Detailed financial statements for Lantern Pharma Inc. (LTRN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Lantern Pharma Inc. is a clinical-stage biotechnology firm dedicated to revolutionizing drug development through the strategic application of artificial intelligence, machine learning, and comprehensive genomic data analysis. Their primary drug candidate, LP-100, is currently undergoing Phase II clinical trials, targeting metastatic, castration-resistant prostate cancer.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.93, LTRN has negative trailing earnings (P/E not meaningful) and an ROE of -456.35%. Market capitalisation stands at $25M.
Balance sheet quality for LTRN: current ratio of 2.4, net debt of $68.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | -$2544 | $1627 | 0 | 0 | 0 | $174843 | 0 | 0 |
| Gross Profit | $2544 | -$1627 | 0 | 0 | 0 | -$174843 | 0 | 0 |
| Research & Development | $572095 | $953185 | $2.2M | $7.6M | $8.60B | $11.9M | $16.1M | $11.5M |
| Selling, General & Admin | $1.2M | $1.5M | $3.7M | $5.0M | $5.83B | $6.0M | $6.1M | $6.5M |
| Operating Expenses | $1.7M | $2.4M | $5.9M | $12.6M | $14.43B | $17.7M | $22.2M | $18.0M |
| Operating Income | -$1.7M | -$2.4M | -$5.9M | -$12.6M | -$14.43B | -$17.9M | -$22.2M | -$18.0M |
| EBITDA | -$1.7M | -$2.4M | -$5.9M | -$12.4M | -$14.26B | -$15.8M | -$20.8M | -$17.1M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$1.7M | -$2.4M | -$5.9M | -$12.4M | -$14.26B | -$16.0M | -$20.8M | -$17.1M |
| Income Tax | $2544 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$1.7M | -$2.4M | -$5.9M | -$12.4M | -$14.26B | -$16.0M | -$20.8M | -$17.1M |
| EPS | $-0.28 | $-0.39 | $-0.95 | $-1.13 | $-1.31 | $-1.47 | $-1930.92 | $-1.57 |
| EPS (Diluted) | $-0.28 | $-0.39 | $-0.95 | $-1.13 | $-1.31 | $-1.47 | $-1930.92 | $-1.57 |
| Shares Outstanding (Diluted) | $6.2M | $6.3M | $6.2M | $10.9M | $10.9M | $10.8M | $10.8M | $10.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | -$3853 | 0 |
| Operating Income | -$4.3M | -$4.2M | -$3.4M | -$3.5M |
| EBITDA | -$4.2M | -$4.1M | -$3.3M | -$7.1M |
| Net Income | -$4.2M | -$4.1M | -$3.3M | -$7.1M |
| EPS | $-0.39 | $-0.36 | $-0.30 | $-0.57 |
| EPS (Diluted) | $-0.39 | $-0.36 | $-0.30 | $-0.57 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $445163 | $1.2M | $19.2M | $51.5M | $37.2M | $21.9M | $7.5M | $4.4M |
| Short-term Investments | 0 | 0 | 0 | $19.2M | $18.0M | $19.4M | $16.5M | $5.7M |
| Receivables | 0 | 0 | 0 | $181000 | 0 | $860000 | 0 | $30000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $445163 | $1.2M | $20.2M | $72.7M | $58.7M | $43.3M | $25.2M | $10.8M |
| Property, Plant & Equipment | $4668 | $8758 | $21507 | $216188 | $95695 | $280422 | $287425 | $107.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $449831 | $1.4M | $20.4M | $74.0M | $58.8M | $43.6M | $25.6M | $11.0M |
| Accounts Payable | $97629 | $478292 | $432339 | $2.2M | 0 | $942211 | 0 | $4.4M |
| Short-term Debt | 0 | 0 | 0 | $152058 | 0 | 0 | 0 | $78.5M |
| Total Current Liabilities | $651629 | $489292 | $552339 | $2.3M | $2.8M | $2.7M | $4.3M | $4.5M |
