Lantern Pharma, a pioneering artificial intelligence (“AI”) company specializing in targeted and transformative cancer therapies, unveiled its financial results for the third quarter (Q3) ending September 30, 2023.
At the time of this publication, Lantern Pharma Inc stock (LTRN) has witnessed a surge.
Lantern Pharma Inc
Current Price: $3.75
Change : +0.95
Change (%): (33.93%)
Volume: 382.7K
Source: Tomorrow Events Market Data
Lantern Pharma Q3 2023 Financial Results
As of September 30, 2023, Lantern Pharma reported approximately $44.9 million in cash, cash equivalents, and marketable securities, in contrast to approximately $55.2 million as of December 31, 2022. The company maintained a capital-efficient, collaborator-centered business model, as evidenced by its sustainable quarterly cash burn rate.
Research and development (R&D) expenditures for the quarter concluding on September 30, 2023, totaled around $2.2 million, reflecting a significant increase from the approximately $0.7 million spent in the corresponding period of 2022. The 2022 figures were lower due to a one-time payment received from a service provider, which reduced expenses by $0.9 million.
General and administrative (G&A) expenses amounted to roughly $1.3 million for the quarter terminating on September 30, 2023, compared to approximately $1.4 million during the same period in 2022.
The net loss for the quarter concluding on September 30, 2023, was approximately $3.2 million (or $0.29 per share), marking an increase from the net loss of approximately $2.3 million (or $0.21 per share) reported in the corresponding period of 2022.
Starlight Therapeutics:
In the first quarter of 2023, Lantern Pharma established a wholly-owned subsidiary named Starlight Therapeutics Inc. (“Starlight”) with a focus on the clinical development of the drug candidate LP-184 for central nervous system (CNS) and brain cancer indications. These indications include GBM, brain metastases, and various rare pediatric CNS cancers. LP-184, as developed in CNS applications, will be referred to as “STAR-001.”
Lantern anticipates the recruitment of additional management personnel dedicated to Starlight operations in the fourth quarter of 2023. The company has also initiated discussions with prominent clinicians and key opinion leaders at CNS-focused cancer centers to serve as clinical trial sites for upcoming trials in adult and pediatric CNS cancers.
