[Form 4] Lantern Pharma Inc. Insider Trading Activity

Rhea-AI Filing Summary

Lantern Pharma Inc. (LTRN): Director David S. Silberstein reported amendments to two outstanding stock options on 09/19/2025 that reduced the exercise prices and replaced the prior options. The first option originally granted 06/15/2020 (exercise price $15) for 9,135 shares was cancelled and replaced with a $5.04 option exercisable through 06/14/2030, leaving 9,135 underlying shares beneficially owned. The second option originally granted 11/04/2021 (exercise price $10.32) for 3,200 shares was cancelled and replaced with a $5.04 option exercisable through 11/03/2031, leaving 3,200 underlying shares beneficially owned. The filings note standard monthly vesting schedules for each original grant and the form is signed 09/22/2025.

Positive

• Exercise prices reduced to $5.04 for both amended option grants, which restores value for the option holder relative to prior strikes
• Vesting schedules retained, indicating the amendments did not accelerate vesting and preserve original incentive structure

Negative

• Repricing of options can be perceived by investors as dilutive or as a governance concern if not accompanied by explanatory disclosures
• Form 4 lacks board authorization details or rationale, so stakeholders cannot assess the governance process behind the amendments from this filing alone

Insights

Financial Analyst

TL;DR: Insider option repricings lower strike prices for two grants totaling 12,335 shares, altering insider economics but not changing outstanding share count.

The amendment reduces exercise prices from $15.00 and $10.32 to $5.04 for options covering 9,135 and 3,200 shares respectively, replacing the prior awards while preserving the original vesting schedules. This changes the strike price exposure for the reporting person and makes these grants more readily exercisable at lower market thresholds, affecting potential future dilution timing depending on exercise behavior. The report is limited to the option amendments and does not disclose any cashless exercises, share issuances, or other compensatory changes.

Corporate Governance Expert

TL;DR: Option repricings were executed by amendment and documented on Form 4; governance implications depend on board authorization and disclosure context.

The Form 4 confirms cancellation of two prior options and issuance of replacement options with lower exercise prices, with vesting remaining on the original monthly schedules. While the filing documents the insider-level change, it does not include supporting board resolutions, shareholder approval, or rationale for repricing. Absent that context, governance assessment is incomplete; the filing itself is procedural and complies with Section 16 reporting by documenting the insider's holdings after amendment.

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

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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^*

Silberstein David S.

(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/ David S. Silberstein	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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What changes did David S. Silberstein report on Form 4 for LTRN?

He reported amendments on 09/19/2025 that canceled two prior options and granted replacement options with a reduced $5.04 exercise price covering 9,135 and 3,200 shares respectively.

How many total underlying shares were affected by the option amendments?

A total of 12,335 underlying shares were affected: 9,135 from the 06/15/2020 grant and 3,200 from the 11/04/2021 grant.

What were the original exercise prices and grant dates of the options amended?

The original grants were dated 06/15/2020 with a $15.00 strike and 11/04/2021 with a $10.32 strike; both were replaced by $5.04 strikes.

Do the filings disclose when the replacement options become exercisable or expire?

Yes; the replacement options reference the original terms: the 06/15/2020 grant is exercisable through 06/14/2030 and the 11/04/2021 grant is exercisable through 11/03/2031.

Does the Form 4 provide the reason for the option repricings?

No; the Form 4 states the amendments reduced exercise prices and preserved vesting schedules but does not provide a rationale or board authorization details.