Lantern Pharma Inc.

What they do

Lantern uses its proprietary RADR artificial intelligence and machine learning platform to identify drug candidates and the patient populations most likely to respond, then advances those candidates through preclinical and clinical development in oncology. Lead programs include LP-300 in EGFR exon 21 L858R non-small cell lung cancer and LP-184 (zirdafulven) across solid tumors and pediatric brain cancers. In August 2026 the company established Open Medicine AI (OMAI) as a separate company operating the multi-agentic AI co-scientist platform previously launched as withZeta.ai, with board-approved commercial licensing agreements executed; OMAI remains wholly owned by Lantern.

Revenue drivers

• Open Medicine AI (OMAI) licensing — Board-approved commercial licensing agreements for the multi-agentic AI co-scientist platform were executed in August 2026; OMAI is wholly owned by Lantern and intends to raise capital at the OMAI level, with a dedicated informational call planned for mid-September 2026.
• LP-300 (HARMONIC trial) — Clinical-stage asset in EGFR exon 21 L858R lung cancer; the Phase 2 protocol was amended after FDA review with no objections to key amendments, concentrating enrollment on L858R patients with a single-arm design and extending treatment from six to eight cycles.
• LP-184 / zirdafulven — Development-stage asset with EMA clearance for an investigator-initiated Phase 1b/2 bladder cancer trial at Rigshospitalet in Denmark and FDA clearance of a planned Phase 1b/2 monotherapy trial in relapsed/refractory advanced or metastatic triple-negative breast cancer.

Recent performance

Second quarter 2026 loss from operations decreased approximately 25% year over year, to approximately $3.5 million. Cash, cash equivalents and marketable securities were approximately $7.4 million as of June 30, 2026, after approximately $4.4 million in gross proceeds from a registered direct offering that closed on May 14, 2026. Latest reported balance sheet data show total assets of $8.6 million, total liabilities of $11.8 million, shareholder equity of negative $3.2 million, and cash and equivalents of $6.7 million as of June 30, 2026. Annual net losses were $17.1 million in 2025 and $20.8 million in 2024, with operating cash outflow of $15.7 million in 2025 and $17.8 million in 2024.

Strategy

Management is executing on translating the RADR and Open Medicine AI platforms into clinical, regulatory, intellectual property and commercial milestones, and has separated Open Medicine AI into its own company with executed commercial licenses while intending to raise capital at the OMAI level. In clinical development, the LP-300 Phase 2 protocol was amended after FDA review without objection to concentrate enrollment on EGFR exon 21 L858R patients in a single-arm design, with enrollment continuing at U.S. and Taiwan sites. The company is advancing LP-184 (zirdafulven) in biomarker-selected indications, including bladder cancer via an EMA-cleared investigator-initiated trial and a planned TNBC trial, and received a USPTO Notice of Allowance for claims covering a three-gene expression signature used to select patients for LP-184 across four solid tumor indications. The company states it intends to continue advancing its internal discovery programs and antibody drug conjugate development program.

Risks

• Going concern — The 10-Q forward-looking statements cite the existence of substantial doubt regarding the company's ability to continue as a going concern in the absence of obtaining substantial additional funding.
• Funding needs — The company must secure sufficient funding and alternative sources of funding to support existing and proposed preclinical studies and clinical trials, with cash and equivalents of only $6.7 million and $7.4 million in cash, cash equivalents and marketable securities at June 30, 2026.
• Negative shareholder equity — At June 30, 2026, total liabilities of $11.8 million exceeded total assets of $8.6 million, leaving shareholder equity of negative $3.2 million.
• Clinical and regulatory uncertainty — The company's forward-looking statements identify the results of clinical trials and competition as factors that could cause actual results to differ materially, and the pipeline consists of early-stage programs such as the single-arm LP-300 Phase 2 amendment and Phase 1b/2 LP-184 trials.

Outlook

Management points to the amended single-arm LP-300 Phase 2 protocol focused on EGFR exon 21 L858R patients, with treatment extended to eight cycles and enrollment continuing in the United States and Taiwan. LP-184 development is positioned to advance in multiple indications including triple-negative breast cancer and pediatric brain cancers, alongside the EMA-cleared biomarker-selected bladder cancer trial. Open Medicine AI is expected to raise capital at the OMAI level, with a dedicated informational call planned for mid-September 2026 covering market opportunity, platform roadmap and commercial model.