LTRN · Lantern Pharma Inc.

Lantern Pharma Inc. reported first quarter 2026 financial results characterized by disciplined capital allocation, achieving a 27% year-over-year reduction in net loss while cutting R&D expenses by 47%. This efficiency enabled key clinical progress, including a successful FDA Type C meeting outcome for the Phase 2 HARMONIC™ trial of LP-300, allowing protocol amendments such as focusing enrollment on EGFR exon 21 L858R mutation patients, extending treatment cycles to eight, and shifting to a single-arm study. These changes address evolving treatment landscapes in never-smoker NSCLC and build on prior encouraging data like 86% clinical benefit rate in the safety lead-in. Starlight Therapeutics, a wholly-owned subsidiary, received FDA IND clearance for a Phase 1 pediatric CNS cancer trial of STAR-001 (LP-184) in ATRT and other rare cancers, bolstered by multiple Rare Pediatric Disease and Orphan Drug Designations that could yield Priority Review Vouchers. The company also advanced plans for STAR-001 in relapsed glioblastoma with spironolactone. On the AI front, Lantern commercially launched withZeta.ai, its multi-agentic AI co-scientist platform for rare cancer drug development, following a Nasdaq debut and AACR demonstration. To unlock distinct valuations, Lantern plans to spin out withZeta.ai into an independent entity led by CEO Panna Sharma, targeting dedicated funding in the $20-50B AI drug discovery market. Financially, cash stood at $6.3M as of March 31, 2026, augmented by $4.4M gross proceeds from a May 14, 2026 financing (part of up to $9.25M including warrants), extending runway into mid-Q1 2027. Management emphasized this model's ability to advance programs from AI insights to clinic in 2-3 years at $1.0-2.5M each, differentiating Lantern in precision oncology.