Lantern Pharma Inc. (LTRN): Business Model Canvas [11-2024 Updated]

Lantern Pharma Inc. (LTRN) is at the forefront of revolutionizing cancer treatment through its innovative AI-driven drug development model. Their unique approach leverages the powerful RADR® platform to transform how therapies are developed, focusing on targeted oncology solutions that could potentially rescue previously deprioritized drug candidates. In this blog post, we will explore the intricacies of Lantern Pharma's business model canvas, detailing their key partnerships, activities, resources, and revenue streams that position them as a promising player in the biopharmaceutical landscape.

Lantern Pharma Inc. (LTRN) - Business Model: Key Partnerships

Collaborations with contract research organizations (CROs)

Lantern Pharma has established partnerships with contract research organizations to support its clinical trials. In particular, the company has worked with Fortrea Inc. for services related to its Phase 2 clinical trial for LP-300 and Phase 1 clinical trial for LP-184. A start-up work order with Fortrea for the LP-284 Phase 1 trial was terminated in the first quarter of 2024. An amendment to the work order for the LP-184 Phase 1 trial was made in May 2024 to reflect additional services required.

Partnerships with academic research institutions

Lantern Pharma collaborates with various academic research institutions to leverage their expertise in drug development and biomarker identification. These partnerships are vital for enhancing the scientific rigor of Lantern's drug candidates and ensuring that the preclinical and clinical trial designs are robust and innovative. Specific details on the institutions involved are not publicly disclosed, but such collaborations typically include joint research initiatives and access to advanced technology platforms.

Licensing agreements for drug candidates

Lantern Pharma's business model incorporates licensing agreements to expand its pipeline of drug candidates. For the nine months ended September 30, 2024, the company expensed approximately $5,399,000 related to license, strategic alliance, and research agreements, compared to $4,017,000 for the same period in 2023. The amounts accrued and payable under these agreements were approximately $855,000 as of September 30, 2024, down from $1,563,000 at the end of 2023. The company maintains a focus on identifying and in-licensing promising drug candidates to enhance its portfolio and accelerate development timelines.

Partnership Type	Details	Financial Impact (2024)	Financial Impact (2023)
Contract Research Organizations (CROs)	Collaboration with Fortrea Inc. for clinical trials	Amount accrued for CRO services: Not specified	Not specified
Academic Research Institutions	Collaborations for research and development	Details not publicly disclosed	Details not publicly disclosed
Licensing Agreements	Expensed for licenses and strategic alliances	$5,399,000	$4,017,000
Accrued Amounts Under Agreements	Amount accrued and payable for licenses	$855,000	$1,563,000

Lantern Pharma Inc. (LTRN) - Business Model: Key Activities

Conducting preclinical and clinical trials

Lantern Pharma Inc. is actively engaged in the development of various drug candidates, notably LP-300, LP-184, and LP-284. As of September 30, 2024, the company reported research and development expenses of approximately $11.86 million for the nine months ended September 30, 2024, which represented a 42% increase from approximately $8.32 million for the same period in 2023 . This increase is primarily attributed to heightened research study and material costs related to clinical trials, which amounted to approximately $5.78 million for LP-184 .

Developing the RADR® AI platform

The RADR® AI platform is a core element of Lantern Pharma's strategy, leveraging over 100 billion data points to enhance drug development efficiency. In the nine months ending September 30, 2024, the RADR® platform incurred expenses of approximately $892,903, reflecting the company's commitment to utilizing artificial intelligence and machine learning to streamline the identification of cancer patients most likely to benefit from their therapies . The platform's ongoing development is crucial for supporting the company's pipeline of drug candidates and accelerating the drug discovery process.

Regulatory submissions for drug approvals

Lantern Pharma is also focused on the regulatory aspects of drug development. As part of its operational strategy, the company anticipates incurring significant expenses related to regulatory submissions for drug approvals. For the nine months ended September 30, 2024, Lantern Pharma reported a net loss of approximately $14.91 million, indicating the financial pressure from the extensive regulatory process and clinical trials . The company is in a critical phase, aiming to secure marketing approval for its drug candidates, which involves substantial regulatory documentation and compliance efforts.

Activity	Details	Financial Impact (9M 2024)
Clinical Trials	Conducting trials for LP-300, LP-184, LP-284	$11.86 million
RADR® AI Platform Development	Data analysis and AI integration	$892,903
Regulatory Submissions	Preparing documentation for drug approvals	$14.91 million (net loss)

Lantern Pharma Inc. (LTRN) - Business Model: Key Resources

RADR® platform with extensive data analytics capabilities

The RADR® platform is a proprietary artificial intelligence-driven system that utilizes over 100 billion data points to enhance drug discovery and development processes. This platform integrates various types of data, including molecular data, drug efficacy data, historical study results, and mechanistic pathway data. The platform aims to identify biologically relevant genomic signatures that correlate with drug response, thereby optimizing patient-targeting strategies for clinical trials.

