Lantern Pharma Q4 2025 Earnings Call - Clinical validation across multiple programs and AI commercialization, but cash runway only into mid‑late 2026

Unknown, Moderator/Operator, Lantern Pharma: The webcast replay of the conference call and webinar will be available on Lantern’s website. On today’s webcast, we have Lantern Pharma CEO Panna Sharma and CFO David Margrave. Panna will start things off with introductions and an overview of Lantern’s strategy and business model and highlight recent achievements in our operations, after which David will discuss our financial results. This will be followed by some concluding comments from Panna, and then we’ll open the call for Q&A. I’d now like to turn the call over to Panna Sharma, President and CEO of Lantern Pharma. Panna, please go ahead.

Panna Sharma, President and Chief Executive Officer, Lantern Pharma: Good afternoon, and thank you for joining us today to hear about our fourth quarter and fiscal year 2025 results and corporate progress. As many of you have heard me say in the past, computation and AI-driven approaches are increasing their presence and usage at both large and emerging pharma companies for all facets of drug discovery and fundamental biomedical research. The future of medicine is going to be intimately involved with AI technologies and AI models. Our leadership in the innovative use of AI and machine learning to transform the process of developing precision oncology therapies should yield significant returns for investors and patients as our industry matures and adopts an AI-centric, data-first approach to drug development. 2025 was a defining year for Lantern Pharma. We achieved clinical validation, we believe, across multiple programs while establishing the foundation for our next phase of growth.

We believe that we had encouraging and a unique development with LP-300 in the phase II Harmonic observations, combined with also a successful phase IA completion for our LP-184 clinical trial, and most recently, an FDA IND clearance for a pediatric CNS cancer program through Starlight Therapeutics. We believe all these represent transformational milestones that validate and strengthen our AI-driven approach to precision oncology. Today, we’re sitting at a point in time where all of our initial ideas and concepts regarding our molecules have now been dosed to patients successfully in some manner in both phase I and phase II trials. Also, our full-year financial results reflect disciplined execution with a 19% reduction in total operating expenses year-over-year, even as we advanced multiple clinical programs through key inflection points and also introduced a highly unique multi-agentic system aimed at conquering rare cancers.

As we move into 2026, we are positioning to advance our clinical programs, expand our RADR platform’s commercial reach and revenue potential globally through our new AI Center of Excellence in India, and further strengthen our balance sheet. Our AI-driven clinical pipeline now encompasses multiple drug candidates across solid tumors, blood cancers, and pediatric oncology, with a combined estimated annual market potential exceeding $15 billion and approaching $20 billion. On average, our newly developed drug programs have been advanced from initial AI insights or concepts to first-in-human clinical trials in 2.5-3 years and at approximately $ a few million per program.

It is very important to note that we have dosed over 100 patients across our programs and seen clear linkage to mechanisms and patient value that we believe can yield future medicinal opportunities in a range of cancers that we are continuing to advance. Before moving on, I want to take a moment to directly address some malicious and fake news that has been circulated online falsely claiming that I am departing Lantern Pharma or have stepped down as CEO. This is categorically untrue and appears to be rooted in a deliberate and perhaps malicious attempt to manipulate our stock price. This disinformation has caused real harm to our company, to the mission we are pursuing on behalf of cancer patients, and to our investors, and we intend to pursue all appropriate civil, criminal, and legal recourse against those responsible.

Let me share with you now, more importantly, the more notable achievements over the last year, past year and quarter, where we are heading into 2026. Let me start with our LP300 program, the Harmonic trial, which addresses a significant and growing unmet need in lung cancer. Harmonic is focused exclusively on never smokers and non-small cell lung cancer who have progressed after treatment on TKIs. In Asia, never smokers represent now close to 40% of all non-small cell lung cancer cases, compared to about 15%-17% in the U.S. and Europe. The market opportunity here is substantial. Over $4 billion, we believe, annually in spend on people who are not smokers or never smokers and get non-small cell lung cancer. There are currently no therapies approved specifically for this patient population.

The phase II Harmonic trial continued to advance through the fourth quarter and into early 2026, with ongoing patient enrollment and follow-up across clinical sites in the U.S., Japan, and Taiwan. Last year, we completed the targeted enrollment in Japan ahead of schedule across 5 clinical sites, including the National Cancer Center Hospital in Tokyo. During Q4, clinical investigators presented data at the 66th annual meeting of the Japan Lung Cancer Society from both Asian and U.S. cohorts. The trial has previously demonstrated an 86% clinical benefit rate and a 43% objective response rate in its initial safety lead-in cohort, including 1 patient with a durable complete response and survival continuing for nearly 2 years. Let’s talk a little bit about our upcoming Type C meeting.

