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Panna Sharma | executive |
David Margrave | executive |
Ashok Kumar | analyst |
Good afternoon, and welcome to our first quarter 2024 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, summarizing our financial results and progress across the company for the first quarter ended March 31, 2024. on release will through to also management be this lanternpharma.com, website the of we'll you where find referencing copy is our available at slides A call. today's a link
estimates provisions these cause to XXXX. like to actual Lantern Act to for remarks expectations, forward-looking everyone of We anticipated. forward-looking Private by may to from and differ factors subject of those and safe that risks including Securities would clinical constitute uncertainties indicated from harbor remind results A prospects impact the could of of competition. materially and that statements results the about those and statements forward-looking are cause Pharma differ that of future trials number cautions performance, under actual purposes Reform statements results materially Litigation
factors materially differ with XX, be on and concerning on ended the results information statements from available the in year those that Form our could website. actual can on the our file annual which report is forward-looking for found cause to SEC Additional XX-K XXXX, in December
Forward-looking and statements to not circumstances Pharma law. occur this made to as forward-looking intend Lantern these any after update of does unless reflect May X, events call required by of statements are today, on from today, XXXX, that conference
replay of available be website. webcast The Lantern's the conference will call. on Webinar
concluding financial things Panna, will an Pharma's our will have followed with and Lantern and the results. our Margrave. Sharma; start we'll in recent model and will from Panna some for and be open achievements which, we operations, call CEO, then webcast, today's On This Q&A. David by of off highlight Lantern's business discuss comments David Panna after overview strategy CFO,
go the turn Sharma, over ahead. Pharma. to please Panna President and like Panna CEO of Lantern now to I'd call
good corporate first results our and and us as progress. afternoon, as well other hear of for joining quarter you financial everyone. productive to Mary, Thank XXXX Thanks, of our
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poor, that recurrent really, IDH than aggressive are very wild-type. even prognosis So and it's that worse GBMs, a really poor in
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financials. So our We'll highlights now David? let's walk update and call financial turn to, David and through to our our our turn of us focus Margrave. David the will over CFO,
some $X.X for share XXXX financial everyone. net you, of share Thank compared the from good I'll recorded first highlights a million and loss approximately our XXXX. per of $X.XX XXXX. approximately of share ended or or quarter net $X.X million the first afternoon, quarter $X.XX XX, of Panna, March a for quarter now first loss per to We
For approximately of XXXX quarter $X.X R&D up initiations. of of R&D increases increase activity XXXX, million expenses site offset XXXX. This our the increase were trial product first These from in and the by million, quarter in decreases candidate largely driven $X.X first clinical trial manufacturing-related QX by approximately in $XXX,XXX. clinical expenses for approximately were partially an
in for QX first down approximately XXXX. compensation decrease The were XXXX and the slightly other to expenses primarily of administrative million and payroll for $X.X quarter and general $X.X million, expense attributable was fees. decreases Our professional from
in product strong pipeline. operations interest first other approximately quarter income partially reflecting candidates our totaling a net by expenses of focus G&A advancing XXXX offset exceed by to continue and expenses income on from margin and our the Loss R&D was $XXX,XXX. Our
and QX position, of cash as XXXX. March $XX.X with cash includes a cash XX, this anticipate provide We securities, us at which of million Our approximately least equivalents was will balance into runway XXXX. marketable
targeted solid our additional financial platform, effectively. opportunities AI allow us continued of RADAR fuel evolution growth collaboration programs and oncology and believe we and introduce to of our the accelerate will and our of candidates development drug Importantly, efficiently targeted position portfolio
of warrants total fully outstanding XXXX. of outstanding stock, As the XX,XXX our to of of shares. with approximately XXXX, March purchase had XX, warrants XXXX, purchase and stock XX,XXX common and options million XX, diluted of outstanding to of to outstanding give exercise XX,XXX,XXX a shares to warrants shares. shares common Lantern purchase we X,XXX,XXX shares March QX of combined common stock issued XX.XX These XX,XXX us shares shares as during options shares relating outstanding cashless
proceeds approximately XX,XXX of the relating aggregate Also $XX,XXX of common of in XXXX, Lantern QX shares to issued exercise warrants cash. stock for for
amount warrants by exercises, the With common shares. of approximately by shares covered these warrant XX,XXX was reduced
exercise Following these Lantern now shares purchase at has of per exercises, XX,XXX $XX.XX price average weighted warrant outstanding warrants to share. a
Our have experienced to development XX team advancing We primarily currently this and on continues We and advance expanding talented research employees consultants slightly in hybrid as see and our X add a productive focused coming drug very under number approximately model. FTE help be leading efforts. to operating individuals additional quarters our we and mission.
