$LTRN
Lantern Pharma Inc

2023 Q4 Form 10-Q Financial Statement

#000149315223039896 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.304M $1.310M $1.443M
YoY Change -17.18% -9.21% 21.82%
% of Gross Profit
Research & Development $3.573M $2.210M $702.3K
YoY Change 58.7% 214.67% -76.31%
% of Gross Profit
Depreciation & Amortization $3.980K $0.00 $2.950K
YoY Change 44.2% -100.0% 59.46%
% of Gross Profit
Operating Expenses $4.877M $3.524M $2.145M
YoY Change 27.47% 64.25% -48.29%
Operating Profit -$3.524M -$2.145M
YoY Change 64.25% -48.29%
Interest Expense $267.4K $250.0K $52.22K
YoY Change 258.05% 378.74% -32.38%
% of Operating Profit
Other Income/Expense, Net $424.1K $115.8K -$171.6K
YoY Change 14.46% -167.45% -1070.86%
Pretax Income -$4.186M -$3.160M -$2.265M
YoY Change 23.8% 39.53% -44.14%
Income Tax
% Of Pretax Income
Net Earnings -$4.186M -$3.161M -$2.265M
YoY Change 23.8% 39.6% -44.14%
Net Earnings / Revenue
Basic Earnings Per Share -$0.29 -$0.21
Diluted Earnings Per Share -$0.39 -$0.29 -$208.9K
COMMON SHARES
Basic Shares Outstanding 10.87M shares 10.87M shares 10.83M shares
Diluted Shares Outstanding 10.86M shares 10.84M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.30M $44.93M $57.83M
YoY Change -25.17% -22.3% -21.68%
Cash & Equivalents $21.94M $25.57M $39.26M
Short-Term Investments $19.36M $19.35M $18.57M
Other Short-Term Assets $2.039M $2.500M $4.193M
YoY Change -42.19% -40.38% 67.45%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $43.34M $47.43M $62.02M
YoY Change -26.19% -23.53% -18.75%
LONG-TERM ASSETS
Property, Plant & Equipment $52.13K $51.02K $43.81K
YoY Change 8.58% 16.45% -82.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $25.87K $25.87K $17.89K
YoY Change 44.61% 44.61% -98.24%
Total Long-Term Assets $306.3K $345.5K $144.6K
YoY Change 169.66% 138.92% -88.61%
TOTAL ASSETS
Total Short-Term Assets $43.34M $47.43M $62.02M
Total Long-Term Assets $306.3K $345.5K $144.6K
Total Assets $43.65M $47.77M $62.16M
YoY Change -25.82% -23.15% -19.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.505M $2.090M $3.047M
YoY Change -8.75% -31.41% 86.17%
Accrued Expenses $173.0K $170.0K $92.02K
YoY Change 227.06% 84.74% -38.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.678M $2.253M $3.139M
YoY Change -4.29% -28.22% 75.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $61.50K $110.0K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $61.50K $110.0K $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.678M $2.253M $3.139M
Total Long-Term Liabilities $61.50K $110.0K $0.00
Total Liabilities $2.740M $2.360M $3.139M
YoY Change -2.09% -24.82% 67.18%
SHAREHOLDERS EQUITY
Retained Earnings -$55.24M -$51.06M -$35.90M
YoY Change 40.63% 42.22%
Common Stock $1.072K $1.087K $1.086K
YoY Change -1.29% 0.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.91M $45.41M $59.03M
YoY Change
Total Liabilities & Shareholders Equity $43.65M $47.77M $62.16M
YoY Change -25.82% -23.15% -19.9%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$4.186M -$3.161M -$2.265M
YoY Change 23.8% 39.6% -44.14%
Depreciation, Depletion And Amortization $3.980K $0.00 $2.950K
YoY Change 44.2% -100.0% 59.46%
Cash From Operating Activities -$3.385M -$3.610M -$4.038M
YoY Change 26.85% -10.61% -13.76%
INVESTING ACTIVITIES
Capital Expenditures $5.080K $0.00 -$6.710K
YoY Change -26.91% -100.0% 92.26%
Acquisitions
YoY Change
Other Investing Activities $261.3K $240.0K -$67.65K
YoY Change -57.16% -454.77% -93.23%
Cash From Investing Activities $256.2K $230.0K -$74.36K
YoY Change -57.51% -409.31% -92.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -500.0K 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -3.385M -3.610M -4.038M
Cash From Investing Activities 256.2K 230.0K -74.36K
Cash From Financing Activities -500.0K 0.000 0.000
Net Change In Cash -3.629M -3.380M -4.113M
YoY Change 75.66% -17.81% -27.66%
FREE CASH FLOW
Cash From Operating Activities -$3.385M -$3.610M -$4.038M
Capital Expenditures $5.080K $0.00 -$6.710K
Free Cash Flow -$3.390M -$3.610M -$4.032M
YoY Change 26.71% -10.46% -13.84%

