Form 8-K

8-K — Lantern Pharma Inc.

Accession: 0001493152-26-013608

Filed: 2026-03-30

Period: 2026-03-30

CIK: 0001763950

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

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0001763950

2026-03-30

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date

of Report (Date of earliest event reported): March 30, 2026

Lantern

Pharma Inc.

(Exact

name of registrant as specified in its charter)

Delaware

001-39318

46-3973463

(State

or Other Jurisdiction

Incorporation)

(Commission

File

Number)

(IRS

Employer

Identification

No.)

1920

McKinney Avenue, 7th Floor

Dallas,

Texas

75201

(Address of Principal Executive

Offices)

(Zip Code)

(972)

277-1136

(Registrant’s

telephone number, including area code)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions (see General Instruction A.2. below):

☐

Written communications

pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant

to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications

pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications

pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities

registered pursuant to Section 12(b) of the Act: Common Stock

Title

of each class

Trading

Symbol

Name

of each exchange on which registered

Common Stock, $0.0001 par

value

LTRN

The Nasdaq Stock Market

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging

growth company ☐

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item

2.02 Results of Operations and Financial Condition.

March 30, 2026, Lantern Pharma Inc. (the “Company”) will issue a press release announcing its financial results for the fiscal

year and fourth quarter ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form

8-K and is incorporated herein by reference.

The

information in this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the

Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section,

nor shall it be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended, or the Exchange Act, regardless

of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.

Item

7.01 Regulation FD Disclosure.

March 30, 2026, the Company will utilize a presentation to assist with the Company’s discussions during a conference call and live

webinar hosted by the Company to discuss financial and operating results for the fiscal year and fourth quarter ended December 31, 2025.

A copy of the presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

The

information in this Item 7.01, including Exhibit 99.2 hereto, shall not be deemed “filed” for purposes of Section 18 of the

Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section,

nor shall it be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended, or the Exchange Act, regardless

of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.

Item

9.01 Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit

No.

Exhibit

Description

99.1

Press Release dated March 30, 2026 announcing financial results for fiscal year and fourth quarter ended December 31, 2025.

99.2

Presentation relating to March 30, 2026 conference call and live webinar to discuss financial and operating results for fiscal year and fourth quarter ended December 31, 2025.

104

Cover Page Interactive

Data File (formatted as Inline XBRL and contained in Exhibit 101).

SIGNATURES

Pursuant

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

Lantern Pharma Inc.,

A Delaware Corporation

Dated: March 30, 2026

By:

/s/

David R. Margrave

David R. Margrave, Chief Financial Officer

EX-99.1

Filename: ex99-1.htm · Sequence: 2

Exhibit

99.1

Lantern

Pharma Reports Fourth Quarter and Full Year 2025

Financial

Results and Provides Business Updates

Year

of Clinical Validation and Strategic Expansion Across Pipeline, AI Platform Advances Towards Commercialization, and Global Trial Milestones

● LP-300

Phase 2 HARMONIC™ Trial Progress: Continued enrollment and patient follow-up across

the United States, Japan, and Taiwan. Completion of targeted enrollment in Japan across five

clinical sites including the National Cancer Center Tokyo. Preliminary data presented at

the 66th Annual Meeting of the Japan Lung Cancer Society. Type C meeting package submitted

to FDA in March 2026, with meeting scheduled for mid-May 2026 seeking feedback on proposed

protocol amendments including focusing enrollment on EGFR exon 21 L858R patients and updating

the LP-300 dosing schedule to allow for up to 8 cycles of treatment. The treatment of never-smokers

with NSCLC represents an estimated $4+ billion annual market opportunity with no specifically

approved therapies.

● LP-184

Phase 1a Completion and Expansion: All primary endpoints achieved with 48% clinical benefit

rate at or above therapeutic dose threshold; additional positive results reported in Q4 2025

demonstrating durable disease control in heavily pre-treated advanced cancer patients. Biomarker-guided

Phase 1b/2 trials planned in TNBC, NSCLC with KEAP1/STK11 mutations, and an investigator-led

clinical study in Denmark in PTGR1 overexpressing bladder cancers with DNA damage repair

mutations.

