Lantern Pharma (LTRN) 10-Q 3 May 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document Information Line Items
Entity Registrant Name	Lantern Pharma Inc.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		11,181,447
Amendment Flag	false
Entity Central Index Key	0001763950
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Entity File Number	001-39318
Entity Incorporation, State or Country Code	TX
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash	$ 81,373,725	$ 19,229,232
Prepaid expenses and other current assets	1,110,770	1,007,690
Total current assets	82,484,495	20,236,922
Property and equipment, net	20,164	21,507
Deferred offering costs		101,205
TOTAL ASSETS	82,504,659	20,359,634
CURRENT LIABILITIES
Accounts payable and accrued expenses	664,533	552,339
Total current liabilities	664,533	552,339
PPP loan payable	108,500	108,500
TOTAL LIABILITIES	773,033	660,839
COMMITMENTS AND CONTINGENCIES (NOTE 4)
STOCKHOLDERS’ EQUITY
Preferred Stock - Par Value (1,000,000 authorized at March 31, 2021 and December 31, 2020; $.0001 par value) (Zero shares issued and outstanding at March 31, 2021 and December 31, 2020)
Common Stock – Par Value (25,000,000 authorized at March 31, 2021 and December 31, 2020; $.0001 par value) (11,181,447 shares issued and outstanding at March 31, 2021; 6,220,927 shares issued and outstanding at December 31, 2020)	1,118	622
Additional paid-in capital	96,842,698	32,358,068
Accumulated deficit	(15,112,190)	(12,659,895)
Total stockholders’ equity	81,731,626	19,698,795
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 82,504,659	$ 20,359,634

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, shares par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred Stock, shares issued
Preferred Stock, shares outstanding
Common stock, shares par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	11,181,447	6,220,927
Common stock, shares outstanding	11,181,447	6,220,927

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating expenses:
General and administrative	$ 1,173,258	$ 340,172
Research and development	1,279,037	137,104
Total operating expenses	2,452,295	477,276
NET LOSS	$ (2,452,295)	$ (477,276)
Net loss per share of common shares, basic and diluted (in Dollars per share)	$ (0.24)	$ (0.24)
Weighted-average number of common shares outstanding, basic and diluted (in Shares)	10,074,623	2,020,966

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) (Unaudited) - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2019	$ 244	$ 198	$ 7,694,547	$ (6,751,705)	$ 943,284
Balance (in Shares) at Dec. 31, 2019	2,438,866	1,978,269
Common stock issued		$ 5	51,995		52,000
Common stock issued (in Shares)		50,460
Stock-based compensation			18,460		18,460
Net Loss				(477,276)	(477,276)
Balance at Mar. 31, 2020	$ 244	$ 203	7,765,002	(7,228,981)	536,468
Balance (in Shares) at Mar. 31, 2020	2,438,866	2,028,729
Balance at Dec. 31, 2020		$ 622	32,358,068	(12,659,895)	19,698,795
Balance (in Shares) at Dec. 31, 2020		6,220,927
Common stock issued in equity financing, net of issuance costs		$ 493	64,166,361		64,166,854
Common stock issued in equity financing, net of issuance costs (in Shares)		4,928,571
Common stock issued from warrant and option exercises		$ 3	72,750		72,753
Common stock issued from warrant and option exercises (in Shares)		31,949
Stock-based compensation			245,519		245,519
Net Loss				(2,452,295)	(2,452,295)
Balance at Mar. 31, 2021		$ 1,118	$ 96,842,698	$ (15,112,190)	$ 81,731,626
Balance (in Shares) at Mar. 31, 2021		11,181,447

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (2,452,295)	$ (477,276)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	1,343	536
Stock based compensation	245,519	18,460
Changes in assets and liabilities:
Prepaid expenses and other current assets	(103,080)	(131,357)
Deferred offering costs		(72,380)
Accounts payable and accrued expenses	164,074	(41,031)
Net cash flows used in operating activities	(2,144,439)	(703,048)
FINANCING ACTIVITIES
Proceeds from issuance of common and preferred stock	68,999,994
Issuance costs	(4,783,816)
Proceeds from stock option and warrant exercises	72,754	52,000
Borrowings from notes payable		66,218
Payments on notes payable		(12,953)
Net cash flows provided by financing activities	64,288,932	105,265
CHANGE IN CASH FOR THE PERIOD	62,144,493	(597,783)
CASH, BEGINNING OF PERIOD	19,229,232	1,232,030
CASH, END OF PERIOD	81,373,725	634,247
Non-cash financing activities:
Application of deferred offering costs to public offering proceeds	$ (49,324)

