Slide 1: Lipocine - Enhancing Health
LIPOCIN= ENHANCING HEALTH
Slide 2: partners 1S O1 other Ca Bee chips to monetize our non-core g assels) the
partners 1S O1 other Ca Bee chips to monetize our non-core g assels) the detailed in Lipocine’s filings with the SEC, including, without F K a er re n For 1 on site at www.sec.gov. Lipocine assumes no obligation to update or LIPOCIN=
Slide 3: Investment Highlights
Investment Highlights Validated Proprietary Lip’ral Technology Platform Enabling Effective Oral Delivery Curated Clinical Development Focus LPCN 1154: Fast Acting Oral Antidepressant LPCN 1148: Unique MOA for Management of Cirrhosis LPCN 2101: Novel MOA for Treating Women with Active Epilepsy Explor
Slide 4: Validated Proprietary Lip'ral Technology Platform
Validated Proprietary Lip’ral Technology Platform Lip’ral based dosage form L 2) 4 Drug Loaded ay Carrier = Zh Dru + Carrier Gl Aqueous Intestinal Systemic Lumen Barrier Layer Wall _—_ Circulation Superior Oral Bioavailability e.g., TANDO® Insoluble drug lipid composition Enable effective oral deliv
Slide 5: Curated Clinical Development Focus
Curated Clinical Development Focus Oral Endogenous Neuroactive Steroids (NASs) Significant Unmet Needs in Central Nervous Large and growing CNS market System Disorders (CNS) Psychiatry Depression Disorders: Rapid onset antidepressant Neurology Epilepsy: Novel MOA targeting women with active epilepsy
Slide 6: Lipocine Clinical Development Pipeline
Lipocine Clinical Development Pipeline Development Candidate (Indication) Pre-Clinical Phase 1 Phase 2/POC Pivotal Approved Status (Postpartum Depression) study in progress LPCN 1148 , . enrollment Secondary Sarcopenia/Hepatic completed Encephalopathy) LPCN 2101 a) INO cere or (Women With Epilepsy)
Slide 7: LPCN 1154 Oral Brexanolone for Postpartum Depression (PPD)
LPCN 1154 Oral Brexanolone for Postpartum Depression (PPD)
Slide 8: Postpartum Depression (PPD) — A Substantial Opportunity
Postpartum Depression (PPD) — A Substantial Opportunity Market in Need of a Convenient Fast-Acting Oral Antidepressant Prevalence Standard oficare Unmet Need Limitations ~ 1 in 8 women in US Burdensome invasive Convenient non-invasive suffer from PPD after infusion iving birth’ Fast-actin Sins Inpat
Slide 9: First Oral Brexanolone
LPCN 1154 First Oral Brexanolone GABA Receptor Substrates Binding Product Candidate Attributes 6 Positive Allosteric Modulator (PAM) of the GABA, receptor Oral dosage form comprising brexanolone, endogenous neurosteroid Product Candidate Differentiation Convenient, non-invasive oral option with rapi
Slide 10: 1154 - Enablement of Oral Brexanolone
LPCN 1154 - Enablement of Oral Brexanolone Achieved Relevant Systemic Levels in Phase 1 Study Sequential single dose escalation study in post-menopausal women (n=8) with Lip’ral based oral capsules. + LC-MS/MS assays of blood samples = 4 7 ‘al 4 £ 30 @ mean value observed e ot so Observed PK Profile
Slide 11: 1154 - Outpatient Use with Monitoring Product Development
LPCN 1154 - Outpatient Use with Monitoring Product Development Favorable Regulatory Outlook Efficacy can be achieved through PK bridge to IV infusion brexanolone 505 (b) (2) NDA Validated regulatory pathway IV brexanolone approved for PPD F Phase — Pilot PK Bridge Study —— Planned Pivotal Study Succ
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Slide 13: Liver Cirrhosis Management — Opportunity
Liver Cirrhosis Management — Opportunity Standard of Care Prevalence pee et Unmet Need Limitations Over 2 million cases’; No approved drug for SS: Improve survival/ 500k+ with Secondary Sarcopenia quality of life for patients decompensation? (SS) on transplant list 62% on liver transplant Improvemen
Slide 14: Management of Liver Cirrhosis: Secondary Sarcopenia; Hepatic Encephalopathy
LPCN 1148 Management of Liver Cirrhosis: Secondary Sarcopenia; Hepatic Encephalopathy Product Candidate Attributes Androgen receptor agonist Oral dosage form comprising testosterone laurate, a unique prodrug of endogenous testosterone Potential for Orphan Drug Designation Product Candidate Different
Slide 15: 1148 - Novel Multi-Modal MOA for Liver Cirrhosis
