Lantern Pharma Q1 2024 Financial Results and Business Highlights

Lantern Pharma Inc., a leader in AI-driven oncology drug development, has reported significant progress in its clinical trials and AI platform advancements in the first quarter of 2024. Lantern uses its proprietary RADR® AI platform to drive the development of targeted cancer therapies, aiming to transform the drug development process in terms of cost and timeline.

The company is currently conducting active clinical trials for three AI-guided drug candidates. Initial data and clinical readouts for LP-184 are anticipated in the second half of 2024. Lantern has gained regulatory clearance to start enrollment for its Phase 2 Harmonic™ clinical trial in Japan and Taiwan, where a substantial percentage of lung cancer cases are found in non-smokers with NSCLC. The Harmonic™ trial continues patient enrollment in the United States.

Both LP-184 and LP-284 are progressing in Phase 1 clinical trials without dose-limiting toxicities reported so far. LP-184, targeting multiple advanced solid tumors, is in its sixth dose level and aims to complete patient enrollment by summer. This drug is particularly promising for cancers with DDR (DNA damage repair) deficiencies, and Lantern plans to develop a PCR-based molecular diagnostic test to identify patients who may benefit most from LP-184.

Starlight Therapeutics, a subsidiary focusing on CNS and brain cancers, has filed protocols for a Phase 1B trial of STAR-001 in recurrent IDH wild-type high-grade gliomas. This initiative underscores Lantern’s commitment to leveraging AI for personalized treatment development. The global market potential for LP-184 and LP-284 across various cancer types is estimated to exceed $12 billion annually.

Lantern's LP-284, another synthetic lethal drug candidate, has shown impressive potential in early trials, particularly for lymphomas and certain sarcomas with DDR deficiencies. The company aims to progress to Phase 1b/2 trials by the end of 2024, with a market potential of over $3 billion annually in the US and Europe.

The Phase 2 Harmonic™ trial for LP-300, targeting lung cancer in never-smokers, is advancing in both the US and Asia. This trial evaluates the combination of LP-300 with chemotherapy in LCINS patients, who often do not respond well to current treatments. The global market potential for LP-300 is estimated at over $2.6 billion annually.

Lantern's RADR® platform continues to evolve, expanding its capabilities to include advanced data on drug interactions and detailed chemical features. The platform is also being employed in a new collaboration to develop a novel cancer metabolism inhibitor. Further partnerships are expected to enhance and commercialize the RADR® platform in 2024.

Starlight Therapeutics is advancing its clinical trials for STAR-001, which is derived from LP-184, focusing on CNS cancers. The market potential for Starlight’s drug candidates is estimated at up to $5 billion annually.

Lantern is also progressing its ADC (Antibody-Drug Conjugate) programs, with preclinical proof-of-concept studies showing promising results. The company plans to move towards IND development for its ADC program targeting select solid tumors.

Financially, Lantern reported $38.4 million in cash and equivalents as of March 31, 2024. Research and development expenses rose to $4.3 million, reflecting increased clinical trial activity. General and administrative expenses were slightly lower than the previous year, and the net loss for the quarter was $5.4 million.

Lantern is actively pursuing additional collaborations and partnerships to advance its AI-driven drug development. The company's growing pipeline of innovative therapies has the potential to provide significant benefits to cancer patients worldwide.