Lantern Pharma Reports Second Quarter 2024 Financial Results and Business Updates Active clinical trials across three AI-guided drug candidates with additional ADC-based preclinical molecules in evaluation for developmen

Pharma Reports Second Quarter 2024 Financial Results and Business Updates

(Business Wire) - Lantern Pharma Inc. (NASDAQ: LTRN), an artificial intelligence ("AI") company developing targeted

and transformative cancer therapies using its proprietary RADR AI and machine learning ("ML") platform with

multiple clinical-stage drug programs, today announced operational highlights and financial results for the second quarter 2024, ending

team at Lantern Pharma is making solid, thoughtful and disciplined progress in our clinical trials and in our collaborative research

and AI efforts. This past quarter saw a significant milestone where our clinical trials are getting to the point of having initial patient

data that we can share, including our unique Harmonic clinical trial for never smokers with lung cancer. We continue to also improve

the functionality and abilities of our AI platform, RADR , to guide the next phase of our therapeutic programs which will be heavily

marked by trials with combination regimens, and ADC development." said Panna Sharma, President and CEO of Lantern Pharma.

of AI-Powered Pipeline:

phase 2 Harmonic clinical trial sites in the US, and certain sites in Japan are screening for eligible patients and we expect

the pace of enrollment to increase in the coming months. This past quarter we also initiated IRB approvals and site initiation visits

in Asia. The expansion of the Phase 2 clinical trial in Japan and Taiwan is expected to accelerate the collection of patient and

response data that are needed for the next-stage of development of LP-300, a therapeutic for the treatment of relapsed and inoperable

primary adenocarcinoma of the lung given in combination with chemotherapy. Additionally, it may also bring a needed therapeutic option

for never-smokers with NSCLC in Japan and Taiwan, where one-third or more of all lung cancer diagnoses are made among those who

have never smoked. Dr. Yashushi Goto, a physician and researcher focused on lung cancer at the National Cancer Center of Japan, will

be leading the phase 2 trial in Japan, where the incidence of non-small cell lung cancer (NSCLC) in never-smokers is double or more than

that of the United States. Lantern believes that this improves the positioning for drug-candidate LP-300 to develop collaborative and

co-development partnerships with global biopharma companies with a primary focus in serving the Asian markets.

Harmonic trial is assessing the effect of LP-300 in combination with standard-of-care chemotherapy in never-smoker patients

with relapsed NSCLC where they have failed TKI therapies. Globally, never-smokers with NSCLC are a growing population of patients and

do not respond well to PD-1/PD-L1-based therapies or the available chemotherapy doublets, leaving them with reduced treatment

options. In the US it is estimated that the treatment indication of never smokers with NSCLC has an annual market potential of $1.5 billion,

and a global estimated annual market potential of over $2.6 billion.

and preclinical studies are also ongoing to further refine drug combination studies supporting the use of LP-184 to improve the durability

or overall response rates in combination with FDA approved drugs that are widely used in cancer treatment - especially PARP

inhibitors, and immune checkpoint inhibitors. Globally, the aggregate annual market potential of LP-184's target indications

is estimated to be approximately $12+ billion, consisting of $4.5+ billion for CNS cancers and $7.5+ billion for solid tumors.

have also begun a review of some notable mechanisms-of-action of LP-284 that may be leveraged in other diseases and conditions. Lantern

expects to review those preclinical studies and findings later this quarter.

Platform Growth and Development:

also leveraged the RADR platform in developing a drug-development collaboration with Oregon Therapeutics with a focus on

accelerating the development and decision path towards a first-in-human launch of the drug-candidate, XCE853 into the clinic. The AI-enabled

collaboration with Oregon Therapeutics aims to refine and expand the positioning of XCE853, a novel protein disulfide isomerase

(PDI) inhibitor, in new and targeted oncology indications, including for drug-resistant tumors. Lantern Pharma is receiving equal IP

co-ownership and drug development rights in newly discovered biomarkers, novel indications, and use for new pharmacological strategies

the RADR platform's generative AI capabilities, focusing on molecular optimization and automated feature extraction to improve

understanding and prediction of molecular dynamics, safety, and drug-drug interactions are planned to increase in functionality and scope

in the coming quarters for both small molecule development and increasingly for ADC development, analytics and characterization.

Quarter 2024 Financial Highlights

Operational Highlights:

Call and Webinar Details:

will host its 2nd quarter 2024 earnings call and webinar today, August 8th, 2024, at 4:30 p.m. ET. A link to register can

be accessed at: Lantern 2nd Quarter 2024 Earnings Call & Webinar Link

Pharma (NASDAQ: LTRN) 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 billions of 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 that

span multiple cancer indications, including both solid tumors and blood cancers 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 - 2.5 million per program.

lead development programs include a Phase 2 clinical program and multiple Phase 1 clinical trials. We have also established a wholly-owned

subsidiary, Starlight Therapeutics, 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.

find more information at:

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; 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 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," "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 risk that our research and the research

of our collaborators may not be successful, (ii) the risk that observations in preclinical studies and early or preliminary observations

in clinical studies do not ensure that later observations, studies and development will be consistent or successful, (iii) the risk that

we may not be successful in licensing potential candidates or in completing potential partnerships and collaborations, (iv) 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, (v) 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 (vi) those other factors set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31,

2023, filed with the Securities and Exchange Commission on March 18, 2024. You may access our Annual Report on Form 10-K for the year

ended December 31, 2023 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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