FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Fogarty Krista 2. Date of Event Requiring Statement (MM/DD/YYYY)
1/19/2022 

3. Issuer Name and Ticker or Trading Symbol Lipocine Inc. [LPCN]
(Last)       (First)       (Middle)
675 ARAPEEN DRIVE, SUITE 202
4. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                          _____ 10% Owner
___X___ Officer (give title below)        _____ Other (specify below)
Principal Accounting Officer /
(Street)
SALT LAKE CITY, UT 84092      
(City)             (State)             (Zip)
5. If Amendment, Date Original Filed(MM/DD/YYYY)
 

6. Individual or Joint/Group Filing(Check Applicable Line)_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(MM/DD/YYYY)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy)  12/7/2022 (1) 12/7/2031  Common Stock  46000  $1.12  D   
Stock Option (Right to Buy)  12/15/2021 (2) 12/7/2030  Common Stock  46000  $1.37  D   
Stock Option (Right to Buy)  1/28/2021 (3) 1/28/2030  Common Stock  26000  $0.458  D   
Stock Option (Right to Buy)  12/4/2019 (4) 12/4/2028  Common Stock  5000  $1.46  D   
Stock Option (Right to Buy)  10/22/2019 (5) 10/22/2028  Common Stock  15000  $1.13  D   

Explanation of Responses:
(1)  Subject to vesting whereby 1/3 of the shares subject to the award will vest on the one year anniversary of December 7, 2022, while the remaining 2/3 of the shares subject to the award will vest monthly on a prorate basis over the following two years.
(2)  Subject to vesting whereby 1/3 of the shares subject to the award will vest on the one year anniversary of December 15, 2021, while the remaining 2/3 of the shares subject to the award will vest monthly on a prorate basis over the following two years.
(3)  Subject to vesting whereby 1/3 of the shares subject to the award will vest on the one year anniversary of January 28, 2021, while the remaining 2/3 of the shares subject to the award will vest monthly on a prorate basis over the following two years.
(4)  Subject to vesting whereby 1/3 of the shares subject to the award will vest on the one year anniversary of December 4, 2019, while the remaining 2/3 of the shares subject to the award will vest monthly on a prorate basis over the following two years.
(5)  Subject to vesting whereby 1/3 of the shares subject to the award will vest on the one year anniversary of October 22, 2019, while the remaining 2/3 of the shares subject to the award will vest monthly on a prorate basis over the following two years.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Fogarty Krista
675 ARAPEEN DRIVE, SUITE 202
SALT LAKE CITY, UT 84092


Principal Accounting Officer

Signatures
/s/ Krista Fogarty 1/27/2022
**Signature of Reporting Person Date
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