Lantern Pharma Inc (NASDAQ: LTRN) is a clinical-stage oncology company that uses its proprietary artificial intelligence platform, RADR®, to identify, rescue, and develop small molecule cancer drug candidates. The company does not generate product revenue from approved drugs. It funds operations through equity issuances, including common stock offerings and warrant exercises, while advancing a pipeline of three clinical-stage drug candidates. RADR® analyzes more than 200 billion oncology-specific data points, over 154 drug-cancer interactions, data covering more than 135 cancer subtypes, and more than 130,000 patient records from 16 databases, using over 200 machine learning algorithms to match drug candidates to genomically defined patient populations. Lantern's lead compound, LP-184, is a synthetic illudin analog with patent coverage extending to as late as 2044, directed at solid tumors including glioblastoma, pancreatic cancer, and rhabdoid tumors. The company is headquartered in Dallas, Texas, and operates with an accumulated deficit as of December 31, 2024, as disclosed in its 10-K filed March 30, 2026.

Revenue model

Lantern Pharma has no approved commercial products and generates no product revenue as of the 10-K filed March 30, 2026. Operations are funded through equity capital markets activity, including issuances of common stock and proceeds from warrant exercises.

Products and services

RADR® AI platform: analyzes over 200 billion oncology data points using more than 200 machine learning algorithms including neural networks, support vector machines, random forests, and logistic regression to identify genomic biomarkers and drug-response signatures. Three clinical-stage small molecule drug candidates: LP-184 (synthetic illudin analog targeting glioblastoma, pancreatic cancer, brain metastases, rhabdoid tumors, and other CNS cancers), plus two additional unnamed clinical-stage candidates disclosed in the 10-K filed March 30, 2026.

Customers and end markets

End markets are oncology patient populations with unmet needs, including mantle cell lymphoma (approximately 4,200 new U.S. cases annually per Leukemia and Lymphoma Society data cited in the filing), diffuse large B-cell lymphoma with MYC and BCL2 rearrangements, glioblastoma, pancreatic cancer, and rhabdoid tumors. No commercial customers exist as of the filing date.

Value-chain role

Lantern operates as a drug discovery and development company. It in-licenses composition-of-matter intellectual property (LP-184 licensed from AF Chemicals), develops proprietary synthetic routes and additional IP internally, and runs clinical trials. It has not reached commercialization.

Geographic exposure

Patent nationalization planned for the United States, Australia, Canada, European Union, China, and Japan, as disclosed in the 10-K filed March 30, 2026. No commercial geographic revenue mix is disclosed.

Source: SEC 10-K, filed 2026-03-30

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