We’re getting more involved with the FDA, and in March, we submitted a Type C meeting package to the FDA for LP-300, with the meeting scheduled now for mid-May 2026. We are seeking FDA feedback on three proposed protocol amendments that came out as a direct result of our observations from the trial. First, focusing future enrollment on patients with EGFR exon 21 L858R mutation, where our preliminary analysis suggests greater clinical benefit from the LP-300 regimen in combination with the chemo doublet for these 858R mutation patients. Second, increasing maximum LP-300 treatment cycles from six to eight based on established safety data and the mechanism. Third, converting to a phase II single-arm Simon’s two-stage design reflecting the evolving treatment landscape that has made continued randomization to the control arm increasingly challenging due to changed control protocols.

We’re actively exploring collaboration and partnering opportunities globally to maximize LP-300’s commercial potential. We’re in discussions with several regional and global pharma companies around the future of this exciting treatment, and we expect additional clinical updates in the coming weeks, along with insights on the exon 21 L858R population of patients. Turning now to what I believe remains one of our most significant assets, in Q4 of 2025, we reported additional positive LP-184 phase I results showing durable disease control in heavily pretreated advanced cancer patients. The trial enrolled 63 patients, achieved all primary endpoints with a 48% clinical benefit rate at or above the therapeutic dose threshold. It’s a unique and promising signal of activity in this patient population. The data validated our synthetic lethality hypothesis.

We saw marked tumor reductions that were observed in patients with DNA damage repair mutations, including CHEK2, ATM, BRCA1, STK11, and these were all alterations that were initially flagged or signaled through RADR-driven insights. We also established a recommended phase II dose of 0.39 milligrams per kilogram with a favorable safety profile and saw notable clinical benefits in some very difficult-to-treat cancers, including relapsed GBM, gastrointestinal stromal tumors, and thymic carcinoma. Many of these patients are now getting clinical benefit for over a year into their treatment cycles. These are typically tumors with sub 6-month PFS and very poor OS as well. The phase I-B, phase II-A development plan are building on these results, and we’re positioning these into multiple precision oncology trials. Let me walk you through those. First, triple-negative breast cancer, where over $4 billion are spent.

We have an FDA-reviewed protocol for a combination study with olaparib, and we hold Fast Track designation. Second, non-small cell lung cancer with patients that have KEAP1 or STK11 mutations. We believe about a $1.5 billion opportunity in patients who typically fail immunotherapy and are not good responders for chemotherapy. Third, an investigator-led bladder cancer study planned in Denmark targeting PTGR1 overexpressing tumors with DNA damage repair mutations. All three are precision oncology trials, where they’re being driven by mechanistic insights, biomarkers, and very focused patient populations that we believe have been validated from the outcomes in our phase I and also in our extensive preclinical work. These trials are subject, of course, to additional funding, which we’re actively pursuing, and whether it be through grants or other mechanisms. What distinguishes our synthetic lethality approach is its mechanistic precision.

Unlike conventional chemotherapies that indiscriminately target dividing cells, both our first-in-human drugs, LP-184 and LP-284, exploit specific genomic vulnerabilities in cancer cells, particularly those with deficiencies in DNA damage repair. The pharmacokinetic data from these trials suggest we’re approaching concentration levels that correlate with the nanomolar potency that we’ve already observed in clinical models, a critical inflection point that we believe has shown a proof of mechanism in patients, and it may pave the way for future trials and, more importantly, pharma partnerships. During our collaboration last year with MD Anderson, it was also revealed that LP-184 had a very unique and remarkable ability to transform immunologically cold tumors, especially in TNBC, into hot tumors, a breakthrough with profound implications for expanding immunotherapy benefits to previously unresponsive patients. This isn’t merely additive efficacy.

