[Form 4] Lantern Pharma Inc. Insider Trading Activity

Rhea-AI Filing Summary

Lantern Pharma director and Chief Financial Officer David R. Margrave reported amendments to two previously granted stock options that reduced the exercise prices and replaced the canceled options with new options. One option originally granted June 15, 2020 for 78,300 shares was canceled and replaced with a new option exercisable at $5.04, exercisable through 06/14/2030, resulting in a held position of 78,300 underlying shares. A second option originally granted October 29, 2021 for 26,100 shares was canceled and replaced with a new option exercisable at $5.04, exercisable through 10/28/2031, resulting in a held position of 26,100 underlying shares. The filing is limited to these option amendments and the reporting person’s relationship as Director and Chief Financial Officer.

Positive

• Replacement options were granted, preserving the reporting person's ability to acquire the stated 78,300 and 26,100 underlying shares as reported
• The filing documents the reduced exercise price ($5.04) explicitly for both replacement options

Negative

• The filing shows cancellation of the previously granted options and regranting at a lower exercise price, as disclosed
• The document does not provide aggregate dilution, board rationale, or company-level impact metrics for these amendments

Insights

Securities Analyst

TL;DR: The filing discloses two option amendments replacing older options with new options at a $5.04 exercise price.

The report documents routine amendments to two outstanding stock options held by the reporting person: a 78,300-share option originally granted 06/15/2020 (replacement option exercisable at $5.04 through 06/14/2030) and a 26,100-share option originally granted 10/29/2021 (replacement option exercisable at $5.04 through 10/28/2031). The filing describes cancellation of the "old" options and grants of replacement options to reflect reduced exercise prices. This disclosure is transaction-level and does not include additional compensation context, aggregate company-level dilution metrics, or any change in ownership beyond the stated amounts.

Corporate Governance Expert

TL;DR: Two option grants were amended and replaced; the filing provides vesting and original-grant vesting schedules but no broader governance rationale.

The explanatory notes reiterate original vesting schedules: the 2020 grant had one-third vesting at 180 days with the remainder vesting monthly over the following 30 months; the 2021 grant vested in equal monthly increments over 36 months beginning 11/29/2021. The Form 4 records the mechanics of the cancellations and replacement grants but does not include board resolutions, rationale beyond the price reduction, or company disclosures about aggregate option pool impact. Material governance details beyond the individual amendments are not provided in this filing.

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

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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^*

Margrave David R.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

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)			78,300	(1)	06/14/2030	Common Stock	78,300	$0.00	0	D
Stock Option (Right to Buy)	$5.04	06/15/2020		A(1)		78,300		(1)	06/14/2030	Common Stock	78,300	$0.00	78,300	D
Stock Option (Right to Buy)	$10.21	10/29/2021		D(2)			26,100	(2)	10/28/2031	Common Stock	26,100	$0.00	0	D
Stock Option (Right to Buy)	$5.04	10/29/2021		A(2)		26,100		(2)	10/28/2031	Common Stock	26,100	$0.00	26,100	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).

2. 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 October 29, 2021 and provides for vesting in equal monthly increments over a 36-month period commencing November 29, 2021.

	/s/ David R. Margrave	09/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** 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 did Lantern Pharma insider David R. Margrave report on Form 4 (LTRN)?

The Form 4 reports amendments cancelling two previously granted stock options and granting replacement options at an exercise price of $5.04 for 78,300 and 26,100 underlying shares.

When were the original options granted and what are the replacement option expirations?

The original grants were dated 06/15/2020 (78,300 shares) and 10/29/2021 (26,100 shares). Replacement options expire on 06/14/2030 and 10/28/2031, respectively.

What vesting schedules are disclosed for the amended options?

The 2020 option originally vested one-third at 180 days with the remainder monthly over the next 30 months; the 2021 option vested in equal monthly increments over 36 months beginning 11/29/2021.

Does the Form 4 state the reason for the amendments?

The filing states the amendments were made for the purpose of reducing the option exercise price and that the old options were cancelled and replaced; no further rationale is provided.

How many shares does Margrave beneficially own following the reported transactions?

Following the reported transactions, the filing shows beneficial ownership of the underlying replacement-option amounts: 78,300 and 26,100 shares as reported for the respective options.