LPCN 1148 - Novel Multi-Modal MOA for Liver Cirrhosis Hepatic Encephalopathy is Associated with Sarcopenia anabolic ‘e) Anti-Inflammatory®” Increase muscle mass and strength? Reduce IL-1, IL-6, and TNF-a® Decrease in hepatic function Reduce fat mass* H H i ‘ ‘ H ' H 1 Increase bone density* 1 VW ‘ :
Slide 16: 1148 — Potential Beneficial Effects
LPCN 1148 — Potential Beneficial Effects Effects Observed in Subjects with Chronic Liver Disease* Liver (primary organ) Muscle (secondary organ) Injury Marker Reduction Positive Effects on Body Compositiont Relative Change in Appendicular Lean Mass ALT (U/L) Changes Treatment A Treatment 8 ” Placebo
Slide 17: 1148 - Development Status
LPCN 1148 - Development Status POC Topline Results Expected in Mid-2023 a « Phase 2 POC study (NCT04874350) in male Primary: Change in Skeletal Muscle Index at Week 24 patients with cirrhosis Key Secondary: . . Overall survival, hospitalization rates * Randomized placebo-controlled study in Change i
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Slide 19: Unlocking Value Through Partnering
Unlocking Value Through Partnering es y Partnering? Assets for Partnering Enables focus on CNS opportunities - _ ; Development Candidate (Indication) Pre-Clinical Phase 1 Phase2/POC Pivotal Approved Candidate advancement Risk diversification LPCN 1111 Turooe fis (Testosterone Replacement Therapy) (O
Slide 20: Granvo (testosterone undecanoate)
Granvo: (testosterone undecanoate) For testosterone replacement therapy ("TRT") in adult males indicated for conditions associated with a deficiency or absence of endogenous testosterone 112.5mg oral capsule @ Based on proprietary Lip’ral Technology for efficient absorption of insoluble actives 225
Slide 21: TLANDO Attributes
TLANDO® Attributes + No inadvertent transference or pulmonary oil micro embolism risks + Single strength and dose + Enables selection of an effective dose at the start of therapy without delay + No “efficacy gap” upon switching from other TRTs + No additional pharmacy and clinic copays to reach effi
Slide 22: Once-A-Day Oral Testosterone Replacement Therapy
LPCN 1111 Once-A-Day Oral Testosterone Replacement Therapy Product Candidate Highlights Oral dosage form comprising testosterone tridecanoate Convenient option for large and growing market Patients and physicians preferred once a day oral testosterone Positive phase 2 study results “Phase 3 ready” U
Slide 23: Prevention of Preterm Birth (PTB)
LPCN 1107 Prevention of Preterm Birth (PTB) A Significant Public Health Crisis in the U.S (~10% of all US pregnancies) High Unmet Medical Need with No Effective Treatment 2 $26 billion economic impact (US, 2005); Medical costs for PTB infants are ~10x higher than for full term infants A leading caus
Slide 24: Potential to be SOC in Prevention of Preterm Birth
LPCN 1107 Potential to be SOC in Prevention of Preterm Birth Product Candidate Highlights Oral dosage form comprising 17-hydroxyprogesterone caproate >$2B market potential Strong pharmaco-economic justification Oral, a Major Contribution to Patient Care (MC to PC), including no injection site reacti
Slide 25: Novel MOA in Non-Cirrhotic NASH
LPCN 1144 Novel MOA in Non-Cirrhotic NASH NASH Resolution with No Worsening of Fibrosis’ Product Candidate Highlights Oral dosage form comprising testosterone ester zy - No approved drug p<0.001 69 Fast Track Designation «0 p<0.05 Compelling P2 biopsy results in the FDA approvable endpoint v Safety
Slide 26: Comparison with Other Oral Drug Candidates
Comparison‘ with Other Oral Drug Candidates Best in Class in NASH Resolution and Liver Fat Reduction 20% NASH Resolution with No Worsening of Fibrosis Placebo-adjusted ‘eo Subjects for Resolution of NASH Ed ‘= Dosel/Treatment1 ‘m Dose2/Treatment2 * p< 0.05, *** p< 0.001 vs placebo a ve ns 1S 4% — Ca
Slide 27: Investment Highlights
Investment Highlights Validated Proprietary Lip’ral Technology Platform Enabling Effective Oral Delivery Curated Clinical Development Focus LPCN 1154: Fast Acting Oral Antidepressant LPCN 1148: Unique MOA for Management of Cirrhosis LPCN 2101: Novel MOA for Treating Women with Active Epilepsy Explor