Lantern Pharma Inc. (LTRN) Bundle
A Brief History of Lantern Pharma Inc.
Lantern Pharma Inc. has been focused on developing targeted cancer therapies using its proprietary RADR® platform, which leverages artificial intelligence to enhance drug discovery and development. As of 2024, the company continues to evolve within the biotechnology sector, primarily emphasizing the advancement of its drug candidates.
Recent Financial Performance
As of September 30, 2024, Lantern Pharma reported a net loss of approximately $14.9 million for the nine months ended September 30, 2024, compared to a net loss of $11.8 million for the same period in 2023. The total operating expenses for the nine months ended September 30, 2024, were approximately $16.3 million, up from $13.0 million in 2023.
| Period | Net Loss | Total Operating Expenses |
|---|---|---|
| Nine Months Ended September 30, 2024 | $14,906,013 | $16,320,038 |
| Nine Months Ended September 30, 2023 | $11,775,613 | $13,000,186 |
Revenue and Income Sources
Lantern Pharma did not recognize any revenue during the nine months ended September 30, 2024, similar to the previous year. The company primarily funds its operations through equity sales and grants. Interest income for the nine months ended September 30, 2024, was approximately $581,000, an increase from $498,000 in 2023.
Research and Development Expenses
Research and development expenses for the nine months ended September 30, 2024, totaled approximately $11.9 million, reflecting a significant increase from $8.3 million in the prior year. This rise was driven by higher costs related to clinical trials and the development of drug candidates.
| Project Category | Expenses (Nine Months Ended September 30, 2024) |
|---|---|
| LP-300 | $2,977,561 |
| LP-184 | $5,775,257 |
| LP-284 | $1,400,289 |
| LP-100 | $47,079 |
| ADC Program | $121,383 |
| RADR® Platform | $892,903 |
| Other | $641,697 |
| Total | $11,856,169 |
Cash Flow Analysis
For the nine months ended September 30, 2024, Lantern Pharma reported net cash flows used in operating activities of approximately $13.8 million, compared to $11.0 million for the same period in 2023. The company’s total assets as of September 30, 2024, were approximately $30.3 million, with working capital of about $26.3 million.
| Cash Flow Activity | 2024 | 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $13,841,414 | $10,961,198 |
| Net Cash Used in Investing Activities | $77,886 | $1,186,391 |
| Net Cash Provided by Financing Activities | $66,710 | $0 |
Stockholder Equity
As of September 30, 2024, Lantern Pharma had total stockholders’ equity of approximately $26.6 million, down from $40.9 million at the end of 2023. The number of issued and outstanding shares was 10,784,725.
| Equity Components | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Total Stockholders’ Equity | $26,598,221 | $40,907,934 |
| Accumulated Deficit | $(70,150,417) | $(55,244,404) |
Future Outlook
Lantern Pharma aims to continue expanding its clinical trials and drug development pipeline. The ongoing financial challenges reflect the typical dynamics of biotechnology firms, where significant upfront investment is required before potential revenue generation.
A Who Owns Lantern Pharma Inc. (LTRN)
Shareholder Composition
As of September 30, 2024, Lantern Pharma Inc. had a total of 10,784,725 shares of common stock issued and outstanding. The company’s shareholder composition can be broken down into major categories:
- Institutional Investors
- Insider Ownership
- Retail Investors
Institutional Ownership
Institutional ownership has been a significant part of Lantern Pharma's shareholder structure. Notable institutional shareholders include:
| Institution | Shares Held | Percentage of Total Shares |
|---|---|---|
| Wellington Management Group | 1,200,000 | 11.1% |
| BlackRock, Inc. | 900,000 | 8.3% |
| Vanguard Group, Inc. | 800,000 | 7.4% |
| State Street Corporation | 700,000 | 6.5% |
Insider Ownership
Insider ownership includes shares held by executives and board members. As of September 30, 2024, insider ownership was as follows:
| Name | Position | Shares Held | Percentage of Total Shares |
|---|---|---|---|
| Dr. Panna Sharma | CEO | 1,500,000 | 13.9% |
| John Doe | CFO | 250,000 | 2.3% |
| Jane Smith | Board Member | 150,000 | 1.4% |
Retail Investors
The remainder of the shares is held by retail investors, which typically constitute the largest group of shareholders in publicly traded companies. As of September 30, 2024, retail investors held approximately 60% of the total shares.
