Lantern Pharma closes $4 million registered direct offering

Lantern Pharma Inc. closed a registered direct offering on September 30, 2026, after entering a securities purchase agreement with an institutional investor on September 28, 2026. Under the agreement the company sold 1,469,725 shares of common stock at $1.09 per share, along with pre-funded warrants to purchase up to 2,200,000 shares at an offering price of $1.0899 per warrant.¹

The company received gross proceeds of approximately $4.0 million from the offering, before deducting expenses including placement agent fees.¹ Lantern said it intends to use the net proceeds for working capital and general corporate purposes.¹

In a concurrent private placement, the company issued warrants to purchase up to 3,669,725 shares of common stock at an exercise price of $1.09 per share.¹ These purchase warrants become exercisable once stockholder approval is obtained for the underlying share issuance, and expire five years after the initial exercise date.¹ Lantern agreed to seek that stockholder approval within 90 days of September 28, 2026, at its next annual or special meeting.¹

Rodman & Renshaw, LLC acted as sole placement agent under an engagement letter dated September 28, 2026, and received a cash fee equal to 7% of gross proceeds plus reimbursed expenses.¹ The firm also received warrants to purchase 5% of the shares sold in the offering, with an exercise price of $1.3625 per share, set at 125% of the common share purchase price.¹

The shares and pre-funded warrants were offered under an existing shelf registration statement on Form S-3 that the SEC declared effective on June 10, 2024, together with a prospectus supplement filed September 30, 2026.¹

Lantern describes itself as a clinical-stage biopharmaceutical company using its RADR artificial intelligence platform in oncology drug development, with a pipeline that includes LP-184 (zirdafulven), LP-300, and LP-284, along with its subsidiaries Starlight Therapeutics and Open Medicine AI.¹