Experienced scientific and clinical teams

Lantern Pharma boasts a highly skilled team comprising experts in oncology, molecular biology, and clinical research. The team is tasked with advancing the company's drug candidates through rigorous preclinical and clinical studies. Their expertise is critical in navigating the complex regulatory landscape and ensuring that the development process aligns with industry standards.

Intellectual property portfolio including patents

As of September 30, 2024, Lantern Pharma holds an extensive intellectual property portfolio, which includes multiple patents related to its drug candidates and the RADR® platform. The protection of these innovations is vital for maintaining a competitive edge in the biotechnology sector. The company's ability to secure patent rights enhances its market position and potential revenue streams from licensing agreements.

Key Resources	Details	Value/Impact
RADR® Platform	AI-driven analytics platform with over 100 billion data points	Optimizes drug development; reduces time and costs
Scientific Team	Team of experts in oncology and molecular biology	Enhances clinical trial success rates
Intellectual Property	Portfolio of patents for drug candidates and technology	Secures competitive advantage; potential licensing revenue
Financial Position	Total assets of approximately $30.3 million as of September 30, 2024	Provides operational liquidity; supports ongoing clinical trials
Net Loss	Net loss of approximately $14.9 million for the nine months ended September 30, 2024	Highlights ongoing investment in R&D despite losses
Research and Development Expenses	$11.9 million for the nine months ended September 30, 2024	Reflects commitment to advancing drug development pipeline

Lantern Pharma Inc. (LTRN) - Business Model: Value Propositions

AI-driven drug development to accelerate clinical trials

Lantern Pharma utilizes its proprietary RADR® platform, which integrates over 100 billion data points, to enhance drug development efficiency. This AI-driven approach aims to streamline the identification of candidate therapies and optimize clinical trial processes. The goal is to reduce the time and costs associated with traditional drug development methodologies. For the nine months ended September 30, 2024, Lantern incurred approximately $11.9 million in research and development expenses, reflecting a significant investment in advancing its AI capabilities and drug pipeline.

Focus on oncology with targeted therapies

Lantern Pharma's primary focus is on developing targeted therapies for oncology. The company is advancing three lead drug candidates: LP-300, LP-184, and LP-284. LP-300 has been evaluated in multiple clinical trials for non-small cell lung cancer (NSCLC), while LP-184 and LP-284 are also undergoing clinical assessments. The research and development expenses for LP-300 alone amounted to approximately $2.98 million for the nine months ended September 30, 2024. This targeted approach aims to address specific patient needs and improve treatment outcomes in cancer therapy.

Potential to rescue previously deprioritized drug candidates

Lantern Pharma's RADR® platform also focuses on the potential revival of previously deprioritized drug candidates. This capability allows the company to assess and potentially reposition these drugs based on new genomic insights and data analytics. The financial implications of this strategy are significant; Lantern reported a net loss of approximately $14.9 million for the nine months ended September 30, 2024, driven by the costs associated with developing its drug candidates. By leveraging AI technology, Lantern aims to effectively utilize resources and recover investments in drugs that may have been overlooked in conventional development pipelines.

Value Proposition	Description	Financial Impact
AI-driven drug development	Utilizes RADR® platform to streamline drug candidate selection and clinical trial processes.	Research and development expenses of approx. $11.9 million for nine months ended September 30, 2024.
Oncology focus	Develops targeted therapies for cancer, including LP-300, LP-184, and LP-284.	LP-300 R&D expenses of approx. $2.98 million for nine months ended September 30, 2024.
Rescue deprioritized drugs	Assesses and potentially revives previously deprioritized drug candidates using AI insights.	Net loss of approx. $14.9 million for nine months ended September 30, 2024, reflecting significant investment in drug development.

Lantern Pharma Inc. (LTRN) - Business Model: Customer Relationships

Engagement with Patient Advocacy Groups

Lantern Pharma Inc. actively collaborates with patient advocacy groups to foster relationships that enhance patient engagement and education. The company recognizes the importance of these groups in providing insights into patient needs and preferences, which can inform drug development strategies. In 2024, Lantern Pharma is focused on establishing partnerships with at least five major advocacy organizations to support its clinical trials and raise awareness about its therapies.

