Lipocine Inc. reported a net loss of $7.3 million, or ($1.4) per diluted share, for the nine months ended September 30, 2025, compared to a net loss of $1.8 million, or ($0.3) per diluted share, for the same period in 2024. Revenue for the nine months ended September 30, 2025, was $0.8 million, down from $7.7 million in 2024, primarily due to lower license revenue. Royalty revenue from TLANDO sales increased to $0.3 million from $0.2 million in the prior year. General and administrative expenses decreased to $2.8 million from $4.1 million, mainly due to lower business development and legal fees. Research and development expenses were $5.9 million, down from $6.3 million, reflecting lower costs for the LPCN 1154 Phase 3 clinical study. Interest and investment income declined to $0.6 million from $0.9 million. Lipocine continues to develop LPCN 1154, an oral formulation of brexanolone for postpartum depression.