The firm's liquidity position has deteriorated significantly, with the current ratio falling from 16.18 in 2023Q4 to 1.87 in 2026Q1, while accumulated deficits have reached $96.5 million.
| Total Current Assets | 7.06M | 10.8B | 25.25M | 43.34M | 58.72M | 72.72M | 20.24M | 1.23M | 445.16K |
| Cash & Short-Term Investments | 6.32M | 10.12B | 24.01M | 41.3M | 55.2M | 70.73M | 19.23M | 1.23M | 445.16K |
| Cash Only | 4.92M | 4.42B | 7.51M | 21.94M | 37.2M | 51.52M | 19.23M | 1.23M | 445.16K |
| Short-Term Investments | 1.41M | 5.7B | 16.5M | 19.36M | 17.99M | 19.2M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 860K | 0 | 181K | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 734.41K | 683.95M | 1.23M | 745.65K | 541.18K | 378.95K | 0 | 0 | 0 |
| Total Non-Current Assets | 165.81K | 232.64M | 324.16K | 306.29K | 113.58K | 1.23M | 122.71K | 199.76K | 4.67K |
| Property, Plant & Equipment | 84.89K | 107.47M | 287.43K | 280.42K | 95.69K | 216.19K | 21.51K | 8.76K | 4.67K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 1M | 0 | 0 | 0 |
| Other Non-Current Assets | 80.92K | 125.17M | 36.74K | 25.87K | 17.89K | 17.89K | 101.2K | 191K | 0 |
| Total Assets | 7.22M | 11.04B | 25.57M | 43.65M | 58.84M | 73.95M | 20.36M | 1.43M | 449.83K |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Asset Growth % | 42884.36% | 43056.19% | -41.41% | -25.82% | -20.44% | 263.22% | 1321.19% | 218.47% | - |
| Total Current Liabilities | 3.78M | 4.5B | 4.33M | 2.68M | 2.8M | 2.33M | 552.34K | 489.29K | 651.63K |
| Accounts Payable | 0 | 0 | 0 | 942.21K | 0 | 2.17M | 432.34K | 478.29K | 97.63K |
| Days Payables Outstanding | 206.01K | - | - | 1.97K | - | - | - | 107.3K | -14.01K |
| Short-Term Debt | 59.08K | 78.54M | 0 | 0 | 0 | 152.06K | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 3.72M | 4.42B | 4.14M | 1.56M | 2.75M | 0 | 120K | 2K | 535K |
| Current Ratio | 1.87x | 2.40x | 5.83x | 16.18x | 20.99x | 31.26x | 36.64x | 2.52x | 0.68x |
| Quick Ratio | 1.87x | 2.40x | 5.83x | 16.18x | 20.99x | 31.26x | 36.64x | 2.52x | 0.68x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 52.84K | 61.5K | 0 | 52.89K | 108.5K | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 108.5K | 0 | 0 |
| Capital Lease Obligations | 13.52K | 0 | 52.84K | 61.5K | 0 | 52.89K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.78M | 4.5B | 4.38M | 2.74M | 2.8M | 2.38M | 660.84K | 489.29K | 651.63K |
| Total Debt | 59.08K | 78.54M | 243.66K | 234.47K | 52.89K | 204.95K | 108.5K | 0 | 0 |
| Net Debt | -4.86M | -4.34B | -7.27M | -21.7M | -37.15M | -51.32M | -19.12M | -1.23M | -445.16K |
| Debt / Equity | 0.02x | 0.01x | 0.01x | 0.01x | 0.00x | 0.00x | 0.01x | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.29x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -70.63x | - | - | - | - |
| Total Equity | 3.45M | 6.53B | 21.19M | 40.91M | 56.04M | 71.57M | 19.7M | 943.28K | -201.8K |
| Equity Growth % | 30536.66% | 30739.6% | -48.21% | -27% | -21.7% | 263.33% | 1988.32% | 567.44% | - |
| Book Value per Share | 0.31 | 599.58 | 1.97 | 3.77 | 5.16 | 6.56 | 3.17 | 0.15 | -0.03 |
| Total Shareholders' Equity | 3.45M | 6.53B | 21.19M | 40.91M | 56.04M | 71.57M | 19.7M | 943.28K | -201.8K |
| Common Stock | 1.13K | 1.13M | 1.08K | 1.07K | 1.09K | 1.11K | 622 | 11.37K | 11.37K |
| Retained Earnings | -96.47M | -93.15B | -76.03M | -55.24M | -39.28M | -25.02M | -12.66M | -6.75M | -4.32M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -35.64K | 25.43M | 153.99K | -107.46K | -371.39K | -92.69K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Market Funding Dependency
As reported in financial statements, Lantern Pharma's total assets have declined from $43.6 million in 2023Q4 to $7.2 million in 2026Q1, reflecting a persistent contraction in the company's resource base as it continues to fund clinical development without the support of any commercial revenue streams.
The consistent decline in total assets suggests that the company is consuming its capital base to sustain R&D operations. Investors should monitor this trajectory, as the lack of asset replenishment indicates a business model that remains entirely dependent on external financing to survive.
Based on the company's reported figures, the current ratio has plummeted from 16.18 in 2023Q4 to 1.87 in 2026Q1, indicating a significant reduction in the firm's immediate liquidity buffer as cash reserves are depleted to support ongoing clinical trial activities and platform maintenance.
The rapid compression of the current ratio suggests that the company's ability to cover short-term obligations is weakening significantly. This trend implies that management may face increasing pressure to access capital markets sooner than anticipated to maintain operational continuity.
According to recent SEC filings, Lantern Pharma's retained earnings have deteriorated to a deficit of $96.5 million as of 2026Q1, underscoring the substantial capital intensity required to advance the RADR platform and clinical pipeline in the absence of any offsetting commercial product sales.
The deepening deficit in retained earnings highlights the high cost of drug development and the lack of profitability. This persistent erosion of equity suggests that future growth will likely continue to be funded through dilutive equity offerings rather than internally generated cash flow.
As noted in the provided balance sheet data, the reported cash position of $4.4 billion in 2025Q4 appears to be a significant outlier that contradicts historical trends, warranting extreme caution for investors attempting to model the company's true liquidity and remaining operational runway.
This anomalous figure suggests a potential data entry error that could lead to a gross overestimation of the company's financial health. Analysts should rely on normalized cash burn rates rather than this specific data point to assess the firm's actual risk of insolvency.
Quick answers to the most common questions about buying LTRN stock.
As of 2025, Lantern Pharma Inc. (LTRN) had total assets of $11.04B including $10.80B in current assets.
Lantern Pharma Inc. (LTRN) carries total debt of $78.5M, offset by $10.12B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lantern Pharma Inc. (LTRN) has total shareholders' equity (book value) of $6.53B ($599.58 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lantern Pharma Inc. (LTRN) reported a current ratio of 2.40x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.