LTRN

Image source: The Motley Fool. Friday, Aug. 14, 2026 at 9:00 a.m. ET President and Chief Executive Officer - Panna Sharma Chief Financial Officer - David R. Margrave Operator: Management's presentation. A webcast replay of today's conference call will be available on our website at lanternpharma.com shortly after the call. We issued a press release before market opened today, summarizing our financial results and progress across the company for the second quarter ended 06/30/2026. A copy of this release is available through our website at lanternpharma.com, where you will also find a link to the slides management will be referencing on today's call. We would like to remind everyone that remarks about future expectations, performance, estimates, and prospects constitute forward looking statements for purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 2 thousand. Lantern Pharma cautions that these forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated. A number of factors could cause actual results to differ materially from those indicated by forward looking statements, including results of clinical trials, and the impact of competition. Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements can be found in our annual report on Form 10 ks for the year ended 12/31/2025. Which is on file with the SEC and available on our website. Forward looking statements made on this conference call are as of today, August 14, 2026, and Lantern Pharma does not intend to update any of these forward looking statements to reflect events or circumstances that occur after today unless required by law. The webcast replay of the conference call and webinar will be available on Lantern's website. On today's webcast, we have Lantern Pharma's CEO, Panna Sharma and CFO. David R. Margrave. Panna will start things off with an overview of Lantern's strategy and business model, and highlight recent achievements in our operations. After which, David will discuss our financial results. This will be followed by some concluding comments from Panna. And then we will open the call for Q&A. I would now like to turn the call over to Panna Sharma. President and CEO of Lantern Pharma. Panna, please go ahead. Panna Sharma: Good morning, everyone, and thank you for joining us. To discuss our second quarter 26 results. As I have said before, AI and computationally driven approaches are now becoming central to how both large and emerging biopharma companies discover and develop drugs, but also how they allocate their resources and think about staffing their scientific teams. Today, we are at an inflection point that is actually accelerating not just for Lantern, but for how science itself will be conducted. And we are watching it happen in real trials with real patients at Lantern. The golden age of artificial intelligence in medicine is not beginning. it is actually accelerating. And this quarter, that idea has resulted in the development of a new company, Open Medicine AI. In August, we established Open Medicine AI as a separate company with commercial licenses and agreements with Lantern in place to take the AI data models to the next level. I will spend some real time on that today because I think it is the most consequential structural decision we have made since starting Lantern. But let me first walk you through what got us here. A clinical signal that sharpened into a defined patient population, a signal that was actually validated in using big data, a European regulatory clearance in a challenging recurrent cancer and allowed patent on a patient selection method 1 of our most valuable assets, LP-184, and a FDA cleared trial in triple negative breast cancer that is moving toward launch. All of these were backed by numerous observations in our trials, the LP-300 trial, the LP-184 trial, and even the LP-284 trial. What those observations were is that the mechanistic insights gained during our preclinical work actually have real world parallels. And they could be the basis for meaningful activity in actual cancer patients. The remainder of 2026 is a defining year for Lantern Pharma, and especially as we launch into 2027. We have achieved clinical validation across multiple programs while establishing the foundation our next phase of growth in both of our engines, our drug development engine and also now our AI engine. In addition, our mid year financial results reflect highly disciplined execution with a 25% reduction in total operating expenses year over year even as we advanced multiple clinical programs through key inflection points launched an entirely new company 1 of the most promising and disruptive areas of AI. Medicine. Our AI driven clinical pipeline now encompasses multiple drug candidates across solid tumors, blood cancers, and now pediatric oncology, with a combined annual market potential estimated at over 15 billion. Let's start with our Phase 2 program, LP-300 and the harmonic trial in never-smokers in non small cell lung cancer who progress after TKI therapy. We believe there is about 400 thousand to 500 thousand patients diagnosed globally each year that have no specific therapy aimed at never smokers that progress after TKI. In Asia, it is about 35 to 40 plus percent of non small cell lung cancer cases. In The US and Europe, it is between 15 and 20 percent. In June, we reported emerging data as of the May 11 cutoff, shows something we did not expect to see this clearly but the benefit of LP-300 deepens the longer patients stay on it. Among L858R patients who completed 6 cycles, median progression free survival reached 8.9 months, that is 9 patients, 3 of whom had not progressed at analysis. Across the full cohort of L858R patients, median PFS was 8.4 months, The hazard ratio for that group was 0.37 with a confidence interval of 0.15 to 0.89. So that is more than 70%. Also, more than 70 percent of the L858R patients saw target lesion reduction and some of the responses sustained beyond 2 years. We have had a 77% clinical benefit rate, which is phenomenal for that line of therapy. I will be direct. These are small exploratory cohorts not powered for statistical significance yet and a median from 9 patients can move up or down, but what makes us take it very seriously is that a Cox regression controlling for race, gender, TP53 status, which is very important, confirmed L858R, as an independent predictor. This is not a demographic or statistical artifact. And safety was comparable between 4 and 6 cycles with no added toxicity from longer exposure. So a drug that helps more the longer you stay on it without costing you more in side effects is a drug worth extending. Especially where there is no other great therapy for these patients. And that is actually the science and the data behind what we did next. We had successful Type C meeting where no objections were raised to our key proposed amendments, We have concentrated the enrollment now on the L858R patients. These patients actually tended to do worse on current therapy regimens. We are that is why we also think there is a great need. We have extended the treatment from now 6 to up to 8 cycles, and we have moved into a single arm design, which should be more efficient and less costly. The trial continues enrolling in The US and Taiwan, and we have used this dataset and other observations, of course, about the future of the program in active partnering discussions. Talk a little bit about LP-184 this quarter. We made several advancements, all of which were driven by data and AI leverage methodologies. First, the EMA clearance. In July, we got clearance for an investigator initiated Phase 1b/2 trial in advanced bladder cancer. This is in Copenhagen, Denmark's national referral center for urologic cancers, Rigshospitalet, And this is with Professor Roerberg and Pappot. They are the coordinating investigators. This will be a 39-patient trial, and very uniquely on 2 biomarker, a dual biomarker strategy, 1 on PTGR 1 overexpression, and then combining that with DNA damage repair deficiency. And we are hoping to enroll patients very importantly, that our platform has predicted should respond and, more importantly, have a mechanistic basis to be helped by that drug. Second major milestone is the LP-184 monotherapy relapsed or refractory triple negative breast cancer. That will be a Phase 1b/2 trial. That protocol has been FDA cleared and is now moving toward launch with a number of sites. We have also applied for grants for that trial for that study as well, which we are pretty excited about. This drug targets tumors with DNA damage repair alterations, homologous recombination deficiency. We will enroll 40 patients across 2 dose cohorts and we will followed by a Simon 2-stage efficacy read. Third, very important, is that we received a notice of allowance. In July covering our 3-gene selection, we used 3 genes, PTGR 1, PTPN 14, and ASPH for selection of patients most likely to respond to LP-184. We were issued a notice of allowance in 4 tumors ovarian, liver, kidney, and thyroid cancer. that is a patent on the selection logic itself, which is 1 of the hardest parts of this to replicate, and then map that directly to a credible therapeutic intervention safety is known and mechanism is beginning to be more and more observable. This all built on our 63-patient trial that we did with LP-184, and now that we have a dose of 0.39 mgs per kg, And very importantly, what we saw in that trial is that we saw tumor reduction in patients that were carrying these DNA repair deficiency genes: CHEC2, ATM, BRCA1, STK11, and KEAP1, those alterations conferred exceptional sensitivity to the drug. Unlike conventional chemotherapies and other DNA damaging agents, that indiscriminately target dividing cells, both LP-184 and LP-284 exploit specific genomic vulnerabilities in cancer cells. And that precision is the thread that runs parallel through both programs and which we expect to give our programs a meaningful advantage in their development. LP-284 continues in hematologic malignancies and in adult soft tissue sarcomas where we got orphan designation earlier this year. And STARLIGHT, briefly on the science, STAR-001 is LP-184 in brain cancers, Our radar platform identified that those particular brain tumors would be very sensitive if ERCC 3 was removed as a protein. Because that is involved in the repair mechanism. Well and it is we what we did is we characterized that with our group at Johns Hopkins that we collaborate with, and we are using spironolactone, which is already well characterized, safe in pediatric and adults, and it actually does exactly that. It degrades the ERCC 3 protein, and shuts down the repair route. And we have had great preclinical data, and now we are taking that now into the clinic. We are taking it into disease designations where we have orphan designations and also rare pediatric designations, such as ATRT, hepatoblastoma, rhabdomyosarcoma, and malignant rhabdoid tumors. Bear in mind that each of these is independently eligible for a priority review voucher upon approval, and they have recently transferred $150 to $200 million or more, and Lantern holds 4 of those. On the pediatric program specifically, I am very excited and I want to give you an update. We are actively working with several pediatric oncology consortia to determine the best and most expedient path to bring these into a trial as soon as possible. We have got 2 consortia that we are working with and we will have more data in this coming quarter. We are also working closely to enable compassionate use for the drug, especially in some of these rare pediatric brain tumors, where there is an exceptional need. Again, STARLIGHT is 100% owned by Lantern. We expect to raise additional funding for it. as a separate entity, it holds its own INDs now. Its own regulatory designations, And it is not just a program status. it is actually a way to monetize it independently of the rest of Lantern. And more importantly, it is a template. We are about to use that same template again. This time with the underlying platform itself. Now going back to open medicine, and this is, we believe, the structural news of the quarter August, we formally established Open Medicine AI, OMAI, as a separate company. Executed our board approved commercial licensing agreements, and more importantly, OMAI now can operate the multi agentic AI coscientist we launched as RADR withZeta. And use it in the commercial setting. Here's the logic. Most people using AI drug development today ask 1 model a question and get an answer. We now see that things are moving well beyond a single line of questioning or query. So we built an orchestrated system and this orchestra brings together specialized agents for literature synthesis medicinal chemistry, pathway analysis, data curation, literature analysis, portfolio prioritization, clinical trial development, and then they challenge each other and they pass information and ideas. And they cross validate before delivering hardened results or ask the scientists or drug developer to get more engaged and ask them questions. And this, we believe, multi agentic nonmonolithic model is really the standard infrastructure for specialized domains that are multidisciplinary, and we think it will be the standard infrastructure for drug discovery. And we think this is something that will be critical. In addition to that, we believe that the computational biology model and the computational chemistry model that run deep and in their own large quantitative models is critical And more importantly, it can generate publication quality results with a full audit trail. As the platform gets smarter and more users use it and data flows through it, each engagement for a user will feed the next. And this is exactly the kind of dynamic that deserves its own capital structure. Clinical drug development and enterprise software are priced by different investors and different metrics held inside a clinical stage oncology company, a software business, may or may not get the credit for what it is worth because investors who price AI and software generally do not own clinical stage biotech. And vice versa. that is the entire rationale for separating and racing forward with Open Medicine AI. Open Medicine AI is 100% owned by Lantern today, It intends to raise capital at its own level in exchange for open medicine equity. With the longer term objective of becoming a separately listed company Lantern expects to remain 1 of its largest shareholders. So Lantern continues to retain the rights, the full access the platform for our own drugs, and this changes nothing about those programs' priority or timing. And we believe that the market there is much, much larger than just early oncology companies like ourselves. Analysts project the market to reach about 10 billion by 2030-2031. It with oncology as 1 of its largest segments. Even doing my own bottoms up analysis on companies and drug discovery, drug discovery technology, AI enabled. I expect it to easily reach $9 to $10+ billion by 2031. We will host a dedicated informational call in mid September on Open Medicine AI's market opportunity platform roadmap commercial model But putting all this together, a clinically validated platform with 3 drugs in trials a commercially accessible AI platform and software company with models and state of the art tools and a drug pipeline that all these all feed each other. You get a business model that extends well beyond just the clinical assets, We think it is a very powerful complement to have both of these engines, an AI engine, that can be separated and power dozens of companies and drug assets that are going after meaningful challenging, rare, and aggressive diseases. And we think these are very complementary. The AI tools and services we think, can grow to being several hundred million dollars in standalone value as part of this larger $10 billion market. We think a nice chunk of that 10 billion market will be agentic in nature, and open medicine will have a real chance at grabbing a significant piece of that. So these are 2 great growth engines in the company, and I will let David talk a little bit, David R. Margrave, to discuss our financials, our key metrics, and also dig into the details behind the noncash expenses that are related to warrants that drive a higher net operating loss than what is actually underneath the hood. So, David, I will turn it over to you. David R. Margrave: Thank you, Panna, and good morning, everyone. I will now share some financial highlights from our second quarter ended 06/30/2026. Before getting into the details of the quarter, I want to note that this quarter was different from prior quarters because we had a substantial noncash expense related to the issuance of warrants in connection with our May financing transaction and the way those warrants are treated for accounting purposes. I will discuss this topic in detail later in my discussion. Cash, cash equivalents, and marketable securities were approximately $7.4 million at June 30, 2026, consisting of approximately 6.7 million in cash and cash equivalents and approximately $700 thousand in marketable securities. Compared to approximately $10.1 million in cash, cash equivalents and marketable securities as of 12/31/2025. Funding received during the second quarter of 26 consisted of approximately $4.4 million in gross proceeds from our registered direct offering that closed on 05/14/2026. Additional funding is a top priority and we intend to pursue additional capital raises, collaborations, and other opportunities to extend our operating runway. R&D expenses were approximately $1.8 million for the 3 months ended 06/30/2026, compared to approximately $3.1 million for the 3 months ended 06/30/2025. This was a decrease of approximately $1.3 million or 42%. The decrease was primarily attributable to reductions of approximately $1 million in research studies and materials expenses relating to the conduct of our clinical trials, and decreases of approximately $300 thousand in salaries and benefit expenses. G&A expenses were approximately $1.7 million for the 3 months ended 06/30/2026 compared to approximately $1.6 million for the 3 months ended 06/30/2025. This was an increase of approximately $130 thousand or 8%. The increase was primarily attributable to increases in business development and investor relations expenses of approximately $360 thousand and salaries and benefits expense increases of approximately $140 thousand offset in part by decreases in other professional fees of approximately $350 thousand. Loss from operations was approximately $3.5 million for the 3 months ended 06/30/2026, compared to a loss from operations of approximately $4.7 million for the 3 months ended 06/30/2025. Representing a decrease of approximately 25% In connection with our May 2026 registered direct offering, in which we raised approximately $4.4 million in gross proceeds, the company issued investor warrants to purchase up to 2.14 million shares of common stock at an exercise price of $2.27 per share and placement agent warrants to purchase up to 107 thousand shares of common stock at an exercise price of $2.575 per share. These warrants are accounted for as liabilities due to a settlement feature that may be triggered in the event of a fundamental transaction. During the 3 months ended 06/30/2026, the company recorded an aggregate of approximately $3.6 million of expense related to these warrants. The main component of this was non cash expense arising from an increase in the fair value of the warrants that was driven primarily by a substantial increase in the company's stock price between the 05/14/2026 warrant issuance date and 06/30/2026. Other components related to warrant expense were loss on issuance of the warrants and warrant issuance costs. After including the noncash and other items related to warrants, our net loss was approximately $7.1 million or $0.57 per share for the 3 months ended 06/30/2026. Compared to a net loss of approximately $4.3 million or 40¢ per share for the 3 months ended 06/30/2025. For the 6 months ended 06/30/2026, our net loss was approximately $10.4 million or 88 cents per share compared to a net loss of approximately $8.9 million or $0.82 per share for the 6 months ended 06/30/2025. From a capitalization standpoint, as of 06/30/2026, the company had 12.8 million shares of common stock outstanding. And as we described, in May 2026, we closed a registered direct offering and concurrent private placement comprising 1.45 million shares of common stock prefunded warrants to purchase up to 682 thousand shares of common stock, investor warrants to purchase up to 2.14 million shares of common stock at an exercise price of $2.27 per share and placement agent warrants to purchase up to 107 thousand shares of common stock at an exercise price of $2.575 per share. There was no activity under our ATM sales facility during the 3 months ended 06/30/2026. I will now turn the call back over to Panna for additional update on our programs and operations. Panna? Panna Sharma: Thank you, David. 2 closing points. First, the number I want all of you to remember is that we advanced programs from AI derived insights to first in human clinical trials in a timeline under 3 years. Roughly 2 to 3 years at approximately $2 million to $3 million each. The industry norm to reach that same point is 5 to 10 years at 25 to a hundred. 3 molecules in clinical trials, dosed to over 100 patients, and at the same time, have been able to advance an AI platform that is launching commercially. Those numbers are not a marketing claim. it is actually our operating model. And it is a key part of our core advantage. Secondly, what we now have structurally that we did not have just in April is a lung cancer trial refined around a specific patient population. L858R mutations. We have European clearance for a dual biomarker trial, which will be led by investigators in Denmark in a challenging recurrent bladder cancer setting. And FDA cleared a second trial in triple negative breast cancer, post PARP refractory patients moving toward launch, and an AI and software company with executed licenses multiple engineering centers, and a growing user base. As David just walked you through, we actually did all that while our actual operating loss or loss from operations were down approximately 25% year over year. And we did all of this while continuing to advance both engines of growth. We believe that is a really important and smart way to build, and that is the argument for continuing to operate this way. We are not just building better tools. We are reimagining what is possible in precision oncology. And building the tools to support it. We believe this will be the standard for the rest of the industry, and more importantly, it is the platform that we think will be positioned to scale. I want to thank our team, our investigators, and our shareholders as we light our way through Precision Oncology Solutions we expect to have a lot of great additional results over the coming quarters. And I wanna especially thank our own team here at Lantern especially a long time member of our team who is moving on to a new leadership opportunity in media and technology after 5 years with us, 5 years of building this company's brand, voice communications, and also being an amazing colleague. So thank you very much. With that, I would like to now open the call to questions. Operator: You can type your question using the QA tool. Or raise your hand, and we will try to unmute your line and repeat your question. So any questions with the remaining time that we have? I am gonna go to the Q&A. Hey, Michael. You should be unmuted. Michael: Can you hear me? Yep. Good morning. 