Lantern Pharma insider files option amendment lowering strike to $5.04 for 76,628 shares

Rhea-AI Filing Summary

Panna Sharma, President & CEO and a director of Lantern Pharma Inc. (LTRN), amended an outstanding stock option originally granted on 06/15/2020. The amendment, recorded with a transaction date of 09/19/2025, canceled the prior option with a $15 exercise price covering 76,628 underlying shares and replaced it with a new option covering the same 76,628 shares at a reduced exercise price of $5.04. The option retains its original exercisability and expiration schedule (vested schedule described in the filing) and the replacement option shows 76,628 shares beneficially owned following the amendment. The form is signed by Ms. Sharma on 09/22/2025.

Positive

• Amendment reduced option exercise price from $15 to $5.04 for the same 76,628 underlying shares
• Replacement option preserves original vesting schedule from the June 15, 2020 grant date
• Reporting person is named with role — Panna Sharma, President & CEO and Director

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Insider option amendment lowers exercise price for retention, raising governance and shareholder-alignment questions.

The filing documents an amendment to an executive’s 2020 option that reduced the exercise price from $15 to $5.04 while leaving the share count and vesting schedule intact. This is presented as a replacement of the cancelled option rather than a fresh grant. From a governance perspective, such amendments can be used for retention or to restore underwater awards; the form shows the company preserved the original vesting timetable. The filing does not disclose board approval rationale, shareholder authorization, or whether this action followed a formal amendment policy, so material governance context is absent from the document.

Securities Analyst

TL;DR: Executive retained 76,628-option position at a materially lower strike; immediate cash/value implications unclear from filing alone.

The report shows the same 76,628-option position moved from a $15 strike to $5.04 effective with the 09/19/2025 transaction, increasing the theoretical intrinsic value if the market price exceeds the new strike. The document specifies the original grant date (06/15/2020) and vesting schedule but does not disclose current market price, board rationale, or any compensatory expense effects. Without market price or company disclosure of accounting treatment, the filing alone does not quantify the financial impact to shareholders.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SHARMA PANNA

(Last) (First) (Middle)

1920 MCKINNEY AVENUE, 7TH FLOOR

(Street)

DALLAS TX 75201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Lantern Pharma Inc. [ LTRN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$15	06/15/2020		D(1)			76,628	(1)	06/14/2030	Common Stock	76,628	$0.00	0	D
Stock Option (Right to Buy)	$5.04	06/15/2020		A(1)		76,628		(1)	06/14/2030	Common Stock	76,628	$0.00	76,628	D

Explanation of Responses:

1. The two reported transactions involve an amendment of an outstanding option for purposes of reducing the option exercise price, resulting in the cancellation of the "old" option and the grant of a replacement option. The option was originally granted on June 15, 2020 and one-third of the option vested 180 days from the grant date with the remaining two-thirds of the option vesting in equal monthly increments over the period commencing the 181st day after the grant date and ending 30 months thereafter (or 36 months after the grant date).

	/s/ Panna Sharma	09/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What change did Panna Sharma report on Form 4 for LTRN?

The Form 4 reports an amendment that canceled an existing option with a $15 exercise price and granted a replacement option with a $5.04 exercise price covering 76,628 shares.

When was the transaction dated and when was the Form 4 signed?

The transaction date is 09/19/2025 and the Form 4 was signed by Panna Sharma on 09/22/2025.

How many shares are covered by the amended option and what are the original grant/expiration dates?

The option covers 76,628 shares, originally granted on 06/15/2020 and expiring on 06/14/2030 per the filing.

What is Panna Sharma’s role at Lantern Pharma (LTRN)?

The filing lists Panna Sharma as a Director and as an Officer with the title President & CEO.