● Starlight

Therapeutics IND Clearance: FDA clears IND for planned Phase 1 pediatric CNS cancer trial

of STAR-001 in Atypical Teratoid Rhabdoid Tumor (ATRT) and other rare pediatric cancers,

marking a pivotal regulatory milestone for Lantern’s wholly-owned subsidiary.

● LP-284

Orphan Drug Designation: LP-284 receives FDA Orphan Drug Designation for soft tissue

sarcomas, adding to existing designations for mantle cell lymphoma and high-grade B-cell

lymphomas. Complete metabolic response in therapeutically exhausted DLBCL patient presented

at 25th LL&M Congress.

● AI-Driven

Pipeline: Lantern’s portfolio of clinical-stage drug candidates, spanning lung

cancer, breast cancer, lymphoma, sarcoma, pediatric brain cancers, and bladder cancer, represents

a combined estimated annual market potential exceeding $15 billion, with multiple programs

positioned to advance towards Phase 1b/2 and Phase 2 value-creation milestones in 2026.

● RADR®

AI Platform Global Expansion: Initiation of AI Center of Excellence in India to industrialize

the RADR® platform and accelerate global biopharma development opportunities. Presentation

at 7th Glioblastoma Drug Development Summit in Boston.

● withZeta.ai

— Multi-Agentic Co-Scientist Platform: Introduction of withZeta.ai, a first-of-its-kind

multi-agentic AI co-scientist platform designed to accelerate drug development insights and

therapeutic strategies across more than 438 rare cancers. Since late December 2025, withZeta.ai

has been in active demo and beta testing with over 25 biotech companies, cancer research

centers, and biopharma consultants, representing a significant near-term commercialization

opportunity for the Company’s AI capabilities.

● Financial

Position: Approximately $10.1 million in cash, cash equivalents, and marketable securities

as of December 31, 2025.

● Conference

call and webcast scheduled for Monday, March 30, 2026 at 4:30 p.m. ET.

www.lanternpharma.com - Lantern Full Year & 4th Quarter 2025 Earnings Press Release

FOR

IMMEDIATE RELEASE

DALLAS—(BUSINESS

WIRE)— March 30, 2026 Lantern Pharma Inc. (NASDAQ: LTRN), a clinical-stage biopharmaceutical company leveraging its proprietary

RADR® artificial intelligence (AI) and machine learning (ML) platform to transform the cost, pace, and timeline of oncology drug

discovery and development, today announced operational highlights and financial results for the fourth quarter and full year 2025 ended

December 31, 2025, and provided an update on its portfolio of AI-driven drug candidates and AI platforms, RADR® and withZeta.ai.

“2025

was a defining year for Lantern Pharma as we achieved clinical validation across multiple programs while establishing the foundation

for our next phase of growth,” said Panna Sharma, CEO & President of Lantern Pharma. “The encouraging and developing

LP-300 Phase 2 HARMONIC™ observations, combined with successful Phase 1a completion for LP-184 and FDA IND clearance for our pediatric

CNS cancer program through Starlight Therapeutics, represent transformational milestones that validate and strengthen our AI-driven approach

to precision oncology. Our full-year results reflect disciplined execution with a 19% reduction in total operating expenses year-over-year,

even as we advanced multiple clinical programs through key inflection points and introduced a highly unique multi-agentic system aimed

at conquering rare cancers. As we move into 2026, we are positioning to advance multiple high-value clinical programs, expand our RADR®

platform’s commercial reach and revenue potential globally through our new AI Center of Excellence in India and strengthen our

balance sheet.”

