Lantern Pharma (LTRN) 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-39318
Entity Registrant Name	Lantern Pharma Inc.
Entity Central Index Key	0001763950
Entity Tax Identification Number	46-3973463
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1920 McKinney Avenue
Entity Address, Address Line Two	7th Floor
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	(972)
Local Phone Number	277-1136
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	LTRN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,869,040

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 25,571,728	$ 37,201,786
Restricted cash		541,180
Marketable securities	19,353,852	17,994,299
Prepaid expenses and other current assets	2,500,401	2,985,472
Total current assets	47,425,981	58,722,737
Property and equipment, net	51,021	48,008
Operating lease right-of-use assets	268,637	47,687
Other assets	25,869	17,889
TOTAL ASSETS	47,771,508	58,836,321
CURRENT LIABILITIES
Accounts payable and accrued expenses	2,085,299	2,745,407
Operating lease liabilities, current	168,013	52,890
Total current liabilities	2,253,312	2,798,297
Operating lease liabilities, net of current portion	106,516
TOTAL LIABILITIES	2,359,828	2,798,297
COMMITMENTS AND CONTINGENCIES (NOTE 4)
STOCKHOLDERS’ EQUITY
Preferred Stock (1,000,000 authorized at September 30, 2023 and December 31, 2022; $.0001 par value) (Zero shares issued and outstanding at September 30, 2023 and December 31, 2022)
Common Stock (25,000,000 authorized at September 30, 2023 and December 31, 2022; $.0001 par value) (10,869,040 shares and 10,857,040 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively)	1,087	1,086
Additional paid-in capital	96,607,868	95,691,194
Accumulated other comprehensive loss	(138,792)	(371,386)
Accumulated deficit	(51,058,483)	(39,282,870)
Total stockholders’ equity	45,411,680	56,038,024
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 47,771,508	$ 58,836,321

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	25,000,000	25,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	10,869,040	10,857,040
Common stock, shares outstanding	10,869,040	10,857,040

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
General and administrative	$ 1,313,727	$ 1,442,961	$ 4,679,128	$ 4,255,119
Research and development	2,209,894	702,296	8,321,058	6,351,356
Total operating expenses	3,523,621	2,145,257	13,000,186	10,606,475
Loss from operations	(3,523,621)	(2,145,257)	(13,000,186)	(10,606,475)
Interest income	246,394	52,224	497,999	129,671
Other (expense) income, net	115,777	(171,648)	726,574	(402,037)
NET LOSS	$ (3,161,450)	$ (2,264,681)	$ (11,775,613)	$ (10,878,841)
Net loss per share of common shares, basic	$ (0.29)	$ (0.21)	$ (1.08)	$ (1)
Net loss per share of common shares, diluted	$ (0.29)	$ (0.21)	$ (1.08)	$ (1)
Weighted-average number of common shares outstanding, basic	10,857,366	10,838,888	10,857,150	10,848,402
Weighted-average number of common shares outstanding, diluted	10,857,366	10,838,888	10,857,150	10,848,402

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
NET LOSS	$ (3,161,450)	$ (2,264,681)	$ (11,775,613)	$ (10,878,841)
Other comprehensive income (loss)
Unrealized gain (loss) on available-for-sale securities	81,004	(118,572)	165,540	(394,843)
Unrealized gain on foreign currency translation	42,041	32,018	67,054	52,497
Other comprehensive income (loss)	123,045	(86,554)	232,594	(342,346)
Comprehensive loss	$ (3,038,405)	$ (2,351,235)	$ (11,543,019)	$ (11,221,187)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021		$ 1,109	$ 96,685,924	$ (92,689)	$ (25,022,924)	$ 71,571,420
Balance, shares at Dec. 31, 2021		11,088,835
Common stock issued from warrant and option exercises		$ 10	299,778			299,788
Common stock issued from warrant and option exercises, shares		95,779
Stock-based compensation			267,004			267,004
Share repurchases		$ (36)	(2,482,250)			(2,482,286)
Share repurchases, shares		(353,667)
Net loss					(4,121,774)	(4,121,774)
Other comprehensive gain (loss)				(218,780)		(218,780)
Balance at Mar. 31, 2022		$ 1,083	94,770,456	(311,469)	(29,144,698)	65,315,372
Balance, shares at Mar. 31, 2022		10,830,947
Balance at Dec. 31, 2021		$ 1,109	96,685,924	(92,689)	(25,022,924)	71,571,420
Balance, shares at Dec. 31, 2021		11,088,835
Net loss						(10,878,841)
Other comprehensive gain (loss)						(342,346)
Balance at Sep. 30, 2022		$ 1,086	95,361,099	(435,035)	(35,901,765)	59,025,385
Balance, shares at Sep. 30, 2022		10,857,040
Balance at Mar. 31, 2022		$ 1,083	94,770,456	(311,469)	(29,144,698)	65,315,372
Balance, shares at Mar. 31, 2022		10,830,947
Stock-based compensation			289,533			289,533
Net loss					(4,492,386)	(4,492,386)
Other comprehensive gain (loss)				(37,012)		(37,012)
Balance at Jun. 30, 2022		$ 1,083	95,059,989	(348,481)	(33,637,084)	61,075,507
Balance, shares at Jun. 30, 2022		10,830,947
Stock-based compensation			301,113			301,113
Net loss					(2,264,681)	(2,264,681)
Other comprehensive gain (loss)				(86,554)		(86,554)
Common stock issued from option exercises		$ 3	(3)
Common stock issued from option exercises, shares		26,093
Balance at Sep. 30, 2022		$ 1,086	95,361,099	(435,035)	(35,901,765)	59,025,385
Balance, shares at Sep. 30, 2022		10,857,040
Balance at Dec. 31, 2022		$ 1,086	95,691,194	(371,386)	(39,282,870)	56,038,024
Balance, shares at Dec. 31, 2022		10,857,040
Stock-based compensation			333,530			333,530
Net loss					(3,867,765)	(3,867,765)
Other comprehensive gain (loss)				71,709		71,709
Balance at Mar. 31, 2023		$ 1,086	96,024,724	(299,677)	(43,150,635)	52,575,498
Balance, shares at Mar. 31, 2023		10,857,040
Balance at Dec. 31, 2022		$ 1,086	95,691,194	(371,386)	(39,282,870)	56,038,024
Balance, shares at Dec. 31, 2022		10,857,040
Net loss						(11,775,613)
Other comprehensive gain (loss)						$ 232,594
Issuance of restricted common stock awards, shares						12,000
Balance at Sep. 30, 2023		$ 1,087	96,607,868	(138,792)	(51,058,483)	$ 45,411,680
Balance, shares at Sep. 30, 2023		10,869,040
Balance at Mar. 31, 2023		$ 1,086	96,024,724	(299,677)	(43,150,635)	52,575,498
Balance, shares at Mar. 31, 2023		10,857,040
Stock-based compensation			392,390			392,390
Net loss					(4,746,398)	(4,746,398)
Other comprehensive gain (loss)				37,840		37,840
Issuance of restricted common stock awards		$ 1	(1)
Issuance of restricted common stock awards, shares		12,000
Balance at Jun. 30, 2023		$ 1,087	96,417,113	(261,837)	(47,897,033)	48,259,330
Balance, shares at Jun. 30, 2023		10,869,040
Stock-based compensation			190,755			190,755
Net loss					(3,161,450)	(3,161,450)
Other comprehensive gain (loss)				123,045		123,045
Balance at Sep. 30, 2023		$ 1,087	$ 96,607,868	$ (138,792)	$ (51,058,483)	$ 45,411,680
Balance, shares at Sep. 30, 2023		10,869,040

