Lantern Pharma (LTRN 6.97%), a biotech focused on AI-enabled precision oncology, released its earnings for the quarter ended June 30, 2025, on August 13, 2025. Lantern Pharma reported a GAAP net loss per share of ($0.40) in Q2 2025, and marking an improvement from ($0.46) per share (GAAP) in Q2 2024. As expected for a clinical-stage biotech, no product revenue was recorded. Research and development costs (GAAP) declined compared to Q2 2024, and Lantern Pharma reported $15.9 million in cash, cash equivalents, and marketable securities as of Q2 2025. These results point to effective cost controls as Lantern Pharma advances its pipeline, but continued cash burn and a lack of near-term revenue or regulatory catalysts remain key watchpoints.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | ($0.40) | ($0.44) | ($0.46) | 13.0 % |
| Revenue | $0 | $0 | $0 | — |
| Research & Development Expenses | $3.1 million | $3.9 million | (20.5 %) | |
| General & Administrative Expenses | $1.6 million | N/A | N/A |
Source: Analyst estimates for the quarter provided by FactSet.
About Lantern Pharma and its Focus Areas
Lantern Pharma is a clinical-stage biotechnology company specializing in artificial intelligence (AI) and machine learning to develop targeted cancer therapies. Its main approach leverages its RADR platform—a system designed to analyze vast datasets to identify and accelerate promising oncology drug candidates.
The company’s most important near-term objectives include moving its most advanced drugs through clinical trials, developing new tools via its AI platform, and maintaining financial discipline. Key drug candidates under development include LP-184 (for solid and pediatric tumors), LP-300 (for non-small cell lung cancer in never-smokers), and LP-284 (targeting B-cell blood cancers). Progress in these programs, along with the successful expansion of the RADR AI platform and IP portfolio, are critical success factors.
Quarter Highlights: Pipeline and Platform Progress
During the period, Lantern Pharma advanced its clinical pipeline with notable milestones. The Phase 1a clinical trial for LP-184, a drug intended to treat solid tumors and certain brain and pediatric cancers, completed enrollment with 65 patients in Q2 2025. The company identified both the maximum tolerated dose and a recommended dose for Phase 2 studies. This positions LP-184 for subsequent trials focusing on difficult-to-treat cancers, including triple-negative breast cancer and recurrent bladder cancer. The drug secured fast track and rare pediatric disease designations, potentially speeding development and unlocking incentives.
Lantern reported a striking result from its LP-300 program, designed for non-small cell lung cancer in never-smokers. A patient who had failed three prior therapies experienced a complete tumor response. The company completed a 10-patient Japanese cohort and plans additional data readouts in September 2025. Management estimates the market potential for LP-300 in this population at over $4 billion annually. The company is seeking commercial or development partnerships to help accelerate the program.
The LP-284 drug candidate, focused on B-cell lymphomas such as diffuse large B‑cell lymphoma (DLBCL), produced a complete metabolic response in a patient who had exhausted several treatment options, including chemotherapy, CAR-T therapy, and bispecific antibodies. Lantern Pharma acquired an extended European patent for LP-284 that protects the compound through 2039, adding to its coverage in the United States and Japan.
Beyond its clinical work, the company continued to expand its AI capabilities. It launched the PredictBBB.ai™ module—an algorithm designed to predict whether cancer drugs can cross the blood-brain barrier, a common obstacle in brain cancer drug development. The tool processes up to 100,000 molecules per hour and demonstrated strong predictive capabilities, with 94% accuracy and 95% sensitivity. Lantern Pharma plans to begin making select RADR modules commercially available, introducing a potential new revenue stream and fostering collaboration with external researchers. The company’s ADC (antibody-drug conjugate) program, which uses the RADR AI system, expanded as well, although no new clinical results were disclosed.
Financial Discussion and Risks
Cost management remained a priority. Research and development expenses (GAAP) declined from $3.9 million in Q2 2024 to $3.1 million in Q2 2025. General and administrative costs remained stable. Although the net loss (GAAP) improved compared to Q2 2024, cash burn remains significant for a company at this stage. Lantern Pharma ended Q2 2025 with $15.9 million in cash, cash equivalents, and marketable securities—enough, based on current spending, to support operations into mid-2026.
The absence of product revenue is typical for a development-stage biotech, but it highlights an ongoing risk: Lantern Pharma will need additional funding to progress through more advanced clinical studies and pursue commercialization. The omission of updates on LP-100, the company’s advanced prostate cancer candidate previously considered a core asset, suggests shifting priorities or unknown challenges. Several clinical highlights referenced only single-patient results rather than broader, statistically supported data, an approach that, while encouraging, leaves future data milestones especially important.
Looking Ahead: Guidance and Pipeline Milestones
Management did not provide specific or formal guidance regarding revenue or expenses for the upcoming quarters or the full year. Instead, the company reiterated that its cash reserves should last at least through June 2026, assuming current spending levels continue.
LTRN does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