Clinical

Pipeline Developments

Lantern’s

AI-driven clinical pipeline encompasses multiple drug candidates across solid tumors, blood cancers, and pediatric oncology, with a combined

estimated annual market potential exceeding $15 billion. The portfolio includes a Phase 2 clinical program (LP-300), multiple programs

advancing toward Phase 1b/2 trials (LP-184), an ongoing Phase 1 trial in hematologic malignancies (LP-284), and a planned Phase 1 pediatric

CNS cancer trial (STAR-001) through Starlight Therapeutics. Each program has been guided by the RADR® platform’s AI-driven

insights. On average, our newly developed drug programs have been advanced from initial AI insights to first-in-human clinical trials

in 2–3 years and at approximately $1.0–2.5 million per program.

LP-300

HARMONIC™ Trial: Continued Progress and Strategic Momentum

The

Phase 2 HARMONIC™ trial continued to advance through the fourth quarter and into early 2026, with ongoing patient enrollment and

follow-up across clinical sites in the United States, Japan, and Taiwan. The trial evaluates LP-300 in combination with standard-of-care

chemotherapy (carboplatin + pemetrexed) in never-smokers with NSCLC adenocarcinoma who have progressed after tyrosine kinase inhibitor

(TKI) therapy.

www.lanternpharma.com - Lantern Full Year & 4th Quarter 2025 Earnings Press Release

Key

Milestones:

● Japan

Enrollment Completed: In July 2025, Lantern completed targeted enrollment in Japan ahead

of schedule across five clinical sites including the National Cancer Center Tokyo, validating

the company’s strategic expansion into regions with significantly higher rates of never-smoker

NSCLC.

● Data

Presented at JLCS: During Q4 2025, clinical investigators presented data from the ongoing

HARMONIC™ trial at the 66th Annual Meeting of the Japan Lung Cancer Society, including

results from both Asian and U.S. patient cohorts.

● Safety

Lead-In Results: The trial has previously demonstrated encouraging results in its initial

safety lead-in cohort, showing an 86% clinical benefit rate and 43% objective response rate

among the first seven patients enrolled in the United States, including one patient who achieved

a durable complete response in target cancer lesions with survival continuing for nearly

two years.

● Enrollment

Progress: The trial continues to enroll patients in Taiwan, where more than 50% of lung

cancer cases occur in never-smokers, and across U.S. sites.

● FDA

Engagement — Type C Meeting: In March 2026, Lantern submitted a Type C meeting

package to the FDA regarding the ongoing Phase 2 HARMONIC™ study. The meeting, currently

scheduled for mid-May 2026, seeks FDA feedback and concurrence on proposed protocol amendments

to the study.

The

proposed amendments to the HARMONIC™ study include: (i) focusing future enrollment to patients with EGFR exon 21 L858R mutation

(a subtype of tyrosine kinase mutations); (ii) increasing the maximum number of LP-300 treatment cycles from six to eight; and (iii)

converting the current randomized study design to a Phase 2 single-arm Simon two-stage study by discontinuing enrollment into the control

arm. The proposed amendments are supported by a preliminary analysis of study data suggesting that patients with the EGFR exon 21 L858R

mutation may derive greater clinical benefit from the LP-300 triplet regimen; the evolution of the treatment landscape for TKI-refractory

NSCLC that has made continued randomization to the control arm increasingly challenging; and historical safety data indicating that up

to eight cycles of LP-300 at the current dose level did not alter the established safety profile of the drug. There can be no assurance

that the FDA will concur with the proposed amendments, and any changes to the study protocol will be subject to FDA review and clearance

during and after the Type C meeting planned for mid-May.

Lantern

is actively exploring collaboration and partnering opportunities both globally and regionally to maximize LP-300’s commercial potential

in multiple geographies. Additional clinical data updates from the HARMONIC™ trial are expected in the first half of 2026.