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (11,775,613)	$ (10,878,841)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	10,640	7,321
Non-cash lease adjustments	119,886	108,451
Stock-based compensation	916,675	857,650
Amortization (accretion) of investment premiums (discount)	(115,395)	87,211
Foreign currency remeasurement loss	129,686	158,703
Realized loss on redemptions of marketable securities	76,820	76,326
Unrealized loss on investment securities	17,300	476,751
Changes in assets and liabilities:
Prepaid expenses and other current assets	442,076	(1,759,848)
Accounts payable and accrued expenses	(656,096)	885,998
Operating lease liabilities	(119,197)	(118,351)
Other assets	(7,980)
Net cash flows used in operating activities	(10,961,198)	(10,098,629)
INVESTING ACTIVITIES
Purchase of property and equipment	(13,653)	(20,889)
Purchases of marketable securities	(6,640,738)	(3,322,386)
Redemptions of marketable securities	5,468,000	2,919,682
Net cash flows used in investing activities	(1,186,391)	(423,593)
FINANCING ACTIVITIES
Repurchase of shares including commissions		(2,482,286)
Proceeds from stock option and warrant exercises		299,788
Net cash flows used in financing activities		(2,182,498)
Effect of foreign exchange rates on cash	(23,649)	(20,508)
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FOR THE PERIOD	(12,171,238)	(12,725,228)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	37,742,966	52,524,295
CASH, CASH EQUIVALENTS AND RESTRICTED CASH	25,571,728	39,799,067
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	25,571,728	39,257,887
Restricted cash		541,180
Non-cash investing and financing activities
Operating lease right-of-use asset acquired through operating lease liability	141,989
Remeasurement of operating lease right-of-use asset and operating lease liability	198,847
Unrealized gain (loss) on debt securities	$ 165,540	$ (394,843)

Organization, Principal Activit

Organization, Principal Activities, and Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Principal Activities, and Basis of Presentation	Note 1. Organization, Principal Activities, and Basis of Presentation Lantern Pharma Inc., and Subsidiaries (the “Company”) is a clinical stage biopharmaceutical company, focused on leveraging artificial intelligence (“A.I.”), machine learning and biomarker 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 and a wholly owned subsidiary, Lantern Pharma Australia Pty Ltd, in Australia in September 2021. In January 2023, the Company formed a wholly owned subsidiary, Starlight Therapeutics Inc. (“Starlight”), to continue with advancing the development of drug candidate LP-184’s central nervous system (CNS) and brain cancer indications. 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 ® ● LP-300 (Tavocept), which we are currently advancing in a Phase II clinical trial, the Harmonic ™ ● LP-184, which we are advancing in a recently launched phase I clinical trial, and has potential for treatment of solid tumors including pancreatic, breast, bladder, and lung cancers, and glioblastoma and other CNS cancers. Following the formation of Starlight, the Company now refers to the molecule LP-184, as it is developed in CNS indications, as “STAR-001”; ● LP-284, the stereoisomer (enantiomer) of LP-184, is advancing in a recently launched phase I clinical trial, and has shown promising in-vitro in vivo ● Our ADC program is aimed at identifying targeted or therapeutic antibodies to conjugate with selected compounds. 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, 2022. 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, 2022 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, 2022 and the notes thereto included in the Company’s Annual Report on Form 10-K, dated March 20, 2023, 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 subsidiaries, Lantern Pharma Limited, Lantern Pharma Australia Pty Ltd. and Starlight Therapeutics Inc. All intercompany balances and transactions have been eliminated in consolidation.