Organization, Principal Activit

Organization, Principal Activities, and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Organization, Principal Activities, and Basis of Presentation	Note 1. Organization, Principal Activities, and Basis of Presentation Lantern Pharma Inc., and Subsidiary (the “Company”) is a clinical stage biopharmaceutical company, focused on leveraging artificial intelligence (“A.I.”), machine learning and genomic data to streamline the drug development process and to identify the patients that will benefit from its targeted oncology therapies. The Company’s portfolio of therapies consists of small molecule drug candidates that others have tried, but failed, to develop into an approved commercialized drug, as well as new compounds that it is developing with the assistance of its A.I. platform and its biomarker driven approach. The Company’s A.I. platform, known as RADR ® Lantern Pharma Inc. was incorporated under the laws of the state of Texas on November 7, 2013, and thereafter reincorporated in the state of Delaware on January 15, 2020. The Company’s principal operations are located in Texas. The Company formed a wholly owned subsidiary, Lantern Pharma Limited, in the United Kingdom in July 2017. Since inception, the Company has devoted substantially all its activity to advancing research and development, including efforts in connection with preclinical studies, clinical trials and development of its RADR platform. This now includes four drug candidates and an ADC program directed towards seven disclosed therapeutic targets: ● LP-100 (irofulven), out-licensed to Allarity Therapeutics (formerly known as Oncology Venture), in a phase II trial for the treatment of prostate cancer; ● LP-300 (Tavocept) in planning stages for phase II trial for the treatment of non-small cell lung cancer; ● LP-184 in preclinical studies for treatment of solid tumors including prostate, liver and pancreatic cancers and glioblastoma; ● LP-284, the stereoisomer (enantiomer) of LP-184, that has shown promising in-vitro ● An Antibody Drug Conjugate (ADC) program that was initiated in early 2021. The Company’s fiscal year ends on December 31 of each calendar year. The accompanying interim condensed consolidated financial statements are unaudited and have been prepared on substantially the same basis as the Company’s annual consolidated financial statements for the fiscal year ended December 31, 2020. In the opinion of the Company’s management, these interim condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from these estimates. The December 31, 2020 year-end condensed consolidated balance sheet data in the accompanying interim condensed consolidated financial statements was derived from audited consolidated financial statements. These condensed consolidated financial statements and notes do not include all disclosures required by U.S. generally accepted accounting principles and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2020 and the notes thereto included in the Company’s Annual Report on Form 10-K, dated March 10, 2021, on file with the Securities and Exchange Commission. The results of operations and cash flows for the interim periods included in these condensed consolidated financial statements are not necessarily indicative of the results to be expected for any future period or the entire fiscal year. Any reference in these notes to applicable guidance refers to Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). To date, the Company has operated its business as one segment. The Company’s condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Lantern Pharma Limited. All intercompany balances and transactions have been eliminated in consolidation.

