Lantern Pharma Inc. (LTRN): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine room of Lantern Pharma Inc., and after years analyzing complex biotechs, I can tell you their strategy isn't simple; it's a dual-engine model: a clinical pipeline paired with a commercial AI platform. To be defintely clear, this structure is what drives their value proposition, aiming to cut drug development timelines by up to 70%. As of Q3 2025, they were funding this ambitious push with roughly $12.4 million in cash, while their R&D costs ran about $2.4 million that same quarter. If you want to see precisely how they plan to turn AI insights and drug candidates like LP-184 into revenue streams, you need to see the full breakdown of their nine building blocks right here.

Lantern Pharma Inc. (LTRN) - Canvas Business Model: Key Partnerships

You're looking at the network Lantern Pharma Inc. (LTRN) relies on to advance its AI-driven pipeline. These external relationships are critical for everything from early validation to global trial execution and future funding.

Academic research institutions like Johns Hopkins for preclinical validation

Lantern Pharma Inc. partners with top academic centers to validate the potential of its drug candidates, which feeds directly into regulatory strategy. For LP-184, collaborators at Johns Hopkins provided independent preclinical confirmation supporting the planned pediatric trial in CNS tumors, specifically Atypical Teratoid Rhabdoid Tumor (ATRT). This validation showed significant survival improvements in mouse models.

• LP-184 preclinical data in CHLA06 model: Median survival increased from 20 days (control) to 89 days (LP-184 treatment group).
• This represents a survival improvement of 345% (p<0.0001).
• Johns Hopkins confirmation supports the FDA Rare Pediatric Disease Designation for LP-184.

Contract Research Organizations (CROs) for global clinical trials in Asia (Japan, Taiwan)

The expansion of the HARMONIC™ trial for LP-300 into Asia is managed through established clinical sites, accelerating enrollment in regions with a higher prevalence of never-smoker NSCLC. This geographic diversification is key for robust statistical outcomes.

The company is using these sites to accelerate data collection for regulatory and commercial purposes.

Biopharma companies for potential co-development and licensing of drug candidates

Lantern Pharma Inc. is actively positioning its pipeline assets, particularly LP-284, for potential external partnerships. The data presented at medical congresses serves as a key mechanism to engage these potential collaborators.

• Presentations on LP-284 at the 25th Annual Lymphoma, Leukemia & Myeloma (LL&M) Congress generated interest from biopharmaceutical companies.
• Discussions are ongoing, focusing on combination therapy development with FDA-approved agents.
• The company is positioning itself for productive discussions with potential biopharma partners following LP-184 Phase 1a data.

Key Opinion Leaders (KOLs) and clinical investigators for trial design and data presentation

External clinical expertise guides trial execution and interpretation. KOLs are used to present and discuss key findings, lending third-party credibility to the data generated by the RADR® platform.

• Clinical investigators presented LP-300 data at the 66th Annual Meeting of the Japan Lung Cancer Society in late 2025.
• A KOL-hosted scientific webinar on LP-184 Phase 1a results was scheduled for November 20, 2025, featuring a key opinion leader from Fox Chase Cancer Center.
• The LP-184 Phase 1a trial enrolled 65 patients across a range of solid tumors.

Financial partners for At-The-Market (ATM) equity financing

While specific ATM financing amounts for 2025 aren't detailed, the company's cash position and runway reflect the ongoing need for capital management and potential future financing activities. The company ended Q3 2025 with a reduced cash balance, which necessitates continued disciplined management or external funding.

Here's the quick math on the cash position, which directly impacts the need for future financial partner engagement:

The company reported zero revenue as of Q3 2025, making this cash runway a critical factor for near-term operations.

Lantern Pharma Inc. (LTRN) - Canvas Business Model: Key Activities

You're looking at the core engine driving Lantern Pharma Inc. (LTRN) forward, which is heavily weighted toward clinical execution and proprietary technology advancement. The key activities center on pushing their pipeline through human trials while simultaneously scaling the intelligence behind it.