Liquidity

Liquidity	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity	Note 2. Liquidity The Company incurred a net loss of approximately $ 11,776,000 10,879,000 45,173,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
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, the inputs in determining the fair value of equity-based awards and warrants issued, the inputs in determining present value of lease payments, and determining the fair value of marketable securities. 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. Our marketable securities have had and may in the future have their market value fluctuate due to rises or falls in interest rates. While we believe our cash, cash equivalents and marketable securities do not contain excessive risk, we cannot provide absolute assurance that in the future our investments will not be subject to adverse changes in market value. In addition, we maintain significant amounts of cash and cash equivalents at one or more financial institutions that are federally insured. Interest bearing and non-interest bearing accounts we hold at these banking institutions are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 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, clinical site costs and other costs for the conduct of clinical trials, and technical infrastructure on the cloud for the purposes of developing the Company’s RADR ® Cash and Cash Equivalents The Company considers money market funds and other highly liquid instruments with a short-term maturity of 3 months or less to be cash equivalents. Cash equivalents at September 30, 2023 and December 31, 2022 were approximately $ 24,281,000 1,271,000 Restricted Cash The Company considers cash held in escrow for the purposes of contractual contingencies to be restricted cash. All of the restricted cash at December 31, 2022 relates to escrow amounts paid in connection with the Asset Purchase Agreement entered into by the Company and Allarity Therapeutics in July 2021 (See Note 4). The escrow period under the Asset Purchase Agreement ended in July 2023, and the remaining escrow funds were distributed from escrow to the Company in August 2023. Leases The Company determines whether an arrangement contains a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and net of current portion of operating lease liabilities on our consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at the commencement date in determining the present value of lease payments. The Company does not include options to extend or terminate the lease term unless it is reasonably certain that the Company will exercise any such options. Rent expense is recognized under the operating leases on a straight-line basis. The Company does not recognize right-of-use assets or lease liabilities for short-term leases, which have a lease term of twelve months or less, and instead will recognize lease payments as expense on a straight-line basis over the lease term. Marketable Securities The Company’s marketable securities consist of government and agency securities, corporate bonds, and mutual funds. We classify our marketable securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months, as current assets in the accompanying condensed consolidated balance sheets. Available-for-sale debt securities are recorded at fair value each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within “Accumulated other comprehensive income” or “Accumulated other comprehensive loss” on the condensed consolidated balance sheets until realized. Interest is reported within “Interest income” and dividend income is reported within “Other income (expense), net” on the condensed consolidated statements of operations. We evaluate our investments to assess whether the amortized cost basis is in excess of estimated fair value and determine what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses are recognized as a charge in “Other income (expense), net” on the condensed consolidated statements of operations, and any remaining unrealized losses are included in “Accumulated other comprehensive loss” on the condensed consolidated balance sheets. There were no credit losses recorded for the three and nine months ended September 30, 2023 and 2022. There was no impairment charge for any unrealized losses for the three and nine months ended September 30, 2023 and 2022. We determine realized gains and losses on the sale of marketable securities based on the specific identification method and record such gains and losses in “Other income (expense), net” on the condensed consolidated statements of operations. Recent Accounting Pronouncements The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. Recently Adopted Accounting Standard 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 was adopted on January 1, 2023 and had no impact on the Company’s condensed consolidated financial statements.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
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 (collectively, the “License, Strategic Alliance, and Research Agreements”) are described in detail in the Company’s 2022 Form 10-K. While specific amounts will fluctuate from quarter to quarter based on clinical trials progress, advancement and completion of research studies and manufacturing projects, and other factors, the Company believes its overall activities regarding License, Strategic Alliance, and Research Agreements are materially consistent with those described in the 2022 Form 10-K, as supplemented by the discussion in the following paragraph. In May 2023, the Company entered into initial agreements with Fortrea Inc. (“Fortrea”) to begin serving as the lead contract research organization (CRO) for the Company’s Phase 2 clinical trial for LP-300 and the Company’s Phase 1 clinical trial for LP-184. In July 2023, the Company entered into a clinical master services agreement and work orders with Fortrea regarding additional CRO services to be provided by Fortrea relating to the LP-300 Phase 2 trial and the LP-184 Phase 1 trial. The Company expects to make substantial payments for services to be provided over the next 18 to 24 months in connection with services provided by Fortrea as well as clinical trial site and other pass-through costs relating to the LP-300 Phase 2 trial and the LP-184 Phase 1 trial. Amounts expensed with respect to Fortrea during the three and nine months ended September 30, 2023, as well as accrued and payable amounts and prepaid expense amounts with respect to Fortrea at September 30, 2023, are included in the tables below relating to License, Strategic Alliance, and Research Agreements. In addition to the agreements with Fortrea and the specific agreements described in the 2022 Form 10-K, the Company has entered into, and will in the future enter 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. Set forth below are the approximate amounts expensed for License, Strategic Alliance, and Research Agreements during the three and nine months ended September 30, 2023 and 2022, respectively. These expensed amounts are included under research and development expenses in the accompanying condensed consolidated statements of operations. Schedule of Research and Development 2023 2022 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amount Expensed for License, Strategic Alliance, and Research Agreements $ 669,000 $ (25,000 )* $ 4,017,000 $ 3,764,000 * * Amounts expensed for License, Strategic Alliance, and Research Agreements during the three and nine months ended September 30, 2022 were reduced by $ 935,000 Set forth below at September 30, 2023 and December 31, 2022, respectively, are (1) the approximate amounts accrued and payable under License, Strategic Alliance, and Research Agreements, and (2) the approximate amount of prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements. These amounts are included in the accompanying condensed consolidated balance sheets. Schedule of Accounts Payable and Accrued Liabilities September 30, December 31, 2023 2022 Amount accrued and payable under License, Strategic Alliance, and Research Agreements $ 516,000 $ 1,813,000 Prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements $ 797,000 $ 1,595,000 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 24,215 No Actuate Therapeutics In May 2021, the Company entered into a Collaboration Agreement with Actuate Therapeutics, Inc. (“Actuate”), a clinical stage private 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 are collaborating on utilization of the Company’s RADR ® 25,000 The restricted shares of Actuate stock had a nominal value when acquired and, therefore, were recorded at a cost of $ 0