Liquidity

Liquidity	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity	Note 2. Liquidity The Company incurred a net loss of approximately $2,452,000 and $477,000 during the three months ended March 31, 2021 and March 31, 2020, respectively. As of March 31, 2021, the Company had working capital of approximately $81,820,000, primarily as a result of proceeds raised in January 2021 of approximately $64,167,000 (see Note 5). The Company has received funding in the form of periodic capital raises and also plans to apply for grant funding in the future to assist in supporting its capital needs. We may also explore the possibility of entering into commercial credit facilities as an additional source of liquidity. We believe that our existing cash as of March 31, 2021, and our anticipated expenditures and capital commitments, will enable us to fund our operating expenses and capital expenditure requirements for at least 12 months from the date of this quarterly report.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies Use of Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The significant areas of estimation include determining research and development accruals and the inputs in determining the fair value of equity-based awards and warrants issued. Actual results could differ from those estimates. Risks and Uncertainties The Company operates in an industry that is subject to intense competition, government regulation and rapid technological change. Operations are subject to significant risk and uncertainties including financial, operational, technological, regulatory, and other risks, including the potential risk of business failure. The extent of the impact and effects of the coronavirus (COVID-19) on the operation and financial performance of the Company’s business will depend on future developments, including the duration and spread of the outbreak, related travel advisories and restrictions, the recovery time of disrupted research services, the consequential staff shortages, and research and development delays, or the uncertainty with respect to the accessibility of additional liquidity or capital markets, all of which are highly uncertain and cannot be predicted. If the Company’s operations are impacted by this outbreak for an extended period, the Company’s results of operations or liquidity may be materially adversely affected. Deferred Offering Costs In conjunction with the Company’s public offerings, costs incurred related to the public offerings were capitalized as deferred equity issuance costs in other non-current assets until the time of completion of the public offerings. Upon completion of the public offerings, these costs have been offset against proceeds received. Offering costs include direct and incremental costs related to the offering such as legal fees and related costs associated with the public offerings. As of December 31, 2020, the Company recorded deferred offering costs of approximately $101,000 and as of March 31, 2021, there were no deferred offering costs recorded on the Company’s condensed consolidated balance sheets (see Note 5). Research and Development Research and development costs are expensed as incurred. These expenses primarily consist of payroll, contractor expenses, research study expenses, costs for manufacturing and supplies, and technical infrastructure on the cloud for the purposes of developing the Company’s RADR platform and identifying, developing, and testing drug candidates. Development costs incurred by third parties are expensed as the work is performed. Costs to acquire technologies, including licenses, that are utilized in research and development and that have no alternative future use are expensed when incurred. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets as of March 31, 2021 totaled approximately $1,111,000 and included approximately $249,000 of upfront payments for contractor fees, academic research studies and services, and subscriptions, approximately $502,000 of intellectual property related licensing and other fees, and approximately $360,000 of prepaid annual insurance fees. New Accounting Pronouncements, Not Yet Adopted Current Expected Credit Loss In June 2016 the FASB issued Accounting Standard Update (ASU) 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). This introduces new methodology for recognition of credit losses - the current expected credit loss (“CECL”) method. The CECL method requires the recognition of all losses expected over the life of a financial instrument upon origination or purchase of the instrument, unless the company elects to recognize such instruments at fair value with changes in profit and loss. CECL is effective for the Company on January 1, 2023. The Company does not anticipate a material impact from the adoption of this new standard on its financial statements. Recently Adopted Accounting Standards Income Taxes In December 2019, the FASB issued ASU 2019-12: Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes. This ASU simplifies accounting for income taxes by removing the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or gain for other items, the exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, the exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary, and the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This ASU also includes other requirements related to franchise tax, goodwill as part of a business combination, consolidations, changes in tax laws, and affordable housing projects. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. There was not a material impact on the Company’s condensed consolidated financial statements and disclosures as a result of the adoption of this new standard.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 4: Commitments and Contingencies General. The Company has entered into, and expects to enter into from time to time in the future, license agreements, strategic alliance agreements, assignment agreements, research service agreements, and similar agreements related to the advancement of its product candidates and research and development efforts. Significant agreements are described in detail below (collectively, the “License, Strategic Alliance, and Research Agreements”). During the three months ended March 31, 2021 and March 31, 2020, the Company expensed a total of approximately $658,000 and $28,000, respectively, under the License, Strategic Alliance, and Research Agreements described below. These expense amounts are included under research and development expenses in the accompanying condensed consolidated statements of operations. During the three months ended March 31, 2021 and March 31, 2020, the Company made payments of approximately $1,033,000 and $87,000, respectively, under the License, Strategic Alliance, and Research Agreements. Approximately $240,000 and $23,000 are accrued and payable under the License, Strategic Alliance, and Research Agreements at March 31, 2021 and March 31, 2020, respectively, which amounts are included in the accompanying condensed consolidated balance sheets. Approximately $607,000 and $58,000 are included in prepaid expenses and other current assets under the License, Strategic Alliance, and Research Agreements at March 31, 2021 and March 31, 2020, respectively, which amounts are included in the accompanying condensed consolidated balance sheets. BioNumerik Pharmaceuticals In January 2018, the Company entered into an Assignment Agreement (the “Assignment Agreement”) with BioNumerik Pharmaceuticals, Inc. (“BioNumerik”), pursuant to which the Company acquired rights to domestic and international patents, trademarks and related technology and data relating to LP-300 (Tavocept) for human therapeutic treatment indications. The Assignment Agreement replaced a License Agreement that was entered into between the Company and BioNumerik in May 2016. The Company made upfront payments totaling $25,000 in connection with entry into the Assignment Agreement. In the event the Company develops and commercializes LP-300 internally, the Company is required to pay to the BioNumerik-related payment recipients designated in the Assignment Agreement a percentage royalty in the low double digits on cumulative net revenue up to $100 million, with incremental increases in the percentage royalty for net cumulative revenue between $100 million and $250 million, $250 million and $500 million, and $500 million and $1 