DALLAS, July 29, 2021 /PRNewswire/ -- Lantern Pharma Inc.
(NASDAQ: LTRN) ("Lantern"), a clinical stage biopharmaceutical
company using its proprietary RADR® artificial
intelligence ("A.I.") platform to transform oncology drug discovery
and development today announced financial results for the second
quarter ended June 30, 2021.
"We are committed to bringing our pipeline of targeted cancer
therapies to patients faster by utilizing our RADR® A.I.
platform and making continual advances in our portfolio," stated
Panna Sharma, President and CEO of
Lantern Pharma. "This past quarter we made significant advances in
our LP-184 program in pancreatic cancer and in validating the role
this potent molecule can play in being synthetically lethal in
cancers with DNA repair deficiencies. This opens up opportunities
for LP-184 in several additional cancers, such as bladder and
ovarian, and as a potential combination agent with existing PARP
inhibitors."
"With the recently announced reacquisition of LP-100 earlier
this week, we will use insights from the LP-100 trial and
investigators to assess further enrollment of the Phase 2 trial in
Denmark and initiation of other
studies where LP-100 can play a role as a potential cancer therapy.
We believe this molecule has the potential to address a market of
nearly $200 million in the U.S. and
approximately $700 million
globally."
Lantern is developing four drug candidates and an ADC program
across eight disclosed indications, including:
- LP-100 (Irofulven), in a Phase 2 trial for the
treatment of metastatic castration resistant prostate cancer
(mCRPC), which showed median overall survival (mOS) of 12.5 months
in the initial 9 patients.
- LP-300, a small molecule drug-candidate that is
preparing to enter a Phase 2 trial as a combination therapy in
never-smokers with non-small cell lung cancer (NSCLC).
- LP-184, a small molecule DNA damaging candidate in
preclinical development for genomically-defined pancreatic and
bladder cancers, and potentially other cancers that overexpress
PTGR1.
- LP-184, additionally in brain cancers such as:
glioblastoma multiforme (GBM), and atypical teratoid rhabdoid
tumors (ATRT) and other undisclosed brain tumors.
- LP-284, an alkylating agent that is preferentially
active in hematologic cancers and works by blocking transcription
of translocated fusion proteins required for survival of such
cancers.
- LP-A18 - an antibody drug conjugate (ADC) program
that is in late stage discovery to optimize conjugation among known
and commercially available antibodies, selected based on insights
from RADR, with LP-184 or similar high-potency small
molecules.
Second Quarter 2021 Financial Highlights
- Balance Sheet: Cash, cash equivalents, and marketable
securities were $79.6 million as of
June 30, 2021, compared to
$19.2 million as of December 31, 2020. The increase reflects
$69.0 million of gross proceeds from
our January 20, 2021 follow-on public
offering.
- R&D Expenses: Research and development expenses were
$1,164,892 for the quarter ended
June 30, 2021, compared to
$157,023 for the quarter ended
June 30, 2020. The increase was
primarily attributable to increases in manufacturing related
expenses, research study expenses, research team expenses, and
research and development related stock option compensation expense
of $115,761 (a non-cash item) for the
quarter ended June 30, 2021.
- G&A Expenses: General and administrative expenses were
$1,314,201 for the quarter ended
June 30, 2021, compared to
$676,399 for the quarter ended
June 30, 2020. The increase was
primarily attributable to expenses associated with operating as a
public company and general and administrative related stock option
compensation expense of $129,923 (a
non-cash item) for the quarter ended June
30, 2021.
- Net Loss: Net loss was $2,316,481
for the quarter ended June 30, 2021,
or $0.21 per share, compared to a net
loss of $833,422 for the quarter
ended June 30, 2020, or $0.31 per share. The net loss for the quarter
ended June 30, 2021 included
$47,889 in interest income and
$114,723 in other income, net,
primarily attributable to a gain on loan forgiveness of Lantern's
PPP loan. The net losses include non-cash expenses related to
employee stock options of $245,684
for the quarter ended June 30,
2021.
Mr. Sharma continued, "We remain steadfast in building Lantern
into a best-of-breed biopharmaceutical company that blends insights
from our RADR® A.I. platform with the experience and
expertise of our research team and a roster of collaborations with
world-renowned cancer research institutions. Machine learning
enabled identification and validation of molecular drivers of
cancer provides the potential for more targeted and more effective
oncology therapies. We are confident that our portfolio of
genetically targeted oncology drug candidates can deliver
significant enduring value for our shareholders."
Expected Upcoming Milestones
- Clinical trial site selection for LP-300 Phase 2 trial aimed at
never-smokers with NSCLC.
