Lantern Pharma Inc.

Previous wording

In January 2026, we introduced withZeta.ai — a generative AI platform purpose-built to empower researchers and clinicians to accelerate rare cancer research and drug development, dramatically improve research quality, and reduce R&D costs. withZeta’s multi-agentic architecture combines intelligent orchestration using a combination of proprietary knowledge bases and publicly available data with autonomous task completion to deliver a true “co-scientist” experience — one that brings the collective insight of thousands of domain experts, millions of publications, and billions of data points to address some of oncology’s most difficult challenges and disease subtypes.

Current wording

In January 2026, we introduced withZeta.ai — a generative AI platform purpose-built to empower researchers and clinicians to accelerate rare cancer research and drug development, dramatically improve research quality, and reduce R&D costs.

Previous wording

We are conducting a targeted phase 2 trial (the Harmonic™ trial) for LP-300 in never smoking patients with NSCLC in combination with chemotherapy, under an existing investigational new drug application. Based on the successful outcome in May 2026 from a Type C meeting request with the FDA focused on the LP-300 Harmonic™ clinical trial, we have determined to focus future Harmonic™ enrollment 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 Harmonic™ study data suggests that patients with this mutation may derive greater clinical benefit from the LP-300 triplet regimen. Our candidate LP-184 has shown promising in-vitro and in vivo anticancer activity in multiple solid tumor indications (including triple negative breast, lung, bladder, glioblastoma and pancreatic cancer), and enrollment has been completed in a Phase 1a clinical trial for LP-184. Based on the results and insights from the LP-184 Phase 1a clinical trial, we are advancing and optimizing development plans for multiple future LP-184 clinical studies. Our candidate LP-284 has shown promising in-vitro and in vivo anticancer activity in multiple hematological cancers, which are distinct from the indications targeted by LP-184. LP-284 is currently in a Phase 1A clinical trial.

Current wording

We are conducting a targeted phase 2 trial (the Harmonic™ trial) for LP-300 in never smoking patients with NSCLC in combination with chemotherapy, under an existing investigational new drug application. Based on the successful outcome in May 2026 from a Type C meeting request with the FDA focused on the LP-300 Harmonic™ clinical trial, we are focusing future Harmonic™ enrollment 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 Harmonic™ study data suggests that patients with this mutation may derive greater clinical benefit from the LP-300 triplet regimen. Our candidate LP-184 has shown promising in-vitro and in vivo anticancer activity in multiple solid tumor indications (including triple negative breast, lung, bladder, glioblastoma and pancreatic cancer), and enrollment has been completed in a Phase 1a clinical trial for LP-184. Based on the results and insights from the LP-184 Phase 1a clinical trial, we are advancing and optimizing development plans for multiple future LP-184 clinical studies. Our candidate LP-284 has shown promising in-vitro and in vivo anticancer activity in multiple hematological cancers, which are distinct from the indications targeted by LP-184. LP-284 is currently in a Phase 1A clinical trial.

Previous wording

To date, except for a prior research grant, we have not generated any revenue, we have incurred net losses and our operations have been financed primarily by sales of our equity securities. Our net losses were approximately $3,329,000 and $4,537,000 for the three months ended March 31, 2026 and 2025, respectively.

Current wording

We have incurred net losses to date and our operations have been financed primarily by sales of our equity securities. Our net losses were approximately $10,401,000 and $8,868,000 for the six months ended June 30, 2026 and 2025, respectively.

Previous wording

We did not recognize revenues for the three-month periods ended March 31, 2026 and 2025.

Current wording

We did not recognize revenues for the six-month periods ended June 30, 2026 and 2025.

