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The Palantir for drug discovery, using AI to sift through vast data for new treatments.

A smaller, AI-driven Moderna focused on finding and developing cancer therapies.

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• LP-300: A drug candidate in development for specific types of non-small cell lung cancer (NSCLC) and glioblastoma multiforme (GBM), designed to enhance the efficacy of chemotherapy.
• LP-184: A novel small molecule drug candidate engineered to induce DNA damage in cancer cells, targeting various solid tumors and gliomas.
• LP-284: An advanced analog of LP-184, this drug candidate is a potent DNA-damaging agent showing preclinical efficacy against solid tumors and lymphomas.

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Lantern Pharma (LTRN) is a clinical-stage biotechnology company focused on the discovery and development of oncology drug candidates using artificial intelligence. As a company primarily engaged in research and development with drugs currently in clinical trials, Lantern Pharma does not yet have major customers generating revenue from the sale of commercial products or services.

At its current stage, Lantern Pharma's business model is centered on advancing its drug pipeline through clinical development and seeking regulatory approval. Should their drug candidates prove successful, their future "customers" or partners would likely be larger pharmaceutical companies interested in licensing, co-developing, or acquiring their drug assets for commercialization. Therefore, they do not currently sell primarily to other companies or individuals in the traditional sense of a commercial enterprise with existing major customers.

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• Curia

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Panna Sharma, Chief Executive Officer, President and Director

Panna Sharma joined Lantern Pharma as CEO in late 2018, brought in by venture capitalists who initially funded the company, and successfully took it public in 2020 after raising $100 million in public and private rounds. Before Lantern Pharma, he served as President and CEO of Cancer Genetics, Inc. (CGIX), an oncology-focused biotech and molecular genomics company, which he also took public on Nasdaq in 2013. At CGIX, he raised over $100 million in public and private markets, grew the company significantly from 25 to over 250 employees globally, and acquired four companies. Mr. Sharma also founded TSG Partners, a specialty advisory group combining corporate strategy and corporate finance in life sciences, biotechnology, and environmental sciences. He was also part of the management team that took the digital strategy and e-business company iXL public. His career is rooted in an early interest in artificial intelligence, neural network theory, and philosophy of science, which he applies to transform cancer care.

David R. Margrave, Chief Financial Officer and Secretary

David R. Margrave has served as Lantern Pharma's Chief Financial Officer since November 2019 and as Secretary since June 2018. Since January 2016, he has worked as a life science consultant, offering strategic advisory and legal services to growing life science companies. From January 1995 to December 2015, Mr. Margrave was an executive officer at BioNumerik Pharmaceuticals, Inc., a life science company focused on advancing cancer therapies, where he held various positions including President and Chief Administrative Officer and General Counsel. He holds a Bachelor of Arts and Science degree in Economics and Petroleum Engineering from Stanford University and a J.D. degree from The University of Texas School of Law.

Kishor G. Bhatia, PhD, Chief Scientific Officer

Dr. Kishor G. Bhatia has served as Lantern Pharma's Chief Scientific Officer since December 2019, having previously been a scientific consultant for the company since January 2019. He also serves as a scientific consultant to Reprocell, a collaborator of Lantern Pharma, since December 2016. Additionally, Dr. Bhatia served as a scientific consultant to Cancer Genetics, Inc. from December 2016 until November 2019.

Marc Chamberlain, Chief Medical Officer - Starlight Therapeutics

Marc Chamberlain serves as the Chief Medical Officer for Starlight Therapeutics, a spin-off of Lantern Pharma. Starlight Therapeutics is specifically focused on central nervous system (CNS) and brain cancers.

Reggie Ewesuedo, Vice President, Clinical Development

Reggie Ewesuedo joined Lantern Pharma as Vice President of Clinical Development in 2024.

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The key risks for Lantern Pharma (LTRN) primarily revolve around its financial sustainability, the inherent uncertainties of drug development, and market-related factors.

1. Financial Health and Need for Additional Funding: Lantern Pharma is a clinical-stage biopharmaceutical company that currently reports no revenue and has ongoing operational losses. The company has explicitly disclosed a need for substantial additional funding to sustain its operations and advance its development efforts. As of September 2025, the company had approximately nine months of cash runway, indicating a pressing need to replenish its cash reserves. This financial situation presents a material "going concern" risk if additional capital is not secured.
2. Drug Development and Regulatory Approval Risks: As a biotechnology firm, Lantern Pharma faces significant inherent risks associated with the drug development process. These include uncertainties in clinical trial timelines, the potential for setbacks or failures in trials, and the challenge of obtaining regulatory approvals from bodies like the FDA. The company's future success is heavily reliant on the favorable outcomes of its clinical trials to validate its drug candidates and move them towards commercialization.
3. Stock Volatility and Potential Shareholder Dilution: The company's stock exhibits high volatility. Furthermore, to address its ongoing funding needs, Lantern Pharma may need to issue new shares, which could lead to significant dilution for existing shareholders. This potential dilution, coupled with the inherent volatility of the biotechnology sector, poses a risk to investor returns.

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The rapid and significant investment by major pharmaceutical companies in developing sophisticated in-house AI-driven drug discovery platforms, coupled with the aggressive emergence of other well-funded, specialized AI biotechnology companies, creating an increasingly competitive landscape where LTRN's distinct AI platform (RADR) may struggle to secure advantageous partnerships or demonstrate superior drug development efficacy compared to these better-resourced and potentially more integrated approaches.

