Q3 2025 Lantern Pharma Inc Earnings Call

Speaker #1: You have joined the meeting as an attendee and will be muted throughout the meeting.

Speaker #2: And And all attendees are in a listen-only mode. We will open the call for questions and answers after our management's presentation: a webcast replay of today's conference call will be available on our website at lanternpharma.com shortly after the call.

Speaker #2: We issued a press release before the market opened today. Summarizing our financial results and progress across the company for the third quarter. Ended September 30, 2025.

Speaker #2: A copy of this release is available through our website at lanternpharma.com, where you will also find a link to the slides that management will be referencing on today's call.

Speaker #2: We would like to remind everyone that remarks about future expectations, performance, estimates, and prospects constitute forward-looking statements for purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995.

Speaker #2: Lantern Pharma cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated. A number of factors could cause actual results to differ materially from those indicated by forward-looking statements, including results of clinical trials and the impact of competition.

Speaker #2: factors that could cause actual results to differ materially from those in the Additional information concerning forward-looking statements can be found in our annual report on Form 10-K for the year ended December 31, 2024.

Speaker #2: Which is on file with the SEC and available on our website. Forward-looking statements made on this conference call are, as of today, November 13, 2025, and Lantern Pharma does not intend to update any of these forward-looking statements to reflect events from circumstances that occur after today unless required by law.

Speaker #2: The webcast replay of the conference call and webinar will be available on Lantern's website. On today's webcast, we have Lantern Pharma CEO, Panna Sharma, and CFO David Margrave.

Speaker #2: Panna will start things off with introductions and an overview of Lantern's strategy and business model, and highlight recent achievements in our operations, after which David will discuss our financial results.

Speaker #2: This will be followed by some concluding comments from Panna, and then we'll open the call for Q&A. I'd now like to turn the call over to Panna Sharma, President and CEO of Lantern Pharma Panna.

Speaker #2: Please go

Speaker #2: ahead. Good morning,

Speaker #3: everyone, and thank you for joining us to hear about our third quarter 2025 results and corporate progress. As many of you have heard me say in the past, computational and AI-driven approaches are increasing their presence and usage at both large and emerging pharma companies.

Speaker #3: For all facets of drug discovery and development, Lantern's leadership in the innovative, efficient, and pragmatic use of AI and machine learning to transform the process of developing precision oncology therapies should yield significant returns for investors and for patients as our industry matures and adopts an AI-centric, data-first approach to drug development.

Speaker #3: This past quarter has been transformative in many respects for Lantern Pharma. A quarter where we have met many clinical, regulatory, and validation milestones. And we have also significantly advanced the commercial availability and launch of our AI modules.

Speaker #3: The third quarter of 2025 represents a pivotal inflection point for Lantern Pharma. We've made significant advancements across our clinical stage portfolio, while simultaneously expanding the capabilities of our proprietary AI platform, Radar.

Speaker #3: And we've also set up the future of our CNS-focused subsidiary, Starlight Therapeutics. These achievements position us well for multiple value-creating catalysts in the coming quarters and years.

Speaker #3: Let me share with you some of the more notable achievements this past quarter. Let me start with what I believe is our most significant milestone to date clinically.

Speaker #3: Our LP184 Phase 1A clinical trial successfully achieved all primary endpoints, demonstrating a 48% clinical benefit rate in a valuable cancer patient who received doses at or above the therapeutic threshold.

Speaker #3: What's particularly exciting is that we observed marked tumor reductions in patients harboring DNA-damaged repair mutations. Specifically, in CHEP2 ATM and STK11 KIAP1 AI-driven precision medicine approach and the hypothesis of synthetic lethality and DNA-damaged repair that guided this program from the start.

Speaker #3: On the regulatory front, we completed a productive FDA-type C meeting for our subsidiary, Starlight Therapeutics, a company focused entirely on CNS cancers. The agency provided clear guidance and pathway clarity for our planned pediatric CNS cancer trial targeting an ATRT.