- Data from first phase of the collaboration in GBM (Glioblastoma
multiforme) with The Brain Cancer Program at Johns Hopkins University with LP-184.
- Preclinical data from ATRT (atypical teratoid rhabdoid tumors)
studies -- an ultra rare brain cancer -- also in collaboration with
Johns Hopkins University with
LP-184.
- Additional details regarding the research collaboration in
pancreatic cancer with Fox Chase Cancer Center, including data
regarding efficacy in comparison with other targeted
therapeutics.
- Additional detailed data from the existing Phase 2 clinical
trial with LP-100 that showed a median overall survival of 12.5
months for the initial 9 metastatic, castration-resistant prostate
cancer patients.
- Collaborations with leading research and academic centers and
companies that advance our platform and our portfolio.
- Data on the initial targeted indications for LP-284.
- Details on the designs, efficacy and disease targets of the ADC
program.
Conference Call
- Toll-free US and Canada:
800–791–4813 – conference ID# 20284
- International: 785–424–1102 – conference ID# 20284
- Replay Number: 1-800-839–5642, no passcode -- available through
11:59 pm ET on August 29, 2021.
Webcast
- Live webcast will be available at: Lantern Pharma 2Q21 Earnings
Call Webcast
- The webcast will be archived on
https://ir.lanternpharma.com through 11:59 pm ET on August 29,
2021.
About Lantern Pharma
Lantern Pharma (LTRN) is a clinical-stage oncology-focused
biopharmaceutical company leveraging its proprietary
RADR® A.I. platform and machine learning to discover
biomarker signatures that identify patients most likely to respond
to its pipeline of targeted therapeutics. Lantern is currently
developing four drug candidates and an ADC program across eight
disclosed tumor targets, including two phase 2 programs. By
targeting drugs to patients whose genomic profile identifies them
as having the highest probability of benefiting from the drug,
Lantern's approach represents the potential to deliver
best-in-class outcomes. More information is available at:
www.lanternpharma.com and Twitter @lanternpharma.
Contact
Panna Sharma, CEO
IR@lanternpharma.com
(628)777-3339
Forward-looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements include, among other
things, statements relating to: future events or our future
financial performance; the potential advantages of our
RADR® platform in identifying drug candidates and
patient populations that are likely to respond to a drug candidate;
our strategic plans to advance the development of our drug
candidates and antibody drug conjugate (ADC) development program;
estimates regarding the development timing for our drug candidates
and ADC development program; our research and development efforts
of our internal drug discovery programs and the utilization of our
RADR® platform to streamline the drug development
process; our intention to leverage artificial intelligence, machine
learning and genomic data to streamline and transform the pace,
risk and cost of oncology drug discovery and development and to
identify patient populations that would likely respond to a drug
candidate; estimates regarding potential markets and potential
market sizes; sales estimates for our drug candidates and our plans
to discover and develop drug candidates and to maximize their
commercial potential by advancing such drug candidates ourselves or
in collaboration with others. Any statements that are not
statements of historical fact (including, without limitation,
statements that use words such as "anticipate," "believe,"
"contemplate," "could," "estimate," "expect," "intend," "seek,"
"may," "might," "plan," "potential," "predict," "project,"
"target," "objective," "aim," "should," "will," "would," or the
negative of these words or other similar expressions) should be
considered forward-looking statements. There are a number of
important factors that could cause our actual results to differ
materially from those indicated by the forward-looking statements,
such as (i) the impact of the COVID-19 pandemic, (ii) the risk that
none of our product candidates has received FDA marketing approval,
and we may not be able to successfully initiate, conduct, or
conclude clinical testing for or obtain marketing approval for our
product candidates, (iii) the risk that no drug product based on
our proprietary RADR A.I. platform has received FDA marketing
approval or otherwise been incorporated into a commercial product,
and (iv) those other factors set forth in the Risk Factors section
in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and
Exchange Commission on March 10,
2021. You may access our Annual Report on Form 10-K for the
year ended December 31, 2020 under
the investor SEC filings tab of our website
at www.lanternpharma.com or on the SEC's website
at www.sec.gov. Given these risks and uncertainties, we can
give no assurances that our forward-looking statements will prove
to be accurate, or that any other results or events projected or
contemplated by our forward-looking statements will in fact occur,
and we caution investors not to place undue reliance on these
statements. All forward-looking statements in this press release
represent our judgment as of the date hereof, and, except as
otherwise required by law, we disclaim any obligation to update any
forward-looking statements to conform the statement to actual
results or changes in our expectations.
