Lantern Pharma Reports Second Quarter 2025 Financial Results and Business Updates
Major milestone achieved with successful completion of enrollment for LP-184 Phase 1a clinical trial, with 65 patients enrolled across a range of solid tumors including glioblastoma (GBM); LP-184 is a potential blockbuster drug-candidate with market potential of
Maximum tolerated dose (MTD) and recommended Phase 2 dose (RP2D) established for LP-184, enabling advancement to upcoming Phase 1b/2 trials being planned for recurrent triple negative breast cancer (TNBC) and recurrent bladder cancer.
Remarkable complete response observed in HARMONIC™ Trial patient: A 70-year-old never-smoker with advanced non-small cell lung cancer (NSCLC) demonstrated a complete response in target cancer lesions following treatment with LP-300 in combination with chemotherapy; the patient had previously failed three prior lines of therapy including tyrosine kinase inhibitors and immunotherapy.
Additional data and clinical findings from the HARMONIC™ Phase 2 trial anticipated in September 2025, including initial response and safety evaluations for patients from the Asian expansion cohort enrolled across sites in
LP-284 achieves complete metabolic response in therapeutically exhausted patient: A 41-year-old patient with aggressive diffuse large B-cell lymphoma (DLBCL) who had previously failed R-CHOP chemotherapy, CAR-T therapy, and bispecific antibody therapy achieved complete metabolic response after just two cycles of LP-284.
PredictBBB.ai™ module launched: A proprietary algorithm and machine learning solution for determining the blood brain barrier penetrability of any molecule has been launched publicly as a RADR® module with best-in-class predictive capabilities to support CNS drug development.
RADR® platform enhanced with AI-powered drug combination prediction module: New framework and analytics capabilities based on peer-reviewed research to improve prediction of synergistic cancer drug combinations, with initial focus on DNA damaging agents and DNA repair inhibitors.
Disciplined capital management maintained with approximately
“This quarter we observed complete responses in patients across two of our clinical trials, delivering meaningful patient benefit and providing further validation of both the mechanisms and therapeutic potential of our drug candidates,” said Panna Sharma, CEO & President of Lantern Pharma. Simultaneously, our team is transforming our AI platform into functional, accessible modules for the broader oncology community. These parallel advances mark a pivotal inflection point in our clinical and technological evolution, reinforcing our fiscally disciplined, AI-driven approach to addressing critical unmet patient needs with a clear pathway to commercialization and value creation.”
Clinical Pipeline Developments
LP-184: Successful Completion of Enrollment for Phase 1a & Advancing Toward Phase 1b/2 Studies
Lantern successfully completed enrollment of its LP-184 Phase 1a first-in-human trial with 65 patients across multiple solid tumor indications. The trial established both the maximum tolerated dose (MTD) and recommended Phase 2 dose (RP2D), positioning LP-184 for advancement of planned Phase 1b/2 studies in indications with large multi-billion dollar annual market potential, including recurrent TNBC and recurrent bladder cancer.
LP-184 has received Fast Track Designations from the FDA for both glioblastoma multiforme (GBM) and triple negative breast cancer (TNBC), along with four Rare Pediatric Disease Designations for hepatoblastoma, rhabdomyosarcoma, malignant rhabdoid tumors, and atypical teratoid rhabdoid tumors (ATRT). Through its wholly-owned subsidiary Starlight Therapeutics, Lantern is developing LP-184 as STAR-001 for central nervous system cancers.
During the quarter, Lantern announced findings from independent research conducted at Johns Hopkins validating Lantern's data used to secure the FDA Rare Pediatric Disease Designation for LP-184 in ATRT and support planned pediatric clinical trials. The data demonstrated that LP-184, a next-generation acylfulvene clinical-stage drug candidate, significantly extended survival in mouse models of ATRT. In the CHLA06 model, median survival increased from 20 days in the control group to 89 days in the LP-184 treatment group, representing a
LP-184 is a next-generation acylfulvene drug candidate, a synthetic small molecule belonging to a class of naturally-derived anti-cancer agents. LP-184 works by preferentially damaging DNA in cancer cells that overexpress specific biomarkers or that harbor mutations in DNA damage repair pathways. LP-184 is the product of years of research, including insights from RADR®, Lantern's proprietary AI platform that leverages over 200 billion oncology-focused data points. LP-184 is a prodrug that is converted to its bioactive form inside the cancer cell by PTGR1 (prostaglandin reductase 1), an enzyme that is overexpressed in certain cancers. Once activated, LP-184 creates cytotoxic metabolites that form adducts with DNA, leading to irreparable DNA damage and ultimately tumor cell death.
