The company exhibits no operating leverage, with quarterly operating losses consistently ranging between $3.4 million and $5.9 million over the last ten quarters due to the lack of commercial revenue.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 3.85K | 0 | 0 | 174.84K | 0 | 0 | 0 | 1.63K | -2.54K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -3.85K | 0 | 0 | -174.84K | 0 | 0 | 0 | -1.63K | 2.54K |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | - | - | - | 100% | -163.95% | - |
| Operating Expenses | 16.61M | 17.98M | 22.22M | 17.7M | 14.43M | 12.59M | 5.91M | 2.43M | 1.73M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 6.63M | 6.46M | 6.09M | 5.98M | 5.83M | 5.02M | 3.66M | 1.48M | 1.15M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 9.98M | 11.51M | 16.13M | 11.89M | 8.6M | 7.57M | 2.24M | 953.18K | 572.1K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | -174.84K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -16.61M | -17.98M | -22.22M | -17.88M | -14.43M | -12.59M | -5.91M | -2.43M | -1.73M |
| Operating Margin % | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 19.08% | -24.27% | -23.87% | -14.62% | -113.12% | -143.32% | -40.65% | - |
| EBITDA | -16.59M | -17.96M | -22.2M | -17.7M | -14.42M | -12.58M | -5.9M | -2.43M | -1.73M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 21.71% | 19.09% | -25.4% | -22.74% | -14.6% | -113.13% | -143.34% | -40.35% | - |
| D&A (Non-Cash Add-back) | 16.56K | 17.28K | 17.28K | 174.84K | 10.08K | 6.76K | 3.39K | 1.63K | -2.54K |
| EBIT | -16.61M | -17.98M | -22.22M | -15.96M | -14.43M | -12.59M | -5.91M | -2.43M | -1.73M |
| Net Interest Income | 330.3K | 437.93K | 742.36K | 765.39K | 0 | 67.93K | 0 | 0 | 0 |
| Interest Income | 330.3K | 437.93K | 742.36K | 765.39K | 204.35K | 67.93K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 204.35K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 697.88K | 859.06K | 1.44M | 1.92M | 172.81K | 228.48K | 0 | 0 | 0 |
| Pretax Income | -15.91M | -17.12M | -20.78M | -15.96M | -14.26M | -12.36M | -5.91M | -2.43M | -1.73M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.54K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.15% |
| Net Income | -15.91M | -17.12M | -20.78M | -15.96M | -14.26M | -12.36M | -5.91M | -2.43M | -1.73M |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 19.95% | 17.62% | -30.2% | -11.93% | -15.34% | -109.25% | -143.32% | -40.65% | - |
| Net Income (Continuing) | -15.91M | -17.12M | -20.78M | -15.96M | -14.26M | -12.36M | -5.91M | -2.43M | -1.73M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.41 | -1.57 | -1930.92 | -1.47 | -1.31 | -1.13 | -0.95 | -0.39 | -0.28 |
| EPS Growth % | 21.2% | 99.92% | -131255.1% | -12.21% | -15.93% | -18.95% | -143.59% | -39.29% | - |
| EPS (Basic) | - | -1.57 | -1930.92 | -1.47 | -1.31 | -1.13 | -0.95 | -0.39 | -0.28 |
| Diluted Shares Outstanding | 11.25M | 10.9M | 10.76M | 10.84M | 10.85M | 10.9M | 6.22M | 6.27M | 6.22M |
| Basic Shares Outstanding | 11.25M | 10.9M | 10.76M | 10.84M | 10.85M | 10.9M | 6.22M | 6.27M | 6.22M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical Trial Funding Dependency
As reported in recent financial statements, Lantern Pharma maintains a consistent R&D expenditure profile, with quarterly costs ranging between $1.7 million and $4.3 million, reflecting the company's ongoing commitment to advancing its clinical pipeline and the proprietary RADR platform without any offsetting commercial revenue streams.
The company's cost structure is almost entirely comprised of R&D and SG&A, which underscores its status as a pre-revenue clinical-stage entity. Investors should monitor whether the recent reduction in quarterly R&D spending to $1.7 million in 2026Q1 represents a sustainable efficiency gain or a strategic deferral of clinical activities.
Based on the provided income statement data, Lantern Pharma exhibits no operating leverage, as the company has yet to generate revenue, resulting in persistent quarterly operating losses that have fluctuated between $3.4 million and $5.9 million over the last ten quarters of reported financial activity.
The absence of revenue means that every dollar spent on R&D and SG&A flows directly to the bottom line as a loss. This structure implies that the company's valuation is entirely decoupled from current operational efficiency and remains tethered to the successful achievement of future clinical milestones.
According to historical income statement filings, Lantern Pharma's net losses are exacerbated by consistent stock-based compensation expenses, which reached $285.5K in 2024Q4, further diluting shareholder equity while the company continues to burn through its liquid assets to fund its ongoing oncology-focused drug development programs.
The reliance on equity-based compensation in a pre-revenue environment suggests management is attempting to preserve cash, though this practice inherently dilutes existing shareholders. Analysts should scrutinize the impact of these non-cash charges on the overall net loss trajectory as the company approaches critical Phase II trial readouts.
As noted in the company's financial disclosures, the lack of a commercial revenue stream creates a significant dependency on external capital markets, which may pose a substantial risk to the firm's long-term viability if clinical trial results fail to meet the necessary regulatory and efficacy thresholds.
Short-sellers may focus on the potential for continued equity dilution as the primary mechanism for funding operations in the absence of partnership-driven milestone payments. The market's valuation of the firm appears to hinge on the unproven assumption that the RADR platform will significantly de-risk the clinical development process.
Quick answers to the most common questions about buying LTRN stock.
For fiscal year 2025, Lantern Pharma Inc. (LTRN) reported total revenue of $0.0M.
Lantern Pharma Inc. (LTRN) reported a net loss of $17.1M for the fiscal year ending 2025.