Speaker #3: Importantly, the FDA confirmed our strategy to ultra-rare brain cancer, combine LP184, which we will call Star 111 in this indication, with spironolactone based on our preclinical synergy data.

Speaker #3: We also made important progress across our broader pipeline. Preliminary Phase 2 data from our LP300 66th annual meeting of the harmonic trial were presented at the Japan Lung Cancer Society.

Speaker #3: For plenty of more comprehensive data update via webinars this December. For LP284, our non-Hodgkin's lymphoma program, we showcased clinical data at the 25th annual Lymphoma Leukemia and Myeloma Congress.

Speaker #3: presentation generated interest from The both biopharma companies and clinical investigators and we've initiated several discussions around combination therapy opportunities. Building on the Phase 1A results from LP184, we're now positioned to advance LP184 into multiple targeted Phase 1B, Phase 2 trials.

Speaker #3: Our precision biomarker-driven strategy will focus on four high-value indications. Triple-negative breast cancer, non-small cell lung cancer with KIAP1 or STK mutations, bladder cancer with DNA repair deficiencies, and first recurrent GBM.

Speaker #3: Collectively, these indications represent a combined annual market potential exceeding 7 billion. To provide additional insight into the LP184 data, and our development plans, we're hosting a KOL-led scientific webinar on November 20th at 4:30 Eastern.

Speaker #3: Dr. Igor Astrusarov from Fox Chase Cancer Center will join us to discuss the clinical results and what they mean for the future of this program.

Speaker #3: Beyond our clinical programs, we demonstrated the commercial readiness of our Radar AI platform at the inaugural AI for Biology and Medicine Symposium. We showcased several platform modules as deployable, highly scalable, web-accessible AI tools that can be licensed to biopharma partners and research centers.

Speaker #3: It's an important step in our strategy to monetize the technology that powers our drug discovery efforts. Finally, I want to emphasize our continued commitment to discipline capital management.

Speaker #3: As of September 30th, we had approximately $12.4 million in cash, cash equivalents, and marketable securities. Based on our current operating plans, we expect this to provide runway into approximately the third quarter of 2026.

Speaker #3: Before we turn to the financials, let me provide some color and details around our programs, both our drug programs and our growing program of AI modules which we believe have the market potential of several hundred million on their own as AI tools and services.

Speaker #3: First, some context. On the Phase 1A trial, this is a first in human study that enrolled 63 patients, a fairly large number given that we started at a very low dose and escalated upwards.

Speaker #3: This was an advanced solid tumors who had exhausted all standard treatment options, which is fairly normal for Phase 1 studies. These were heavily pretreated cancers, oftentimes in very difficult to treat tumors.

Speaker #3: The trial, which you can find on clinicaltrials.gov, as NCT-059-33265, successfully met all of its primary endpoints. The headline number that I want you to focus on is this: we observed clinical benefit in 48% of a valuable patients who were treated at or above the therapeutic dose threshold.

Speaker #3: In a Phase 1A trial and heavily pretreated patients with advanced disease, that's a unique and promising signal of activity. But what's even more compelling is where we saw that activity.

Speaker #3: The data validated our core hypothesis about synthetic lethality. Patients whose tumors harbor specific DNA damage repair mutations, particularly in CHEK2, ATM, and also STK11 and actually also BRCA, showed marked tumor reductions.

Speaker #3: This is what exactly what our radar platform predicted. Well before starting this trial. And seeing it play out in actual patients is tremendously validating, but also very uplifting for our team where we can see how AI is being used for good and having a real-world impact on improving and changing outcomes.

Speaker #3: For us, this also gives us a very clear safety standpoint. LP184 demonstrated a favorable profile with minimal dose-limiting toxicities. This is critical because it gives us flexibility.

Speaker #3: We can now pursue both monotherapy approaches and combinations with agents that we have identified as synergistic such as PARP inhibitors and immunotherapy. Also, spironolactone.