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases
Leases	Note 5. Leases The following provides balance sheet information related to leases as of September 30, 2023 and December 31, 2022: Schedule of Balance Sheet Information Related to Leases September 30, December 31, 2023 2022 Assets Operating lease, right-of-use asset, net $ 268,637 $ 47,687 Liabilities Current portion of operating lease liabilities $ 168,013 $ 52,890 Operating lease liabilities, net of current portion 106,516 - Total operating lease liabilities $ 274,529 $ 52,890 At September 30, 2023, the future estimated minimum lease payments under non-cancelable operating leases are as follows: Schedule of Future Estimated Minimum Lease Payments Under Non-cancelable Operating Leases 2023 (remaining three months) $ 44,867 2024 184,532 2025 62,448 Total minimum lease payments 291,847 Less amount representing interest 17,318 Present value of future minimum lease payments 274,529 Less current portion of operating lease liabilities 168,013 Operating lease liabilities, net of current portion $ 106,516 In April 2021, the Company entered into two operating leases for office space that commenced in May 2021. The lease terms were set to expire in April 2023 The following table provides a reconciliation for our operating right-of-use assets and operating lease liabilities: Schedule of Reconciliation of Right-of-Use Assets and lease Liabilities Operating Operating Right-of- Use Lease Assets Liabilities Balance at December 31, 2022 $ 47,687 $ 52,890 Remeasurement of operating lease right-of-use assets and operating lease liability 198,847 198,847 Operating right-of-use asset acquired through operating lease liability 141,989 141,989 Amortizations and reductions (119,886 ) (119,197 ) Balance at September 30, 2023 $ 268,637 $ 274,529 Other supplemental information related to operating leases is as follows: Schedule of Other Supplemental Information Related to Operating Leases 2023 2022 As of September 30, 2023 2022 Weighted average remaining term of operating leases (in years) 1.58 0.58 Weighted average discount rate of operating leases 7.36 % 4.65 % The Company also leased office space in Dallas, Texas under month-to-month lease arrangements during the nine months ended September 30, 2023 and 2022. In April 2023, the Company entered into a two-year lease for material storage and handling. The lease is cancellable with 45-days’ written notice. Under these short-term leases, the Company elected the short-term lease measurement and recognition exemption under ASC 842 and recorded rent expense as incurred. The components of lease expense were approximately as follows for the three and nine months ended September 30, 2023 and 2022: Schedule of Lease Expense 2023 2022 2023 2022 Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Operating lease cost $ 45,000 $ 30,000 $ 154,000 $ 108,000 Short-term lease cost 4,000 - 9,000 - Total $ 49,000 $ 30,000 $ 163,000 $ 108,000

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders’ Equity	Note 6. Stockholders’ Equity Common Stock In November 2021, the Company’s Board of Directors authorized a share repurchase program to acquire up to $ 7,000,000 zero 353,667 2,482,000 During the three and nine months ended September 30, 2022, the Company issued 26,093 32,538 During the three and nine months ended September 30, 2022 the Company issued zero 95,779 300,000 3.13 During the nine months ended September 30, 2023, the Company issued 12,000 63,000 6,000 32,000 As of September 30, 2023 and December 31, 2022, the Company had 25,000,000 10,869,040 10,857,040 Warrants During the three and nine months ended September 30, 2022, the Company issued zero 95,779 zero 177,998 9.27 March 7, 2024 June 10, 2025 Options The number of shares available under the Lantern Pharma Inc. 2018 Equity Incentive Plan, as amended and restated (the “Plan”), was increased by 250,000 at the Company’s Annual Meeting of Stockholders on June 16, 2023. A summary of stock option activity under the Plan, during the nine months ended September 30, 2023 is presented below: Schedule of Stock Option Activity Options Outstanding Number of Shares Weighted- Average Exercise Price Per Share Outstanding December 31, 2022 1,037,591 $ 6.46 Granted 86,000 4.70 Cancelled or expired (62,883 ) 8.17 Outstanding September 30, 2023 1,060,708 $ 6.21 Options were exercisable for 860,004 6.23 Stock-based compensation was as follows for the three and nine months ended September 30, 2023 and 2022: Schedule of Stock-based compensation 2023 2022 2023 2022 Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 General and administrative $ 95,189 $ 160,233 $ 540,260 $ 482,609 Research and development 95,566 140,880 376,415 375,041 Total stock-based compensation $ 190,755 $ 301,113 $ 916,675 $ 857,650

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Marketable Securities	Note 7. Marketable Securities At September 30, 2023, marketable securities consisted of the following: Schedule of Marketable of Securities Amortized Unrealized Unrealized Aggregate Cost Gains Losses Fair Value Government & Agency Securities $ 5,222,815 $ 112 $ (118,462 ) $ 5,104,465 Corporate Bonds 8,919,318 - (105,431 ) 8,813,887 Marketable Securities – Debt 14,142,133 112 (223,893 ) 13,918,352 Mutual Funds – Fixed Income 4,002,704 - (330,004 ) 3,672,700 Mutual Funds – Alternative Investments 2,023,154 - (260,354 ) 1,762,800 Marketable Securities – Mutual Funds 6,025,858 - (590,358 ) 5,435,500 $ 20,167,991 $ 112 $ (814,251 ) $ 19,353,852 The contractual maturities of the investments classified as Government & Agency Securities and Corporate Bonds are as follows: Schedule of Contractual Maturities Investments of Marketable Securities As of September 30, 2023 Due within one year $ 12,160,543 Due in one to two years 1,757,809 Total $ 13,918,352 The following table presents gross unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of September 30, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: Schedule of Gross Unrealized Losses and Fair Values for Marketable Securities Fair Unrealized Fair Unrealized As of September 30, 2023 Less than 12 months More than 12 months Fair Unrealized Fair Unrealized Government & Agency Securities $ 939,777 $ (1,433 ) $ 3,664,908 $ (117,029 ) Corporate Bonds 4,489,808 (19,502 ) 4,324,079 (85,929 ) Mutual Funds – Fixed Income - - 3,672,700 (330,004 ) Mutual Funds – Alternative Investments - - 1,762,800 (260,354 ) $ 5,429,585 $ (20,935 ) $ 13,424,487 $ (793,316 ) We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of September 30, 2023, which includes an assessment of whether it is more likely than not we will be required to sell the investment before recovery of the investment’s amortized cost basis.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8. Fair Value Measurements We determine the fair values of our financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 - Inputs are unobservable inputs based on our assumptions. The fair values of short-term financial instruments (primarily accounts receivable, prepaid expenses, accounts payable, accrued expenses, and other current liabilities) approximate their carrying values because of their short-term nature. Financial Assets When available, our marketable securities are valued using quoted prices for identical instruments in active markets. If we are unable to value our marketable securities using quoted prices for identical instruments in active markets, we value our investments using broker reports that utilize quoted market prices for comparable instruments. As of September 30, 2023 our available-for-sale debt securities were valued through use of quoted prices for comparable instruments in active markets and are classified as Level 2, and our mutual funds – alternative investments were valued using NAV, net asset value per share, under the practical expedient methodology. Based on our valuation of our marketable securities, we concluded that they are classified in either Level 1, Level 2 or NAV, and we have no financial assets measured using Level 3 inputs. The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories. Schedule of Assets are Measured at Fair Value on Recurring Basis Description Total Level 1 Level 2 Level 3 NAV * Fair Value Measurements as of September 30, 2023 Description Total Level 1 Level 2 Level 3 NAV* Government & Agency Securities $ 5,104,465 $ - $ 5,104,465 $ - $ - Corporate Bonds 8,813,887 - 8,813,887 - - Money Markets 10,120,860 10,120,860 - - - Mutual Funds – Fixed Income 3,672,700 - 3,672,700 - - Mutual Funds – Alternative Investments 1,762,800 - - - 1,762,800 Fair value recurring basis $ 29,474,712 $ 10,120,860 $ 17,591,052 $ - $ 1,762,800 * Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology.