2 questions, Panna. 1 on LP-300, and then the other on OMAI. Just on LP-300, can you talk about where are you in the data analysis? You know, it is obviously nice to see the PFS stretching out a little bit more, but how mature is this dataset? Will it mature further? When do you plan to update us again and any other well and then the next question related to that is now that you got the protocol amendment in place, have any patients been enrolled under the new protocol? Panna Sharma: Alright. Let's go. A lot of questions, but I--you know, we once we got the--once we had sufficient confidence that the protocol would be amended and the data was trending that way, We wanted to get the new IRBs approved at all the sites, that is all been done now. So we expect enrollment to resume under the new 8 cycles, which is important. We think that will extend durability and maybe even deepen response. So we expect to be enrolling patients in Taiwan and the US under the new amended protocol. We hope to--you know, another 15 to 16 patients that will give us meaningful data, and we expect to enroll those over the next, you know, 4 to 6 months. both in the US and Taiwan. that is the initial focus. Michael: Will there be any other updates coming on the current cohort? Panna Sharma: We might--we may have an update toward the end of the year. I mean, I think other than just extending PFS, you are really relying on the next batch of patients coming in to see what kind of responses that we continue getting. Michael: Okay. Very good. Thanks for that update. And then just on open medicine, can you talk about I think, you know, most of us that come from sort of a therapeutics background are not AI experts, you know, most of the technology is a black box. Because, you know, the companies, you know, like in silico medicine and others do not open their, you know, kimonos to see what is actually operating internally. Maybe you can help us understand, you know, what your--you know, what your system looks like or how it compares, how should we think about it in the context of the other tools that are out there that the pharma industry seems to be taking advantage of. Yeah. Panna Sharma: So there is actually I am working on something for our mid September webinar, but the AI cycle in drug development, you know, we are kind of on our 4th cycle. I mean, if you go back to early days of supercomputer and molecular modeling, and large installed bases. It was kind of like the 1st wave limited resource limited compute resource, but infrastructure heavy. We are almost at the opposite end of that now. Where we have almost limitless compute resource and infrastructure install super light And there are 2 waves caught in between that. And we really did not have the capability to kind of get the transparency that you would want real time until after a algorithm was run. And oftentimes, those algorithms would take days or weekends or long term But now those can be done in seconds, and so you can get real-time, you know, what is the process that happened. We also did not have the software and tools to do large scale algorithm mapping and analysis, you know, because it was just extra overhead. But now we have the ability to do that, so we get transparency that we did not have that was a luxury in the past. Now it is commonplace, and people expect it. So a lot of the large scale AI providers, including the Anthropics and OpenAI's of the world, even, you know, to some extent, KIMI 3 and DeepSeqs have made some levels of transparency into how the system operates more expected. And that is something that we are we rest on the shoulders of. You know, we can--we can do it very differently. And so that is a platform that we have built. And more importantly, once you see this transparency, you as an enterprise user or end user, can actually tweak it and alter it. And that just did not exist before. So, yeah, we are in a different wave of how AI, and I--and I expect and I will mention this in the webinar in September is that the people who are going to be hit the hardest are going to be 2. Number 1, people who provide professional knowledge labor, basically. And then second, it is gonna be the existing installed base of software providers into pharma. Those days of going in and being able to charge $100, $500, $300, for some very, very specific functionality of an installed base Those days are gonna be gone. They are all gonna go to like Open Medicine And, also, you are not gonna hire teams of bioinformaticians and teams of data analytics people. it is just you can do all that now in the cloud with smart engineer or data science person. And you can launch swarms of people, swarms of agents doing this work for you. And that is especially what we have proven open medicine. So I think that is--I think that is the future, and I think that is where, you know, leading-edge providers like Claude Science and others are going toward. People are going to expect greater transparency. And if you really wanna democratize, the development of drugs, you are going to have to be able to allow people to go to a URL, to go to an app, and start their inquiry. And that is exactly where I see open medicine playing. Is a new category that just has not been valued and priced. I am writing a piece you will see by mid September. it is called the deflation of discovery and the birth of a new category. And that specifically talks to agentic AI in drug development and drug discovery. Okay. Thank you. Operator: Another question. I will take sorry. Panna Sharma: Another--yeah. Someone's asking any interest in withZeta from large pharma, and the quick answer is, yes. We have got a lot of pharma companies both biologic groups as well as small molecule groups We have had some have had several calls with us, some visited. So the answer is yes. Large pharma is definitely interested. This is something that they are all evaluating, cutting deals on, looking at. And, you know, large pharma will have to partner with agentic AI to make it commonplace. I mean, it is transforming the economics of early development and also late stage development. So yes, very much increasing interest. The more marketing, the more dollars we can put behind driving awareness of open medicine and with Zeta, the more I expect. The 1 thing that we have seen that has been solid is that once we put the tool in front of people, it gets very sticky. So yes. Thank you. Operator: Take another important question. Let's see if we can do this 1 live. We are trying to do some live. Can we--so, I do not know. Go ahead. Get the live person. I think Beau Parsons. You should be on live. Panna Sharma: I can read it also if you do not want to do it live. But okay. So this is another question. As our models, we expect, will be standards in biology and drug development. What are you doing to ensure that? And that other competitors do not copy your methods. Well, first of all, of course, everyone will copy 1 another. And that is part of putting open medicine separately is to allow it to move faster, further, and have its own independent balance sheet to ensure that you always stay 1 or 2 steps ahead. Companies--there are definitely companies that have more capital More capital does not necessarily mean you are gonna be the surviving entity You know, you can look at any industry. And category by category, but capital efficiency is important long term, which we have proven to be very capital efficient at. And but, you know--you know, we are at a point where it needs to be a separate entity and raise its own capital to stay ahead of the curve. Things that we are doing in addition to continuing to train our models and try to grow intelligently using our center in Bangalore, India. Those are things that we are doing. Also constantly benchmarking like we did with our BBB algorithm, like we are doing with our bio computational tools, we are trying to pick some of the toughest challenges and go deep as opposed to go broad. And that is 1 of the things that big components of that is going deep in certain categories versus broad across all of science. I do not think we ever would have claimed, hey. We are gonna be cloud science and do all of science. I think that just makes no sense to me. You can pick specific categories like rare cancers, specific areas like bio computational tools, specific problems like blood brain barrier or penetration into any tissue type, and do it and resolve it really, really well. So we are gonna go after certain diseases that we think require that kind of depth and then march forward in that fashion. But, yeah, capital, no doubt, more capital is needed to drive that. Operator: Let's go ahead and get to the next question. Let's go to this. Yeah. Sorry. Let's go to Baird and Redshift team. Maybe we can answer that 1 live. Baird and Redchip team, if you guys wanna ask your question live, They cannot--they cannot ask their question live. Panna Sharma: You have to read the question. Oh, okay. Alright. David, I am asking a question on what adoption and feedback look like. Adoption is very sticky. Like I said before, once we get it in front of users, we were taking certain measures to make sure that users get the benefit of the full platform. We have introduced a new code called with zeta 14. That people can sign up for. And get the full professional edition. People who apply with the professional edition, especially generative chemistry, bio computational tools, the investigator mode, tends to be very sticky. So that is exciting news. Key is getting them to that point. So we are also beginning to implement some more aggressive email campaigns to drive the awareness and specialized codes for certain larger pharma companies. But, yeah, great question. Operator: Okay. Analyst: Another question is anonymous. What would be the biggest benefit of the open medicine spinout will be for shareholders. Panna Sharma: Well, Lantern owns a 100% of open medicine today. We think it is poised to be very disruptive. Disruptive companies are usually valued--can be valued higher, and we are gonna raise capital. Lantern will continue being the largest shareholder, we think, for a while. And we may explore ways to distribute those--the underlying shares to all shareholders in Lantern. So those are things that we are talking about. You know, potentially distribution of the shares of Open Medicine to all Lantern shareholders. Again, we are having discussions. We are looking at the most efficient ways to do that, but I expect Lantern shareholders to continue being beneficiaries of that asset as we monetize it, both in private financings and very importantly, as it potentially goes into an exchange. Public exchange. Okay. I think we are coming up almost 45 minutes into the call. And we look forward to answering questions in 1-on-ones As it continues. I know we have a couple of requests for some 1-on-1 follow-up meetings. We will take those as well. And thank you guys for participating. I wanna thank all of the Lantern investors, people who are interested, and I look forward to giving you guys more updates as the year continues. Thank you, and I thank you again to our team as well. Thanks a lot. Before you buy stock in Lantern Pharma, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Lantern Pharma wasn’t one of them. 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This article first appeared on GuruFocus. Cash Position: Cash, cash equivalents, and marketable securities were approximately $7.4 million at June 30, 2026, down from approximately $10.1 million at December 31, 2025. Funding: Received approximately $4.4 million in gross proceeds from a registered direct offering that closed on May 14, 2026. R&D Expenses: Approximately $1.8 million for Q2 2026, a decrease of 42% year-over-year from $3.1 million in Q2 2025. G&A Expenses: Approximately $1.7 million for Q2 2026, an increase of 8% year-over-year from $1.6 million in Q2 2025. Loss from Operations: Approximately $3.5 million for Q2 2026, a 25% decrease from a loss of $4.7 million in Q2 2025. Net Loss: Approximately $7.1 million, or $0.57 per share, for Q2 2026, compared to a net loss of $4.3 million, or $0.40 per share, in Q2 2025. The increase was driven by a noncash expense of approximately $3.6 million related to warrants issued in the May 2026 financing. Six-Month Net Loss: Approximately $10.4 million, or $0.88 per share, for the six months ended June 30, 2026, compared to a net loss of $8.9 million, or $0.82 per share, in the prior-year period. Shares Outstanding: 12,759,146 shares of common stock outstanding as of June 30, 2026. Warning! GuruFocus has detected 2 Warning Signs with LTRN. Is LTRN fairly valued? Test your thesis with our free DCF calculator. Release Date: August 14, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Lantern Pharma Inc (NASDAQ:LTRN) reported a 25% reduction in total operating expenses year-over-year, demonstrating disciplined financial management. The company's lead drug candidate, LP-300, showed promising clinical data in the HARMONIC trial, with a median progression-free survival of 8.9 months in L858R patients who completed six cycles and a hazard ratio of 0.37. Lantern Pharma Inc (NASDAQ:LTRN) received EMA clearance for a Phase Ib/II trial of LP-184 in advanced bladder cancer and FDA clearance for a Phase Ib/II trial in triple-negative breast cancer, expanding its clinical pipeline. The company established Open Medicine AI (OMAI) as a separate entity, which is 100% owned by Lantern Pharma Inc (NASDAQ:LTRN) and aims to commercialize its AI platform, potentially unlocking significant value for shareholders. Lantern Pharma Inc (NASDAQ:LTRN) received a notice of allowance for a patent covering a three-gene patient selection method for LP-184, strengthening its intellectual property portfolio. The company's AI-driven approach has advanced three drug candidates to clinical trials in under three years at a fraction of the industry cost, highlighting operational efficiency. Lantern Pharma Inc (NASDAQ:LTRN) reported a net loss of $7.1 million for Q2 2026, which was higher than the $4.3 million loss in Q2 2025, primarily due to noncash warrant expenses. The company's cash position decreased to $7.4 million as of June 30, 2026, from $10.1 million at the end of 2025, indicating a need for additional capital to fund operations. The clinical data for LP-300 is based on small exploratory cohorts (e.g., nine patients), which are not powered for statistical significance and could change as more data is collected. Lantern Pharma Inc (NASDAQ:LTRN) faces significant competition in the AI-driven drug discovery space, with larger companies having more capital and resources. The company's ability to generate revenue from its AI platform, Open Medicine AI, is unproven, and the market for such tools is still emerging, posing execution risks. The company's stock price volatility, driven by warrant accounting, could create uncertainty for investors, as seen in the $3.6 million noncash expense recorded in Q2 2026. Q: Can you provide an update on the LP-300 HARMONIC trial data maturity, the timeline for the next data update, and whether patients have been enrolled under the new amended protocol?A: Panna Sharma (President and CEO): All IRB approvals for the amended protocol are complete, and enrollment has resumed under the new eight-cycle treatment plan in the US and Taiwan. We expect to enroll an additional 15-16 patients over the next four to six months to generate meaningful data. We may provide an update toward the end of the year, but the primary focus is on the responses from this next cohort of patients. Q: Can you explain how Open Medicine AI's (OMAI) technology differs from other AI drug discovery tools on the market, and how should we think about its transparency and competitive positioning?A: Panna Sharma (President and CEO): We are in the fourth cycle of AI in drug development, moving from heavy infrastructure to limitless compute with super-light installation. Our multi-agentic system provides real-time transparency that was previously a luxury, allowing enterprise users to tweak and alter processes. This is a new category that will disrupt traditional installed-base software providers and professional knowledge labor. We are focusing on going deep in specific areas like rare cancers and bio-computational tools rather than broad across all science, which we believe will be a key differentiator. Q: What is the biggest benefit of the Open Medicine AI spin-out for Lantern Pharma shareholders?A: Panna Sharma (President and CEO): Lantern owns 100% of Open Medicine AI today. We believe it is poised to be disruptive and will raise capital at its own level. Lantern expects to remain the largest shareholder, and we are exploring ways to potentially distribute the underlying shares of Open Medicine AI to all Lantern shareholders, ensuring they benefit from the asset's monetization as it potentially goes public. Q: Is there interest from large pharmaceutical companies in the withZeta platform?A: Panna Sharma (President and CEO): Yes, there is significant interest. We have had several calls and visits from both biologics and small molecule groups within large pharma. They are all evaluating how to partner with agentic AI to transform the economics of early and late-stage development. The tool is very sticky once placed in front of users, and increased marketing dollars will drive more awareness and adoption. Q: What are the key financial highlights for the second quarter of 2026, and how did the warrant-related expenses impact the net loss?A: David Margrave (CFO): Cash and marketable securities were approximately $7.4 million at June 30, 2026. R&D expenses decreased 42% to $1.8 million, and loss from operations decreased 25% to $3.5 million year-over-year. The net loss of $7.1 million included a substantial noncash expense of approximately $3.6 million related to the fair value increase of warrants issued in the May 2026 financing, driven by a significant stock price increase. Excluding these noncash items, the underlying operating loss was significantly lower. Q: Can you elaborate on the clinical data for LP-184 and the significance of the recent EMA clearance and FDA-cleared trial?A: Panna Sharma (President and CEO): We received EMA clearance for an investigator-initiated Phase Ib/II trial in advanced bladder cancer in Denmark, using a dual biomarker strategy (PTGR1 overexpression and DNA damage repair deficiency). We also received FDA clearance for a Phase Ib/II trial of LP-184 monotherapy in relapsed/refractory triple-negative breast cancer, targeting tumors with DNA damage repair alterations. These advancements are backed by data from our 63-patient trial showing exceptional sensitivity in patients with specific gene alterations like CHEK2, ATM, and BRCA1. Q: What is the significance of the patent allowance for LP-184's patient selection method?A: Panna Sharma (President and CEO): We received a notice of allowance for a patent covering a three-gene selection method (PTGR1, PTPN14, ASPH) to identify patients most likely to respond to LP-184. This patent covers the selection logic itself in four tumor types: ovarian, liver, kidney, and thyroid cancer. This is a critical piece of intellectual property that maps directly to the therapeutic intervention and is difficult to replicate. Q: Can you provide an update on the STAR-001 pediatric oncology program and its potential for monetization?A: Panna Sharma (President and CEO): We are actively working with two pediatric oncology consortia to determine the most expedient path to bring LP-184 into a trial for brain cancers. We are also working to enable compassionate use for rare pediatric brain tumors. STAR-001 is 100% owned by Lantern, holds its own INDs and regulatory designations, and is eligible for priority review vouchers in four indications. We expect to raise separate funding for it, and it serves as a template for the Open Medicine AI spin-out. Q: How does the company plan to manage its cash runway and pursue additional funding?A: David Margrave (CFO): Additional funding is a top priority. We intend to pursue additional capital raises, collaborations, and other opportunities to extend our operating runway. The May 2026 registered direct offering raised approximately $4.4 million in gross proceeds. We are focused on disciplined execution, as evidenced by the 25% reduction in operating expenses year-over-year. Q: What is the market opportunity for Open Medicine AI, and how does it fit into the broader AI drug discovery landscape?A: Panna Sharma (President and CEO): Analysts project the AI drug discovery market to reach about $10 billion by 2030-2031, with oncology being one of the largest segments. We believe a significant portion will be agentic in nature. Open Medicine AI is positioned to capture a meaningful share of this market, and we will host a dedicated informational call in mid-September to detail the market opportunity, platform, roadmap, and commercial model. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Open Medicine AI Established as a Separate Company with Executed Commercial Licenses; Progression-Free Survival Benefit Deepens in EGFR Exon 21 L858R Lung Cancer with LP-300; EMA Clears LP-184, zirdafulven, for Biomarker-Selected Bladder Cancer Trial; LP-184 Development Positioned to Advance in Multiple Indications including Triple Negative Breast Cancer and Pediatric Brain Cancers Open Medicine AI (OMAI) established as a separate company with board-approved commercial licensing agreements executed, operating the multi-agentic AI co-scientist platform previously launched as withZeta.ai. OMAI is currently wholly owned by Lantern and intends to raise capital at the OMAI level. A dedicated OMAI informational call is planned for mid-September 2026 to detail the market opportunity, platform roadmap, and commercial model. LP-300 – HARMONIC™ benefit deepens with treatment duration in emerging dataset: Median progression-free survival of 8.9 months in EGFR exon 21 L858R patients who completed six cycles of LP-300 (n=9), compared with 8.4 months across the overall L858R cohort (n=16), and a hazard ratio of 0.37 (95% CI 0.15–0.89) favoring the L858R subgroup. A 77% clinical benefit rate and tumor reduction in more than 70% of evaluable patients, with durable responses beyond two years — and no clinically meaningful toxicity added beyond chemotherapy. Phase 2 protocol amendment FDA-reviewed with no objections to key proposed amendments: enrollment will now be concentrated on EGFR exon 21 L858R patients with a single-arm design, and maximum LP-300 treatment extended from six to eight cycles. Enrollment will continue at sites in the United States and Taiwan. EMA clearance in bladder cancer for LP-184 (zirdafulven): an investigator-initiated Phase 1b/2 trial of zirdafulven at Rigshospitalet in Denmark, among the first studies to prospectively select patients using a dual biomarker strategy — PTGR1 overexpression combined with tumor DNA-damage repair deficiency. FDA cleared triple-negative breast cancer (TNBC) clinical trial advancing toward initiation: a planned Phase 1b/2 trial of LP-184 monotherapy in relapsed/refractory advanced or metastatic TNBC with homologous recombination deficiency. USPTO Notice of Allowance received for claims covering a three-gene expression signature used to select patients for treatment with LP-184 across four solid tumor indications. Financial Position: Cash, cash equivalents, and marketable securities of approximately $7.4 million as of June 30, 2026. Funding received in the second quarter consisted of approximately $4.4 million in gross proceeds from the registered direct offering that closed on May 14, 2026. Second quarter loss from operations decreased approximately 25% year over year, to approximately $3.5 million for Q2 2026. Conference call and webcast scheduled for Friday, August 14, 2026 at 9:00 a.m. ET. DALLAS, August 14, 2026--(BUSINESS WIRE)--Lantern Pharma Inc. (NASDAQ: LTRN), a clinical-stage AI-driven precision oncology company leveraging its proprietary RADR® artificial intelligence (AI) and machine learning (ML) platform to transform the cost, pace, and timeline of oncology drug discovery and development, today announced operational highlights and financial results for the second quarter ended June 30, 2026, and provided an update on its portfolio of AI-driven drug candidates and AI platforms. The second quarter of 2026 marked continued execution of Lantern’s strategy to translate its AI platform into differentiated clinical, regulatory, intellectual property, and commercial milestones. Emerging data from the HARMONIC™ trial indicated that LP-300’s progression-free survival benefit deepens with longer treatment duration in patients with EGFR exon 21 L858R-mutations, while the FDA reviewed key protocol amendments without objection. The European Medicines Agency (EMA) cleared an investigator-initiated Phase 1b/2 trial of LP-184 (zirdafulven) for biomarker-selected, advanced bladder cancer patients, and the U.S. Patent and Trademark Office issued a Notice of Allowance covering a three-gene patient-selection signature for LP-184. In August, Lantern established Open Medicine AI as a separate company and entered into board-approved commercial licensing agreements. Reflecting ongoing operating discipline, loss from operations declined approximately 25% year over year for the quarter. "The emerging HARMONIC™ data point to a clear observation: L858R patients who stay on LP-300 longer do better," said Panna Sharma, President and Chief Executive Officer of Lantern Pharma. "A signal that strengthens with time should shape trial design, and that is exactly what our amended protocol does — concentrate enrollment where the benefit is deepest and extend treatment from six cycles to eight. The FDA reviewed those amendments without objection. "The quarter also showed what our AI-enabled model produces: a Notice of Allowance on the patient-selection signature for LP-184, European clearance to administer that drug in a dual-biomarker-selected bladder cancer trial, and Open Medicine AI established as a separate company. We have advanced new programs from AI-derived insights to first-in-human clinical trials in roughly two to three years at approximately $2 to $3 million each. The industry norm to reach that same point is five to ten years and $25 to $100 million. That difference is not a marketing claim; it is our operating model." With the establishment of Open Medicine AI, Lantern has two value-creation engines: A clinical-stage, precision oncology drug development business advancing biomarker-guided therapies across solid tumors, blood cancers, and pediatric brain cancers; and An AI platform business addressing the opportunity in AI-enabled drug discovery, the market for which is projected to exceed $10 billion by 2030, with oncology as its largest therapeutic segment. Open Medicine AI: Establishment as a Separate Company In August 2026, Lantern announced the formal creation of Open Medicine AI (OMAI) and the execution of commercial licensing agreements between OMAI and Lantern Pharma. The agreements, approved by the Lantern Pharma Board of Directors, were contemplated in the framework of the Company’s May 2026 registered direct financing and establish the commercial operating structure for the multi-agentic AI co-scientist platform previously launched as withZeta.ai. Under the agreements, OMAI licenses Lantern’s related models, data, algorithms, and other assets and personnel. "Open Medicine AI is not a research project with a logo on it. It has board approval, executed licenses, a platform in production, paying subscription tiers, and two engineering centers. We believe that this is a great foundation from which to attract investors who can value AI and a technology-centric disruptive business separate from our portfolio of cancer drug-candidates," said Mr. Sharma, who is the Founder of Open Medicine AI and continues as President and Chief Executive Officer of Lantern Pharma. "Separating OMAI is intended to let each business be funded by the investors who understand it and valued on the metrics that apply to it." OMAI is currently 100% owned by Lantern Pharma. OMAI intends to obtain additional funding in exchange for equity in OMAI, and the longer-term objective is for OMAI to become a newly listed company on a national stock exchange or market, with Lantern expecting to remain one of OMAI’s largest shareholders. As OMAI receives outside funding, additional operational and success incentives are expected to be put in place for the Open Medicine AI team. Today OMAI is a wholly-owned subsidiary, and Lantern retains the ability to apply the platform across its clinical pipeline and preclinical assets, including LP-184, LP-284, and LP-300, and the separation does not alter the priority or expected timing of those programs, which remain the Company’s principal clinical value drivers. OMAI will operate as a commercial software business through tiered subscriptions based on functionality and tool access, alongside enterprise agreements for organizations requiring broader deployment and integration with internal data and workflows. Target customers include biopharmaceutical and biotechnology R&D organizations, academic medical centers, life sciences investors, and disease foundations. The platform comprises coordinated specialist agents spanning medicinal chemistry, computational biology, clinical trial strategy, biomarkers and translational science, and clinical oncology. Development is anchored by AI Centers of Excellence in Dallas, Texas and Bengaluru, India, the latter established in the first quarter of 2026. In July 2026, the Company launched ZetaOmics™, the computational-biology module of the platform — an autonomous "Computational Biologist" agent that designs an analysis, executes it independently on real biological data, defends its methodological choices, and returns publication-quality results with a queryable, exportable audit trail suited to regulated research. Management will host a dedicated informational call and webcast in mid-September 2026 to discuss the Open-Medicine AI market opportunity, platform roadmap, and commercial model in greater detail. Details will be announced separately. Clinical Pipeline Developments Lantern’s AI-driven clinical pipeline encompasses multiple drug candidates across solid tumors, blood cancers, and pediatric oncology, with a combined estimated annual market potential exceeding $15 billion. The portfolio includes a Phase 2 clinical program (LP-300) in NSCLC focused on never-smokers and non-smokers with the EGFR exon 21 L858R mutation; Phase 1b/2 trial (LP-184) in precision, biomarker-defined advanced bladder cancer; and an ongoing Phase 1a program in hematologic malignancies and soft tissue sarcomas (LP-284). Additionally, through wholly-owned subsidiary Starlight Therapeutics, the Company has a planned Phase 1 pediatric CNS cancer trial and a planned Phase 1b trial in adult relapsed glioblastoma (GBM) in combination with spironolactone, both with STAR-001 (LP-184). Each program has been guided by the RADR® platform’s AI-driven insights and capabilities which are aimed at compressing the cost and timeline of cancer drug development. LP-300 HARMONIC™ Trial: Progression-Free Survival Benefit Deepens With Treatment Duration In June 2026, Lantern reported emerging data from the ongoing Phase 2 HARMONIC™ trial (NCT05456256) of LP-300 in combination with carboplatin and pemetrexed as of the May 11, 2026 data cutoff. The data revealed a dose-duration relationship in which the progression-free survival benefit of LP-300 deepens with treatment duration, most pronounced in patients with the EGFR exon 21 L858R mutation. Progression-Free Survival: Median progression-free survival reached 8.9 months among L858R patients who completed six cycles of LP-300 (n=9, of whom three had not progressed at the time of analysis), compared with 8.4 months across the overall L858R cohort (n=16). The L858R subgroup corresponded to a hazard ratio of 0.37 (95% CI 0.15–0.89). Depth and Durability of Response: More than 70% of evaluable L858R patients experienced a reduction in target-lesion size, including a complete response and multiple partial responses among the deepest responders, with certain responses sustained beyond two years and a clinical benefit rate of 77%. Dose-Duration Relationship: Comparable safety profiles were observed across patients receiving four or six cycles of LP-300, with no evidence of increased adverse events with longer treatment duration. This trend is consistent with LP-300’s kinase inhibitory mechanism of action and provides supporting scientific rationale for extending the maximum number of treatment cycles from six to eight. Safety and Tolerability: No clinically meaningful toxicity was observed beyond that of carboplatin and pemetrexed alone. Lantern believes this profile compares favorably with amivantamab plus chemotherapy on a cross-trial basis and supports the extended treatment duration. Preliminary multivariable Cox regression analyses incorporating race, gender, and TP53 mutation status confirmed L858R as an independent predictor of progression-free survival benefit. These data are exploratory and based on small patient cohorts. Following a successful outcome from its May 2026 Type C meeting request, at which the FDA raised no objections to key proposed amendments, the Company has implemented protocol changes that: (i) focus future enrollment on patients with the EGFR exon 21 L858R mutation, a subtype demonstrating lower sensitivity and inferior treatment outcomes with osimertinib-based therapy; (ii) increase the maximum number of LP-300 treatment cycles from six to eight; and (iii) discontinue enrollment into the control arm while migrating to a single-arm study design. The HARMONIC™ trial will continue to enroll in the United States and in Taiwan, where more than 50% of lung cancer cases occur in never-smokers; targeted enrollment in Japan was completed in July 2025 across five clinical sites including the National Cancer Center Tokyo. The Company furnished its data presentation as an exhibit to a Current Report on Form 8-K and used the dataset in partnering and clinical discussions at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting, including potential global and regional licensing and co-development opportunities. Never-smoker NSCLC is increasingly recognized as a distinct disease entity with unique clinical and genomic characteristics, representing a global market opportunity estimated at over $4 billion annually, with no therapies specifically approved for these patients. LP-184 (zirdafulven): EMA Clearance for Biomarker-Selected Bladder Cancer Trial In July 2026, the European Medicines Agency cleared an investigator-initiated Phase 1b/2 clinical trial of LP-184 (zirdafulven) in advanced, recurrent bladder cancer. The study will be conducted at Rigshospitalet in Copenhagen, Denmark’s national referral center for urologic cancers, with Professor Kristoffer Staal Rohrberg, MD, PhD, serving as Sponsor and Principal Investigator and Professor Helle Pappot, MD, DMSc, serving as Coordinating Investigator. The open-label study is designed to enroll up to approximately 39 patients with advanced or metastatic urothelial carcinoma who have progressed on or are ineligible for current standard-of-care regimens, including patients treated after enfortumab vedotin plus pembrolizumab. It is among the first studies to prospectively select patients using a dual biomarker strategy, combining overexpression of the LP-184-activating enzyme PTGR1 with tumor DNA-damage repair deficiency. LP-184 will be administered on Days 1 and 8 of each 21-day cycle, with objective response rate by RECIST 1.1 as the primary endpoint. Bladder cancer is among the ten most common cancers worldwide, with approximately 550,000 new cases diagnosed annually, and there is no FDA-approved therapy for nucleotide excision repair deficient tumors. Lantern is initially positioning LP-184 in a clinical trial where it will be used primarily in the third-line setting. This represents approximately 130,000 eligible patients globally each year and a potential market opportunity estimated by analysts at $3 billion or more by 2035. LP-184 (zirdafulven): Expanded Patent Estate and Advancement in Triple-Negative Breast Cancer In July 2026, the United States Patent and Trademark Office issued a Notice of Allowance for U.S. Patent Application No. 17/230,821, covering methods of selecting and treating patients with ovarian, primary liver, kidney, or thyroid cancer with LP-184 based on measured elevated expression of three genes — PTGR1, PTPN14, and ASPH — in a patient tumor sample. Lantern intends to continue expanding its patent portfolio through additional filings covering further indications and biomarker-guided applications of LP-184. Lantern is preparing to initiate a Phase 1b/2 trial of LP-184 monotherapy in patients with relapsed or refractory advanced or metastatic triple-negative breast cancer (TNBC) whose tumors carry DNA damage repair alterations, homologous recombination deficiency, or genomic loss of heterozygosity. The study has been cleared by the FDA and is designed to enroll approximately 40 patients across two dose-level cohorts in Phase 1b to confirm the recommended Phase 2 dose, followed by a Simon two-stage Phase 2a assessment of preliminary objective response rate. LP-184 completed a 63-patient Phase 1a trial (NCT05933265) achieving all primary endpoints and establishing a recommended Phase 2 dose of 0.39 mg/kg, and has received Fast Track and Orphan Drug designations from the FDA across multiple indications including TNBC. LP-284 and Starlight Therapeutics LP-284 continues in an ongoing Phase 1 program in hematologic malignancies and adult soft tissue sarcomas, and holds FDA Orphan Drug Designations for soft tissue sarcomas, mantle cell lymphoma, and high-grade B-cell lymphomas, with composition of matter patents providing protection through 2039 in major medicine markets. Starlight Therapeutics holds FDA clearance of the Investigational New Drug application for its planned Phase 1 pediatric CNS cancer trial of STAR-001 (LP-184) in Atypical Teratoid Rhabdoid Tumor (ATRT) and other rare pediatric cancers. STAR-001 holds Rare Pediatric Disease Designation and Orphan Drug Designation for ATRT, with additional designations for hepatoblastoma, rhabdomyosarcoma, and malignant rhabdoid tumors. Each Rare Pediatric Disease Designation independently qualifies for a potential FDA Priority Review Voucher upon potential approval and satisfaction of other program conditions; such vouchers have historically been sold or transferred in the range of $100 million to $150 million or more, representing a potentially meaningful source of non-dilutive value independent of the commercial potential of the underlying therapy. Starlight is also advancing plans for a Phase 1b trial of STAR-001 in adult patients with relapsed glioblastoma in combination with spironolactone, where preclinical studies have demonstrated meaningful synergy relative to either agent alone. Lantern and Starlight continue to explore partnership opportunities across both pediatric and adult CNS indications. Financial Results for the Second Quarter Ended June 30, 2026 Balance Sheet: Cash, cash equivalents, and marketable securities were approximately $7.4 million as of June 30, 2026 (consisting of approximately $6.7 million in cash and cash equivalents and approximately $0.7 million in marketable securities), compared to approximately $10.1 million of cash, cash equivalents, and marketable securities as of December 31, 2025. Funding received during the second quarter consisted of approximately $4.4 million in gross proceeds from a registered direct offering that closed on May 14, 2026. The Company intends to pursue additional capital raises, collaborations and other opportunities to extend its operating runway. Research and Development Expenses: R&D expenses were approximately $1.8 million for the three months ended June 30, 2026, compared to approximately $3.1 million for the three months ended June 30, 2025, a decrease of approximately $1.3 million or 42%. The decrease was primarily attributable to reductions of approximately $1.0 million in research studies and materials expenses relating to the conduct of our clinical trials and decreases of approximately $0.3 million in salaries and benefit expenses. General and Administrative Expenses: G&A expenses were approximately $1.7 million for the three months ended June 30, 2026, compared to approximately $1.6 million for the three months ended June 30, 2025, an increase of approximately $0.13 million or 8%. The increase was primarily attributable to increases in business development and investor relations expenses of approximately $0.36 million and salaries and benefit expense increases of approximately $0.14 million, offset in part by decreases in other professional fees of approximately $0.35 million. Operating Loss: Loss from operations was approximately $3.5 million for the three months ended June 30, 2026, compared to a loss from operations of approximately $4.7 million for the three months ended June 30, 2025, a decrease of approximately 25%. Warrant Expense: In connection with the May 2026 offering, the Company issued investor warrants to purchase up to 2,135,923 shares of common stock at an exercise price of $2.27 per share, and placement agent warrants to purchase up to 106,796 shares of common stock at an exercise price of $2.575 per share. These warrants are accounted for as liabilities due to a settlement feature that may be triggered in the event of a fundamental transaction. During the three months ended June 30, 2026, the Company recorded an aggregate of approximately $3.6 million of expense related to these warrants. The principal component was non-cash expense arising from an increase in the fair value of the warrants, driven primarily by a substantial increase in the Company’s stock price between the May 14, 2026 warrant issuance date and June 30, 2026. Other components related to warrant expense were loss on issuance of the warrants and warrant issuance costs. Net Loss: After including non-cash and other items relating to warrants, net loss was approximately $7.1 million (or $0.57 per share) for the three months ended June 30, 2026, compared to a net loss of approximately $4.3 million (or $0.40 per share) for the three months ended June 30, 2025. For the six months ended June 30, 2026, net loss was approximately $10.4 million (or $0.88 per share), compared to a net loss of approximately $8.9 million (or $0.82 per share) for the six months ended June 30, 2025. "Our reported net loss went up largely because our stock price went up," said Mr. Sharma. "That is warrant accounting, not the operating business. A key number that shows how we actually run the company — loss from operations — fell approximately 25% in a quarter when we secured European clearance for a new precision oncology trial and established a separate AI software company." Capitalization: As of June 30, 2026, the Company had 12,759,146 shares of common stock outstanding. On May 14, 2026, the Company closed a registered direct offering and concurrent private placement comprising 1,454,175 shares of common stock, pre-funded warrants to purchase up to 681,748 shares of common stock, investor warrants to purchase up to 2,135,923 shares of common stock at an exercise price of $2.27 per share, and placement agent warrants to purchase up to 106,796 shares of common stock at an exercise price of $2.575 per share. There was no activity under the Company’s ATM Sales Agreement during the three months ended June 30, 2026. Additional detail is available in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the Securities and Exchange Commission. Conference Call Information Lantern Pharma will host a conference call and webcast to discuss second quarter 2026 financial results and business updates on Friday, August 14, 2026 at 9:00 a.m. Eastern Time / 6:00 a.m. Pacific Time.  