LP-300 HARMONIC™ Trial: Complete Response Observed Demonstrating Clinical Activity & Successful Completion of Enrollment in
The Phase 2 HARMONIC™ trial continues to advance with enrollment across
Additionally the Phase 2 HARMONIC™ trial made advancements in
The study is strategically positioned in regions with high prevalence of never-smoker lung cancer patients, with active sites in
The treatment of never-smokers with NSCLC represents a market opportunity estimated at over
LP-284: Phase 1a Clinical Trial in Refractory Lymphoma Observed a Complete Response
LP-284 exhibited remarkable clinical activity in a heavily pretreated 41-year-old patient with aggressive Grade 3 diffuse large B-cell lymphoma (DLBCL). Following failure of standard R-CHOP/Pola-R-CHP chemotherapy, CAR-T cell therapy (liso-cel), and CD3xCD20 bispecific antibody therapy (glofitamab), the patient achieved complete metabolic response with non-avid lesions after completing just two doses of LP-284.
This represents the first complete response observed with LP-284. The complete response provides support to the mechanistic rationale and the potential for further future clinical activity in one of the most therapeutically challenging hematological malignancies. Lantern believes that this supports LP-284’s synthetic lethal mechanism and potential paradigm-shifting role in treating refractory aggressive lymphomas.
The complete metabolic response achievement positions LP-284 to seek a future role within a global blood cancer market focused on B-cell cancer that is estimated at
Intellectual Property Advancements
Lantern significantly strengthened its global intellectual property portfolio during the second quarter with two major patent developments:
European Patent Allowance for LP-284: The European Patent Office (EPO) issued a notice of allowance for a composition of matter patent covering LP-284, expected to be granted with exclusivity through early 2039. This EU patent complements existing composition of matter patents granted in the
Blood-Brain Barrier Prediction Patent Application: Lantern announced the publication of its PCT patent application (PCT/US2024/019851) covering a novel machine learning solution for predicting blood-brain barrier (BBB) permeability, which received a favorable PCT search report indicating no significant prior art. The technology powering predictBBB™ demonstrates exceptional performance, processing up to 100,000 molecules per hour with industry-leading accuracy. Lantern’s AI algorithms currently hold five of the top eleven positions on the Therapeutic Data Commons Leaderboard. The PCT application, if granted, will enable multi-country patent protection for 20 years from the filing date.
RADR® AI Platform Enhancements
Lantern continues to expand the capabilities of its RADR® platform, which now leverages over 200 billion oncology-focused data points and a library of 200+ advanced machine learning algorithms. Key enhancements this quarter include:
PredictBBB.ai™ Module Public Launch: The public release of predictBBB.ai™, an AI module for predicting blood-brain barrier permeability with
Drug Combination Prediction Module: An innovative AI-powered module to improve prediction of synergistic cancer drug combinations, with framework and analytics based on peer-reviewed research. The module focuses initially on DNA damaging agents and DNA repair inhibitors, aimed at a market opportunity where approximately
The company plans to make select RADR® modules available to the broader scientific and research community, fostering collaborative, open-source innovation in oncology drug development while creating potential new revenue streams.
Financial Results for Second Quarter 2025
Balance Sheet: Cash, cash equivalents, and marketable securities were approximately
Research and Development Expenses: R&D expenses were approximately
General and Administrative Expenses: G&A expenses were approximately
Net Loss: Net loss was approximately
Capitalization: As of June 30, 2025, the Company had 10,784,725 shares of common stock outstanding, and options to purchase 1,239,766 shares of common stock at a weighted average exercise price of
Quarterly Earnings Calls:
Lantern has determined not to host a quarterly earnings call at the present time given the concentration of resources required for a live video based webinar style call. In addition to quarterly press releases with earnings information, and more frequent updates regarding the progress of our portfolio and platform, we plan to focus our resources on other distribution channels that we believe will be more effective in conveying information to stockholders, including webinars, digital media resources and broader social media channels.