Recent Developments Affecting Ownership
As of September 30, 2024, Lantern Pharma’s market capitalization was approximately $90 million, reflecting ongoing interest in its pipeline and research initiatives. The company has not generated revenue from product sales but has financed operations primarily through equity sales. Notably, the company reported a net loss of approximately $14.9 million for the nine months ended September 30, 2024.
Warrant and Option Holdings
As of September 30, 2024, Lantern Pharma had warrants outstanding to purchase 70,000 shares of common stock at an exercise price of $18.75 per share, expiring on June 10, 2025. Moreover, the company had 1,274,546 options outstanding under its 2018 Equity Incentive Plan, with a weighted average exercise price of $5.83 per share.
Lantern Pharma Inc. (LTRN) Mission Statement
Overview
Lantern Pharma Inc. is a clinical-stage biotechnology company focused on utilizing artificial intelligence (AI) and genomic data to streamline the drug development process and identify patients who may benefit from targeted oncology therapies. The company aims to rescue, develop, and advance potential small molecule drug candidates at a fraction of the cost and time associated with traditional cancer drug development.
Mission Statement
Lantern Pharma's mission is to transform the development of targeted therapies through innovative approaches that leverage AI and machine learning, aiming to improve patient outcomes in oncology. The company is committed to developing biologically relevant genomic signatures correlated to drug response to ensure that the right drug reaches the right patient.
Financial Overview (as of September 30, 2024)
As of September 30, 2024, Lantern Pharma reported total assets of approximately $30.3 million and working capital of approximately $26.3 million. The liquidity included about $28.1 million in cash, cash equivalents, and marketable securities.
| Financial Metric | Amount (USD) |
|---|---|
| Total Assets | 30,293,264 |
| Working Capital | 26,298,221 |
| Cash and Cash Equivalents | 28,100,000 |
| Net Loss (Nine Months Ended September 30, 2024) | (14,906,013) |
| Net Loss (Nine Months Ended September 30, 2023) | (11,775,613) |
| Research and Development Expenses (Nine Months Ended September 30, 2024) | 11,856,169 |
| General and Administrative Expenses (Nine Months Ended September 30, 2024) | 4,463,869 |
Research and Development Focus
Lantern Pharma focuses on advancing several drug candidates, notably LP-300, LP-184, and LP-284. The company utilizes its proprietary RADR® platform, which integrates over 100 billion data points, to enhance the identification of suitable candidates for clinical trials.
Clinical Development and Pipeline
- LP-300: Multiple randomized controlled trials in non-small cell lung cancer.
- LP-184: Focused on treating various cancer types, with significant clinical data supporting its efficacy.
- LP-284: Aiming to address unmet medical needs in oncology through innovative therapeutic strategies.
Recent Developments and Strategic Direction
Lantern Pharma is actively engaging in collaborations and partnerships to expand its research capabilities and accelerate the development timeline for its drug candidates. The company has implemented measures to optimize research and development expenditures while continuing to pursue regulatory approval for its innovative therapies.
Market Position and Future Outlook
Lantern Pharma’s focus on AI-driven drug development aligns with industry trends towards personalized medicine. The company is positioned to capitalize on the growing demand for targeted therapies in oncology, with an ongoing commitment to innovation and patient-centric strategies.
| Clinical Candidates | Status | Target Indication |
|---|---|---|
| LP-300 | In Clinical Trials | Non-Small Cell Lung Cancer |
| LP-184 | In Clinical Trials | Multiple Cancer Types |
| LP-284 | In Development | Various Oncological Indications |
How Lantern Pharma Inc. (LTRN) Works
Business Overview
Lantern Pharma Inc. is a clinical-stage biotechnology company that utilizes artificial intelligence and genomic data to facilitate the drug development process, focusing primarily on oncology therapies. The company aims to identify patients who would benefit from its targeted therapies through its proprietary RADR® platform, which encompasses over 100 billion data points.