It represents a mechanistic synergy that addresses one of immunotherapy’s most significant limitations, and it opens up additional co-development opportunities and new indication expansion where PD-1 and PD-L1 checkpoint inhibitors have stopped working. Let me move on to Starlight Therapeutics. At Starlight Therapeutics, we cleared an IND for a planned phase I pediatric CNS cancer trial. We announced this last week on Friday. This is an innovative trial design that we unveiled at the Society for Neuro-Oncology, and it features a unique combination of spironolactone, and it exemplifies the power of computational biology. We’re approaching so we’re exploiting the synthetic lethality of our drug in GBM through a mechanistically elegant interaction. Spironolactone degrades ERCC, a critical DNA repair protein that causes further vulnerability that then STAR-001 exploits with precision in these brain tumors.

The IND being cleared for this trial is a milestone that I’m particularly proud of, and I wanna spend some more time on it because Starlight Therapeutics, our CNS oncology franchise, is now well-positioned for that. In early 2026, the FDA cleared the IND for Starlight Therapeutics in not only recurrent CNS tumors, but an ATRT and other rare pediatric tumors. With this clearance, we now have INDs cleared for both our adult and our pediatric programs, positioning us to pursue clinical development across the full patient spectrum. This is a pivotal regulatory milestone for our wholly-owned CNS-focused subsidiary. STAR-001 has received both Rare Pediatric Disease Designation and Orphan Drug Designation from the FDA for ATRT, along with additional Rare Pediatric Disease Designations for hepatoblastoma, rhabdomyosarcoma, and malignant rhabdoid tumors. These designations provide pathways for FDA Priority Review Vouchers upon a potential approval.

PRVs have been sold or transferred for significant value historically, with recent transactions in the range of $150 million-$200 million, and our drug has four of these. Importantly, each of these rare pediatric disease designations independently qualifies upon potential FDA approval and meeting other program conditions for these PRVs. That’s multiple shots on goals from a single molecule, representing a potentially meaningful source of non-dilutive value for Lantern and its shareholders, independent of the commercial potential of the underlying therapy. Now, the scientific rationale for combination with spironolactone is compelling, it’s unique, and novel. Preclinical studies demonstrated a 3- to 6-fold increase in GBM cell sensitivity when combining with these agents, with most preclinical models showing complete tumor eradication and minimal recurrence.

This can be especially critical in the most sensitive patients, such as children, the elderly, or those that have undergone multiple prior lines of therapy. Even more interesting is that STAR-001 has shown antitumor activity in GBM regardless of the MGMT status. Let’s talk a little bit about why this mechanism is distinctive and first in class. This is where our RADR AI platform and novel mechanistic biology really comes to life. The plan trial includes a dedicated combination cohort evaluating STAR-001 with spironolactone, and again, this was initially identified with our platform, and we believe that this combination creates unique synthetic lethality in these challenging brain tumors. Now, once our drug is activated, when PTGR1 is overexpressed, it induces DNA double-stranded breaks that are lethal to the cancer cell if left unrepaired. That’s the critical insight.

The cancer cell has a repair escape route, and we found a way to basically shut it down. We identified that we can degrade ERCC3, excision repair cross-complementation group. That’s a key helicase in the repair pathway. It’s a central repair mechanism that’s used in some of these very aggressive tumors. Now, we can shut it down by delivering spironolactone. Basically, this is how you block the cancer cells from trying to come back. That’s where spironolactone enters the picture. It’s brain penetrant, it can be orally administered, it has a long safety record in adults and also now in pediatric, and it degrades the ERCC3 protein through targeted proteasomal degradation. In our preclinical models, we saw ERCC3 protein levels reduced by at least 50%, and actually through some dosing optimization, we got even more reduction.

By reducing that ERCC3, we remove the ability for the repair to happen. This is a rationally designed, AI-identified, validated combination that’s been validated in the clinic that creates enhanced synthetic lethality that amplifies the tumor-killing activity of STAR-001. I wanna underscore several things that make this combination strategy unique. The ERCC3 was identified and validated through our analysis, not through just traditional screening. The combination partner, spironolactone, is already well-characterized, and it de-risks the safety profile of this combination. The mechanism, precision bioactivation with targeted repair pathway inhibition, we believe represents a first-in-class and unique approach to how to treat these devastating brain cancers. Now that the IND is cleared, Starlight Therapeutics is positioned to move rapidly into the clinic, of course, subject to more funding.

