SCHEDULE 13G

Lipocine Inc

Common Stock, par value $0.0001 per share · CUSIP: 53630X203

Event date: 2025-12-18

Reporting persons may disclose overlapping interests. Their amounts are shown individually and are not added into a filing total.

Filing-level shares

Unavailable

Percent of class

Unavailable

• Squadron Master Fund LP

  Shares: 444,632.00 · Class: 8.0%

• Squadron Capital Management LLC

  Shares: 500,000.00 · Class: 9.0%

• Matthew Sesterhenn

  Shares: 500,000.00 · Class: 9.0%

• William Blank

  Shares: 500,000.00 · Class: 9.0%

Amounts are as disclosed in this filing. Schedule type alone does not establish investment intent.