To participate, please register at the Zoom webcast link: https://us06web.zoom.us/webinar/register/7017858906483/WN_muTjUTZiTNC4JYT9RXcKfQ#/registration A replay will be available following the call in the investor relations section of Lantern’s website at ir.lanternpharma.com. About Lantern Pharma Lantern Pharma (NASDAQ: LTRN) is an AI-driven company transforming the cost, pace, and timeline of oncology drug discovery and development. Our proprietary AI and machine learning platform, RADR®, leverages over 200+ billion oncology-focused data points and a library of 200+ advanced ML algorithms to help solve billion-dollar, real-world problems in oncology drug development and generate oncology medicines at dramatically reduced costs and accelerated timelines. By harnessing the power of AI and with input from world-class scientific advisors and collaborators, we have accelerated the development of our growing pipeline of drug candidates that span multiple cancer indications, including both solid tumors and blood cancers and an antibody-drug conjugate (ADC) program. On average, our newly developed drug programs have been advanced from initial AI insights to first-in-human clinical trials in approximately two to three years and at approximately $2 to $3 million per program. Our lead development programs include a Phase 2 clinical program in never-smoker and non-smoker NSCLC, Phase 1b/2 trials in biomarker-defined solid tumors, and an ongoing Phase 1 program in hematologic malignancies and adult soft tissue sarcomas. We have also established a wholly-owned subsidiary, Starlight Therapeutics, to focus exclusively on the clinical execution of our therapies for CNS and brain cancers. Lantern established an AI Center of Excellence in Bengaluru, India in the first quarter of 2026 and has commercialized its multi-agentic AI capabilities through the platform now operating as Open-Medicine AI (OMAI). Our AI-driven pipeline of innovative product candidates is estimated to have a combined annual market potential of over $15 billion USD. Website: www.lanternpharma.com HARMONIC™ Trial: www.harmonictrial.com LinkedIn: https://www.linkedin.com/company/lanternpharma/ X: @lanternpharma Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among other things, statements relating to: future events or our future financial performance; the potential advantages of our RADR® platform and Open-Medicine AI; the planned implementation of protocol amendments and the development pathway for LP-300 in patients harboring the EGFR exon 21 L858R mutation; LP-300’s potential clinical activity and tolerability profile; the anticipated initiation, design, timing, conduct, and potential of the planned Phase 1b/2 clinical trials of LP-184 (zirdafulven) in bladder cancer and in triple-negative breast cancer; the anticipated benefits of a dual-biomarker patient-selection strategy; the establishment of Open Medicine AI as a separate entity and the anticipated benefits of such separation, including its planned commercialization, funding, and potential future public emergence; our plans to pursue additional funding and estimates regarding the sufficiency of capital resources; estimates regarding patient enrollment, patient populations, potential markets and potential market sizes; and our plans to discover and develop drug candidates and to maximize their commercial potential by advancing such drug candidates ourselves or in collaboration with others. Any statements that are not statements of historical fact (including, without limitation, statements that use words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "model," "objective," "aim," "upcoming," "should," "will," "would," or the negative of these words or other similar expressions) should be considered forward-looking statements. There are a number of important factors that could cause our actual results to differ materially from those indicated by the forward-looking statements, such as (i) the risk that we may not be able to secure sufficient future funding when needed and as required to advance and support our existing and planned clinical trials and operations, (ii) the risk that observations in preclinical studies and emerging or preliminary observations in clinical studies do not ensure that later observations, studies and development will be consistent or successful, (iii) the risk that any clinical benefit observed to date relating to LP-300 may not be reproduced in the completed HARMONIC™ trial or in larger or confirmatory studies, (iv) the risk that clinical data referenced in this press release are exploratory and preliminary, based on small patient cohorts, and may not be representative of outcomes in broader populations, (v) the risk that cross-trial comparisons are provided for context only and should not be interpreted as direct evidence of comparative safety or efficacy, (vi) the risk that our research and the research of our collaborators may not be successful, (vii) the risk that we may not be successful in licensing our product candidates or in completing potential partnerships and collaborations, (viii) the risk that none of our product candidates has received marketing approval from the FDA, the EMA or any other regulatory authority, and we may not be able to successfully initiate, conduct, or conclude clinical testing for or obtain regulatory marketing approval for our product candidates, (ix) the risk that no drug product based on our proprietary AI platforms has received FDA, EMA or other marketing approval or otherwise been incorporated into a commercial product, (x) the risk that our AI platform commercialization efforts, including Open-Medicine AI, may not generate the anticipated revenue or achieve the expected market adoption, (xi) the risk that the separation of Open Medicine AI may not deliver the anticipated benefits on the contemplated terms or timeline or at all, (xii) the risk that investigator-initiated clinical trials, including the EMA-cleared Phase 1b/2 trial of LP-184, may not initiate, enroll, or complete on the anticipated timeline or at all, and (xiii) those other factors set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 30, 2026 and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. You may access our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 under the investor SEC filings tab of our website at www.lanternpharma.com or on the SEC’s website at www.sec.gov. Given these risks and uncertainties, we can give no assurances that our forward-looking statements will prove to be accurate, or that any other results or events projected or contemplated by our forward-looking statements will in fact occur, and we caution investors not to place undue reliance on these statements. All forward-looking statements in this press release represent our judgment as of the date hereof, and, except as otherwise required by law, we disclaim any obligation to update any forward-looking statements to conform the statement to actual results or changes in our expectations. Lantern Pharma Disclosure Channels to Disseminate Information Lantern Pharma’s investors and others should note that we announce material information to the public about our company through a variety of means, including our website, press releases, SEC filings, digital newsletters, and social media, in order to achieve broad, non-exclusionary distribution of information to the public. We encourage our investors and others to review the information we make public in the locations above as such information could be deemed to be material information. Please note that this list may be updated from time to time. View source version on businesswire.com: https://www.businesswire.com/news/home/20260814100282/en/ Contacts Investor ContactInvestor [email protected] +1-972-277-1136

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management characterizes the current period as an 'acceleration' of AI in medicine, transitioning from discovery to real-world clinical validation across multiple patient trials. The company established Open Medicine AI (OMAI) as a separate entity to unlock the value of its 'agentic' AI infrastructure, which management believes is currently undervalued within a clinical-stage biotech structure. Performance in the LP-300 Harmonic trial was driven by the discovery that L858R mutations serve as an independent predictor of drug benefit, with efficacy deepening the longer patients remain on therapy. Operational efficiency is highlighted by a 25% year-over-year reduction in operating expenses, achieved while simultaneously advancing three clinical programs and launching a new subsidiary. The 'agentic' AI model (RADR with Zeta) is designed to move beyond single-query AI by using specialized agents that cross-validate results, creating a transparent and auditable 'co-scientist' framework. Strategic positioning focuses on high-need, rare pediatric and adult cancers where the company holds four priority review vouchers, each potentially worth $150 to $200 million upon approval. The LP-300 trial has been amended to a single-arm design focused exclusively on L858R patients, with treatment cycles extended from 6 to 8 to maximize observed durability. Management expects to enroll an additional 15 to 16 patients in the amended LP-300 trial over the next 4 to 6 months across sites in the U.S. and Taiwan. Open Medicine AI intends to raise independent capital to fund its roadmap, with Lantern aiming to remain a major shareholder while potentially distributing equity to its own investors. The company is actively pursuing compassionate use and consortia partnerships for its pediatric brain tumor program (STARLIGHT) to expedite clinical entry. A dedicated informational call is scheduled for mid-September 2026 to detail the commercial model and market opportunity for the Open Medicine AI platform. Net loss for Q2 2026 included a $3.6 million non-cash expense related to the revaluation of warrants, driven by a significant increase in the company's stock price following a May financing. The company secured a notice of allowance for a 3-gene selection patent (PTGR1, PTPN14, ASPH), which management views as a critical barrier to entry for competitors in the LP-184 space. Lantern maintains a highly capital-efficient development model, reaching first-in-human trials in 2-3 years at a cost of $2-$3 million per molecule, significantly below industry averages. The establishment of Open Medicine AI involved formal board-approved commercial licensing agreements to ensure Lantern retains full access to the platform for its internal drug pipeline. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed that all sites have approved the new protocol amendments and enrollment is resuming under the 8-cycle regimen. A data update is anticipated toward the end of the year, though significant new insights will depend on the next batch of enrolled patients. Management argues the industry is entering a 'fourth cycle' of AI characterized by 'agentic' swarms that provide transparency and real-time audit trails, unlike legacy 'black box' models. The platform is positioned to disrupt professional knowledge labor and legacy software providers by allowing users to launch automated swarms of bioinformaticians in the cloud. Panna Sharma confirmed active discussions with both small molecule and biologic groups within large pharma who are evaluating the agentic AI tools. Early feedback indicates the platform is 'very sticky' once users engage with professional-tier features like generative chemistry and investigator mode. The separation allows the AI business to be priced by software-focused investors rather than biotech investors, potentially leading to a higher valuation. Lantern is exploring the most efficient ways to potentially distribute Open Medicine AI shares directly to Lantern shareholders in the future.

Webcast to be held Friday, August 14th, 9:00 a.m. ET, register for the webcast here, or at the link provided below. DALLAS, August 07, 2026--(BUSINESS WIRE)--Lantern Pharma Inc. (NASDAQ: LTRN), an artificial intelligence ("AI") company developing targeted and transformative cancer therapies using its proprietary RADR® and Open-Medicine AI platforms with multiple clinical stage drug programs, today announced that it will host its second quarter 2026 operating and financial results webcast on Friday, August 14, at 9:00 a.m. Eastern Time / 6:00 a.m. Pacific Time. Management intends to discuss the operating and financial results for the second quarter ended June 30, 2026 and provide guidance on upcoming milestones, clinical trials and developments relating to the RADR® and Open-Medicine AI platforms. Panna Sharma, President and Chief Executive Officer of Lantern Pharma, will lead the call and will be joined by other members of the management team. To register for the webinar, please sign up at the Zoom webcast link provided in the link: Lantern Pharma Q2 2026 earnings Zoom webcast registration link. A replay of the earnings call webcast will be available after the call on the investor relations section of the Company's website: ir.lanternpharma.com. About Lantern Pharma Lantern Pharma Inc. (Nasdaq: LTRN) is a clinical-stage precision oncology company leveraging artificial intelligence and machine learning to transform cancer therapy development. The Company’s pipeline includes LP-300, LP-184, and LP-284. Lantern established an AI Center of Excellence in Bengaluru, India, in the first quarter of 2026 and has commercialized its multi-agentic AI capabilities through the platform now operating as Open-Medicine AI (OMAI). For more information, visit: Website: www.lanternpharma.com LinkedIn: https://www.linkedin.com/company/lanternpharma/ X: @lanternpharma Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among other things, statements relating to: future events or our future financial performance; the planned discussion of our operating and financial results for the second quarter ended June 30, 2026; the planned discussion of upcoming milestones, clinical trials and developments relating to our RADR® and Open-Medicine AI platforms; our intention to leverage artificial intelligence, machine learning and genomic data to transform oncology drug discovery and development. Any statements that are not statements of historical fact (including, without limitation, statements that use words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "model," "objective," "aim," "upcoming," "should," "will," "would," or the negative of these words or other similar expressions) should be considered forward-looking statements. There are a number of important factors that could cause our actual results to differ materially from those indicated by the forward-looking statements, such as (i) the existence of substantial doubt about our ability to continue as a going concern in the absence of obtaining substantial additional funding, (ii) the risk that we may not be able to secure sufficient future funding when needed and as required to advance and support our existing and planned clinical trials and operations, (iii) the risk that observations in preclinical studies and early or preliminary observations in clinical studies do not ensure that later observations, studies and development will be consistent or successful, (iv) the risk that our research and the research of our collaborators may not be successful, (v) the risk that we may not be successful in licensing potential candidates or in completing potential partnerships and collaborations, (vi) the risk that none of our product candidates has received FDA marketing approval, and we may not be able to successfully initiate, conduct, or conclude clinical testing for or obtain marketing approval for our product candidates, (vii) the risk that no drug product based on our proprietary AI platforms has received FDA marketing approval or otherwise been incorporated into a commercial product, (viii) the risk that our AI platform commercialization efforts, including Open-Medicine AI, may not generate the anticipated revenue or achieve the expected market adoption, and (ix) those other factors set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 30, 2026. You may access our Annual Report on Form 10-K for the year ended December 31, 2025 under the investor SEC filings tab of our website at www.lanternpharma.com or on the SEC’s website at www.sec.gov. Given these risks and uncertainties, we can give no assurances that our forward-looking statements will prove to be accurate, or that any other results or events projected or contemplated by our forward-looking statements will in fact occur, and we caution investors not to place undue reliance on these statements. All forward-looking statements in this press release represent our judgment as of the date hereof, and, except as otherwise required by law, we disclaim any obligation to update any forward-looking statements to conform the statement to actual results or changes in our expectations. View source version on businesswire.com: https://www.businesswire.com/news/home/20260807405009/en/ Contacts Investor ContactInvestor [email protected] +1-972-277-1136

Image source: The Motley Fool. Thursday, March 27, 2025 at 4:30 p.m. ET President and CEO — Panna Sharma Chief Financial Officer — David Margrave Need a quote from a Motley Fool analyst? Email [email protected] Operator: Good morning, and welcome to our First Quarter 2025 Earnings Call. As a reminder, this call is being recorded, and all attendees are in a listen-only mode. We will open the call for questions-and-answers after our management's presentation. A webcast replay of today's conference call will be available on our website at lanternpharma.com. shortly after the call. We issued a press release before the market opened today, summarizing our financial results and progress across the company for the first quarter ended March 31, 2025. A copy of this release is available through our website at lanternpharma.com, where you will also find a link to the slides management will be referencing on today's call. We would like to remind everyone that remarks about future expectations, performance, estimates, and prospects constitute forward-looking statements for purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Lantern Pharma cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated. A number of factors could cause actual results to differ materially from those indicated by forward-looking statements, including results of clinical trials and the impact of competition. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements can be found in our annual report on Form 10-K for the year ended December 31, 2024, which is on file with the SEC and available on our website. Forward-looking statements made on this conference call are as of today, May 15, 2025, and Lantern Pharma does not intend to update any of these forward-looking statements to reflect events from circumstances that occur after today unless required by law. The webcast replay of the conference call and webinar will be available on Lantern's website. On today's webcast, we have Lantern Pharma’s CEO, Panna Sharma, and CFO, David Margrave. Panna will start things off with introductions and an overview of Lantern's strategy and business model and highlight recent achievements in our operations. After which, David will discuss our financial results. This will be followed by some concluding comments from Panna, and then we'll open the call for Q&A. I'd now like to turn the call over to Panna Sharma, President and CEO of Lantern Pharma. Panna, please go ahead. Panna Sharma: Good morning. Hello, everyone. Thank you for joining us to hear about our first quarter 2025 results and corporate progress. As many of you have heard me say in the past, computational and AI-driven approaches are increasing their presence and usage at both large and emerging pharma companies for all facets of drug discovery and development. Lantern's leadership in the innovative, efficient, and pragmatic use of AI and machine learning to transform the process of developing precision oncology therapies should yield significant returns for investors and patients as our industry matures and adopts an AI centric, data first approach to drug development. The first quarter of 2025 represents a pivotal inflection point for Lantern Pharma. We've made significant advancements across our clinical stage portfolio, while simultaneously expanding the capabilities of our proprietary radar AI platform to over 200 billion oncology focused data points. These achievements position us well for multiple value creating catalysts in the coming quarters. Let me organize today's remarks around three strategic pillars. First, our clinical pipeline progress. Second, our AI platform advancements. And third, our initiatives to maximize shareholder value. Starting with our clinical pipeline, we continue to advance multiple programs that have the potential to address significant unmet patient needs for cancer patients globally. Our Phase 1a trial for LP-184 has progressed well with enrollment now through cohort 12. We expect to complete enrollment with 62 to 65 patients across a wide range of solid tumors by the June 2025. Importantly, we're beginning to see early indications of clinical activity at higher dose levels, which aligns with our preliminary pharmacokinetic data. This quarter, our Safety Review Committee made the decision to backfill doses level 10 and 11 to ensure clarity on determining the maximum tolerated dose while maintaining patient safety. What distinguishes our synthetic lethal approach is its mechanistic precision. Unlike conventional chemotherapies and targeted agents that indiscriminately target dividing cells, LP-184 and LP-284 exploit specific genomic vulnerabilities in cancer cells, particularly those deficiencies in DNA damage repair pathways. The pharmacokinetic data from these trials suggest we're approaching concentration levels that correlate with the nanomolar potency observed in preclinical models. This is a critical inflection point that could demonstrate definitive proof of mechanism in patients and pave the way for future trials and partnerships. With LP-184 now holding dual fast track designations for both glioblastoma and triple-negative breast cancer, plus four rare pediatric disease designations. We've positioned this molecule for accelerated development across multiple high value meaningful indications. The FDA has also recently cleared two clinical trial protocols that can provide paths toward regulatory approvals, especially, in triple0negative breast cancer where we also have a fast track designation. The first of these two protocols that has been cleared recently is a Phase 1b/2 study in TNBC evaluating LP-184, both as monotherapy and in combination with the PARP inhibitor, Olaparib. With an estimated annual market potential exceeding 4 billion in metastatic TNBC, this represents a major significant opportunity. The second, a Phase 1b/2 study in a biomarker defined subset of drug resistant, non-small cell lung cancer with STK11 and/or KEAP1 mutations, a patient population with particularly poor prognosis, and a market opportunity exceeding 2, billion annually. Additionally, an investigator led exploratory clinical trial for LP-184 and recurrent bladder cancer is planned to begin in Denmark during Q3 2025, which could create a pathway toward commercial clinical usage in the third-line setting. Based on work we have done with Dana-Farber and The Danish Cancer Research Group and in other published research, about 25% to 30% of bladder cancers have DNA damage repair mutations at presentation and over 40% at recurrence. Now turning to our HARMONIC Phase 2 trial for LP-300, we continue to make strong progress with enrollment in Japan and Taiwan, where never smokers represent about 