Confidential 1 SMSNA 2019 October 25, 2019 LPCN Oral T (TLANDO) Reduces Liver Fat in Men with Fat Liver Irwin Goldstein, MD University of California at San Diego Exhibit 99.1

1 Confidential 1 SMSNA 2019 October 25, 2019 LPCN Oral T (TLANDO) Reduces Liver Fat in Men with Fat Liver Irwin Goldstein, MD University of California at San Diego Exhibit 99.1

2 Confidential Low T is Associated with NAFLD Across the Disease Spectrum Kim et al., BMC Gastroenterol 2012 "Men with low testosterone are at high risk for NAFLD" "Low T levels in cirrhotic men are associated with the mortality or transplantation" Sinclair et al., Liver Transplant 2016 NAFLD Cirrhosis 0 20 40 60 80 100 1 2 3 4 5 Prevalence of NAFLD(%) Testosterone quintile Free T (ng/dL) Free T (ng/dL) NASH Sumida et al., Gastroenterol Hepatol 2015 "Decreasing levels of free T correlated with increased incidence of inflammation, hepatocyte ballooning, NAS, and fibrosis."

3 Confidential LPCN Oral T Is Not Hepatotoxic TLANDO (Testosterone Undecanoate) vs Methyl Testosterone LPCN Oral T (TLANDO*) is a non - methylated, orally bioavailable prodrug of natural T Testosterone Undecanoate Testosterone 3 Methyl - TLANDO (Oral TU) * TLANDO, LPCN 1144, and LPCN 1021 include the same active pharmaceutical ingredient, API (Testosterone Undecanoate).

4 Confidential TLANDO Clinical Experience More than 700 subjects have been exposed to TLANDO across 14 clinical studies Two studies involved the assessment of liver health (liver fat changes and liver enzyme changes) Clinical Study # of Subjects Duration of Study Outcome Established SOAR* Trial [Open label active control] N = 315 210 - TLANDO 105 - Topical T 52 weeks Significant reduction of elevated liver enzymes Adequate & well tolerated safety profile Liver Fat Study (LFS) [Open label] N = 36 4 months Significant liver fat reduction Well tolerated safety profile * SOAR: Study Of Androgen Replacement

5 Confidential LFS: Higher NAFLD Prevalence in Hypogonadal Men NAFLD identified by MRI - PDFF 5% in LPCN 1144 Liver Fat Study Prevalence of NAFLD diagnosed by imaging hepatosteatosis 5% liver fat in general population ( Younossi et al., J Hepatol 2016) 66% 25% 0% 10% 20% 30% 40% 50% 60% 70% LFS Population General Population % of NAFLD Patients NAFLD Prevalence

6 Confidential LFS: Substantial Liver Fat Reduction with TLANDO * Responder rate for relative change is % of patients with at least 30% for relative change from baseline. 71% 80% 75% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% BL 5% BL 8% BL 10% % of Responders Responder Rate for Relative Liver Fat % Change* - 33% - 42% - 40% -60% -50% -40% -30% -20% -10% 0% BL 5% BL 8% BL 10% % Liver Fat Changes from BL Mean Relative Liver Fat % Change 16 Wks

7 Confidential LFS: Longitudinal Improvement in Liver Fat with TLANDO NAFLD Free (LF < 5%) NALFD (LF 5%) NAFLD Free NAFLD Free NAFLD Free NAFLD Free NAFLD Free NAFLD Free 52% 48% Interim (Week 8, N=31) NAFLD Free NAFLD 63% 38% End of Study (Week 16, N=32) NAFLD Free NAFLD * Full Analysis Set (FAS) ~50% of NAFLD Subjects Experienced Resolution at EOS 34% 66% Baseline (N=32)* NAFLD Free NAFLD

8 Confidential SOAR: Improved Liver Enzymes Post 52 - Wk TLANDO Treatment 8 - 17.4% - 10.3% - 5.1% - 9.6% -25% -20% -15% -10% -5% 0% ALT AST ALP GGT Mean % Change from BL Mean BL (U/L)* 53.6 32.0 74.0 53.6 * TLANDO patients for ALT > 40 U/L at BL; SOAR (NCT02081300), N=42 N 42 4 6 36 BL 53.6 U/L 59.8 U/L 125.3 U/L 82.2 U/L 52% 50% 67% 31% 0% 10% 20% 30% 40% 50% 60% 70% ALT AST ALP GGT % of Patients Normalized at EOS Normalization of Biomarkers with TLANDO ALT, AST, ALP, and GGT normal range upper limit is 40 U/L, 43 U/L, 115 U/L, and 49 U/L, respectively

9 Confidential SOAR: Differentiated TLANDO Effect on Biomarkers Compared to Topical T -8% -6% -4% -2% 0% 2% 4% 6% 8% TLANDO Topical T ALT CBL ALT Changes from Baseline -10% -5% 0% 5% 10% 15% TLANDO Topical T ALP CBL ALP Changes from Baseline P=0.009 -30 -20 -10 0 10 20 30 40 TLANDO Topical T TG CBL (mg/dL) TG Changes from Baseline P=0.02 0 2 4 6 8 10 12 TLANDO Topical T Free T CBL (ng/dL) Free T Changes from Baseline P=0.003 P=0.26

10 Confidential Conclusions Male hypogonadism is strongly associated with NAFLD. LPCN Oral T (TLANDO: Testosterone Undecanoate) is well tolerated and not hepatotoxic. - No reported cardiac, hepatic or drug related serious adverse events (SAEs) in more than 700 subjects across 14 clinical trials with exposure up to 52 weeks Unlike Topical T, TLANDO improved liver enzymes in hypogonadal men. TLANDO is beneficial on liver health demonstrated by liver enzyme improvement and liver fat reduction.

11 Confidential Acknowledgment Lipocine Team - Jonathan Baker, PhD; Kilyoung Kim, PhD; Ben Bruno, PharmD, PhD; Nachiappan Chidambaram, PhD; Mahesh V. Patel, PhD Dr. Somaya Albhaisa , MD - Virginia Commonwealth University, Richmond, VA Dr. Arun Sanyal , MD - Virginia Commonwealth University, Richmond, VA Dr. Anthony DelConte, MD - Saint Joseph's University, Philadelphia, PA