Advancing clinical trials for lead candidates like LP-184 (Phase 1b/2) and LP-300 (Phase 2) is paramount. For LP-184, the Phase 1a dose-escalation study completed, meeting all primary endpoints for safety and establishing a clear recommended Phase 2 dose (RP2D) across 63 heavily pre-treated patients. This trial showed an encouraging 54% disease control rate at or above therapeutic dose levels in DDR (DNA Damage Repair) deficient tumors. This data positions LP-184 for targeted Phase 1b/2 studies in indications like TNBC, NSCLC with KEAP1/STK11 mutations, bladder cancer, and first recurrent GBM, which represent a combined annual market potential exceeding $7 billion. For LP-300, the Phase 2 HARMONIC trial showed an initial 86% clinical benefit rate and 43% objective response rate in the lead-in cohort for never-smokers with NSCLC, a population representing an estimated market opportunity over $4 billion annually.

The company's R&D spend reflects this focus; for the third quarter of 2025, R&D expenses were $2.4 million. The financial reality is that as of September 30, 2025, Lantern Pharma maintained approximately $12.4 million in cash, cash equivalents, and marketable securities, which provides an expected operating runway into Q3 2026.

Continuous development and enhancement of the proprietary RADR® AI platform is the second major activity. The platform now leverages over 200 billion oncology-focused data points and a library of 200+ advanced ML algorithms. This technology is directly translating into measurable performance metrics:

• PredictBBB.ai™ module launched with 94% accuracy for blood-brain barrier permeability prediction.
• Liquid biopsy analysis module achieved 86% accuracy for predicting treatment response in NSCLC.
• Algorithms hold five of the top eleven positions on the Therapeutic Data Commons Leaderboard.

This AI capability directly supports the identification and in-licensing of new drug candidates. Historically, new drug programs have advanced from initial AI insights to first-in-human trials in 2-3 years at approximately $1.0 - $2.5 million per program. The overall AI-driven pipeline is estimated to have a combined annual market potential of over $15 billion USD.

Lantern Pharma is also focused on commercializing deployable AI platform modules to external biopharma partners. Commercial readiness was demonstrated at the inaugural AI for Biology and Medicine Symposium, showcasing RADR® modules as deployable tools. This activity is expected to continue through Q4 2025, including the multi-agentic system for rare cancer drug development.

Finally, securing regulatory milestones is a critical activity that de-risks the pipeline. LP-184 has secured both FDA Fast Track Designations (for GBM and TNBC) and the FDA Rare Pediatric Disease Designation (for ATRT). A key recent milestone was the successful completion of an FDA Type C meeting in September, which provided regulatory guidance and pathway clarity for the planned pediatric CNS cancer trial for ATRT.

Here's a quick look at the clinical and platform metrics supporting these activities as of late 2025:

Lantern Pharma Inc. (LTRN) - Canvas Business Model: Key Resources

You're looking at the core assets Lantern Pharma Inc. (LTRN) is banking on to drive value, and honestly, it's a mix of cutting-edge tech and late-stage clinical progress. The financial foundation, while lean, is currently projected to last a while.

Proprietary RADR® AI/ML platform with over 200 billion oncology data points

The Response Algorithm for Drug Positioning & Rescue (RADR®) platform is central to the whole operation. It's not just a database; it's an integrated analytics engine. As of early 2025, this platform was reported to leverage over 200 billion oncology-focused data points. This massive dataset, combined with over 200+ advanced Machine Learning (ML) algorithms, is used to identify predictive biomarkers and streamline development. The platform's commercial readiness is being demonstrated, with modules like predictBBB.ai™ showing a 94.1% blood-brain barrier prediction accuracy.

The Key Resources related to the AI platform and its outputs can be summarized like this:

Clinical-stage drug pipeline (LP-184, LP-300, LP-284) and related Intellectual Property

The pipeline assets are showing tangible clinical validation, which is a huge resource in biotech. LP-184, the lead candidate, completed its Phase 1a trial enrollment with 65 patients. The results validated the AI-guided approach, showing a 48% clinical benefit rate in evaluable patients at or above the therapeutic dose threshold. This drug candidate holds two FDA Fast Track designations.