33% to 40% of new non-small cell lung cancer cases compared to about 15% to 17% in the U.S. Following our compelling preclinical -- following our compelling preliminary data showing an 86% clinical benefit rate and 43% objective response rate in the safety lead in cohort, additional patient data from the expansion cohort continues to support a similar positive trend. We look forward to sharing updated results, including data from patients in our Asian expansion cohort during Q3 and data from the ongoing benefits from our initial lead in cohort. Through our wholly-owned subsidiary, Starlight Therapeutics, we're advancing STAR-001 for indications in CNS and brain cancers. Recently, our collaborators at Johns Hopkins have provided independent confirmation of hypersensitivity in rare pediatric brain tumors to LP-184 supporting our planned clinical trial with the pediatric consortium focused on CNS tumors. A Phase 1b/2 trial in recurrent GBM is anticipated to begin in late 2025, subject to successful additional protocol clearance and funding. Also, bear in mind that LP-184 has multiple pediatric disease designations that, upon approval in that indication, can yield a priority review voucher, which can then be marketed and sold for $100 million to $150 million each. And Lantern and Starlight have the potential and pathway for four of those opportunities. Starlight, which is a 100% owned by Lantern, will have the potential to be another very positive impact on our investors as we monetize this unique asset, the patents, and the clinical indications and insight. The dosage and safety data obtained in the Phase 1 trial for LP-184 will be used to advance the central nervous system indications as STAR-001 for future Phase 1b and Phase 2 trial sponsored by Lantern's wholly-owned subsidiary, Starlight Therapeutics. Globally, the annual market potential for LP-184’s target indications is estimated to be about 14 billion consisting of 4 billion to 5 billion for CNS cancers, both primary and secondary, and about 10 billion for other solid tumors. Turning now to our second pillar, which is our AI platform. Let's talk about the expansion and commercialization now of our radar AI platform. This quarter, our proprietary radar platform grew to approximately 200 billion oncology focused data points. The platform continues to deliver value across multiple dimensions from drug candidate optimization and developing combination strategies, to biomarker signature development and mechanism of action clarification. We've made an important and exciting decision to open up the radar AI platform on a module by module basis to the broader scientific and research community. We expect to initially do this as a freemium type approach, which will be expected to drive collaborations and economics to Lantern. The large scale and highly inexpensive evolution of RAG (ph) and agentic technologies has completely changed the ability for small emerging companies like Lantern to use cloud infrastructure to open up algorithms and unique processes to a broader community at a scale, cost, and level of complexity unimaginable in the past. A milestone this past first quarter was a strengthening of our AI intellectual property portfolio with the PCT publication of our proprietary blood brain barrier penetration prediction patent application. This technology received a favorable PCT search report indicating no significant prior art, and our algorithms currently hold five of the top 10 positions on the Therapeutic Commons leaderboard, a remarkable achievement demonstrating our leadership in AI drug development. This will be one of the first modules that we make publicly available in the coming quarters. Our BBB permeability prediction tool can process up to a hundred thousand molecules per day with industry leading accuracy, and the algorithm continues to evolve and improve. This technological advantage has profound implications for accelerating CNS drug discovery and the ability to predict in a domain that's been notoriously challenging. But 98% of small molecules historically have failed to effectively penetrate the blood brain barrier, and our algorithm's unprecedented accuracy enables us to identify promising CNS penetrant compounds and also optimize existing compounds with extraordinary efficiency, potentially reducing traditional discovery timelines by months while dramatically increasing success probabilities. This computational capability doesn't merely enhance our existing programs. It opens up entirely new therapeutic development possibilities across not only cancer but other neurological indications for many other drug development teams. We're particularly excited about our plans to make this and other radar AI modules commercially available to the scientific and research community this year. This represents a new potential revenue stream and opportunity to foster collaborative open source innovation in cancer drug development. We've also expanded radar with an innovative AI powered module to improve the precision, constant timeline of antibody drug conjugate development. This multiomic approach leverages proprietary algorithms to design and optimize target selection, payload efficiency, and tumor selectivity, addressing a rapidly growing segment of the oncology market that has been notoriously difficult and very time consuming. Our AI powered antibody drug conjugate development module represents a fundamental reinvention of a traditionally resource intensive high risk development process. By identifying promising targets and target indication combinations, we've established a robust pipeline of opportunities in one of oncology's most rapidly growing therapeutic modalities. The technical implications for this are substantial. Iterative testing of antibodies, linkers, and payloads, which can take years and consume tens of millions of dollars can be narrowed down, streamlined, and derisked. Our computational approach, we believe can reduce these timelines by 30% to 50% and preclinical cost by up to two-thirds while simultaneously enhancing target selection and understanding of real world target availability in an involved cancer environment. This efficiency advantage positions us to rapidly advance our own candidates with exceptional selectivity profiles, but also to enable other companies to take advantage of this. This module will also be one of the many modules we place into an agentic interface and framework for use by our collaborators and partners. We'll talk about this more later this quarter and probably host a specific call talking about the evolution of our AI platform to a more public facing commercial opportunity. AI and platform driven insights continue to guide our clinical development strategy. For LP-184, we've also developed a qPCR assay for PTGR1, which as we know is the bioactivation agent for LP-184. And by measuring PTGR1 levels, we can help guide patient stratification and also at the same time identify indications that may be very promising. For LP-284, we've also used our platform to identify promising combination strategies. For example, the rituximab, which have shown compelling preclinical synergy. Moving on to our third strategic pillar. To maximize shareholder value through -- we've done this now through disciplined capital management and a number of strategic initiatives. We've maintained our disciplined approach to capital deployment, ending the quarter with approximately $19.7 million in cash, cash equivalents and marketable securities, providing an expected operating runway through at least middle of May next year. Our quarterly net loss decreased to approximately $4.5 million compared to $5.4 million in the same period last year, reflecting our continued focus on operational efficiency. Want to bear in mind that the company's last capital raise was in January of 2021. So we've maintained tremendous fiscal discipline in getting our molecules into clinical trials, into meaningful inflection points, and executing on our dual strategy of advancing clinical programs while expanding vastly our AI platform capabilities. And now we're going to enter into -- we believe productive discussions with potential biopharma partners, whether through licensing agreements, technology partnerships, or co-development. Now I'll turn the call over to our CFO, David Margrave, who will provide more details on the financial results for the quarter. David Margrave: Thank you, Panna, and good morning, everyone. I'll now share some financial highlights from our first quarter 2025 ended March 31, 2025. Our general and administrative expenses were approximately $1.51 million for the first quarter of 2025 compared to approximately $1.48 million in the prior year period. R&D expenses were approximately $3.3 million for the first quarter of 2025, down from approximately $4.3 million in the first quarter of 2024. The decrease was primarily due to reductions in CRO and clinical site costs for LP-184, which also reflected our objective to accomplish more with our internal clinical operations team. We recorded a net loss of approximately $4.5 million for the first quarter of 2025 or $0.42 per share compared to a net loss of approximately $5.4 million or $0.51 per share for the first quarter of 2024. Our cash position, which includes cash equivalents and marketable securities was approximately $19.7 million as of March 31, 2025. Based on our currently anticipated expenditures and capital commitments, we believe that our existing cash, cash equivalents, and marketable securities as of March 31, 2025 will enable us to fund our operating expenses and capital expenditure requirements for at least 12 months from today's date, May 15, so until at least mid-May 2026. We will need additional funding in the near future, and one of our key objectives is to pursue additional funding opportunities. As of March 31, 2025, we had 10,784,725 shares of common stock outstanding, outstanding warrants to purchase 70,000 shares, and outstanding options to purchase 1,242,378 shares. These warrants and options combined with our outstanding shares of common stock give us a total fully diluted shares outstanding of approximately 12.1 million shares as of March 31, 2025. Our team continues to be very productive under our hybrid operating model. We currently have 23 employees focused primarily on leading and advancing our research and drug development efforts. I'll now turn the call back over to Panna for additional updates and closing remarks. Panna? Panna Sharma: Thank you. Thank you, David. Our leadership in the innovative use of AI and machine learning to transform costs and timelines in the development of precision oncology therapies has allowed us to bring three important molecules to market with teams, costs, and efficiency that is only beginning to make massive year-over-year improvements. During the first part of 2025, we achieved our goal of reaching nearly 200 billion data points, growing that cancer focused data more in six months than we had in the prior three years. And more of this data growth and data ingestion campaigns will be automated, freeing up our team to focus on intelligent curation, analysis of the data, and creating upstream engineered solutions, and frameworks to solve specific problems that can then be transformed into autonomous agents. Now we're entering a transformative phase where radar will be -- will leverage agentic AI capabilities, autonomous systems, capable of making complex decisions, automating intricate biological datasets, and executing sophisticated workflows without constant super human -- super human supervision. This next generation platform represents a fundamental shift in drug development methodology, moving from reactive, human limited analytics to proactive, continuously learning systems, capable of identifying non-obvious patterns and opportunities across multiple therapeutic dimensions simultaneously. We're strategically positioning our agentic radar platform not only to drive internal pipeline growth, but also as a valuable collaborative asset for biopharma partners, seeking to overcome drug development bottlenecks. The golden age of AI in medicine, as many of you have heard me say in the past, isn't just beginning. It's accelerating exponentially. By integrating agentic capabilities, radar will transform from an analytical platform to a true development partner, one capable of operating continuously across multiple dimensions, connecting insights across previously siloed areas, and ultimately delivering -- helping to deliver life changing therapies to patients faster than ever thought possible. The speed will also drive reduced costs. We aren't just building better tools. We're fundamentally reimagining what's possible in precision oncology. As we continue this journey, our agentic radar platform positions us at the forefront of an entirely new paradigm in drug development, one where AI doesn't really assist human researchers but actively drives discovery forward through autonomous continuous learning and insights that can be tested in laboratories and then deployed safely into the clinic for patients. As we advance through 2025, we at Lantern are laser focused on the following key value creating milestones. First, completing our LP-184 Phase 1a trial enrollment in June with comprehensive data rate readouts after that, including biomarker correlations, potentially establishing proof of mechanism for our synthetic lethal approach, and setting up pivotal future trials. This is an opportunity that we believe represents over $10 billion in annual spend that LP-184 is well poised to take a great share of. Second, delivering expanded Harmonic Trial results that include our Asian expansion cohort, further validating our never smoker non-small cell lung cancer thesis for LP-300. We expect this to occur also in Q3 in July. Third, initiating our FDA cleared Phase 1b/2 trials for LP-184 in both TNBC and a biomarker defined subset of non-small cell lung cancer, which is drug resistant, and we believe we can leverage our fast track status to accelerate development and potentially partner in those trials and those indications with large pharma companies. Fourth, commercialize our initial modules from radar to the scientific community, beginning with our industry leading BBB permeability prediction tool and then moving on to other modules on a select basis. Fifth, strategically advancing partnership discussions that could accelerate our pipeline, whether they'd be through geographic rights for certain assets or co-development rights in certain indications or spinning out assets such as our CNS and Starlight focus capability or monetizing our AI platform capabilities. This quarter's progress, while maintaining fiscal discipline and a focus on bringing our assets closer to patients and approval reinforces what makes Lantern unique in the oncology landscape. We're not just developing drugs. We're pioneering a fundamental transformation in how cancer therapies are discovered, developed, and delivered to patients using AI for an approach that is both efficient and focused. Our dual engine approach, clinical assets plus an AI platform, provides shareholders with multiple value creation paths. Each clinical advance demonstrates our AI platform's power, while every platform enhancement accelerates our pipeline and creates new partnership opportunities. As agentic AI capabilities emerge in our radar platform, we're not merely participating in this AI revolution in drug discovery. We're helping to build it. I want to express my sincere gratitude to our exceptional team, partners, and shareholders. Together, we're lighting a path in a way toward precision oncology solutions that we believe can fundamentally improve outcomes for patients while transforming the economics and timeline of cancer drug development. With that, I'd like to now open the call to any questions or clarifications. A - Panna Sharma: If you'd like to ask a question, you can do so in one of two ways. You can type your question using the QA tool, or you can click on the raise hand tool to speak directly, and we will unmute your line. Okay. I think Chad has his hand raised. Okay. I think we've got two hands raised. Unidentified Participant: Can you hear me now? Panna Sharma: Yeah. No. Sorry for the delay there. Unidentified Participant: All right. Good. I'll start up. I had a couple of questions. The first on making AI modules, commercially available. It sounds like the blood brain barrier penetration module might be one of the lead candidates there. It's a very interesting, sounding module. What are the sort of broader plans to roll this out? Are we going to charge a fee for access to these? Are we going to make some free and hope that, people kind of get hooked and really like these modules and it leads to broader collaborations? And then I guess also besides just money when other people start using these modules, of course, they will have data they want to put in there, and that, of course, could benefit the platform overall. So just, do you intend to aggregate additional data and strengthen the platform that way? What are the plans there? Panna Sharma: Yes. Great questions. I do think we're going to start with a freemium type approach to get people used to getting questions answered this -- using this method. The challenge that we've seen with a lot of the existing AI tools out there answering some of these questions is just, they're slow. They're not scalable. You can't count on the quality of the data. So I think that we're going to take an approach initially where the tool is kind of a freemium model with a drive towards collaboration so that we can continue to monitor closely the type of data and use that the research community has. We have a road map that we'll be discussing, probably toward the end of this quarter or early next quarter on what that road map is and also some of the business models underlying, bringing radar into kind of an agentic life form module by module. Of course, we'll pick the easier modules that we think can be readily scaled and then go into the more complex, workflow enabling modules over time. But bear in mind, we are primarily focused on advancing our pipeline at this time, and our goal is to introduce these modules to drive a larger tech partnership. Unidentified Participant: Yeah. That makes a lot of sense. That's just sort of folds into your business model and approach well. And then just on the HARMONIC trial, very excited to be getting another data update there. You referred to the Asian patients as a cohort at least once. I just I want to make sure I understand the design here. Is that cohort, like, are we still enrolling more patients in the U.S.? I guess, is one question. Panna Sharma: So, yeah, maybe not technically a cohort. So what we did is when we started the LP-300 trial, we obviously knew the numbers in East Asia. But as you know, for a small U.S. biopharma company, it's expensive and costly and introduces management risk to do trials, in Japan and which is also very expensive. So our goal was to make sure we got a quality signal in a population that we could have ready access to. So the lead in cohort was the seven patients in the U.S., and six out of seven of them responded, which to us was fantastic. And the initial objective response rate was very positive. And we had one patient over a year on the drug with, 57% tumor volume reduction. So by almost all measures, it was positive and also, the underlying population was also pretty mixed. We had Hispanic. We had white. We had some Asian. It was more male than female. So -- and we also had multiple TKIs, right, not just EGFR. So we looked at that. We said we had a good heterogeneous population. We had a 86% clinical benefit rate, 43% objective response rate, a nice set of tumors that had about 50% reduction. It gave us confidence that now we can go ahead and spend time and money and energy on expanding to where there was a higher -- a bigger amount of patients. Now that -- after that seven, it goes into what is called the expansion cohort. The expansion cohort will be both U.S. and Asian, but the expansion cohort is randomized. So it's two to one randomization. So it's not the Asian cohort. It's just the Asian patients as part of the expansion cohort, if that makes sense. Unidentified Participant: Yes. Okay. Appreciate that. Appreciate that clarification. Thank you. Panna Sharma: And for us, it's important because I don't think it would have made a lot of sense to spend all that money getting set up and operating and getting all the things done in Asia unless we were certain that, hey, this is going to head in the right direction. Unidentified Participant: All right. Thank you. Panna Sharma: Thank you, Chad. I think John has a question. John, do you want to? John? I think, John, for some reason, we cannot hear you. Okay. We have one more question coming in on LP-184. Yeah. So LP-184, we expect the trial to be fully enrolled next month. This is now a 60 to 65 patient trial. I believe we'll be -- we're almost concluded with now -- we're over mid-50s, high-50s, and we believe that enrollment will be completed next month. And, we'll have preliminary data after we start getting the clinical data, the biomarker correlations, etc., shortly after that. Next question is on FDA and using AI. I -- that's a great question. I want to believe that the FDA, will definitely have to use AI in its evaluation of scientific literature, data, and perhaps better come through mechanistic inputs from companies on the evaluation of the safety and direction of their new molecules. So I think, yes, I think they will do it. I think they'll do it in pretty quick scale over the next 12 months. I think it'll help to bring down some of the costs of the FDA and hopefully speed things up. But as the -- as John pointed out, it does introduce some risks. I can't say, I'm an expert on all those risks, but I think it'll ultimately, I think the trade-off is going to be improvements in cost and improvements in speed. In terms of the risk, I do think that, there'll probably be a period in which they evaluate these methods in parallel to the existing methods, and I don't think they're going to roll out anything across the board until they're have concluded, like, six months to one year of these efforts. So I think I would give this at least two years. By that time, the risks will be well known and pointed out, obviously, by the industry and probably easily addressed. Next question is about new funds in AI. That's exactly one of the reasons why we also have decided to go directly to market on opening up these modules. I've seen a lot of the AI work that's being offered by many AI first companies in drug development, and they lack some of the precision or focus or they have a lot of noise. But AI funds are very aggressively looking at AI, which I think will help our long term profile and also attract new investors into the company or into our efforts. Thank you for that question. Panna Sharma: Well, no further questions at this time. We're always open to having discussions with investors and shareholders. I'd like to thank members of our team for helping us prepare for this call, and I look forward to talking with all of you in the near future. Thank you. David Margrave: Thanks a lot. Before you buy stock in Lantern Pharma, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Lantern Pharma wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Lantern Pharma (LTRN) Q1 2025 Earnings Transcript was originally published by The Motley Fool

