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NASDAQ: LTRN Corporate OverviewJanuary 2026
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NASDAQ: LTRN 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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Lantern’s AI platform, RADR®, is transforming the cost, pace, and timeline of cancer drug discovery and development* Includes drug programs being developed in collaboration 100+ 12 $100MLead drug programs*powered by AI Issued patents & pending applicationsApproximate total capital raised since 2019 5Clinical stage lead drug candidates* 2.5 yearsAvg. time for newLTRN programs to Ph. 1 Trial $2MAvg. cost for newLTRN programs to Ph. 1 Trial 2
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Lantern is Transforming Drug Discovery Timelines & Costs with AIAI insights and biomarkers can increase the odds of clinical trial success by 12X* RADR® can predict and stratify real-world patients for clinical trials with 88% accuracy Lantern can compress the timeline of early-stage drug development by 70% and reduce the cost by 80% Lantern has launched 10 new programs in 2 years, and has active ongoing Ph.1 and Ph.2 clinical trials LANTERN’S DRUG DEVELOPMENT MODEL AND OBJECTIVES Large Scale/Multi-omicsOncology Data Proprietary AI platform RADR® Accelerated timelines; reduced costs and risks (*Parker et al., 2021) 3
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Lantern’s AI-Driven Business Model has Multiple Routes Towards Success High-value Partnering & LicensingOpportunitiesRescue & Reposition Drug Candidates Discover& DevelopNew Molecules Including ADCs Accelerate& De-riskTrials withBiopharma Partners AI Platform 4 Based on previous clinical data and observations, LP-300 was rescued for never smokers with NSCLC and is in a Phase 2 trial LP-284’s unique mechanism of action was predicted by RADR® and was developed to Phase 1 trial in 2 years Predictingpatient responsewith greater than 88% accuracy, Lantern is accelerating the development of Elraglusib 123 Successes to DateAreas of Focus Targeted Clinical Trials By Lantern and/or other biopharma partners With biopharma and tech companies
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NASDAQ: LTRN 5 Lantern’s Diverse & Unique AI Driven Pipeline of Drug ProgramsLantern has 10 disclosed drug programs including the Phase 2 HarmonicTM trial Lantern Pharma (NASDAQ: LTRN) Rare Pediatric DiseaseOrphan Designation FastTrack Starlight Therapeutics (Wholly Owned Subsidiary) ProgramIndicationDiscoveryPreclinicalPhase 1aPhase 1bPhase IILP-300Non-Small Cell Lung Cancer for Never Smokers LP-184Monotherapy & Combination w/ Olaparib for TNBCCombination w/ Immune Checkpoint Inhibitors for NSCLCAdvanced Bladder Cancer (Investigator led trial in Denmark)LP-284Recurrent Non-Hodgkin’s Lymphomas (Mantle cell, Double-hit lymphomas)ADCSelect Solid Tumors STAR-001 (LP-184 for CNS and Brain Cancers Only) First Recurrent Glioblastoma in adultsNewly Diagnosed MGMT Unmethylated Glioblastoma (investigator led trial)Phase 1a monotherapyincluding ATRT, DIPG and MedulloblastomaPhase 1b combination select pediatric CNS cancers
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NASDAQ: LTRN CollaboratorProgramIndicationStage Elraglusib(9-ING-41)Multiple Solid TumorsPhase 2 Completed XCE853Protein Disulfide Isomerase (PDI)InhibitorPreclinical TTC-352ER+ Breast CancersPhase 1 ADCCryptophycin Conjugatefor Solid TumorsPreclinical 6 RADRⓇ AI-Driven Strategic CollaborationsCollaborating with top-tier oncology innovators to unlock data-driven therapeutic breakthroughs
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A proprietary integrated experimental biology, oncology-focused, machine-learning-based drug development platform 80%+Prediction Success Patient Records130K+ Data Sets8,163+Advanced ML Algorithms200+ 200+ Billion* Data points from oncology focused real-world patient and clinical data and preclinical studies AI-Powered RADR® Modules for Oncology Drug Discovery and Development 7 Discover mechanism of action Determine optimal drug combinationsGenerate ML-driven biomarker signatures Characterize specialized attributes of a moleculeIdentify/prioritize disease indications or subtypes ADC design and optimization Discover combinations with checkpoint inhibitors m1m2m3m4 m5m6m7m8 Understand potential binding site interactions
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NASDAQ: LTRN Lantern Pharma is a Top 10 End-to-End AI Drug Discovery Company 8 According to Deep Pharma Intelligence