Speaker #3: Both these all have been predicted through our AI platform, again, as I note before the trials even began. Let me give you a few clinical examples that really illustrate the potential here.

Speaker #3: In recurrent GBM, one of the most aggressive treatment-resistant cancers, two out of 16 patients showed disease stabilization despite prior exposure to multiple therapies such as TMZ, Lumastine, and radiation.

Speaker #3: In GBM, as you will learn during our webinar on the 20th, we had the flexibility to modulate and enhance the efficacy of LP184 by a factor of three to six X, a potentially game-changing improvement.

Speaker #3: Even more encouraging, two patients at our dose level 10 have now maintained disease control for over eight months and remain on treatment today. This is much more durable than has been expected for most Phase 1 studies.

Speaker #3: We also saw durable clinical benefit in other notoriously difficult tumor types. Gastrointestinal stromal tumors and thymic carcinoma. These aren't common cancers, but they're devastating when they occur and options are extremely limited.

Speaker #3: Our work in these rare cancers has also encouraged us to double down on our desire to transform the world of rare cancers and develop an open access tool for rare cancer drug development, codenamed WIDZETA, which I'll talk about a little later this morning.

Speaker #3: Transitioning to clinical expansion. So the obvious question is this: what do we do with these results? And this is where our AI-driven development strategy really shines and demonstrates its value.

Speaker #3: Rather than pursuing a traditional broad Phase 2 basket-type trial, we're taking a precision medicine approach. We're positioning to launch in four targeted Phase 1B, Phase 2 trials.

Speaker #3: Each one focused on a specific biomarker-defined patient population. Where LP184 has the highest probability of success and the best synergy agent for that particular tumor indication.

Speaker #3: One of these trials in Denmark in recurrent advanced bladder cancer is an investigator-led study. We have made this molecule into a portfolio of opportunities using data and precision oncology approaches.

Speaker #3: So let me walk through these quickly. The first one is in triple-negative breast cancer. It's our largest market opportunity. Almost $4 billion. We're pursuing two parallel approaches, one in monotherapy with DNA-repair gene mutations and a combination study with a PARP inhibitor elaborate specifically in BRCA-mutated patients.

Speaker #3: We've already received FDA fast-track designation which we'll expedite our development timeline. We expect to enroll approximately 60 patients across both arms upon full enrollment.

Speaker #3: Second, non-small cell lung cancer with KIAP1 or STK11 mutations. This is a genetically defined subset of lung cancer who typically have very poor responses to immunotherapy.

Speaker #3: We're combining LP184 with nivolumumab and ipilimumab, two checkpoint inhibitors in patients with low PD-L1 expression. This represents we believe just in the US close to 2 billion and probably closer to 3 plus billion globally.

Speaker #3: Again, we have an FDA fast-track designation submission in process, and this trial will enroll approximately 34 patients. Third, an investigator-led trial in bladder cancer, recurrent advanced bladder cancer.

Speaker #3: This is being led by Dr. Papot at Riggs Hospital in Denmark. It's focused on patients with advanced urothelial carcinoma who have specific markers indicating DNA-repair deficiency that represents we believe about a 500 million plus global market opportunity and we expect to enroll about 39 patients.

Speaker #3: Finally, first recurrent GBM which we're pursuing through Starlight Therapeutics here we're combining LP184 which we will call Star 111 in CNS indications with spironolactone.

Speaker #3: This combination showed synergistic activity in our preclinical models with both FDA fast-track and orphan drug designation for this indication. This trial will use a Simon two-stage design with two separate arms based on IDH mutation status.

Speaker #3: We expect to enroll about 38 to 40 patients and represents what we believe is about a billion dollars in US market and probably closer to 2 billion globally.

Speaker #3: When you add up these indications, they represent a combined market opportunity exceeding 7 billion and critically, each trial is designed with biomarker-driven enrollment criteria that increase our probability of success.

