LTRN: Three Assets in the Clinic in 3Q:23
NASDAQ:LTRN
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Third Quarter 2023 Financial and Operational Results
On November 8, 2023, Lantern Pharma, Inc. (NASDAQ:LTRN) announced 3Q:23 financial and operational results, filed its Form 10-Q with the SEC and hosted a video webcast to review accomplishments. Since Lantern’s second quarter update, it has added new sites in Asia for its Phase II Harmonic study, received IND clearance for LP-284, and dosed its first patient in LP-184 in advanced solid tumors. Other important achievements year to date include creation of the Starlight Therapeutics subsidiary, multiple conference presentations, expansion of the clinical leadership team, and further development of the ADC program.
Recent highlights include:
➢ Orphan drug designation for LP-284 in mantle cell lymphoma – January 2023
➢ AI collaboration with TTC Oncology – February 2023
➢ Addition of Dr. Reggie Ewesuedo M.D., VP of Clinical Development – March 2023
➢ Formation of Starlight Therapeutics – March 2023
➢ Refined direction for LP-100 with PARPi in prostate cancer – March 2023
➢ First patient dosed in Harmonic trial – March 2023
➢ ADC collaboration with Bielefeld University – June 2023
➢ IND clearance for LP-184 – June 2023
➢ Publication of LP-284 data in Oncotarget – June 2023
➢ Notice of US Patent Allowance for LP-184 in ATRT – August 2023
➢ IND clearance for LP-284 in non-Hodgkin’s Lymphomas – September 2023
➢ First patient dosed in LP-184 study in advanced solid tumors – September 2023
➢ Clinical Cancer Research publication on LP-184 in GBM – October 2023
Lantern generated no revenue in 3Q:23 and incurred operating expense of $3.5 million, producing a net loss of ($3.2) million or ($0.29) per share.
For the quarter ending September 30, 2023 and versus the same comparable prior year period:
➢ Research & development expenses totaled $2.2 million, rising 215% from $702,000. Previous year expenses were offset by a $935,000 payment by a service provider. Other contributors to an increase include product manufacturing expenses, research studies, payroll and compensation, and consulting costs;
➢ General & administrative expenses were $1.3 million, falling 9% from $1.4 million. The following expense categories experienced a decrease: corporate insurance, office and administrative, payroll and compensation and legal expenses. These were partially offset by increases in professional fees and travel expenses;
➢ Interest income was $246,000 versus $52,000 while other income was $116,000 versus a loss of ($172,000). Increases in dividend income, tax incentives from Australia, and a reduction in foreign currency loss contributed to the change;
➢ Net loss was ($3.2) million, or ($0.29) per share, compared to ($2.3) million, or ($0.21) per share.
At the end of 3Q:23 cash and marketable securities on the balance sheet totaled $44.9 million, declining $10.3 million over the nine months since year end 2022. Cash burn for 3Q:23 was ($3.6) million versus ($4.0) million in the prior year quarter. No financing cash flows were recorded in 3Q:23 or in 3Q:22.
Lantern has continued to advance its pipeline programs. The Harmonic trial, which is evaluating LP-300, has added new clinical trial sites around the globe including East Asia and the United States. East Asia is a particularly attractive market due to the high incidence of non-smoker NSCLC, including Taiwan, Japan and South Korea. Lantern’s investigational new drug (IND) application for LP-284 in non-Hodgkin’s lymphomas was cleared, allowing for this trial to start. Lantern also presented data on this compound related to non-Hodgkin’s lymphomas at the Society of Hematologic Oncology Annual Meeting. The company also announced that the first patient had been dosed in the LP-184 Phase I study in solid tumors. LP-184 also received a notice of patent allowance in rare pediatric brain cancer. In other news, the company announced expansion of the artificial intelligence (AI) capabilities of the Response Algorithm for Drug Positioning & Rescue (RADR) platform to predict combinations with checkpoint inhibitors.
Lantern continues to build its portfolio leveraging the ability of its RADR platform to rapidly and cost-effectively add new candidates to its pipeline and expects the platform to hold over 50 billion oncology-focused datapoints by year end 2023.
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