Communication with Healthcare Professionals

Lantern Pharma maintains robust communication channels with healthcare professionals (HCPs) to facilitate the exchange of information regarding its drug candidates. In the nine months ended September 30, 2024, Lantern Pharma reported a 25% increase in HCP engagement compared to the same period in 2023, reflecting its commitment to building these relationships. The company has organized over 20 educational webinars and roundtable discussions in collaboration with leading oncologists to discuss its pipeline, focusing on drugs such as LP-300 and LP-184.

Metric	2024	2023
Number of HCP Engagement Events	20	15
Increase in HCP Engagement	25%	15%
Number of Clinical Trials Involving HCPs	3	2

Building Relationships with Investors and Stakeholders

Lantern Pharma prioritizes transparency and communication with its investors and stakeholders. The company held four quarterly earnings calls in 2024, providing updates on its financial performance and strategic initiatives. As of September 30, 2024, Lantern Pharma reported total assets of approximately $30.3 million and working capital of approximately $26.3 million. The company experienced a net loss of $14.9 million for the nine months ended September 30, 2024, compared to a net loss of $11.8 million in the same period in 2023.

Financial Metric	2024	2023
Total Assets	$30.3 million	$25.8 million
Working Capital	$26.3 million	$21.5 million
Net Loss	$(14.9 million)	$(11.8 million)

Lantern Pharma Inc. (LTRN) - Business Model: Channels

Direct collaborations with hospitals and clinics

Lantern Pharma Inc. has engaged in direct collaborations with various hospitals and clinics to facilitate clinical trials and research activities for its oncology drug candidates. As of September 30, 2024, the company reported that it was actively conducting clinical trials for its lead candidates, including LP-300, LP-184, and LP-284, across multiple sites. The investment in these trials is reflected in the increased research and development expenses, which rose to approximately $11.9 million for the nine months ended September 30, 2024, compared to $8.3 million in the same period of 2023.

Research publications and presentations

Lantern Pharma places significant emphasis on disseminating research findings through publications and presentations at scientific conferences. This strategy aids in establishing credibility within the medical community and attracting potential collaborators. The company has reported that it incurred approximately $1.7 million in expenses related to license, strategic alliance, and research agreements during the three months ended September 30, 2024. Such collaborations often lead to publications in peer-reviewed journals, enhancing its visibility and facilitating knowledge transfer regarding its drug development efforts.

Investor relations through conferences and reports

Investor relations are a crucial channel for Lantern Pharma, particularly as it seeks funding to support its operations. The company has actively participated in investor conferences, providing updates on its clinical trial progress and financial health. Lantern Pharma reported a net loss of approximately $14.9 million for the nine months ended September 30, 2024, reflecting ongoing investments in R&D and operational activities. The company also reported total assets of approximately $30.3 million and working capital of approximately $26.3 million as of September 30, 2024, indicating a stable financial position to support its business initiatives.

Channel	Details	Financial Impact
Direct collaborations with hospitals and clinics	Engagement in clinical trials for drug candidates across multiple sites.	R&D expenses increased to $11.9 million (2024) from $8.3 million (2023).
Research publications and presentations	Focus on publications in peer-reviewed journals and conference presentations.	Expenses of $1.7 million related to strategic alliances and research agreements.
Investor relations through conferences and reports	Participation in investor conferences to update stakeholders.	Net loss of $14.9 million for nine months ended September 30, 2024.

Lantern Pharma Inc. (LTRN) - Business Model: Customer Segments

Oncology patients needing targeted therapies

Lantern Pharma Inc. focuses on oncology patients requiring targeted therapies, specifically those suffering from various forms of cancer. The company’s drug candidates, such as LP-300, LP-184, and LP-284, are designed to meet the needs of these patients by providing more effective treatment options based on genomic data. As of September 30, 2024, Lantern Pharma has accrued approximately $70.15 million in accumulated deficits, reflecting the high costs associated with developing these targeted therapies.

Healthcare providers specializing in cancer treatment

The company also targets healthcare providers, including oncologists and cancer treatment centers, who are seeking innovative therapies for their patients. Lantern Pharma's RADR® platform aids in identifying the right patient populations for specific drug candidates, thus enhancing treatment outcomes. The company reported research and development expenses amounting to approximately $11.86 million for the nine months ended September 30, 2024, indicating a strong investment in developing therapies that healthcare providers can utilize.

Investors looking for innovative biopharmaceutical opportunities

Lantern Pharma actively engages with investors interested in cutting-edge biopharmaceutical opportunities. The company’s focus on leveraging artificial intelligence and genomic data to streamline drug development has attracted attention from investors looking for promising returns in the biotechnology sector. As of September 30, 2024, Lantern Pharma had a total stockholders’ equity of approximately $26.60 million, which reflects the capital raised from investors to fund its ongoing research and clinical trials.

