Lantern Pharma Inc.
For the period ended Jun 30, 2025. Filed Aug 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 13, 2025
LTRN$0.57+6.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-15.
0001641172-25-010547
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0001641172-25-023471
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 54 previous paragraphs and 62 current paragraphs.
34 unchanged; 17 reworded; 11 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Research and development expenses decreased approximately $821,000, or 21%, from approximately $3,889,000 for the three months ended June 30, 2024 to approximately $3,068,000 for the three months ended June 30, 2025. The decrease was primarily attributable to decreases in research studies of approximately $777,000, decreases in consulting expenses of approximately $53,000 and decreases in payroll and compensation expenses of approximately $15,000. This was partially offset by increases in licensing expenses of approximately $31,000.
Current report
Comparison of the Six Months Ended June 30, 2025 and 2024
Current report
General and Administrative Expenses
Current report
General and administrative expenses increased approximately $93,000, or 3%, from approximately $3,001,000 for the six months ended June 30, 2024 to approximately $3,094,000 for the six months ended June 30, 2025. The increase was primarily attributable to increases in other professional fees of approximately $202,000, increases in payroll and compensation expenses of approximately $45,000, increases in corporate insurance expense of approximately $25,000, increases in patent and legal expenses of approximately $17,000, and increases in rent expense of approximately $14,000. This was partially offset by decreases in business development expenses of approximately $188,000 and decreases in travel expenses of approximately $19,000.
Current report
Research and Development Expenses
Current report
Research and development expenses decreased approximately $1,807,000, or 22%, from approximately $8,140,000 for the six months ended June 30, 2024 to approximately $6,332,000 for the six months ended June 30, 2025. The decrease was primarily attributable to decreases in research studies of approximately $1,789,000, decreases in payroll and compensation expenses of approximately $70,000 and decreases in consulting expenses of approximately $25,000. This was partially offset by increases in licensing expenses of approximately $62,000 and increases in research materials expenses of approximately $14,000.
Current report
Interest and Other Income, Net
Current report
Interest income decreased approximately $125,000 from approximately $390,000 for the six months ended June 30, 2024 to approximately $265,000 for the six months ended June 30, 2025. Other income, net decreased approximately $57,000 from a gain of approximately $351,000 for the six months ended June 30, 2024 to a gain of approximately $294,000 for the six months ended June 30, 2025. This decrease was primarily attributable to decreases in dividend income of approximately $298,000, which were partially offset by increases of approximately $180,000 in foreign currency gains, and increases in investment income of approximately $59,000.
Current report
For the six months ended June 30, 2025, net cash used in operating activities was approximately $8,313,000 compared to approximately $8,259,000 for the six months ended June 30, 2024. The increase in net cash used in operating activities was primarily due to a smaller increase in accounts payable and accrued expenses during the six months ended June 30, 2025 when compared to the six months ended June 30, 2024, resulting in an increased use of cash, and was offset in part by a decrease in the net loss for the six months ended June 30, 2025 compared to the net loss for the six months ended June 30, 2024.
Current report
No financing activities took place during the six months ended June 30, 2025. Net cash provided by financing activities was approximately $55,000 during the six months ended June 30, 2024, which is attributable to proceeds from warrant exercises.
Current report
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 contained in this Quarterly Report on Form 10-Q 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 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 potential sales under the ATM Sales Agreement, no assurance can be given that sufficient funding will be available when needed to allow us to continue as a going concern.
Removed paragraphs (3)
Previous report
Research and development expenses decreased approximately $987,000, or 23%, from approximately $4,251,000 for the three months ended March 31, 2024 to approximately $3,264,000 for the three months ended March 31, 2025. The decrease was attributable to decreases in research services of approximately $963,000, primarily due to reductions in contract research organization (CRO) and clinical site costs for LP-184. Also contributing to the decrease in research and development expenses were decreases in salaries and benefits of approximately $55,000. These decreases were partially offset by an increase in licensing fees of approximately $31,000.
Previous report
For the three months ended March 31, 2025, net cash used in operating activities was approximately $4,376,000 compared to approximately $3,069,000 for the three months ended March 31, 2024. The increase in cash used in operating activities was primarily due to the following factors. Our accounts payable and accrued expenses balance increased approximately $1,270,000 and our prepaid expenses and other current assets declined by approximately $901,000 during the three months ended March 31, 2024, which required less cash. During the three months ended March 31, 2025, our accounts payable and accrued expenses balance declined slightly and prepaid expenses and other current assets declined by approximately $133,000, resulting in a requirement for more cash overall, despite the decrease in net loss of approximately $904,000 between the two periods.
