Earnings call transcript Q1 2023

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Nicole Leber

Good afternoon, everyone. I'm Nicole Weber with Investor Relations here at Lantern Pharma. Welcome to our First Quarter 2023 Earnings Call. I will be your host for today's call.

As a reminder, this call is being recorded and all attendees will be in a listen-only mode.

the questions up our answers open presentation. management's will call and for after We of call call. today's on replay webcast A conference at shortly our will lanternpharma.com after the website available be market We press results progress ended the issued across quarter summarizing for first XX, release the and the a company March our closed after financial today XXXX. call. of lanternpharma.com, the also today's will link to where slides referencing this management find is be through available release copy you A our at will that website a on would everyone constitute expectations, statements harbor I remind XXXX. performance, estimates, Securities for safe future to remarks about of Private like that of Reform the and forward-looking provisions Act Litigation prospects under purposes differ are Pharma to cause uncertainties risks materially that anticipated. and to may from forward-looking Lantern those cautions statements subject that results these actual results trials, could the of of the materially including to A forward-looking those clinical indicated of competition. the impact actual of number and differ results factors cause statements, by impact COVID-XX pandemic, from

results ended differ with from Form and XXXX, annual Factors our SEC that found for can to on our is on materially which the website. XX, could available year those the forward-looking report XX-K in on the be statements December actual file cause in

webcast are as occur after and today statements on conference to of events circumstances Lantern's be website. that today, these conference reflect replay from available The this the webinar Forward-looking will Pharma forward-looking May unless X, of made by XXXX, does any of call call Lantern update on intend not statements and law. to required

and David results. concluding discuss will open start comments after some overview and with we'll Panna in highlight for CFO, have CEO, Margave. call by be Sharma; of business This Panna up will webcast, which recent and an we followed operations, achievements today's On Panna, financial off the model from our and our then will Lantern Lantern's strategy Pharma's things David Q&A.

Pharma. Panna, President Panna please like Lantern CEO call go over and turn of the I'd to ahead. to Sharma, now

Panna Sharma

Pharma. update. a Nicole. XXXX afternoon, progressive all had to productive We've corporate Lantern algorithms, genomic, far drug response and and the the oncology intelligence, to cost, and clinical, leveraging at first artificial progress so data Lantern the at you and Pharma timelines learning and everyone, leading Good want biomarker, you, welcome to our of development. tremendously tell drug machine discovery edge quarter the transform about I Thank company is earnings call compress and quarter. derisk

and we made advances pipeline During and many platform our of to quarter, the therapies. first our valuable exciting cancer

focused characterized meaningful molecules our also have of a the or cost potentially well-researched be a is to of cancers traditional the do develop in taking genomics computing, Our predict and and driving united in Lantern is for has new that them fraction and the and what are technologies, been coming for months in scalable things: cancer this and model, in of And of AI data done medicines. better us of X a secondly, the at and LP-XXX unresolved. cost a understand undermet with also possible. cancer of time cancers programs traditionally is progress timeline of accelerate fraction data and launched fraction in been that can at at future a can therapy oncology fraction but cancer I belief for we're This and and both storage in design to at highly practicing derisk important on used development. cost that the along team the these coupled identification that research extremely the biology drug insights both a be core We've only a colleagues of and programs true very to and continues highly in sophisticated, that development, rise the from traditionally clinical high-value decrease LP-XXX. My and life-changing drug allowing not programs programs gone analytical be to have biology; where with

researchers, clinicians, and cancer up models, know analysts, compelling the and allows those swaths all that of or off and interaction programs cost right and data past. large create a was at everyone's language importantly, and a from even the is with in we our as at and as unimaginable minds deploying place, with automation, never us only investors, many also near mind I Internet understand precision leveraging and users, that on generative with of at partners, and technologies, a drug done automation humans one analytics same As in to this huge cost scale that's in Chat talking us, of us The tools is as a all Internet, before are biology very model that that new not we are interesting of being the least or possible AI and data, real-time everything today. technologies what's level a timeline way GPT, make end to sophisticated believe but the at was approaches developers, very in and insights in thought of people's pretty and now, scientists. and language never us And