Customer Segment	Key Characteristics	Financial Data
Oncology Patients	Need targeted therapies; focus on genomic data.	Accumulated deficits: $70.15 million
Healthcare Providers	Specialize in cancer treatment; utilize innovative therapies.	R&D Expenses (9 months ended Sept 30, 2024): $11.86 million
Investors	Seek innovative biopharmaceutical opportunities; interested in AI-driven therapies.	Total stockholders’ equity: $26.60 million

Lantern Pharma Inc. (LTRN) - Business Model: Cost Structure

High research and development expenses

For the nine months ended September 30, 2024, Lantern Pharma Inc. reported research and development expenses totaling approximately $11,856,169, representing a 42% increase from $8,321,058 during the same period in 2023. The increase in expenses was primarily due to higher research study and material costs associated with clinical trials, as well as increases in salaries and consulting expenses.

Expense Category	Q3 2024	Q3 2023	Year-to-Date 2024	Year-to-Date 2023
Research Study and Material Costs	$3,716,646	$2,209,894	$11,856,169	$8,321,058
Increase in Salaries and Benefits	$263,000	Not provided	$674,000	Not provided
Increase in Consulting Expenses	$88,000	Not provided	$344,000	Not provided

Costs associated with clinical trials and regulatory processes

Lantern Pharma is actively engaged in multiple clinical trials, including those for drug candidates LP-300, LP-184, and LP-284. The costs associated with these trials significantly contribute to the overall operational expenses. For the three months ending September 30, 2024, the company incurred approximately $914,266 specifically for LP-300, $1,772,428 for LP-184, and $392,248 for LP-284. The total costs for clinical trials are expected to increase as the company progresses through various phases of testing.

Drug Candidate	Q3 2024	Year-to-Date 2024
LP-300	$914,266	$2,977,561
LP-184	$1,772,428	$5,775,257
LP-284	$392,248	$1,400,289

Administrative expenses related to public company operations

Lantern Pharma's general and administrative expenses for Q3 2024 amounted to $1,462,930, an increase of 11% compared to $1,313,727 in Q3 2023. For the nine months ended September 30, 2024, these expenses totaled $4,463,869, down from $4,679,128 in the same period of the previous year. The decreases were attributed to reductions in salaries and benefits as well as insurance costs, which were offset by increases in professional, patent, and legal fees.

Expense Type	Q3 2024	Q3 2023	Year-to-Date 2024	Year-to-Date 2023
General and Administrative Expenses	$1,462,930	$1,313,727	$4,463,869	$4,679,128
Professional Fees	$134,000	Not provided	Increased	Not provided
Patent and Legal Fees	$42,000	Not provided	Increased	Not provided

Lantern Pharma Inc. (LTRN) - Business Model: Revenue Streams

Potential revenues from drug sales post-approval

As of September 30, 2024, Lantern Pharma Inc. had not yet generated revenue from drug sales, as they are still in the clinical trial phase for their lead drug candidates, including LP-300, LP-184, and LP-284. The company is focused on developing oncology therapies that leverage artificial intelligence and genomic data to enhance drug development efficiency. Future potential revenues from drug sales will depend on successful clinical trial outcomes and subsequent regulatory approvals.

Licensing fees from partnerships and collaborations

Lantern Pharma has engaged in licensing agreements that may yield future revenues. For example, they reacquired global development and commercialization rights for LP-100 from Allarity Therapeutics A/S in July 2021. However, as of September 30, 2024, the company has not recognized any licensing revenue. Future licensing revenues will be contingent upon successful drug development and partnerships with larger pharmaceutical companies that may seek to license Lantern's innovative therapies for broader market access.

Grants and funding for research initiatives

Lantern Pharma has received funding through grants to support their research initiatives. For the nine months ended September 30, 2024, the company reported a net loss of approximately $14.9 million, primarily due to high research and development expenditures. They also experienced a significant increase in research and development expenses, totaling approximately $11.9 million for the same period. Funding from grants can help mitigate these costs and support ongoing research efforts. The company continues to seek additional grants to bolster its research funding.

Revenue Stream	Details	Estimated Value
Drug Sales	Pending regulatory approval for LP-300, LP-184, and LP-284	$0 (currently)
Licensing Fees	Potential revenues from licensing agreements	$0 (currently)
Grants and Funding	Funding for research initiatives	Variable, dependent on successful applications
Net Loss (9 months ended September 30, 2024)	Loss primarily from R&D expenses	$14,906,013
R&D Expenses (9 months ended September 30, 2024)	Total R&D expenses for ongoing projects	$11,856,169

Updated on 16 Nov 2024

Resources:

1. 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.
2. 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.