Starlight, which is 100% owned by Lantern, will have the potential to be another very positive impact on our investors as we monetize this unique asset, monetize the patents, and potentially monetize the PRVs. This computational capability doesn’t merely enhance our existing programs. It opens up entirely new therapeutic possibilities as well. We’ll talk about that a little later. In Q1 of 2026, we also received FDA Orphan Drug Designation for soft tissue sarcoma, adding to the existing designations in mantle cell and high-grade B-cell lymphoma. We also had a patient in Q4 that we presented clinical data at the 25th Lymphoma, Leukemia & Myeloma Congress in New York, and we confirmed a complete metabolic response in a heavily pretreated diffuse large B-cell patient who has remained cancer-free since we initially reported this result.

LP-284 benefits from composition of matter patents through 2039 across major global markets, and also, of course, the Orphan Drug Designation marks a. We continue to explore LP-284 beyond lymphoma, including as a potential therapeutic for autoimmune disorders such as lupus and SLE, where our preclinical data have showed significant potency in reducing clonal B-cells, actually CD19 and CD20 positive B-cells. This work could dramatically expand the commercial opportunity for this asset. We’re beginning active dialogue to look and seek partners for this unique drug on the back of the compelling phase I data that’s being put together and the responses that we’re beginning to see. Now, let me shift to what I believe is becoming an increasingly important value driver for us and one that’s more commercial.

RADR AI platform and its commercial opportunities independent of our drug programs. RADR integrates 200-300 billion-plus oncology-focused data points, hundreds of advanced machine learning algorithms, and prediction success validated in actual clinical trials, not only for ourselves, but also for our partners. In early 2026, we initiated a AI Center of Excellence in India to help us grow, industrialize, and focus more on the RADR platform and withZeta.ai, giving us the ability to develop capabilities and features around the clock. We’re beginning to recruit world-class ML talent and also give us additional scalability to support additional biopharma partnerships and feature development. We also continue to lead with BBB. BBB, which holds 5 of the top 11 positions in the Therapeutics Data Commons, also has been enhanced significantly over the last month or two.

We also are beginning now to commercialize our LBx-AI, which is our liquid biopsy AI. We’ve highlighted in our results the amount of money we’ve put into all our programs. Last year, we spent about $1 million across our AI technologies and platforms, and we’re also, at the same time, able to develop what we believe is another key aspect for the future of AI-driven drug development. We’re at an inflection point with withZeta.ai because it’s not only inflection point because the system has now been launched to multiple demo partners, but it’s really how science itself will be conducted. Agentic AI systems that reason, collaborate, and act autonomously, these are poised to become the standard infrastructure for drug discovery and scientific R&D. This is not a question of if, but when.

Lantern, through withZeta, intends to be the standard-bearer for this kind of shift, especially in rare cancers. Now think about how most people use AI in drug development today. They ask a single model a question, they get an answer, they typically do it in concert with a series of engineers and computational biologists, and it’s really almost a one-off event. They may ask it in parallel, they may ask it several times. They may develop tools to look at the same question. With withZeta, you’re doing it in natural language, and you’re getting the facility of doing it as an orchestra, a multi-agent-agentic architecture, where specialized tools trained on literature synthesis, pathway analysis, clinical trial design, biomarker identification, molecular feature assessment, novel chemistry generation, collaborate, challenge assumptions, and cross-validate findings, all in real time before delivering hardened insights.

Many of you have been able to see this in person and actually see how we’ve been able to go from ideas to insights to actually potentially powerful new medicinal concepts in under an hour. Now, the true power is not in any single agent, but in their intelligent orchestration, a true AI co-scientist, and we’ve built that for helping to conquer rare cancers. This approach fundamentally inverts the traditional drug development paradigm. Before a single experiment is run, withZeta can rigorously stress test hypotheses through computational analysis and recursive reasoning, interrogating literature, modeling pathways, analyzing historical trial data, feeding on your own private, unique insights and data, evaluating biomarker strategies, stress-testing medicinal concepts, looking at molecules against known patient populations, and then only advancing the most hardened of the ideas.

By reducing failed experiments by 80% or 90%, we can allocate precious R&D resources and time to the most promising opportunities and do it faster. We can test dozens of hypotheses in parallel while a lab team would still be designing the first experiment. This platform also creates something fundamentally new, a persistent interactive organizational memory. Every interaction, every insight, every hypothesis tested is stored and instantly queryable. You generate knowledge graphs. It’s like having your own entire scientific advisory group of experts, your full research team, and comprehensive access to questions and answers available 24 hours a day, seven days a week for any question in your domain. This is the future of scientific R&D, and it’s already arriving now.

