Lantern Pharma Inc. (NASDAQ: LTRN) completed a registered direct offering that raised $4.4 million upfront with potential additional proceeds of up to $4.85 million from warrant exercises.

The clinical-stage oncology company sold 2,135,923 shares of common stock at $2.06 per share. The offering also included unregistered warrants to purchase an additional 2,135,923 shares at an exercise price of $2.27 per share.

The warrants cannot be exercised for the first six months following issuance and will expire five years after the initial exercise date. The company stated no assurance can be given that any warrants will be exercised.

Rodman & Renshaw LLC served as the exclusive placement agent for the offering. The company plans to use net proceeds for working capital and general corporate purposes.

The shares were offered under a shelf registration statement filed with the Securities and Exchange Commission on May 24, 2024, which became effective on June 10, 2024. The warrants were issued through a concurrent private placement under Section 4(a)(2) of the Securities Act.

Lantern Pharma develops cancer therapies using artificial intelligence and machine learning platforms. The company operates its RADR platform through withZeta.ai and is advancing multiple drug candidates for solid tumor and blood cancers.