Never-smoker

NSCLC is increasingly recognized as a distinct disease entity with unique clinical and genomic characteristics, representing a global

market opportunity estimated at over $4 billion annually. Currently, there are no therapies specifically approved for never-smoker NSCLC

patients.

www.lanternpharma.com - Lantern Full Year & 4th Quarter 2025 Earnings Press Release

LP-184:

Phase 1a Completion and Advancement Toward Phase 1b/2 Trials

Q4 2025, Lantern reported additional positive LP-184 Phase 1a results showing durable disease control in heavily pre-treated advanced

cancer patients as the company is positioning to advance its precision oncology program into multiple biomarker-guided Phase 1b/2 trials.

The Phase 1a trial (NCT05933265), which enrolled 63 patients, achieved all primary endpoints with a 48% clinical benefit rate at or above

the therapeutic dose threshold and provided further confirmation of LP-184’s unique mechanism of action.

Key

Phase 1a Highlights:

● Biomarker

Validation: Marked tumor reductions observed in patients with DNA damage repair mutations

including CHK2, ATM, BRCA1, and STK11/KEAP1 alterations, validating RADR®-driven insights

regarding the mechanism of LP-184.

● Recommended

Phase 2 Dose: Successfully established RP2D of 0.39mg/kg with favorable safety profile.

● Activity

in Difficult-to-Treat Cancers: Notable clinical benefits in glioblastoma multiforme (GBM),

gastrointestinal stromal tumor (GIST), and thymic carcinoma.

Phase

1b/2 Development Plans (subject to additional funding):

● Triple-Negative

Breast Cancer (TNBC): Phase 1b/2 study targeting a potential annual market exceeding

$4 billion.

● NSCLC

with STK11/KEAP1 Co-mutations: Biomarker-guided study, potential annual market approaching

$1.5 billion.

Investigator

Led Study:

● Bladder

Cancer: Investigator-led clinical study planned to initiate in Denmark in PTGR1 overexpressing

bladder cancers with DNA damage repair mutations.

Starlight

Therapeutics: FDA IND Clearance for Pediatric CNS Cancer Trial

early 2026, the FDA cleared the IND for Starlight Therapeutics’ planned Phase 1 pediatric CNS cancer trial of STAR-001 (LP-184)

in Atypical Teratoid Rhabdoid Tumor (ATRT) and other rare pediatric cancers. STAR-001 has received both Rare Pediatric Disease Designation

and Orphan Drug Designation from the FDA for ATRT, along with additional designations for hepatoblastoma, rhabdomyosarcoma, and malignant

rhabdoid tumors.

These

designations provide potential pathways for FDA Priority Review Vouchers (PRVs) upon a potential approval. PRVs have historically been

sold or transferred for significant value, with recent transactions in the range of $100 million to $150 million or more, representing

a potentially meaningful source of non-dilutive value for Lantern and its shareholders independent of the commercial potential of the

underlying therapy. The Rare Pediatric Disease Designation for ATRT, hepatoblastoma, rhabdomyosarcoma, and malignant rhabdoid tumors

each independently qualifies for a potential PRV upon potential FDA approval and meeting other program conditions.

www.lanternpharma.com - Lantern Full Year & 4th Quarter 2025 Earnings Press Release

LP-284:

Orphan Drug Designation and Clinical Advancement

Q1 2026, LP-284 received FDA Orphan Drug Designation for soft tissue sarcomas, adding to existing designations for mantle cell lymphoma

and high-grade B-cell lymphomas. In Q4 2025, Lantern presented clinical data at the 25th LL&M Congress showcasing a confirmed complete

metabolic response in a heavily pretreated DLBCL patient. LP-284 benefits from composition of matter patents providing protection through

2039 in the majority of the major medicine markets (USA, EU, Japan, China, India, Mexico, Korea, and Australia).