Previous wording

Our research and development expenses by project category for the three months ended March 31, 2026 and 2025 are as follows:

Current wording

Our research and development expenses by project category for the six months ended June 30, 2026 and 2025 are as follows:

Previous wording

Summary Results of Operations for the Three Months Ended March 31, 2026 and 2025 (unaudited)

Current wording

Summary Results of Operations for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited)

Previous wording

General and administrative expenses increased approximately $170,000, or 11%, from approximately $1,510,000 for the three months ended March 31, 2025 to approximately $1,680,000 for the three months ended March 31, 2026. The increase was primarily attributable to increases in patent costs of approximately $99,000, increases in salaries and benefit expenses of approximately $71,000, and increases in business development and investor relations expenditures of approximately $36,000. These increases were partially offset by decreases in travel expenses of approximately $16,000 and rent of approximately $15,000.

Current wording

General and administrative expenses increased approximately $134,000, or 8%, from approximately $1,584,000 for the three months ended June 30, 2025 to approximately $1,717,000 for the three months ended June 30, 2026. The increase was primarily attributable to increases in business development and investor relations expenditures of approximately $361,000 and increases in salaries and benefit expenses of approximately $136,000. These increases were partially offset by decreases in other professional fees of approximately $353,000.

Previous wording

Research and development expenses decreased approximately $1,539,000, or 47%, from approximately $3,264,000 for the three months ended March 31, 2025 to approximately $1,725,000 for the three months ended March 31, 2026. The decrease was attributable to reductions in research studies and materials costs of approximately $1,322,000 relating to the conduct and support of our clinical trials, and decreases in salaries and benefit expenses of approximately $246,000. These decreases were partially offset by increases in consulting expenses of approximately $16,000 and increases in licensing fees of approximately $12,000.

Current wording

Research and development expenses decreased approximately $1,278,000, or 42%, from approximately $3,068,000 for the three months ended June 30, 2025 to approximately $1,791,000 for the three months ended June 30, 2026. The decrease was attributable to reductions in research studies and materials costs of approximately $1,018,000 relating to the conduct and support of our clinical trials, and decreases in salaries and benefit expenses of approximately $284,000. These decreases were partially offset by increases in consulting expenses and licensing fees of approximately $12,000 and $13,000, respectively.

Previous wording

Interest income decreased approximately $108,000, or 72%, from approximately $150,000 for the three months ended March 31, 2025 to approximately $42,000 for the three months ended March 31, 2026. This decrease was primarily due to reductions in the amount of marketable securities held by us during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Other income, net decreased approximately $53,000, or 61%, from approximately $87,000 for the three months ended March 31, 2025 to approximately $34,000 for the three months ended March 31, 2026. This decrease was primarily attributable to reductions in dividend income and other investment income of $23,000 and $90,000, respectively. These declines in other income, net, were offset, in part by an increase in foreign currency gains of approximately $60,000 during the three months ended March 31, 2026.

Current wording

Interest income decreased approximately $85,000, or 74%, from approximately $115,000 for the three months ended June 30, 2025 to approximately $30,000 for the three months ended June 30, 2026. This decrease was primarily due to reductions in the amount of marketable securities held by us during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Other income, net decreased approximately $191,000, or 93%, from approximately $206,000 for the three months ended June 30, 2025 to approximately $15,000 for the three months ended June 30, 2026. This decrease was primarily attributable to reductions in dividend income and other investment income of $33,000 and $46,000, respectively, and a decrease in foreign currency gains of approximately $109,000 during the three months ended June 30, 2026.

Previous wording

For the three months ended March 31, 2026, net cash used in operating activities was approximately $3,773,000 compared to approximately $4,376,000 for the three months ended March 31, 2025. The primary cause of the reduction in cash used is a decrease in net loss of approximately $1,208,000 during the three months ended March 31, 2026 when compared to the three months ended March 31, 2025. This reduction in cash used was offset, in part, by larger decreases in accounts payable and accrued expenses during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

Current wording

For the six months ended June 30, 2026, net cash used in operating activities was approximately $6,714,000 compared to approximately $8,313,000 for the six months ended June 30, 2025. The primary cause of the reduction in cash used is approximately $2,854,000 of non-cash adjustments related to the issuance and change in fair value of warrants during the six months ended June 30, 2026. The reduction in cash used was offset, in part, by decreases in accounts payable and accrued expenses during the six months ended June 30, 2026 as compared to increases during the six months ended June 30, 2025.

