Lantern Pharma(US:LTRN)2025-11-12 21:17Financial Performance - The company reported net losses of approximately $13,050,000 and $14,906,000 for the nine months ended September 30, 2025 and 2024, respectively[103]. - Total operating expenses for the nine months ended September 30, 2025 were $13,775,732, down from $16,320,038 in 2024[111]. - The company expects to incur significant operating losses for the next several years as it continues clinical development of its drug candidates[125]. Research and Development - Total research and development expenses for the nine months ended September 30, 2025 were $8,769,305, a decrease from $11,856,169 in the same period of 2024[106]. - Research and development expenses decreased by approximately $3,087,000, or 26%, from approximately $11,856,000 for the nine months ended September 30, 2024, to approximately $8,769,000 for the nine months ended September 30, 2025[116]. - The company expects significant increases in research and development expenses as clinical trials progress[106]. - The company has three lead drug candidates (LP-300, LP-184, and LP-284) currently in clinical phases, with LP-300 undergoing a targeted phase 2 trial[98]. - The ADC program is advancing with a research collaboration with Bielefeld University focused on developing ADCs utilizing cryptophycin, which has shown promising anti-tumor activity[99]. - The company aims to leverage AI and genomic data to reduce risks and clarify potential patient responses in drug development[102]. Administrative Expenses - General and administrative expenses increased by approximately $450,000, or 31%, from $1,462,930 for the three months ended September 30, 2024 to $1,912,829 for the same period in 2025[112]. - General and administrative expenses increased by approximately $542,000, or 12%, from approximately $4,464,000 for the nine months ended September 30, 2024, to approximately $5,006,000 for the nine months ended September 30, 2025[115]. Cash Flow and Financing - Net cash flows used in operating activities were approximately $12,885,000 for the nine months ended September 30, 2025, compared to approximately $13,841,000 for the same period in 2024[119]. - Net cash provided by investing activities was approximately $12,761,000 for the nine months ended September 30, 2025, compared to a net cash used of $78,000 for the same period in 2024[120]. - Net cash provided by financing activities was approximately $972,000 during the nine months ended September 30, 2025, compared to $67,000 during the same period in 2024[122]. - The company plans to pursue periodic capital raises and apply for grant funding to support capital needs, having sold 212,444 shares of common stock under the ATM for gross proceeds of $989,061 during the quarter ended September 30, 2025[123]. - The company has no long-term debt outstanding as of September 30, 2025, and has historically raised capital through the issuance of equity securities[132]. Assets and Liquidity - As of September 30, 2025, total assets were approximately $13.6 million, with liquidity including approximately $12.4 million of cash, cash equivalents, and marketable securities[123]. Foreign Currency and Inflation - Lantern Pharma Australia Pty Ltd was formed in September 2021, resulting in foreign currency gains of approximately $138,000 and $28,000 for the nine months ended September 30, 2025 and 2024, respectively[135]. - The company does not participate in any foreign currency hedging activities and does not have any other derivative financial instruments[135]. - Inflation has generally increased the company's labor and clinical trial costs, but it has not had a material effect on results of operations during the periods presented[136]. - Future results of operations may be more significantly impacted by inflation if it remains at current levels or increases[136].