RADR®

AI Platform: Global Expansion and Commercial Momentum

Center of Excellence in India

early 2026, Lantern announced the initiation of an AI Center of Excellence in India to industrialize and grow the RADR® platform,

the withZeta.ai system and accelerate global development opportunities with biopharma companies looking to leverage AI as a service.

withZeta.ai:

Multi-Agentic Co-Scientist Platform for Rare Cancers

key commercial milestone in late 2025 was the introduction of withZeta.ai, a first-of-its-kind multi-agentic AI co-scientist platform.

withZeta.ai is designed to accelerate drug development insights, therapeutic strategy generation, cancer trial development and research

workflows across more than 438 rare cancers — a category of diseases that collectively represents a massive unmet medical need

but where individual indications have historically been underserved due to small patient populations, sparse and scattered data and limited

commercial incentives.

The

platform leverages Lantern’s unique expertise and proprietary data assets in rare and orphan cancer drug development, combining

multiple specialized AI agents that work collaboratively to analyze genomic data, identify potential therapeutic targets, predict drug-tumor

interactions, and generate actionable development strategies. Since late December 2025, withZeta.ai has been in active demo and beta

testing with over 25 biotech companies, cancer research centers, and biopharma consultants, generating significant interest and early

engagement from the industry.

withZeta.ai

represents a meaningful near-term commercialization opportunity for Lantern, as the platform is designed to generate recurring revenue

through subscription and usage-based licensing models while reinforcing the company’s position as a leader in AI-driven oncology

drug development. The company expects to provide further updates on commercial traction and partnership discussions related to withZeta.ai

throughout 2026.

www.lanternpharma.com - Lantern Full Year & 4th Quarter 2025 Earnings Press Release

withZeta.ai:

Market Opportunity, Scaling Strategy, and Vision

The

withZeta.ai platform is architected to first address the unique challenges of rare cancer drug development, where fragmented data, small

patient populations, and limited institutional knowledge have historically made therapeutic development economically and scientifically

prohibitive. By aggregating and structuring insights across 438+ rare cancers into a unified AI co-scientist framework, withZeta.ai provides

pharmaceutical and biotech researchers with capabilities that would otherwise require large, specialized teams and years of manual analysis.

Lantern’s

longer term plan is to scale withZeta.ai beyond rare cancers into broader oncology indications and, subsequently, into rare diseases

and other therapeutic areas through revenue generating collaborations with pharmaceutical companies. The platform’s multi-agentic

architecture is designed to be extensible — the same collaborative AI agent framework that powers rare cancer insights can be configured

and trained to address drug development challenges across neurology, immunology, metabolic diseases, and other complex therapeutic areas

where data fragmentation and scientific complexity represent significant barriers to R&D productivity.

The

global rare disease therapeutics market is projected to exceed $300 billion by 2028, and the broader pharmaceutical R&D outsourcing

and AI-enabled drug discovery market represents an additional multi-billion-dollar opportunity. Lantern believes that withZeta.ai is

positioned at the intersection of these high-growth markets, with a differentiated offering that combines proprietary oncology data,

validated AI algorithms, and a practical co-scientist user experience designed for bench scientists and clinical development teams.

“2026

can be a critical year for the commercialization of our AI platforms to support broad-based drug development and scientific productivity

in R&D,” said Mr. Sharma. “We are building for a future where AI co-scientists are commonplace in knowledge work

across the pharmaceutical and biotech industries — augmenting human expertise, accelerating discovery timelines, and dramatically

improving the economics of drug development. We believe this represents a potential near-term market opportunity of $20 to $50 billion,

and withZeta.ai is our first agentic-based commercial product designed to capture a meaningful share of that market. The early engagement

from a broad range of organizations in our beta program validates both the demand and the differentiation of our approach.”

Other

AI Platform Highlights

● predictBBB.ai:

94.1% accuracy for blood-brain barrier permeability prediction; five of top eleven positions

on the Therapeutic Data Commons Leaderboard. This tool has been significantly enhanced to

encompass a wider range of molecular and structural analysis aimed at molecules and medicines.

● LBx-AI

Liquid Biopsy: 86% accuracy for predicting treatment response in NSCLC; 0.76 Pearson

correlation for PD-L1 level inference from ctDNA.

