Lantern Pharma (LTRN) Financials

Lantern Pharma’s latest quarter shows a company still in development-stage mode: no revenue, ongoing operating losses, and a balance sheet that remains cash-rich but much smaller than a year ago. In Q1 2026, Lantern reported zero revenue and a net loss of $3.3 million, which was an improvement from the $4.1 million loss in Q4 2025 and the $4.5 million loss in Q1 2025. The company is still spending heavily on research and development, which is normal for a biotech company, but investors should note that the business has not yet shown commercial sales.

Cash and investments are still the key story. At March 31, 2026, Lantern held $4.9 million in cash and $1.4 million in short-term investments, for total current assets of about $7.1 million. That is down sharply from $13.5 million in current assets at the end of Q3 2025 and $20.8 million at the end of Q1 2025. The decline reflects continued cash burn, although the company did benefit from $4.25 million in investment sales during Q1 2026, which helped offset operating losses.

• Operating loss improved quarter over quarter. Q1 2026 operating loss was $3.4 million, better than $4.2 million in Q4 2025 and $4.8 million in Q1 2025.
• Cash balance remains positive. Lantern ended Q1 2026 with $4.9 million in cash and $1.4 million in short-term investments.
• Investment portfolio provided funding. The company generated $4.25 million from sales and/or maturities of investments in Q1 2026.
• Loss per share improved. Basic and diluted EPS were both -$0.30 in Q1 2026 versus -$0.36 in Q4 2025.
• R&D spending declined from late 2025 levels. Research and development expense was $1.7 million in Q1 2026, down from $2.7 million in Q4 2025.
• No debt appears on the latest balance sheet. Total liabilities were $3.8 million in Q1 2026, and there were no noncurrent liabilities reported.
• Interest and other income helped reduce the loss. Other income totaled $76,076 in Q1 2026.
• There is still no revenue. Lantern reported $0 in sales in every quarter shown in the dataset.
• Operating cash flow remained deeply negative. Q1 2026 operating cash flow was a loss of $3.8 million.
• Liquidity has declined materially over the last year. Cash and investments were far lower than the roughly $24 million combined cash and short-term investments reported in Q1 2025.

Looking at the longer trend, Lantern’s losses have been persistent but somewhat narrower in recent quarters. Quarterly net losses have generally ranged from about $3.3 million to $5.9 million over the last four years of data shown. The company’s biggest expense category remains R&D, which supports pipeline development but also means profitability is likely far off unless one of its programs begins generating meaningful commercial or partnership revenue.

The balance sheet has weakened, but it is not distressed yet. Equity fell to $3.4 million in Q1 2026 from $9.6 million in Q3 2025 and $16.8 million in Q1 2025. At the same time, liabilities are concentrated in current obligations, especially accounts payable of $3.7 million. That suggests Lantern may need to continue managing working capital carefully and could eventually need additional financing if operations do not improve.

Bottom line: Lantern Pharma remains a speculative biotech story. The good news is that losses have improved somewhat and the company still has cash and marketable investments. The bad news is that there is still no revenue, operating cash burn continues, and the balance sheet has thinned significantly over the past year. Investors will likely need to see clinical or partnership progress before the financials start looking meaningfully stronger.