Disciplined Execution Drives 47% Reduction in R&D Spend While Advancing Multiple Clinical Programs, Launching Multi-Agentic AI Platform withZeta.ai Commercially, and Strengthening Balance Sheet with Financing of up to $9.25 Million Q1 net loss reduced 27% year-over-year while progressing multiple precision oncology programs Commercial introduction of withZeta.ai, the first multi-agentic AI co-scientist platform purpose-built for rare and complex cancer drug development Successful outcome from Type C meeting request with the FDA focused on the LP-300 HARMONIC™ Clinical Trial Pediatric brain cancer IND cleared by FDA for enrollment for Lantern Pharma subsidiary, Starlight Therapeutics Strategic plan to create an independent entity composed of withZeta.ai assets Financial Position: Cash, cash equivalents, and marketable securities were approximately $6.3 million as of March 31, 2026; together with an additional approximately $4.4 million in gross proceeds from the May 14, 2026 financing, the Company’s pro forma liquidity is expected to fund operations into the middle of the first quarter of 2027. DALLAS, May 15, 2026--(BUSINESS WIRE)--Lantern Pharma Inc. (NASDAQ: LTRN), a clinical-stage AI-driven precision oncology company leveraging its proprietary RADR® artificial intelligence (AI) and machine learning (ML) platform to transform the cost, pace, and timeline of oncology drug discovery and development, today announced operational highlights and financial results for the first quarter ended March 31, 2026, and provided an update on its portfolio of AI-driven drug candidates and AI platforms. The first quarter of 2026 was defined by capital-efficient execution across Lantern’s clinical and AI platform pipelines. The Company advanced multiple clinical-stage programs through meaningful regulatory and scientific milestones, including a successful outcome from an FDA Type C meeting interaction on the Phase 2 HARMONIC™ trial of LP-300 and IND clearance for the first pediatric CNS cancer program of wholly-owned subsidiary Starlight Therapeutics, while reducing research and development spend by 47% year-over-year. In parallel, Lantern moved its proprietary AI infrastructure from internal capability to external commercial product with the launch of withZeta.ai, the first multi-agentic AI co-scientist platform purpose-built for rare and complex cancer drug development. The recent fundraise of up to $9.25 million (which includes the potential future exercise of warrants) further strengthens the Company’s balance sheet and supports continued advancement of both its clinical pipeline and its AI commercialization strategy. "The first quarter of 2026 demonstrated the operating discipline and capital-efficient execution that we believe is differentiating Lantern from other clinical-stage and AI-driven oncology companies," said Panna Sharma, President and CEO of Lantern Pharma. "We reduced our R&D spend by 47% year-over-year while simultaneously advancing multiple clinical programs through important regulatory milestones, achieving a successful outcome from our Type C meeting request with the FDA on the HARMONIC™ trial, and clearing the path for Starlight Therapeutics’ first pediatric brain cancer trial. This level of milestone delivery on a tightly disciplined budget reflects exactly what our AI-driven drug development model was designed to do — develop more programs, more quickly, and at a fraction of the historical cost of biopharma R&D." In addition to Lantern’s clinical pipeline advancements, the first quarter also marked a pivotal evolution in the commercialization of the Company’s AI assets. With the public launch of withZeta.ai and the continued global expansion of the RADR® platform through the Company’s initiation of an AI Center of Excellence in India, Lantern is now operating two distinct value-creation engines: a clinical-stage drug development business aimed at advancing therapies across solid tumors, blood cancers, and pediatric brain cancers; and an AI platform business addressing the multi-billion-dollar opportunity in AI-enabled drug discovery and rare cancer research. To accelerate value realization across both engines, the Company has announced a strategic plan to create an independent business entity composed of its withZeta.ai platform assets, intended to access dedicated funding sources and pursue valuation distinct from clinical drug development operations. "withZeta.ai represents Lantern’s first agentic-based commercial AI product, and we believe it is positioned to capture a meaningful share of what we view as a $20 to $50 billion near-term market opportunity in AI-driven drug development," continued Mr. Sharma. "Separating our withZeta.ai assets into an independent entity is intended to unlock dedicated funding, attract specialized talent, and allow investors to value each business — clinical drug development and AI platforms — on its own terms. Combined with the recent financing, which extends our operating runway into the first quarter of 2027, Lantern enters the remainder of 2026 with a stronger balance sheet, a sharper commercial focus, and a portfolio of AI-driven oncology drug candidates with an estimated combined annual market potential exceeding $15 billion." Clinical Pipeline Developments Lantern’s AI-driven clinical pipeline encompasses multiple drug candidates across solid tumors, blood cancers, and pediatric oncology, with a combined estimated annual market potential exceeding $15 billion. The portfolio includes a Phase 2 clinical program (LP-300) in NSCLC focused on never-smokers and non-smokers with the EGFR exon 21 L858R mutation; planned Phase 1b/2 trials (LP-184) in precision, biomarker-defined solid tumors; and an ongoing Phase 1 program in hematologic malignancies and adult soft tissue sarcomas (LP-284). Additionally, through wholly-owned subsidiary Starlight Therapeutics, the Company has a planned Phase 1 pediatric CNS cancer trial and a planned Phase 1b trial in adult relapsed glioblastoma (GBM) in combination with spironolactone, both with STAR-001 (LP-184). Each program has been guided by the RADR® platform’s AI-driven insights. On average, Lantern’s newly developed drug programs have been advanced from initial AI insights to first-in-human clinical trials in 2–3 years and at approximately $1.0–2.5 million per program. LP-300 HARMONIC™ Trial: Successful Type C Meeting Request Outcome and Path Forward In May 2026, Lantern received responses from its Type C meeting request to the U.S. Food and Drug Administration to discuss proposed protocol amendments to the Phase 2 HARMONIC™ trial of LP-300 in never-smokers with advanced non-small cell lung cancer (NSCLC) adenocarcinoma. The Company received a successful outcome from the meeting request and no objections from the FDA on key proposed amendments to the study, providing an emergent regulatory path forward for the trial. Focused Patient Enrollment: Future HARMONIC™ enrollment will focus on patients with the EGFR exon 21 L858R mutation, a subtype of tyrosine kinase mutations that demonstrates lower sensitivity and inferior treatment outcome to osimertinib based therapy. Preliminary analysis of study data suggests that patients with this mutation may derive greater clinical benefit from the LP-300 triplet regimen. Extended Treatment Cycles: The maximum number of LP-300 treatment cycles will be increased from six to eight, supported by historical safety data indicating that up to eight cycles of LP-300 at the current dose level did not alter the established safety profile of the drug. Study Design Change: The study will discontinue enrollment into the control arm while migrating into a single arm study and only enroll additional patients with EGFR exon 21 L858R mutation. This change reflects the evolution of the treatment landscape for TKI-refractory NSCLC that has made continued randomization to the control arm increasingly challenging. The HARMONIC™ trial is ongoing at clinical sites in the United States, Japan, and Taiwan. Targeted enrollment in Japan was completed in July 2025 across five clinical sites, including the National Cancer Center Tokyo, and the trial continues to enroll patients in the U.S., as well as in Taiwan, where more than 50% of lung cancer cases occur in never-smokers. The trial has previously demonstrated encouraging results in its initial safety lead-in cohort, showing an 86% clinical benefit rate and 43% objective response rate among the first seven patients enrolled in the United States, including one patient who achieved a durable complete response in target cancer lesions with survival continuing for nearly two years. Lantern is actively exploring collaboration and partnering opportunities both globally and regionally to maximize LP-300’s commercial potential in multiple geographies. Additional clinical data updates from the HARMONIC™ trial are expected in the second half of 2026. Never-smoker NSCLC is increasingly recognized as a distinct disease entity with unique clinical and genomic characteristics, representing a global market opportunity estimated at over $4 billion annually. Currently, there are no therapies specifically approved for never-smoker NSCLC patients. Starlight Therapeutics: FDA IND Clearance for Pediatric CNS Cancer Trial and Expanded Adult GBM Program In early 2026, the FDA cleared the Investigational New Drug (IND) application for Starlight Therapeutics’ planned Phase 1 pediatric CNS cancer trial of STAR-001 (LP-184) in Atypical Teratoid Rhabdoid Tumor (ATRT) and other rare pediatric cancers, marking a pivotal regulatory milestone for Lantern’s wholly-owned subsidiary. STAR-001 has received both Rare Pediatric Disease Designation and Orphan Drug Designation from the FDA for ATRT, along with additional designations for hepatoblastoma, rhabdomyosarcoma, and malignant rhabdoid tumors. These designations provide potential pathways for FDA Priority Review Vouchers (PRVs) upon a potential future approval. PRVs have historically been sold or transferred for significant value, with recent transactions in the range of $100 million to $150 million or more, representing a potentially meaningful source of non-dilutive value for Lantern and its shareholders independent of the commercial potential of the underlying therapy. The Rare Pediatric Disease Designations for ATRT, hepatoblastoma, rhabdomyosarcoma, and malignant rhabdoid tumors each independently qualifies for a potential PRV upon potential FDA approval and meeting other program conditions. In addition to the pediatric CNS program, Starlight is advancing plans for a Phase 1b trial of STAR-001 in adult patients with relapsed glioblastoma (GBM) in combination with spironolactone. Preclinical studies have demonstrated meaningful synergy between STAR-001 and spironolactone in GBM models, with combination treatment producing enhanced anti-tumor activity relative to either agent alone. The combination leverages Lantern’s RADR®-driven insights into DNA damage repair vulnerabilities in GBM, and Starlight believes the program has the potential to address a significant unmet need in a cancer indication where median overall survival following recurrence remains under nine months despite decades of clinical research. Glioblastoma remains one of the most treatment-resistant cancers, with approximately 12,000 new cases diagnosed annually in the United States and a global incidence representing a multi-billion-dollar market opportunity. Lantern and Starlight are exploring partnership and collaboration opportunities to accelerate the development of STAR-001 across both pediatric and adult CNS indications. withZeta.ai: Commercial Launch & Evolution Towards An Independent Entity In April 2026, Lantern publicly launched withZeta.ai, the first multi-agentic AI co-scientist platform purpose-built for rare and complex cancer drug development. The launch was marked by a Nasdaq MarketSite debut, a live demonstration at the American Association for Cancer Research (AACR) 2026 Annual Meeting, and a dedicated investor and analyst webinar covering five oncology use cases ranging from biomarker discovery to clinical trial design optimization. Since its introduction, withZeta.ai has been actively used and evaluated by biotech companies, cancer research centers, biopharma consultants, and institutional investors across the United States, Europe, and Asia. withZeta.ai is designed to accelerate drug development insights, therapeutic strategy generation, cancer trial development, and research workflows across more than 438 rare cancer indications — a category of diseases that collectively represents a massive unmet medical need, but where individual indications have historically been underserved due to small patient populations, sparse and scattered data, and limited commercial incentives. The platform combines multiple specialized AI agents that work collaboratively to analyze genomic data, identify potential therapeutic targets, predict drug-tumor interactions, and generate actionable development strategies, drawing on Lantern’s unique expertise and proprietary data assets in rare and orphan cancer drug development. Planned Separation into an Independent Business Entity In connection with the May 2026 financing, Lantern announced a strategic plan to separate withZeta.ai and related personnel into an independent business entity under the leadership of Panna Sharma. The separation is intended to provide withZeta.ai with dedicated funding sources and the opportunity to realize valuation multiples distinct from Lantern’s clinical-stage drug development operations. This reflects Lantern’s broader strategic evolution toward operating two distinct value-creation engines: 1) a clinical-stage drug development business aimed at advancing therapies across solid tumors, blood cancers, and CNS cancers; and 2) an AI platform business addressing the multi-billion-dollar opportunity in AI-enabled drug discovery and cancer research. Lantern believes that withZeta.ai is positioned at the intersection of two high-growth markets — the global rare disease therapeutics market, and the broader AI-enabled drug discovery and pharmaceutical R&D outsourcing market. Analysts estimate that the AI-enabled outsourcing and platform market for pharmaceutical companies will be in the range of $20 to $30 billion by 2030. Lantern plans to host a dedicated investor webinar during the first half of June 2026 to provide additional detail on the withZeta.ai platform’s commercial trajectory, the contemplated independent business entity, the strategic rationale for the planned separation, and anticipated next steps. Registration details will be communicated through the Company’s investor relations channels in advance of the webinar. predictBBB.ai: Evolution into a Molecular Intelligence Web Service Powered by a Large Quantitative Model During the first quarter of 2026, Lantern completed a major expansion of predictBBB.ai, repositioning the platform from a focused blood-brain barrier permeability prediction tool into a first-of-its-kind molecular intelligence web service powered by a Large Quantitative Model (LQM). The expanded platform extends beyond BBB permeability prediction to a broader set of molecular and structural analyses designed to accelerate small molecule drug design and optimization for CNS and non-CNS indications alike. The underlying LQM architecture is purpose-built for the prediction of quantitative molecular properties — including permeability, solubility, binding affinity, metabolic stability, and structural similarity — across a wide range of therapeutic chemistry contexts. By moving from a single-property predictor to a multi-property intelligence service, predictBBB.ai is now positioned to serve a broader user base of medicinal chemists, computational scientists, and translational researchers working across oncology, neurology, and other therapeutic areas. predictBBB.ai continues to demonstrate industry-leading performance benchmarks, holding five of the top eleven positions on the Therapeutic Data Commons Leaderboard for blood-brain barrier permeability prediction, with the lead model achieving 94.1% accuracy. The platform is accessible through a web-based service interface designed for ease of use by both individual researchers and enterprise drug discovery teams. The repositioning of predictBBB.ai complements Lantern’s broader AI platform strategy alongside the RADR® platform and withZeta.ai, reinforcing the Company’s position as a creator and innovator of differentiated, oncology- and rare-disease-focused AI infrastructure for global biopharma drug development. Financial Results for the First Quarter Ended March 31, 2026 Balance Sheet: Cash, cash equivalents, and marketable securities were approximately $6.3 million as of March 31, 2026 (consisting of approximately $4.9 million in cash and cash equivalents and approximately $1.4 million in marketable securities), compared to approximately $10.1 million as of December 31, 2025. The Company received gross proceeds of approximately $4.4 million in a registered direct offering that closed on May 14, 2026. The Company believes its cash, cash equivalents, and marketable securities on hand, including the net proceeds from the offering, will fund anticipated operating expenses and capital expenditure requirements until approximately the middle of the first quarter of 2027. Research and Development Expenses: R&D expenses were approximately $1.7 million for the three months ended March 31, 2026, compared to approximately $3.3 million for the three months ended March 31, 2025, a decrease of approximately $1.5 million or 47%. The decrease was primarily attributable to reductions of approximately $1,322,000 in research studies and materials relating to the conduct of our clinical trials and decreases of approximately $246,000 in salaries and benefit expenses. General and Administrative Expenses: G&A expenses were approximately $1.7 million for the three months ended March 31, 2026, compared to approximately $1.5 million for the three months ended March 31, 2025, an increase of approximately $170,000 or 11%. The increase was primarily attributable to increases in patent costs of approximately $99,000, salaries and benefit expense increases of approximately $71,000, and business development and investor relations expenditure increases of approximately $36,000. Net Loss: Net loss was approximately $3.3 million (or $0.30 per share) for the three months ended March 31, 2026, compared to a net loss of approximately $4.5 million (or $0.42 per share) for the three months ended March 31, 2025, representing a year-over-year reduction of approximately $1.2 million or 27%. Capitalization: As of May 12, 2026, the Company had 11,304,697 shares of common stock outstanding. On May 14, 2026, the Company closed a registered direct offering and concurrent private placement comprising 1,454,175 shares of common stock, pre-funded warrants to purchase up to 681,748 shares of common stock, and unregistered warrants to purchase up to 2,135,923 additional shares of common stock at an exercise price of $2.27 per share. The warrants are exercisable beginning six months after issuance and expire five years from the initial exercise date. 2026 Corporate Objectives and Catalysts Second Half 2026: Additional clinical data readouts from the Phase 2 HARMONIC™ trial following implementation of the protocol amendments focusing enrollment on EGFR exon 21 L858R never-smoker NSCLC patients. First Half of June 2026: Dedicated investor webinar on withZeta.ai commercial trajectory, the contemplated independent business entity, and the strategic rationale for the anticipated benefits of the planned separation. 2026: Investigator-led clinical study initiation in Denmark for LP-184 in PTGR1-overexpressing bladder cancers with DNA damage repair mutations. 2026: Execution of the strategic plan to create an independent business entity composed of withZeta.ai assets and related technologies, including announcement of additional structural and listing details. 2026: Planned initiation of additional clinical trials for LP-184 and STAR-001. 2026: Continued commercialization of the withZeta.ai multi-agentic co-scientist platform, including conversion of demo and evaluation engagements to commercial subscription contracts and expansion across the rare cancer research community. 2026: Continued scale-up of the AI Center of Excellence in India to industrialize the RADR® platform and withZeta.ai system and accelerate global biopharma development opportunities. 