Lantern Pharma Reports Second Quarter 2020 Financial Results and Continued Corporate Progress Closed Initial Public Offering Raising Gross Proceeds of $26.3 Million Surpassed 500 Million Curated Oncology Data Points for

Pharma Reports Second Quarter 2020 Financial Results and Continued Corporate Progress

Initial Public Offering Raising Gross Proceeds of $26.3 Million

500 Million Curated Oncology Data Points for Company's RADR A.I. Platform

Manufacturing Capabilities for LP-300 and LP-184 Trials

TX - JULY 30, 2020 - Lantern Pharma (NASDAQ: LTRN), a clinical stage biotechnology company using its proprietary

RADR artificial intelligence ("A.I.") platform to improve drug discovery and development, and identify

patients who will benefit from its portfolio of targeted oncology therapeutics, today announced its financial results for the

second quarter ended June 30, 2020, and provided an update on its R&D pipeline and other corporate developments.

Pharma achieved important scientific and operational milestones during the quarter that have us well positioned for growth as

we focus on being the leader in A.I.-enabled oncology drug development," said Panna Sharma, CEO and President of Lantern

Pharma. "Our proprietary RADR platform recently surpassed 500 million data points, further accelerating

our path to one billion curated oncology data points in the next few quarters. We have also advanced our manufacturing capabilities

and network for our upcoming clinical trials for LP-300 in non-small cell lung cancer among never smokers, and for LP-184 in genomically

defined solid tumors and glioblastoma. On June 15, we completed a successful IPO, raising gross proceeds of $26.3 million, significantly

strengthening the Company's balance sheet and provides additional resources to support the continued development of our

promising and growing pipeline of targeted cancer therapies. Our approach and vision is to bring cancer therapies to market faster

and with reduced cost and risk and ultimately improve patient outcomes. We are entering what I believe is the Golden Age of A.I.

where industries will continue to be rapidly transformed and massive advancements made that can benefit medicine, health and those

willing to invest in and develop these disruptive opportunities."

and Scientific Highlights

2020 Financial Highlights

Position: Cash and cash equivalents were $23.8 million as of June 30, 2020, compared to $1.2 million as of December 31, 2019.

The increase was primarily due to proceeds from the IPO in June 2020.

Expenses: Research and development expenses were $157,023 for the quarter ended June 30, 2020, compared to $361,273 for the

quarter ended June 30, 2019. The decrease was primarily attributable to reductions in product candidate manufacturing related

expenses reflecting completion of process development and scale-up studies conducted in the prior year period.

Expenses: General and administrative expenses were $676,399 for the quarter ended June 30, 2020, compared to $268,120 for

the quarter ended June 30, 2019. This increase was primarily due to an increase in expenses associated with transitioning to and

becoming a public company.

Loss: Net loss was $833,422 for the quarter ended June 30, 2020, compared to a net loss of $629,393 for the quarter ended

continued, "Developing drugs by leveraging artificial intelligence is central to transforming the cost and efficiency of

the pharma industry and improving the personalization of therapies for cancer patients. By identifying clinical candidates, together

with relevant genomic, clinical and phenotypic data, we believe our approach will help us design more efficient pre-clinical studies

and more targeted clinical trials, thereby accelerating our drug candidates' time to approval and eventually to market.

RADR is central to our process in achieving this outcome rapidly and with reduced costs. We currently have three

compounds in development, one in a Phase 2 trial in prostate cancer with our partner, Oncology Venture, one that is preparing

to enter into a Phase 2 trial, and one in preclinical development,"

believe we have developed a sustainable and scalable biopharma business model by combining a unique, oncology-focused big-data

platform that leverages artificial intelligence and machine learning with active clinical and preclinical programs that are being

advanced in targeted cancer therapeutic areas with significant clinical needs," concluded Sharma.

Pharma will host a conference call and webcast today at 8:00 a.m. ET.

Call & Webcast Details

webcast will be available in the "Investors" section of the company website at https://ir.lanternpharma.com/ under the

replay of the conference call will be available for replay until 11:59 pm ET August 30, 2020.

Number: 1-888-567-0053, no passcode will be needed.

live audio-only webcast and related presentation materials will also be accessible on the Lantern Pharma corporate website: https://ir.lanternpharma.com/.

Web participants are encouraged to register 15 minutes prior to the start of the call. The webcast will be archived on the Lantern

Pharma website for 6 months.

Pharma (LTRN) is a clinical-stage biopharmaceutical company innovating the repurposing, revitalization and development of precision

therapeutics in oncology. We leverage advances in machine learning, genomics, and artificial intelligence by using a proprietary

A.I. platform to discover biomarker signatures that help identify patients more likely to respond to our pipeline of cancer therapeutics.

Lantern's focus is to improve the outcome for patients by leveraging our technology to uncover, rescue and develop abandoned

or failed drugs. Our current pipeline of three drugs, with two programs in clinical stages and two in preclinical, focuses on

cancers that have unique and unmet clinical needs with a clearly defined patient population. We believe that the use of machine

learning, genomics and computational methods can help accelerate the revitalization, refocusing and development of small molecule-based

therapies. By targeting drugs to patients whose genomic profile identifies them as having the highest probability of benefiting

from the drug, this approach represents the potential to deliver best-in-class outcomes. Our team seeks out experienced industry

partners, world-class scientific advisors, and innovative clinical-regulatory approaches to assist in delivering cancer therapies

to patients as quickly and efficiently as possible. For more information, please visit the company's website at www.lanternpharma.com

or Twitter @lanternpharma.

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 candidates; estimates regarding the development timing for our drug candidates; our

strategic plans to expand the number of data points that our RADR platform can access and analyze; 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

the drug development process and to identify patient populations that would likely respond to a drug candidate; estimates regarding

potential markets and potential market sizes; sales estimates for our drug candidates and our plans to discover and develop drug

candidates and to maximize their commercial potential by advancing such drug candidates ourselves or in collaboration with others.

Any statements that are not statements of historical fact (including, without limitation, statements to the effect that Lantern

Pharma Inc. or our management "believes", "expects", "anticipates", "estimates",

"plans" (and 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 the impact of the COVID-19 pandemic, the results of our clinical trials, and the impact of competition. Additional factors

can be found in the Risk Factors section in our final prospectus, dated June 10, 2020, for our initial public offering, on file

with the Securities and Exchange Commission. You may access our June 10, 2020 final prospectus 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.

Consolidated Balance Sheets

Consolidated Statements of Operations (Unaudited)