LP-300, targeting non-small cell lung cancer in never-smokers, demonstrated an 86% clinical benefit rate and a 43% objective response rate in the HARMONIC trial. LP-284 also showed activity, achieving a complete metabolic response in a heavily pretreated lymphoma patient.

Intellectual Property is being actively strengthened. For instance, the company secured a PCT publication for a proprietary patent related to blood-brain barrier penetration prediction.

Here's a quick look at the pipeline progress:

• LP-184 Phase 1a: 65 patients enrolled; 48% clinical benefit rate achieved.
• LP-300 HARMONIC Trial: 86% clinical benefit rate and 43% objective response rate reported.
• LP-284: Demonstrated complete metabolic response in a patient who failed R-CHOP and CAR-T therapy.
• IP: PCT publication for blood-brain barrier penetration prediction patent.

Cash, cash equivalents, and marketable securities of approximately $12.4 million (Q3 2025)

Financial discipline is a key operational resource. As of September 30, 2025, Lantern Pharma maintained approximately $12.4 million in cash, cash equivalents, and marketable securities. Management explicitly stated this cash position provides an expected operating runway into approximately Q3 2026. This runway is critical as management noted the need for substantial additional funding in the near future.

Wholly-owned subsidiary, Starlight Therapeutics, for CNS cancer focus

Starlight Therapeutics is the dedicated vehicle for CNS cancer programs. A significant recent milestone was completing an FDA Type C meeting, which provided regulatory guidance and pathway clarity for the planned pediatric CNS cancer trial in Atypical Teratoid Rhabdoid Tumor (ATRT).

AI-driven biomarkers like PTGR1 for patient selection

The RADR® platform's ability to identify predictive biomarkers is a tangible asset. PTGR1 expression was confirmed as a key predictive biomarker for LP-184 sensitivity. Specifically, over 87% of Phase 1a patients exceeded the bioactivation threshold. To be more precise, 87.5% (about 90%) of patients for whom samples were available showed PTGR1 expression levels above the requirement for LP-184 bioactivation. Lantern has developed a diagnostic-ready RT-qPCR assay for this biomarker.

Lantern Pharma Inc. (LTRN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and partners would choose Lantern Pharma Inc. (LTRN) over traditional drug development paths. It all boils down to speed, precision, and the power of their AI platform, RADR®.

The value proposition centers on fundamentally changing the economics of oncology drug development. Instead of the industry standard, Lantern Pharma suggests they can advance newly developed drug programs from initial AI insights to first-in-human clinical trials in just 2-3 years, costing approximately $1.0 - $2.5 million per program. This is the concrete data supporting the claim of accelerating timelines and reducing cost compared to industry norms.

Precision Medicine Approach and AI-Driven Biomarkers

Lantern Pharma's approach is about targeting hard-to-treat cancers with drugs selected by AI for specific patient populations. This precision is validated in their lead candidate, LP-184, which targets patients with DNA damage repair (DDR) deficiencies.

Here are the key statistical outcomes from the LP-184 Phase 1a trial:

• The trial involved 63 heavily pre-treated patients with advanced solid tumors.
• It demonstrated a 48% clinical benefit rate at or above the therapeutic dose threshold.
• The key predictive biomarker identified by the RADR® platform is PTGR1.
• Over 87% of Phase 1a patients exceeded the PTGR1 bioactivation threshold.
• The trial established a clear recommended Phase 2 dose of 0.39 mg/kg.

Drug Candidates Targeting Large Markets

The pipeline is focused on indications with substantial unmet need and high revenue potential, validated by the AI platform's analysis. LP-184 is positioned as a potential blockbuster, and the company and independent analysts estimate the aggregate annual market opportunity across its targeted indications could exceed $10 billion.

