Lantern Pharma Reports $20.78 Million Net Loss for 2024, Driven by Increased R&D Expenses

Lantern Pharma Inc. reported a net loss of $20.78 million for the year ended December 31, 2024, compared to a net loss of $15.96 million in 2023. The increase in net loss was primarily driven by a 36% rise in research and development expenses, reaching $16.13 million in 2024 from $11.89 million in 2023. This increase reflects higher costs associated with clinical trials for LP-300, LP-184, and LP-284, as well as increased contract labor and employee expenses. General and administrative expenses increased by 2% to $6.09 million. The company did not generate any revenue other than from a prior research grant during either period.

Significant developments during 2024 included the continued advancement of three lead drug candidates: LP-300 (in a Phase 2 trial for non-small cell lung cancer), LP-184 (in a Phase 1 trial for various solid tumors), and LP-284 (in a Phase 1 trial for hematological cancers). The company also progressed its antibody-drug conjugate (ADC) program, entering into a research collaboration with Bielefeld University in Germany to develop ADCs using cryptophycin as a drug payload. Furthermore, Lantern reacquired global rights to LP-100 from Allarity Therapeutics in 2021.

The company's RADR® AI platform, containing over 100 billion data points, continued to be a core component of its drug discovery and development strategy. The platform was used to identify potential drug candidates, refine clinical trial designs, and identify patient populations likely to respond to treatment. Lantern also engaged in several collaborations with academic institutions and other companies to leverage external expertise and resources. As of March 1, 2025, the company owned or controlled over 195 active patents and patent applications across 15 patent families.

Lantern Pharma's cash and cash equivalents decreased to $7.51 million at the end of 2024 from $21.94 million at the end of 2023. The company's marketable securities also decreased to $16.50 million from $19.36 million during the same period. The company stated that its existing cash, cash equivalents, and marketable securities as of December 31, 2024, are projected to fund operating expenses and capital expenditures for at least 12 months from the filing date. The company employs 24 people and anticipates needing substantial additional funding in the near future.

Lantern Pharma's outlook is contingent upon the successful completion of clinical trials, regulatory approvals, and commercialization of its drug candidates. The company acknowledges significant risks associated with drug development, including the possibility of clinical trial failures, regulatory delays, and challenges in securing sufficient funding. The company's future financial performance will depend on its ability to overcome these challenges and successfully bring its drug candidates to market.