Lantern Pharma : Q3 2025 Earnings Call

Third Quarter 2025 Operating & Financial Results Conference Call / Webinar

Nov 13th, 2025 9AM Eastern Time

NASDAQ :LTRN

Contents

1. Introduction

2. 2025 Q3 Highlights

3. Financial Highlights

4. Q&A

Speakers

Panna Sharma

CEO and President

David Margrave

CFO

2

2025

• LP-184 Phase 1a clinical trial results demonstrate all primary endpoints achieved with 48% clinical benefit rate in

  3rd Quarter

  evaluable cancer patients at or above therapeutic dose threshold; marked tumor reductions observed in patients with DNA damage repair mutations including CHK2, ATM, and

  Highlights

  1of 3

  NASDAQ: LTRN

  STK11/KEAP1 alterations.

• FDA Type C meeting completed, providing regulatory guidance and pathway clarity for Starlight Therapeutics' planned pediatric CNS cancer trial in Atypical Teratoid Rhabdoid Tumor (ATRT) and confirming spironolactone combination strategy.

  
  
  

• LP-300 preliminary Phase 2 data presented from the HARMONIC trial at the 66th Annual Meeting of the Japan Lung Cancer Society with further interim data planned for a webinar in December.

  
  
  2025

  3rd Quarter Highlights

  2of 3

  NASDAQ: LTRN

• LP-284 clinical data showcased at 25th Annual Lymphoma, Leukemia & Myeloma (LL&M) Congress, generating interest from the biopharma and clinical communities and initiating discussions for combination therapy potential.

• KOL-hosted scientific webinar on LP-184 Phase 1a results scheduled for November 20, 2025 at 4:30 p.m. ET, providing insights from key opinion leader at Fox Chase Cancer Center along with additional clinical data and future plans from Lantern management.

• Precision, biomarker-driven development strategy strengthened by Phase1a data, positioning LP-184 for targeted Phase 1b/2 trials in TNBC, NSCLC with KEAP1/STK11 mutations, bladder cancer, and first recurrent GBM-indications representing combined market potential exceeding

  $7 billion annually.

  
  
  2025

  3rd Quarter Highlights

  3of 3

• AI platform commercial readiness demonstrated at inaugural AI for Biology and Medicine symposium, showcasing RADR® platform modules as deployable tools for biopharma partners.

• Disciplined capital management maintained with approximately $12.4 million in cash, cash equivalents, and marketable securities as of September 30, 2025, providing expected operating runway into approximately Q3 2026.

NASDAQ: LTRN

LP-184 Phase 1a Trial Achieved All Primary Endpoints with Robust Safety Profile and Promising Antitumor Activity in Multiple Advanced Solid Tumors

T R I A L R E S U L T H I G H L I G H T S

• Completion of enrollment of phase 1 trial (NCT05933265) meeting all its primary endpoints

• Demonstrated a robust safety profile and encouraging antitumor activity

• Clinical benefit observed in 48% of evaluable cancer patients at or above the therapeutic dose threshold

• Two of 16 recurrent GBM with previous exposure to TMZ and or CCNU and radiation showed disease stabilization

• Two patients at DL10 have maintained disease control over 8 months and are still on treatment

• Synthetic lethality validation with evidence of disease control for tumors with mutations in CHK2, ATM, STK11/KEAP1 genes

• Durable clinical benefits were observed in hard-to-treat tumors like glioblastoma multiforme (GBM), gastrointestinal stromal

tumor (GIST) and thymic carcinoma

Upcoming Webinar

LP-184 Phase 1a Results and Future Trials

November 20th, Thursday, 4:30 PM Eastern

Join Lantern Pharma for an exclusive discussion on the Phase 1a clinical results of LP-184 - a first-in-class synthetic lethal molecule being evaluated in patients with advanced, recurrent solid tumors.

