Lantern Pharma(US:LTRN)2024-05-09 20:05Financial Performance - The company reported net losses of approximately $5.44 million for the three months ended March 31, 2024, compared to $3.87 million for the same period in 2023, representing an increase of 40%[85]. - Total operating expenses for the three months ended March 31, 2024, were approximately $5.73 million, compared to $4.29 million for the same period in 2023[93]. - The company has not generated any revenue to date, relying primarily on equity securities sales to finance operations[87]. - Interest income increased by approximately $67,000, or 50%, from $134,000 for the three months ended March 31, 2023, to $201,000 for the same period in 2024[96]. - Net cash flows used in operating activities decreased from approximately $3,757,000 in Q1 2023 to approximately $3,069,000 in Q1 2024, reflecting a reduction of about 18.3%[99]. - Net cash used in investing activities decreased from approximately $961,000 in Q1 2023 to approximately $556,000 in Q1 2024, a reduction of about 42.1%[100]. - Net cash provided by financing activities was approximately $55,000 in Q1 2024, attributed to proceeds from warrant exercises, while no cash was provided in Q1 2023[101]. - The company anticipates significant and increasing operating losses for the next several years as it continues clinical trials for multiple drug candidates[102]. Research and Development - Research and development expenses increased by approximately $1.70 million, or 67%, from approximately $2.55 million for the three months ended March 31, 2023, to approximately $4.25 million for the same period in 2024[95]. - 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 for non-small cell lung cancer (NSCLC)[80]. - The ADC program is advancing, with a research collaboration established with Bielefeld University in Germany to develop ADCs utilizing cryptophycin as the drug payload[81]. - The company established a wholly-owned subsidiary, Starlight Therapeutics, in January 2023, to focus on the clinical development of LP-184 for CNS and brain cancer indications[79]. Assets and Liquidity - Total assets as of March 31, 2024, were approximately $39.7 million, with working capital of approximately $35.5 million[102]. - As of March 31, 2024, liquidity included approximately $38.4 million in cash, cash equivalents, and marketable securities, expected to fund operating expenses for at least 12 months[102]. - The company has no long-term debt outstanding as of March 31, 2024, and has historically raised capital through equity securities[108]. Operational Insights - General and administrative expenses decreased by approximately $252,000, or 15%, from approximately $1.73 million for the three months ended March 31, 2023, to approximately $1.48 million for the same period in 2024[94]. - The company expects to continue incurring significant expenses as it develops its pipeline and prepares for potential commercialization of its drug candidates[86]. - Foreign currency losses increased to approximately $99,000 in Q1 2024 from $38,000 in Q1 2023, related to the Australian subsidiary[110]. - Inflation has not materially affected the company's results of operations during the reported periods, but could impact future results if it remains elevated[111]. Data and Technology - The RADR platform includes over 60 billion data points and aims to streamline drug development and identify patients who may benefit from targeted therapies[75].