R&D

Investment by Program (Full Year 2025):

For

the year ended December 31, 2025, our approximate research and development costs by project were: LP-300 ($4.6M), LP-184 ($4.3M), LP-284

($1.2M), RADR® Platform ($1.0M), and other programs ($0.4M), totaling approximately $11.5 million.

www.lanternpharma.com - Lantern Full Year & 4th Quarter 2025 Earnings Press Release

Addressing

Fake News on Company CEO & Leadership

The

company was made aware of an online third-party article unaffiliated with the company stating that the CEO of Lantern was stepping down

and had resigned. This was a false and misleading article that seemed to be focused on shorting the Company’s stock price amongst

traders. Panna Sharma continues to serve as President and Chief Executive Officer with the full confidence of the Board of Directors,

and together with the management team, continues to actively lead the company’s day-to-day operations, clinical development strategy,

partnership discussions, and capital planning efforts. Lantern Pharma encourages its investors and stakeholders to rely on the company’s

SEC filings, press releases, and official communications through its established disclosure channels for genuine information about the

company and its leadership.

Financial

Results for Fourth Quarter and Full Year 2025

Balance

Sheet:

Cash,

cash equivalents, and marketable securities were approximately $10.1 million as of December 31, 2025 (consisting of approximately $4.4

million in cash and cash equivalents and approximately $5.7 million in marketable securities), compared to approximately $24.0 million

as of December 31, 2024. The company believes that its existing cash, cash equivalents, and marketable securities will enable it to fund

anticipated operating expenses and capital expenditure requirements until at least approximately late July 2026 to mid September 2026.

The company will need to obtain substantial additional funding in the near future and it is actively evaluating and pursuing potential

funding alternatives.

Full

Year 2025 Results:

Research

and Development Expenses: R&D expenses were approximately $11.5 million for the year ended December 31, 2025, compared to approximately

$16.1 million for the year ended December 31, 2024, a decrease of approximately $4.6 million or 29%. The decrease was primarily attributable

to decreases in research studies and materials of approximately $4,034,000 relating to clinical trials, decreases in payroll and compensation

expenses of approximately $610,000, and decreases in consulting expenses of approximately $81,000, partially offset by increases in licensing

expenses of approximately $113,000.

General

and Administrative Expenses: G&A expenses were approximately $6.5 million for the year ended December 31, 2025, compared to approximately

$6.1 million for the year ended December 31, 2024, an increase of approximately $373,000 or 6%. The increase was primarily attributable

to increases in business development and investor relations expenditures of approximately $436,000, increases in patent costs of approximately

$55,000, and increases in corporate insurance expenses of approximately $51,000, offset in part by decreases in payroll and compensation

expenses of approximately $115,000.

Net

Loss: Net loss was approximately $17.1 million (or $1.57 per share) for the year ended December 31, 2025, compared to a net loss

of approximately $20.8 million (or $1.93 per share) for the year ended December 31, 2024, representing a year-over-year reduction of

net loss of approximately $3.7 million or 18%.

Fourth

Quarter 2025 Results:

Total

Operating Expenses: Total operating expenses were approximately $4.2 million for the quarter ended December 31, 2025, compared to

approximately $5.9 million for the quarter ended December 31, 2024. Q4 2025 R&D expenses were approximately $2.7 million compared

to approximately $4.3 million in Q4 2024. Q4 2025 G&A expenses were approximately $1.5 million compared to approximately $1.6 million

in Q4 2024.

Net

Loss: Net loss was approximately $4.1 million for the quarter ended December 31, 2025, compared to a net loss of approximately $5.9

million for the quarter ended December 31, 2024.

Capitalization:

of December 31, 2025, the Company had 11,254,697 shares of common stock outstanding, and options to purchase 1,296,126 shares of common

stock at a weighted average exercise price of $5.58 per share were outstanding. As of December 31, 2025, there were no warrants outstanding.