Since late 2025, withZeta has been an active demo in beta testing with over 25 biotech companies, cancer research centers, biopharma consultants, and even some CROs and investment banks, where we’re generating significant early engagement that validates both demand and differentiation. We’ve designed withZeta with a multi-tiered commercial architecture that serves the entire drug development ecosystem. At the foundation, we’ll have an accessible academic tier that brings early career researchers and university teams into the platform, and also individual subscriptions, institutional licenses, and they’ll continue to help validate the platform and create the network effect, which makes withZeta increasingly valuable.

We’ll have a professional tier that serves emerging biotech and mid-size developers through usage-based licensing, and then we’ll also have an enterprise level for large pharma, where they can deploy in their own private clouds and also add to their proprietary knowledge graphs and deepen their internal data integration, and perhaps even deploy customized ontologies and use it for unique configurations. This will be a multi-tiered commercial architecture, and we believe it can also be used over time in multiple other disease areas beyond cancer. The beauty of this model is the natural progression researchers discover with Zeta in an academic setting, and they’ll carry that experience as they continue deployment.

At every level, the platform gets smarter as more users and data flow through the system, and we believe that this global rare disease and rare cancers therapeutic market is projected to exceed about $300 billion by 2028. The broader AI-enabled drug discovery market represents, we believe, an additional $20 billion-$50 billion-dollar long-term opportunity for withZeta and our multi-agentic AI architecture. Our longer-term plan is to scale withZeta beyond rare cancers and into other complex therapeutic categories, each presenting the same fundamental problems of fragmented knowledge, slow experimental cycles, expensive failures. We believe this represents a potential near-term market opportunity of $20 billion-$50 billion, and that withZeta.ai is our first agentic commercial product designed to capture a meaningful share of that.

When you connect the dots, clinically validated RADR, commercially ready AI modules, and a multi-tiered revenue model, you see a business model that extends well beyond our pipeline. We believe our AI tools and services represent $ several hundred million in standalone market potential, and that’s a powerful complement to our drug development strategy. Now I’ll turn the call over to David Margrave to discuss our financials and our other key metrics. David?

David Margrave, Chief Financial Officer, Lantern Pharma: Thank you, Panna, and good afternoon, everyone. I’ll now share some financial highlights from our fourth quarter and full year ended December 31, 2025. I’ll start with a review of the fourth quarter. Our general and administrative expenses were approximately $1.5 million for the fourth quarter of 2025, compared to approximately $1.6 million in the prior year period. R&D expenses were approximately $2.7 million for the fourth quarter of 2025, compared to approximately $4.3 million in the fourth quarter of 2024. We recorded a net loss of approximately $4.1 million for the fourth quarter of 2025, or $0.36 per share, compared to a net loss of approximately $5.9 million or $0.54 per share for the fourth quarter of 2024.

For the full year of 2025, our R&D expenses were approximately $11.5 million, down from approximately $16.1 million in 2024. This decrease was primarily attributable to an approximate $4 million reduction in research studies and materials relating to the conduct and support of our clinical trials. Also, in part due to a $0.6 million decrease in payroll and compensation expenses and an $81,000 decrease in consulting expenses. Our general and administrative expenses for the full year 2025 were approximately $6.5 million, up slightly from approximately $6.1 million for 2024.

The increase was primarily attributable to increases in business development and investor relations expenditures of approximately $436,000, increases in patent costs of approximately $55,000, and an increase in corporate insurance of approximately $51,000. Our R&D expenses continue to exceed our G&A expenses by a strong margin, reflecting our focus on advancing our product candidates and pipeline. Net loss for the full year 2025 was approximately $17.1 million, or $1.57 per share, compared to approximately $20.8 million or $1.93 per share for 2024. Our loss from operations in the 2025 calendar year was partially offset by interest income and other income net, totaling approximately $0.9 million.

Our cash position, which includes cash equivalents and marketable securities, was approximately $10.1 million as of December 31, 2025. Based on our currently anticipated expenditures and capital commitments, we believe that our existing cash equivalents, and marketable securities as of the date of this call will enable us to fund our anticipated operating expenses and capital expenditure requirements until at least approximately late July 2026 to mid-September 2026. We will need to raise substantial additional funding in the near future, and we are actively evaluating and pursuing potential funding alternatives. As of December 31, 2025, we had 11,254,697 shares of common stock outstanding. No outstanding warrants to purchase shares, and outstanding options to purchase 1,296,126 shares.