This ingest now data also underlying future only I find at let constantly training also therapies finding data where derisk algorithms parts new highly that our help sets new can highly understand AI new can relationships to be and and but complete system and we massive have methods far of all accelerate or to of life-changing create a classes for interactions cancers, in correlations scale, as we're the or now, it partners. working and of is too used hunt of that the the level with think data, but it, at its allow can themselves evolving these algorithms simultaneous Lantern, the of data have tags are to data therapies potentially update cancer personalization. scale, would also evolving be humans fully the our That's on patient on time-consuming the potentially required Today, Right the new and of a groups and that millions medicines, own. any why instances team precision. algorithms. we we're progress and which big complex platform find ingesting therapies from we of systems. patient We're and not approach, data not competing and alone massive of identification drug with And to and our it, predict programs, for developing of with replicate to impact a can curating the

very During made quarter, the some we progress. meaningful

patient patients about for about the never dosed up trial, and Let some today. of me U.S. XX% to lung lung XX% who HARMONIC IND a give to smokers, the LP-XXX unique for cell Food make submit the clinical in in the they to highlights. and II cancer U.S. the -- application Phase the are cases Drug non-small the all of the we're We you cancer submitted population study We first of Administration.

billion defined this blockbuster solid in in in therapy brain both clinical patients launching single tumors, including week. We Phase I potential agent This $X cancers. will $X a as for to as mid-XXXX it recurrent billion with combination anticipate trial use we for genomically is tumors therapy. or a LP-XXX can a annual solid be submitting sales, for where This that with

half a is We IND-enabling multiple about this trial of clinical also non-Hodgkin's plan our targeted first-in-human This second in launching completing on a lymphomas. and LP-XXX is indication, and $X.X for studies this Phase the year. I in billion

notice new XXXX. for of We molecule well. into exclusivity XXXX, allowance the received also for the this from as of USPTO LP-XXX matter for us gives This composition patent

comments, consortium, also with at some of These only helps one it which brain now discovery, are industry-leading is algorithms. series that the of predicting cancer low in an challenging blood-brain We series permeability. therapeutic algorithms of the is an industry which most solve barrier accuracy, problems a ranking drug developed compounds but are of top AI it not data

scale are algorithms scalable. but highly on only ultrafast a molecules run and not before daily and accurate can was possible thousands So top level also that basis. our of at a X We not

established Phase is one of Oncology candidate, cancers. one the continues This to an drug their prove with fact, ER-positive asset that, in RADR valuable in leaders cancer, to breast development. II-ready TTC help dealmaking this validate advance platform and We in also RADR in collaboration, breast AI TTC and additional drug XXX in our currency

$XX.X discipline a fiscal ended XXXX. and with and quarter equivalents, in runway the giving We us marketable cash, to securities, into cash million also cash show continued

provide our David an the let Now highlights over first-quarter turn results. David? financial with who behind call us, Margrave, those of overview will to our CFO, me

David Margrave

XXXX. afternoon, our now good quarter highlights first and everyone. March ended Panna, Thank you, financial some XX, share from I'll

recorded the were R&D and in expenses $X.X the $X.X or year We the of $X.XX were of I second XXXX, quarter increasing net and per for the Phase million commence for first million XXXX, administrative General XXXX the for million first slightly as million to a period. the expenses a of net Phase $X.X share $X.X or of we $X.X loss per million quarter LP-XXX. from in our compared loss XXXX see half first quarter XXXX. expenses advance of share in for XXXX. the million prior of $X.X R&D up Our first We quarter of LP-XXX slightly our first II for of trial $X.XX quarter from down and trials LP-XXX

and incentives quarter $XXX,XXX. Offsetting approximately and Other Interest the in the our first reflected increases first amount on from approximately of aggregate increases for approximately quarter of investments subsidiary. approximately net research was income was currency and income of approximately net to first the the XXXX. loss unrealized of of in gains and quarter the interest in XXXX losses by income was income approximately for $XXX,XXX of offset $XXX,XXX development income foreign of of XXXX were $XXX,XXX operations other dividend in related increases part $XX,XXX, tax in $XXX,XXX in These in $XX,XXX. Australia increases

March and XX.X and common of us to total we give X,XXX,XX warrants XXXX. shares common as diluted options outstanding XX, These XX, March and to approximately shares. XXX,XXX of stock, shares stock XX.XX shares a million shares purchase warrants our outstanding fully of approximately As of purchase shares, combined XXXX, outstanding had million outstanding approximately with approximately of options, outstanding

Our was XXXX. carry and which into includes cash XXXX, is expected equivalents $XX.X marketable securities March at balance million. cash This position, us to XX,

and we oncology platform, financial the will to believe evolution of development in fuel targeted additional targeted solid collaboration growth RADR AI candidates us of portfolio drug a position our allow and our opportunities and of introduce Importantly, the products manner. continued our capital-efficient accelerate

the us under advancing high-caliber ability to be model. removes to our hybrid hybrid focused on productive not a XX hiring are available. might research team which to very and restrictions operating employees also otherwise who This geographic that and continues be development gives leading extremely drug our efforts. members recruit We have Our team primarily development initiatives, model currently

