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Panna Sharma | executive |
David Margrave | executive |
Good afternoon, and welcome to our fourth quarter and year-end 2023 earnings call.
As a reminder, this call is being recorded, and all attendees are in a listen-only mode.
We will open the call for questions and answers after our management's presentation. A webcast replay of today's conference call will be available on our website at lanternpharma.com shortly after the call. We issued a press release after market close today, summarize our financial results and progress across the company for the fourth quarter and year ended December 31, 2023.
on release will through to also management be this lanternpharma.com website the of will you where find referencing copy is our available at slides A call. today's a link estimates provisions to XXXX. like Act for remarks expectations, forward-looking everyone We Private and safe Securities would constitute harbor remind prospects of of the about that future performance, under purposes Reform statements Litigation differ that cause risks cautions Pharma to from and actual these may and that are to Lantern anticipated. forward-looking subject uncertainties results materially those statements A factors from and of of statements could number to cause trials differ those including actual materially the clinical forward-looking competition. results impact of indicated by results
our factors year file materially could the on with can XXXX, in December annual information actual results available our Form website. in XX, on statements that XX-K for report from concerning ended which on the those the to differ is forward-looking and Additional found SEC cause be
this XXXX, occur available forward-looking webcast webinar of reflect the on unless of of as these from conference statements are Pharma made law. by be required and to today, any conference replay intend on that circumstances Lantern will statements Lantern's not events website. call Forward-looking update call XX, after to March The today, does
to operations, our and results. CEO Lantern model CFO, afternoon, CEO, go start Pharma. strategy to achievements turn and overview Good call This and and On please will from today's Panna be webcast, over followed like quarter. Q&A. then for highlight we ahead. will welcome some I'd have which Panna we'll Margrave, and business call our David and discuss Panna, now an in to of Lantern's Pharma's President after Sharma, will the fourth of Panna Panna comments concluding Lantern our Sharma; by things the open with recent David off financial
progress. for our fiscal XXXX about corporate thank fourth joining afternoon this and year everyone, results quarter and you and Hello, us to hear
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for capabilities patients, really tech create from testament among in leaders has industry we human X.X and to this transformation the advancing have companies nature first drug and On biotech the oncology risk value of million of in leaders in output bio the launched of the AI promise will long-term that additional the also make precision We these for help but agility, programs that approach. XX clinical investors appropriately, a and Pharma in are direction for is X average, change medicines and an the to for per of the past efficiency cost years transformation at only industry. productivity initial and discovery. $X patients. developed our cost average successfully the believe oncology insights programs unheard years, to of program, and groundbreaking massive and This more trials increased metrics pace, pharma become and Lantern with harness drug just not development. industry. faster, our the cheaper In these R&D in to discovery in
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securities, have progress meaningful make We in approximately cash, and $XX.X strong million, marketable in and disciplined that equivalents a we're $XX cash to a utilizing position, million very cash carefully manner.
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the the some our overview highlights Now I'll quarter results provide call quarter quarter results during who an for turn XXXX. over of now of will financial our fourth Margrave, specific results. financial our let's to and financial David? of fourth CFO, the David second the turn year-end of our to
from now I'll XX, our Panna, the ended you, everyone. start Thank review afternoon, share fourth with of highlights a quarter I'll year some December and quarter. fourth good XXXX. financial full and
administrative and year general from expenses down prior somewhat XXXX, $X.X Our for $X.X period. quarter fourth million the approximately were million approximately in the of
$X.X the for quarter for fourth loss approximately loss quarter R&D per in $X.X $X.X fourth approximately the or to of of million from or million for fourth approximately of million XXXX. quarter XXXX. recorded expenses up of $X.XX a XXXX XXXX, share quarter were the $X.X share We compared of approximately per of net fourth million a net the $X.XX
primarily XXXX. for increases development full from R&D expenses Therapeutics. the approximately These our increases candidate of million of by $XXX,XXX and in $XXX,XXX. partially in increase up was approximately payroll For research attributable studies to expenses $X.XX decreases million approximately product consulting approximately and research approximately of ] $X.X approximately approximately offset expenses to Allarity XXXX, [ decreases were $XXX,XXX payments increases $X.X increases in This in in of million year expenses million, $XX.X and manufacturing-related of were
the we an XX, ended approximately not the year amounts During payment of Therapeutics, escrow release December XX. ended and to Allarity of year during December $XXX,XXX XX, released to there Allarity escrow 'XX, payment a was
were 'XX one payment a service XX, XXXX providers December from in the of resolution of ended reduced of result year received service the with our also a a by for provider regarding views of expenses in the Manufacturing-related connection July difference $XXX,XXX agreement. as we
expenses $X.X other administrative approximately increase professional primarily for XXXX million expense and from were attributable Our slightly was in general The increases XXXX. to fees. compensation and for million, up payroll $X.X and
our Our our R&D expenses exceed focus a pipeline. G&A on expenses reflecting continue margin, strong to advancing and product candidates our by
XXXX, compared or per or $X.XX share net year $XX.XX $XX.X million $X.XX full the For for million was loss per to share XXXX. approximately
loss operations income offset XXXX approximately in totaling $X.X Our and partially the net, million. from interest other year was income calendar by
XXXX. XXXX. We with which position, securities, marketable cash a December includes cash million will runway at of and this provide was cash into Our $XX.X of as least us XX, equivalents approximately QX anticipate balance
of our evolution financial portfolio AI allow targeted us of platform, development targeted position oncology fuel drug programs our the continued to and additional of a collaboration growth believe and opportunities RADR candidates in capital-efficient accelerate we introduce and manner. Importantly, our will solid
as fully share to through per able purchase 'XX. stock In of million our warrants As give price options, us XX,XXX,XXX shares of shares purchase outstanding common of purchase shares. of X,XXX,XXX we were a reduce to of purchase and outstanding XXX,XXX total outstanding XX, stock, XXXX, These combined at common and shares diluted December approximately of options $X.XX XX.XX share. count our stock with outstanding to had year-end common shares of XXXX. we outstanding XXX,XXX shares shares outstanding, lantern of a warrants of November the
as update development see Our continues and to drug quarters and primarily our very our an model. leading We productive employees have be coming under hybrid a individuals over back of programs. XX the our on X in for on Panna? add advancing now FTE We talented operating consultants turn additional mission. slightly advance experienced this to team focused currently and development to expanding number I'll research we and call Panna some help efforts.