Lantern Pharma
Inc. and Subsidiary
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
|
December
31,
|
|
|
|
2021
|
|
|
2020
|
|
|
|
(Unaudited)
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
61,354,117
|
|
|
$
|
19,229,232
|
|
Marketable
securities
|
|
|
18,234,540
|
|
|
|
-
|
|
Prepaid expenses and
other current assets
|
|
|
2,542,426
|
|
|
|
1,007,690
|
|
Total current
assets
|
|
|
82,131,083
|
|
|
|
20,236,922
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
30,598
|
|
|
|
21,507
|
|
Deferred offering
costs
|
|
|
-
|
|
|
|
101,205
|
|
Operating lease
right-of-use assets
|
|
|
252,503
|
|
|
|
-
|
|
Other
assets
|
|
|
17,889
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
82,432,073
|
|
|
$
|
20,359,634
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
1,093,787
|
|
|
$
|
552,339
|
|
Insurance
payable
|
|
|
1,448,419
|
|
|
|
-
|
|
Operating lease
liabilities, current
|
|
|
145,898
|
|
|
|
-
|
|
Total current
liabilities
|
|
|
2,688,104
|
|
|
|
552,339
|
|
|
|
|
|
|
|
|
|
|
Operating lease
liabilities, net of current portion
|
|
|
130,705
|
|
|
|
-
|
|
PPP loan
payable
|
|
|
-
|
|
|
|
108,500
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
2,818,809
|
|
|
|
660,839
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Preferred Stock - Par
Value (1,000,000 authorized at June 30, 2021 and December 31,
2020; $.0001 par value) (Zero shares issued and outstanding at June
30, 2021 and
December 31, 2020)
|
|
|
-
|
|
|
|
-
|
|
Common Stock – Par
Value (25,000,000 authorized at June 30, 2021 and December 31,
2020; $.0001 par value) (11,184,039 shares issued and outstanding
at June 30, 2021;
6,220,927 shares issued and outstanding at December 31,
2020)
|
|
|
1,118
|
|
|
|
622
|
|
Additional paid-in
capital
|
|
|
97,088,382
|
|
|
|
32,358,068
|
|
Accumulated
deficit
|
|
|
(17,428,671)
|
|
|
|
(12,659,895)
|
|
Accumulated other
comprehensive loss
|
|
|
(47,565)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity
|
|
|
79,613,264
|
|
|
|
19,698,795
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
82,432,073
|
|
|
$
|
20,359,634
|
|
Lantern Pharma
Inc. and Subsidiary
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
|
1,314,201
|
|
|
|
676,399
|
|
|
|
2,487,459
|
|
|
|
1,016,571
|
|
Research and
development
|
|
|
1,164,892
|
|
|
|
157,023
|
|
|
|
2,443,929
|
|
|
|
294,127
|
|
Total operating
expenses
|
|
|
2,479,093
|
|
|
|
833,422
|
|
|
|
4,931,388
|
|
|
|
1,310,698
|
|
Loss from
operations
|
|
|
(2,479,093)
|
|
|
|
(833,422)
|
|
|
|
(4,931,388)
|
|
|
|
(1,310,698)
|
|
Interest
income
|
|
|
47,889
|
|
|
|
-
|
|
|
|
47,889
|
|
|
|
-
|
|
Other income,
net
|
|
|
114,723
|
|
|
|
-
|
|
|
|
114,723
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
$
|
(2,316,481)
|
|
|
$
|
(833,422)
|
|
|
$
|
(4,768,776)
|
|
|
$
|
(1,310,698)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share of
common shares, basic and diluted
|
|
$
|
(0.21)
|
|
|
$
|
(0.31)
|
|
|
$
|
(0.45)
|
|
|
$
|
(0.55)
|
|
Weighted-average
number of common shares
outstanding, basic and diluted
|
|
|
11,181,504
|
|
|
|
2,719,198
|
|
|
|
10,631,121
|
|
|
|
2,370,082
|
|
Lantern Pharma
Inc. and Subsidiary
|
Condensed
Consolidated Statements of Comprehensive Loss
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
$
|
(2,316,481)
|
|
|
$
|
(833,422)
|
|
|
$
|
(4,768,776)
|
|
|
$
|
(1,310,698)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
loss, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on
available-for-sale securities, net of tax
|
|
|
(47,565)
|
|
|
|
-
|
|
|
|
(47,565)
|
|
|
|
-
|
|
Other comprehensive
loss, net of tax
|
|
|
(47,565)
|
|
|
|
-
|
|
|
|
(47,565)
|
|
|
|
-
|
|
Comprehensive
loss
|
|
$
|
(2,364,046)
|
|
|
$
|
(833,422)
|
|
|
$
|
(4,816,341)
|
|
|
$
|
(1,310,698)
|
|
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SOURCE Lantern Pharma