Lantern Pharma
LTRN on Nasdaq. Market value $12m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
1 long-term investor we follow owns it, down from 2 last quarter. 39 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Horizon KineticsMurray Stahl | $104,934 | <0.1% | Cut |
Sold out this quarter
- Voss CapitalTravis CockeSold out
Largest holders overall
- Empery Asset Management, LP$4mNew
- CM Management$2mAdded
- Vanguard Capital Management$2mAdded
- Renaissance Technologies$1mAdded
- BIOS Capital Management, LP$1mCut
- Geode Capital Management$428,852Cut
- Vanguard Fiduciary Trust$208,292
- Citadel Advisors$199,722New
- Westside Investment Management$199,537Cut
- Quadrature Capital$165,103New
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Empery Asset Management, LPPassive investorat least 10.0%(filed with 1 related holder)Since 30 June 2026
- Thomas A. Satterfield, Jr.Passive investor7.6%+2.5 ptsSince 30 June 2026
- BIOS CAPITAL MANAGEMENT, LPPassive investorat least 4.5%−2.9 pts(filed with 13 related holders)Since 15 May 2026
| Holder | Stake | Since | |
|---|---|---|---|
Empery Asset Management, LP Passive investor | at least 10.0% (filed with 1 related holder) | 30 June 2026 | |
Thomas A. Satterfield, Jr. Passive investor | 7.6%+2.5 pts | 30 June 2026 | |
BIOS CAPITAL MANAGEMENT, LP Passive investor | at least 4.5%−2.9 pts (filed with 13 related holders) | 15 May 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $200,001 of shares on the open market.
- Schalop Lee TroyDirectorBought
- Date
- 12 May 2026
- Shares
- 48,544
- Price
- $2.06
- Value
- $100,001
- KEYSER D JEFFREYDirectorBought
- Date
- 12 May 2026
- Shares
- 48,544
- Price
- $2.06
- Value
- $100,001
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 May 2026 | Schalop Lee Troy Director | Bought | 48,544 | $2.06 | $100,001 |
| 12 May 2026 | KEYSER D JEFFREY Director | Bought | 48,544 | $2.06 | $100,001 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Lantern Pharma’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 30 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 10 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“For this reason, there is substantial doubt about the Company’s ability to continue as a going concern in the absence of obtaining substantial additional funding.”
Show the full paragraph
In addition to its existing capital resources, the Company intends to pursue periodic capital raises, including additional potential sales under the ATM, and also pursue collaborations, grant funding and other opportunities to extend the Company’s operating runway. However, the Company’s cash, cash equivalents, and marketable securities on hand as of the date of this report will not allow the Company to fund its operating expenses and capital expenditure requirements under its current level of operations for 12 months from the date of this report. For this reason, there is substantial doubt about the Company’s ability to continue as a going concern in the absence of obtaining substantial additional funding.
From the 10-Q filed 14 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.