On July 29, 2021 Lantern Pharma Inc. (NASDAQ: LTRN) ("Lantern"), a clinical stage biopharmaceutical company using its proprietary RADR artificial intelligence ("A.I.") platform to transform oncology drug discovery and development reported financial results for the second quarter ended June 30, 2021 (Press release, Lantern Pharma, JUL 29, 2021, View Source [SID1234585362]).
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"We are committed to bringing our pipeline of targeted cancer therapies to patients faster by utilizing our RADR A.I. platform and making continual advances in our portfolio," stated Panna Sharma, President and CEO of Lantern Pharma. "This past quarter we made significant advances in our LP-184 program in pancreatic cancer and in validating the role this potent molecule can play in being synthetically lethal in cancers with DNA repair deficiencies. This opens up opportunities for LP-184 in several additional cancers, such as bladder and ovarian, and as a potential combination agent with existing PARP inhibitors."
"With the recently announced reacquisition of LP-100 earlier this week, we will use insights from the LP-100 trial and investigators to assess further enrollment of the Phase 2 trial in Denmark and initiation of other studies where LP-100 can play a role as a potential cancer therapy. We believe this molecule has the potential to address a market of nearly $200 million in the U.S. and approximately $700 million globally."
Lantern is developing four drug candidates and an ADC program across eight disclosed indications, including:
LP-100 (Irofulven), in a Phase 2 trial for the treatment of metastatic castration resistant prostate cancer (mCRPC), which showed median overall survival (mOS) of 12.5 months in the initial 9 patients.
LP-300, a small molecule drug-candidate that is preparing to enter a Phase 2 trial as a combination therapy in never-smokers with non-small cell lung cancer (NSCLC).
LP-184, a small molecule DNA damaging candidate in preclinical development for genomically-defined pancreatic and bladder cancers, and potentially other cancers that overexpress PTGR1.
LP-184, additionally in brain cancers such as: glioblastoma multiforme (GBM), and atypical teratoid rhabdoid tumors (ATRT) and other undisclosed brain tumors.
LP-284, an alkylating agent that is preferentially active in hematologic cancers and works by blocking transcription of translocated fusion proteins required for survival of such cancers.
LP-A18 – an antibody drug conjugate (ADC) program that is in late stage discovery to optimize conjugation among known and commercially available antibodies, selected based on insights from RADR, with LP-184 or similar high-potency small molecules.
Second Quarter 2021 Financial Highlights
Balance Sheet: Cash, cash equivalents, and marketable securities were $79.6 million as of June 30, 2021, compared to $19.2 million as of December 31, 2020. The increase reflects $69.0 million of gross proceeds from our January 20, 2021 follow-on public offering.
R&D Expenses: Research and development expenses were $1,164,892 for the quarter ended June 30, 2021, compared to $157,023 for the quarter ended June 30, 2020. The increase was primarily attributable to increases in manufacturing related expenses, research study expenses, research team expenses, and research and development related stock option compensation expense of $115,761 (a non-cash item) for the quarter ended June 30, 2021.
G&A Expenses: General and administrative expenses were $1,314,201 for the quarter ended June 30, 2021, compared to $676,399 for the quarter ended June 30, 2020. The increase was primarily attributable to expenses associated with operating as a public company and general and administrative related stock option compensation expense of $129,923 (a non-cash item) for the quarter ended June 30, 2021.
Net Loss: Net loss was $2,316,481 for the quarter ended June 30, 2021, or $0.21 per share, compared to a net loss of $833,422 for the quarter ended June 30, 2020, or $0.31 per share. The net loss for the quarter ended June 30, 2021 included $47,889 in interest income and $114,723 in other income, net, primarily attributable to a gain on loan forgiveness of Lantern’s PPP loan. The net losses include non-cash expenses related to employee stock options of $245,684 for the quarter ended June 30, 2021.
Mr. Sharma continued, "We remain steadfast in building Lantern into a best-of-breed biopharmaceutical company that blends insights from our RADR A.I. platform with the experience and expertise of our research team and a roster of collaborations with world-renowned cancer research institutions. Machine learning enabled identification and validation of molecular drivers of cancer provides the potential for more targeted and more effective oncology therapies. We are confident that our portfolio of genetically targeted oncology drug candidates can deliver significant enduring value for our shareholders."
Expected Upcoming Milestones
Clinical trial site selection for LP-300 Phase 2 trial aimed at never-smokers with NSCLC.
Data from first phase of the collaboration in GBM (Glioblastoma multiforme) with The Brain Cancer Program at Johns Hopkins University with LP-184.
Preclinical data from ATRT (atypical teratoid rhabdoid tumors) studies — an ultra rare brain cancer — also in collaboration with Johns Hopkins University with LP-184.
Additional details regarding the research collaboration in pancreatic cancer with Fox Chase Cancer Center, including data regarding efficacy in comparison with other targeted therapeutics.
Additional detailed data from the existing Phase 2 clinical trial with LP-100 that showed a median overall survival of 12.5 months for the initial 9 metastatic, castration-resistant prostate cancer patients.
Collaborations with leading research and academic centers and companies that advance our platform and our portfolio.
Data on the initial targeted indications for LP-284.
Details on the designs, efficacy and disease targets of the ADC program.
Conference Call
Toll-free US and Canada: 800–791–4813 – conference ID# 20284
International: 785–424–1102 – conference ID# 20284
Replay Number: 1-800-839–5642, no passcode — available through 11:59 pm ET on August 29, 2021.
Webcast
Live webcast will be available at: Lantern Pharma 2Q21 Earnings Call Webcast
The webcast will be archived on View Source through 11:59 pm ET on August 29, 2021.