Facts In Submission

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CashAndCashEquivalentsAtCarryingValue
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<p id="xdx_847_eus-gaap--UseOfEstimates_zDS1azFRHmu9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_z2HnxZ3vWdY1">Use of Estimates and Assumptions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The significant areas of estimation include determining research and development accruals, the inputs in determining the fair value of equity-based awards and warrants issued, the inputs in determining present value of lease payments, and determining the fair value of marketable securities. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Concentration Risk Credit Risk
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<p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_z4L98KwYCprc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zTwKwRBOf3z6">Risks and Uncertainties</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company operates in an industry that is subject to intense competition, government regulation and rapid technological change. Operations are subject to significant risk and uncertainties including financial, operational, technological, regulatory, and other risks, including the potential risk of business failure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our marketable securities have had and may in the future have their market value fluctuate due to rises or falls in interest rates. While we believe our cash, cash equivalents and marketable securities do not contain excessive risk, we cannot provide absolute assurance that in the future our investments will not be subject to adverse changes in market value. In addition, we maintain significant amounts of cash and cash equivalents at one or more financial institutions that are federally insured. Interest bearing and non-interest bearing accounts we hold at these banking institutions are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $<span id="xdx_90A_eus-gaap--CashFDICInsuredAmount_iI_pid_c20230930__srt--RangeAxis__srt--MaximumMember_zUNTTAoNj0B9" title="Cash FDIC insured amount">250,000</span> per depositor, per FDIC-insured bank, per ownership category. Substantially all of our cash balances held at banking institutions at September 30, 2023 are in excess of FDIC coverage.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y6M29D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0736 pure
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0465 pure
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
24281000 usd
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CashEquivalentsAtCarryingValue
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CY2023Q3 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
44867 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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62448 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
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291847 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
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168013 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
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LTRN Lease Expiration Date
LeaseExpirationDate
The lease terms were set to expire in April 2023
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
47687 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
52890 usd
LTRN Remeasurement Of Operating Lease Rightofuse Asset
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LTRN Operating Lease Rightofuse Asset Acquired
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LTRN Operating Lease Liability Acquired
OperatingLeaseLiabilityAcquired
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
119886 usd
LTRN Operating Lease Liability Amortization Expense
OperatingLeaseLiabilityAmortizationExpense
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CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
268637 usd
CY2023Q3 us-gaap Operating Lease Liability
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CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
45000 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
30000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
154000 usd
us-gaap Operating Lease Cost
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108000 usd
CY2023Q3 us-gaap Short Term Lease Cost
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4000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
9000 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
49000 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
30000 usd
us-gaap Lease Cost
LeaseCost
163000 usd
us-gaap Lease Cost
LeaseCost
108000 usd
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
12000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
63000 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
6000 shares
CY2023Q3 us-gaap Common Stock Shares Authorized
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25000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
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CY2023Q3 us-gaap Common Stock Shares Issued
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CY2023Q3 us-gaap Common Stock Shares Outstanding
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10869040 shares
CY2022Q4 us-gaap Common Stock Shares Issued
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.46
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
8.17
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1060708 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.21
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
190755 usd
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
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CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
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CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
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CY2023Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
19353852 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
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CY2023Q3 LTRN Available For Sale Securities Debt Maturities Rolling Year One Through Two Fair Value
AvailableForSaleSecuritiesDebtMaturitiesRollingYearOneThroughTwoFairValue
1757809 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
13918352 usd
CY2023Q3 LTRN Debt Securities Available For Sale Fair Value Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleFairValuePositionLessThan12MonthsAccumulatedLoss
5429585 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
20935 usd
CY2023Q3 LTRN Debt Securities Available For Sale Continuous Fair Value Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousFairValuePosition12MonthsOrLongerAccumulatedLoss
13424487 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
793316 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
29474712 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1244706 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1178951 shares

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