Lantern Pharma

LTRN on Nasdaq. Market value $12m.

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Why it could be worth it

Nothing stands out yet.

Read the warning sign in its own filings

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Who owns it

1 long-term investor we follow owns it, down from 2 last quarter. 39 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • at least 10.0%
    (filed with 1 related holder)
    Since 30 June 2026
  • Thomas A. Satterfield, Jr.
    Passive investor
    7.6%+2.5 pts
    Since 30 June 2026
  • at least 4.5%−2.9 pts
    (filed with 13 related holders)
    Since 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 Troy
    Director
    Bought
    Date
    12 May 2026
    Shares
    48,544
    Price
    $2.06
    Value
    $100,001
  • KEYSER D JEFFREY
    Director
    Bought
    Date
    12 May 2026
    Shares
    48,544
    Price
    $2.06
    Value
    $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

    Serious

    The 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

The company just told the SEC about a big change. The deep dive shows what it means for the price you pay.

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What a finished deep dive looks like

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.