Speaker #3: In fact, as you've probably heard me say in the past, biomarker-driven cancer trials increase the success by 4 to 12 X. Now, rather than pursuing a broad basket-like development, we're taking a very directed approach, investing our resources exclusively in patient populations where the Phase 1 data and our AI-driven radar insights predict meaningful clinical benefit and where there is real commercial opportunity in patient need.

Speaker #3: This is precision oncology at its best, using AI to identify the right patients in the right indications with the right combination drugs. And it all flows directly from what we learned in the Phase 1A trial which was also heavily supported and predicted by the in silico AI work of our team and with multiple publications prior to that.

Speaker #3: Now, let me turn to our LP300 program and the harmonic trial which addresses a significant throwing need in lung cancer for lung cancer in never smokers that have progressed after treatment with TKIs.

Speaker #3: This is an important distinction. In Asia, never smokers represent 33 to 40% of all cases. Compared only about 15 to 16% in the US and Europe.

Speaker #3: This demographic reason is one of the reasons why we expanded this trial into Japan, in Taiwan. It gives us access to the patient population and it gives access to pharmas who want to develop therapies for this population.

Speaker #3: The market opportunity here is substantial globally, approaching $4 billion annually and there are no current therapies approved for this patient population but it is a space that more companies are interested in and are developing interested and are developing interest and are trying to approach it with various targeted combination opportunities.

Speaker #3: There's a real white space here that we're going after and a potential even to get to an earlier line of treatment. We completed enrollment in Japan this past quarter at five clinical sites and we presented data at the 66th annual meeting in the Japan Lung Cancer Society which was presented by Dr. Jonathan Dowell from UT Southwest.

Speaker #3: Now, the preliminary data from this trial which we've already shared publicly showed 86% clinical benefit rate which is very encouraging and we have one patient who has demonstrated a durable complete response with survival continuing for nearly two years, a remarkable outcome.

Speaker #3: I think we have another patient who is now approaching a year. Now, we're planning a more comprehensive webinar in December before the year closes, where we'll present additional patient follow-up data and clinical readouts from both the Asian and U.S. cohorts.

Speaker #3: This will give us an opportunity to discuss the data in much greater depth and provide regulatory strategy insight and positioning moving forward. I should also mention that during the third quarter we made a strategic change in our clinical operations in Asia.

Speaker #3: We transitioned our CRO services in Taiwan with a specific focus on cost reduction and operational efficiency. In Japan, we supplemented our team by bringing more activity in-house.

Speaker #3: This is part of a broader commitment to discipline capital management and efficiency while maintaining the quality and integrity of the trial. The strategic positioning of harmonic also opens doors for potential regional partnerships in Asia and co-development opportunities where the never smoker population is most prevalent.

Speaker #3: Now, let me turn to LP284, our program targeting recurrent non-Hodgkin's lymphoma. Which generated has generated interest from clinical communities and also from biopharma. To approach combination approaches.

Speaker #3: This is our first in-human trial for LP284, which we expect to enroll about 30 to 35 patients with aggressive recurrent non-Hodgkin's lymphoma, including mantle cell and high-grade B-cell, where we have orphan indications for both.

Speaker #3: This represents a global market opportunity of 3 billion and with patients who have failed multiple prior lines of therapy and have very limited options.

Speaker #3: In fact, in October, excuse me, we presented clinical data from this ongoing trial at the 25th annual lymphoma leukemia myeloma congress in New York City.

Speaker #3: The cornerstone of that presentation was a heavily pretreated patient with aggressive grade 3 B-cell lymphoma, specifically DLBCL, who had exhausted standard therapies. We saw a complete metabolic response with LP284 as monotherapy after two doses.

Speaker #3: Two cycles. This is exactly the kind of signal we're hoping to see and validates many of our preclinical hypotheses for this drug. It also validates the mechanistic insight and we saw complete metabolic response and the lesions around the hips and spine completely went away.

Speaker #3: This patient is now remained cancer-free since we initially reported this result in July in Q2 of this year. LP284 has a novel mechanism of action.

