Full Press Release Details
Lantern Pharma Reports Second Quarter 2021 Financial
Results and Operational Highlights
DALLAS, TX - July 29, 2021 - Lantern Pharma Inc. (NASDAQ: LTRN) ("Lantern"),
a clinical stage biopharmaceutical company using its proprietary RADR artificial intelligence ("A.I.")
platform to transform oncology drug discovery and development today announced financial results for the second quarter ended June 30,
"We are committed to bringing our pipeline of targeted cancer
therapies to patients faster by utilizing our RADR A.I. platform and making continual advances in our portfolio,"
stated Panna Sharma, President and CEO of Lantern Pharma. "This past quarter we made significant advances in our LP-184 program
in pancreatic cancer and in validating the role this potent molecule can play in being synthetically lethal in cancers with DNA repair
deficiencies. This opens up opportunities for LP-184 in several additional cancers, such as bladder and ovarian, and as a potential combination
agent with existing PARP inhibitors."
"With the recently announced reacquisition of LP-100 earlier
this week, we will use insights from the LP-100 trial and investigators to assess further enrollment of the Phase 2 trial in Denmark and
initiation of other studies where LP-100 can play a role as a potential cancer therapy. We believe this molecule has the potential to
address a market of nearly $200 million in the U.S. and approximately $700 million globally."
Lantern is developing four drug candidates and an ADC program across
eight disclosed indications, including:
Second Quarter 2021 Financial Highlights
Mr. Sharma continued, "We remain steadfast in building Lantern
into a best-of-breed biopharmaceutical company that blends insights from our RADR A.I. platform with the experience and
expertise of our research team and a roster of collaborations with world-renowned cancer research institutions. Machine learning enabled
identification and validation of molecular drivers of cancer provides the potential for more targeted and more effective oncology therapies.
We are confident that our portfolio of genetically targeted oncology drug candidates can deliver significant enduring value for our shareholders."
Expected Upcoming Milestones
About Lantern Pharma
Lantern Pharma (LTRN) is a clinical-stage oncology-focused biopharmaceutical
company leveraging its proprietary RADR A.I. platform and machine learning to discover biomarker signatures that identify
patients most likely to respond to its pipeline of targeted therapeutics. Lantern is currently developing four drug candidates and an
ADC program across eight disclosed tumor targets, including two phase 2 programs. By targeting drugs to patients whose genomic profile
identifies them as having the highest probability of benefiting from the drug, Lantern's approach represents the potential to deliver
best-in-class outcomes. More information is available at: www.lanternpharma.com and Twitter @lanternpharma.
Forward-looking Statements
This 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 and antibody drug conjugate (ADC) development
program; estimates regarding the development timing for our drug candidates and ADC development program; 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 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 that use words such as "anticipate,"
"believe," "contemplate," "could," "estimate," "expect," "intend," "seek,"
"may," "might," "plan," "potential," "predict," "project," "target,"
"objective," "aim," "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 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, (iii) the risk that no drug product
based on our proprietary RADR A.I. platform has received FDA marketing approval or otherwise been incorporated into a commercial product,
and (iv) those other factors set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2020,
filed with the Securities and Exchange Commission on March 10, 2021. You may access our Annual Report on Form 10-K for the year ended
December 31, 2020 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.
Lantern Pharma Inc. and Subsidiary
Condensed Consolidated Balance Sheets
| June 30, | December 31, | |||||||
| 2021 | 2020 | |||||||
| (Unaudited) | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 61,354,117 | $ | 19,229,232 | ||||
| Marketable securities | 18,234,540 | - | ||||||
| Prepaid expenses and other current assets | 2,542,426 | 1,007,690 | ||||||
| Total current assets | 82,131,083 | 20,236,922 | ||||||
| Property and equipment, net | 30,598 | 21,507 | ||||||
| Deferred offering costs | - | 101,205 | ||||||
| Operating lease right-of-use assets | 252,503 | - | ||||||
| Other assets | 17,889 | - | ||||||
| TOTAL ASSETS | $ | 82,432,073 | $ | 20,359,634 | ||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable and accrued expenses | $ | 1,093,787 | $ | 552,339 | ||||
| Insurance payable | 1,448,419 | - | ||||||
| Operating lease liabilities, current | 145,898 | - | ||||||
| Total current liabilities | 2,688,104 | 552,339 | ||||||
| Operating lease liabilities, net of current portion | 130,705 | - | ||||||
| PPP loan payable | - | 108,500 | ||||||
| TOTAL LIABILITIES | 2,818,809 | 660,839 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Preferred Stock - Par Value (1,000,000 authorized at June 30, 2021 and December 31, 2020; $.0001 par value) (Zero shares issued and outstanding at June 30, 2021 and December 31, 2020) | - | - | ||||||
| Common Stock - Par Value (25,000,000 authorized at June 30, 2021 and December 31, 2020; $.0001 par value) (11,184,039 shares issued and outstanding at June 30, 2021; 6,220,927 shares issued and outstanding at December 31, 2020) | 1,118 | 622 | ||||||
| Additional paid-in capital | 97,088,382 | 32,358,068 | ||||||
| Accumulated deficit | (17,428,671 | ) | (12,659,895 | ) | ||||
| Accumulated other comprehensive loss | (47,565 | ) | - | |||||
| Total stockholders' equity | 79,613,264 | 19,698,795 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 82,432,073 | $ | 20,359,634 |
Lantern Pharma Inc. and Subsidiary
Condensed Consolidated Statements of Operations
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| General and administrative | 1,314,201 | 676,399 | 2,487,459 | 1,016,571 | ||||||||||||
| Research and development | 1,164,892 | 157,023 | 2,443,929 | 294,127 | ||||||||||||
| Total operating expenses | 2,479,093 | 833,422 | 4,931,388 | 1,310,698 | ||||||||||||
| Loss from operations | (2,479,093 | ) | (833,422 | ) | (4,931,388 | ) | (1,310,698 | ) | ||||||||
| Interest income | 47,889 | - | 47,889 | - | ||||||||||||
| Other income, net | 114,723 | - | 114,723 | - | ||||||||||||
| NET LOSS | $ | (2,316,481 | ) | $ | (833,422 | ) | $ | (4,768,776 | ) | $ | (1,310,698 | ) | ||||
| Net loss per share of common shares, basic and diluted | $ | (0.21 | ) | $ | (0.31 | ) | $ | (0.45 | ) | $ | (0.55 | ) | ||||
| Weighted-average number of common shares outstanding, basic and diluted | 11,181,504 | 2,719,198 | 10,631,121 | 2,370,082 |
Lantern Pharma Inc. and Subsidiary
Condensed Consolidated Statements of Comprehensive
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| NET LOSS | $ | (2,316,481 | ) | $ | (833,422 | ) | $ | (4,768,776 | ) | $ | (1,310,698 | ) | ||||
| Other comprehensive loss, net of tax | ||||||||||||||||
| Unrealized loss on available-for-sale securities, net of tax | (47,565 | ) | - | (47,565 | ) | - | ||||||||||
| Other comprehensive loss, net of tax | (47,565 | ) | - | (47,565 | ) | - | ||||||||||
| Comprehensive loss | $ | (2,364,046 | ) | $ | (833,422 | ) | $ | (4,816,341 | ) | $ | (1,310,698 | ) |