969,257 1,701,927 -2,832,902 -2,497,777 2,407,519 -2,022,305 -2,606,032 -3,309,597 -3,928,057 -1,838,914 -3,198,174 -3,046,329 -3,885,402 8,994,540 -6,980,787
Capex n/a n/a n/a n/a n/a n/a n/a n/a 0 -4,000 -9,167 0 0 -4,000 -96,732 0 -10,302 -26,797 n/a n/a
Free Cash Flow n/a n/a n/a n/a n/a n/a n/a n/a -2,497,777 2,403,519 -2,031,472 -2,606,032 -3,309,597 -3,932,057 -1,935,646 -3,198,174 -3,056,631 -3,912,199 n/a n/a
Cash And Equivalents 4,979,430 5,015,608 5,205,842 3,901,040 6,043,980 3,354,596 6,205,926 3,742,941 5,553,371 3,081,337 4,771,758 4,072,706 5,014,695 4,769,180 3,148,496 2,396,960 4,981,193 5,733,231 2,950,552 4,517,105
Total Current Assets 23,736,777 25,244,934 16,877,566 15,930,140 18,420,043 20,326,468 22,321,673 20,503,938 22,909,482 25,315,219 22,861,224 24,613,659 27,084,528 30,614,829 34,135,080 36,110,540 38,079,623 43,497,549 46,379,675 40,365,356
Total Liabilities 2,067,957 2,527,843 2,528,196 1,931,119 1,448,773 1,299,649 1,512,936 1,581,218 1,823,943 1,490,148 2,631,629 2,270,821 1,931,449 2,061,824 1,907,982 1,775,405 2,303,644 5,193,738 6,912,421 7,578,021
Shares Outstanding 8,244,253 8,244,253 7,299,687 5,551,931 5,419,047 5,350,356 5,350,356 5,347,940 5,347,940 5,347,940 5,315,830 5,315,830 5,315,830 88,510,791 1,041,303 1,041,303 1,041,303 1,041,166 1,038,714 1,038,714
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 n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 8,216,988 6,795,002 5,678,587 5,413,149 5,351,957 5,348,557 5,639,461 5,347,940 5,343,922 5,357,530 5,269,671 5,292,058 5,234,830 88,510,791 1,041,306 1,041,253 1,041,165 1,038,937 1,049,184 1,038,714
Weighted Avg Shares Basic 8,216,988 6,795,002 5,678,587 5,413,149 5,351,957 5,348,557 5,347,939 5,347,940 5,343,922 5,315,830 5,269,671 5,292,058 5,234,830 88,510,791 1,041,306 1,041,253 1,041,165 1,038,937 1,049,184 1,038,714
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
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 23,736,777USD us-gaap:AssetsCurrent 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001535955/companyfacts.json
Data Vault | sec/companyfacts/cik=0001535955/companyfacts.json
Total Liabilities 2,067,957USD us-gaap:Liabilities 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001535955/companyfacts.json
Data Vault | sec/companyfacts/cik=0001535955/companyfacts.json
Cash 4,979,430USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001535955/companyfacts.json
Data Vault | sec/companyfacts/cik=0001535955/companyfacts.json
Shares Outstanding 8,244,253 dei:EntityCommonStockSharesOutstanding 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001535955/companyfacts.json
Data Vault | sec/companyfacts/cik=0001535955/companyfacts.json
NCAV 21,668,820USD derived 2026-06-30 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 2.63USD derived 2026-06-30 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 52.6% derived 2026-06-30 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
0001535955
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001535955/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001535955/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
26
Imported At
2026-11-01T11:35:53+00:00
Rendered At
2026-11-01T14:57:29+00:00

Run Audit

Mary Run
96f10914845d4a63bf1f2ca5985451b2
Mary As Of
2026-10-30
Accession
0001493152-26-021637
CIK
0001535955
Mary Filing Date
2026-05-07
Filing Currency
USD
Internal Discount
52.6%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=96f10914845d4a63bf1f2ca5985451b2; mary_as_of=2026-10-30; mary_filing_date=2026-05-07; mary_accession=0001493152-26-021637; mary_cik=0001535955; gnni_supporting_filing_date=2026-05-07; internal_discount=0.526164; 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.

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