Slide 1: Fourth Quarter & Year-end 2025 Operating & Financial Results
Fourth Quarter & Year-end 2025 Operating & Financial Results Conference Call / Webinar March 30th, 2026 4:30 PM Eastern Time NASDAQ :LTRN
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among other things, statements r
Slide 3: Contents and Speakers
Contents Speakers Panna Sharma David Margrave 01 Introduction CEO and President CFO 02 2025 and Q4 Highlights 03 Financial Highlights 04 Q&A 2
Slide 4: 4th Quarter Highlights: LP-300 HARMONIC Trial
2025 4th Quarter ü LP-300 Phase 2 HARMONIC™ Trial Progress: Continued enrollment and patient follow-up across the United States, Highlights Japan, and Taiwan. Completion of targeted enrollment in Japan across five clinical sites including the National Cancer Center Tokyo. Preliminary data presented
Slide 5: 4th Quarter Highlights: LP-184 and Starlight IND
2025 4th Quarter ü LP-184 Phase 1a Completion and Expansion: All primary endpoints achieved with 48% clinical benefit rate at or above therapeutic dose threshold; additional positive results reported Highlights in Q4 2025 demonstrating durable disease control in heavily pre-treated advanced cancer p
Slide 6: 4th Quarter Highlights: LP-284 and RADR Expansion
2025 4th Quarter ü LP-284 Orphan Drug Designation: LP-284 receives FDA Orphan Drug Designation for soft tissue sarcomas, adding to Highlights existing designations for mantle cell lymphoma and high-grade B-cell lymphomas. Complete metabolic response in therapeutically exhausted DLBCL patient present
Slide 7: 4th Quarter Highlights: withZeta.ai and Financial Position
2025 4th Quarter ü withZeta.ai — Multi-Agentic Co-Scientist Platform: Launch of withZeta.ai, a first-of-its-kind multi-agentic AI co-scientist Highlights platform designed to accelerate drug development insights and therapeutic strategies across more than 438 rare cancers. Since late December 2025,
Slide 8: 2025 was a defining year for Lantern Pharma
2025 was a defining year for Lantern Pharma as we achieved clinical validation across multiple programs while establishing the foundation for our next phase of growth. The encouraging and developing LP-300 Phase 2 HARMONIC™ observations, combined with successful Phase 1a completion for LP-184 and FD
Slide 9: Summary Results of Operations
Summary Results of Operations Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Operating expenses: General and administrative $ 1,457,944 $ 1,626,878 $ 6,464,371 $ 6,090,747 Research and development 2,744,818 4,269,521 11,514,123 16,125,690 Total operating expenses 4,202,7
Slide 10: Balance Sheet Highlights & Summary
Balance Sheet Highlights & Summary December 31, 2025 December 31, 2024 Cash and Marketable Securities $10,119,224 $24,013,063 Prepaid Expenses & Other Current Assets $683,948 $1,234,566 Total Assets $11,035,811 $25,571,792 Total Liabilities $4,501,587 $4,384,018 Total Stockholders’ Equity $6,534,224
Slide 11: Shares Outstanding
Shares Outstanding December 31, 2025 LANTERN PHARMA INC. (LTRN) Common Shares Outstanding 11,254,697 Warrants 0 Options (Employees, Management and Directors) 1,296,126 Fully Diluted Shares Outstanding 12,550,823 NASDAQ: LTRN 10 27
Slide 12: Lantern's Diverse & Unique AI Driven Pipeline of Drug Programs
Lantern’s Diverse & Unique AI Driven Pipeline of Drug Programs Lantern has 10 disclosed drug programs including the Phase 2 HarmonicTM trial Lantern Pharma (NASDAQ: LTRN) Orphan Rare Pediatric Fast Program Indication Discovery Preclinical Phase 1a Phase 1b Phase II Designation Disease Track LP-300 N
Slide 13: Clinical Trial – The Harmonic Phase 2 Trial for LP-300
