Lantern Pharma Reports Third Quarter 2023 Financial Results and Operational Highlights Received IND clearance from FDA to initiate Phase 1 clinical trial for LP-284 , a first-in-human trial for advanced, refractory non-H

Pharma Reports Third Quarter 2023 Financial Results and Operational Highlights

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 third quarter ended September 30, 2023.

had a very productive and efficient third quarter where the team made excellent and continued progress across our lead clinical programs,

launched a new program into the clinic, and accelerated our efforts to ensure that our AI platform for cancer drug development, RADR ,

maintains its industry-leading position. We now have three active clinical programs that we are confident will make significant strides

in Q4 and throughout 2024 - with multiple readouts expected during 2024. In addition, we continued to maintain a financially disciplined

operation that will allow us to achieve milestones in both our drug programs and our AI platform over the next several years. Our RADR

AI platform is revolutionizing the way we understand and predict drug-cancer interactions, enabling us to advance our newly developed

drug programs from initial AI insights to first-in-human clinical trials in 2 to 3 years and at a cost of roughly $1 to 2.5 million per

program - a milestone unheard of in the realm of oncology drug discovery," said Panna Sharma, CEO of Lantern Pharma.

continued, "This past quarter we launched another first-in-human, Phase 1 program, with LP-284, a synthetically lethal small-molecule,

in refractory NHL where there is significant patient need for improved therapies. Therapies that can work with proven monotherapy efficacy

and in combination with existing standard-of-care agents are critically needed in cancers where relapse from existing treatments can

be a dire consequence. Computational and AI-driven approaches are increasing their ability to predict meaningful and clinically relevant

combination regimens for cancer, and our team continues to increase the value of our platform in this regard while helping to also de-risk

and sharpen the focus of our existing clinical drug candidates. Our leadership in the innovative use of AI and machine learning to transform

costs and timelines in the development of precision oncology therapies should yield significant returns for investors and patients as

our industry matures and adopts an AI-centric approach to drug development."

of AI-Powered Pipeline:

xenograft PDX models of high-grade B cell lymphomas (HGBL), LP-284 showed synergistic and significantly enhanced anti-cancer activity

when used in combination with rituximab. In in-vivo PDX models, the combined synergy of rituximab with LP-284 was 63% more effective

in destroying HGBL tumors-93% tumor growth inhibition with both rituximab and LP-284 versus 57% tumor growth inhibition with rituximab

alone. Rituximab is a standard-of-care approved therapy used in a wide range of B-cell cancers and non-Hodgkin's lymphomas. Lantern

plans to release additional details and data on this set of results with LP-284 in this setting in the coming month.

all MCL, DHL, and HGBL patients relapse from the current standard-of-care agents and there is an urgent and unmet need for novel improved

therapeutic options for these patients. In the US and Europe, MCL, DHL, and HGBLs are diagnosed in 16,000-20,000 patients each year and

have an estimated annual market potential of over USD 3+ billion.

dosage and safety data obtained in the Phase 1 trial will be used to advance the central nervous system (CNS) indications for a future

Phase 2 trial to be sponsored by Lantern's wholly-owned subsidiary, Starlight Therapeutics. Globally, the aggregate annual market

potential of LP-184's target indications is estimated to be approximately $11+ billion, consisting of $5+ billion for CNS cancers

and $6+ billion for solid tumors.

Joseph Treat MD of Fox Chase Cancer Center has been appointed the lead principal investigator of the Harmonic study. Dr. Treat

is a leading expert in lung malignancies, including NSCLC in never smokers, and has dedicated his career, since 1991, to serving patients

never-smokers with NSCLC are a growing population of patients and do not respond well to PD-1/PD-L1-based therapies, leaving them with

reduced treatment options. In the US, there are approximately 20,000-40,000 never-smokers with NSCLC diagnosed annually, representing

an estimated US annual market potential of $1.5 billion and a global estimated annual market potential of over $2.6 billion. Additional

information on the Harmonic trial can be found at the Harmonic website and clinicaltrials.gov.

Platform Growth and Development:

Operational Highlights:

(Society for Neuro-Oncology) 28th Annual Meeting and Education Day in Vancouver, Canada

Tech Summit 23 in Bengaluru, India

Annual CNS Drug Delivery Summit in Boston, MA

Quarter 2023 Financial Overview:

Call and Webinar Details:

will host its third quarter 2023 earnings call and webinar today, November 8, 2023, at 4:30 p.m. ET.

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 over 36 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

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 biomarker 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 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 AI 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, 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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