Lantern Pharma closes $4 million registered direct offering

Lantern Pharma Inc. (NASDAQ: LTRN) closed a registered direct offering on September 30, 2026, selling 3,669,725 shares of common stock or pre-funded warrants at $1.09 per unit. The company stated that the aggregate gross proceeds from this transaction were approximately $4 million before deducting placement agent fees and other offering expenses.

In a concurrent private placement, Lantern issued unregistered warrants to purchase up to 3,669,725 additional shares of common stock. These warrants carry an exercise price of $1.09 per share and will expire five years after receiving stockholder approval for the underlying share issuance. If fully exercised on a cash basis, the company estimated these warrants would generate an additional $4 million in gross proceeds, though it noted that no assurance can be given that any of the warrants will be exercised.

Rodman & Renshaw LLC served as the exclusive placement agent for the offering. The registered shares and pre-funded warrants were offered pursuant to a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on May 24, 2024, which became effective on June 10, 2024. The unregistered warrants were issued under Section 4(a)(2) of the Securities Act of 1933 and Regulation D, meaning they are not registered under federal or state securities laws and cannot be offered or sold in the United States without an effective registration statement or applicable exemption.

Lantern intends to use the net proceeds from the offering for working capital and other general corporate purposes. The company described itself as a clinical-stage, AI-native biopharma firm using its proprietary RADR artificial intelligence platform to develop precision oncology therapies. Its pipeline includes LP-184 (zirdafulven), LP-300, and LP-284, alongside its subsidiaries Starlight Therapeutics and Open Medicine AI.

The company warned that forward-looking statements regarding the use of proceeds, warrant exercise, and stockholder approval are subject to risks. These include the potential inability to secure future funding, the uncertainty of preclinical and clinical study results, and the risk that its AI platforms may not generate anticipated revenue or receive FDA marketing approval.