Lantern Pharma Inc. reported its financial results for the third quarter of 2025, revealing a net loss of approximately $4.18 million, or $0.39 per share, compared to a net loss of $4.51 million, or $0.42 per share, for the same period in 2024. For the nine months ended September 30, 2025, the company incurred a net loss of $13.05 million, a decrease from the $14.91 million loss reported in the prior year. The total operating expenses for the third quarter were approximately $4.35 million, down from $5.18 million in the previous year, primarily due to reduced research and development costs.
The company’s cash and cash equivalents increased to $8.39 million as of September 30, 2025, up from $7.51 million at the end of 2024. However, total current assets decreased significantly to $13.46 million from $25.25 million, largely due to a reduction in marketable securities, which fell from $16.50 million to $3.97 million. Lantern Pharma's total stockholders' equity also declined to $9.59 million from $21.19 million, reflecting the ongoing operational losses and the impact of stock-based compensation.
In terms of strategic developments, Lantern Pharma has been actively advancing its clinical programs, particularly for its lead drug candidates LP-300, LP-184, and LP-284. The company has established a wholly-owned subsidiary, Starlight Therapeutics, to focus on the development of LP-184 for central nervous system and brain cancer indications. The RADR® platform, which utilizes artificial intelligence to enhance drug discovery, continues to play a crucial role in the company's strategy, with over 200 billion data points integrated into its analytics.
Operationally, Lantern Pharma reported a decrease in research and development expenses, which totaled approximately $2.44 million for the third quarter, down from $3.72 million in the same quarter of 2024. This reduction was attributed to lower costs associated with clinical trials and consulting services. The company also noted a decrease in general and administrative expenses, which rose to $1.91 million from $1.46 million, primarily due to increased business development and investor relations expenditures.
Looking ahead, Lantern Pharma anticipates the need for substantial additional funding to support its ongoing research and development activities. The company has entered into an at-the-market sales agreement with ThinkEquity, allowing it to raise up to $15.53 million through the sale of common stock. Lantern Pharma's management believes that its current cash, cash equivalents, and marketable securities will be sufficient to fund operations until mid-2026, but acknowledges that without additional capital, it may be forced to delay or reduce its drug development programs.
About Lantern Pharma Inc.
Lantern Pharma Inc. is an AI-driven biopharmaceutical company focused on developing targeted cancer therapies. Its proprietary RADR platform analyzes vast genomic and clinical data to identify and rescue promising drug candidates, including small molecules and antibody-drug conjugates. The company targets oncology markets with personalized, biomarker-driven treatments, leveraging data science to accelerate drug discovery, reduce costs, and improve patient outcomes in solid tumors and blood cancers.
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