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 if warrants are fully exercised.

The clinical-stage oncology company issued 2,135,923 shares of common stock at $2.06 per share. The offering also included unregistered warrants to purchase up to 2,135,923 additional shares at an exercise price of $2.27 per share. The warrants become exercisable six months after issuance and expire five years following the initial exercise date.

Rodman & Renshaw LLC served as the exclusive placement agent for the transaction. The company stated it intends to use proceeds for working capital and general corporate purposes.

The shares were offered through 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 concurrent warrants were issued through a 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's RADR platform analyzes data to identify biomarker signatures for targeted oncology treatments, particularly for difficult-to-treat cancers including those affecting the central nervous system.

The offering included participation from existing holders and a single institutional investor, according to the company's announcement.