Here's a breakdown of the market potential for LP-184 across the planned precision Phase 1b/2 trials:

AI Tools for High-Accuracy Prediction

Lantern Pharma offers external value through its deployed AI modules, such as PredictBBB.ai™, which directly tackles a major bottleneck in CNS drug development. This tool addresses the fact that traditionally, only 2-6% of small-molecule drugs successfully cross the blood-brain barrier.

The performance metrics for the publicly released PredictBBB.ai™ module are quite strong:

Rescuing and Repositioning Shelved Drug Candidates

The RADR® platform provides new insights for existing or shelved assets. This is evident in the progress of LP-284, which exploited a synthetic lethal mechanism in aggressive B-cell cancers. In one case, a patient with Grade 3 diffuse large B-cell lymphoma achieved a complete metabolic response after only two cycles of LP-284, despite having failed R-CHOP chemotherapy, CAR-T therapy, and bispecific antibody therapy. This demonstrates the platform's ability to find new utility for drug candidates.

The platform itself leverages over 200 billion oncology-focused data points and a library of over 200+ advanced machine learning algorithms to drive these discoveries.

Lantern Pharma Inc. (LTRN) - Canvas Business Model: Customer Relationships

High-touch, scientific engagement with clinical investigators and KOLs

• Hosting a KOL-led scientific webinar on LP-184 Phase 1a results on November 20, 2025, featuring Dr. Igor Astsaturov from Fox Chase Cancer Center.
• Presentation of LP-284 clinical data at the 25th Annual Lymphoma, Leukemia & Myeloma (LL&M) Congress (October 14-17, 2025) generated interest from biopharma companies and clinical investigators.

B2B licensing and collaboration agreements for the RADR® AI platform

The RADR® AI platform is being positioned for commercial use, with plans to launch select modules for the broader drug development community. The platform has been validated in natural clinical trials with LP-184, LP-284, and with Actuate Therapeutics.

Investor relations and capital raising through public market communications

Lantern Pharma Inc. communicates financial health and development progress to the investment community, which influences capital access. The company noted the need for substantial additional funding in the near future.

Regulatory engagement with the FDA for guidance and accelerated pathways

The company actively engages the U.S. Food and Drug Administration (FDA) to define clinical pathways, resulting in specific designations and protocol clearances for its drug candidates.

• Completed a Type C meeting with the FDA for the pediatric CNS cancer trial (ATRT), receiving critical guidance on trial design.
• Planned submission of an Investigational New Drug (IND) application amendment incorporating FDA guidance, with trial initiation targeted for Q1 2026.
• LP-184 received Orphan Drug Designation from the FDA in 2023.
• LP-184 received Fast Track Designation from the FDA in 2024 for Glioblastoma Multiforme (GBM) and Triple-Negative Breast Cancer (TNBC).
• LP-184 received FDA clearance for a Phase 1b/2 trial in NSCLC with KEAP1 and/or STK11 mutations (announced May 12, 2025).
• LP-184 received FDA clearance for a Phase 1b/2 trial in TNBC (announced May 5, 2025).
• LP-284 for Hematologic Cancers was under review by the FDA as of October 28, 2025.

Lantern Pharma Inc. (LTRN) - Canvas Business Model: Channels

You're looking at how Lantern Pharma Inc. (LTRN) gets its drug candidates and its AI technology out to the world, which is a mix of physical trial sites and digital dissemination channels as of late 2025.

The delivery of drug candidates is anchored in global clinical trial sites, which is where the action is right now. The Phase 2 HARMONIC™ trial, for instance, is running across sites in the United States, Japan, and Taiwan. To be specific about the Asian expansion, Lantern announced the completion of enrollment in Japan for the HARMONIC™ trial across five clinical sites in Japan, which included the National Cancer Center Tokyo.

For the RADR® AI modules, the channel is a direct business development approach, signaling commercial readiness. The company showcased the platform's capabilities at the inaugural AI for Biology and Medicine symposium at UNT, positioning the modules as deployable tools for biopharma partners. While specific licensing revenue for 2025 isn't public, the focus is on demonstrating the platform's value through metrics like its 94.1% accuracy for blood-brain barrier permeability prediction.