Lantern Pharma Inc. and Subsidiaries
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June 30, 2025 |
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December 31, 2024 |
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(Unaudited) |
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CURRENT ASSETS |
|
|
|
|
|
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||
Cash and cash equivalents |
|
$ |
6,061,408 |
|
|
$ |
7,511,079 |
|
Marketable securities |
|
|
9,840,366 |
|
|
|
16,501,984 |
|
Prepaid expenses & other current assets |
|
|
1,299,016 |
|
|
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1,234,566 |
|
Total current assets |
|
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17,200,790 |
|
|
|
25,247,629 |
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|
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|
|
|
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Property and equipment, net |
|
|
39,524 |
|
|
|
47,440 |
|
Operating lease right-of-use assets |
|
|
143,240 |
|
|
|
239,985 |
|
Other assets |
|
|
36,738 |
|
|
|
36,738 |
|
|
|
|
|
|
|
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TOTAL ASSETS |
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$ |
17,420,292 |
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|
$ |
25,571,792 |
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CURRENT LIABILITIES |
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Accounts payable and accrued expenses |
|
$ |
4,752,848 |
|
|
$ |
4,140,361 |
|
Operating lease liabilities, current |
|
|
131,515 |
|
|
|
190,814 |
|
Total current liabilities |
|
|
4,884,363 |
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|
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4,331,175 |
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Operating lease liabilities, net of current portion |
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13,524 |
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|
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52,843 |
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TOTAL LIABILITIES |
|
|
4,897,887 |
|
|
|
4,384,018 |
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|
|
|
|
|
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COMMITMENTS AND CONTINGENCIES (NOTE 4) |
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STOCKHOLDERS’ EQUITY |
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Preferred Stock (1,000,000 authorized at June 30, 2025 and December 31, 2024; |
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- |
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- |
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Common Stock (25,000,000 authorized at June 30, 2025 and December 31, 2024; |
|
|
1,078 |
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|
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1,078 |
|
Additional paid-in capital |
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97,366,699 |
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|
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97,058,323 |
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Accumulated other comprehensive income |
|
|
48,043 |
|
|
|
153,990 |
|
Accumulated deficit |
|
|
(84,893,415 |
) |
|
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(76,025,617 |
) |
Total stockholders’ equity |
|
|
12,522,405 |
|
|
|
21,187,774 |
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|
|
|
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
17,420,292 |
|
|
$ |
25,571,792 |
|
Lantern Pharma Inc. and Subsidiaries
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Operating expenses: |
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General and administrative |
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$ |
1,583,521 |
|
|
$ |
1,519,724 |
|
|
$ |
3,093,598 |
|
|
$ |
3,000,939 |
|
Research and development |
|
|
3,068,379 |
|
|
|
3,888,737 |
|
|
|
6,332,334 |
|
|
|
8,139,523 |
|
Total operating expenses |
|
|
4,651,900 |
|
|
|
5,408,461 |
|
|
|
9,425,932 |
|
|
|
11,140,462 |
|
Loss from operations |
|
|
(4,651,900 |
) |
|
|
(5,408,461 |
) |
|
|
(9,425,932 |
) |
|
|
(11,140,462 |
) |
Interest income |
|
|
114,745 |
|
|
|
188,660 |
|
|
|
264,535 |
|
|
|
389,610 |
|
Other income, net |
|
|
206,140 |
|
|
|
260,295 |
|
|
|
293,599 |
|
|
|
350,536 |
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|
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NET LOSS |
|
$ |
(4,331,015 |
) |
|
$ |
(4,959,506 |
) |
|
$ |
(8,867,798 |
) |
|
$ |
(10,400,316 |
) |
|
|
|
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|
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Net loss per share of common shares, basic and diluted |
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$ |
(0.40 |
) |
|
$ |
(0.46 |
) |
|
$ |
(0.82 |
) |
|
$ |
(0.97 |
) |
Weighted-average number of common shares outstanding, basic and diluted |
|
|
10,784,725 |
|
|
|
10,758,805 |
|
|
|
10,784,725 |
|
|
|
10,750,801 |
|
About Lantern Pharma