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Integrating Data, AI, and Science Across the Drug Development CycleLantern’s comprehensive computational drug discovery platform roadmap predictbbb.ai •Less than 6% of molecules cross the Blood Brain Barrier (BBB) - one of pharmaceutical development's most persistent challenges•PredictBBBTM achieves 94% accuracy with real-time machine learning, providing open-access to critical CNS drug development technology •Powered by RADR®, our unified data lake and ensemble AI engine for drug discovery•Next modulesto predict dozens of molecular properties vital to drug success•Specialized & broad-use toolsto accelerate oncology and other therapeutic areas•Building a full AI-driven platformto reshape how drugs are discovered and developed Predict BBB is just the beginning— the first in a series of transformative AI modules 9
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NASDAQ: LTRN 10 Zeta – The Multi-Agentic Co-Scientist & AI System For Rare CancersZeta addresses the fundamental challenge in rare cancer research and drug development where critical insights are scattered across disconnected data sources. Our platform integrates curated databases and external sources into an agential LLM architecture, leveraging recursive reasoning loops to transform fragmented biomedical knowledge into an interconnected investigation platform. Core Capabilities Industry & Business Value Strategic Impact •Curated rare cancer databases and ontology•Integrated 500k+ clinical trials, 250k+ publications, 1.2M knowledge objects •Real-time bioinformatics and chemo informatics toolkits•Links to RADR® predictive modules (e.g., PredictBBB.ai)•Faster timelines: weeks → minutes for insights•Smarter decisions: enhanced oncology guidance•Novel discovery: identify new drug connections•Improved outcomes: faster access to treatments•Efficiency: major cost and time savings•Unified AI interface for complex, scattered data•Accelerates novel therapy discovery and trial design•Shortens drug development by months or more•Positions Lantern as the “Perplexity for cancer research”
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NASDAQ: LTRN 11 CollaborationsStrategic collaborations that are providing unique real-world insights and accelerating timelines Biopharma Collaborations World-Class Academic and Research Institutions
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NASDAQ: LTRN 12 Eleven FDA Designations Demonstrate our Data-driven, AI-enabled Approach to Transform Drug Development & Strengthen Commercial ValueDesignationCandidateIndicationDateFast Track DesignationLP-184GlioblastomaSep. 2024LP-184Triple Negative Breast CancerDec. 2024 Orphan Drug Designation LP-184Pancreatic CancerAug. 2021LP-184GlioblastomaAug. 2021LP-184Malignant GliomaAug. 2021LP-284Mantle Cell LymphomaJan. 2023LP-284High Grade B-Cell LymphomaNov. 2023 Orphan Drug and Rare Pediatric Disease Designation LP-184ATRTJan. 2022LP-184Malignant Rhabdoid TumorsSep. 2024LP-184RhabdomyosarcomaSep. 2024LP-184HepatoblastomaSep. 2024 11 designations
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LP-300 for the Treatment of Non-Small Cell Lung Cancer (NSCLC) in Never SmokersLead IndicationRelapsed NSCLC for Never SmokersClinical StatusPhase 2 (multiple patients dosed globally, Japan enrollment complete)Market Potential*$4+ billionIndication Size*150,000 + CasesTarget/ MOATyrosine Kinases & Cell Redox EnzymesMolecule TypeDisulfide Small MoleculeCombinationWith Carboplatin and PemetrexedIP EstateClaims extending to at least 2032 *Estimated Annual Global 13
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NASDAQ: LTRN Disease Overview – NSCLC in Never Smokers – LP-300 14 NSCLC in never smokers is one of the largest unaddressed cancer populations NSCLC in Never Smokers is a Different DiseaseLung Cancer in never smokers has higher percentage of genetic mutations in Tyrosine Kinases (TK), a family of cancer-promoting genes, such as EGFR, ALK, ROS and MET Global Annual Market Potential: $ 4+ Billion
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NASDAQ: LTRN Mechanism of Action – LP-300 15 LP-300’s multimodal MoA resensitizes NSCLC to chemo in the never smoker populationLP-300 Modulates Cellular Redox in Key Signaling Pathways in NSCLC •Restoring apoptosis sensitivity•Oxidative stress modulation•Anti-angiogenesis•Reduced DNA synthesis and gene expression •Reduce glutathione/thioredoxin mediated tumor resistance to therapy•Nephrotoxicity protection against chemotherapy A-B. LP-300 adduct at Cys1235 Cys1156 C. Molecular surface of ALK with the LP-300-derived adduct at Cys1156 (yellow highlight) D. Binding site of the LP-300-derived adduct at Cys 1235 (yellow highlight) LP-300 Directly Engages with TKI Receptors via Cysteine Modification A. B. D.C. 1. 2.
