As of September 30, 2024, Lantern Pharma Inc. reported total assets of $30.3 million, a significant decrease from $43.6 million at the end of the previous fiscal year on December 31, 2023. This decline in total assets was accompanied by a reduction in total current assets, which fell to $29.9 million from $43.3 million over the same period. The company's total stockholders’ equity also decreased sharply to $26.6 million, down from $40.9 million at the end of 2023.
The company experienced an increase in total current liabilities, which rose to $3.6 million compared to $2.7 million at the end of the previous fiscal year. This shift indicates a growing financial strain as the company navigates its operational landscape.
For the three months ended September 30, 2024, Lantern Pharma reported a net loss of $4.5 million, worsening from a net loss of $3.2 million in the same period of the previous year. Over the nine-month period ending September 30, 2024, the net loss totaled $14.9 million, compared to a net loss of $11.8 million for the same period in 2023. This increase in losses is attributed to rising operating expenses, which reached $5.2 million for the third quarter of 2024, up from $3.5 million in the prior year.
Research and development expenses also saw a notable increase, totaling $11.9 million for the nine months ended September 30, 2024, compared to $8.3 million for the same period in 2023. This rise reflects the company's ongoing commitment to advancing its research initiatives, although it has contributed to the overall increase in net losses.
Cash and cash equivalents at the end of the reporting period were reported at $8.1 million, a significant decline from $25.6 million at the end of September 2023. Additionally, net cash flows used in operating activities for the nine months ended September 30, 2024, amounted to $13.8 million, compared to $11.0 million for the same period in the previous year.
As of November 1, 2024, Lantern Pharma had 10,784,725 shares of common stock outstanding, reflecting its current equity structure amidst these financial challenges.
About Lantern Pharma Inc.
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