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VHCP Management, LLC
> LPCN
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 12/31/2016 | Lipocine Inc. | LPCN | 849,921 | 0 | 3,128,000 | -663,000 | $3.68 |
| 09/30/2016 | Lipocine Inc. | LPCN | 849,921 | 0 | 3,791,000 | 1,207,000 | $4.46 |
| 06/30/2016 | Lipocine Inc. | LPCN | 849,921 | 849,921 | 2,584,000 | 2,584,000 | $3.04 |
| 03/31/2016 | Lipocine Inc. | LPCN | 849,921 | 849,921 | 8,627,000 | 8,627,000 | $10.15 |
| 12/31/2015 | Lipocine Inc. | LPCN | 849,921 | -420,000 | 10,989,000 | -4,035,000 | $12.93 |
| 09/30/2015 | Lipocine Inc. | LPCN | 1,269,921 | 1,269,921 | 15,024,000 | 15,024,000 | $11.83 |
| 06/30/2015 | Lipocine Inc. | LPCN | 1,269,921 | 600,000 | 10,896,000 | 6,274,000 | $8.58 |
| 03/31/2015 | Lipocine Inc. | LPCN | 669,921 | 669,921 | 4,622,000 | 4,622,000 | $6.90 |
| 12/31/2014 | Lipocine Inc. | LPCN | 669,921 | 669,921 | 3,524,000 | 3,524,000 | $5.26 |
| 09/30/2014 | Lipocine Inc. | LPCN | 669,921 | 669,921 | 4,093,000 | 4,093,000 | $6.11 |
| 06/30/2014 | Lipocine Inc. | LPCN | 142,100 | 142,100 | 867,000 | 867,000 | $6.10 |
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