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First Quarter 2025Operating & Financial ResultsConference Call / WebinarMay 15th, 20259AM Eastern Time NASDAQ :LTRN
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Forward Looking Statements 1 This presentation 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 we may not be able to secure sufficient future funding when needed and as required to advance and support our existing and planned clinical trials and operations, (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 our research and the research of our collaborators may not be successful, (iv) the risk that we may not be successful in licensing potential candidates or in completing potential partnerships and collaborations, (v) 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, (vi) 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 (vii) those other factors set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on March 27, 2025. You may access our Annual Report on Form 10-K for the year ended December 31, 2024 under the investor SEC filings tab of our website atwww.lanternpharma.comor on the SEC's website atwww.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 presentation 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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Contents01 Introduction02 2025 Q1 Highlights03 Financial Highlights04 Q&A SpeakersPanna SharmaCEO and PresidentDavid MargraveCFO 2
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2025 1st Quarter Highlights NASDAQ: LTRN 1of 2 3 üCompletion of LP-184 Phase 1a clinical trial with 62-65 patients enrolled across a range of solid tumors expected by end of June 2025.üAdditional patient data readout from the HARMONIC™ Trial evaluating LP-300 in never-smokers with non-small cell lung cancer anticipated in Q3 2025, including initial readout for patients from the Asian expansion cohort.üStrengthened AI intellectual property portfolio with PCT publication of proprietary blood-brain barrier penetration prediction patent application; favorable PCT search report indicated no significant prior art.üExpanded RADR® platform with innovative AI-powered module to improve the precision, cost and timeline of antibody-drug conjugate (ADC) development, integrating a multiomic approach using proprietary algorithms to design and optimize target, payload, and tumor selectivity.
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NASDAQ: LTRN 2of 2 4 2025 1st Quarter Highlights üPlanning commercial availability and launch of select RADR® AI modules for the scientific and research community to foster collaborative, open-source innovation in cancer drug development.üObtained further independent preclinical confirmation of LP-184 hypersensitivity in rare pediatric brain tumors, such as ATRT, by our collaborators at Johns Hopkins in support of planned pediatric trial in CNS tumors.üMaintained disciplined capital management, with approximately $19.7 million in cash, cash equivalents, and marketable securities as of March 31, 2025, providing expected operating runway through at least May 15, 2026.
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"This quarter represents a pivotal inflection point in our clinical and technological development. As we approach full enrollment in our LP-184 Phase 1atrial and prepare for anadditional datareadout for our LP-300 Harmonic Trial, includinginitial data fromour Asian expansion cohort, we are positioning ourselves for productive discussions with potential biopharma partners. Simultaneously, our RADR® AI platform has reached a crucial development milestone with a broadand validatedrange of oncology drug development modules powered byhundreds ofbillions of datapoints. These advancements further validate our AI-driven approach to cancer drug development,which is focused on addressing real-world, unmet patient needs while establishing a clear pathway toward commercialization focused on delivering value to patients and shareholders."5
