LTRN
Lantern Pharma Inc.
Next earnings Aug 11, 2026 · consensus $-0.39 EPS
Last earnings +0.3% on 2026-05-15
$3.97
▼ -2.46%$3.97▲ +24.45%
over 1Y
L $1.12H $5.32
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-2.5%
1W+8.2%
1M+6.1%
3M+145.1%
YTD+27.7%
1Y+24.5%
Avoid
Conviction
Horizon
Short (<3mo)
Street · 7 analysts
Buy
Pre-revenue oncology biotech with a ~2-month cash runway and imminent, dilutive raise — a financing cliff, not an investment.
Cash & equivalents $4.42M · FY2025
Lantern is an AI-driven, clinical-stage oncology shop (RADR platform; LP-300/LP-184/LP-284 plus the new withZeta.ai and an ADC program) with zero product revenue and five straight years of losses (-$12.4M → -$14.3M → -$16.0M → -$20.8M → -$17.1M). The FY2025 loss narrowed modestly to -$17.1M and R&D was cut 28.6% to $11.5M, but that improvement is a symptom of retrenchment, not durable progress — you don't win a drug race by spending less. With no revenue, every metric that matters here is on the balance sheet, and the balance sheet is failing.
The decisive fact comes straight from the 10-K: management states existing cash, equivalents and marketable securities fund operations only 'until at least approximately late July 2026 to mid September 2026.' As of today (2026-07-03) that is a runway of roughly two to ten weeks. Cash & equivalents ended FY2025 at just $4.42M (down 41.1%), total assets collapsed 56.8% to $11.0M, and stockholders' equity fell 69.2% to $6.53M against an accumulated deficit of -$93.1M. The filing is explicit that the company 'will need substantial additional funding in the near future,' has 'no committed external source of funds,' and that financing 'may not be available on acceptable terms, or at all.' Operating cash burn was -$15.7M in FY2025 — more than 3x the cash on hand.
Is LTRN a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~30d expiry
- Long put 4 @ ~0.35 est
- Short put 3.5 @ ~0.13 est
debit $22max +$28max −$22BE 3.78
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | -$12.6M | -$14.4M | -$17.9M | -$22.2M | -$18.0M |
| Net income | -$12.4M | -$14.3M | -$16.0M | -$20.8M | -$17.1M |
| Diluted EPS | — | -$1.31 | -$1.47 | -$1.93 | -$1.57 |
| Net margin | — | — | — | — | — |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$46.2M
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-33.8%
FCF yield-31.0%
Quality & risk
ROIC (est.)-217.4%
Free cash flow-$15.7M
Total debt—
Net cash$4.42M
Piotroski F-Score1/6
Capital returns
Buyback yield1.0%
Dividend yield (est.)—
Shareholder yield1.0%
Shares Δ YoY+4.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- S-1 Securities registration2026-06-12
Filed S-1 to register new securities — signals imminent dilutive capital raise
- 8-K Reg FD disclosure2026-06-02
Reg FD disclosure w/ exhibit — likely program/pipeline update or investor materials
- 8-K Earnings results2026-05-15
Q1'26 10-Q: ongoing losses, ~$4M cash, runway only to late-Jul/mid-Sep 2026
- 10-Q Quarterly report2026-05-15
Q1'26 10-Q: ongoing losses, ~$4M cash, runway only to late-Jul/mid-Sep 2026
- 8-K Material agreement2026-05-14
Signed financing deal + unregistered equity sale — dilutive raise to extend runway
- 10-K/A Restated periodic report2026-04-30
10-K amendment (Part III/proxy items); no new financial impact
- 8-K Reg FD disclosure2026-04-10
Reg FD disclosure — clinical/corporate update, no financials
- 8-K Earnings results2026-03-30
FY2025 10-K: loss -$17.1M, cash $4.4M, going-concern funding gap flagged
- 10-K Annual report2026-03-30
FY2025 10-K: loss -$17.1M, cash $4.4M, going-concern funding gap flagged
Recent filings
all on EDGAR ↗EFFECTFiling2026-06-18open ↗S-1Filing2026-06-12open ↗8-KPeriod ending 2026-06-012026-06-02open ↗DFiling2026-05-21open ↗SCHEDULE 13D/AFiling2026-05-15open ↗8-KPeriod ending 2026-05-152026-05-15open ↗10-QPeriod ending 2026-03-312026-05-15open ↗8-KPeriod ending 2026-05-122026-05-14open ↗4Period ending 2026-05-122026-05-14open ↗4Period ending 2026-05-122026-05-14open ↗424B5Filing2026-05-14open ↗10-K/APeriod ending 2025-12-312026-04-30open ↗
Frequently asked
- Is Lantern Pharma Inc. (LTRN) a buy?
- LTRN currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. Pre-revenue oncology biotech with a ~2-month cash runway and imminent, dilutive raise — a financing cliff, not an investment.
- What is Lantern Pharma Inc.'s quality score?
- LTRN scores 55.84139537264537/100 (grade C) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001763950, latest 10-Q filed 2026-05-15) · EODHD · Proprietary analysis · as of 7/4/2026, 3:32:17 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 11:32 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.