Schedule 13G Filing by Squadron Capital Management LLC for Lipocine Inc.

Squadron Capital Management, LLC, along with Squadron Master Fund LP, Matthew Sesterhenn, and William Blank, has filed a Schedule 13G detailing their beneficial ownership of Lipocine Inc. common stock. Squadron Capital Management, LLC, acting as the investment adviser, may be deemed the beneficial owner of shares held by the Funds. Matthew Sesterhenn and William Blank, as partners of Squadron Capital Management, LLC, also share this potential beneficial ownership. However, they expressly disclaim beneficial ownership beyond their direct holdings, as per Rule 13d-4. The filing indicates that Squadron Master Fund LP holds 444,632 shares (8.0% ownership), while Squadron Capital Management, LLC, Matthew Sesterhenn, and William Blank each hold 500,000 shares (9.0% ownership). The ownership percentages are based on 5,551,931 shares outstanding as of November 5, 2025. The reporting persons certify that the securities were not acquired or held to influence or change the control of the issuer.