THE THINKEQUITY CONFERENCE 2026 - LANTERN PHARMA INC

Explicit Guidance:

• Cash Runway: Current cash of ~$7.4M (Q2 end) plus two recent raises ($4.4M and $4M) is expected to sustain operations through Q2 or Q3 of next year.
• Burn Rate: Controlled at approximately $3.5M per quarter.
• R&D Costs: Anticipated to remain controlled; year-over-year costs decreased 25% in the last quarter despite initiating three new trials.

Business-Segment Outlook:

• LP184 (Zertifolvin): Launching in TNBC (Triple Negative Breast Cancer) this year or early next year with two new sites; launching in bladder cancer in Denmark (fully paid, investigator-initiated, dual biomarker selection); launching in pediatric brain cancers (GBM) with FDA clearance; aiming for accelerated approval based on projected data improvements.
• LP300: Phase 2 enrollment ongoing in Taiwan and US for non-smokers with L858R mutations; aiming to extend Progression-Free Survival (PFS) from 8.9 months (at 6 cycles) to higher levels by increasing treatment to 8 cycles; enrolling next cohort of 15 patients.
• LP284: Ongoing trials in soft tissue sarcoma.
• Pediatric Oncology: ATRT (ATRT) trial expected to launch early next year; partnership with Pediatric Neuro-Oncology Consortium (PNOC) covering majority of costs.
• AI Platform (Open Medicine): Goal to spin out a new entity focused on serving pharma, biotech, and CROs globally beyond oncology; currently 100+ drugs generated on the platform with dozens of subscribers.

Market and Competitive Outlook:

• Market Demand: Targeting high-need, precision patient populations (e.g., TNBC, NSCLC L858R, pediatric gliomas) where current therapies show limited efficacy.
• Competitive Advantage: AI platform claims to reduce program development costs from industry norms of $20–$100M to $2–$3M and timelines from 5–10 years to 2–3 years.
• Regional Focus: Asia (specifically Taiwan and Japan) identified as a key market for LP300 due to higher prevalence of L858R mutations in non-smokers; discussions underway for regional licensing partners.
• Pricing/Value: Potential to secure Priority Review Vouchers (worth $100–$200M) through four separate pediatric disease designations.

Macro / Industry Outlook:

• Regulatory Environment: Management expects continued FDA acceptance of AI-driven data, citing 12 FDA designations (including Fast-Track, Orphan, and 4 Rare Pediatric Disease Designations) earned sequentially via data packages.
• Industry Trend: AI tools are revolutionizing drug discovery ("co-scientists"); platform is positioned to lead in proposing theories and accelerating work compared to traditional discovery methods.

Strategic Initiatives:

• Spin-out: Creation of Open Medicine (100% owned by Lantern) to commercialize the AI platform globally for non-oncology indications.
• Partnerships/Licensing: Anticipated closure of regional licensing deals next year; currently in discussions for Asia.
• Capacity Expansion: Launching multiple new clinical trials (TNBC, bladder, CNS, pediatric) and adding 2 sites for TNBC; expanding patient selection via biomarkers (PTGR1, DNA damage repair).
• Financial Milestones: Targeting $4M–$4.4M capital raises (completed) to extend runway; seeking outside financing for Open Medicine.

Risks and Headwinds to Outlook:

• Clinical Execution: Future results depend on successful completion of ongoing Phase 2 trials (LP300, LP184) and the projected PFS improvements from increasing cycles from 6 to 8.
• Regulatory Uncertainty: Accelerated approval and voucher acquisition are not guaranteed and depend on data readouts.
• Caveats: Forward-looking statements are subject to significant variance; results may differ due to standard clinical trial risks and regulatory hurdles.

Management Tone on the Future:

• Confidence: High confidence in the AI platform's predictive accuracy ("kept following it because it was right"), citing specific success in predicting SMARC B1 targets and nanomolar potency.
• Strategic Pivot: Strong belief in the scalability of the AI platform beyond oncology and its potential as a standalone revenue-generating spin-out.
• Growth Outlook: Optimistic regarding "shots on goal" with six clinical paths, each valued at "hundreds of millions of dollars" via potential licensing or sale.

Miscellaneous:

• Pipeline Specifics: Drug combination predictions (synergy with PARP inhibitors and IO checkpoint inhibitors) previously made by AI have been validated in preclinical and early clinical data.
• Patents: Company holds approximately 100 patents (issued and pending).
• Data Scale: Platform utilizes over 250 billion data points from cancer studies; 5 of the top 12 models on the Therapeutic Data Commons are Lantern's.