Regarding future pharmaceutical distribution networks upon drug approval, this remains a forward-looking channel. Currently, the company is focused on advancing its pipeline through clinical trials and securing regulatory guidance, such as the FDA Type C meeting completion for the pediatric CNS cancer trial, which sets the stage for future commercialization pathways rather than detailing established distribution agreements for approved products in 2025.

Dissemination of scientific data, which is crucial for validation and future partnerships, happens through peer-reviewed channels and major medical meetings. This is how they communicate the progress of drug candidates like LP-284 and LP-300.

Here's a look at the key channels and associated hard numbers we have from the Q3 2025 reporting period:

The scientific community engagement channels include specific events where data was presented:

• LP-300 preliminary Phase 2 data presented at the 66th Annual Meeting of the Japan Lung Cancer Society.
• LP-284 clinical data showcased at the 25th Annual Lymphoma, Leukemia & Myeloma (LL&M) Congress.
• KOL-hosted scientific webinar on LP-184 Phase 1a results scheduled for November 20, 2025.
• The company plans further clinical and patient data for LP-300 in a December 2025 webinar.

The direct business development team is focused on leveraging the AI platform's validated capabilities. For example, the LP-184 Phase 1a trial met all primary endpoints, showing a 48% clinical benefit rate in evaluable patients at or above the therapeutic dose threshold, which strengthens the position for any future licensing discussions around that asset.

Lantern Pharma Inc. (LTRN) - Canvas Business Model: Customer Segments

You're looking at the core patient and partner groups Lantern Pharma Inc. (LTRN) is targeting with its precision oncology pipeline and its AI platform, RADR®. Honestly, the strategy is about hyper-focusing on specific genetic profiles where the unmet need is highest, which is where their AI really shines.

The primary patient segments are defined by the biomarker-selected indications for their lead drug candidates, LP-184 and LP-300. For instance, the market opportunity for just Triple-Negative Breast Cancer (TNBC) is estimated to be in excess of $4 billion annually.

Here's a breakdown of the key customer groups Lantern Pharma Inc. is serving as of late 2025:

• Cancer patients with high unmet need, biomarker-selected solid tumors (e.g., TNBC, GBM)
• Cancer patients with rare pediatric CNS cancers (via Starlight Therapeutics)
• Biopharma and biotech companies seeking to accelerate their R&D using AI
• Oncology researchers and academic institutions for AI platform modules

The patient populations targeted for LP-184 alone-TNBC, NSCLC with STK11/KEAP1 co-mutations, bladder cancer, and recurrent Glioblastoma (GBM)-represent a combined annual market potential exceeding $7 billion. That's a serious focus area.

Biomarker-Selected Solid Tumor Patients

This segment is driven by the clinical development of LP-184, which successfully completed its Phase 1a trial enrolling 63 heavily pre-treated patients. The planned Phase 1b/2 trials are highly specific:

You also have the LP-300 segment, focusing on never-smokers with Non-Small Cell Lung Cancer (NSCLC). This population is about 15% of new lung cancer cases in the U.S., but significantly higher in East Asia at 33% to 40%.

Rare Pediatric CNS Cancer Patients

This group is being addressed through the spin-off entity, Starlight Therapeutics, which is focused on CNS-focused oncology. Lantern Pharma Inc. has secured four Rare Pediatric Disease Designations for LP-184 in conditions including Atypical Teratoid Rhabdoid Tumor (ATRT). The company received regulatory guidance following an FDA Type C meeting for the planned pediatric CNS cancer trial in ATRT.

Biopharma and Biotech Companies

These entities are customers for Lantern Pharma Inc.'s AI technology, often through co-development agreements, IP licensing, or equity participation. The RADR® platform is positioned as a tool to dramatically reduce costs and timelines in drug development.

