Lantern Pharma Inc. reported financial results for the second quarter ended June 30, 2026, announcing a net loss of $7.1 million ($0.57 per share) and an operating loss of $3.5 million, which decreased approximately 25% year over year. The company holds $7.4 million in cash and marketable securities following a registered direct offering that raised $4.4 million in May 2026. Clinically, the HARMONIC trial for LP-300 showed median progression-free survival of 8.9 months in EGFR exon 21 L858R patients completing six cycles, prompting FDA-reviewed protocol amendments to focus enrollment on this subgroup and extend treatment to eight cycles. The EMA cleared an investigator-initiated Phase 1b/2 trial for LP-184 (zirdafulven) in biomarker-selected bladder cancer, while the USPTO issued a Notice of Allowance for a three-gene expression signature patent for LP-184. Additionally, Lantern established Open Medicine AI as a separate wholly-owned subsidiary with executed commercial licensing agreements.

Lantern Pharma Inc. announced on August 3, 2026, the establishment of Open-Medicine AI as a separate company to commercialize its multi-agent AI co-scientist platform for drug development. The new entity inherits the withZeta.ai technology and is supported by commercial licensing agreements executed between Lantern Pharma and Open-Medicine AI, which received Board approval. This strategic separation aligns with the framework of Lantern’s May 2026 registered direct financing led by Empery Asset Management. Lantern also highlighted its AI Center of Excellence in Bengaluru, India, established in Q1 2026, as a core operational hub for scaling the platform across oncology and other disease areas. The global AI drug discovery market is projected to exceed $10 billion by 2030. Lantern Pharma Inc. operates as a clinical-stage precision oncology company leveraging artificial intelligence and machine learning to transform cancer therapy development.