Speaker #3: It demonstrates particular lethality in cells of DDR, a targetable vulnerability that's common in non-Hodgkin's lymphoma. This mechanistic differentiation is what's driving interest from partners.

Speaker #3: Now, following this presentation, we've started discussions with investigators and companies around opportunities for combination therapy development with existing FDA-approved agents post-immunotherapy treatment strategies and leveraging the 284 mechanism where current therapies are failing.

Speaker #3: Especially in what's exciting indications beyond lymphoma. Based on preclinical data we're evaluating 284 and rituximab as a potential alternative to cyclophosphamide and methotrexate in lupus systemic lupus SLE.

Speaker #3: Our preclinical models showed that 284 reduced urinary microalbumin and kidney damage, which is a key marker of kidney damage in lupus by approximately tenfold and depleted B cells by fourfold.

Speaker #3: When combined with rituximab. We saw even greater B cell depletion when both agents were used together. This suggests LP284 could become a next generation B cell depleting therapy in a number of autoimmune diseases which would dramatically expand the commercial opportunity for this asset.

Speaker #3: LP284 also benefits from strong intellectual property protection. We have composition matter patents granted in US, Europe, Japan, India, Mexico, providing exclusivity through at least 2039.

Speaker #3: The molecule as I mentioned also has orphan drug designation in mantle cell and high-grade B cell lymphomas. We're now focused on recruiting additional sites with a focus on non-Hodgkin's lymphoma and high-grade B cell lymphomas.

Speaker #3: Momentum we're seeing with LP284 both clinically and in terms of partner interest reinforces our view that this asset has significant opportunity both standalone as a wholly-owned program or as part of a strategic collaboration.

Speaker #3: And we're very open to those discussions, both again in combination in non-Hodgkin's or in other autoimmune categories. Now, transitioning to our AI platform discussion.

Speaker #3: As I mentioned earlier, I want to shift gears and talk about what I believe is an increasingly important value driver for Lantern, our radar AI platform and the commercial opportunities it represents independent of our drug development programs.

Speaker #3: For those less familiar with radar, it's a proprietary AI and machine learning platform and it's not just a tool we use internally, it's now a commercial asset with its own revenue potential which is growing.

Speaker #3: The platform has demonstrated over 80% prediction success across multiple use cases and now it's been validated in national clinical trials through programs like LP184, LP284, and also with Actuate Therapeutics.

Speaker #3: In all cases, it's correctly predicted biomarker responses and in many cases combination synergies where before we've even actually enrolled a patient. We've developed eight distinct AI-powered modules that address critical pain points in oncology drug development and we've developed cases for these pain points which are now developing into modules for the broader drug development community.

Speaker #3: In October, we showcased the commercial readiness of two radar modules at the inaugural AI biology and medicine symposium we demonstrated that our AI platform PredictBBB achieves a 94% accuracy for BBB permeability prediction and can screen 200,000 molecular candidates in under a week.

Speaker #3: To put that in context, our algorithms currently hold five of the top 11 positions on the therapeutic data commons and that's a best-in-class performance.

Speaker #3: We also presented our LBX AI liquid biopsy platform which is achieving 86 to 90% accuracy in predicting treatment response initially in non-small cell lung cancer which will be very useful for us and now we're extending it through collaborations with research centers into other indications as well.

Speaker #3: Both of these opportunities we believe are significant blood-brain barrier technology market alone is predicted to be close to a billion dollars and when you consider very few percentage two to six percent of the molecules actually cross the BBB there is a need for better predictive tools one that don't take weeks or months and end up destroying animals so the need there is obvious and urgent.

Speaker #3: The interesting thing with the PredictBBB is that I also gives us access to a lot of other molecular characteristics of that compound. And we can predict a lot of other drug-like features that are important both for drug manufacturing and also predicting potential drug activity once delivered internally.

Speaker #3: Now let me introduce Zeta. It's our multi-agentic AI platform for rare cancers. Very excited about this and what connects directly to our experience with both LP184 and 284 and rare tumors like gastrointestinal and thymic carcinoma it's our newest initiative we're calling it with Zeta.