Clinical Trial – The HarmonicTM Phase 2 Trial for LP-300 A growing indication with limited treatment options NCT05456256 Trial Highlights • Continued enrollment and patient follow-up across the United States, Japan, and Taiwan • Completed Japanese patient cohort enrollment ahead of schedule at multi
Slide 14: LP-184 Phase 1a Trial Achieved All Primary Endpoints
LP-184 Phase 1a Trial Achieved All Primary Endpoints with Robust Safety Profile and Promising Antitumor Activity in Multiple Advanced Solid Tumors LP-184 exhibited a robust safety profile, with no dose-limiting toxicities in the majority of cohorts LP-184 treatment-related adverse events (TRAEs) 51%
Slide 15: Planned Clinical Trials – LP-184 Phase 1b/2 Trials
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 • Granted FDA Fast Track Designation for monotherapy of LP-184 Monotherapy & Combination with $4+Bn ~60 • Monotherapy Trial: Evaluating optimal do
Slide 16: Twelve FDA Designations Demonstrate our Data-driven, AI-enabled Approach
Twelve FDA Designations Demonstrate our Data-driven, AI-enabled Approach to Transform Drug Development & Strengthen Commercial Value Designation Candidate Indication Date LP-184 Glioblastoma Sep. 2024 Fast Track Designation LP-184 Triple Negative Breast Cancer Dec. 2024 LP-184 Pancreatic Cancer Aug.
Slide 17: AI-Powered RADR Modules for Oncology
A proprietary integrated experimental biology, oncology-focused, machine-learning-based drug development platform AI-Powered RADR® Modules for Oncology 200+ 80%+ Billion Prediction * Success Drug Discovery and Development Discover mechanism Characterize specialized m1 m5 130K+ of action attributes o
Slide 18: Strategic Expansion of ML, AI, and Data Engineering Teams in India
Lantern Strategy to Accelerate AI Platform Growth and Capabilities with Strategic Expansion of ML, AI, and Data Engineering Teams in India Expansion Overview • Establishing dedicated machine learning and data engineering teams in India • 2x–3x increase in technical team size expected in the coming q
Slide 19: The Multi-Agentic Co-Scientist & AI System For Rare Cancers
The Multi-Agentic Co-Scientist & AI System For Rare Cancers Zeta addresses the fundamental challenge in rare cancer research and drug development where critical insights are scattered across disconnected data sources. Our platform integrates curated databases and external sources into an agential LL
Slide 20: PredictBBB - Predict any molecule's brain permeability
PredictBBB - Predict any molecule’s brain permeability Open-access AI for predicting and optimizing CNS drug’s brain permeability The Challenge Less than 6% of molecules cross the Blood Brain Barrier (BBB) - one of pharmaceutical development's most persistent challenges The Solution predictbbb.ai Pr
Slide 21: PredictBBB - Beyond BBB Prediction
PredictBBB - Beyond BBB Prediction Moving beyond permeability prediction to multi-dimensional molecular insight From Prediction to Understanding PredictBBB™ now extends beyond binary BBB prediction to provide deep molecular analysis across key dimensions of drug design Multi-Dimensional Molecular In
Slide 22: 2026 Objectives
2026 Objectives A Breakthrough Year for Lantern ● Complete further analysis of Phase 1a LP-184 results; pursue Phase 1b/2a trials and investigator or grant led opportunities ● Advance enrollment for LP-284 in NHL + soft tissue sarcoma and initiate partnering discussions T ● Accelerate enrollment of
Slide 23: Connect With Us
NASDAQ: LTRN CONNECT WITH US CONNECT WITH US IR Contact: IR Contact: IR@lanternpharma.com IR@starlighttthera.com 1-972-277-1136 www.lanternpharma.com www.starlightthera.com @LanternPharma @Starlight_Thera linkedin.com/company/lanternpharma linkedin.com/company/starlightthera