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Lantern Pharma
(NASDAQ:LTRN)
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Rating:43Neutral
Price Target:
$0.98
▼(-55.28% Downside)
Action:Reiterated
Date:10/01/26
The score is primarily constrained by weak financial performance (no revenue, ongoing losses/cash burn, and negative TTM equity) and bearish technicals (price well below key moving averages with negative MACD). Earnings-call progress in clinical/regulatory milestones and operating discipline provides partial support, but near-term funding needs and dilution/accounting volatility keep the overall risk profile elevated.
Positive Factors
AI Platform Expansion
The wholly owned OMAI structure gives Lantern a potential second business model beyond drug development, with licensing, subscriptions, and enterprise agreements. Commercializing its AI capabilities could diversify future revenue sources and create strategic value while continuing to support the oncology pipeline.
Negative Factors
No Revenue and Persistent Losses
Lantern has no commercial product revenue to offset research costs, while losses and negative cash flow remain persistent. This development-stage profile leaves financial performance dependent on external funding and means profitability will require successful clinical advancement, approval, and commercialization.
Read all positive and negative factors
Positive Factors
Negative Factors
AI Platform Expansion
The wholly owned OMAI structure gives Lantern a potential second business model beyond drug development, with licensing, subscriptions, and enterprise agreements. Commercializing its AI capabilities could diversify future revenue sources and create strategic value while continuing to support the oncology pipeline.
Read all positive factors
Lantern Pharma (LTRN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.91M
Dividend YieldN/A
Average Volume (3M)222.90K
Price to Earnings (P/E)―
Beta (1Y)2.23
Revenue GrowthN/A
EPS Growth9.68%
CountryUS
Employees16
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.62
Shares Outstanding12,784,146
10 Day Avg. Volume368,220
30 Day Avg. Volume222,900
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)5.05
Price to Sales (P/S)0.00
P/FCF Ratio-2.11
Enterprise Value/Market Cap<0.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-1.51
Revenue Forecast (FY)N/A
Lantern Pharma Business Overview & Revenue Model
Company Description
Lantern Pharma Inc. is a clinical-stage biotechnology firm dedicated to revolutionizing drug development through the strategic application of artificial intelligence, machine learning, and comprehensive genomic data analysis. Their primary drug ca...
How the Company Makes Money
As a clinical-stage oncology biotechnology company, Lantern Pharma does not primarily generate recurring revenue from commercial product sales because its drug candidates are in development and not broadly marketed as approved therapies. If specif...
Lantern Pharma Earnings Call Summary
Earnings Call Date:Aug 14, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call conveyed significant strategic and clinical progress — multiple regulatory clearances (EMA and FDA), a valuable patient-selection patent, promising early LP-300 efficacy signals in L858R NSCLC, and the formation of Open Medicine AI as a potential high-value, standalone AI engine — all achieved with reported operating expense discipline (R&D down ~42%, loss from operations down ~25%). However, financial constraints and accounting-related volatility are notable: cash of ~$7.4M at quarter-end, a large noncash warrant expense (~$3.6M) that increased reported net loss, potential dilution from issued warrants, and immature small-size clinical cohorts that require further enrollment to confirm results. Overall, material strategic and clinical milestones are balanced by near-term funding and data-maturation risks.Positive Updates
Establishment of Open Medicine AI (OMAI) Spinout
Formally established Open Medicine AI as a separate company with commercial licensing agreements; Lantern retains 100% ownership today and expects to raise capital at the OMAI level with the objective of a separate listing. Management projects a target market of ~$9–10+ billion by 2031 for AI-enabled drug discovery and expects the platform to capture a meaningful share.
Negative Updates
Limited Cash Position / Need for Additional Capital
Cash, cash equivalents and marketable securities totaled approximately $7.4M at 06/30/2026 (down from ~$10.1M at 12/31/2025). Management stated additional funding is a top priority and intends to pursue capital raises, collaborations and other opportunities to extend runway.