Previous wording

For the three months ended March 31, 2026, net cash provided by investing activities was approximately $4,250,000 compared to approximately $3,239,000 of net cash provided by investing activities for the three months ended March 31, 2025. The increase in cash provided by investing activities is due to an increase in net redemptions of investments in marketable securities during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025.

Current wording

For the six months ended June 30, 2026, net cash provided by investing activities was approximately $4,942,000 compared to approximately $6,832,000 of net cash provided by investing activities for the six months ended June 30, 2025. The decrease in cash provided by investing activities is due to a decrease in net redemptions of investments in marketable securities during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025.

Previous wording

As of March 31, 2026, we had total assets of approximately $7.2 million and working capital of approximately $3.3 million. As of March 31, 2026, our liquidity included approximately $6.3 million of cash, cash equivalents and marketable securities. We plan to pursue periodic capital raises and also plan to apply for grant funding in the future to assist in supporting our capital needs. In July 2025, we entered into the ATM with ThinkEquity, as sales agent, pursuant to which we may offer and sell shares of our common stock from time to time, in “at-the-market” offerings to or through our sales agent. No sales were made under the ATM during the three months ended March 31, 2026.

Current wording

As of June 30, 2026, we had total assets of approximately $8,602,000 and working capital of approximately $4,136,000. As of June 30, 2026, our liquidity included approximately $7,361,000 of cash, cash equivalents and marketable securities. In July 2025, we entered into the ATM with ThinkEquity, as sales agent, pursuant to which we may offer and sell shares of our common stock from time to time, in “at-the-market” offerings to or through our sales agent. No sales were made under the ATM during the six months ended June 30, 2026.

Previous wording

On May 12, 2026, we entered into a securities purchase agreement (the “Purchase Agreement”) with institutional investors, pursuant to which we agreed to issue and sell to such investors in a registered direct offering (i) 1,454,175 shares common stock of the Company, at an offering price of $2.06 per share, and (ii) pre-funded warrants to purchase up to 681,748 shares of common stock (the “Pre-Funded Warrants”) in lieu of the Common Shares, at an offering price of $2.0599 (such registered direct offering, the “Offering”). The Offering closed on May 14, 2026, and we received gross proceeds of approximately $4.4 million from the Offering, before deducting Offering expenses payable by us, including the fees of the placement agent for the Offering. In addition, in a concurrent private placement, we agreed to issue to such investors warrants to purchase up to 2,135,923 shares of common stock, at an exercise price of $2.27 per share. We may also explore the possibility of additional manners of offering our equity securities and entering into commercial credit facilities as an additional source of liquidity.

Current wording

On May 12, 2026, we entered into a securities purchase agreement with institutional investors, pursuant to which we agreed to issue and sell to such investors in a registered direct offering (i) 1,454,175 shares of common stock of the Company, at an offering price of $2.06 per share, and (ii) pre-funded warrants to purchase up to 681,748 shares of common stock (the “Pre-Funded Warrants”) in lieu of the common shares, at an offering price of $2.0599 (such registered direct offering, the “Offering”). The Offering closed on May 14, 2026, and we received gross proceeds of approximately $4,400,000 from the Offering, before deducting Offering expenses payable by us of approximately $512,000. In addition, in a concurrent private placement, we agreed to issue to such investors warrants to purchase up to 2,135,923 shares of common stock, at an exercise price of $2.27 per share.

Previous wording

Our ability to continue as a going concern is highly contingent on the ability to raise additional capital for ongoing research and development and clinical trials as we expect to continue incurring losses for the foreseeable future. The financial statements in this report have been prepared assuming that we will continue as a going concern, and do not include any adjustments that may be necessary should we be unable to continue as a going concern. We have incurred, and anticipate that we will continue to incur, losses and generate negative operating cash flows and as such will require substantial additional funding in the near future to continue our research and development activities. These factors raise substantial doubt about our ability to continue as a going concern in the absence of obtaining substantial additional funding. While we plan to pursue periodic capital raises, including additional potential sales under the ATM, no assurance can be given that sufficient funding will be available when needed to allow us to continue as a going concern.