2026: Pursuit of additional funding, including potential grant revenue, partnership transactions, and additional capital raises, to support planned operations and clinical advancement. About Lantern Pharma Lantern Pharma (NASDAQ: LTRN) is an AI-driven company transforming the cost, pace, and timeline of oncology drug discovery and development. Our proprietary AI and machine learning (ML) platform, RADR®, leverages over 200 billion oncology-focused data points and a library of 200+ advanced ML algorithms to help solve billion-dollar, real-world problems in oncology drug development and generate oncology medicines at dramatically reduced costs and accelerated timelines. By harnessing the power of AI and with input from world-class scientific advisors and collaborators, we have accelerated the development of our growing pipeline of drug candidates that span multiple cancer indications, including both solid tumors and blood cancers and an antibody-drug conjugate (ADC) program. On average, our newly developed drug programs have been advanced from initial AI insights to first-in-human clinical trials in 2–3 years and at approximately $1.0–2.5 million per program. Our lead development programs include a Phase 2 clinical program in never-smoker and non-smoker NSCLC, planned Phase 1b/2 trials in biomarker-defined solid tumors, and an ongoing Phase 1 program in hematologic malignancies and adult soft tissue sarcomas. We have also established a wholly-owned subsidiary, Starlight Therapeutics, to focus exclusively on the clinical execution of our promising therapies for CNS and brain cancers. In April 2026, Lantern publicly launched withZeta.ai, the first multi-agentic AI co-scientist platform purpose-built for rare and complex cancer drug development. Our AI-driven pipeline of innovative product candidates is estimated to have a combined annual market potential of over $15 billion USD. Website: www.lanternpharma.com Harmonic Trial: www.harmonictrial.com LinkedIn: https://www.linkedin.com/company/lanternpharma/ X: @lanternpharma Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among other things, statements relating to: future events or our future financial performance; the potential advantages of our RADR® platform and withZeta.ai platform in identifying drug candidates, accelerating drug development, and generating revenue through software licensing and subscription models; our strategic plans to advance the development of our drug candidates and antibody drug conjugate (ADC) development program; the planned commercialization of our AI platforms including withZeta.ai and the expected market opportunity for AI co-scientist platforms; the planned separation of withZeta.ai into an independent business entity and the anticipated benefits of such separation; the planned investor webinar regarding withZeta.ai; estimates regarding the development timing for our drug candidates, AI platforms, and ADC development program; expectations and estimates regarding clinical trial timing and patient enrollment; the use of proceeds from the May 2026 registered direct offering and the expected time that our cash, cash equivalents and marketable securities will allow us to fund our operations; the potential exercise of warrants issued in the May 2026 concurrent private placement; our research and development efforts of our internal drug discovery programs and the utilization of our AI platforms to streamline the drug development process; our intention to leverage artificial intelligence, machine learning and genomic data to streamline and transform the pace, risk and cost of oncology drug discovery and development and to identify patient populations that would likely respond to a drug candidate; estimates regarding patient populations, potential markets and potential market sizes; sales estimates for our drug candidates and our plans to discover and develop drug candidates and to maximize their commercial potential by advancing such drug candidates ourselves or in collaboration with others. Any statements that are not statements of historical fact (including, without limitation, statements that use words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "model," "objective," "aim," "upcoming," "should," "will," "would," or the negative of these words or other similar expressions) should be considered forward-looking statements. There are a number of important factors that could cause our actual results to differ materially from those indicated by the forward-looking statements, such as (i) the existence of substantial doubt about our ability to continue as a going concern in the absence of obtaining substantial additional funding, (ii) the risk that we may not be able to secure sufficient future funding when needed and as required to advance and support our existing and planned clinical trials and operations, (iii) the risk that observations in preclinical studies and early or preliminary observations in clinical studies do not ensure that later observations, studies and development will be consistent or successful, (iv) the risk that our research and the research of our collaborators may not be successful, (v) the risk that we may not be successful in licensing potential candidates or in completing potential partnerships and collaborations, (vi) the risk that none of our product candidates has received FDA marketing approval, and we may not be able to successfully initiate, conduct, or conclude clinical testing for or obtain marketing approval for our product candidates, (vii) the risk that no drug product based on our proprietary AI platforms has received FDA marketing approval or otherwise been incorporated into a commercial product, (viii) the risk that our AI platform commercialization efforts, including withZeta.ai, may not generate the anticipated revenue or achieve the expected market adoption, (ix) the risk that the planned separation of withZeta.ai may not be completed on the contemplated terms or timeline or at all, and (x) those other factors set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 30, 2026 and in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. You may access our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 under the investor SEC filings tab of our website at www.lanternpharma.com or on the SEC’s website at www.sec.gov. Given these risks and uncertainties, we can give no assurances that our forward-looking statements will prove to be accurate, or that any other results or events projected or contemplated by our forward-looking statements will in fact occur, and we caution investors not to place undue reliance on these statements. All forward-looking statements in this press release represent our judgment as of the date hereof, and, except as otherwise required by law, we disclaim any obligation to update any forward-looking statements to conform the statement to actual results or changes in our expectations. Lantern Pharma Disclosure Channels to Disseminate Information Lantern Pharma’s investors and others should note that we announce material information to the public about our company through a variety of means, including our website, press releases, SEC filings, digital newsletters, and social media, in order to achieve broad, non-exclusionary distribution of information to the public. We encourage our investors and others to review the information we make public in the locations above as such information could be deemed to be material information. Please note that this list may be updated from time to time. View source version on businesswire.com: https://www.businesswire.com/news/home/20260515994237/en/ Contacts Investor Contact Investor Relations [email protected] +1-972-277-1136

DALLAS, May 11, 2026--(BUSINESS WIRE)--Lantern Pharma Inc. (NASDAQ: LTRN), a clinical-stage AI-driven precision oncology company developing targeted and transformative cancer therapies using its proprietary AI and machine learning platforms with multiple clinical stage drug programs, today announced that it will report its first quarter 2026 operating and financial results via press release to be issued on Friday, May 15. The press release will discuss financial results for the first quarter ended March 31, 2026 and provide operational updates on clinical trials and the development of the Company’s AI platforms. About Lantern Pharma Lantern Pharma (NASDAQ: LTRN) is a clinical-stage AI-driven precision oncology company transforming the cost, pace, and timeline of oncology drug discovery and development. The company’s proprietary AI and machine learning platform, RADR®, now operationalized through withZeta.ai, leverages billions of data points and advanced computational methods to rapidly uncover biomarker signatures and accelerate the development of targeted oncology therapies for difficult-to-treat cancers, including those of the central nervous system. Lantern is currently advancing a pipeline of small molecule drug candidates and an antibody-drug conjugate program focused on multiple solid tumor and hematologic malignancies. For more information, visit www.lanternpharma.com. For more information, visit: Website: www.lanternpharma.com LinkedIn: https://www.linkedin.com/company/lanternpharma/ X: @lanternpharma Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among other things, statements relating to: future events or our future financial performance; the potential advantages of our AI platforms in identifying drug candidates and patient populations that are likely to respond to a drug candidate; our strategic plans to advance the development of our drug candidates, AI platforms, and antibody drug conjugate (ADC) development program; estimates regarding the development timing for our drug candidates, AI platforms, and ADC development program; potential partnerships and collaborations; expectations and estimates regarding clinical trial timing and patient enrollment; our research and development efforts of our internal drug discovery programs and the utilization of our AI platforms to streamline the drug development process; our intention to leverage artificial intelligence, machine learning and genomic data to streamline and transform the pace, risk and cost of oncology drug discovery and development and to identify patient populations that would likely respond to a drug candidate; estimates regarding patient populations, potential markets and potential market sizes; our plans to discover and develop drug candidates and to maximize their commercial potential by advancing such drug candidates ourselves or in collaboration with others. Any statements that are not statements of historical fact (including, without limitation, statements that use words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "model," "objective," "aim," "upcoming," "should," "will," "would," or the negative of these words or other similar expressions) should be considered forward-looking statements. There are a number of important factors that could cause our actual results to differ materially from those indicated by the forward-looking statements, such as (i) the risk that we may not be able to secure sufficient future funding when needed and as required to advance and support our existing and planned development programs and operations, (ii) the risk that observations in preclinical studies and early or preliminary observations in clinical studies do not ensure that later observations, studies and development will be consistent or successful, (iii) the risk that our research and the research of our collaborators may not be successful, (iv) the risk that our AI platform commercialization efforts, including withZeta.ai, may not generate the anticipated revenue or achieve the expected market adoption, (v) the risk that none of our product candidates has received FDA marketing approval, and we may not be able to successfully initiate, conduct, or conclude clinical testing for or obtain marketing approval for our product candidates, (vi) the risk that no drug product based on our proprietary AI platforms has received FDA marketing approval or otherwise been incorporated into a commercial product, and (vii) those other factors set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 30, 2026. You may access our Annual Report on Form 10-K for the year ended December 31, 2025 under the investor SEC filings tab of our website at http://www.lanternpharma.com/ or on the SEC’s website at http://www.sec.gov/. Given these risks and uncertainties, we can give no assurances that our forward-looking statements will prove to be accurate, or that any other results or events projected or contemplated by our forward-looking statements will in fact occur, and we caution investors not to place undue reliance on these statements. All forward-looking statements in this press release represent our judgment as of the date hereof, and, except as otherwise required by law, we disclaim any obligation to update any forward-looking statements to conform the statement to actual results or changes in our expectations. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511997550/en/ Contacts Investor Contact Investor Relations [email protected] +1-972-277-1136

This article first appeared on GuruFocus. Release Date: March 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Lantern Pharma Inc (NASDAQ:LTRN) achieved clinical validation across multiple programs in 2025, establishing a foundation for future growth. The company reported a 19% reduction in total operating expenses year over year, reflecting disciplined execution. Lantern Pharma Inc (NASDAQ:LTRN) received FDA IND clearance for its pediatric CNS cancer program, marking a significant regulatory milestone. The company's AI-driven clinical pipeline encompasses multiple drug candidates with a combined estimated annual market potential exceeding $15 billion. Lantern Pharma Inc (NASDAQ:LTRN) has successfully dosed over 100 patients across its programs, demonstrating clear linkage to mechanisms and patient value. Lantern Pharma Inc (NASDAQ:LTRN) reported a net loss of approximately $17.1 million for the full year 2025. The company anticipates needing to raise substantial additional funding in the near future to continue operations. There was a slight increase in general and administrative expenses for the full year 2025, primarily due to business development and investor relations expenditures. Lantern Pharma Inc (NASDAQ:LTRN) faces challenges in the evolving treatment landscape, requiring protocol amendments and FDA feedback. The company is subject to risks and uncertainties that may cause actual results to differ materially from forward-looking statements. Warning! GuruFocus has detected 2 Warning Signs with LTRN. Is LTRN fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more details on the LP-300 program and its significance in the HARMONIC trial? A: Panna Sharma, CEO, explained that the LP-300 program is focused on never smokers with non-small cell lung cancer who have progressed after treatment on TKIs. The HARMONIC trial, which addresses a significant unmet need, has shown promising results with an 86% clinical benefit rate and a 43% objective response rate. The market opportunity is substantial, with over $4 billion annually in spend for this patient population. Q: What are the recent developments in the LP-184 clinical trial? A: Panna Sharma highlighted that the LP-184 Phase 1 trial showed durable disease control in heavily pretreated advanced cancer patients, achieving a 48% clinical benefit rate. The trial validated the synthetic lethal hypothesis, with notable tumor reductions in patients with DNA damage repair mutations. The recommended Phase 2 dose has been established, and the trial is advancing into multiple precision oncology trials. Q: How is Lantern Pharma leveraging AI in its drug development process? A: Panna Sharma emphasized the company's leadership in using AI and machine learning to transform drug development. The RADR AI platform integrates billions of oncology-focused data points and machine learning algorithms, enabling rapid advancement from AI insights to clinical trials. The platform's commercial opportunities are being expanded through a new AI center of excellence in India. Q: What is the status of the Starlight Therapeutics program for pediatric CNS cancer? A: The IND for the pediatric CNS cancer trial has been cleared, allowing for clinical development across the full patient spectrum. The program has received rare pediatric disease and orphan drug designations, providing pathways for FDA priority review vouchers. The trial design features a unique combination of spironolactone, exploiting synthetic lethality in brain tumors. Q: Can you elaborate on the financial performance and future funding needs? A: David Margrave, CFO, reported a net loss of $17.1 million for 2025, with a reduction in R&D expenses. The company has a cash position of $10.1 million as of December 31, 2025, which is expected to fund operations until late July to mid-September 2026. Lantern Pharma is actively evaluating and pursuing potential funding alternatives to support future operations. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Year of Clinical Validation and Strategic Expansion Across Pipeline, AI Platform Advances Towards Commercialization, and Global Trial Milestones LP-300 Phase 2 HARMONIC™ Trial Progress: Continued enrollment and patient follow-up across the United States, Japan, and Taiwan. Completion of targeted enrollment in Japan across five clinical sites including the National Cancer Center Tokyo. Preliminary data presented at the 66th Annual Meeting of the Japan Lung Cancer Society. Type C meeting package submitted to FDA in March 2026, with meeting scheduled for mid-May 2026 seeking feedback on proposed protocol amendments including focusing enrollment on EGFR exon 21 L858R patients and updating the LP-300 dosing schedule to allow for up to 8 cycles of treatment. The treatment of never-smokers with NSCLC represents an estimated $4+ billion annual market opportunity with no specifically approved therapies. LP-184 Phase 1a Completion and Expansion: All primary endpoints achieved with 48% clinical benefit rate at or above therapeutic dose threshold; additional positive results reported in Q4 2025 demonstrating durable disease control in heavily pre-treated advanced cancer patients. Biomarker-guided Phase 1b/2 trials planned in TNBC, NSCLC with KEAP1/STK11 mutations, and an investigator-led clinical study in Denmark in PTGR1 overexpressing bladder cancers with DNA damage repair mutations. Starlight Therapeutics IND Clearance: FDA clears IND for planned Phase 1 pediatric CNS cancer trial of STAR-001 in Atypical Teratoid Rhabdoid Tumor (ATRT) and other rare pediatric cancers, marking a pivotal regulatory milestone for Lantern’s wholly-owned subsidiary. LP-284 Orphan Drug Designation: LP-284 receives FDA Orphan Drug Designation for soft tissue sarcomas, adding to existing designations for mantle cell lymphoma and high-grade B-cell lymphomas. Complete metabolic response in therapeutically exhausted DLBCL patient presented at 25th LL&M Congress. AI-Driven Pipeline: Lantern’s portfolio of clinical-stage drug candidates, spanning lung cancer, breast cancer, lymphoma, sarcoma, pediatric brain cancers, and bladder cancer, represents a combined estimated annual market potential exceeding $15 billion, with multiple programs positioned to advance towards Phase 1b/2 and Phase 2 value-creation milestones in 2026. RADR® AI Platform Global Expansion: Initiation of AI Center of Excellence in India to industrialize the RADR® platform and accelerate global biopharma development opportunities. Presentation at 7th Glioblastoma Drug Development Summit in Boston. withZeta.ai — Multi-Agentic Co-Scientist Platform: Introduction of withZeta.ai, a first-of-its-kind multi-agentic AI co-scientist platform designed to accelerate drug development insights and therapeutic strategies across more than 438 rare cancers. Since late December 2025, withZeta.ai has been in active demo and beta testing with over 25 biotech companies, cancer research centers, and biopharma consultants, representing a significant near-term commercialization opportunity for the Company’s AI capabilities. Financial Position: Approximately $10.1 million in cash, cash equivalents, and marketable securities as of December 31, 2025. Conference call and webcast scheduled for Monday, March 30, 2026 at 4:30 p.m. ET. DALLAS, March 30, 2026--(BUSINESS WIRE)--Lantern Pharma Inc. (NASDAQ: LTRN), a clinical-stage biopharmaceutical company leveraging its proprietary RADR® artificial intelligence (AI) and machine learning (ML) platform to transform the cost, pace, and timeline of oncology drug discovery and development, today announced operational highlights and financial results for the fourth quarter and full year 2025 ended December 31, 2025, and provided an update on its portfolio of AI-driven drug candidates and AI platforms, RADR® and withZeta.ai. "2025 was a defining year for Lantern Pharma as we achieved clinical validation across multiple programs while establishing the foundation for our next phase of growth," said Panna Sharma, CEO & President of Lantern Pharma. "The encouraging and developing LP-300 Phase 2 HARMONIC™ observations, combined with successful Phase 1a completion for LP-184 and FDA IND clearance for our pediatric CNS cancer program through Starlight Therapeutics, represent transformational milestones that validate and strengthen our AI-driven approach to precision oncology. Our full-year results reflect disciplined execution with a 19% reduction in total operating expenses year-over-year, even as we advanced multiple clinical programs through key inflection points and introduced a highly unique multi-agentic system aimed at conquering rare cancers. As we move into 2026, we are positioning to advance multiple high-value clinical programs, expand our RADR® platform’s commercial reach and revenue potential globally through our new AI Center of Excellence in India and strengthen our balance sheet." Clinical Pipeline Developments Lantern’s AI-driven clinical pipeline encompasses multiple drug candidates across solid tumors, blood cancers, and pediatric oncology, with a combined estimated annual market potential exceeding $15 billion. The portfolio includes a Phase 2 clinical program (LP-300), multiple programs advancing toward Phase 1b/2 trials (LP-184), an ongoing Phase 1 trial in hematologic malignancies (LP-284), and a planned Phase 1 pediatric CNS cancer trial (STAR-001) through Starlight Therapeutics. Each program has been guided by the RADR® platform’s AI-driven insights. On average, our newly developed drug programs have been advanced from initial AI insights to first-in-human clinical trials in 2–3 years and at approximately $1.0–2.5 million per program. LP-300 HARMONIC™ Trial: Continued Progress and Strategic Momentum The Phase 2 HARMONIC™ trial continued to advance through the fourth quarter and into early 2026, with ongoing patient enrollment and follow-up across clinical sites in the United States, Japan, and Taiwan. The trial evaluates LP-300 in combination with standard-of-care chemotherapy (carboplatin + pemetrexed) in never-smokers with NSCLC adenocarcinoma who have progressed after tyrosine kinase inhibitor (TKI) therapy. Key Milestones: Japan Enrollment Completed: In July 2025, Lantern completed targeted enrollment in Japan ahead of schedule across five clinical sites including the National Cancer Center Tokyo, validating the company’s strategic expansion into regions with significantly higher rates of never-smoker NSCLC. Data Presented at JLCS: During Q4 2025, clinical investigators presented data from the ongoing HARMONIC™ trial at the 66th Annual Meeting of the Japan Lung Cancer Society, including results from both Asian and U.S. patient cohorts. Safety Lead-In Results: The trial has previously demonstrated encouraging results in its initial safety lead-in cohort, showing an 86% clinical benefit rate and 43% objective response rate among the first seven patients enrolled in the United States, including one patient who achieved a durable complete response in target cancer lesions with survival continuing for nearly two years. Enrollment Progress: The trial continues to enroll patients in Taiwan, where more than 50% of lung cancer cases occur in never-smokers, and across U.S. sites. FDA Engagement — Type C Meeting: In March 2026, Lantern submitted a Type C meeting package to the FDA regarding the ongoing Phase 2 HARMONIC™ study. The meeting, currently scheduled for mid-May 2026, seeks FDA feedback and concurrence on proposed protocol amendments