Squadron Capital Management LLC - 31 Dec 2025 SCHEDULE 13G/A Report for Lipocine Inc. Common Stock, par value $0.0001 per share (LPCN)

Filing Manager
Squadron Capital Management LLC
Reporting Manager
Squadron Master Fund LP
Security
Lipocine Inc. Common Stock, par value $0.0001 per share
Symbol
LPCN
Shares outstanding
5,578,947 shares
Disclosed Ownership
530,000 shares
Ownership
9.5%
Form type
SCHEDULE 13G/A
Filing time
17 Feb 2026, 11:49:06 UTC
Date of event
31 Dec 2025
Previous filing
23 Dec 2025
SEC
View on sec.gov

Reporting Managers (4)

Name Ownership Shares Owned sole voting power shared voting power Signature Title CIK
Squadron Master Fund LP 9.5% 530,000 0 530,000 /s/ Matthew Sesterhenn Partner, Squadron Partners LLC, its General Partner
Squadron Capital Management LLC 9.5% 530,000 0 530,000 /s/ Matthew Sesterhenn Partner
Matthew Sesterhenn 9.5% 530,000 0 530,000 /s/ Matthew Sesterhenn Matthew Sesterhenn
William Blank 9.5% 530,000 0 530,000 /s/ William Blank William Blank