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NASDAQ: LTRN 16 Clinical Trial – The HarmonicTM Phase 2 Trial for LP-300Accelerating recruitment efforts for a growing indication with limited treatment options Primary Outcomes:Overall and progression free survival NCT05456256 Multi-national Phase 2 Trial with 8 sites in the US, 5 sites in Japan, and 5 sites in Taiwan United States8 locations Taiwan5 locations Japan5 locations Announcedpreliminary patient data showing an 86% clinical benefit rate -Scan the QR code for the fullinitial resultrelease Trial Highlights•Completed Japanese patient cohort enrollment ahead of schedule at multiple clinical sites including the National Cancer Center in Tokyo•Patient showed durable complete response with survival continuing for nearly two years•Preliminary patient data and clinical readouts showed an 86% clinical benefit rate
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KEY PATIENT CHARACTERISTICSüPatients who are never smokers with lung cancer and histopathological evidence of stage III or IV primary lung adenocarcinoma üMolecular alterations, including EGFR, MET exon 14 skipping, ROS1, BRAF, ALK, and NTRK fusionsüRelapsed after one or more lines of therapy with tyrosine kinase inhibitorsSTUDYENDPOINTSüPrimary: Progression-free survival (PFS) and overall survival (OS)üSecondary: Objective response rate (ORR), duration of response (DOR), and clinical benefit rate (CBR) Initial Cohort / Lead-in Phase – Summary Results & Key TakeawaysTumor ResponseLP-300+Carboplatin + PemetrexedPartial Response3/7 (43%)Stable Disease3/7 (43%)Progressive Disease (clinical)1/7 (14%)Clinical Benefit Rate (CBR)6/7 (86%)Objective Response Rate (ORR)3/7 (43%)All patient data as of July 25, 2024 •7 patients enrolled from different geographies•Sites included were in CA, VA, TX•3 Female and 4 Male•Average age of 62•Median prior lines of therapy: 2 (1 to 4)•Recent historical trials in similar patient groups receiving the chemo doublet have had an ORR of 26% to 36% with a PFS of 5.1 months Patient Highlights from Initial Cohort 17
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6 Out of 7 Patients Showed Clinical Benefit in Initial Lead-in Cohort All patient data as of July 25, 2024 Percent change in cancer lesion size over timePercent change in cancer lesion size by patient Initial patient responses in the HarmonicTM trial include an 86% disease control rate in the cohort of lead-in patients and a 43% objective response rate (ORR) including one patient maintaining a 50+% reduction in tumor size over 14 months 18
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Initial Cohort for Phase 2 – Prior Cancer Treatments / History & Response 107-002107-003110-001103-001110-002110-003110-004 LP-300 + Carboplatin + Pemetrexed PR: Partial Response, SD: Stable Disease, PD: Progressive DiseaseAll patient data as of July 25, 2024PDPRSDPRSDPRSD OsimertinibRadiotherapySelpercatinib DabrafenibTrametinib CarboplatinKeytrudaAlimta Radiotherapy Radiotherapy RadiotherapyRadiotherapy TKI Osimertinib Osimertinib OsimertinibOsimertinib Selpercatinib Osimertinib 19
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NASDAQ: LTRN \ 20Clinicaltrials.gov (NCT00966914) LP-300 Nearly Doubled Survival Outcomes for Never Smoker Subgroups with NSCLC in Previous Clinical Trial* 25%32%30% 72% 0% 20% 40% 60% 80% All Patients (n=288)Never Smokers (n=87) Median 2 year survival (%) controlLP-300 + Chemo 11.713.215.4 25.2 0 10 20 30 All Patients (n=288)Never Smokers (n=87) Median overall survival (Mohths)controlLP-300 + Chemo + 125% increase in median 2 year survival + 91% increase in median overall survival *Subpopulations receiving paclitaxel/cisplatin *Overall study did not meet clinical efficacy endpoints
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Initiated East Asia: Boosting Patient Enrollment in Countries with High Incidences of NSCLC in Never Smokers of all lung cancer patients in East Asia areneversmokers* Lung cancer in East Asian never-smokers is a distinct subtype that can be largely defined by targetable mutations % of never smokers among lung cancer patients in Taiwan and Japan EGFR, 74% ALK, 6% HER2, 4%KRAS, 3%RET, 1% BRAF, 1% METex14, 1%ROS1, 1% Unknown 9% •Study expansion to Taiwan and Japan with 5 sites in each country•Enrollment completed in Japan Highlights Q2-Q3 2024 Q4 2024 Regulatory and Site SubmissionsSite Activation and First Patients Dosed *Approximately (Zhou & Zhou, 2018) Key Opinion Leaders Dr. Yasushi GotoNational Cancer Center HospitalDr. Chun-Hui LeeNational Cheng Kung University Hospital Q4 2025Review of initial patient response in Asia and updates from first US cohort21
