Lantern Pharma(US:LTRN)2023-11-08 21:05Financial Performance - The company reported net losses of approximately $11,776,000 for the nine months ended September 30, 2023, compared to $10,879,000 for the same period in 2022, indicating an increase in losses year-over-year [88]. - Net losses were approximately $11,776,000 for the nine months ended September 30, 2023, compared to $10,879,000 for the same period in 2022 [105]. - Net cash used in operating activities was approximately $10,961,000 for the nine months ended September 30, 2023, compared to approximately $10,099,000 for the same period in 2022 [110]. - The company experienced foreign currency losses of approximately $130,000 for the nine months ended September 30, 2023, compared to $159,000 for the same period in 2022 [120]. - Cash and cash equivalents decreased from approximately $37,202,000 as of December 31, 2022, to approximately $25,572,000 as of September 30, 2023 [108]. Research and Development - Research and development expenses increased by approximately $1,508,000, or 215%, from $702,000 for the three months ended September 30, 2022, to $2,210,000 for the same period in 2023 [99]. - Research and development expenses increased approximately $1,970,000, or 31%, from approximately $6,351,000 for the nine months ended September 30, 2022, to approximately $8,321,000 for the nine months ended September 30, 2023 [103]. - The company is advancing three lead drug candidates and an Antibody Drug Conjugate (ADC) program, all leveraging precision oncology and AI-driven approaches [83]. - LP-300 is currently undergoing a targeted phase II trial for non-small cell lung cancer (NSCLC) in never smoking patients, while LP-100 has shown a median overall survival of approximately 12.5 months in a previous trial [85]. - The ADC program is in preclinical research optimization, with a focus on identifying targeted antibodies for selected compounds [83]. Operating Expenses - The total operating expenses for the nine months ended September 30, 2023, were $13,000,186, compared to $10,606,475 for the same period in 2022 [97]. - General and administrative expenses decreased by approximately $129,000, or 9%, from $1,443,000 for the three months ended September 30, 2022, to $1,314,000 for the same period in 2023 [98]. - General and administrative expenses increased approximately $424,000, or 10%, from approximately $4,255,000 for the nine months ended September 30, 2022, to approximately $4,679,000 for the nine months ended September 30, 2023 [102]. - The company expects to incur significant expenses as it continues to develop its pipeline and build the necessary infrastructure for commercialization [90]. - The company expects to incur significant and increasing operating losses as it continues clinical trials for its drug candidates [113]. Revenue Generation - The company has not generated any revenue to date, relying primarily on equity securities sales to finance operations [88]. Funding and Financial Strategy - The company plans to apply for grant funding in the future to support its capital needs [107]. - The company had no long-term debt outstanding as of September 30, 2023 [118]. Interest Income - Interest income increased approximately $368,000, or 283%, from approximately $130,000 for the nine months ended September 30, 2022, to approximately $498,000 for the nine months ended September 30, 2023 [104].