Lantern Pharma Reports First Quarter 2023 Financial Results and Operational Highlights Dosed first patient in the Phase 2 Harmonic clinical trial; a study for the unique population of non-small lung cancer patients who a

Pharma Reports First Quarter 2023 Financial Results and Operational Highlights

Wire)-Lantern Pharma Inc. (NASDAQ: LTRN), a clinical-stage biopharmaceutical company using its proprietary RADR

artificial intelligence ("AI") and machine learning ("ML") platform to transform the cost, pace, and timeline

of oncology drug discovery and development, today announced operational highlights and financial results for the first quarter ended

quarter we continued to execute our mission of transforming the oncology drug discovery and development process using our industry-leading

AI platform RADR . We are deploying AI at a massive scale - think millions of simultaneous instances of competing and

synergistic algorithms - to determine drug and cancer correlations that would be far too complex and time-consuming for any team of humans

to fully analyze, let alone replicate. AI is enabling us to understand and predict drug-cancer interactions, create new drug programs,

and discover cancer biology insights at a cost and timeline that was unimaginable in the near past, and Lantern Pharma is at the forefront

of this transformative approach," stated Panna Sharma Lantern's CEO and President.

part of our team's relentless efforts to advance RADR , we recently developed top-ranked and highly accurate algorithms

to predict any compound's blood-brain-barrier (BBB) permeability, which is one of the major obstacles to developing effective brain

cancer drugs. Continued innovations like this will position us for additional high-value biopharma collaborations and will also advance

our own AI-powered pipeline of brain and CNS cancer drug candidates," continued Sharma.

addition to our pioneering work transforming oncology drug discovery and development with AI, we continue to progress our drug candidates

into and through their clinical development. In March, we announced the dosing of the first patient in our Phase 2 Harmonic clinical

trial for never-smokers with NSCLC and anticipate enrollment will accelerate as we expand our sites across the US. Our team has been

unrelenting in their work to advance both LP-184 and LP-284 into first-in-human clinical trials this year. This week, we anticipate submitting

our IND application to the FDA for LP-184's first-in-human trial for advanced solid tumors and brain cancers. On average, we have

been able to advance our newly developed drug programs from initial AI insights to first-in-human clinical trials in 2-3 years and at

a cost of around $1.0-2.0 million USD per program - both metrics that are completely unheard of in oncology drug discovery," stated

of AI-Powered Pipeline:

of Starlight Therapeutics:

Platform Growth and Development:

Operational Highlights

Quarter 2023 Financial Overview:

Call and Webinar Details:

will host its first quarter 2023 earnings call and webinar today, Tuesday, May 9, 2023 at 4:30 p.m. ET.

Pharma is an AI company transforming the cost, pace, and timeline of oncology drug discovery and development. Our proprietary AI and

machine learning (ML) platform, RADR , leverages over 25 billion oncology-focused data points and a library of 200+ advanced

ML algorithms to help solve billion-dollar, real-world problems in oncology drug development. By harnessing the power of AI and with

input from world-class scientific advisors and collaborators, we have accelerated the development of our growing pipeline of therapies

including eleven cancer indications and an antibody-drug conjugate (ADC) program. On average, our newly developed drug programs have

been advanced from initial AI insights to first-in-human clinical trials in 2-3 years and at approximately $1.0-2.0 million per program.

Our lead development programs include two Phase 2 clinical programs and multiple upcoming Phase 1 clinical trials anticipated for 2023.

We have also established a wholly-owned subsidiary, Starlight Therapeutics Inc., to focus exclusively on the clinical execution of our

promising therapies for CNS and brain cancers, many of which have no effective treatment options. Our AI-driven pipeline of innovative

product candidates is estimated to have a combined annual market potential of over $15 billion USD and have the potential to provide

life-changing therapies to hundreds of thousands of cancer patients across the world.

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press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section

21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among other things, statements relating

to: future events or our future financial performance; the potential advantages of our RADR platform in identifying drug

candidates and patient populations that are likely to respond to a drug candidate; our strategic plans to advance the development of

our drug and ADC candidates and antibody drug conjugate (ADC) development program; estimates regarding the development timing for our

drug candidates and ADC development program; expectations and estimates regarding clinical trial timing and patient enrollment; our research

and development efforts of our internal drug discovery programs and the utilization of our RADR platform to streamline

the drug development process; our intention to leverage artificial intelligence, machine learning and genomic data to streamline and

transform the pace, risk and cost of oncology drug discovery and development and to identify patient populations that would likely respond

to a drug candidate; estimates regarding patient populations, potential markets and potential market sizes; sales estimates for our drug

candidates and our plans to discover and develop drug and ADC candidates and to maximize their commercial potential by advancing such

candidates ourselves or in collaboration with others. Any statements that are not statements of historical fact (including, without limitation,

statements that use words such as "anticipate," "believe," "contemplate," "could," "estimate,"

"expect," "intend," "seek," "may," "might," "plan," "potential,"

"predict," "project," "target," "model," "objective," "aim,"

"upcoming," "should," "will," "would," or the negative of these words or other similar

expressions) should be considered forward-looking statements. There are a number of important factors that could cause our actual results

to differ materially from those indicated by the forward-looking statements, such as (i) the impact of the COVID-19 pandemic, (ii) the

risk that our research and the research of our collaborators may not be successful, (iii) the risk that none of our product candidates

has received FDA marketing approval, and we may not be able to successfully initiate, conduct, or conclude clinical testing for or obtain

marketing approval for our product candidates, (iv) the risk that no drug product based on our proprietary RADR AI platform

has received FDA marketing approval or otherwise been incorporated into a commercial product, and (v) those other factors set forth in

the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange

Commission on March 20, 2023. You may access our Annual Report on Form 10-K for the year ended December 31, 2022 under the investor SEC

filings tab of our website at www.lanternpharma.com or on the SEC's website at www.sec.gov. Given these risks and

uncertainties, we can give no assurances that our forward-looking statements will prove to be accurate, or that any other results or

events projected or contemplated by our forward-looking statements will in fact occur, and we caution investors not to place undue reliance

on these statements. All forward-looking statements in this press release represent our judgment as of the date hereof, and, except as

otherwise required by law, we disclaim any obligation to update any forward-looking statements to conform the statement to actual results

or changes in our expectations.

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