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LP-184 for the Treatment of Advanced Solid Tumors Lead IndicationsDDR deficient solid tumors including Pancreatic cancer, Bladder cancer, and TNBCClinical StatusPhase 1a completed, Phase 1b/2 planned Market Potential*$10+ BillionIndication Size* 170,000 + Cases, Estimated 400,000 + Cases GlobalTarget/ MOADouble-stranded DNA breaks; alkylates DNA in the 3‘ of AdenineMolecule TypeAcylfulvene ClassCombination PotentialCheckpoint inhibitors, PARP inhibitors, Spironolactone, Chemotherapy and Radiation TherapyIP Estate10+ patents/pending apps., Claims extending into 2041*Estimated Annual USA 22
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NASDAQ: LTRN Disease Overview – Advanced Solid Tumors with DDR Deficiencies 23 LP-184 has Blockbuster Potential Across Multiple Cancers as a Single Agent or in Combination TherapyAnnual US Market Potential: $10+ Billion 1 in 4 people have solid tumors with DDR Deficiencies PancreaticCancerTriple NegativeBreast CancerBladderCancerLung Cancer •Advanced solid tumor cancers, having spread beyond the primary site, are often more challenging to treat than earlier stage tumors due to their advanced progression•Demonstrated preclinical synergy with multiple FDA approved drugs (e.g. PARPi, PD-1, and Spironolactone)•Many of these indications - reinforced with AI insights - have limited or no standard of care, making them ideal and efficient entry points for LP-184 as an approved therapy (DDR Deficient Solid Tumors)Advanced Solid Tumors DDR is essential for maintaining genomic stability by repairing different types of DNA damage. Inhibition of DDR has been shown to increase the effectiveness of anticancer immunotherapiesDNA Damage Response (DDR) Deficiency Cancer cells with high underlying levels of DNA damage are more dependent on DDR for survival when compared to normal cellsDDR Deficiencies result in the accumulation of DNA damage, which produces an “Achiles Heel” for drugs leveraging synthetic lethality
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NASDAQ: LTRN LP-184’s MoA was Predicted by RADR® and Validated in Multiple Lab Studies 24 •Prostaglandin Reductase 1 (PTGR1) is an oxidoreductase enzyme that is frequently elevated in cancers•PTGR1 activates LP-184 into its highly potent and cytotoxic form•RADR® insights predicted that LP-184 activity positively correlates with PTGR1 transcript levels in the NCI60 cancer cell line panel Using RADR®, PTGR1 was Identified as a Biomarker that Predicts LP-184 Response 0 2004006008001000 0.0 0.2 0.4 0.6 0.8 1.0 LP-184 Concentration (nM) Pancreatic Cancer Cell Viability Validated using CRISPR ExperimentsB.A. C. 0 2004006008001000 0.0 0.2 0.4 0.6 0.8 1.0 LP-184 Concentration (nM) Pancreatic Cancer Cell Viability Panc03.27 sgControl Capan-1 sgControl Capan-1 sgPTGR1 Panc03.27 sgPTGR1 •CRISPR-mediated depletion of PTGR1 expression in a pancreatic cancer cell line is sufficient to fully diminish LP-184 activity•This confirmed the RADR® insights and that LP-184 was highly potent in cells with PTGR1 0 20040060080010000.0 0.2 0.4 0.6 0.8 1.0 LP-184 Concentration (nM) Pancreatic Cancer Cell Viability In silico In vitro
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NASDAQ: LTRN LP-184Vehicle CTG-1522Tumors CTG-1643Tumors In-vitro PDX pancreatic mouse models treated with LP-184 - CTG-1522 and CTG-1643 models showed a tumor growth inhibition of >100% CTG-1643 - BRCA1 Frameshift mutation •LP-184 exhibits nanomolar potency in PTGR1 overexpressing tumors with DDR deficiencies•Positioned for 2nd and 3rd line treatment, where there is unmet need for novel therapies•FDA Orphan Drug Designation granted in pancreatic and Fast Track Designation in TNBC•Combination therapy potential with SOC agents: Spironolactone, PARP inhibitors, Gemcitabine, Irinotecan, Oxaliplatin, and PD-1 A. LP-184 Treatment Results in Complete Regression in Multiple DDR Deficient PDX Models In collab. with Poster: Pancreatic CancerTriple Negative Breast Cancer (TNBC)Across 10 TNBC PDX mouse models (All 10 TNBC PDX models were HR deficient)LP-184 treatment resulted in 107-141% tumor growth inhibitionB.CTG-1522 – ATR Frameshift mutation, non responder to FOLFIRINOX HBCx-1HBCx-8HBCx-9HBCx-16HBCx-23HBCx-24HBCx-28HBCx-10HBCx-15T168HBCx-1HBCx-8HBCx-9HBCx-16HBCx-23HBCx-24HBCx-28HBCx-10HBCx-15T168 0 250 500 750 1000 1250 1500 -100 TNBC PDX Tumor Models Percent Tumor Volume Change LP-184 Treatment Control TreatmentControl - PARPi Resistant -30% Control - PARPi Sensitive LP-184 - PARPi Resistant LP-184 - PARPi Sensitive 25
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NASDAQ: LTRN 26 Clinical Trial – Completed LP-184 Phase 1a Basket TrialPotential blockbuster molecule with a market of $10+ billion in annual sales *BOIN- Bayesian Optimal Interval LP-184 Phase 1a Trial Design Dose Level 5(n ≥ 3, BOIN) Dose Level 8(n ≥ 3, BOIN) MTD*/ MAD* Dose Level 8(n=10 total) Dose Level 7(n=10 total)(As Needed) *MTD- Maximum tolerated dose*MAD- Maximum administered dose Recommended Dose Range of LP-184 Dose Levels 1-4(n ≥ 3, BOIN*) First-In-Human Trial for LP-184Clinicaltrials.gov (NCT05933265) •Successfully completed with all primary endpoints met, demonstrating a favorable safety and pharmacokinetic (PK) profile, and early signs of antitumor activity. •Potential future studies: Phase 2 in GBM (through Starlight) and Phase 1b/2 in other solid tumors to be initiated after determination of MTD•Enrollment is complete, with several patients continuing treatment due to ongoing clinical benefit. Phase 1 Trial Highlights $10+ Bn