Loss Per Share of Common Shares

Loss Per Share of Common Shares	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Loss Per Share of Common Shares	Note 9. 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 (excluding unvested shares of restricted common stock). 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: Schedule of Anti-dilutive Securities Outstanding Diluted Loss Per Share 2023 2022 Outstanding at September 30, 2023 2022 Warrants to purchase Common Stock 177,998 177,998 Unvested restricted shares of common stock 6,000 - Stock options 1,060,708 1,000,953 Anti-dilutive securities 1,244,706 1,178,951

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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, the inputs in determining the fair value of equity-based awards and warrants issued, the inputs in determining present value of lease payments, and determining the fair value of marketable securities. 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. Our marketable securities have had and may in the future have their market value fluctuate due to rises or falls in interest rates. While we believe our cash, cash equivalents and marketable securities do not contain excessive risk, we cannot provide absolute assurance that in the future our investments will not be subject to adverse changes in market value. In addition, we maintain significant amounts of cash and cash equivalents at one or more financial institutions that are federally insured. Interest bearing and non-interest bearing accounts we hold at these banking institutions are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000
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, clinical site costs and other costs for the conduct of clinical trials, and technical infrastructure on the cloud for the purposes of developing the Company’s RADR ®
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers money market funds and other highly liquid instruments with a short-term maturity of 3 months or less to be cash equivalents. Cash equivalents at September 30, 2023 and December 31, 2022 were approximately $ 24,281,000 1,271,000
Restricted Cash	Restricted Cash The Company considers cash held in escrow for the purposes of contractual contingencies to be restricted cash. All of the restricted cash at December 31, 2022 relates to escrow amounts paid in connection with the Asset Purchase Agreement entered into by the Company and Allarity Therapeutics in July 2021 (See Note 4). The escrow period under the Asset Purchase Agreement ended in July 2023, and the remaining escrow funds were distributed from escrow to the Company in August 2023.
Leases	Leases The Company determines whether an arrangement contains a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and net of current portion of operating lease liabilities on our consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at the commencement date in determining the present value of lease payments. The Company does not include options to extend or terminate the lease term unless it is reasonably certain that the Company will exercise any such options. Rent expense is recognized under the operating leases on a straight-line basis. The Company does not recognize right-of-use assets or lease liabilities for short-term leases, which have a lease term of twelve months or less, and instead will recognize lease payments as expense on a straight-line basis over the lease term.
Marketable Securities	Marketable Securities The Company’s marketable securities consist of government and agency securities, corporate bonds, and mutual funds. We classify our marketable securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months, as current assets in the accompanying condensed consolidated balance sheets. Available-for-sale debt securities are recorded at fair value each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within “Accumulated other comprehensive income” or “Accumulated other comprehensive loss” on the condensed consolidated balance sheets until realized. Interest is reported within “Interest income” and dividend income is reported within “Other income (expense), net” on the condensed consolidated statements of operations. We evaluate our investments to assess whether the amortized cost basis is in excess of estimated fair value and determine what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses are recognized as a charge in “Other income (expense), net” on the condensed consolidated statements of operations, and any remaining unrealized losses are included in “Accumulated other comprehensive loss” on the condensed consolidated balance sheets. There were no credit losses recorded for the three and nine months ended September 30, 2023 and 2022. There was no impairment charge for any unrealized losses for the three and nine months ended September 30, 2023 and 2022. We determine realized gains and losses on the sale of marketable securities based on the specific identification method and record such gains and losses in “Other income (expense), net” on the condensed consolidated statements of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.
Recently Adopted Accounting Standard	Recently Adopted Accounting Standard 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 was adopted on January 1, 2023 and had no impact on the Company’s condensed consolidated financial statements.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Research and Development	Set forth below are the approximate amounts expensed for License, Strategic Alliance, and Research Agreements during the three and nine months ended September 30, 2023 and 2022, respectively. These expensed amounts are included under research and development expenses in the accompanying condensed consolidated statements of operations. Schedule of Research and Development 2023 2022 2023 2022 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amount Expensed for License, Strategic Alliance, and Research Agreements $ 669,000 $ (25,000 )* $ 4,017,000 $ 3,764,000 * * Amounts expensed for License, Strategic Alliance, and Research Agreements during the three and nine months ended September 30, 2022 were reduced by $ 935,000
Schedule of Accounts Payable and Accrued Liabilities	Set forth below at September 30, 2023 and December 31, 2022, respectively, are (1) the approximate amounts accrued and payable under License, Strategic Alliance, and Research Agreements, and (2) the approximate amount of prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements. These amounts are included in the accompanying condensed consolidated balance sheets. Schedule of Accounts Payable and Accrued Liabilities September 30, December 31, 2023 2022 Amount accrued and payable under License, Strategic Alliance, and Research Agreements $ 516,000 $ 1,813,000 Prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements $ 797,000 $ 1,595,000