Previous report
Net cash flows provided by financing activities during the three months ended March 31, 2024 were generated from warrant exercises. There were no cash flows from financing activities during the three months ended March 31, 2025.
Reworded paragraphs (17)
Previous wording
We are an artificial intelligence (A.I.) focused company dedicated to developing cancer therapies and transforming the cost, pace, and timeline of oncology drug discovery and development. Our development portfolio includes three clinical stage oncology focused product candidates and consists of small molecules that others have tried, but failed, to develop into an approved commercialized drug, as well as new compounds that we are developing with the assistance of our proprietary A.I. platform and our biomarker driven approach. Our A.I. platform, known as RADR®, is currently approaching 200 billion data points, and uses big data analytics (combining molecular data, drug efficacy data, data from historical studies, data from scientific literature, phenotypic data from trials and publications, and mechanistic pathway data) and machine learning to rapidly uncover biologically relevant genomic signatures correlated to drug response, and then identify the cancer patients that we believe may benefit most from our compounds. This data-driven, genomically-targeted and biomarker-driven approach allows us to pursue a transformational drug development strategy that identifies, rescues or develops, and advances potential small molecule drug candidates at what we believe is a fraction of the time and cost associated with traditional cancer drug development.
Current wording
We are an artificial intelligence (A.I.) focused company dedicated to developing cancer therapies and transforming the cost, pace, and timeline of oncology drug discovery and development. Our development portfolio includes three clinical stage oncology focused product candidates and consists of small molecules that others have tried, but failed, to develop into an approved commercialized drug, as well as new compounds that we are developing with the assistance of our proprietary A.I. platform and our biomarker driven approach. Our A.I. platform, known as RADR®, currently includes over 200 billion data points, and uses big data analytics (combining molecular data, drug efficacy data, data from historical studies, data from scientific literature, phenotypic data from trials and publications, and mechanistic pathway data) and machine learning to rapidly uncover biologically relevant genomic signatures correlated to drug response, and then identify the cancer patients that we believe may benefit most from our compounds. This data-driven, genomically-targeted and biomarker-driven approach allows us to pursue a transformational drug development strategy that identifies, rescues or develops, and advances potential small molecule drug candidates at what we believe is a fraction of the time and cost associated with traditional cancer drug development.
Previous wording
We have active clinical programs forour three lead small molecule drug candidates: LP-300, LP-184, and LP-284. These programs are focused onmultiple important cancer indications, including both solid tumors and blood cancers. We have established a wholly-owned subsidiary, Starlight Therapeutics, to focus exclusively on the clinical development of our promising opportunities forcentral nervous system (“CNS”) and brain cancers, many of which have no effective treatment options. We are also advancing an antibody-drug conjugate (“ADC”) program focused on developing highly specific ADCs with highly potent drug-payloads.
Current wording
We have active clinical programs for our three lead small molecule drug candidates: LP-300, LP-184, and LP-284. These programs are focused on multiple important cancer indications, including both solid tumors and blood cancers. We have established a wholly-owned subsidiary, Starlight Therapeutics, to focus exclusively on the clinical development of our promising opportunities for central nervous system (“CNS”) and brain cancers, many of which have no effective treatment options. We are also advancing an antibody-drug conjugate (“ADC”) program focused on developing highly specific ADCs with highly potent drug-payloads.
Previous wording
We are conducting a targeted phase 2 trial (the Harmonic™ trial) for LP-300 in never smoking patients with advanced non-small cell lung cancer (“NSCLC”) in combination with chemotherapy, under an existing investigational new drug application. Our candidate LP-184 has shown promisingin-vitroandin vivo anticancer activity in multiple solid tumor indications (including pancreatic, glioblastoma and triple negative breast cancer), and it is advancing in a Phase 1A clinical trial. Our candidate LP-284 has shown promisingin-vitroandin vivo anticancer activity in multiple hematological cancers, which are distinct from the indications targeted by LP-184. LP-284 is advancing in a Phase 1A clinical trial.
Current wording
Weare conducting a targeted phase 2 trial (the Harmonic™ trial) for LP-300 in never smoking patients with advanced non-small cell lung cancer (“NSCLC”) in combination with chemotherapy, under an existing investigational new drug application. Our candidate LP-184 has shown promisingin-vitroandin vivo anticancer activity in multiple solid tumor indications (including pancreatic, glioblastoma and triple negative breast cancer), and it is advancing in a Phase 1A clinical trial that is nearing completion. Our candidate LP-284 has shown promisingin-vitroandin vivo anticancer activity in multiple hematological cancers, which are distinct from the indications targeted by LP-184. LP-284 is advancing in a Phase 1A clinical trial.