billion, with a percentage royalty payment that could exceed $200 million for net cumulative revenue in excess of $1 billion. The Company has the right to first recover certain designated portions of patent costs and development and regulatory costs before the payment of royalties described above. If the Company enters into a third party transaction for LP-300, the Company is required to pay the BioNumerik-related payment recipients a specified percentage of any upfront, milestone, and royalty amounts received by the Company from the transaction, after first recovering specified direct costs incurred by the Company for the development of LP-300 that are not otherwise reimbursed from such third party transaction. In addition, the Assignment Agreement provides that the Company will use commercially diligent efforts to develop LP-300 and make specified regulatory filings and pay specified development and regulatory costs related to LP-300. The Assignment Agreement also provides that the Company will provide TriviumVet DAC (“TriviumVet”) with (i) specified data and information generated by the Company with respect to LP-300, and (ii) an exclusive license to use specified LP-300-related patent rights, trademark rights and related intellectual property to support LP-300 development in non-human (animal) treatment indications. The Company is also required to pay all patent costs on covered patents related to LP-300. These patent costs are included in general and administrative expenses in the accompanying condensed consolidated statements of operations. These patent costs are fully recoverable at the time of any net revenue from LP-300, with up to 50% of net revenue amounts to be applied towards repayment of patent costs until such costs are fully recovered. In addition to the recovery of patent costs, the Company has the right to recover the $25,000 upfront payments made in connection with entry into the Assignment Agreement, which payments are recoverable prior to making any royalty or third party transaction sharing payments. The Company also has the right to recover previously incurred LP-300 development and regulatory costs, with up to a mid-single digit percentage of net revenue amounts to be applied towards repayment of development and regulatory costs until such costs are fully recovered. AF Chemicals In January 2015, the Company entered into a Technology License Agreement to exclusively license domestic and international patent rights from AF Chemicals, LLC (“AF Chemicals”) for the treatment of cancer in humans for the compounds LP-100 (Irofulven) and LP-184. In February 2016, the Company and AF Chemicals entered into an Addendum (the “Addendum”) providing for additions and amendments to the Technology License Agreement. In December 2020, the Company and AF Chemicals entered into a Second Addendum (the “Second Addendum”) providing for further additions and amendments to the Technology License Agreement. The Technology License Agreement, Addendum and Second Addendum are collectively referred to as the “AFC License Agreement”. Pursuant to the Second Addendum, the Company made specified payments to AF Chemicals within 10 days after signing and prior to March 31, 2021. The Second Addendum also provides that, from December 30, 2020 until January 15, 2025, the Company will have no obligation to pay annual licensing fees, development diligence extension payments, or patent maintenance fee payments to AFC under the AFC License Agreement. As part of the Second Addendum, the Company has agreed to apply for specified orphan drug designations for LP-184 in the US and EU. The Second Addendum also amends and clarifies other provisions of the Technology License Agreement, and provides the Company with the ability to recover a portion of initial payments made under the Second Addendum from sublicense fees or royalty payments that may be made to AFC by the Company or third parties prior to January 15, 2025. Pursuant to the AFC License Agreement the Company made annual licensing fee payments to AF Chemicals during three months ended March 31, 2020 relating to LP-184. Such amounts are included in research and development expenses in the accompanying condensed consolidated statements of operations. In addition, the Company is obligated to make milestone payments to AF Chemicals at the time of an Investigational New Drug Application (“IND”) filing relating to LP-184 and also upon reaching additional specified milestones in connection with the development and potential marketing approval of LP-184 in the United States, specified countries in Europe, and other countries. The AFC License Agreement also provides that the Company will pay AF Chemicals a royalty of at least a very small single digit percentage of specified net sales of LP-184 and other analogs. In addition, the AFC License Agreement contains specified time requirements for the Company to file an IND, enroll patients in clinical trials, and file a potential NDA with respect to LP-184, with the ability for the Company to pay AF Chemicals additional amounts ranging up to an amount in the low hundreds of thousands of dollars for each one, two, three and four year extension to such development time requirements, with additional extensions beyond four years to be negotiated by the Company and AF Chemicals. Pursuant to the Second Addendum, no additional payments of annual licensing fees or development diligence extension payments are required to be made by the Company until January 15, 2025, at which time these obligations will resume. The Company will also be obligated to make annual licensing fee payments to AF Chemicals relating to LP-100 beginning January 15, 2025, as described below under Allarity Therapeutics. In the event of a sublicense of the LP-184 rights, the Company is obligated to pay AF Chemicals (a) a low double digit percentage of the gross income and fees received by the Company with respect to the United States in connection with such sublicense, and (b) a lower double digit percentage of the gross income and fees received by the Company with respect to Europe and Japan in connection with such sublicense. Allarity Therapeutics (formerly known as Oncology Venture) In May 2015, the Company licensed various rights to LP-100 to Oncology Venture (now known as Allarity Therapeutics) pursuant to a Drug License and Development Agreement. In February 2016, the Company and Allarity Therapeutics entered into an addendum and an amendment providing for additions and amendments to the Drug License and Development Agreement. In connection with the Drug License and Development Agreement, as amended (collectively, the “Allarity License and Development Agreement”), Allarity Therapeutics agreed to directly pay to AF Chemicals on behalf of the Company certain amounts to satisfy the Company’s milestone obligations to AF Chemicals with respect to LP-100 under the AFC License Agreement. Amounts paid by Allarity Therapeutics to AF Chemicals on behalf of the Company are then deducted from amounts owed by Allarity Therapeutics to the Company. The amounts to be paid to AF Chemicals with respect to LP-100 under the AFC License Agreement are in many ways similar to the amounts to be paid with respect to LP-184 as described above under “AF Chemicals”. In the event any such amounts relating to LP-100 are not paid to AF Chemicals by Allarity Therapeutics, the Company is obligated to pay such unpaid amounts. In addition to the payments to be made by Allarity Therapeutics, the Company is obligated to make annual licensing fee payments to AF Chemicals relating to LP-100. In addition, the AFC License Agreement contains specified time requirements for the Company to enroll patients in clinical trials, and file a potential NDA with respect to LP-100. Extension fees may be paid by the Company to AF Chemicals from time to time related to these requirements. Califia Pharma In December 2020, the Company entered into an Evaluation and Limited Use Agreement (the “Evaluation Agreement”) with Califia Pharma, Inc. (“Califia”). The Evaluation Agreement provides for the Company and Califia to collaborate on the in vitro and in vivo testing and evaluation of novel Califia payloads conjugated to a Lantern targeting entity. The Evaluation Agreement also provides the Company with the right to negotiate with Califia for exclusive license rights to use LP-184 and related analogs as the payload with an affinity drug conjugate or