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases
Schedule of Balance Sheet Information Related to Leases	The following provides balance sheet information related to leases as of September 30, 2023 and December 31, 2022: Schedule of Balance Sheet Information Related to Leases September 30, December 31, 2023 2022 Assets Operating lease, right-of-use asset, net $ 268,637 $ 47,687 Liabilities Current portion of operating lease liabilities $ 168,013 $ 52,890 Operating lease liabilities, net of current portion 106,516 - Total operating lease liabilities $ 274,529 $ 52,890
Schedule of Future Estimated Minimum Lease Payments Under Non-cancelable Operating Leases	At September 30, 2023, the future estimated minimum lease payments under non-cancelable operating leases are as follows: Schedule of Future Estimated Minimum Lease Payments Under Non-cancelable Operating Leases 2023 (remaining three months) $ 44,867 2024 184,532 2025 62,448 Total minimum lease payments 291,847 Less amount representing interest 17,318 Present value of future minimum lease payments 274,529 Less current portion of operating lease liabilities 168,013 Operating lease liabilities, net of current portion $ 106,516
Schedule of Reconciliation of Right-of-Use Assets and lease Liabilities	The following table provides a reconciliation for our operating right-of-use assets and operating lease liabilities: Schedule of Reconciliation of Right-of-Use Assets and lease Liabilities Operating Operating Right-of- Use Lease Assets Liabilities Balance at December 31, 2022 $ 47,687 $ 52,890 Remeasurement of operating lease right-of-use assets and operating lease liability 198,847 198,847 Operating right-of-use asset acquired through operating lease liability 141,989 141,989 Amortizations and reductions (119,886 ) (119,197 ) Balance at September 30, 2023 $ 268,637 $ 274,529
Schedule of Other Supplemental Information Related to Operating Leases	Other supplemental information related to operating leases is as follows: Schedule of Other Supplemental Information Related to Operating Leases 2023 2022 As of September 30, 2023 2022 Weighted average remaining term of operating leases (in years) 1.58 0.58 Weighted average discount rate of operating leases 7.36 % 4.65 %
Schedule of Lease Expense	The components of lease expense were approximately as follows for the three and nine months ended September 30, 2023 and 2022: Schedule of Lease Expense 2023 2022 2023 2022 Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Operating lease cost $ 45,000 $ 30,000 $ 154,000 $ 108,000 Short-term lease cost 4,000 - 9,000 - Total $ 49,000 $ 30,000 $ 163,000 $ 108,000

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Stock Option Activity	The number of shares available under the Lantern Pharma Inc. 2018 Equity Incentive Plan, as amended and restated (the “Plan”), was increased by 250,000 at the Company’s Annual Meeting of Stockholders on June 16, 2023. A summary of stock option activity under the Plan, during the nine months ended September 30, 2023 is presented below: Schedule of Stock Option Activity Options Outstanding Number of Shares Weighted- Average Exercise Price Per Share Outstanding December 31, 2022 1,037,591 $ 6.46 Granted 86,000 4.70 Cancelled or expired (62,883 ) 8.17 Outstanding September 30, 2023 1,060,708 $ 6.21
Schedule of Stock-based compensation	Stock-based compensation was as follows for the three and nine months ended September 30, 2023 and 2022: Schedule of Stock-based compensation 2023 2022 2023 2022 Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 General and administrative $ 95,189 $ 160,233 $ 540,260 $ 482,609 Research and development 95,566 140,880 376,415 375,041 Total stock-based compensation $ 190,755 $ 301,113 $ 916,675 $ 857,650

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Marketable of Securities	At September 30, 2023, marketable securities consisted of the following: Schedule of Marketable of Securities Amortized Unrealized Unrealized Aggregate Cost Gains Losses Fair Value Government & Agency Securities $ 5,222,815 $ 112 $ (118,462 ) $ 5,104,465 Corporate Bonds 8,919,318 - (105,431 ) 8,813,887 Marketable Securities – Debt 14,142,133 112 (223,893 ) 13,918,352 Mutual Funds – Fixed Income 4,002,704 - (330,004 ) 3,672,700 Mutual Funds – Alternative Investments 2,023,154 - (260,354 ) 1,762,800 Marketable Securities – Mutual Funds 6,025,858 - (590,358 ) 5,435,500 $ 20,167,991 $ 112 $ (814,251 ) $ 19,353,852
Schedule of Contractual Maturities Investments of Marketable Securities	The contractual maturities of the investments classified as Government & Agency Securities and Corporate Bonds are as follows: Schedule of Contractual Maturities Investments of Marketable Securities As of September 30, 2023 Due within one year $ 12,160,543 Due in one to two years 1,757,809 Total $ 13,918,352
Schedule of Gross Unrealized Losses and Fair Values for Marketable Securities	The following table presents gross unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of September 30, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: Schedule of Gross Unrealized Losses and Fair Values for Marketable Securities Fair Unrealized Fair Unrealized As of September 30, 2023 Less than 12 months More than 12 months Fair Unrealized Fair Unrealized Government & Agency Securities $ 939,777 $ (1,433 ) $ 3,664,908 $ (117,029 ) Corporate Bonds 4,489,808 (19,502 ) 4,324,079 (85,929 ) Mutual Funds – Fixed Income - - 3,672,700 (330,004 ) Mutual Funds – Alternative Investments - - 1,762,800 (260,354 ) $ 5,429,585 $ (20,935 ) $ 13,424,487 $ (793,316 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets are Measured at Fair Value on Recurring Basis	Schedule of Assets are Measured at Fair Value on Recurring Basis Description Total Level 1 Level 2 Level 3 NAV * Fair Value Measurements as of September 30, 2023 Description Total Level 1 Level 2 Level 3 NAV* Government & Agency Securities $ 5,104,465 $ - $ 5,104,465 $ - $ - Corporate Bonds 8,813,887 - 8,813,887 - - Money Markets 10,120,860 10,120,860 - - - Mutual Funds – Fixed Income 3,672,700 - 3,672,700 - - Mutual Funds – Alternative Investments 1,762,800 - - - 1,762,800 Fair value recurring basis $ 29,474,712 $ 10,120,860 $ 17,591,052 $ - $ 1,762,800 * Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology.