Read all updates
Q2-2026 Updates
Positive
Negative
Establishment of Open Medicine AI (OMAI) Spinout
Formally established Open Medicine AI as a separate company with commercial licensing agreements; Lantern retains 100% ownership today and expects to raise capital at the OMAI level with the objective of a separate listing. Management projects a target market of ~$9–10+ billion by 2031 for AI-enabled drug discovery and expects the platform to capture a meaningful share.
Read all positive updates
Company Guidance
Management guided that as of 6/30/2026 Lantern had $7.4M in cash and marketable securities (≈$6.7M cash + $0.7M securities), after raising ~$4.4M gross in the May registered direct offering, and will pursue additional capital raises, collaborations and other financing to extend runway; Q2 R&D was ~$1.8M (down ~42% YoY), G&A ~$1.7M (+8% YoY), loss from operations ~$3.5M (down ~25% YoY), but net loss was ~$7.1M ($0.57/share) including ~ $3.6M of non‑cash warrant expense (six‑month net loss ~$10.4M, $0.88/share); capitalization included ~12.8M common shares outstanding and warrants issued up to ~2.14M investor warrants + ~107k placement agent warrants (plus prefunded warrants to purchase ~682k shares) from the May financing. On the clinical side, management expects to concentrate LP‑300 on L858R patients with an amended protocol (treatment extended to up to 8 cycles), plans to enroll ~15–16 additional patients in the U.S. and Taiwan over the next 4–6 months with a possible update by year‑end (prior L858R data: median PFS 8.9 months in patients completing six cycles, full L858R median PFS 8.4 months, HR 0.37, 95% CI 0.15–0.89; 77% clinical benefit rate; >70% lesion reduction; some responses >2 years). For LP‑184, EMA cleared a 39‑patient bladder Phase 1b/2, FDA cleared a 40‑patient Phase 1b/2 TNBC study (two dose cohorts with a Simon two‑stage efficacy read), and a notice of allowance was received for a 3‑gene selection patent in four tumor types; STARLIGHT pediatric programs are being advanced (Lantern holds four PRVs; recent PRV transfers valued ~$150–200M each). Finally, Open Medicine AI (OMAI) was established in August (100% owned), will host a mid‑September informational call, intends to raise capital and potentially list separately, and targets participation in an analyst‑projected ~$10B AI drug‑discovery market by 2030–31 (management expects ~$9–10+B by 2031); management reiterated the company’s operating efficiency claim of advancing FIH trials in ~2–3 years at ~$2–3M per program versus industry norms of 5–10 years and $25–100M.Lantern Pharma Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
18
Very Negative
Cash Flow
16
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -3.85K | 0.00 | 0.00 | -174.84K | 0.00 | 0.00 |
| EBITDA | -18.64M | -17.10M | -20.76M | -15.79M | -14.26B | -12.36M |
| Net Income | -18.65M | -17.12M | -20.78M | -15.96M | -14.26B | -12.36M |
Balance Sheet | ||||||
| Total Assets | 8.60M | 11.04M | 25.57M | 43.65M | 58.84M | 73.95M |
| Cash, Cash Equivalents and Short-Term Investments | 7.36M | 10.12M | 24.01M | 41.30M | 55.20M | 70.73M |
| Total Debt | 39.72K | 78.54M | 243.66K | 234.47K | 52.89K | 204.95K |
| Total Liabilities | 11.82M | 4.50M | 4.38M | 2.74M | 2.80M | 2.38M |
| Stockholders Equity | -3.22M | 6.53M | 21.19M | 40.91M | 56.04M | 71.57M |
Cash Flow | ||||||
| Free Cash Flow | -14.08M | -15.68M | -17.83M | -14.37M | -12.80M | -10.61M |
| Operating Cash Flow | -14.08M | -15.68M | -17.81M | -14.35M | -12.77M | -10.59M |
| Investing Cash Flow | 9.17M | 11.06M | 3.37M | -930.21K | 179.27K | -19.53M |
| Financing Cash Flow | 5.49M | 1.50M | 66.71K | -500.00K | -2.18M | 63.42M |
Lantern Pharma Technical Analysis
Negative
2.18
Price Trends
2.14
Negative
2.79
Negative
2.75
Negative
Market Momentum
-0.32
Positive
18.46
Positive
4.57
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LTRN, the sentiment is Negative. The current price of 2.18 is above the 20-day moving average (MA) of 1.56, above the 50-day MA of 2.14, and below the 200-day MA of 2.75, indicating a bearish trend. The MACD of -0.32 indicates Positive momentum. The RSI at 18.46 is Positive, neither overbought nor oversold. The STOCH value of 4.57 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LTRN.