The platform's commercial readiness is a key offering, with select RADR® AI modules planned for commercial availability and launch. The AI business itself is positioned as a potential standalone revenue stream worth 'several hundred million'.

Specific examples of current biopharma customers leveraging RADR® include:

• Actuate Therapeutics: RADR® predicts patient response with accuracy exceeding 88% for Elraglusib.
• Oregon Therapeutics: Leveraging RADR® to optimize PDI inhibitor XCE853 development.
• TTC Oncology: RADR® is accelerating development of TTC-352, a Phase 2 clinical trial-ready drug candidate.

Oncology Researchers and Academic Institutions

This segment uses specific, commercially ready AI modules that are available as open-access services for collaborators. The RADR® platform itself, as of Q1 2025, leveraged approximately 200 billion oncology-focused data points and a library of 200+ advanced ML algorithms.

One key module, predictBBB.ai, achieves 94.1% accuracy in predicting blood-brain barrier permeability and can screen 200,000 drug candidates in under a week. Another module, LBx-AI, shows an accuracy of 0.76 Pearson correlation in predicting PD-L1 expression levels from circulating tumor DNA.

If you're thinking about the overall pipeline progress, the combined annual market potential across all AI-driven product candidates is estimated to be over $15 billion USD.

Finance: draft 13-week cash view by Friday.

Lantern Pharma Inc. (LTRN) - Canvas Business Model: Cost Structure

You're looking at where Lantern Pharma Inc. is spending its capital to drive its AI-first oncology pipeline forward. Honestly, for a clinical-stage biotech, the cost structure is dominated by the science, which is exactly what you'd expect.

Heavy Research and Development (R&D) expenses are the biggest line item, reflecting the core mission. For the third quarter ended September 30, 2025, R&D expenses were approximately $2.4 million. This compares to R&D expenses of approximately $3.7 million for the same quarter in 2024. The company reported a net loss of $4.2 million for Q3 2025.

The cost structure is heavily weighted toward advancing the drug candidates through the clinic and preparing for the next stages of development. This covers clinical trial execution and manufacturing costs for drug candidates like LP-184, which just completed enrollment in its Phase 1a trial. The company is advancing development plans for LP-184 in high-value indications, including Triple-Negative Breast Cancer (TNBC) and NSCLC with STK11/KEAP1 Co-mutations. The AI-driven pipeline of innovative product candidates is estimated to have a combined annual market potential of over $15 billion USD.

Next up are the General and Administrative (G&A) expenses. For Q3 2025, these were approximately $1.9 million. The decrease in R&D expenses for the quarter was partially offset by increases in licensing expenses of approximately $31,000.

A significant portion of the operating spend goes into the proprietary technology underpinning the entire model: investment in AI platform maintenance, data acquisition, and patent costs. Lantern Pharma's RADR® platform leverages over 200 billion oncology-focused data points and a library of 200+ advanced ML algorithms. This technology is what allows them to advance new drug programs from initial AI insights to first-in-human clinical trials in 2-3 years at a reported cost of approximately $1.0 - $2.5 million per program.

Finally, you have the payroll and compensation expenses for a specialized team. The R&D expense reduction in Q3 2025 compared to Q3 2024 was partially attributable to decreases in payroll and compensation expenses of approximately $224,000. This reflects the cost of maintaining the specialized talent needed to run both the clinical trials and the complex AI infrastructure.

Here's a quick look at the key financial figures anchoring this cost base as of the end of Q3 2025:

The cash position of $12.4 million as of September 30, 2025, was expected to fund operations into Q3 2026. The cost drivers break down into these main categories:

• R&D spend for clinical trial execution.
• G&A for general operations and overhead.
• Costs associated with the RADR® AI platform.
• Salaries for the specialized scientific and technical staff.

To be fair, managing these costs is critical; the company is actively managing its burn rate, evidenced by the R&D expense decrease year-over-year for the quarter. Finance: draft 13-week cash view by Friday.