Loss Per Share of Common Shar_2

Loss Per Share of Common Shares (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Anti-dilutive Securities Outstanding Diluted Loss Per Share	Schedule of Anti-dilutive Securities Outstanding Diluted Loss Per Share 2023 2022 Outstanding at September 30, 2023 2022 Warrants to purchase Common Stock 177,998 177,998 Unvested restricted shares of common stock 6,000 - Stock options 1,060,708 1,000,953 Anti-dilutive securities 1,244,706 1,178,951

Liquidity (Details Narrative)

Liquidity (Details Narrative) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 3,161,450	$ 4,746,398	$ 3,867,765	$ 2,264,681	$ 4,492,386	$ 4,121,774	$ 11,775,613	$ 10,878,841
Working capital	$ 45,173,000						$ 45,173,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Cash and cash equivalents	$ 24,281,000	$ 1,271,000
Maximum [Member]
Property, Plant and Equipment [Line Items]
Cash FDIC insured amount	$ 250,000

Schedule of Research and Develo

Schedule of Research and Development (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Amount Expensed for License, Strategic Alliance, and Research Agreements	$ 2,209,894	$ 702,296		$ 8,321,058	$ 6,351,356
License Strategic Alliance and Research Agreements [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Amount Expensed for License, Strategic Alliance, and Research Agreements	$ 669,000	$ (25,000)	[1]	$ 4,017,000	$ 3,764,000	[1]
[1]Amounts expensed for License, Strategic Alliance, and Research Agreements during the three and nine months ended September 30, 2022 were reduced by $ 935,000

Schedule of Research and Deve_2

Schedule of Research and Development (Details) (Parenthetical) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
License Strategic Alliance and Research Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense	$ 935,000	$ 935,000

Schedule of Accounts Payable an

Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements	$ 2,500,401	$ 2,985,472
License Strategic Alliance and Research Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Amount accrued and payable under License, Strategic Alliance, and Research Agreements	516,000	1,813,000
Prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements	$ 797,000	$ 1,595,000

Commitments and Contingencies_2

Commitments and Contingencies (Details Narrative)	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2021 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 GBP (£)	Sep. 30, 2022 USD ($)
Research and development expense		$ 2,209,894	$ 702,296	$ 8,321,058		$ 6,351,356
Lantern Pharma Limited [Member]
Research and development expenses percentage				50%	50%
Research and development expense | £					£ 24,215
Revenues				$ 0
Actuate Therapeutics [Member] | Collaboration Agreement [Member] | Restricted Stock [Member]
Number of shares received | shares	25,000
Nominal value acquired cost	$ 0

Schedule of Balance Sheet Infor

Schedule of Balance Sheet Information Related to Leases (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Leases
Operating lease, right-of-use asset, net	$ 268,637	$ 47,687
Current portion of operating lease liabilities	168,013	52,890
Operating lease liabilities, net of current portion	106,516
Total operating lease liabilities	$ 274,529	$ 52,890

Schedule of Future Estimated Mi

Schedule of Future Estimated Minimum Lease Payments Under Non-cancelable Operating Leases (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Leases
2023 (remaining three months)	$ 44,867
2024	184,532
2025	62,448
Total minimum lease payments	291,847
Less amount representing interest	17,318
Present value of future minimum lease payments	274,529	$ 52,890
Less current portion of operating lease liabilities	168,013	52,890
Operating lease liabilities, net of current portion	$ 106,516

Schedule of Reconciliation of R

Schedule of Reconciliation of Right-of-Use Assets and lease Liabilities (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)
Leases
Operating Right-of-Use Assets, Beginning Balance	$ 47,687
Operating Lease Liabilities, Beginning Balance	52,890
Operating Right-of-Use Assets, Remeasurement of operating lease right-of-use assets and operating lease liability	198,847
Operating Lease Liabilities, Remeasurement of operating lease right-of-use assets and operating lease liability	198,847
Operating Right-of-Use Assets, Operating right-of-use asset acquired through operating lease liability	141,989
Operating Lease Liabilities, Operating right-of-use asset acquired through operating lease liability	141,989
Operating Right-of-Use Assets, Amortizations and reductions	(119,886)
Operating Lease Liabilities, Amortizations and reductions	(119,197)
Operating Right-of-Use Assets, Ending Balance	268,637
Operating Lease Liabilities, Ending Balance	$ 274,529

Schedule of Other Supplemental

Schedule of Other Supplemental Information Related to Operating Leases (Details)	Sep. 30, 2023	Sep. 30, 2022
Leases
Weighted average remaining term of operating leases (in years)	1 year 6 months 29 days	6 months 29 days
Weighted average discount rate of operating leases	7.36%	4.65%

Schedule of Lease Expense (Deta

Schedule of Lease Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases
Operating lease cost	$ 45,000	$ 30,000	$ 154,000	$ 108,000
Short-term lease cost	4,000		9,000
Total	$ 49,000	$ 30,000	$ 163,000	$ 108,000

Leases (Details Narrative)

Leases (Details Narrative)	9 Months Ended
	Sep. 30, 2023
Leases
Lease expiration date	The lease terms were set to expire in April 2023

Schedule of Stock Option Activi

Schedule of Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Equity [Abstract]
Number of Shares, Outstanding Beginning Balance | shares	1,037,591
Weighted Average Exercise Price Per Share, Outstanding Beginning Balance | $ / shares	$ 6.46
Number of Shares, Granted | shares	86,000
Weighted Average Exercise Price Per Share, Granted | $ / shares	$ 4.70
Number of Shares, Cancelled or expired | shares	(62,883)
Weighted Average Exercise Price Per Share, Cancelled or expired | $ / shares	$ 8.17
Number of Shares, Outstanding Ending Balance | shares	1,060,708
Weighted Average Exercise Price Per Share, Outstanding Ending Balance | $ / shares	$ 6.21

Schedule of Stock-based compens

Schedule of Stock-based compensation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total stock-based compensation	$ 190,755	$ 301,113	$ 916,675	$ 857,650
General and Administrative Expense [Member]
Total stock-based compensation	95,189	160,233	540,260	482,609
Research and Development Expense [Member]
Total stock-based compensation	$ 95,566	$ 140,880	$ 376,415	$ 375,041