Planned Clinical Trials - LP-184 Phase 1b/2 Trials informed by RADR® AI Insights

Trial	Indication	Market potential Trial Size	Trial Highlights
Phase 1b/2 Monotherapy & Combination with Olaparib for TNBC	Triple Negative Breast Cancer	$4+Bn ~60 Annual US Patients expected to market potential be enrolled	Granted FDA Fast Track Designation for monotherapy of LP-184 Monotherapy Trial: Evaluating optimal dose and early efficacy of LP-184 in advanced TNBC with DNA repair gene mutations. Combination Trial: Assessing safety and efficacy of LP-184 + Olaparib in advanced TNBC with BRCA mutations.

Phase 1b/2

Combination with Immune Checkpoint Inhibitors

for NSCLC

KEAP1 and/or STK11

mutated NSCLC

$2+Bn

Annual US

market potential

~34

Patients expected to

be enrolled

• Submission for FDA Fast Track Designation in process

• Open-label study evaluating safety and early efficacy of LP-184 with nivolumab and ipilimumab in advanced NSCLC with KEAP1/STK11 mutations and low PD-L1.

  Phase 1b/2

  Investigator Led Trial in Denmark

  for Bladder Cancer

  $0.5+Bn ~39

  Bladder cancer

  with TC-NER deficiency

  Annual Global

  market potential

  Patients expected to

  be enrolled

  • Investigator-sponsored trial (Dr. Helle Pappot, Rigshospitalet University,

    Denmark)

  • Open-label study evaluating safety and early efficacy of LP-184 in advanced/metastatic urothelial carcinoma with PTGR1 positive and TC-NER/HR deficiency

  
  
  
  
  

  Phase 1b/2a

  Combination with

  Spironolactone

  Glioblastoma

  for Glioblastoma Recurrent

  $1+Bn

  Annual US

  market potential

  ~38

  Patients expected to

  be enrolled

• Granted FDA Fast Track Designation and Orphan Drug Designation for

  monotherapy of LP-184

• First recurrent Glioblastoma

• Simon 2-stage design

• 2 arms; IDHm and IDHwt

  Clinical Trial - The HarmonicTM Phase 2 Trial for LP-300

  A growing indication with limited treatment options

  
  
  

  NCT05456256

  
  
  

  • Result presented at the 66th Annual Meeting of the Japan Lung

    Cancer Society by Dr. Joseph Treat of Fox Chase Cancer Center

  • Enrollment completed in Japan

  • Webinar planned in December for additional information

  
  
  

  Trial Highlights

  • Completed Japanese patient cohort enrollment ahead of schedule at multiple clinical sites including the National Cancer Center in Tokyo

  • Patient showed durable complete response with survival

    continuing for nearly two years

  • Preliminary patient data and clinical readouts showed an 86%

    clinical benefit rate

    Primary Outcomes: Overall and progression free survival

    Announced preliminary patient data showing an 86% clinical benefit rate - Scan the QR code for the full initial result release

    
    
    

    LP-284 Highlights from NHL Clinical Trial & Potential New Indications

    Phase 1a trial for recurrent NHLs with scarce therapeutic options and potential in SLE / Lupus

    
    
    

    First-In-Human Trial for LP-284

    
    
    

    LP-284 + Rituximab: A Potential Next-Generation B-Cell Depleting Therapy for SLE

    Microalbumin

    CP

    (Cyclophosphamide)

    i

    Vehicl LP-284 CP

    Vehicl LP-284 CP

    e

    (Cyclophosphamide)

    e

    (Cyclophosphamide)

    • LP-284 reduced urinary microalbumin ~10x and B cells ~4x in an SLE mouse model

    • LP-284 + Rituximab combination further depletes B-lymphoma cells than alone.

    
    
    

    Highlights

  • Heavily pretreated patient with aggressive Grade 3 B-cell lymphoma (DLBCL) achieved a complete metabolic response

    Lupus slide wait

    ng for Kishor

  • Exploring LP-284 and Rituximab as an alternative to Cyclophosphamide (CP) and Methotrexate in Systemic Lupus Erythematosus (SLE)

  • Presented at the Lymphoma Leukemia and Myeloma Congress 2025

Check out the

poster now