Speaker #3: It's a multi-agentic co-scientist. Now, here's the fundamental challenge. In rare cancer research and drug development, which often comes after molecules developed and often comes much later, the critical insights in rare.

Speaker #1: options And for a patient with a rare sarcoma or a rare pediatric brain , has to tumor manually search through clinical trial databases .

Speaker #1: PubMed genomic databases , drug interaction databases , molecular feature databases . Its fragmented consuming and inevitably incomplete for drug developers . This fragmentation slows increases costs , and often means discovery , that promising connections between existing molecules or indications and rare cancer vulnerabilities are simply never found or never pursued What zeta .

Speaker #1: agentic AI system . Think of it as . A scientist that addresses this problem head on , or actually a series of scientists .

Speaker #1: We've integrated , curated rare cancer databases and ontologies across 500,000 clinical trials , 250,000 publications with over 1.2 million knowledge objects into an agentic large language model architecture that uses recursive reasoning loops to transform fragmented biomedical knowledge and insights into an interconnected investigational platform and it interacts with you in plain English .

Speaker #1: So it's an AI system that thinks like a scientist connects dots across disparate data sources and can answer complex questions in minutes about rare cancers .

Speaker #1: These are things that would otherwise take researchers weeks or months to investigate manually . into more of We'll dig the details about Zeta in the coming days , and we'll have more information as .

Speaker #1: But the key is that it will help you design and improve and optimize molecules that can target vulnerabilities or mechanisms across these hundreds of rare cancers .

Speaker #1: So you can ask questions to Zeta like what existing molecules with blood brain or existing molecules with blood brain barrier penetration have shown activity against mutations commonly found in a pediatric specific brain tumor .

Speaker #1: And it'll search reason and provide evidence based answers with citations . And you'll be able to have it quickly pick potential combination regimens as well for that rare cancer benchmarked against successful and not successful trials across drug classes that you can help Zeta understand , and it can actually also predict potential subtypes of that efficacy in rare cancer and give you considerations that can then be taken to the lab from an industry and business value perspective .

Speaker #1: Zeta several delivers things speed , smarter decision making , novel discovery , and potential for improved patient outcomes . Faster and most importantly , massive cost and time savings across the cancer rare drug development cycle .

Speaker #1: I'd like to think about with Zeta strategically , is that we're positioning Lantern as a unified team with AI , scientists always available , always updated for rare cancer research and drug development .

Speaker #1: A unified AI interface for complex , scattered data and models that accelerates and improves novel therapy , discovery and trial design . This is a tool can shorten that development timelines by months and years , particularly in rare cancers where that data is sparse and every delay means challenges and time and lives lost .

Speaker #1: By making Zeta available to researchers and clinicians over the next month, we will establish Lantern as a central hub for rare cancer drug development and insights.

Speaker #1: This creates network effects , brings more users and data into our ecosystem , and positions us as a trusted partner . When those researchers need to take the next step , whether it's pre-clinical development , biomarker validation , clinical trial design or co-development .

Speaker #1: Now, let me briefly discuss how we're scaling our AI infrastructure to support Zeta and Radar's continued expansion. We're establishing dedicated machine learning and data engineering teams in India, which will allow us to double or triple our technical team size while maintaining our current cost structure.

Speaker #1: This gives us round the clock development capabilities , access to world class machine learning talent , and reduced costs , and the scalability to support multiple drug programs and additional biopharma partnerships simultaneously .

Speaker #1: When you connect the dots , our clinically validated radar platform , the commercial ready modules are deploying . And with Zeta positions us as a hub for not only rare cancer , but cancer drug development and the infrastructure to scale .

Speaker #1: Now , we believe our AI tools and services in the future can represent several hundred million dollars in standalone market potential and will attract a lot of interest .

Speaker #1: broader big tech The community , but most importantly , lower the risks and costs associated with creating cancer drugs . And that's a very powerful compliment to our drug development strategy .