Previous wording
Our ADC program has also continued to advance. During 2024 and the first quarter of 2025, we continued to progress the application of our RADR® A.I. platform to advance and refine an A.I. powered module focused on improving the precision, cost and timelines of ADC development for cancer. In 2023, we entered into a research collaboration with Bielefeld University in Germany focused on development of ADCs utilizing cryptophycin as the ADC drug-payload. Cryptophycins are promising antitumor molecules that have demonstrated potency at ultra-low, picomolar, concentrations. In a broad range of preclinical studies, the cryptophycin-ADC synthesized as part of the Bielefeld collaboration demonstrated promising picomolar level potency and anti-tumor activity in multiple solid tumor cell lines, including breast, bladder, colorectal, gastric, pancreatic and ovarian.
Current wording
Our ADC program has also continued to advance. During 2024 and the first half of 2025, we continued to progress the application of our RADR® A.I. platform to advance and refine an A.I. powered module focused on improving the precision, cost and timelines of ADC development for cancer. In 2023, we entered into a research collaboration with Bielefeld University in Germany focused on development of ADCs utilizing cryptophycin as the ADC drug-payload. Cryptophycins are promising antitumor molecules that have demonstrated potency at ultra-low, picomolar, concentrations. In a broad range of preclinical studies, the cryptophycin-ADC synthesized as part of the Bielefeld collaboration demonstrated promising picomolar level potency and anti-tumor activity in multiple solid tumor cell lines, including breast, bladder, colorectal, gastric, pancreatic and ovarian.
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 $4,537,000 and $5,441,000 for the three months ended March 31, 2025 and 2024, respectively.
Current 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 $8,868,000 and $10,400,000 for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
We did not recognize revenues for the three-month periods ended March 31, 2025 and 2024.
Current wording
We did not recognize revenues for the three and six-month periods ended June 30, 2025 and 2024.
Previous wording
Our research and development expenses by project category for the three months ended March 31, 2025 and 2024 are as follows:
Current wording
Our research and development expenses by project category for the three and six months ended June 30, 2025 are as follows:
Previous wording
Summary Results of Operations for the Three Months Ended March 31, 2025 and 2024 (unaudited)
Current wording
Summary Results of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited)
Previous wording
General and administrative expenses increased approximately $29,000, or 2%, from approximately $1,481,000 for the three months ended March 31, 2024 to approximately $1,510,000 for the three months ended March 31, 2025. The increase was primarily attributable to increases in professional fees of approximately $133,000 and increases in salaries and benefits of approximately $34,000. This was partially offset by a decrease in business development expenses of approximately $138,000.
Current wording
General and administrative expenses increased approximately $64,000, or 4%, from approximately $1,520,000 for the three months ended June 30, 2024 to approximately $1,584,000 for the three months ended June 30, 2025. The increase was primarily attributable to increases in other professional fees of approximately $75,000, increases in patent costs of approximately $29,000, increases in payroll and compensation expenses of approximately $11,000, and increases in corporate insurance expense of approximately $10,000. This was partially offset by decreases in business development expenses of approximately $51,000 and decreases in office and administrative fees of approximately $8,000.
Previous wording
Interest income decreased approximately $51,000, or 25%, from approximately $201,000 for the three months ended March 31, 2024 to approximately $150,000 for the three months ended March 31, 2025. Other income, net decreased approximately $3,000 from approximately $90,000 for the three months ended March 31, 2024 to approximately $87,000 for the three months ended March 31, 2025. This decrease was primarily attributable to decreases in dividend income of approximately $142,000 and decreases in research and development tax incentives related to our Australia subsidiary of approximately $5,000. These decreases were partially offset by the realization of foreign currency gains of approximately $17,000 during the three months ended March 31, 2025 as compared to foreign currency losses of approximately $99,000 during the three months ended March 31, 2024.
Current wording
Interest income decreased approximately $74,000, or 39%, from approximately $189,000 for the three months ended June 30, 2024 to approximately $115,000 for the three months ended June 30, 2025. Other income, net decreased approximately $54,000 from a gain of approximately $260,000 for the three months ended June 30, 2024 to a gain of approximately $206,000 for the three months ended June 30, 2025. This decrease was primarily attributable to decreases in dividend income of approximately $156,000, offset in part by increases in foreign currency gains of approximately $64,000, increases in investment income of approximately $32,000, and increases of approximately $6,000 in research and development tax incentives related to our Australia subsidiary.
Previous wording
For the three months ended March 31, 2025, net cash provided by investing activities was approximately $3,239,000 compared to approximately $556,000 of net cash used in investing activities for the three months ended March 31, 2024. The change is primarily a result of investing in more short-term securities that are considered cash and cash equivalents during the three months ended March 31, 2025 than we did during the three months ended March 31, 2024.