These options, combined with our outstanding shares of common stock, give us a total fully diluted shares outstanding of approximately 12.6 million shares as of December 31, 2025. I’ll now turn the call back over to Panna for an update on some of our development programs. Panna?

Panna Sharma, President and Chief Executive Officer, Lantern Pharma: Thanks, David. Our leadership in the innovative use of AI and machine learning to transform costs and timelines in the development of precision oncology therapies has allowed us to bring three molecules into clinical trials with teams, costs, and efficiency that are almost unheard of in oncology biotech. Even that, we’re actually seeing massive year-over-year improvements in our spend and in the output that we’re seeing. During 2025, we achieved our goal of integrating generative AI to transform our platform into a system of autonomous agentic co-scientists and put together a model that we believe can be the future for how scientists create value. Looking ahead, how do we expect to see value creation catalysts? We have a Type C meeting coming up with the FDA on focusing enrollment in the Harmonic trial on EGFR exon 21 L858R patients.

These are patients that do very poorly, and we’ve seen some meaningful improvement as a result of being dosed with our drug in combination with the chemo doublet. We’ve also seen the same in extending LP-300 treatment cycles, and we believe the current environment, because of the changes in standard of care, really require converting the current design to a single-arm Simon’s two-stage design. We’ll have some data around the L858R patient population in the near future. Our planned investigator-sponsored trial with LP-300 in combination with Osimertinib in chemo in front line with specific driver mutations is also advancing. We also have planned initiation of an LP-184 trial in bladder cancer in Denmark, which is paid for by the Danish government and the Danish Cancer Society.

We expect to start that for PTGR1 overexpressing bladder cancers, the DNA damage repair mutations. We also have planned initiation, again, subject to funding, of our LP-184 phase I/B II in TNBC and in CNS cancers as well. Additionally, we’ll have a major launch of our withZeta platform at AACR coming up, next month, and we’ll be converting a lot of beta engagements to commercial partnerships and actually also launch the full multi-tiered subscription offering. We’ll also be pursuing additional funding, including potential grant revenue, to fund planned operations and clinical advancement of our precision oncology trials. We’re not just building better tools for ourselves. We’re fundamentally reimagining what’s possible in precision oncology and building tools that the entire community can actually use.

As we continue this journey, our agentic RADR platform positions us at the forefront of an entirely new paradigm in drug development, one where AI doesn’t really assist human researchers, but actively drives drug discovery forward through autonomous continuous learning and insights that can be tested in labs and deployed into the clinic and for patients. The golden age of AI in medicine isn’t just beginning, it’s accelerating exponentially. We’ve seen a lot of activity in the past 4-6 months. The intelligent always-on symphony is actually here. Cancer patients, especially rare cancer patients, can’t wait another 50 years for the typical 50 years of progress we’ve seen. We believe that this next 50 years of progress can happen in the next 5.

This is something we believe very strongly, that AI is going to accelerate the development and the use of knowledge in a way that we haven’t seen in medicine. As we advance into 2026, we’re laser-focused on executing our dual engine strategy, advancing our clinical assets through key inflection points, and then out-licensing or partnering them while simultaneously scaling our AI platform for commercial deployment. Each clinical milestone validates our AI platform’s predictive power while every platform enhancement accelerates our pipeline and creates new partnership opportunities. Also, now withZeta.ai, we believe we’re setting the standard for how multi-agentic tools and AI systems can be used in drug development, and we’re bringing that into the commercial setting, and we see multiple paths to create value using that platform. We’re not just building better tools.

We believe we’re fundamentally reimagining what’s possible in the timeline and capabilities of precision oncology, and we’re building it to be the standard that hopefully the rest of the industry also follows. I wanna thank our exceptional team, our partners, and our shareholders for your continued support, and also our team internally for helping put today’s call together. Thank you, and I hope that we can continue improving outcomes for cancer patients while also transforming the economics of drug development. If you’d like to ask any questions, you can do so in one of two ways. You can type your question using the QA tool, and we’ll get back to you shortly. Or you can send us an email to investor@lanternpharma, and we’ll get back to you with any questions that you might have. Thank you, everyone, for your time this afternoon.

Unknown, Closing Speaker, Lantern Pharma: Thank you very much.