small molecule drug conjugate targeting entity supplied by Lantern. The Company also has the right under the Evaluation Agreement to negotiate for non-exclusive license rights to use a Lantern targeting entity with a payload and linker combination selected from novel specified Califia payloads and linkers. Patheon API Services In July 2020, the Company entered into an agreement with Patheon API Services, Inc. (“Patheon”) for the manufacture and supply of cGMP material to support the Company’s planned Phase II clinical trial for its product candidate LP-300. In addition to producing LP-300 API (active pharmaceutical ingredient) under cGMP (current Good Manufacturing Practices) conditions, Patheon is transferring previously validated manufacturing processes and analytical methods for LP-300 and is producing non-GMP material that can be used to support non-clinical studies for LP-300. The agreement provides for payments in stages as specified process and manufacturing milestones are achieved. Patheon, a part of Thermo Fisher Scientific, has previously developed and/or manufactured more than 700 pharmaceuticals for biopharma clients and has more than 55 locations around the world, providing access to a fully integrated global network of facilities. The Company expects to pay additional amounts to Patheon in future periods in accordance with specified process and manufacturing milestones under the Patheon agreement. Southwest Research Institute As part of the Company’s research and development activities, the Company has engaged Southwest Research Institute (“SwRI”) from time to time to assist with compound synthesis and manufacturing related activities for the Company’s product candidates. In September 2020, the Company entered into an agreement with SwRI for the non-GMP synthesis of LP-184 material and related analytical development to assist with preclinical studies. The Company expects to pay additional amounts to SwRI in future periods as synthesis and analytical work is conducted by SwRI under the agreement. The Research Institute of Fox Chase Cancer Center In September 2020, the Company entered into a research agreement with the Research Institute of Fox Chase Cancer Center (“FCCC”) as part of the Company’s research and development activities, with a focus on advancing the targeted use of LP-184 in molecularly-defined sub-types of pancreatic cancer. The Company expects to pay additional amounts to FCCC in future periods in accordance with the payment schedule specified under the FCCC agreement. Piramal Pharma Solutions In January 2021, the Company entered into an agreement with Piramal Pharma Solutions (“Piramal”) for the fill and finish manufacture of LP-300 drug product at Piramal’s Lexington, Kentucky site in support of future Phase II clinical testing. Piramal will complete activities to support the cGMP manufacturing of LP-300, conduct a transfer project, manufacture a cGMP clinical batch, and perform stability studies on the cGMP batch of LP-300 drug product. The Company expects to pay additional amounts to Piramal in future periods in accordance with the payment schedule specified under the Piramal agreement. Other Research and Service Provider Agreements In addition to the agreements described above, the Company has entered into other research and service provider agreements for the advancement of its product candidates and research and development efforts. The Company expects to pay additional amounts in future periods in connection with existing and future research and service provider agreements. EU Grant In September 2018, Lantern Pharma Limited, a wholly owned subsidiary of Lantern Pharma Inc., was awarded a grant by the UK government in the form of state aid under the Commission Regulations (EU) No. 651/2014 of 17 June 2014 (the “General Block Exemption”), Article 25 Aid for research and development projects, state aid notification no. SA.40154. The grant was awarded to conduct research and development activities for the prostate cancer biomarker analysis of the LP-184 drug candidate. Following the Company’s research and development activities in Northern Ireland, the grant will reimburse the Company 50% of its research and development expenses not exceeding GBP 24,215 of vouched and approved expenditures within specific categories. The grant contains some reporting and consent requirements. The grant will remain in force for a period of five years. No payments to the Company have been made under the grant as of March 31, 2021 and December 31, 2020. No revenue has been recognized from this grant through March 31, 2021. Operating Lease The Company leased office space in Dallas, Texas under month-to-month lease arrangements during the three months ended March 31, 2021. In August 2020, in connection with the Company’s employees working remotely due to COVID-19, the Company reduced its monthly lease commitment and costs to minimal levels. In August 2019, the Company entered into a leasing agreement for office space in New Jersey. Monthly rent was approximately $2,000, plus electrical utilities. The lease expired on July 31, 2020 and was not renewed.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Note 5. Shareholders’ Equity Common Stock During the three months ended March 31, 2020, the Company issued 50,460 shares of common stock, relating to the exercise of stock options. The shares were issued at a purchase price of $1.03 per share for total proceeds of $52,000. On January 20, 2021, the Company closed a public offering of 4,928,571 shares of its common stock at a public offering price of $14.00 per share, which amount included 642,856 shares sold upon full exercise of the underwriter’s over-allotment option. Total gross proceeds from the offering were approximately $69,000,000, and net proceeds from the offering were approximately $64,167,000, after deducting underwriting discounts and commissions of approximately $4,554,000 and other offering expenses of approximately $279,000, including $101,000 of deferring offering costs previously recorded. During the three months ended March 31, 2021, the Company issued 11,782 shares of common stock, relating to the exercise of stock options. The shares were issued at a purchase price of $1.03 per share for total proceeds of approximately $12,000. During the three months ended March 31, 2021, the Company issued 19,367 shares of common stock relating to the cash exercise of warrants for total proceeds of approximately $61,000. The Company also issued 800 shares of common stock relating to the cashless exercise of a warrant to purchase 957 shares. All of such warrants were exercisable at an exercise price of $3.13 per share of common stock. As of March 31, 2021 and December 31, 2020, the Company had 25,000,000 authorized shares of Common Stock, of which 11,181,447 and 6,220,927 shares were issued and outstanding, respectively. Warrants The Company had warrants to purchase 305,294 shares of common stock outstanding and exercisable as of March 31, 2021 at a weighted average exercise price of $6.71 per share, and with expiration dates ranging from December 31, 2021 to June 10, 2025. The Company had warrants to purchase 262,003 shares of Series A Preferred Stock outstanding and exercisable as of March 31, 2020 at a weighted average exercise price of $3.13 per share, and with expiration dates ranging from December 31, 2020 to July 25, 2024. Options The Company recorded stock-based compensation of approximately $246,000 and $18,000 related to stock options during the three months ended March 31, 2021 and March 31, 2020, respectively. These amounts are allocated between general and administrative and research and development expenses in the accompanying condensed consolidated statements of operations. A summary of stock option activity under the Lantern Pharma Inc. 2018 Equity Incentive Plan, as amended and restated (the “Plan”) during the three months ended March 31, 2021 is presented below: Options Outstanding Number of Weighted- Outstanding December 31, 2020 835,608 $ 6.41 Granted - - Exercised (11,782 ) 1.03 Cancelled or expired - - Outstanding March 31, 2021 823,826 $ 6.49 Options were exercisable for 621,120 shares of Common Stock at March 31, 2021. During the three months ended March 31, 2020, no options were granted, options were exercised to purchase 50,460 shares of common stock, and options relating to 43,166 shares of common stock expired or were canceled.

