Mahesh V Patel - 18 Dec 2025 Form 4 Insider Report for Lipocine Inc. (LPCN)

Role: Chief Executive Officer, Director
Signature: /s/ Mahesh V. Patel
Issuer symbol: LPCN
Transactions as of: 18 Dec 2025
Net transactions value: +$36,242
Form type: 4
Filing time: 19 Dec 2025, 17:09:42 UTC
Previous filing: 02 Jan 2025
Next filing: 05 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Patel Mahesh V.	Chief Executive Officer, Director	675 ARAPEEN DRIVE, SUITE 202, SALT LAKE CITY	/s/ Mahesh V. Patel	19 Dec 2025	0001579872

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	$36,242	+8,629	+5.8%	$4.20	157,668	18 Dec 2025	Common Stock	8,629	$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 prorate basis over the following two years.