Lantern Pharma (LTRN) Q4 2025 earnings summary

Executive summary

• Achieved clinical validation across multiple programs, including LP-300 Phase 2 HARMONIC trial, LP-184 Phase 1a completion, and FDA IND clearance for pediatric CNS cancer program through Starlight Therapeutics, with strategic expansion in the U.S., Japan, and Taiwan.

• Introduced withZeta.ai, a multi-agentic AI co-scientist platform, and expanded the RADRⓇ AI platform globally with a new Center of Excellence in India.

• Reduced total operating expenses by 19% year-over-year while advancing clinical and AI programs and strengthening the balance sheet.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $10.1 million as of December 31, 2025, expected to fund operations through late July to mid-September 2026.

• Full-year 2025 net loss was $17.1 million ($1.57/share), improved from $20.8 million ($1.93/share) in 2024; Q4 2025 net loss was $4.1 million, down from $5.9 million in Q4 2024.

• R&D expenses for 2025 were $11.5 million, a 29% decrease from $16.1 million in 2024; G&A expenses rose 6% to $6.5 million.

• Stockholders’ equity was $6.5 million at year-end 2025, compared to $21.2 million at year-end 2024.

Outlook and guidance

• Plans to advance LP-184 into Phase 1b/2 trials, accelerate LP-284 enrollment, and initiate investigator-led bladder cancer study in Denmark in H1 2026 (subject to funding).

• Type C FDA meeting for HARMONIC protocol amendments scheduled for mid-May 2026, focusing on EGFR exon 21 L858R mutation patients.

• Continued commercialization of withZeta.ai and expansion of RADRⓇ platform through the India Center of Excellence in 2026.

• Actively pursuing additional funding, including grants, to support ongoing and planned trials.