Lantern Pharma insider amends options, replaces strikes with $5.04 grants

Rhea-AI Filing Summary

Kishor G. Bhatia, Chief Scientific Officer of Lantern Pharma Inc. (LTRN), filed a Form 4 reporting amendments to previously granted stock options. The filing shows two option amendments: a June 15, 2020 option was cancelled and replaced with a $5.04 exercise-price option covering 52,200 shares exercisable through 06/14/2030; a October 29, 2021 option was cancelled and replaced with a $5.04 exercise-price option covering 17,400 shares exercisable through 10/28/2031. After the replacements, Mr. Bhatia beneficially owns 52,200 and 17,400 underlying common shares for the respective options.

Positive

• Replacement options were granted rather than immediate option exercises or stock sales, preserving insider alignment with future equity-based incentives
• Vesting schedules reference original vesting (no acceleration disclosed), indicating continued standard vesting terms

Negative

• Exercise price reduction occurred (replacement strike $5.04), which could increase potential future dilution relative to prior strikes
• Cancellation of original options was required to effect the repricing, indicating a material amendment to insider compensation

Insights

Financial Analyst

TL;DR: Insider option exercise prices were reduced via replacement grants totaling 69,600 underlying shares, maintaining the reporting person s holder.

The Form 4 documents two option amendments where previously granted options were cancelled and replaced with options priced at $5.04 each covering 52,200 and 17,400 shares respectively, with expirations of 06/14/2030 and 10/28/2031. These transactions do not record any immediate sale or acquisition of common stock; they report derivative restructuring. For investors, this is a governance/compensation event affecting potential future dilution and insider incentives but contains no cash proceeds or reported exercises.

Corporate Governance Expert

TL;DR: The company amended outstanding options to lower exercise prices, replacing old options with new $5.04 strike options for the same share counts.

The filing explicitly states the old options were cancelled and replacement options granted to effect a reduction in exercise price. Vesting schedules referenced are the original schedules from 06/15/2020 and 11/29/2021, indicating no new vesting acceleration disclosed. This is a compensation adjustment that should be disclosed to shareholders; it may warrant review of board approvals and disclosure on rationale, but the Form 4 contains only the transactional facts.

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^*

Bhatia Kishor G.

(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 Scientific 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)			52,200	(1)	06/14/2030	Common Stock	52,200	$0.00	0	D
Stock Option (Right to Buy)	$5.04	06/15/2020		A(1)		52,200		(1)	06/14/2030	Common Stock	52,200	$0.00	52,200	D
Stock Option (Right to Buy)	$10.21	10/29/2021		D(2)			17,400	(2)	10/28/2031	Common Stock	17,400	$0.00	0	D
Stock Option (Right to Buy)	$5.04	10/29/2021		A(2)		17,400		(2)	10/28/2031	Common Stock	17,400	$0.00	17,400	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/ Kishor G. Bhatia	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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FAQ

What did Kishor G. Bhatia report on the Form 4 for LTRN?

The Form 4 reports amendments cancelling two previously granted options and replacing them with options priced at $5.04 covering 52,200 and 17,400 shares.

What are the expiration dates of the replacement options reported?

The replacement options expire on 06/14/2030 (52,200 shares) and 10/28/2031 (17,400 shares).

Did the Form 4 report any stock purchases or sales by the reporting person?

No. The filing documents option cancellations and replacement grants; it does not report any direct purchases or dispositions of common stock.

How many total underlying shares do the amended options cover?

The amended options cover a total of 69,600 underlying common shares (52,200 + 17,400).

Was any change to vesting schedules disclosed in the Form 4?

The filing references the original vesting schedules for the grants and does not disclose any acceleration or change to vesting timing.