Krista Fogarty - 18 Dec 2025 Form 4 Insider Report for Lipocine Inc. (LPCN)

Role: Principal Accounting Officer
Signature: /s/ Krista Fogarty
Issuer symbol: LPCN
Transactions as of: 18 Dec 2025
Net transactions value: +$87,301
Form type: 4
Filing time: 19 Dec 2025, 17:07:29 UTC
Previous filing: 30 Dec 2024
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Fogarty Krista	Principal Accounting Officer	675 ARAPEEN DR SUITE 202, SALT LAKE CITY,	/s/ Krista Fogarty	19 Dec 2025	0001906986

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	LPCN	Stock Option (Right to Buy)	Award	$87,301	+20,786	+107%	$4.20	40,146	18 Dec 2025	Common Stock	20,786	$4.20	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Subject to vesting whereby 1/3 of the shares subject to the award will vest on December 18, 2026, while the remaining 2/3 of the shares subject to the award will vest monthly on a prorated basis over the following two years.