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NASDAQ: LTRN 27 LP-184 Phase 1a Trial Achieved All Primary Endpoints with Robust Safety Profile and Promising Antitumor Activity in Multiple Advanced Solid Tumors •Clinical benefit observed in 48% of evaluable cancer patients at or above the therapeutic dose threshold•Durable clinical benefits were observed in hard-to-treat tumorslike glioblastoma multiforme (GBM), gastrointestinal stromal tumor (GIST) and thymic carcinoma•PK data confirmed that therapeutic concentrations were achieved at dose level 8 (0.25 mg/kg) and above of treatment emergent adverse events (AEs) were Grade 1–2 51%43% 19%17%17%11%11% nauseavomitingfatigueheadacheplatelet countdecreasediarrheaALT increase LP-184 treatment-related adverse events (TRAEs) 6%Grade ≥3 3%Grade ≥3 LP-184 exhibited a robust safety profile, with no dose-limiting toxicities in the majority of cohorts •Biomarker insights highlight potential in DDR-mutated cancers, with marked tumor reductions in patients with CHK2, ATM, and STK11/KEAP1 alterations•Recommended Phase 2 dose (RP2D) establishedfor targeted Phase 1b/2 trials in triple-negative breast cancer (TNBC), non-small cell lung cancer (NSCLC), and bladder cancer TRIAL RESULT HIGHLIGHTS
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NASDAQ: LTRN 28 Planned Clinical Trials – LP-184 Phase 1b/2 Trials informed by RADRⓇ AI InsightsTrialIndicationMarket potentialTrial SizeTrial Highlights•Granted FDA Fast Track Designation for monotherapy of LP-184•Monotherapy Trial:Evaluating optimal dose and early efficacy of LP-184 in advanced TNBC with DNA repair gene mutations.•Combination Trial:Assessing safety and efficacy of LP-184 + Olaparib in advanced TNBC with BRCA mutations. •Submission for FDA Fast Track Designation in process•Open-label study evaluating safety and early efficacy of LP-184 with nivolumab and ipilimumab in advanced NSCLC with KEAP1/STK11 mutations and low PD-L1. •Investigator-sponsored trial (Dr. Helle Pappot, Rigshospitalet University, Denmark)•Open-label study evaluating safety and early efficacy of LP-184 in advanced/metastatic urothelial carcinoma with PTGR1 positive and TC-NER/HR deficiency •Granted FDA Fast Track Designation and Orphan Drug Designation for monotherapy of LP-184•First recurrent Glioblastoma•Simon 2-stage design•2 arms; IDHm and IDHwt Phase 1b/2 Monotherapy & Combination with Olaparib Phase 1b/2 Combination with Immune Checkpoint Inhibitors Phase 1b/2 Investigator Led Trial in Denmarkfor Bladder Cancer Triple Negative Breast Cancer KEAP1 and/or STK11 mutated NSCLC Bladder cancerwith TC-NER deficiency $4+BnAnnual US market potential $2+BnAnnual US market potential $0.5+BnAnnual Global market potential ~60Patients expected to be enrolled ~34Patients expected to be enrolled for TNBC for NSCLC Phase 1b/2a Combination with Spironolactonefor Glioblastoma RecurrentGlioblastoma ~39Patients expected to be enrolled ~38Patients expected to be enrolled $1+BnAnnual US market potential
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NASDAQ: LTRN 29 Tumor regression is achieved using 5x lower doses of LP-184 in combination as compared to doses used as monotherapy Tumor Volume in HBCx-28 PARPi resistant TNBC PDX Model Treated with LP-184 (days 1, 4, 8, 11), Olaparib (daily), or CombinationTumor Volume in HBCx-10 PARPi sensitive TNBC PDX Model Treated with LP-184 (days 1, 8), Olaparib (daily), or CombinationKulkarni, A. et al., Cancer Research Communications, 2024 LP-184 + Olaparib Combination Achieves 3-14x Greater Tumor Regression Compared To Olaparib Alone In TNBC PDX Models VehicleLP-184 (4mg/kg)LP-184 (2mg/kg)LP-184 (0.75mg/kg)Olaparib (80mg/kg)Olaparib (40mg/kg)LP-184(2mg/kg)+Olaparib(80mg/kg) LP-184(2mg/kg)+Olaparib(40mg/kg) LP-184(0.75mg/kg)+Olaparib(80mg/kg) LP-184(0.75mg/kg)+Olaparib(40mg/kg) VehicleLP-184 (4mg/kg)LP-184 (2mg/kg)LP-184 (0.75mg/kg)Olaparib (80mg/kg)LP-184(0.75mg/kg)+Olaparib(80mg/kg)
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NASDAQ: LTRN 30 T11 mouse TNBC tumors treated with LP-184 and anti-PD1 antibody LP-184 + Anti-PD1 Combination Significantly Inhibits Tumor Growth And Delays Progression In T11 Mouse TNBC ModelLP-184 Demonstrates Anti-Tumor Efficacy in Mouse TNBC Models and Potential toSensitize Tumors Non-Responsive to Anti-PD1 Therapy Tumor volume (mm3) Treatment DaysAnti-PD1: 10mg/kgLP-184: 4mg/kg (A) (B) Treatment armDay 22 TGIAnti-PD1 (10mg/kg)17%LP-184 (4mg/kg)51%LP-184 + anti-PD172%In collaboration with Dr.Shiaw-Yih Lin, MD Anderson Cancer Center