Current wording
For the six months ended June 30, 2025, net cash provided by investing activities was approximately $6,832,000 compared to $758,000 of net cash used in investing activities for the six months ended June 30, 2024. The increase in cash provided by investing activities is primarily related to an increase in net redemptions of investments in marketable securities during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024.
Previous wording
As of March 31, 2025, we had working capital of approximately $16,537,000. We plan to continue to explore periodic capital raises and also plan to apply for grant funding in the future to assist in supporting our capital needs. We may also explore the possibility of entering into commercial credit facilities as an additional source of liquidity. We believe that our existing cash, cash equivalents, and marketable securities as of March 31, 2025, and our anticipated expenditures and capital commitments, will enable us to fund our operating expenses and capital expenditure requirements for at least 12 months from the date of filing this Form 10-Q for the quarter ended March 31, 2025. We will need substantial additional funding in the near future, and if we are unable to raise capital when needed, we could be forced to delay, reduce or eliminate our drug development programs or commercialization efforts.
Current wording
As of June 30, 2025, we had total assets of approximately $17.4 million and working capital of approximately $12.3 million. As of June 30, 2025, our liquidity included approximately $15.9 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 an ATM Sales Agreement with ThinkEquity, LLC, as sales agent, pursuant to which we may offer and sell up to $15,530,000 of our common stock from time to time, in an “at-the-market” offering to or through our sales agent. We may also explore the possibility of entering into commercial credit facilities as an additional source of liquidity. We believe that our existing cash, cash equivalents, and marketable securities as of June 30, 2025, and our anticipated expenditures and capital commitments, will enable us to fund our operating expenses and capital expenditure requirements at least into June 2026. We will need substantial additional funding in the near future, and if we are unable to raise capital when needed, we could be forced to delay, reduce or eliminate our drug development programs or commercialization efforts.
Previous wording
We expect to continue to incur significant 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 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 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 expect that we will need to obtain substantial additional funding in order to complete our clinical trials. To the extent that we raise additional capital through the sale of common stock, convertible securities or other equity securities, the ownership interests of our existing stockholders may be materially diluted and the terms of these securities could include liquidation or other preferences that could adversely affect the rights of our existing stockholders. In addition, debt financing, if available, would result in increased fixed payment obligations and may involve agreements that include restrictive covenants that limit our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends, that could adversely impact our ability to conduct our business. If we are unable to raise capital when needed or on attractive terms, we could be forced to significantly delay, scale back or discontinue the development or commercialization of LP-300, LP-184, LP-284, and/or other drug candidates and programs, seek collaborators at an earlier stage than otherwise would be desirable or on terms that are less favorable than might otherwise be available, and relinquish or license, potentially on unfavorable terms, our rights to LP-300, LP-184, LP-284, and/or other drug candidates and programs that we otherwise would seek to develop or commercialize ourselves.
Current wording
We expect that we will need to obtain substantial additional funding in order to complete our clinical trials. To the extent that we raise additional capital through the sale of common stock, convertible securities or other equity securities, the ownership interests of our existing stockholders may be materially diluted and the terms of these securities could include liquidation or other preferences that could adversely affect the rights of our existing stockholders. In addition, debt financing, if available, would result in increased fixed payment obligations and may involve agreements that include restrictive covenants that limit our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends, that could adversely impact our ability to conduct our business. If we are unable to raise capital when needed or on attractive terms, we could be forced to significantly delay, scale back or discontinue the development or commercialization of LP-300, LP-184, LP-284, and/or our other drug candidates and programs, seek collaborators at an earlier stage than otherwise would be desirable or on terms that are less favorable than might otherwise be available, and relinquish or license, potentially on unfavorable terms, our rights to LP-300, LP-184, LP-284, and/or other drug candidates and programs that we otherwise would seek to develop or commercialize ourselves.
Previous wording
There have been no changes to our critical accounting estimates during the three months ended March 31, 2025.
Current wording
There have been no changes to our critical accounting estimates during the six months ended June 30, 2025.
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 $17,000 and foreign currency losses of approximately $99,000 for the three months ended March 31, 2025 and 2024, 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 $130,000 for the six months ended June 30, 2025 and foreign currency losses of approximately $51,000 for the six months ended June 30, 2024 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.
Previous wording
Inflation generally affects us by increasing our cost of labor and clinical trial costs. We do not believe that inflation has had a material effect on our results of operations during the periods presented. Inflation could have a greater impact on our future results of operations if it remains at current levels or increases further.
Current wording
Inflation generally affects us by increasing our cost of labor and clinical trial costs. We do not believe that inflation has had a material effect on our results of operations during the periods presented. Inflation could have a greater impact on our future results of operations if it remains at current levels or increases.