Exhibit 99.1

Lantern Pharma Reports Third Quarter 2023 Financial Results and Operational Highlights

DALLAS—(Business Wire)—Lantern Pharma Inc. (NASDAQ: LTRN), an artificial intelligence (“AI”) company developing targeted and transformative cancer therapies using its proprietary RADR^® AI and machine learning (“ML”) platform with multiple clinical-stage drug programs, today announced operational highlights and financial results for the third quarter ended September 30, 2023.

“Lantern had a very productive and efficient third quarter where the team made excellent and continued progress across our lead clinical programs, launched a new program into the clinic, and accelerated our efforts to ensure that our AI platform for cancer drug development, RADR^®, maintains its industry-leading position. We now have three active clinical programs that we are confident will make significant strides in Q4 and throughout 2024 – with multiple readouts expected during 2024. In addition, we continued to maintain a financially disciplined operation that will allow us to achieve milestones in both our drug programs and our AI platform over the next several years. Our RADR^® AI platform is revolutionizing the way we understand and predict drug-cancer interactions, enabling us to advance our newly developed drug programs from initial AI insights to first-in-human clinical trials in 2 to 3 years and at a cost of roughly $1 to 2.5 million per program - a milestone unheard of in the realm of oncology drug discovery,” said Panna Sharma, CEO of Lantern Pharma.

Sharma continued, “This past quarter we launched another first-in-human, Phase 1 program, with LP-284, a synthetically lethal small-molecule, in refractory NHL where there is significant patient need for improved therapies. Therapies that can work with proven monotherapy efficacy and in combination with existing standard-of-care agents are critically needed in cancers where relapse from existing treatments can be a dire consequence. Computational and AI-driven approaches are increasing their ability to predict meaningful and clinically relevant combination regimens for cancer, and our team continues to increase the value of our platform in this regard while helping to also de-risk and sharpen the focus of our existing clinical drug candidates. Our leadership in the innovative use of AI and machine learning to transform costs and timelines in the development of precision oncology therapies should yield significant returns for investors and patients as our industry matures and adopts an AI-centric approach to drug development.”

Highlights of AI-Powered Pipeline:

In xenograft PDX models of high-grade B cell lymphomas (HGBL), LP-284 showed synergistic and significantly enhanced anti-cancer activity when used in combination with rituximab. In in-vivo PDX models, the combined synergy of rituximab with LP-284 was 63% more effective in destroying HGBL tumors—93% tumor growth inhibition with both rituximab and LP-284 versus 57% tumor growth inhibition with rituximab alone. Rituximab is a standard-of-care approved therapy used in a wide range of B-cell cancers and non-Hodgkin’s lymphomas. Lantern plans to release additional details and data on this set of results with LP-284 in this setting in the coming month.

Nearly all MCL, DHL, and HGBL patients relapse from the current standard-of-care agents and there is an urgent and unmet need for novel improved therapeutic options for these patients. In the US and Europe, MCL, DHL, and HGBLs are diagnosed in 16,000-20,000 patients each year and have an estimated annual market potential of over USD 3+ billion.

The dosage and safety data obtained in the Phase 1 trial will be used to advance the central nervous system (CNS) indications for a future Phase 2 trial to be sponsored by Lantern’s wholly-owned subsidiary, Starlight Therapeutics. Globally, the aggregate annual market potential of LP-184’s target indications is estimated to be approximately $11+ billion, consisting of $5+ billion for CNS cancers and $6+ billion for solid tumors.

Dr. Joseph Treat MD of Fox Chase Cancer Center has been appointed the lead principal investigator of the Harmonic™ study. Dr. Treat is a leading expert in lung malignancies, including NSCLC in never smokers, and has dedicated his career, since 1991, to serving patients with lung cancer.

Globally, never-smokers with NSCLC are a growing population of patients and do not respond well to PD-1/PD-L1-based therapies, leaving them with reduced treatment options. In the US, there are approximately 20,000-40,000 never-smokers with NSCLC diagnosed annually, representing an estimated US annual market potential of $1.5 billion and a global estimated annual market potential of over $2.6 billion. Additional information on the Harmonic™ trial can be found at the Harmonic™ website and clinicaltrials.gov.