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LP-284 for the Treatment of B-cell Non-Hodgkin’s Lymphomas (NHL)Lead IndicationsMantle Cell, Double Hit Lymphomas, DDR Deficient Non-Hodgkin’s LymphomasClinical StatusPhase 1 (Complete response in heavily pre-treated lymphoma patient)Market Potential*$3.75 - 4 Billion Indication Size* 375,000+Target/ MOASynthetic LethalityMolecule TypeAcylfulvene ClassDesignationsOrphan Drug - Mantle Cell Lymphoma Combination PotentialRituximab and SpironolactoneIP EstateClaims extending into 2039 *Estimated Annual Global 31
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NASDAQ: LTRN Disease Overview – B-cell Non-Hodgkin’s Lymphomas 32 Superior responses to LP-284 are observed preclinically Mantle Cell LymphomaHigh-Grade B-Cell Lymphoma •A rare, aggressive type of B-cell NHL distinguished by overexpression of CCND1•Small-medium size cancer cells in the lymph nodes, spleen, bone marrow, blood, and gastrointestinal system •Rarely curable with current standard-of-care treatments and poor prognosis•A rare, aggressive type of B-cell NHL characterized by rearrangements of MYC and BCL2 and/or BCL6 genes•Often occurs in neck, armpit, groins and can spread to central nervous system•No standard treatment approach and poor prognosis B-cell Non-Hodgkin’s LymphomasAnnual Global Market Potential: $ 3-4 Billion(NHL) •NHL is a cancer of the lymphatic system and occurs when normal B-cells, T-cells, or Natural Killer (NK)-cells grow out of control•There are over 30 subtypes of NHL including mantle cell lymphoma (MCL), high-grade b-cell lymphoma(HGBL), and diffuse large B-cell lymphomaleading cause of cancer in the US7thof all cancers are NHL in the US4%LP-284 treatment on NHL Cell lines (HGBL) (MCL) NASDAQ: LTRN
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NASDAQ: LTRN 33 Tumors resistant to Ibrutinib and Bortezomib has significantly reduced volume A. B.MCL tumor volumes drastically reduced compared to FDA approved agents in mice models Nearly all MCL Patients Relapse from SOC Therapies0 3 6 9 12 15 18 0 1000 2000 3000 Days After Treatment Tumor Volume mm3 Vehicle LP-284 (2 mg/kg) LP-284 (4 mg/kg) Bortezomib (1 mg/kg) Ibrutinib (50 mg/kg) Vehicle/LP-284 Bortezomib Ibrutinib Superior Responses to LP-284 are Observed Preclinically in Several NHLs Including those Resistant to SOC Agents In cell-derived xenograft MCL models, LP-284 can completely reduce tumors that are resistant to Ibrutinib and Bortezomib NASDAQ: LTRN
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34 LP - 284 Highlights from NHL Clinical Trial & Potential New IndicationsPhase 1a trial for recurrent NHLs with scarce therapeutic options and potential in SLE / Lupus First-In-Human Trial for LP-284 •Heavily pretreated patient with aggressive Grade 3 B-cell lymphoma (DLBCL) achieved a complete metabolic response•Exploring LP-284 and Rituximab as an alternative to Cyclophosphamide (CP) and Methotrexate in Systemic Lupus Erythematosus (SLE)•Presented at the Lymphoma Leukemia and Myeloma Congress 2025 Highlights Lupus slide waiting for Kishor LP-284 + Rituximab: A Potential Next-Generation B-Cell Depleting Therapy for SLE •LP-284reducedurinary microalbumin ~10xandB cells ~4xin an SLE mouse model •LP-284 + Rituximabcombinationfurther depletes B-lymphoma cellsthan alone. Microalbumin CP(Cyclophosphamide) VehicleLP-284CP(Cyclophosphamide) VehicleLP-284CP(Cyclophosphamide) Check out the poster now
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NASDAQ: LTRN 35 LP-284 was Highly Synergistic when Used in Combination with Rituximab in HGBL Xenograft ModelsHigh Grade B-cell Lymphoma (HGBL) Tumor Volumes in Mice LP-284 – in combination with rituximab LP-284 treatment led to near complete tumor growth inhibition and showed synergistic effects with the FDA-approved agent rituximabAt half of the optimal dose (2mg/kgv. 4mg/kg) LP-284 when combined with rituximab led to a 63% improvement in anti-cancer activity (as measured by tumor volumes)versus rituximab alone LP-284 (2mg/kg)+ Rituximab Results presented at: HGBL have universally poor prognosis after chemotherapy, such as EPOCH, Hyper CVAD, and CODOX-M/IVAC - all are given with Rituximab. Novel agents are critically needed for more effective treatments in HGBL Rituximab alone = 57% TGILP-284+ Rituximab = 93% TGI NASDAQ: LTRN
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36 Developed from Billions of Datapoints Using AI $5 - 6 Billion Market Potential Multiple Clinical Stage CNS Cancer Indications World Class Collaborators from Johns Hopkins , and UT Health San Antonio Completed Enrollment for Adult Phase 1a Trial Received Fast Track & Orphan Drug Designation for GBM, Orphan Drug & Rare Pediatric Designation for ATRT Scan the QR code for the full StarlightCorporate Overview