Lantern Pharma Risk Analysis
Lantern Pharma disclosed 72 risk factors in its most recent earnings report. Lantern Pharma reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Unfavorable geopolitical and macroeconomic developments could adversely affect our business, financial condition or results of operations. Q4, 2023
Lantern Pharma Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | $70.40M | -4.88 | -145.63% | ― | 198.49% | 16.29% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $10.17M | -0.10 | 9999.00% | ― | ― | -67.36% | |
44 Neutral | $71.78M | -1.90 | -211.15% | ― | ― | -7.28% | |
43 Neutral | $12.91M | -0.63 | -456.35% | ― | ― | 9.68% | |
43 Neutral | $7.13M | -0.16 | -329.08% | ― | ― | -19.07% | |
41 Neutral | $2.17M | -0.07 | 89.25% | ― | -22.73% | 53.53% |
* Healthcare Sector Average
LTRN
Lantern Pharma
1.00
-3.02
-75.12%
SKYE
Skye Bioscience
1.60
-34.32
-95.55%
BCAB
BioAtla
1.26
-31.87
-96.20%
RNXT
RenovoRx
1.55
0.28
22.05%
MAIA
MAIA Biotechnology, Inc.
1.17
-0.63
-35.00%
MDCX
Medicus Pharma Ltd
0.16
-2.35
-93.75%
Lantern Pharma Corporate Events
Delistings and Listing ChangesRegulatory Filings and Compliance
Lantern Pharma Faces Nasdaq Non-Compliance, Delisting Risk
Negative
Oct 1, 2026
On September 25, 2026, Lantern Pharma Inc. disclosed that it had received a notice from Nasdaq stating the company was no longer in compliance with Listing Rule 5550(b)(2), after the market value of its listed securities fell below the required $3...
Business Operations and StrategyPrivate Placements and Financing
Lantern Pharma Raises Capital Through Recent Securities Offerings
Positive
Sep 30, 2026
Lantern Pharma Inc., a clinical-stage, AI-native biopharma focused on precision oncology therapies through its RADR machine-learning platform and a pipeline that includes LP-184, LP-300 and LP-284, has expanded its capital base via a mix of regist...
Business Operations and Strategy
Lantern Pharma Highlights Open-Medicine AI Oncology Platform
Positive
Sep 24, 2026
On September 23, 2026, Lantern Pharma Inc. hosted a live webinar to discuss its Open-Medicine AI multi-agent platform for drug development, highlighting the role of advanced AI in shaping its oncology-focused RD efforts. The event, aimed at invest...
Business Operations and StrategyProduct-Related Announcements
Lantern Pharma Showcases Open-Medicine AI Growth Strategy
Positive
Sep 23, 2026
On September 23, 2026, Lantern Pharma hosted a live webinar to outline the growth plan for Open-Medicine AI, its multi-agent AI platform subsidiary for drug development. The event, led by CEO Panna Sharma alongside Lantern’s chief scientific...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Lantern Pharma Forms Open Medicine AI Subsidiary Business
Positive
Aug 14, 2026
Lantern Pharma reported second-quarter 2026 results on August 14, highlighting that loss from operations fell about 25% year over year to roughly $3.5 million, with cash, equivalents, and marketable securities at about $7.4 million following a May...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Lantern Pharma Spins Off Open-Medicine AI Platform
Positive
Aug 3, 2026
Lantern Pharma Inc., listed on Nasdaq as LTRN, is a clinical-stage precision oncology company that uses artificial intelligence and machine learning to accelerate cancer drug development. Its pipeline includes investigational therapies LP-184, LP-...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.