Lantern Pharma (NASDAQ: LTRN) is an AI company transforming the cost, pace, and timeline of oncology drug discovery and development. Our proprietary AI and machine learning (ML) platform, RADR®, leverages over 200 billion oncology-focused data points and a library of 200+ advanced ML algorithms to help solve billion-dollar, real-world problems in oncology drug development. By harnessing the power of AI and with input from world-class scientific advisors and collaborators, we have accelerated the development of our growing pipeline of drug candidates that span multiple cancer indications, including both solid tumors and blood cancers and an antibody-drug conjugate (ADC) program. On average, our newly developed drug programs have been advanced from initial AI insights to first-in-human clinical trials in 2-3 years and at approximately
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among other things, statements relating to: future events or our future financial performance; the potential advantages of our RADR® platform in identifying drug candidates and patient populations that are likely to respond to a drug candidate; our strategic plans to advance the development of our drug candidates and antibody drug conjugate (ADC) development program; estimates regarding the development timing for our drug candidates and ADC development program; expectations and estimates regarding clinical trial timing and patient enrollment; our research and development efforts of our internal drug discovery programs and the utilization of our RADR® platform to streamline the drug development process; our intention to leverage artificial intelligence, machine learning and genomic data to streamline and transform the pace, risk and cost of oncology drug discovery and development and to identify patient populations that would likely respond to a drug candidate; estimates regarding patient populations, potential markets and potential market sizes; sales estimates for our drug candidates and our plans to discover and develop drug candidates and to maximize their commercial potential by advancing such drug candidates ourselves or in collaboration with others. Any statements that are not statements of historical fact (including, without limitation, statements that use words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "model," "objective," "aim," "upcoming," "should," "will," "would," or the negative of these words or other similar expressions) should be considered forward-looking statements. There are a number of important factors that could cause our actual results to differ materially from those indicated by the forward-looking statements, such as (i) the risk that we may not be able to secure sufficient future funding when needed and as required to advance and support our existing and planned clinical trials and operations, (ii) the risk that observations in preclinical studies and early or preliminary observations in clinical studies do not ensure that later observations, studies and development will be consistent or successful, (iii) the risk that our research and the research of our collaborators may not be successful, (iv) the risk that we may not be successful in licensing potential candidates or in completing potential partnerships and collaborations, (v) the risk that none of our product candidates has received FDA marketing approval, and we may not be able to successfully initiate, conduct, or conclude clinical testing for or obtain marketing approval for our product candidates, (vi) the risk that no drug product based on our proprietary RADR® AI platform has received FDA marketing approval or otherwise been incorporated into a commercial product, and (vii) those other factors set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on March 27, 2025. You may access our Annual Report on Form 10-K for the year ended December 31, 2024 under the investor SEC filings tab of our website at www.lanternpharma.com or on the SEC's website at www.sec.gov. Given these risks and uncertainties, we can give no assurances that our forward-looking statements will prove to be accurate, or that any other results or events projected or contemplated by our forward-looking statements will in fact occur, and we caution investors not to place undue reliance on these statements. All forward-looking statements in this press release represent our judgment as of the date hereof, and, except as otherwise required by law, we disclaim any obligation to update any forward-looking statements to conform the statement to actual results or changes in our expectations.
Lantern Pharma Disclosure Channels to Disseminate Information:
Lantern Pharma’s investors and others should note that we announce material information to the public about our company and its technologies, clinical developments, licensing matters and other matters through a variety of means, including Lantern Pharma’s website, press releases, SEC filings, digital newsletters, and social media, in order to achieve broad, non-exclusionary distribution of information to the public. We encourage our investors and others to review the information we make public in the locations above as such information could be deemed to be material information. Please note that this list may be updated from time to time.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250813204535/en/
Investor Relations at Lantern Pharma
ir@lanternpharma.com
Source: Lantern Pharma Inc.