Speaker #1: Now , I'll turn it over the call to our CFO , David Margrave , who will provide details on our financial results for the quarter .

Speaker #1: Thank you . And good morning , everyone . I'll now share some financial highlights from our third quarter ended September 30th , 2025 .

Speaker #1: Our R&D expenses were approximately $2.4 million for the third quarter of 25 , down from approximately $3.7 million for the third quarter of 2020 .

Speaker #1: For the decrease was primarily due to decreases in research study and materials expenses relating to the conduct and support of clinical trials , as well as decreases in consulting expenses and in payroll and compensation .

Speaker #2: Expenses . Our general and administrative expenses were approximately $1.9 million for the third quarter of 2025 , compared to approximately $1.5 million in the prior year period .

Speaker #2: The increase was primarily attributable to increases in business development and investor relations expenditures well as increases in , as other professional fees and increases in patent costs .

Speaker #2: We recorded a net loss of approximately $4.2 million for the third quarter of 2025 , or $0.39 per share , compared to a net loss of approximately $4.5 million , or $0.42 per share , for the third quarter of 2020 .

Speaker #2: For our cash position , which includes cash equivalents and marketable securities , was approximately $12.4 million as of September 30th , 2025 . We believe our cash , cash equivalents and marketable on securities hand as of the date of this earnings call will enable us to fund our anticipated operating expenses and capital expenditures , expenditure requirements into approximately Q3 2026 .

Speaker #2: We will need substantial additional funding in the near future , and one of our key objectives is to pursue additional funding opportunities . In July of this year , we entered into an sales ATM agreement with Fink Equity as sales agent , pursuant to which offer Lantern may sell and up to $15.53 million of its common stock from time to time in at the market offerings , to or through our sales agent .

Speaker #2: During the quarter ended September 30th , 2025 , we sold 212,444 shares of common stock under the ATM for gross proceeds of approximately 989,000 between October 1st , 2025 and the date of this earnings call .

Speaker #2: We sold an additional 144,204 shares of common stock under the ATM for gross proceeds of approximately $634,000 . As of September 30th , 2025 , we had 11,040,219 shares of common stock outstanding with outstanding options to purchase 1,218,828 shares no warrants outstanding .

Speaker #2: These outstanding options, combined with our outstanding shares of common stock, give us total fully diluted shares outstanding of approximately 12.26 million shares as of September 30th.

Speaker #2: And now I'll cover some near-term milestones that we think will accelerate value for investors. These are several value-creating catalysts that we see in the near future.

Speaker #2: the In immediate near term , in this November . And talked about this earlier , and we're very excited about this discussion next week , November 20th at 4:30 p.m.

Speaker #2: eastern . We're going to have a coal hosted scientific webinar on LP 184 , phase one , a details from the clinical study and Clinical Development Strategy in December of this year , we'll be giving for LP 300 , an interim patient follow up .

Speaker #2: or And additional clinical data . And then also in this upcoming quarter will be continued discussing commercial developments for the AI platform modules , including the multi system that discussed about with Zeta for rare cancer .

Speaker #2: And I'll now turn things back to Pana for some closing remarks . Thanks , David .

Speaker #1: As you know , we've had a number of catalysts objectives and that continue into 26 , which you can see slide , but on the we'll be talking about those in follow up meetings with investors as well , by .

Speaker #1: But as you integrating can see our AI capabilities in them and bringing to the public , we're not just better tools , building we're actually fundamentally reimagining what's possible in precision oncology , an era that I call the golden age of AI .

Speaker #1: medicine . As we And advance into 2026 , we're laser focused on executing our dual engine strategy . We've got really two powerful the engines in company .

Speaker #1: One is the ability to generate new molecules that are precise and focused on very unique cancers. And the second engine is the engine of our AI platform that we're now ready to commercialize and make available.

Speaker #1: So we're advancing our clinical assets while simultaneously scaling our platform for commercial deployment want to . So I thank our exceptional team , our partners and our shareholders for their continued support .