We call now turn Panna? talented I'll we help Panna see this coming add an programs. our quarters slightly as expanding number over on advance individuals some additional to update development experienced mission. and our for in the back to of

Panna Sharma

David. you, Thank

LPUXXX's both million $X unheard be earlier in exclusively pancreatic On upcoming testing in our human we of insights XA development around As clinical triple-negative starting cancer, discovery. be been program, The call, most to be including and in XXXX, and will at first-in-human that, from Phase Lantern beyond development the are first But months. to and Phase XA preclinical the programs indications breakthrough trial highlighted pace intends conducted in conducted trials Lantern bladder, FDA Starlight. drug by for newly will non-CNS indications of advance cancers clinical clinical cancers. for decades. and AI to as tumors Lantern metrics average, This studies CNS in initial cost multiple we'll clinical will resources, to IND increased late clinical brain the trials that continue Starlight X-plus following STARXXX coming it a repair STARXXX submitting our IND-enabling development in $X application trial of drug advance by of recently mentioned years CNS deficiencies. personnel the other candidates in that to LP-XXX human that CNS DNA cancer building of solid trials million per for on sharpen time, in advanced in Starlight one The advancing pursue the prior for allows and formation the targeted oncology drug as developed the solid to tumors focus clinical a we've this for owned through subsidiary on was to and promising able have to dedicate of completely progress most week, damage Therapeutics patients wholly breast

looking believe can a our efforts creating be needs commitment Starlight, more for cancer and be opportunities the and we upside can where snus evolved to via focus accelerate separated perhaps assets that programs the always unique or potential by additional our also the investors. developed community of our additional We for We'll for and focusing in focused development while certain more and patient deepen meaningful manner.

As our data pointed preclinical continue meaningful to companies meaningful about David platform, pointed the we billion RADR also pace collaborations, and in ADC this LP-XXX to some drug with advances cash year. being additional licensing review, same very in larger year. carefully we'll development and and but validating positioned which in companies, are we'll the Other strong later through setting. that patients RADR-based utilized these the and we'll At launching out We're also preclinical LP-XXX this manner, clinical us establish most advance are ADC leading compounds to objectives those talk beyond of progress begin partner which is exploring to scaling into advances and his in have exciting assets. year out with both accelerating time, opportunities XX new we're the a points, disciplined our in more to partnership our exciting be for we make biopharma for at well is our out, this insights, be coming to position which up, breakthrough those potentially expanding developing, will and drug then assets

I'd questions. like call with that, to the Now to up open any

Nicole Leber

Panna. Thank you, [Operator Instructions].

data from Where an We how here do have about and investor do clean a our it? and question in source validate coming we we and our RADR. data

David Margrave

great a question. That's

own but not from routinely that and do of data like sources our with our CRO public private all with and and also as partners. we our CCL sequencing get TCGA NCI collaborations biomarker we that studies from such So sources only and have, programs, drug we our

studies like get We ASCO, it places also that from different et posted are cetera. AACR, at

them in trials. get from historical programs drug historical also We

of places, both including data validating is own So data that preclinical we're generating, And proprietary and there's a that number interesting. our different data. clinical

Obviously, data in we to the are duplicate make reliable. run our studies we sure is getting

reliable its or of lot own data is We also know historical not that a terribly challenges. has

of TCGA-related on a data massive embarked we So a back and NCI few CCLE years sources. historical and all cleanup other of our

And and data. so lot we curate a renormalize that of

We lot also threw a of it away.

of I One was reliable unknown in of about industry. at when from that in did it are not cell lines was data were joined And these the time where the I XX% nature. simply well-known very it is came the we the first enough dubious because pretty things that had or Lantern tossed

we tagging we've each it, give use tons who it, gone done, what pretty and around people score. it which or either which most data when sets through quality unusual So data of But we've normal. the as data work duplicate clean is is of

machine the comes where labs, how published. from, what generated, it it know it was was we So

published in duplicate, the data. was transform It we did

the then and we not that So that ways can so multiple only have but data we use clean curate it. we normalize

Nicole Leber

see here, speak. I be Michael, his is King hand. you able raising Michael to should

Michael King

is spot to your what your deals Yes. I ask RADR to simultaneously and you I'm maybe source or pipeline? just based are better companies, public, private, assets you're seeing the people's you speak cetera, around of institutions spot in and sweet wanted just where et strategies. do sweet or Or further compounds? academic, about wondering for to other other partnering terms

Panna Sharma

great a That's question.

can later week, lengthy this it about a to at going I'm we conference answer, give talk Michael. your more So and you

are us terms we in new new ingest, higher priority what have molecules, ideas others. ideas, things of of a So for than

the And and those so and then are with they available manufactured, come of if things there data if if we game. out try been they've ahead been us to they're that biological tested see puts if if

definitely certain are So yes, there areas.