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Starlight’s Unique Areas of Focus THERE ARE OVER 120 TYPES OF CNS CANCERS AND A MAJORITY HAVE NO CURATIVE TREATMENT OPTIONS There are no approved therapies for atypical teratoid rhabdoid tumors (ATRT)No effective systemic therapies have been approved for GBM in over 18 yearsMore effective therapies are needed to improve outcomes for brain metastases Glioblastoma (GBM) 13,000/yr in USA Brain Metastases 100,000+/yr Pediatric CNS Cancers 4,000/yr in USA 37
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ORIGINATION OF STAR-001: RADR PREDICTIONS POWERED BY AI•PTGR1 levels correlate with drug response•Brain penetrant•GBM has higher levels of PTGR1 relative to normal brain•Novel alkylation site (at the N3 adenosine base) causing replication stress and double-strand DNA breaks •Agnostic to MGMT promoter methylation•Increased activity with alterations in EGFR and SMARCB1•Synthetic lethality when co-administered with spironolactone or in tumors deficient in DNA damage repair Leading AI Technology developed by Lantern Pharma, RADR®, Helped Identify Developed by 38
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Glioblastoma 1.5 - 2 B*Annual US Cases 13K Brain metastases3 B*Annual US Cases 100K Pediatric CNS Tumors0.1 B*Annual US Cases 4,000 Other Gliomas1.2 B*Annual US Cases 22K STAR-001 HAS MULTI-BILLION USD MARKET POTENTIAL IN CNS CANCERS *Annual Estimated Market Potential Annual 5-6BEstimated Market Potential(USD) 39
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STAR-001 Treatment Results in Prolongation of Survival in Orthotopic Mouse Models Tumor volumes before and after STAR-001 treatment STAR-001 treatment increased survival of animals : •STAR-001 increased survival of animals by >20%•STAR-001 reduced M1123 and U87 tumor volume by >75% KEY TAKEAWAYS N=3 per groupSTAR-001 N=3 per groupSTAR-001 Poster Preclinical efficacy of LP-184, a tumor site activated synthetic lethal therapeutic, in Glioblastoma, Society of Neuro Oncology, 2022 A Ba: Mice with orthotopic M1123 or U87 xenografts received vehicle or STAR-001 (4mg/kg iv) on days indicated by arrow, 10 mice were evaluated for survival. b: Tumor volumes, pre-treatment (post implantation day 8 and post treatment-post day 16 implantation for M1123 and for U87 pretreatment (day 16) and pot treatment day 25. a. b. 40
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ATRT in vivo Tumors are Exceptionally Sensitive to STAR-001STAR-001 treatment of ATRT mouse tumors STAR-001 treatment with Spironolactone in the ATRT Cell LineCHLA06 KEY TAKEAWAYS•RADR® identified the near universal SMARCB1 mutation and chromatin remodeling deficiency that make ATRT susceptible to STAR-001•STAR-001 increases survival in ATRT mousemodels, decreases tumor volume by >80%•STAR-001 was granted FDA Rare Pediatric Disease and Orphan Drug Designations to treat ATRT (Atypical Teratoid Rhabdoid Tumors ) Poster LP-184, a clinical stage acylfulvene-derived tumor site activated small molecule, inhibits adult and pediatric CNS tumor cell growth A B Pediatric Brain Cancers Font change 41
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RESEARCH SUGGEST INCREASING INVESTOR AND INDUSTRY INTEREST IN CNS ONCOLOGY COMPANYVALUETRANSACTIONDATESTAGECOMPOUNDINDICATION953 M Acquired by Jazz PharmaApril 21, 2025PDUFAAfter Phase II TrialDordaviproneH3K27M Mutant Gliomas1.3 BAcquired byMerckOctober 23, 2024PreclinicalMOD246TMZ-Resistant GBM461 MEx-US rights only sold to IpsenJuly 25, 2024Phase III TrialTovorafenibRAF-altered PLGG(pediatric low-grade glioma) 2 BServier acquired Agios CNS oncology April 1, 2021Phase IIVorasidenibGrade 2 IDH Mutant Gliomas 42
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NASDAQ: LTRN 43 IP PortfolioIntellectual property portfolio builds expanding protections with additional barriers to competition RADR Identifying suitable cancer types and subtypes for a drug candidate Applying ensemble methods in machine learning and deep learning for drug discovery Predicting blood-brain barrier permeability Determining sensitivity to LP-300 based on biomarkers Treating female (non-smoker) patients with non-small cell lung cancer Increasing cancer patient survival time using LP-300 Treating rhabdoid tumors with LP-184 Treating solid tumor cancers using LP-184 and biomarker Treating pancreatic cancer using LP-184 Composition of Matter Treating blood cancers with LP-284 LP-184LP-300 100+Issued Patents & Pending Applications5 FamiliesDrug Sensitivity & Response Signatures using Biomarkers11 FamiliesMethods of Use2 FamiliesComposition of Matter 2041* 2043* 2044* 2041 2039* 2041* Treating cancers with spironolactone and LP-184 2042* LP-2842040 2041* 2041* 2041* *Pending patent application. Date referenced indicates estimated year of expiration if the patent is granted.