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Lantern Pharma (NASDAQ: LTRN) is a clinical-stage oncology-focused biopharmaceutical company with several drug candidates in its pipeline. The addressable markets for its main products and services are as follows:

• LP-100: This drug candidate is being developed in combination with PARP inhibitors for metastatic prostate cancer and other DNA Damage Response (DDR) cancers. The estimated annual potential market size for LP-100 in combination with PARP inhibitors is between $700 million and $2 billion in the U.S..
• LP-184: LP-184 targets various solid tumors, including glioblastoma (GBM), triple-negative breast cancer (TNBC), non-small cell lung cancer (NSCLC), bladder cancer, and rare pediatric CNS cancers. Lantern Pharma estimates the market potential for LP-184 across a range of solid tumors, including GBM, to be $10-12 billion USD in annual revenue globally. More specifically, for recurrent TNBC, the annual market opportunity is in excess of $4 billion USD globally. For a subset of drug-resistant non-small cell lung cancer with STK11 and/or KEAP1 mutations, the annual market opportunity exceeds $2 billion. The cancer indications in LP-184's targeted trials (TNBC, NSCLC, and bladder cancer) represent markets exceeding $6 billion in annual potential.
• LP-284: LP-284 is in development for non-Hodgkin's lymphomas (NHL), including mantle cell lymphoma and double-hit lymphoma, as well as other B-cell cancers. The global blood cancer market focused on B-cell cancer is estimated at $4 billion annually. For relapsed or refractory B-cell cancers, the market is stated to be $3-4 billion.
• LP-300: This candidate is aimed at treating never-smokers with non-small cell lung cancer (NSCLC) adenocarcinoma. The global market opportunity for the treatment of never-smokers with NSCLC is estimated at over $4 billion annually. Some estimates place this global annual market potential at exceeding $2 billion USD.

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Lantern Pharma (LTRN) is poised for future revenue growth over the next 2-3 years, driven by several key initiatives stemming from its artificial intelligence (AI) and machine learning (ML) platform, RADR®, and its clinical-stage drug candidates.

1. Advancement and Potential Commercialization of Lead Drug Candidates: A primary driver of future revenue growth is the progress and eventual commercialization of Lantern Pharma's lead drug candidates, LP-184, LP-284, and LP-300. LP-184 has completed its Phase 1a clinical trial and is being planned for upcoming Phase 1b/2 trials for recurrent triple-negative breast cancer (TNBC) and recurrent bladder cancer, with a stated market potential of $10-12 billion USD in annual revenue. LP-300 is advancing in the HARMONIC™ trial for never-smoker non-small cell lung cancer (NSCLC), a market estimated at over $4 billion annually. LP-284 continues enrollment in its Phase 1A trial for relapsed/refractory non-Hodgkin's lymphoma and solid tumors. Positive clinical trial results and subsequent regulatory approvals for these candidates are critical for generating product revenue.
2. Commercialization and Licensing of RADR® AI Platform Modules: Lantern Pharma plans to generate revenue by offering its proprietary RADR® AI platform modules to collaborators. The company has already publicly launched PredictBBB.ai™, an AI module designed to predict blood-brain barrier permeability with high accuracy, addressing a significant challenge in CNS drug development. The release of multiple validated AI frameworks for oncology drug development, such as predicting molecular features and identifying sensitive cancer indications, is expected to create new revenue streams through collaborations and licensing agreements.
3. Strategic Partnerships and Collaborations: Lantern Pharma actively seeks strategic partnerships to maximize the commercial potential of its drug candidates and leverage its AI platform. The company is exploring collaboration and partnering opportunities for LP-300 and aims to introduce additional targeted programs and collaboration opportunities through its capital-efficient, collaborator-centered business model. These partnerships could lead to upfront payments, milestone payments, and royalties, contributing to revenue growth.
4. Expansion into New Geographic Markets for LP-300: The HARMONIC™ trial for LP-300 has expanded globally, with enrollment accelerating in Japan and Taiwan. These Asian markets have a significantly higher incidence of NSCLC in never-smokers (33-40%), compared to 15-20% in the U.S. This strategic expansion into high-prevalence regions is expected to accelerate patient enrollment and broaden the potential market for LP-300, thereby driving future revenue.
5. Development and Clinical Advancement by Starlight Therapeutics: Lantern Pharma's wholly-owned subsidiary, Starlight Therapeutics, is dedicated to developing therapies for central nervous system (CNS) and brain cancers, an area with significant unmet patient needs. With plans for a Phase 1b/2 clinical trial for STAR-001, Starlight Therapeutics represents a new pipeline of drug candidates that could contribute to Lantern Pharma's overall revenue growth in the coming years as these programs advance through clinical development.

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Share Repurchases

• Lantern Pharma's board of directors authorized a share repurchase program in November 2021 to acquire up to $7 million of the company's common stock.
• As of March 21, 2022, the company had repurchased approximately $3.4 million of common stock, including fees, under the program, totaling 475,157 shares.
• The company was authorized to purchase up to an additional $3.6 million of common stock under the program, which was extended through July 31, 2022.

Share Issuance

• In January 2021, Lantern Pharma completed a public offering of 4,928,571 shares of its common stock at $14.00 per share, raising approximately $69 million USD.
• The company consistently reports share-based compensation as a non-cash item in its cash flow statements.

Capital Expenditures

• In the last 12 months (prior to late 2025), Lantern Pharma's capital expenditures were reported at -$7,270.
• The company's cash flow statements show low figures for depreciation and amortization, with $4,574 for Q1 2025 and $4,061 for Q1 2024, indicating minimal capital asset additions.
• Lantern Pharma anticipates that its existing cash and equivalents are sufficient to fund operating and capital expenditure requirements at least into June 2026, suggesting manageable future capital spending.