to the study. The proposed amendments to the HARMONIC™ study include: (i) focusing future enrollment to patients with EGFR exon 21 L858R mutation (a subtype of tyrosine kinase mutations); (ii) increasing the maximum number of LP-300 treatment cycles from six to eight; and (iii) converting the current randomized study design to a Phase 2 single-arm Simon two-stage study by discontinuing enrollment into the control arm. The proposed amendments are supported by a preliminary analysis of study data suggesting that patients with the EGFR exon 21 L858R mutation may derive greater clinical benefit from the LP-300 triplet regimen; the evolution of the treatment landscape for TKI-refractory NSCLC that has made continued randomization to the control arm increasingly challenging; and historical safety data indicating that up to eight cycles of LP-300 at the current dose level did not alter the established safety profile of the drug. There can be no assurance that the FDA will concur with the proposed amendments, and any changes to the study protocol will be subject to FDA review and clearance during and after the Type C meeting planned for mid-May. Lantern is actively exploring collaboration and partnering opportunities both globally and regionally to maximize LP-300’s commercial potential in multiple geographies. Additional clinical data updates from the HARMONIC™ trial are expected in the first half of 2026. Never-smoker NSCLC is increasingly recognized as a distinct disease entity with unique clinical and genomic characteristics, representing a global market opportunity estimated at over $4 billion annually. Currently, there are no therapies specifically approved for never-smoker NSCLC patients. LP-184: Phase 1a Completion and Advancement Toward Phase 1b/2 Trials In Q4 2025, Lantern reported additional positive LP-184 Phase 1a results showing durable disease control in heavily pre-treated advanced cancer patients as the company is positioning to advance its precision oncology program into multiple biomarker-guided Phase 1b/2 trials. The Phase 1a trial (NCT05933265), which enrolled 63 patients, achieved all primary endpoints with a 48% clinical benefit rate at or above the therapeutic dose threshold and provided further confirmation of LP-184’s unique mechanism of action. Key Phase 1a Highlights: Biomarker Validation: Marked tumor reductions observed in patients with DNA damage repair mutations including CHK2, ATM, BRCA1, and STK11/KEAP1 alterations, validating RADR®-driven insights regarding the mechanism of LP-184. Recommended Phase 2 Dose: Successfully established RP2D of 0.39mg/kg with favorable safety profile. Activity in Difficult-to-Treat Cancers: Notable clinical benefits in glioblastoma multiforme (GBM), gastrointestinal stromal tumor (GIST), and thymic carcinoma. Phase 1b/2 Development Plans (subject to additional funding): Triple-Negative Breast Cancer (TNBC): Phase 1b/2 study targeting a potential annual market exceeding $4 billion. NSCLC with STK11/KEAP1 Co-mutations: Biomarker-guided study, potential annual market approaching $1.5 billion. Investigator Led Study: Bladder Cancer: Investigator-led clinical study planned to initiate in Denmark in PTGR1 overexpressing bladder cancers with DNA damage repair mutations. Starlight Therapeutics: FDA IND Clearance for Pediatric CNS Cancer Trial In early 2026, the FDA cleared the IND for Starlight Therapeutics’ planned Phase 1 pediatric CNS cancer trial of STAR-001 (LP-184) in Atypical Teratoid Rhabdoid Tumor (ATRT) and other rare pediatric cancers. STAR-001 has received both Rare Pediatric Disease Designation and Orphan Drug Designation from the FDA for ATRT, along with additional designations for hepatoblastoma, rhabdomyosarcoma, and malignant rhabdoid tumors. These designations provide potential pathways for FDA Priority Review Vouchers (PRVs) upon a potential approval. PRVs have historically been sold or transferred for significant value, with recent transactions in the range of $100 million to $150 million or more, representing a potentially meaningful source of non-dilutive value for Lantern and its shareholders independent of the commercial potential of the underlying therapy. The Rare Pediatric Disease Designation for ATRT, hepatoblastoma, rhabdomyosarcoma, and malignant rhabdoid tumors each independently qualifies for a potential PRV upon potential FDA approval and meeting other program conditions. LP-284: Orphan Drug Designation and Clinical Advancement In Q1 2026, LP-284 received FDA Orphan Drug Designation for soft tissue sarcomas, adding to existing designations for mantle cell lymphoma and high-grade B-cell lymphomas. In Q4 2025, Lantern presented clinical data at the 25th LL&M Congress showcasing a confirmed complete metabolic response in a heavily pretreated DLBCL patient. LP-284 benefits from composition of matter patents providing protection through 2039 in the majority of the major medicine markets (USA, EU, Japan, China, India, Mexico, Korea, and Australia). RADR® AI Platform: Global Expansion and Commercial Momentum AI Center of Excellence in India In early 2026, Lantern announced the initiation of an AI Center of Excellence in India to industrialize and grow the RADR® platform, the withZeta.ai system and accelerate global development opportunities with biopharma companies looking to leverage AI as a service. withZeta.ai: Multi-Agentic Co-Scientist Platform for Rare Cancers A key commercial milestone in late 2025 was the introduction of withZeta.ai, a first-of-its-kind multi-agentic AI co-scientist platform. withZeta.ai is designed to accelerate drug development insights, therapeutic strategy generation, cancer trial development and research workflows across more than 438 rare cancers — a category of diseases that collectively represents a massive unmet medical need but where individual indications have historically been underserved due to small patient populations, sparse and scattered data and limited commercial incentives. The platform leverages Lantern’s unique expertise and proprietary data assets in rare and orphan cancer drug development, combining multiple specialized AI agents that work collaboratively to analyze genomic data, identify potential therapeutic targets, predict drug-tumor interactions, and generate actionable development strategies. Since late December 2025, withZeta.ai has been in active demo and beta testing with over 25 biotech companies, cancer research centers, and biopharma consultants, generating significant interest and early engagement from the industry. withZeta.ai represents a meaningful near-term commercialization opportunity for Lantern, as the platform is designed to generate recurring revenue through subscription and usage-based licensing models while reinforcing the company’s position as a leader in AI-driven oncology drug development. The company expects to provide further updates on commercial traction and partnership discussions related to withZeta.ai throughout 2026. withZeta.ai: Market Opportunity, Scaling Strategy, and Vision The withZeta.ai platform is architected to first address the unique challenges of rare cancer drug development, where fragmented data, small patient populations, and limited institutional knowledge have historically made therapeutic development economically and scientifically prohibitive. By aggregating and structuring insights across 438+ rare cancers into a unified AI co-scientist framework, withZeta.ai provides pharmaceutical and biotech researchers with capabilities that would otherwise require large, specialized teams and years of manual analysis. Lantern’s longer term plan is to scale withZeta.ai beyond rare cancers into broader oncology indications and, subsequently, into rare diseases and other therapeutic areas through revenue generating collaborations with pharmaceutical companies. The platform’s multi-agentic architecture is designed to be extensible — the same collaborative AI agent framework that powers rare cancer insights can be configured and trained to address drug development challenges across neurology, immunology, metabolic diseases, and other complex therapeutic areas where data fragmentation and scientific complexity represent significant barriers to R&D productivity. The global rare disease therapeutics market is projected to exceed $300 billion by 2028, and the broader pharmaceutical R&D outsourcing and AI-enabled drug discovery market represents an additional multi-billion-dollar opportunity. Lantern believes that withZeta.ai is positioned at the intersection of these high-growth markets, with a differentiated offering that combines proprietary oncology data, validated AI algorithms, and a practical co-scientist user experience designed for bench scientists and clinical development teams. "2026 can be a critical year for the commercialization of our AI platforms to support broad-based drug development and scientific productivity in R&D," said Mr. Sharma. "We are building for a future where AI co-scientists are commonplace in knowledge work across the pharmaceutical and biotech industries — augmenting human expertise, accelerating discovery timelines, and dramatically improving the economics of drug development. We believe this represents a potential near-term market opportunity of $20 to $50 billion, and withZeta.ai is our first agentic-based commercial product designed to capture a meaningful share of that market. The early engagement from a broad range of organizations in our beta program validates both the demand and the differentiation of our approach." Other AI Platform Highlights predictBBB.ai: 94.1% accuracy for blood-brain barrier permeability prediction; five of top eleven positions on the Therapeutic Data Commons Leaderboard. This tool has been significantly enhanced to encompass a wider range of molecular and structural analysis aimed at molecules and medicines. LBx-AI Liquid Biopsy: 86% accuracy for predicting treatment response in NSCLC; 0.76 Pearson correlation for PD-L1 level inference from ctDNA. R&D Investment by Program (Full Year 2025): For the year ended December 31, 2025, our approximate research and development costs by project were: LP-300 ($4.6M), LP-184 ($4.3M), LP-284 ($1.2M), RADR® Platform ($1.0M), and other programs ($0.4M), totaling approximately $11.5 million. Addressing Fake News on Company CEO & Leadership The company was made aware of an online third-party article unaffiliated with the company stating that the CEO of Lantern was stepping down and had resigned. This was a false and misleading article that seemed to be focused on shorting the Company’s stock price amongst traders. Panna Sharma continues to serve as President and Chief Executive Officer with the full confidence of the Board of Directors, and together with the management team, continues to actively lead the company’s day-to-day operations, clinical development strategy, partnership discussions, and capital planning efforts. Lantern Pharma encourages its investors and stakeholders to rely on the company’s SEC filings, press releases, and official communications through its established disclosure channels for genuine information about the company and its leadership. Financial Results for Fourth Quarter and Full Year 2025 Balance Sheet: Cash, cash equivalents, and marketable securities were approximately $10.1 million as of December 31, 2025 (consisting of approximately $4.4 million in cash and cash equivalents and approximately $5.7 million in marketable securities), compared to approximately $24.0 million as of December 31, 2024. The company believes that its existing cash, cash equivalents, and marketable securities will enable it to fund anticipated operating expenses and capital expenditure requirements until at least approximately late July 2026 to mid September 2026. The company will need to obtain substantial additional funding in the near future and it is actively evaluating and pursuing potential funding alternatives. Full Year 2025 Results: Research and Development Expenses: R&D expenses were approximately $11.5 million for the year ended December 31, 2025, compared to approximately $16.1 million for the year ended December 31, 2024, a decrease of approximately $4.6 million or 29%. The decrease was primarily attributable to decreases in research studies and materials of approximately $4,034,000 relating to clinical trials, decreases in payroll and compensation expenses of approximately $610,000, and decreases in consulting expenses of approximately $81,000, partially offset by increases in licensing expenses of approximately $113,000. General and Administrative Expenses: G&A expenses were approximately $6.5 million for the year ended December 31, 2025, compared to approximately $6.1 million for the year ended December 31, 2024, an increase of approximately $373,000 or 6%. The increase was primarily attributable to increases in business development and investor relations expenditures of approximately $436,000, increases in patent costs of approximately $55,000, and increases in corporate insurance expenses of approximately $51,000, offset in part by decreases in payroll and compensation expenses of approximately $115,000. Net Loss: Net loss was approximately $17.1 million (or $1.57 per share) for the year ended December 31, 2025, compared to a net loss of approximately $20.8 million (or $1.93 per share) for the year ended December 31, 2024, representing a year-over-year reduction of net loss of approximately $3.7 million or 18%. Fourth Quarter 2025 Results: Total Operating Expenses: Total operating expenses were approximately $4.2 million for the quarter ended December 31, 2025, compared to approximately $5.9 million for the quarter ended December 31, 2024. Q4 2025 R&D expenses were approximately $2.7 million compared to approximately $4.3 million in Q4 2024. Q4 2025 G&A expenses were approximately $1.5 million compared to approximately $1.6 million in Q4 2024. Net Loss: Net loss was approximately $4.1 million for the quarter ended December 31, 2025, compared to a net loss of approximately $5.9 million for the quarter ended December 31, 2024. Capitalization: As of December 31, 2025, the Company had 11,254,697 shares of common stock outstanding, and options to purchase 1,296,126 shares of common stock at a weighted average exercise price of $5.58 per share were outstanding. As of December 31, 2025, there were no warrants outstanding. In July 2025, the Company entered into an ATM Sales Agreement with ThinkEquity LLC, pursuant to which the Company may offer and sell up to $15,530,000 of its common stock in "at-the-market" offerings. During the year ended December 31, 2025, the Company sold 356,922 shares under the ATM for gross proceeds of $1,624,547. 2026 Corporate Objectives and Catalysts Mid-May 2026: Type C meeting with FDA to discuss proposed HARMONIC™ protocol amendments, including focusing enrollment on EGFR exon 21 L858R patients, extending LP-300 treatment cycles, and converting to a single-arm Simon two-stage design. 2026: Planned Investigator Sponsored Trial evaluating LP-300 in combination with standard-of-care agents in frontline NSCLC patients with specific driver mutations. H1 2026: Planned initiation of LP-184 Phase 1b/2 trials in TNBC and NSCLC (subject to funding). H1 2026: Investigator-led clinical study initiation in Denmark in PTGR1 overexpressing bladder cancers with DNA damage repair mutations. 2026: Planned pediatric CNS cancer trial initiation through Starlight Therapeutics (subject to funding). 2026: Additional HARMONIC™ trial data readouts and potential partnership announcements. 2026: Scale-up of RADR® AI and withZeta.ai platform commercial efforts through India AI Center of Excellence. 2026: Continued commercialization of the withZeta.ai multi-agentic co-scientist platform, including conversion of beta engagements to commercial partnerships and expansion across the rare cancer research community through a subscription-based service. 2026: Pursuit of additional funding, including potential grant revenue, to fund planned operations and clinical advancement. Conference Call Information Lantern Pharma will host a conference call and webcast to discuss fourth quarter and full year 2025 financial results and business updates on Monday, March 30, 2026 at 4:30 p.m. Eastern Time. To participate in the conference call, please register at the Zoom webcast link. A replay of the earnings call webcast will be available after the call on the investor relations section of Lantern’s website at ir.lanternpharma.com. About Lantern Pharma Lantern Pharma (NASDAQ: LTRN) is an AI-driven company transforming the cost, pace, and timeline of oncology drug discovery and development. Our proprietary AI and machine learning (ML) platform, RADR®, leverages over 200 billion oncology-focused data points and a library of 200+ advanced ML algorithms to help solve billion-dollar, real-world problems in oncology drug development and generate oncology medicines at dramatically reduced costs and accelerated timelines. By harnessing the power of AI and with input from world-class scientific advisors and collaborators, we have accelerated the development of our growing pipeline of drug candidates that span multiple cancer indications, including both solid tumors and blood cancers and an antibody-drug conjugate (ADC) program. On average, our newly developed drug programs have been advanced from initial AI insights to first-in-human clinical trials in 2–3 years and at approximately $1.0–2.5 million per program. Our lead development programs include a Phase 2 clinical program and multiple planned Phase 1b/2a clinical trials. We have also established a wholly-owned subsidiary, Starlight Therapeutics, to focus exclusively on the clinical execution of our promising therapies for CNS and brain cancers. Our AI-driven pipeline of innovative product candidates is estimated to have a combined annual market potential of over $15 billion USD. Website: www.lanternpharma.com Harmonic Trial: www.harmonictrial.com LinkedIn: https://www.linkedin.com/company/lanternpharma/ X: @lanternpharma Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among other things, statements relating to: future events or our future financial performance; the potential advantages of our RADR® platform and withZeta.ai platform in identifying drug candidates, accelerating drug development, and generating revenue through software licensing and subscription models; our strategic plans to advance the development of our drug candidates and antibody drug conjugate (ADC) development program; the planned commercialization of our AI platforms including withZeta.ai and the expected market opportunity for AI co-scientist platforms; estimates regarding the development timing for our drug candidates and ADC development program; expectations and estimates regarding clinical trial timing and patient enrollment; our research and development efforts of our internal drug discovery programs and the utilization of our RADR® platform to streamline the drug development process; our intention to leverage artificial intelligence, machine learning and genomic data to streamline and transform the pace, risk and cost of oncology drug discovery and development and to identify patient populations that would likely respond to a drug candidate; estimates regarding patient populations, potential markets and potential market sizes; sales estimates for our drug candidates and our plans to discover and develop drug candidates and to maximize their commercial potential by advancing such drug candidates ourselves or in collaboration with others. Any statements that are not statements of historical fact (including, without limitation, statements that use words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "model," "objective," "aim," "upcoming," "should," "will," "would," or the negative of these words or other similar expressions) should be considered forward-looking statements. There are a number of important factors that could cause our actual results to differ materially from those indicated by the forward-looking statements, such as (i) the risk that we may not be able to secure sufficient future funding when needed and as required to advance and support our existing and planned clinical trials and operations, (ii) the risk that observations in preclinical studies and early or preliminary observations in clinical studies do not ensure that later observations, studies and development will be consistent or successful, (iii) the risk that our research and the research of our collaborators may not be successful, (iv) the risk that we may not be successful in licensing potential candidates or in completing potential partnerships and collaborations, (v) the risk that none of our product candidates has received FDA marketing approval, and we may not be able to successfully initiate, conduct, or conclude clinical testing for or obtain marketing approval for our product candidates, (vi) the risk that no drug product based on our proprietary RADR® AI platform has received FDA marketing approval or otherwise been incorporated into a commercial product, (vii) the risk that our AI platform commercialization efforts, including withZeta.ai, may not generate the anticipated revenue or achieve the expected market adoption, and (viii) those other factors set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 30, 2026. You may access our Annual Report on Form 10-K for the year ended December 31, 2025 under the investor SEC filings tab of our website at www.lanternpharma.com or on the SEC’s website at www.sec.gov. Given these risks and uncertainties, we can give no assurances that our forward-looking statements will prove to be accurate, or that any other results or events projected or contemplated by our forward-looking statements will in fact occur, and we caution investors not to place undue reliance on these statements. All forward-looking statements in this press release represent our judgment as of the date hereof, and, except as otherwise required by law, we disclaim any obligation to update any forward-looking statements to conform the statement to actual results or changes in our expectations. Lantern Pharma Disclosure Channels to Disseminate Information Lantern Pharma’s investors and others should note that we announce material information to the public about our company through a variety of means, including our website, press releases, SEC filings, digital newsletters, and social media, in order to achieve broad, non-exclusionary distribution of information to the public. We encourage our investors and others to review the information we make public in the locations above as such information could be deemed to be material information. Please note that this list may be updated from time to time. View source version on businesswire.com: https://www.businesswire.com/news/home/20260330282182/en/ Contacts Investor Contact Investor Relations [email protected] +1-972-277-1136