Lantern Pharma Inc. (LTRN) - Canvas Business Model: Revenue Streams

Lantern Pharma Inc.'s revenue generation model as of late 2025 is heavily weighted toward non-operational financing and the future monetization of its clinical pipeline and technology platform, rather than immediate product sales.

Minimal current revenue; primary focus is on capital appreciation through pipeline milestones

Honestly, the current top-line revenue picture for Lantern Pharma Inc. is minimal. As of September 30, 2025, the company reports a trailing 12-month revenue of null. An AI Analyst assessment for the third quarter of 2025 highlighted challenging financial outlook due to zero revenue and ongoing cash flow concerns, which necessitates additional funding to continue operations. The primary financial driver remains capital appreciation contingent upon achieving significant clinical and regulatory milestones for its drug candidates.

The company maintains a disciplined approach to capital management, which is crucial given the lack of current sales. Cash, cash equivalents, and marketable securities stood at approximately $12.4 million as of September 30, 2025. This figure is down from approximately $24.0 million at the end of 2024. This cash position is expected to fund operating expenses and capital expenditure requirements at least into June 2026.

The potential value embedded in the pipeline serves as a proxy for future revenue events. Consider the estimated market potentials:

• LP-184 potential market: $10-12 billion USD in annual revenue.
• LP-300 market opportunity in never-smokers with NSCLC: Over $4 billion annually.
• Combined annual market potential across the AI-driven pipeline (as of early 2025): Over $15 billion USD.

Future revenue from licensing or collaboration fees for drug candidates

Future revenue is anticipated to materialize through strategic licensing or collaboration agreements for its clinical-stage drug candidates, such as LP-300 and LP-184. The company is actively exploring these partnering opportunities to maximize commercial potential, especially for LP-300 across multiple geographies. The advancement of LP-184 through Phase 1a, establishing the Maximum Tolerated Dose (MTD) and Recommended Phase 2 Dose (RP2D), positions it for Phase 1b/2 trials in indications like recurrent triple negative breast cancer (TNBC) and recurrent bladder cancer, which strengthens its attractiveness for potential deals.

Sales and licensing of commercial RADR® AI platform modules to external partners

The proprietary RADR® platform is a distinct revenue-generating asset. Lantern Pharma Inc. is moving toward commercializing select modules of this platform for the broader scientific and research community. The platform itself leverages over 200 billion oncology-focused data points and a library of 200+ advanced machine learning algorithms. Specific modules are being readied for external use, such as the predictBBB.ai™ module, which achieves 94.1% accuracy for blood-brain barrier permeability prediction and can screen 200,000 molecular candidates in under one week. The company is planning commercial availability and launch of these modules, with continued collaboration discussions advancing.

The cost to develop these assets provides context for their potential licensing value. On average, newly developed drug programs have been advanced from initial AI insights to first-in-human clinical trials at approximately $1.0 - $2.5 million per program.

Equity financing (e.g., ATM sales agreement for up to $15.53 million) to fund operations

To bridge the gap until potential product-based revenues materialize, Lantern Pharma Inc. utilizes equity financing as a key source of operational funding. On July 3, 2025, the company entered into an At-The-Market (ATM) Sales Agreement with ThinkEquity LLC. This agreement allows Lantern Pharma Inc. to offer and sell shares of common stock up to a maximum aggregate offering price of $15,530,000, or $15.53 million, as needed.

The reliance on this funding mechanism is evident in the cash burn between reporting periods. Here's a quick look at the cash position changes:

Potential milestone payments from future partnerships

Milestone payments represent contingent revenue streams tied directly to the success of the drug candidates in clinical development and regulatory progression. For instance, the LP-184 Phase 1a trial achieved all primary endpoints with a 48% clinical benefit rate in evaluable patients, which is a significant value-creation catalyst that supports future partnership discussions. Also, the company received FDA guidance for its pediatric CNS cancer trial, another milestone that de-risks the asset and enhances its potential for upfront payments, option fees, or milestone payments upon entering into a formal collaboration or licensing deal.