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Lipocine Investor Room Lipocine Announces Financial Results for the First Quarter Ended March 31 , 2021 SALT LAKE CITY , May 6 , 2021 / PRNewswire / -- Lipocine Inc. ( NASDAQ : LPCN ) , a clinical - stage biopharmaceutical company focused on metabolic and endocrine disorders , today announced financial results for the first quarter ended March 31 , 2021 and provided a corporate update . First Quarter Recent Corporate Highlights • Announced positive topline results from the Phase 2 LiFT ( " Liver Fat intervention with oral Testosterone " ) clinical study , investigating LPCN 1144 in biopsy - confirmed NASH male subjects • Both LPCN 1144 treatment arms met the primary endpoint , change in hepatic fat fraction via magnetic resonance imaging proton density fat fraction ( " MRI - PDFF " ) , with statistical significance • 36 - week biopsy data from the LiFT study are expected in August 2021 • Continued enrolling patients into an open label extension to the LiFT clinical study in which all patients will have access to LPCN 1144 • Announced the publication of results supporting the therapeutic potential of LPCN 1144 in the treatment of non - alcoholic steatohepatitis ( " NASH " ) and hepatic fibrosis • The results were featured in a paper entitled " Treatment Potential of LPCN 1144 on Liver Health and Metabolic Regulation in a Non - Genomic , High Fat Diet Induced NASH Rabbit Model " ( Comeglio et al ) , published in the Journal of Endocrinological Investigation • Continued to evaluate commercial options for TLANDO , our oral testosterone product for testosterone replacement therapy ( " TRT " ) in adult males with hypogonadism • Posters featuring clinical data on TLANDO ™ were presented at the ENDO 2021 Conference • Raised gross proceeds of approximately $ 28.7 million in a public offering of approximately 16.4 million shares of common stock First Quarter Ended March 31 , 2021 Financial Results Lipocine reported a net loss of $ 3.4million , or ( $ 0.04 ) per diluted share , for the first quarter ended March 31 , 2021 , compared with a net loss of $ 5.8 million , or ( $ 0.14 ) per diluted share , for the first quarter ended March 31 , 2020 . Research and development expenses were $ 1.6 million for the first quarter ended March 31 , 2021 , compared with $ 2.5 million for the first quarter ended March 31 , 2020. The decrease in research and development expenses during the three months ended March 31 , 2021 was primarily due to a decrease in contract research organization expense and outside consulting costs related to the LPCN 1144 LiFT Phase 2 clinical study in NASH subjects and a decrease in raw material costs of TLANDO XR offset by increases in personnel expense and other R & D expenses . General and administrative expenses were $ 1.5 million for the first quarter ended March 31 , 2021 , compared with $ 2.1 million for the first quarter ended March 31 , 2020. The decrease in general and administrative expenses during the three months ended March 31 , 2021 was primarily due to a decrease in legal costs due to less activity in 2021 as compared to 2020 in the following activities : lawsuit filed against Clarus Therapeutics