David. you, Thank
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And from of larger have year. important been general M&A an have up John. acquisition ADCs picked have last in First broadly conversations continued ADCs that biopharmas. Yes, interest life question for from over I have the in observed area sciences, heard you
specifically early, ADC, saw actually Yes, our I M&A stage many an and this already seen ADC. that year ADC companies, question. it's in interest and Again, we're we midsize clinical. were that have the of year, John, from last answer lot of in earlier them want biopharmas deals later in a we in small, is to crypto some larger actually
all assets think together be exciting. really mean same. it the most category. XX-plus is, I payloads of is the think, not very clumped lot I percent of almost tend So I The in to ADCs. of terms the There designs are payloads in unique a of the
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buyback about this question another and have for We that. our plans
bit David, about? So talk you want little do to a
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Thanks, David. Great.
The narrower Phase question. a II Another -- -- are selecting how about indication. timing the for you
I to allow process. think, decision the again, guide we data
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seem with tumors see clearly, damage We think, we repair sensitive. to DNA that deficiency very be
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existing both the So perhaps created where then process late-stage something targets can the hold that use and compressed classify and those can try again, we that module trying to to we in to future. early then defined but FTCs and stage find we're cheaper ADCC the some unique make fragment also and antibodies targets
kind versus the and just Like DAR find give have in a cancer cryptophycin log the a -- right to the trying on MMAEs it's rate just agents said, that rates. us others the right also kill and we're it's the cells. of -- then we that And kill improvement better
if We're be, on. think very early a partnering small very can hold indications, we idea. spin-out again, portfolio great again, So up it's in could of idea it a we it --
business opportunities. is development Yes. around Another question
business exploring we're talks people think everyone. everyone So like deals development until in really to about opportunities there's about deals don't to in talk getting X are I industry, pharma I excited categories: any really don't done. point Again,
Number through discussions we're But we our that mean certain a there on. or we So one, companies. development we or doesn't It different drugs walk may do deal. a other announce companies yes, be with lot working with of may we're that biotech deal that in ideas deals get let our to to not platform, me rights expect have where efforts. and they use their
compress our a platform can or the the line those in be portfolio, as help something exchange our and with done platform. to risk their or increase time and currency get using we're for around decrease companies ideas So the for we that that.
but they it's second the type want big of we're and with starts, in and tech can research companies fits as unique tech big explore deal to and beginning a in to biopharma cloud service that their The companies, offer platforms have groups. academic is all and to that
any you blood-brain as radar have now penetrability radar drug taken ADC a service. and design. Matt a as a Gen tech platform, as barrier basically companies hunting, action, the [ be have drug of X into So combination, can you ] of of can one mechanism modules big service, these can
where really these So modules, unique trying create these to we're modules. any that's and of
traditional selling data. very to is program best pharmas to early. third again, think licensing, the one big partnership, And a way So an the that's big I is or And pharma. asset of excite
share And we'll keep programs now. -- data we again, options and for the power we'll the that XX, trials, So have and results. XX open
of So programs every partnered or higher you out continues and -- one or even of quarter. more getting those Thank higher for the X spun think, I those question. get sold licensed that off to of likelihood or
helping these lot webinars prepare year. this prepare like everyone and personally slides. information. on and So the We've updated for thank to have We'll PR in with the a in that, of out for series calls of moment a a information I'd got to the take us our also team throughout
first We those to been the already have of or joined. urge Wednesdays definitely guys kind And programmed. X X that webinar you actually
or ongoing. what holds market, We entering new either spinouts partnered number assets. grow AI of a We've are exciting programs got a number and future We've trials we molecular We're the didn't The are AI year the are new capabilities importantly, And got era very generative to to is a now AI that for we now target selection, ago. most a And excited itself. more optimization begins us. about platform of exist that creating around importantly, beginning out platform. to that grow. platform bring things the can of
milestones to licensing we plan fronts, and maintain growing, for cash reach executing all portfolio. our amount on discipline we're on selling, we've a So significant got of fiscal and partnering, continue our
much, joining very you afternoon. thank me you for thank So and this
lot. a Thanks
Thank you, David.
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