RADR^® Platform Growth and Development:

Starlight Therapeutics:

Additional Operational Highlights:

SNO (Society for Neuro-Oncology) 28th Annual Meeting and Education Day in Vancouver, Canada

Bengaluru Tech Summit 23 in Bengaluru, India

5th Annual CNS Drug Delivery Summit in Boston, MA

Third Quarter 2023 Financial Overview:

Earnings Call and Webinar Details:

Lantern will host its third quarter 2023 earnings call and webinar today, November 8, 2023, at 4:30 p.m. ET.

About Lantern Pharma:

Lantern Pharma (NASDAQ: LTRN) is an AI company transforming the cost, pace, and timeline of oncology drug discovery and development. Our proprietary AI and machine learning (ML) platform, RADR®, leverages over 36 billion oncology-focused data points and a library of 200+ advanced ML algorithms to help solve billion-dollar, real-world problems in oncology drug development. By harnessing the power of AI and with input from world-class scientific advisors and collaborators, we have accelerated the development of our growing pipeline of therapies that span multiple cancer indications, including both solid tumors and blood cancers and an antibody-drug conjugate (ADC) program. On average, our newly developed drug programs have been advanced from initial AI insights to first-in-human clinical trials in 2-3 years and at approximately $1.0 - 2.5 million per program.

Our lead development programs include a Phase 2 clinical program and multiple Phase 1 clinical trials. We have also established a wholly-owned subsidiary, Starlight Therapeutics, to focus exclusively on the clinical execution of our promising therapies for CNS and brain cancers, many of which have no effective treatment options. Our AI-driven pipeline of innovative product candidates is estimated to have a combined annual market potential of over $15 billion USD and have the potential to provide life-changing therapies to hundreds of thousands of cancer patients across the world.

Contact:

Investor Relations

ir@lanternpharma.com

Please find more information at:

Forward-looking Statements:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among other things, statements relating to: future events or our future financial performance; the potential advantages of our RADR^® platform in identifying drug candidates and patient populations that are likely to respond to a drug candidate; our strategic plans to advance the development of our drug candidates and antibody drug conjugate (ADC) development program; estimates regarding the development timing for our drug candidates and ADC development program; expectations and estimates regarding clinical trial timing and patient enrollment; our research and development efforts of our internal drug discovery programs and the utilization of our RADR^® platform to streamline the drug development process; our intention to leverage artificial intelligence, machine learning and biomarker data to streamline and transform the pace, risk and cost of oncology drug discovery and development and to identify patient populations that would likely respond to a drug candidate; estimates regarding patient populations, potential markets and potential market sizes; sales estimates for our drug candidates and our plans to discover and develop drug candidates and to maximize their commercial potential by advancing such drug candidates ourselves or in collaboration with others. Any statements that are not statements of historical fact (including, without limitation, statements that use words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “model,” “objective,” “aim,” “upcoming,” “should,” “will,” “would,” or the negative of these words or other similar expressions) should be considered forward-looking statements. There are a number of important factors that could cause our actual results to differ materially from those indicated by the forward-looking statements, such as (i) the risk that our research and the research of our collaborators may not be successful, (ii) the risk that none of our product candidates has received FDA marketing approval, and we may not be able to successfully initiate, conduct, or conclude clinical testing for or obtain marketing approval for our product candidates, (iii) the risk that no drug product based on our proprietary RADR^® AI platform has received FDA marketing approval or otherwise been incorporated into a commercial product, and (iv) those other factors set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on March 20, 2023. You may access our Annual Report on Form 10-K for the year ended December 31, 2022 under the investor SEC filings tab of our website at www.lanternpharma.com or on the SEC’s website at www.sec.gov. Given these risks and uncertainties, we can give no assurances that our forward-looking statements will prove to be accurate, or that any other results or events projected or contemplated by our forward-looking statements will in fact occur, and we caution investors not to place undue reliance on these statements. All forward-looking statements in this press release represent our judgment as of the date hereof, and, except as otherwise required by law, we disclaim any obligation to update any forward-looking statements to conform the statement to actual results or changes in our expectations.

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