Notes and Loan Payable

Notes and Loan Payable	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Notes and Loan Payable	Note 6. Notes and Loan Payable In January 2020, the Company entered into a financing arrangement for commercial insurance with First Insurance Funding. The total amount financed was approximately $66,000 with an annual interest rate of 6.64%, to be paid over a period of ten months. In June 2020, the insurance policy was canceled, and the remaining loan balance was repaid. On May 1, 2020 (the “Origination Date”), the Company received $108,500 in aggregate loan proceeds (the “PPP Loan”) from JPMorgan Chase Bank (the “Lender”) pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The PPP Loan is evidenced by a loan application and payment agreement (the “PPP Loan Agreement”) by and between the Company and the Lender. Subject to the terms of the PPP Loan Agreement, the PPP Loan bears interest at a fixed rate of one percent (1.0%) per annum. Payments of principal and interest are deferred for the first six months following the Origination Date, and the PPP Loan will mature two years after the Origination Date. The guidance under the Paycheck Protection Program was later updated so that payments of principal and interest were extended past the current fiscal year and maturity was extended past two years. The Company applied for forgiveness of the loan, and in April 2021 the Company received notice that the Small Business Administration (SBA) had authorized full forgiveness of the PPP Loan.

Loss Per Share of Common Shares

Loss Per Share of Common Shares	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Loss Per Share of Common Shares	Note 7. Loss Per Share of Common Shares Basic loss per share is derived by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as warrants and stock options, which would result in the issuance of incremental shares of common stock unless such effect is anti-dilutive. In calculating the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remained the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation. Potentially dilutive securities outstanding that have been excluded from diluted loss per share due to being anti-dilutive include the following: Outstanding at 2021 2020 Warrants to purchase Common Stock 305,294 - Warrants to purchase Series A Preferred stock - 262,003 Stock options 823,826 513,865 Series A preferred stock - 2,438,866 1,129,120 3,214,734