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended				9 Months Ended
	Nov. 30, 2021	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Repurchase of shares, value					$ 2,482,286
Number of restricted shares						12,000
Fair value of restricted shares						$ 63,000
Expected shares vested		6,000				6,000
Common stock, shares authorized		25,000,000				25,000,000		25,000,000
Common stock, shares issued		10,869,040				10,869,040		10,857,040
Common stock, shares outstanding		10,869,040				10,869,040		10,857,040
Weighted average exercise price		$ 6.21				$ 6.21		$ 6.46
General and Administrative Expense [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Restricted stock expense		$ 32,000				$ 32,000
Equity Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of stock				26,093			26,093
Common stock issued from option exercises, shares				32,538			32,538
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Repurchase of shares					353,667
Repurchase of shares, value					$ 36
Issuance of stock				0			95,779
Common stock issued from option exercises, shares				26,093
Proceeds from warrants exercise				$ 300,000			$ 300,000
Exercise price				$ 3.13			$ 3.13
Number of restricted shares			12,000
Options were exercisable		860,004				860,004
Weighted average exercise price, exercisable		$ 6.23				$ 6.23
Common Stock [Member] | Director [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Repurchase of shares	7,000,000			0			353,667
Repurchase of shares, value				$ 2,482,000			$ 2,482,000
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of stock		0		0		0	95,779
Warrants to purchase shares of common stock		177,998				177,998
Weighted average exercise price		$ 9.27				$ 9.27
Warrant [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Expiration date of warrants						Mar. 07, 2024
Warrant [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Expiration date of warrants						Jun. 10, 2025

Schedule of Marketable of Secur

Schedule of Marketable of Securities (Details)	Sep. 30, 2023 USD ($)
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities, amortized cost	$ 20,167,991
Marketable securities, unrealized gains	112
Marketable securities, unrealized losses	(814,251)
Marketable securities, aggregate fair value	19,353,852
Government & Agency Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities, amortized cost	5,222,815
Marketable securities, unrealized gains	112
Marketable securities, unrealized losses	(118,462)
Marketable securities, aggregate fair value	5,104,465
Corporate Bonds [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities, amortized cost	8,919,318
Marketable securities, unrealized gains
Marketable securities, unrealized losses	(105,431)
Marketable securities, aggregate fair value	8,813,887
Marketable Securities - Debt [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities, amortized cost	14,142,133
Marketable securities, unrealized gains	112
Marketable securities, unrealized losses	(223,893)
Marketable securities, aggregate fair value	13,918,352
Mutual Funds - Fixed Income [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities, amortized cost	4,002,704
Marketable securities, unrealized gains
Marketable securities, unrealized losses	(330,004)
Marketable securities, aggregate fair value	3,672,700
Mutual Funds - Alternative Investments [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities, amortized cost	2,023,154
Marketable securities, unrealized gains
Marketable securities, unrealized losses	(260,354)
Marketable securities, aggregate fair value	1,762,800
Marketable Securities - Mutual Funds [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities, amortized cost	6,025,858
Marketable securities, unrealized gains
Marketable securities, unrealized losses	(590,358)
Marketable securities, aggregate fair value	$ 5,435,500

Schedule of Contractual Maturit

Schedule of Contractual Maturities Investments of Marketable Securities (Details)	Sep. 30, 2023 USD ($)
Cash and Cash Equivalents [Abstract]
Due within one year	$ 12,160,543
Due in one to two years	1,757,809
Total	$ 13,918,352

Schedule of Gross Unrealized Lo

Schedule of Gross Unrealized Losses and Fair Values for Marketable Securities (Details)	Sep. 30, 2023 USD ($)
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Fair Value Less than 12 months	$ 5,429,585
Unrealized Loss Less than 12 months	(20,935)
Fair Value More than 12 months	13,424,487
Unrealized Loss More than 12 months	(793,316)
Government & Agency Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Fair Value Less than 12 months	939,777
Unrealized Loss Less than 12 months	(1,433)
Fair Value More than 12 months	3,664,908
Unrealized Loss More than 12 months	(117,029)
Corporate Bonds [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Fair Value Less than 12 months	4,489,808
Unrealized Loss Less than 12 months	(19,502)
Fair Value More than 12 months	4,324,079
Unrealized Loss More than 12 months	(85,929)
Mutual Funds - Fixed Income [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Fair Value Less than 12 months
Unrealized Loss Less than 12 months
Fair Value More than 12 months	3,672,700
Unrealized Loss More than 12 months	(330,004)
Mutual Funds - Alternative Investments [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Fair Value Less than 12 months
Unrealized Loss Less than 12 months
Fair Value More than 12 months	1,762,800
Unrealized Loss More than 12 months	$ (260,354)

Schedule of Assets are Measured

Schedule of Assets are Measured at Fair Value on Recurring Basis (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis	$ 29,474,712
NAV [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis	1,762,800	[1]
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis	10,120,860
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis	17,591,052
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis
Government & Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis	5,104,465
Government & Agency Securities [Member] | NAV [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis		[1]
Government & Agency Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis
Government & Agency Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis	5,104,465
Government & Agency Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis
Corporate Bond Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis	8,813,887
Corporate Bond Securities [Member] | NAV [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis		[1]
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis	8,813,887
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis	10,120,860
Money Market Funds [Member] | NAV [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis		[1]
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis	10,120,860
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis
Mutual Funds - Fixed Income [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis	3,672,700
Mutual Funds - Fixed Income [Member] | NAV [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis		[1]
Mutual Funds - Fixed Income [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis
Mutual Funds - Fixed Income [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis	3,672,700
Mutual Funds - Fixed Income [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis
Mutual Funds - Alternative Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis	1,762,800
Mutual Funds - Alternative Investments [Member] | NAV [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis	1,762,800	[1]
Mutual Funds - Alternative Investments [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis
Mutual Funds - Alternative Investments [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis
Mutual Funds - Alternative Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value recurring basis
[1]Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology.

Schedule of Anti-dilutive Secur

Schedule of Anti-dilutive Securities Outstanding Diluted Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	1,244,706	1,178,951
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	177,998	177,998
Unvested Restricted Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	6,000
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	1,060,708	1,000,953