Current wording

Our ability to continue as a going concern is highly contingent on the ability to raise additional capital for ongoing research and development and clinical trials as we expect to continue incurring losses for the foreseeable future. If we are not able to raise sufficient additional capital when needed, we may be required to delay, reduce or eliminate drug development programs and other activities to support extension of our operating runway. The financial statements in this report have been prepared assuming that we will continue as a going concern, and do not include any adjustments that may be necessary should we be unable to continue as a going concern. We have incurred, and anticipate that we will continue to incur, losses and generate negative operating cash flows and as such will require substantial additional funding in the near future to continue our research and development activities. These factors raise substantial doubt about our ability to continue as a going concern in the absence of obtaining substantial additional funding. While we plan to pursue periodic capital raises, including additional potential sales under the ATM, as well as potential collaborations, grant funding and other opportunities to extend our operating runway, no assurance can be given that sufficient funding will be available when needed to allow us to continue as a going concern.

Previous wording

We expect to incur significant, fluctuating and often increasing operating losses at least for the next several years as we continue our clinical development of LP-300, LP-184 and LP-284, pursue development of our other drug candidates and programs, and seek potential future marketing approval for our drug candidates, which could be several years in the future, if at all. We do not expect to generate revenue, other than anticipated revenue from withZeta.ai and possible license and grant revenue, unless and until we successfully complete development and obtain regulatory approval for our therapeutic candidates. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our existing and planned clinical trials and our expenditures on other research and development activities.

Current wording

We expect to incur significant, fluctuating and often increasing operating losses at least for the next several years as we continue our clinical development of LP-300, LP-184 and LP-284, pursue development of our other drug candidates and programs, and seek potential future marketing approval for our drug candidates, which could be several years in the future, if at all. We do not expect to generate revenue, other than anticipated revenue from Open Medicine AI and possible license and grant revenue, unless and until we successfully complete development and obtain regulatory approval for our therapeutic candidates. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our existing and planned clinical trials and our expenditures on other research and development activities.

Previous wording

We have based our projections of operating capital requirements on assumptions that may prove to be incorrect and we may use all of our available capital resources sooner than we expect. Because of the numerous risks and uncertainties associated with research, development and commercialization of pharmaceutical products, we are unable to estimate the exact amount of our operating capital requirements. We anticipate that our expenses will increase substantially as we:

Current wording

We have based our projections of operating capital requirements on assumptions that may prove to be incorrect and we may use all of our available capital resources sooner than we expect. Because of the numerous risks and uncertainties associated with research, development and commercialization of pharmaceutical products, we are unable to estimate the exact amount of our operating capital requirements. We anticipate that our expenses will fluctuate and may increase substantially as we:

Previous wording

We formed a wholly owned subsidiary, Lantern Pharma Australia Pty Ltd, in Australia in September 2021 and experienced foreign currency gains of approximately $77,000 and $17,000 for the three months ended March 31, 2026 and 2025, respectively, in connection with this subsidiary. We will remain subject to the risk of foreign currency losses in future periods, although we do not expect the impact of any foreign currency losses to be material. We do not participate in any foreign currency hedging activities, and we do not have any other derivative financial instruments.

Current wording

We formed a wholly owned subsidiary, Lantern Pharma Australia Pty Ltd, in Australia in September 2021 and experienced foreign currency gains of approximately $81,000 and $130,000 for the six months ended June 30, 2026 and 2025, respectively, in connection with this subsidiary. We will remain subject to the risk of foreign currency losses in future periods, although we do not expect the impact of any foreign currency losses to be material. We do not participate in any foreign currency hedging activities, and we do not have any other derivative financial instruments.