THE THINKEQUITY CONFERENCE 2026 - LANTERN PHARMA INC

Financial Performance:

• Quarterly burn rate is controlled at approximately $3.5 million; R&D spending decreased 25% year-over-year due to the completion of the LP184 Phase 1A trial.
• Cash position was $7.4 million as of the end of Q2, supplemented by two recent capital raises totaling $8.4 million ($4.4M and $4M).
• Current cash reserves are projected to extend operations into Q2 or Q3 of next year.
• Cost to advance a new program from concept to human trial is reduced to $2–3 million, significantly below the industry norm of $20–$100 million.
• The development timeline is reduced to 2–3 years compared to the industry standard of 5–10 years.

Guidance and Future Outlook:

• Management expects to release LP300 clinical data in the near future.
• Target to close regional licensing deals in Asia by next year.
• Aim to secure first patient dosing for the TNBC (Triple Negative Breast Cancer) trial within the current year or early next year.
• Plan to initiate trials for the STAR-001 pediatric brain cancer program early next year.
• Strategy includes pursuing outside financing specifically for the "Open Medicine" AI platform spin-out.
• Long-term goal is to achieve accelerated approval for LP300 based on superior progression-free survival and response data.
• Management targets four Priority Review Vouchers (worth $100–$200 million each) through pediatric indications in ATRT, MRT, rhabdomyosarcoma, and hepatoblastoma.

Business Segments and Product Lines:

• Core Business (Lantern Pharma): Developing AI-driven oncology drugs with six clinical programs (LP184, LP284, LP300, etc.).
  • LP184 (Zertifolvin): Launching in TNBC and bladder cancer (Denmark); cleared for pediatric brain cancer trials; utilizes dual biomarkers (PTGR1 and DNA damage repair deficiency).
  • LP300: In Phase 2 for non-smoker lung cancer (L858R mutation); showing 8.9 months longer progression-free survival vs. controls; 10/15 tumors shrank, 1 complete response, 0 progressions in evaluated cohort.
  • LP284: Ongoing in soft tissue sarcoma; demonstrates activity in lymphoma with a complete metabolic response.
• Platform Business (Open Medicine): 100% owned subsidiary planned as a spin-out; offers the "Radar" and "With Zeta" AI platforms to external biotechs, pharma, CROs, and investors.
• Over 100 drugs have been developed using the platform; dozens of subscribers currently active.
• Portfolio includes 100 patents (issued and pending) and 12 FDA designations including Fast-Track and Orphan Drug statuses.

Market and Competitive Landscape:

• Focuses on highly specific, precision patient populations with high unmet medical needs, specifically rare pediatric cancers and hard-to-treat oncology subsets (e.g., TNBC, non-smoker lung cancer).
• Competes on cost-efficiency and speed, claiming to be the only platform capable of delivering 12 FDA designations through data-driven discovery.
• Taiwan and Japan identified as key markets for LP300 due to higher prevalence of EGFR L858R mutations in never-smokers.
• The company positions itself as a "co-scientist" rather than just a data processor, leveraging 250 billion data points from cancer studies to validate mechanistic rationale.

Risks and Challenges:

• Forward-looking statements carry risks; actual clinical results could differ significantly from projections.
• Reliance on single-molecule pipelines; while diversified across six paths, success of specific trials is critical for licensing or sale.
• Pediatric trial execution requires collaboration with external consortia (e.g., Pediatric Neuro-Oncology Consortium), introducing coordination risks.
• The "Open Medicine" spin-out strategy depends on successful external adoption and scaling of the AI platform.

Management Commentary and Tone:

• Tone is confident and data-driven, emphasizing that the AI platform generates real-world decisions rather than theoretical outputs.
• Management asserts that their AI platform has repeatedly validated biological signals (e.g., SMARC B1 loss) leading to successful clinical milestones.
• Confidence is high regarding the safety profile of current candidates (no infusion reactions, low toxicity compared to standard of care).
• Emphasis is placed on the scalability of the platform to generate revenue beyond internal drug development.

Analyst Questions and Answers:

• Note: No specific analyst questions or answers were explicitly recorded in the provided transcript text; the session transitioned directly from the CEO's presentation to the floor.

Other Key Points:

• LP184 is a "switch-on" mechanism drug that prevents tumor DNA repair; potency increases 3–6x when combined with spironolactone in brain tumors.
• LP300 efficacy improves with duration; extending treatment from 6 to 8 cycles is expected to further increase progression-free survival.
• The company has a unique capability to launch trials in Europe (EMA) and Asia (Taiwan) in parallel with FDA activities.
• The AI platform identified that PTGR1 levels (60–70% in TNBC and GBM) serve as a critical biomarker for patient selection.