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 8. Subsequent Events In May 2021, the Company entered into a Collaboration Agreement with Actuate Therapeutics, Inc. (“Actuate”), a clinical stage biopharmaceutical company focused on the development of compounds for use in the treatment of cancer, and inflammatory diseases leading to fibrosis. Pursuant to the agreement, the Company and Actuate will collaborate on utilization of the Company’s RADR® platform to develop novel biomarker derived signatures for use with one of Actuate’s product candidates. As part of the collaboration, the Company will receive shares of Actuate stock, subject to meeting certain conditions of the collaboration, as well as the potential to receive additional Actuate stock if results from the collaboration are utilized in future development efforts. The Company’s director Mr. Kreis is also a director of Actuate. Affiliates of Mr. Kreis hold substantial beneficial ownership interests in both the Company and Actuate. In April 2021, the Company entered into a location-flexible office lease agreement with a 24 month term. Rent is approximately $12,900 per month.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The significant areas of estimation include determining research and development accruals and the inputs in determining the fair value of equity-based awards and warrants issued. Actual results could differ from those estimates.
Risks and Uncertainties	Risks and Uncertainties The Company operates in an industry that is subject to intense competition, government regulation and rapid technological change. Operations are subject to significant risk and uncertainties including financial, operational, technological, regulatory, and other risks, including the potential risk of business failure. The extent of the impact and effects of the coronavirus (COVID-19) on the operation and financial performance of the Company’s business will depend on future developments, including the duration and spread of the outbreak, related travel advisories and restrictions, the recovery time of disrupted research services, the consequential staff shortages, and research and development delays, or the uncertainty with respect to the accessibility of additional liquidity or capital markets, all of which are highly uncertain and cannot be predicted. If the Company’s operations are impacted by this outbreak for an extended period, the Company’s results of operations or liquidity may be materially adversely affected.
Deferred Offering Costs	Deferred Offering Costs In conjunction with the Company’s public offerings, costs incurred related to the public offerings were capitalized as deferred equity issuance costs in other non-current assets until the time of completion of the public offerings. Upon completion of the public offerings, these costs have been offset against proceeds received. Offering costs include direct and incremental costs related to the offering such as legal fees and related costs associated with the public offerings. As of December 31, 2020, the Company recorded deferred offering costs of approximately $101,000 and as of March 31, 2021, there were no deferred offering costs recorded on the Company’s condensed consolidated balance sheets (see Note 5).
Research and Development	Research and Development Research and development costs are expensed as incurred. These expenses primarily consist of payroll, contractor expenses, research study expenses, costs for manufacturing and supplies, and technical infrastructure on the cloud for the purposes of developing the Company’s RADR platform and identifying, developing, and testing drug candidates. Development costs incurred by third parties are expensed as the work is performed. Costs to acquire technologies, including licenses, that are utilized in research and development and that have no alternative future use are expensed when incurred.
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets as of March 31, 2021 totaled approximately $1,111,000 and included approximately $249,000 of upfront payments for contractor fees, academic research studies and services, and subscriptions, approximately $502,000 of intellectual property related licensing and other fees, and approximately $360,000 of prepaid annual insurance fees.
New Accounting Pronouncements, Not Yet Adopted	New Accounting Pronouncements, Not Yet Adopted Current Expected Credit Loss In June 2016 the FASB issued Accounting Standard Update (ASU) 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). This introduces new methodology for recognition of credit losses - the current expected credit loss (“CECL”) method. The CECL method requires the recognition of all losses expected over the life of a financial instrument upon origination or purchase of the instrument, unless the company elects to recognize such instruments at fair value with changes in profit and loss. CECL is effective for the Company on January 1, 2023. The Company does not anticipate a material impact from the adoption of this new standard on its financial statements.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Income Taxes In December 2019, the FASB issued ASU 2019-12: Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes. This ASU simplifies accounting for income taxes by removing the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or gain for other items, the exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, the exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary, and the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This ASU also includes other requirements related to franchise tax, goodwill as part of a business combination, consolidations, changes in tax laws, and affordable housing projects. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. There was not a material impact on the Company’s condensed consolidated financial statements and disclosures as a result of the adoption of this new standard.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Schedule of stock option activity	Options Outstanding Number of Weighted- Outstanding December 31, 2020 835,608 $ 6.41 Granted - - Exercised (11,782 ) 1.03 Cancelled or expired - - Outstanding March 31, 2021 823,826 $ 6.49

Loss Per Share of Common Shar_2

Loss Per Share of Common Shares (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of diluted loss per share due to being anti-dilutive	Outstanding at 2021 2020 Warrants to purchase Common Stock 305,294 - Warrants to purchase Series A Preferred stock - 262,003 Stock options 823,826 513,865 Series A preferred stock - 2,438,866 1,129,120 3,214,734

Liquidity (Details)

Liquidity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jan. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 2,452,000	$ 477,000
Working capital		$ 81,820,000
Net proceed			$ 64,167,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Jan. 20, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies (Details) [Line Items]
Deferred offering costs	$ 0
Prepaid expense and other assets	1,111,000
Contract fees	249,000
Licensing and other fees	502,000
Prepaid annual insurance fees	$ 360,000
IPO [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Deferred offering costs		$ 101,000	$ 101,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	1 Months Ended	3 Months Ended
	Aug. 31, 2019	Mar. 31, 2021	Mar. 31, 2020	Jan. 31, 2018
Commitments and Contingencies (Details) [Line Items]
Total expensed		$ 658,000	$ 28,000
Total Payments		1,033,000	87,000
Accrued and payable		240,000	23,000
Prepaid expenses and other current assets		607,000	$ 58,000
Upfront payments				$ 25,000
Research and development expense		$ 24,215
Granted period		5 years
Patents [Member]
Commitments and Contingencies (Details) [Line Items]
Net revenue, percentage		50.00%
EU Grant [Member]
Commitments and Contingencies (Details) [Line Items]
Research and development expenses percentage		50.00%
Operating Lease [Member]
Commitments and Contingencies (Details) [Line Items]
Lease term, description	the Company entered into a leasing agreement for office space in New Jersey. Monthly rent was approximately $2,000, plus electrical utilities. The lease expired on July 31, 2020 and was not renewed.
BioNumerik Pharmaceutical [Member]
Commitments and Contingencies (Details) [Line Items]
Upfront payments		$ 25,000
Commitments and contingencies, description		In the event the Company develops and commercializes LP-300 internally, the Company is required to pay to the BioNumerik-related payment recipients designated in the Assignment Agreement a percentage royalty in the low double digits on cumulative net revenue up to $100 million, with incremental increases in the percentage royalty for net cumulative revenue between $100 million and $250 million, $250 million and $500 million, and $500 million and $1 billion, with a percentage royalty payment that could exceed $200 million for net cumulative revenue in excess of $1 billion.