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highlight STAR things the that XXX. me of about let excited some get So me
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I'd open or any like to clarifications. that, to with So questions call the now
If ways. X do of a you a can in Instructions] you'd question, I'll break X like take so some to ask for [Operator So questions.
First question John, as AI from it, another the I John. is read Oregon collaboration. -- arrangement on through
of good inhibitor question what be range a lot they inhibits And opportunities of across that have That's terms very this It a in potent It's because they metabolism. is great they cancers. it saw and it first-in-class exciting I mechanism. that pretty of through unique they works what seems think cancer saw. to a of with drug, that, a very a And have.
of that enzymes -- and that XX there's cross ones Oregon which which inhibit so, or are PEI these I has PDI talked do there, they have want and also but about, enzymes, you about purpose. out Now ones lots believe to
it problem. a combinatorial So real becomes
Now it cancer seems with to ones central which data-driven very inhibit and questions. are their X and ones other combine to drug they should cell they go combinatorial on metabolism, really after drugs
trial And guide unsuccessful. so construction of that these successful the could will a help questions or be
So it's important. very
some get very they perhaps to this insights IP. insights the in and lab what data and validate then so go And very, the also, generate to see silico new ability rapidly targeted importantly, is some to model most and
pharma a IP they partner, alongside got own cancer and after Lantern that around model. after insights around this larger Oregon. to IP targeted of subtypes We'll specific So going maybe of to the even for benefits go very they've collaboration what go when combinations, clear. IP The in on are terms
drug. their license to rights have also We
we're if really So about it. excited
into the super way that I think fits of potent. exciting. molecules be some the unique, about we it's it are think It's could
ability combine. You has the cancers can that to work across
lot number the in collaboration. cancers. So deeper a be a have think get to And that into of drug kind a could it finish of of I across But line like of key it the gets things good fits to we'd the we'll course, see. that post
helping excited Thank the also and we're about Oregon so molecule. helping And you.
Ashok. think going hand -- a I believe, I'm we have up, to I from
that? mute I if you're It's line we're we let you still going right Can Ashok, to the do the available? thing talk. can
X-part I have a question.
AI-driven program development clinically. progressing the So be to ADC well seems
the and advance Starlight be therapeutics, again, are filing with gaining appears momentum Ib for what key time the -- to clinic easy candidate protocol STAR. potentially and the into lines Phase inflection to an the then So points
are what of the pediatric milestones collaboration Therapeutics anticipated initiate represents an -- So the question and and the is to timing opportunities. the interesting Oregon AI part -- last question trials clinical
the So you elaborate and efforts? RADAR accelerating this drive to how expand time? development do how might see platform over And
We're medium key points us is or is X We've low little better the low expressing, inflection the data a HERX/HERX in think for to target bit. a expressing. seen a Great and maybe playing HERX if in questions. We option. extraordinary around on bispecific
at HERX/HERX, we do So right which that place? to should a Or see landscape the is available. the we're bispecific also is looking
some months preclinical of So I modeled. few more analysis we've we've got think a that
-- then to lab to want studies we and really Now to IND back take some studies got manufacturing. -- to through we've wet and get it
the of biologics it us is complex takes So into for this in event terms in a to beat time. getting that, XXXX I'd love clinic. Obviously, but these manufacturing
just at doing are We're more things looking guidelines formats out in very of new characterized already at looking are new -- already they terms ADCs of clinic. known, are manufacturing kind which at think actually, that especially maybe some you design. favorable go in some I think very FDA after that We're fragmented recently already some the We parallel. with and There that change we are of antibodies could if in it. just we looking came
gets So clinic are pathways license we're for also -- compress to to studies technology look manufacturing and going faster opportunities the all us well. us at there to that the IND some as
XXXX in looking execute we're we execute is ADC those. XXXX, next which drug to at the and is on trials. us wave, our think, and to all conjugates. other the case, -- is for But So existing either
also STARXXX, to IB Starlite at to on In launch. supplement expect to we call And back the what Starlight. people B funding for look potentially beyond to new and Starlight recruit this for hear independent to to for FDA we and we some the some expect continue from regards financing and
ADC this are and this those think for definitely I Starlight us is the next events. So is year chapter. year
some you of time gives that the hopefully, sense So lines.