And new to things. we're learning always open

only have. good as as Your be the questions are data to you going

So do looking always RADRs. all at go well. assets as of through they we're new course, But

although their we to also of drug at their also there other have potentially do drug how co-develop used in that the with that relationship them clause the and to us patients look if unique most indications, are in be and are So can helping definition have you likely the with a to TTC, we we asset. respond allows the license

always to executable So that have meaningful that to do as some insights, we we basically try develop to try it get through asset RADR. into clause RADR-driven

In is bigger the molecular have, it it it will signatures license terms cetera, take and that that we asset companies make Phase trials. to meaningful later-stage or either to et Phase out, of that then licensing into put out III II biopharma our whatever goal then

that hopefully, So your answers question.

Nicole Leber

How compounds few has in some Vandermosten. to John characteristics RADR questions that that of cross the able from one here, A coming other in BBB? the are identified are

Panna Sharma

question. a That's great detailed

be rings, those you multiple the rings, X,XXX it's range carbon algorithms. somewhere most size of X,XXX carbon use John, try [indiscernible]. surface to Everything to we of characteristics So different and important ones. whether probably and in a characteristics, at we simple I'll look the between able weight number X,XXX and But There's area different somewhere X,XXX white in paper like of the and boil down and send and characteristics. to we between like

run different not the approach. just characteristics, algorithms, ensemble we then characteristics. It's also And different we an prefer

algorithm a X at to the look all that now look comments, the underneath come or which therapeutic the of you right is you right X algorithm it. urge which algorithms it's Ensemble mash-up other data at If top-performing I means

from characteristics, and come decide the Hopefully, its most chemical And your basically so ingest structure, answers that of things smiles, these question. these are thousand which then we important. unique and that few and its molecular about all each fingerprints from

Nicole Leber

from Another one here John.

on or the related Regarding ACR does study suggest inhibitors combination about repair damage pathways? with other PARP agents abstract LP-XXX, using the disrupt that approaches

Panna Sharma

Thanks. put up? the back Can question you

ACR that related They're XXX know dosage PARP and the already So are combinate approved, with PARP does become and PARP, are they're because, and there's inhibitors PARPi number potentially one, other PARPs or XXX that's There's the about of a big because in there actually I drugs. abstract, inhibitors. People regarding some using think approved. we agents? issues sensitive, where exploring toxicity the Yes, studies issues. with billions, a suggest that we're actively the both opportunity there's selling number

discussions some the to XXX. a investigators at in we're PARP of with So look with combination

Now one of the come in AACR as we'd from cells There repair. set the things out blockers inhibitors, unique great is clear as keep the but definitely themselves. maybe hinted came next in out that abstract at it like, PARP repairing not that the of has are the cancer they will

that's cancer cell gives its capability. of so what And kind it

interestingly a strands. Now great enough, LP-XXX of double breaker DNA is

then And like the PARP and those Could so to perfect breaks double to the be dosed we used, toxicity. why like keep tremendous are strands double-strand repairing. topoisomerases, from that's other as agents PARPs of and some like the some XXX-plus-Parby but strands, And one perhaps it It's breaking the amounts MMAEs, have double really combination. eyes hit. a maybe

And so toxicity not are that to both effects just drugs from get side those you're going good.

its especially because level significantly. unique, able also makes That's to, you we and we're of believe, more the complementary use dosage change mechanisms, what XXX Parby when

where area an about. is very this excited So we're

Nicole Leber

here. in coming question Another

few changed expound hasn't Our through you Can quarters. cash a bit? last runway that the on

Panna Sharma

roughly we walk But with between XXX% and was million true. Well, frugal go burning a David, quarter. of have David ahead. $X I our kind through been let being but $X wish But I'll million you cash, yes, that

David Margrave

Sure.

I terms And in of sector, of have would our that on our quarter. cash, We've pretty the have in and As us. in position. at we marketable carry in managed strong million are end a cash think, think reality compared where solid the we cash the consistent and is we $XX.X cash portion been the very equivalents, a And forecasting I of we large very described carefully. call, to about our securities

we'll manner. We're continue We're always cash position a watching very this very for to looking opportunities, operate -- fiscally in disciplined and we're looking for carefully.

Nicole Leber

that think to us today. see and for might have questions Thank the we joined be I everyone, that all we hope today, you you, soon.

Panna Sharma

Thank you.

Lantern Pharma (LTRN) 9 May 232023 Q1 Earnings call transcript