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 20, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Shareholders' Equity (Details) [Line Items]
Other offering expenses (in Dollars)	$ 279,000
Deferring offering costs (in Dollars)		$ 0
Common stock issued for cash exercise of warrants		19,367
Common stock value issued for cash exercise of warrants (in Dollars)		$ 61,000
Common stock issued for cashless exercise of warrants		800
Price per share (in Dollars per share)		$ 3.13
Common stock, shares authorized		25,000,000		25,000,000
Common stock, shares issued		11,181,447		6,220,927
Common stock, shares outstanding		11,181,447		6,220,927
Warrants expiration range, description			expiration dates ranging from December 31, 2020 to July 25, 2024.
Common stock expired or canceled			43,166
Stock Options [Member]
Shareholders' Equity (Details) [Line Items]
Common stock issued relating to stock options		11,782
IPO [Member]
Shareholders' Equity (Details) [Line Items]
Sale of shares	4,928,571
Sale of price per share (in Dollars per share)	$ 14
Gross proceeds from offering (in Dollars)	$ 69,000,000
Net proceeds from offering (in Dollars)	64,167,000
Proceeds after deducting underwriting discounts and commissions (in Dollars)	4,554,000
Deferring offering costs (in Dollars)	$ 101,000			$ 101,000
Over-Allotment Option [Member]
Shareholders' Equity (Details) [Line Items]
Sale of shares	642,856
Options [Member]
Shareholders' Equity (Details) [Line Items]
Stock-based Compensation (in Dollars)		$ 246,000	$ 18,000
Options exercisable		621,120
Purchase of common stock			50,460
Common Stock [Member]
Shareholders' Equity (Details) [Line Items]
Common stock issued relating to stock options			50,460
Price per share (in Dollars per share)		$ 1.03	$ 1.03
Total proceeds (in Dollars)		$ 12,000	$ 52,000
Common stock issued relating to stock options			50,460
Common stock value issued for cash exercise of warrants (in Dollars)		$ 957
Common stock, shares authorized		25,000,000
Common stock, shares issued		11,181,447
Warrant [Member]
Shareholders' Equity (Details) [Line Items]
Warrants to purchase shares		305,294
Warrants exercise price (in Dollars per share)		$ 6.71
Warrants expiration range, description		expiration dates ranging from December 31, 2021 to June 10, 2025.
Series A Preferred Stock [Member] | Warrant [Member]
Shareholders' Equity (Details) [Line Items]
Warrants to purchase shares			262,003
Warrants exercise price (in Dollars per share)			$ 3.13

Shareholders' Equity (Details)

Shareholders' Equity (Details) - Schedule of stock option activity	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Schedule of stock option activity [Abstract]
Number of Options, Outstanding Beginning Balance | shares	835,608
Weighted-Average Exercise Price, Outstanding Beginning Balance | $ / shares	$ 6.41
Number of Options, Granted | shares
Weighted-Average Exercise Price, Granted | $ / shares
Number of Options, Exercised | shares	(11,782)
Weighted-Average Exercise Price, Exercised | $ / shares	$ 1.03
Number of Options, Cancelled or expired | shares
Weighted-Average Exercise Price, Cancelled or expired | $ / shares
Number of Options, Outstanding Ending Balance | shares	823,826
Weighted-Average Exercise Price, Outstanding Ending Balance | $ / shares	$ 6.49

Notes and Loan Payable (Details

Notes and Loan Payable (Details) - USD ($)	1 Months Ended
	May 01, 2020	Jan. 31, 2020
Debt Disclosure [Abstract]
Annual amount		$ 66,000
Interest rate		6.64%
Description of maturity date		ten months.
Aggregate loan amount	$ 108,500
Description of notes payable and loan payable	the PPP Loan bears interest at a fixed rate of one percent (1.0%) per annum. Payments of principal and interest are deferred for the first six months following the Origination Date, and the PPP Loan will mature two years after the Origination Date. The guidance under the Paycheck Protection Program was later updated so that payments of principal and interest were extended past the current fiscal year and maturity was extended past two years.

Loss Per Share of Common Shar_3

Loss Per Share of Common Shares (Details) - Schedule of diluted loss per share due to being anti-dilutive - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Loss Per Share of Common Shares (Details) - Schedule of diluted loss per share due to being anti-dilutive [Line Items]
Anti-diluted loss share	1,129,120	3,214,734
Warrants [Member]
Loss Per Share of Common Shares (Details) - Schedule of diluted loss per share due to being anti-dilutive [Line Items]
Anti-diluted loss share	305,294
Stock options [Member]
Loss Per Share of Common Shares (Details) - Schedule of diluted loss per share due to being anti-dilutive [Line Items]
Anti-diluted loss share	823,826	513,865
Series A preferred stock [Member]
Loss Per Share of Common Shares (Details) - Schedule of diluted loss per share due to being anti-dilutive [Line Items]
Anti-diluted loss share		2,438,866
Series A preferred stock [Member] | Warrants [Member]
Loss Per Share of Common Shares (Details) - Schedule of diluted loss per share due to being anti-dilutive [Line Items]
Anti-diluted loss share		262,003

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member]	1 Months Ended
	Apr. 30, 2021USD ($)
Subsequent Events (Details) [Line Items]
Lease agreement term	24 years
Rental expenses	$ 12,900