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Financial Updates Q1 2025 6 20252024Operating expenses:General and administrative$ 1,510,077$ 1,481,215Research and development3,263,9554,250,786Total operating expenses4,774,0325,732,001Loss from operations(4,774,032)(5,732,001)Interest + Other income, net237,249291,191NET LOSS$(4,536,783)$ (5,440,810)Net loss per common share, basic and diluted$(0.42)$(0.51)Weighted Avg. Common Shares Outstanding - Basic and Diluted10,784,72510,742,797 03/31/202512/31/2024 Cash, Cash Equivalents & Marketable Securities19,721,65124,013,063Prepaid Expenses & Other Current Assets 1,101,7251,234,566Total Assets21,096,33525,571,792Total Liabilities4,319,8504,384,018Total Stockholders’ Equity16,776,48521,187,774 Summary Results of Operations Balance Sheet Highlights & SummaryThree Months Ended March 31,(unaudited) (unaudited)
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7 Lantern’s diverse & unique AI - driven pipeline of 1 1 drug programs including RADR ® collaborations and Starlight Therapeutics owned by – Actuate Thera. owned by– TTC Oncology Orphan DrugRare Pediatric Collaboration partner Lantern Pharma (NASDAQ: LTRN) RADR® Collaborations Collaboration partner *for Mantle Cell & HGBL Collaboration partner NASDAQ: LTRN owned by – Oregon Thera. Collaboration partner ElraglusibMultiple Solid TumorsTTC-352ER+ Breast CancersXCE853Protein Disulfide Isomerase (PDI)InhibitorADCCryptophycin Conjugate for Solid Tumors Lead CandidateIndicationDiscoveryPreclinicalPhase IPhase IILP-300Non-Small Cell Lung Cancer for Never SmokersLP-184Recurrent Advanced Solid Tumors (Pancreatic, TNBC, Bladder, &Other Solid Tumors)LP-284Recurrent Non-Hodgkin’s Lymphomas (Mantle cell, Double-hit lymphomas, &HGBL)ADCSelect Solid Tumors * forMRT, RMS &HB FastTrack * for TNBC* for Pancreatic, MRT, RMS, HB, HGG
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8NASDAQ: LTRN Starlight’s pipeline is focused on multiple CNS indications in both adult and pediatric patients Orphan Designation RPDD Starlight TherapeuticsADULT CNS CANCERS PEDIATRIC CNS CANCERS Lead CandidateIndicationDiscoveryPreclinicalPhase IPhase II STAR-001First Recurrent Glioblastoma* Newly Diagnosed MGMT Unmethylated Glioblastoma** STAR-001Phase 1a monotherapyincluding ATRT, DIPG and MedulloblastomaPhase 1b combinationselect pediatric CNS cancers * Multiple GBM patients have been enrolled in the ongoing Phase 1a being conducted by Lantern Pharma**Investigator led trial FastTrack *for ATRT*for ATRT
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9 Recent publications highlighting the clinical value of RADR® in the development of Lantern’s drug candidates Evaluation of Potency and Specificity of Cryptophycin-Loaded Antibody-Drug ConjugatesPUBLICATION | CHEMBIOCHEMJOURNAL NASDAQ: LTRN Identification of biomarkers for drug candidate LP-184 in precision oncology applicationsPOSTER | AACR ANNUAL MEETING 2025 https://bit.ly/4bZUHua LP-184, a Novel Acylfulvene, Sensitizes Immuno-refractory Triple Negative Breast Cancers (TNBCs) to Anti-PD1 Therapy by Affecting the Tumor MicroenvironmentPOSTER | AACR IMMUNO-ONCOLOGY CONFERENCE 2025 https://bit.ly/43lTNWy https://bit.ly/3SgY1rv
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10 ●Complete Phase 1a clinical trial for LP-184; pursue Phase 1b/2 and investigator led trial(s) ●Advance enrollment in first-in-human clinical trial for LP-284in NHL + other cancers●Report initial clinical data for Asian cohort in the Harmonic ™ Trial and updates on the US patient population ●Progress and monetize Starlight Therapeutics towards planned Phase 1 / 2 adult & pediatric clinical trials●Expand and commercialize RADR® AI platform and launch initial modules as open-source AI agents●Further ADC preclinical and IND development to support future Phase 1 launch and/or partnership opportunities ●Explore licensing and partnership opportunities with biopharma companies●Develop and communicate combination programs and trials for Lantern’s portfolio with existing FDA approved drugs●Continue efficient internal clinical operations capabilities●Maintain disciplined fiscal management and pursue additional funding opportunities A Breakthrough Year for Lantern2025ObjectivesTOP TEN NASDAQ: LTRN
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NASDAQ: LTRNIR Contact:IR@lanternpharma.com1-972-277-1136 www.lanternpharma.com @ LanternPharma CONNECT WITH US linkedin.com /company/ lanternpharma CONNECT WITH US IR Contact:IR@starlighttthera.com www.starlightthera.com @S tarlight_Thera linkedin.com /company/ starlightthera