questions? We've another answering Okay. question. raising or hand got John, you your the are
for serve question the template other out everybody. the partnership His is, Therapeutics potential me as for Let does Oregon partnerships? read question a
to always But think got to think TTC. Actuate, one I does. have with of stamp with like being one able we something. We we've it
now one partner. also have real get those These capabilities, We as with your partnerships. collaboration, into the you on Oregon betting each on each teams not you're a collaborating, only betting unique you're are molecules in because of very good
like We're in in because right? if We succeed, the all we molecules. companies. in don't getting they equity path teams those succeed, we like so upside And the molecule. don't We like their
win. start we us even to we the lot can indication And RADAR data. helps So doing at on really that, our focused right understand with making and a about looking and analysis do chances their We the platform molecule, we're modeling pretty just that of the the because during unmet to conversations sure kind need, right? pick even prior
Now but with don't with we how last you time. imagine. having ones discussions long are for things tech I can the those as in I of call, many companies, are in tech partnerships. companies we take, we're know the mentioned Those take just discussion
I great that think benevolent. we're issues like But companies their had with are management there not recursion one there's Exscientia. names and or up air of issues. that some in business all the model some the they big the some a big Unfortunately, suck room. Again,
proof So discussions with there's Navidea's more I think as players we and points Apples Amazons as the have and and show of X Googles range others, a whole and well. and Tier our
monetized there think longer be term. partners independently to to our platform scale can tech a I be suitable enable long-term get can that to
I'm want to to -- going is ask read to John Or you Great. me John, do great it? question, do from you want question Another -- it?
Okay.
will for Asia? we finalized Taiwan. sites HARMONIC sites of and see in So the be trial And Japan outside any will the when
development a I will be in I manner. I X David. I is good very think then Goto in we've with month. getting some sites Head these Taiwan. do phased in now our X sites, next believe we that with mean, identified clinical we've that those have also along And right, I believe, and David sites additional and visiting we'll sites Japan, up Dr. think got of running. that along
well. so a sites. sites other need looking countries of give with I is mentioned can South major we that and on So we the be their XX doctors that through hospitals. at of Korea some the South are Korea XX have some far. of striking as And Unfortunately, couple really it going will patients us those bulk We in prior -- issues a their calls, do
actually South that it's we so had create lung cancer -- money trial self are going of trial South think, Japan, going time strike is even in So we for an I company fact, a lot be to enter. But the Korea have very initial than on new smokers never Korea in ideal because and clinical for, of because to didn't want but a if, this was we higher spending be pause our a the numbers energy excitement, lot get doctors installed. from small in excitement to with not foreign a
centralization can it Taiwan South we patients in though Japan just because get very the backed very, kind it number similar even of of of So of as cost more actually and easily in the we even Japan. kind just patients, off a but term. and of easily than think effective looks as Taiwan near Korea activity promising in and of
board supply of but we be those we you question, But the X we what XX So need could could the and thank bulk I John. very, trial. at that for on think very us will sites, in coming for look new productive that have countries
up webinars scripts, know and coming our making happen. XX not to minutes. these we're all, first team in gratitude, So the I and of for easy. I it's these my closing, slides want to express deep this
Now there's a lot of information.
is delivery, you People You've broadcast it to got the understand any look at great. course, to of to it. time. got And get
for support. constant to So also unwavering their my for and our team and I support want but information, the thank to partners stakeholders
think a solutions we're proprietary I productivity us golden rapid of term a at development. targeted building cost real-world of place alter approach, much much, really new I can to think scalable, the in better, the oncology, time future of it's with we're going think solving real genomically-guided with together, in pragmatic age in problems brighter the oncology and AI and I long medicines. drug development of unprecedented And forefront therapies the lines development a
everyone, Thank for today. your time you,
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