Lantern Pharma Inc.

For the second quarter ended 06/30/2026, Lantern reported cash, cash equivalents, and marketable securities of approximately $7.4 million, including about $6.7 million in cash and cash equivalents and about $700 thousand in marketable securities, versus approximately $10.1 million at 12/31/2025. R&D expense was approximately $1.8 million, down from approximately $3.1 million a year ago, a decrease of about $1.3 million or 42%; G&A was approximately $1.7 million versus approximately $1.6 million, up about $130 thousand or 8%; and loss from operations was approximately $3.5 million versus approximately $4.7 million, an improvement of about 25%. After approximately $3.6 million of warrant-related expense, net loss was approximately $7.1 million, or $0.57 per share, compared with approximately $4.3 million, or $0.40 per share, in the prior-year quarter. For the six months ended 06/30/2026, net loss was approximately $10.4 million, or $0.88 per share, versus approximately $8.9 million, or $0.82 per share. Management said it received approximately $4.4 million in gross proceeds from the May 2026 registered direct offering and intends to pursue additional capital raises, collaborations, and other opportunities to extend runway.

Panna Sharma framed the quarter as an inflection point, arguing Lantern is now proving its AI-driven model in real trials while building a separate AI business. He emphasized that the company advanced multiple programs from AI-derived insights to clinical and regulatory milestones in under 3 years, and said the new Open Medicine AI structure is intended to give the platform its own capital structure and valuation path. His tone was highly confident and expansive, but he repeatedly anchored it in specific clinical and structural milestones rather than only future potential.

David Margrave focused on liquidity, spend discipline, and the accounting impact of the May financing. He highlighted approximately $7.4 million in cash, cash equivalents, and marketable securities at quarter-end, compared with approximately $10.1 million at year-end 2025, and noted approximately $4.4 million in gross proceeds from the registered direct offering. He said R&D fell 42% to approximately $1.8 million, operating loss improved 25% to approximately $3.5 million, and the quarter included approximately $3.6 million of warrant-related expense that drove net loss to approximately $7.1 million, or $0.57 per share. He also said there was no ATM activity and that additional capital is a top priority.

Analysts pressed for more detail on LP-300 data maturity, whether the amended protocol had started enrolling, and when another update might come. Management said IRB approvals are complete, enrollment should resume under the amended 8-cycle protocol in the US and Taiwan, and the next 15 to 16 patients should provide meaningful data over the next 4 to 6 months; a further update may come near year-end. On Open Medicine AI, questions focused on how the system differs from existing AI tools, adoption, and competitive defensibility; Sharma said the platform uses a multi-agent, transparent workflow, that adoption has been sticky once users try it, and that large pharma interest is increasing. He also said Lantern is considering ways to let shareholders benefit from the spinout, potentially including distribution of Open Medicine shares.