July 2025, the Company entered into an ATM Sales Agreement with ThinkEquity LLC, pursuant to which the Company may offer and sell up

to $15,530,000 of its common stock in “at-the-market” offerings. During the year ended December 31, 2025, the Company sold

356,922 shares under the ATM for gross proceeds of $1,624,547.

www.lanternpharma.com - Lantern Full Year & 4th Quarter 2025 Earnings Press Release

Lantern

Pharma Inc. and Subsidiaries

Consolidated

Balance Sheets

December 31, 2025

December 31, 2024

CURRENT ASSETS

Cash and cash equivalents

$ 4,422,838

$ 7,511,079

Marketable securities

5,696,386

16,501,984

Prepaid expenses & other current assets

683,948

1,234,566

Total current assets

10,803,172

25,247,629

Property and equipment, net

31,875

47,440

Operating lease right-of-use assets

75,595

239,985

Deferred offering costs

88,431

—

Other assets

36,738

TOTAL ASSETS

$ 11,035,811

$ 25,571,792

CURRENT LIABILITIES

Accounts payable and accrued expenses

$ 4,423,048

$ 4,140,361

Operating lease liabilities, current

78,539

190,814

Total current liabilities

4,501,587

4,331,175

Operating lease liabilities, non-current

—

52,843

TOTAL LIABILITIES

4,501,587

4,384,018

STOCKHOLDERS’ EQUITY

Common Stock

1,125

1,078

Additional paid-in capital

99,652,724

97,058,323

Accumulated other comprehensive income

25,430

153,990

Accumulated deficit

(93,145,055 )

(76,025,617 )

Total stockholders’ equity

6,534,224

21,187,774

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$ 11,035,811

$ 25,571,792

www.lanternpharma.com - Lantern Full Year & 4th Quarter 2025 Earnings Press Release

Lantern

Pharma Inc. and Subsidiaries

Consolidated

Statements of Operations

Year Ended

Dec 31, 2025

Year Ended

Dec 31, 2024

Operating expenses:

General and administrative

$ 6,464,371

$ 6,090,747

Research and development

11,514,123

16,125,690

Total operating expenses

17,978,494

22,216,437

Loss from operations

(17,978,494 )

(22,216,437 )

Interest income

437,931

742,355

Other income, net

421,125

692,869

NET LOSS

$ (17,119,438 )

$ (20,781,213 )

Net loss per share, basic and diluted

$ (1.57 )

$ (1.93 )

Weighted-average shares outstanding

10,898,175

10,762,319

www.lanternpharma.com - Lantern Full Year & 4th Quarter 2025 Earnings Press Release

2026

Corporate Objectives and Catalysts

● Mid-May

2026: Type C meeting with FDA to discuss proposed HARMONIC™ protocol amendments,

including focusing enrollment on EGFR exon 21 L858R patients, extending LP-300 treatment

cycles, and converting to a single-arm Simon two-stage design.

● 2026:

Planned Investigator Sponsored Trial evaluating LP-300 in combination with standard-of-care

agents in frontline NSCLC patients with specific driver mutations.

● H1

2026: Planned initiation of LP-184 Phase 1b/2 trials in TNBC and NSCLC (subject to funding).

● H1

2026: Investigator-led clinical study initiation in Denmark in PTGR1 overexpressing bladder

cancers with DNA damage repair mutations.

● 2026:

Planned pediatric CNS cancer trial initiation through Starlight Therapeutics (subject

to funding).

● 2026:

Additional HARMONIC™ trial data readouts and potential partnership announcements.

● 2026:

Scale-up of RADR® AI and withZeta.ai platform commercial efforts through India AI

Center of Excellence.

● 2026:

Continued commercialization of the withZeta.ai multi-agentic co-scientist platform, including

conversion of beta engagements to commercial partnerships and expansion across the rare cancer

research community through a subscription-based service.

● 2026:

Pursuit of additional funding, including potential grant revenue, to fund planned operations

and clinical advancement.