| Long-term Debt | 0 | 0 | $108500 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $651629 | $489292 | $660839 | $2.4M | $2.8M | $2.7M | $4.4M | $4.5M |
| Retained Earnings | -$4.3M | -$6.8M | -$12.7M | -$25.0M | -$39.3M | -$55.2M | -$76.0M | -$93.1M |
| Total Equity | -$201798 | $943284 | $19.7M | $71.6M | $56.0M | $40.9M | $21.2M | $6.5M |
| Total Debt | 0 | 0 | $108500 | $204948 | $52890 | $234471 | $243657 | $78.5M |
| Net Debt | -$445163 | -$1.2M | -$19.1M | -$70.5M | -$55.1M | -$41.1M | -$23.8M | $68.4M |
| Working Capital | -$206466 | $743526 | $19.7M | $70.4M | $55.9M | $40.7M | $20.9M | $6.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $8.4M | $4.4M | $4.9M | $6.7M |
| Total Assets | $13.6M | $11.0M | $7.2M | $8.6M |
| Total Liabilities | $4.0M | $4.5M | $3.8M | $11.8M |
| Total Equity | $9.6M | $6.5M | $3.4M | -$3.2M |
| Total Debt | $93954 | $78539 | $59076 | $39715 |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$1.7M | -$2.4M | -$5.9M | -$12.4M | -$14.3M | -$16.0M | -$20.8M | -$17.1M |
| Depreciation & Amortization | -$2544 | $1627 | $3388 | $6761 | $10081 | $14615 | $17282 | $17280 |
| Stock-based Compensation | $185604 | $117760 | $1.2M | $961545 | $1.2M | $1.1M | $732893 | $650877 |
| Change in Working Capital | $271840 | $180875 | -$939060 | $599957 | -$611863 | $538024 | $2.2M | $635278 |
| Operating Cash Flow | -$1.3M | -$2.1M | -$5.7M | -$10.6M | -$12.8M | -$14.3M | -$17.8M | -$15.7M |
| Capital Expenditure | 0 | -$5717 | -$16137 | -$15499 | -$27844 | -$18734 | -$12595 | -$1715 |
| Acquisitions | $5337 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$2.5M | -$499997 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.3M | -$2.1M | -$5.7M | -$10.6M | -$12.8M | -$14.4M | -$17.8M | -$15.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$4.6M | -$2.8M | -$3.8M | -$2.9M |
| Capital Expenditure | -$560 | -$1 | -$3 | 0 |
| Free Cash Flow | -$4.6M | -$2.8M | -$3.8M | -$2.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $143685 | $198816 | $262915 | $285260 |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -40.6% | -143.3% | -109.3% | -115243.5% | +99.9% | -30.2% | +17.6% |
| EPS Growth (YoY) | | -39.3% | -143.6% | -18.9% | -15.9% | -12.2% | -131255.1% | +99.9% |
| Shares Change (YoY) | | +0.8% | -0.7% | +75.3% | -0.5% | -0.1% | -0.7% | +1.3% |
| FCF Growth (YoY) | | -67.8% | -165.6% | -87.1% | -20.6% | -12.3% | -24.1% | +12.0% |
| Effective Tax Rate | -0.1% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.20 | $-0.34 | $-0.91 | $-0.97 | $-1.18 | $-1.32 | $-1.66 | $-1.44 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $6.2M | $6.3M | $6.2M | $10.9M | $10.9M | $10.8M | $10.8M | $10.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -456.35% |
| Return on Invested Capital | -358.04% |
| Return on Assets | -216.84% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | -0.01 |
| Current Ratio | 1.96 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -53.39 | -38.33 | -20.26 | -7.06 | -4.61 | -2.91 | -0.00 | -1.93 |
| P/B | -460.62 | 99.29 | 6.08 | 1.22 | 1.17 | 1.13 | 1.62 | 5.05 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |