As previously disclosed, on October 14, 2021, Lipocine Inc. entered into a License Agreement with Antares Pharma Inc. pursuant to which the Company granted to Antares an exclusive, royalty-bearing, sublicensable right and license to develop and commercialize, upon final approval of TLANDO from the U.S. Food and Drug Administration ("FDA"), the Company's TLANDO product with respect to testosterone replacement therapy in males for conditions associated with a deficiency or absence of endogenous testosterone, as indicated in NDA No. 208088, treatment of Klinefelter syndrome, and pediatric indications relating to testosterone replacement therapy in male for conditions associated with a deficiency and absence of endogenous testosterone, in each case within the United States. On October 2, 2023, the Company received notice from Antares of Antares' termination of the License Agreement.

In accordance with the terms of the License Agreement, the License Agreement will terminate effective January 31, 2024. Upon termination of the License Agreement, all rights and licenses granted by the Company to Antares under the License Agreement will terminate and all rights in TLANDO will revert to the Company. While the Company currently plans to seek a commercialization partner for TLANDO, there can be no guarantee that the Company will be able to enter into such a transaction on terms favorable to the Company or at all.