[Form 4] Lantern Pharma Inc. Insider Trading Activity

Rhea-AI Filing Summary

D. Jeffrey Keyser, a director of Lantern Pharma Inc. (LTRN), reported amendments to two outstanding stock options on a Form 4 covering transactions dated 09/19/2025. Each amendment cancelled an "old" option and granted a replacement option with a reduced exercise price while retaining the original grant dates and expiration dates. The June 15, 2020 option for 9,135 shares was changed from a $15.00 exercise price to $5.04 and remains exercisable through 06/14/2030. The November 4, 2021 option for 3,200 shares was changed from a $10.32 exercise price to $5.04 and remains exercisable through 11/03/2031. Both options vest on the original monthly 36-month schedules.

Positive

• The replacement options preserve the original share counts (9,135 and 3,200 shares) and original expiration dates (06/14/2030 and 11/03/2031).
• Vesting schedules remain unchanged: both grants continue to vest in equal monthly increments over the originally stated 36-month periods.

Negative

• The exercise prices were materially reduced from $15.00 and $10.32 to $5.04 for the respective option grants.
• The filing indicates the original options were cancelled and replaced, which represents a modification of prior awards disclosed by the insider.

Insights

Corporate Governance Expert

TL;DR: Insider option repricings were executed by amendment, preserving vesting schedules and original expirations while lowering exercise prices.

The filing documents two option amendments for director D. Jeffrey Keyser that cancel prior grants and replace them with options at a $5.04 exercise price. The amendments keep original grant dates and 36-month monthly vesting commencements, and maintain the original expiration dates (06/14/2030 and 11/03/2031). From a governance perspective, the transparent disclosure and retention of vesting terms are important details for shareholders assessing board-level compensation changes.

Executive Compensation Analyst

TL;DR: The adjustments reduce exercise prices for two option grants (9,135 and 3,200 shares) to $5.04 each, preserving share counts and expiration timelines.

Both reported transactions involve repricings by amendment rather than new discretionary grants; each "old" option was cancelled and a replacement granted with the lower $5.04 price. The filing specifies the exact share counts and that vesting remains on the original 36-month monthly schedules. These are compensation-focused adjustments affecting the potential economics of these specific awards but the filing does not disclose any cash payments, board approvals, or broader plan amendments.

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^*

KEYSER D JEFFREY

(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
	Officer (give title below)		Other (specify below)

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)			9,135	(1)	06/14/2030	Common Stock	9,135	$0.00	0	D
Stock Option (Right to Buy)	$5.04	06/15/2020		A(1)		9,135		(1)	06/14/2030	Common Stock	9,135	$0.00	9,135	D
Stock Option (Right to Buy)	$10.32	11/04/2021		D(2)			3,200	(2)	11/03/2031	Common Stock	3,200	$0.00	0	D
Stock Option (Right to Buy)	$5.04	11/04/2021		A(2)		3,200		(2)	11/03/2031	Common Stock	3,200	$0.00	3,200	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 provides for vesting in equal monthly increments over a 36-month period commencing July 15, 2020.

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 November 4, 2021 and provides for vesting in equal monthly increments over a 36-month period commencing December 4, 2021.

	/s/ D. Jeffrey Keyser	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 transactions did D. Jeffrey Keyser report on the Form 4 for LTRN?

He reported amendments to two outstanding stock options, cancelling the prior options and receiving replacement options with reduced exercise prices.

How many shares and what exercise prices are involved in the reported option amendments?

9,135 shares originally at $15.00 changed to $5.04, and 3,200 shares originally at $10.32 changed to $5.04.

What are the expiration dates for the replacement options reported on the Form 4?

The replacement options expire on 06/14/2030 (9,135 shares) and 11/03/2031 (3,200 shares) respectively.

Do the amended options retain their original vesting schedules?

Yes. Both options continue to vest in equal monthly increments over a 36-month period beginning on the original vesting commencement dates.

When were the transactions and when was the Form 4 signed?

Transactions are dated 09/19/2025 and the Form 4 bears the reporting person's signature dated 09/22/2025.