Squadron Capital Management LLC - 18 Dec 2025 SCHEDULE 13G Report for Lipocine Inc. Common Stock, par value $0.0001 per share (LPCN)

Filing Manager
Squadron Capital Management LLC
Reporting Manager
Squadron Capital Management LLC
Security
Lipocine Inc. Common Stock, par value $0.0001 per share
Symbol
LPCN
Shares outstanding
5,555,556 shares
Disclosed Ownership
500,000 shares
Ownership
9%
Form type
SCHEDULE 13G
Filing time
23 Dec 2025, 15:49:40 UTC
Date of event
18 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 8% 444,632 0 444,632 /s/ Matthew Sesterhenn Partner, Squadron Partners LLC, its General Partner
Squadron Capital Management LLC 9% 500,000 0 500,000 /s/ Matthew Sesterhenn Partner
Matthew Sesterhenn 9% 500,000 0 500,000 /s/ Matthew Sesterhenn Matthew Sesterhenn
William Blank 9% 500,000 0 500,000 /s/ William Blank William Blank