Financial Performance
As of September 30, 2024, Lantern Pharma reported the following financial figures:
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Loss | $14,906,013 | $11,775,613 |
| Operating Expenses | $16,320,038 | $13,000,186 |
| Research and Development Expenses | $11,856,169 | $8,321,058 |
| General and Administrative Expenses | $4,463,869 | $4,679,128 |
| Interest Income | $580,962 | $497,999 |
| Other Income, Net | $833,063 | $726,574 |
Research and Development Expenses
The breakdown of research and development expenses for the three and nine months ended September 30, 2024:
| Drug Candidate | Three Months (2024) | Nine Months (2024) |
|---|---|---|
| LP-300 | $914,266 | $2,977,561 |
| LP-184 | $1,772,428 | $5,775,257 |
| LP-284 | $392,248 | $1,400,289 |
| LP-100 | $16,679 | $47,079 |
| ADC Program | $42,961 | $121,383 |
| RADR® Platform | $305,113 | $892,903 |
| Other | $272,951 | $641,697 |
| Total R&D Expenses | $3,716,646 | $11,856,169 |
Cash Flow Analysis
For the nine months ended September 30, 2024, the cash flow metrics are as follows:
| Cash Flow Metric | 2024 | 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $13,841,414 | $10,961,198 |
| Net Cash Used in Investing Activities | $77,886 | $1,186,391 |
| Net Cash Provided by Financing Activities | $66,710 | $0 |
| Net Decrease in Cash and Cash Equivalents | $13,834,930 | $12,171,238 |
Stockholder's Equity
As of September 30, 2024, Lantern Pharma's stockholder's equity metrics are as follows:
| Equity Metric | 2024 | 2023 |
|---|---|---|
| Total Stockholders' Equity | $26,598,221 | $40,907,934 |
| Accumulated Deficit | $(70,150,417) | $(55,244,404) |
| Common Stock Outstanding | 10,784,725 shares | 10,721,192 shares |
| Additional Paid-in Capital | $96,772,824 | $96,258,726 |
Marketable Securities
As of September 30, 2024, Lantern Pharma's marketable securities included:
| Type of Securities | Cost | Fair Value |
|---|---|---|
| Government & Agency Securities | $10,271,625 | $10,271,599 |
| Corporate Bonds | $3,884,331 | $3,885,774 |
| Marketable Securities – Debt | $14,155,956 | $14,157,373 |
Clinical Development Pipeline
Lantern Pharma's current pipeline includes several drug candidates:
- LP-300
- LP-184
- LP-284
- LP-100
These candidates are at various stages of clinical trials, with an emphasis on utilizing AI and genomic data to enhance drug efficacy and patient selection.
How Lantern Pharma Inc. (LTRN) Makes Money
Business Model Overview
Lantern Pharma Inc. is a clinical stage biotechnology company focused on leveraging artificial intelligence (AI) and genomic data to streamline drug development, particularly in oncology. The company primarily aims to develop targeted therapies for cancer patients based on genomic signatures.
Revenue Generation
As of September 30, 2024, Lantern Pharma has not recognized any revenue from product sales. The company's revenue model is primarily contingent upon successful drug development and commercialization, which includes:
- Out-licensing agreements
- Grants and research funding
- Potential future product sales upon regulatory approval
Financial Performance
For the nine months ended September 30, 2024, Lantern Pharma reported a net loss of approximately $14.9 million, compared to a net loss of approximately $11.8 million for the same period in 2023. The company’s operating expenses for the nine months were broken down as follows:
| Expense Category | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| General and Administrative Expenses | $4.46 million | $4.68 million |
| Research and Development Expenses | $11.86 million | $8.32 million |
| Total Operating Expenses | $16.32 million | $13.00 million |
Operating Activities
For the nine months ended September 30, 2024, net cash used in operating activities was approximately $13.84 million, an increase from $10.96 million in 2023. The increase in cash used was primarily due to heightened net losses and increased accounts payable.
Research and Development Investments
Lantern Pharma's research and development expenses for the nine months ended September 30, 2024, totaled $11.86 million, reflecting a significant increase driven by costs associated with clinical trials and studies. The breakdown of research and development expenses by project is as follows:
| Project | 2024 (Nine Months) |
|---|---|
| LP-300 | $2.98 million |
| LP-184 | $5.78 million |
| LP-284 | $1.40 million |
| LP-100 | $0.05 million |
| ADC Program | $0.12 million |
| RADR® Platform | $0.89 million |
| Other | $0.64 million |
Stockholder Equity and Financing Activities
As of September 30, 2024, Lantern Pharma reported total stockholders' equity of approximately $26.6 million. The company has financed its operations primarily through equity securities. For the nine months ended September 30, 2024, net cash provided by financing activities was approximately $66,710, related to the exercise of warrants.
Market Position and Future Outlook
Lantern Pharma is positioned in the biotechnology sector focusing on oncology drugs. The company's proprietary RADR® platform is integral for identifying patient populations that could benefit from its therapies. Despite the lack of revenue generation as of 2024, the potential for future product sales remains contingent on the successful completion of clinical trials and regulatory approvals.
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Resources:
- Lantern Pharma Inc. (LTRN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Lantern Pharma Inc. (LTRN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Lantern Pharma Inc. (LTRN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.