Speaker #1: Together , we're lighting the way toward precision oncology solutions , solutions that improve can cancer outcomes for patients . While very importantly , transforming the economics of drug development .

Speaker #1: With that, I’d like to open the call to questions and also thank our team for helping to prepare us for these calls and for preparing the content.

Speaker #1: So with a question in about tracking toward an interim event analysis for LP 300 trial at the December we do not webinar , believe will be at the 31 events , which is good news because that's means that coming are off of the trial .

Speaker #1: So the positive news is the patients are on the trial longer , but we will report out data , clinical data and insights that have resulted .

Speaker #1: expect 31 events We right now . We're tracking to be sometime in early 26 , which we think is actually a positive , very positive news .

Speaker #1: We do expect to see the Denmark trial. There's a Denmark trial question for the... That has now been approved. IRBs are set.

Speaker #1: Project manager has been assigned to expect that to start sometime , either in late early January December or one site , which is investigator led in Denmark .

Speaker #1: Another question is that we've guided an for IND submission for the pediatric program . Yes . Now the FDA is kind of CNS back in business and looking and reviewing new INDs .

Speaker #1: We're already prepared to submit that and expect that to happen here in the submission next few weeks . In terms of when we anticipate initial patient dosing , hard to say .

Speaker #1: already We're beginning discussions with sites , but I expect that to be sometime in 26 . question about There's a the with Zeta portion of our AI early platform .

Speaker #1: We will have additional news next week on Zeta , which is very exciting . Like most software , you know , we expect the early rollout to be interesting and bumpy .

Speaker #1: We'll learn a lot from it . We've already begun using it internally . In this we'll next fact , week , but we've got a number of really exciting programs that have already been designed and are now being tested as a result of with Zeta , but it'll be available at select demo to collaborators and select partners .

Speaker #1: And so December will be a lot of demo and learning broader and rollout throughout January and February and Q1 . Next question is for 184 .

Speaker #1: Yes. For the indications, we do plan on figuring out what is the best of those indications, where we're getting the biggest impact, and move that into larger scale trials, ideally with partners.

Speaker #1: As I mentioned , Boris , all those indications are very exciting indications and we've had interest from pharma companies . Of course , they want to see some of the early phase one , phase two data , but all of those are potentially partner .

Speaker #1: Next question is Zeta. Yes, Zeta was initially developed as a combination of our internal efforts to develop drugs, initially 184 and 284 for rare cancers.

Speaker #1: We wanted to go after categories where there was no approved categories . There was high need therapy categories where we thought the mechanism would work and could be exploited as we did and we that gathered information about some of these cancers , we said , we can well , do it for all rare cancers .

Speaker #1: There's no tool out there . when we talk to other rare cancer experts , many cancers were pursuing , it was scattered . Papers were hard to get , hard to get in front of experts , hard to get data .

Speaker #1: Trials were oftentimes too long , standards of and care took way changed . often Or the the best drug often changed . And we said , this is part of the frustration in these cancers .

Speaker #1: And that's why they take time and too much money . What if you actually have one then train source and that source to think in a way that a drug developer thinks ?

Speaker #1: So , yes , it was an internal effort , and now it's going to be a front facing natural language interface tool . And I'm happy to give you , Boris , if you'd like at it .

Speaker #1: a peek And even early demo . provide that to Happy to you . question on the start . One trial design for pediatric brain tumors .

Speaker #1: Yes , I do believe that the trial design allows for other inclusion of pediatric high grade gliomas . Yes , we designed it to allow for that , including specifically diffuse midline gliomas .

Speaker #1: Okay . If there are no further questions , I want to thank everyone for joining . And very importantly , for listening in .

Speaker #1: This morning . We know it's a a little past the market open . So appreciate you all of staying online . Thank you very much for your time appreciate and I everyone's effort .

Speaker #1: And also more importantly , your support as Lantern Pharma continues to transform drug development in oncology .