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NASDAQ: LTRN Financial Highlights And Cap Table 44 LANTERN PHARMA INC. (LTRN)Exchange Nasdaq52 Week Per Share Price Range (through 1/8/26) $2.56 - $6.12Common Shares Outstanding (9/30/25)11.04MOptions (Employees, Management and Directors) (9/30/25)1.22MFully Diluted Shares Outstanding (9/30/25)12.26M •Approx. $12.4 M of cash, cash equivalents and marketable securities as of September 30, 2025•Committed to creating enduring growth and value for LTRN shareholders
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NASDAQ: LTRN Leadership & Board of Directors 45 PANNA SHARMAChief Executive Officer & PresidentDAVID MARGRAVEChief Financial Officer KISHOR BHATIA, Ph.D.Chief Scientific Officer REGINALD EWESUEDO, M.D., M.S.c., MBAVP of Clinical DevelopmentMARC CHAMBERLAIN, M.D.Chief Medical Officer of Starlight Leadership Board of Directors Panna SharmaMaria Maccecchini, Ph.D.Donald “Jeff” Keyser, J.D., MPH, Ph.D.Vijay Chandru, Ph.D.David Silberstein, Ph.D.Non-executive Chairman CEO and President PRIOR:President & CEO, Cancer Genetics (CGIX); CEO & Managing Partner, TSG Partners; Managing Member, Oncospire Genomics (Joint Venture with Mayo Clinic); CSO, iXL Services PRIOR:20+ years of oncology focused management experience; Chairman, Texas Healthcare & Bioscience Institute (current); President & CAO, BioNumerik Pharmaceuticals PRIOR:40+ years experience in cancer research; Director, Children’s cancer Center Riyadh; Director Office of AIDS Malignancy Program, NCI PRIOR:VP, Kymera TheraputicsVP, Tesaro/GSKVP, Pfizer PRIOR:Co-director of Neuro-oncology program, UC San Diego; USC; Moffitt Cancer Center; Fred Hutchinson Cancer Center; Medical Director, Cascadian Therapeutics; SeaGen; SystImmune; Pionyr Immunotherapeutics
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Recent Milestones2026Investment Highlights Upcoming Milestones & objectives Preliminary patient data showing an 86% clinical benefit rate in the initial safety lead-in cohort of the HarmonicTM Phase 2 TrialReported a durable complete responsein a Harmonic™ trial patient, with survival continuing for nearly two yearsDelivered complete metabolic response after two cycles of LP-284 for in a heavily pre-treated lymphoma patientReceived three rare pediatric disease designations for LP-184 in malignant rhabdoid tumors (MRT), rhabdomyosarcoma (RMS), and hepatoblastomaReceived fast track designation from US FDA for LP-184 in Glioblastoma and Triple Negative Breast CancerExpanded RADR® AI platform to 200+ billion datapoints and launched initial modules publiclyExpanded the HarmonicTM trial to Taiwan and Japan with 5 sites in each country and completed enrollment in Japan46 Complete Phase 1a clinical trial for LP-184; pursue Phase 1b/2 and investigator led trialsAdvance enrollment in first-in-human clinical trial for LP-284 in NHL + other cancersReport initial clinical data for Asian cohort in the Harmonic ™ Trial and updates on the US patient population Progress and monetize Starlight Therapeutics towards Phase 1/2 adult & pediatric clinical trialsExpand and commercialize RADR® AI platform modules; PredictBBBTM and withZeta.aiFurther ADC preclinical and IND development to support future Phase 1 launch and/or partnership Develop and communicate combination programs and trials for Lantern’s portfolio with existing FDA approved drugs
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IR Contact:IR@lanternpharma.com1-972-277-1136 www.lanternpharma.com @LanternPharma CONNECT WITH US linkedin.com /company/ lanternpharma NASDAQ: LTRN