Conference

Call Information

Lantern

Pharma will host a conference call and webcast to discuss fourth quarter and full year 2025 financial results and business updates on

Monday, March 30, 2026 at 4:30 p.m. Eastern Time.

participate in the conference call, please register at the Zoom webcast link. A replay of the earnings call webcast will be available

after the call on the investor relations section of Lantern’s website at ir.lanternpharma.com.

About

Lantern Pharma

Lantern

Pharma (NASDAQ: LTRN) is an AI-driven company transforming the cost, pace, and timeline of oncology drug discovery and development. Our

proprietary AI and machine learning (ML) platform, RADR®, leverages over 200 billion oncology-focused data points and a library of

200+ advanced ML algorithms to help solve billion-dollar, real-world problems in oncology drug development and generate oncology medicines

at dramatically reduced costs and accelerated timelines. By harnessing the power of AI and with input from world-class scientific advisors

and collaborators, we have accelerated the development of our growing pipeline of drug candidates that span multiple cancer indications,

including both solid tumors and blood cancers and an antibody-drug conjugate (ADC) program. On average, our newly developed drug programs

have been advanced from initial AI insights to first-in-human clinical trials in 2–3 years and at approximately $1.0–2.5

million per program.

Our

lead development programs include a Phase 2 clinical program and multiple planned Phase 1b/2a clinical trials. We have also established

a wholly-owned subsidiary, Starlight Therapeutics, to focus exclusively on the clinical execution of our promising therapies for CNS

and brain cancers. Our AI-driven pipeline of innovative product candidates is estimated to have a combined annual market potential of

over $15 billion USD.

Website:

www.lanternpharma.com

Harmonic

Trial: www.harmonictrial.com

LinkedIn:

https://www.linkedin.com/company/lanternpharma/

@lanternpharma

www.lanternpharma.com - Lantern Full Year & 4th Quarter 2025 Earnings Press Release

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 and withZeta.ai platform in

identifying drug candidates, accelerating drug development, and generating revenue through software licensing and subscription models;

our strategic plans to advance the development of our drug candidates and antibody drug conjugate (ADC) development program; the planned

commercialization of our AI platforms including withZeta.ai and the expected market opportunity for AI co-scientist platforms; estimates

regarding the development timing for our drug candidates and ADC development program; expectations and estimates regarding clinical trial

timing and patient enrollment; 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 patient populations, 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,” “model,” “objective,” “aim,” “upcoming,” “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 risk that we may not be able to secure sufficient future funding when needed and as required

to advance and support our existing and planned clinical trials and operations, (ii) the risk that observations in preclinical studies

and early or preliminary observations in clinical studies do not ensure that later observations, studies and development will be consistent

or successful, (iii) the risk that our research and the research of our collaborators may not be successful, (iv) the risk that we may

not be successful in licensing potential candidates or in completing potential partnerships and collaborations, (v) 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, (vi) the risk that no drug product based on our proprietary

RADR® AI platform has received FDA marketing approval or otherwise been incorporated into a commercial product, (vii) the risk that

our AI platform commercialization efforts, including withZeta.ai, may not generate the anticipated revenue or achieve the expected market

adoption, and (viii) those other factors set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December

31, 2025, filed with the Securities and Exchange Commission on March 30, 2026.

You

may access our Annual Report on Form 10-K for the year ended December 31, 2025 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 Disclosure Channels to Disseminate Information

Lantern

Pharma’s investors and others should note that we announce material information to the public about our company through a variety

of means, including our website, press releases, SEC filings, digital newsletters, and social media, in order to achieve broad, non-exclusionary

distribution of information to the public. We encourage our investors and others to review the information we make public in the locations

above as such information could be deemed to be material information. Please note that this list may be updated from time to time.

Contacts

Investor

Contact

Investor

Relations

ir@lanternpharma.com

+1-972-277-1136

www.lanternpharma.com - Lantern Full Year & 4th Quarter 2025 Earnings Press Release

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