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Side-by-side financial comparison of Lipocine Inc. (LPCN) and XMax Inc. (XWIN). Click either name above to swap in a different company.
XMax Inc. is the larger business by last-quarter revenue ($1.8M vs $1.1M, roughly 1.5× Lipocine Inc.). On growth, XMax Inc. posted the faster year-over-year revenue change (-11.8% vs -67.2%).
Lipocine Inc is a clinical-stage biopharmaceutical company specializing in the development of hormone-based therapies. Its core product pipeline targets unmet medical needs in men's health, women's health, and liver disease, with primary operations and market focus in the United States. It prioritizes oral formulation innovation to improve patient treatment accessibility and adherence.
XMax Inc. is a global tech firm focused on Web3 gaming infrastructure and interactive entertainment solutions. It builds custom game development toolkits, decentralized asset systems and cross-platform gaming products for developers and consumers in North America, APAC and Europe.
LPCN vs XWIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1M | $1.8M |
| Net Profit | — | — |
| Gross Margin | — | 40.3% |
| Operating Margin | — | -59.3% |
| Net Margin | — | — |
| Revenue YoY | -67.2% | -11.8% |
| Net Profit YoY | -233.0% | — |
| EPS (diluted) | — | $-0.06 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.1M | $1.8M | ||
| Q3 25 | — | $9.8M | ||
| Q2 25 | — | $2.6M | ||
| Q1 25 | — | $2.6M | ||
| Q4 24 | — | $2.0M | ||
| Q3 24 | $0 | $2.6M | ||
| Q2 24 | — | $2.7M | ||
| Q1 24 | $7.6M | $2.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-1.1M | ||
| Q2 25 | — | $-289.9K | ||
| Q1 25 | — | $-338.9K | ||
| Q4 24 | — | — | ||
| Q3 24 | $-2.2M | $-2.5M | ||
| Q2 24 | — | $-563.5K | ||
| Q1 24 | $3.5M | $-1.5M |
| Q4 25 | — | 40.3% | ||
| Q3 25 | — | 10.1% | ||
| Q2 25 | — | 50.2% | ||
| Q1 25 | — | 45.7% | ||
| Q4 24 | — | 42.8% | ||
| Q3 24 | — | 45.1% | ||
| Q2 24 | — | 44.4% | ||
| Q1 24 | — | 42.8% |
| Q4 25 | — | -59.3% | ||
| Q3 25 | — | -5.0% | ||
| Q2 25 | — | -7.7% | ||
| Q1 25 | — | -7.3% | ||
| Q4 24 | — | -48.4% | ||
| Q3 24 | — | -92.0% | ||
| Q2 24 | — | -18.5% | ||
| Q1 24 | 42.3% | -62.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | -11.5% | ||
| Q2 25 | — | -11.3% | ||
| Q1 25 | — | -12.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -94.3% | ||
| Q2 24 | — | -21.0% | ||
| Q1 24 | 46.1% | -61.6% |
| Q4 25 | — | $-0.06 | ||
| Q3 25 | — | $-0.06 | ||
| Q2 25 | — | $-0.02 | ||
| Q1 25 | — | $-0.03 | ||
| Q4 24 | — | $0.11 | ||
| Q3 24 | $-0.44 | $-0.72 | ||
| Q2 24 | — | $-0.22 | ||
| Q1 24 | $0.66 | $-0.65 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $5.2M | $6.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $14.5M | $28.0M |
| Total Assets | $17.0M | $35.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.2M | $6.7M | ||
| Q3 25 | — | $1.7M | ||
| Q2 25 | — | $468.8K | ||
| Q1 25 | — | $147.3K | ||
| Q4 24 | — | $161.9K | ||
| Q3 24 | $3.7M | $162.3K | ||
| Q2 24 | — | $363.4K | ||
| Q1 24 | $3.1M | $273.1K |
| Q4 25 | $14.5M | $28.0M | ||
| Q3 25 | — | $13.6M | ||
| Q2 25 | — | $6.5M | ||
| Q1 25 | — | $6.8M | ||
| Q4 24 | — | $3.1M | ||
| Q3 24 | $19.1M | $-895.9K | ||
| Q2 24 | — | $48.2K | ||
| Q1 24 | $24.0M | $-42.7K |
| Q4 25 | $17.0M | $35.5M | ||
| Q3 25 | — | $18.3M | ||
| Q2 25 | — | $11.6M | ||
| Q1 25 | — | $11.9M | ||
| Q4 24 | — | $9.9M | ||
| Q3 24 | $20.7M | $5.1M | ||
| Q2 24 | — | $5.8M | ||
| Q1 24 | $25.4M | $6.2M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-9.8M | $1.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.8M | $1.7M | ||
| Q3 25 | — | $-1.9M | ||
| Q2 25 | — | $92.5K | ||
| Q1 25 | — | $-322.6K | ||
| Q4 24 | — | $-263.4K | ||
| Q3 24 | $-2.8M | $-437.9K | ||
| Q2 24 | — | $-468.7K | ||
| Q1 24 | $2.4M | $-221.7K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.69× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LPCN
Segment breakdown not available.
XWIN
| North America | $1.7M | 97% |
| Other | $50.4K | 3% |
