Lantern Pharma Inc. (LTRN) Balance Sheet
LTRN balance sheet, 2025
December 31, 2025 · U.S. dollars$11.0M assets = $4.5M liabilities + $6.5M equity
Both columns are drawn to the same scale: what LTRN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LTRN financial health
Descriptive bands, not a rating. Fiscal 2025.
LTRN balance sheet trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $449,8312018 | $11.0M2025 | +58.0%/yr | |
| Total liabilities | $651,6292018 | $4.5M2025 | +31.8%/yr | |
| Shareholders’ equity | −$201,7982018 | $6.5M2025 | — | |
| Cash & short-term investments | $445,1632018 | $10.1M2025 | +56.2%/yr | |
| Total debt | $108,5002020 | $78.5M2025 | +273.2%/yr | |
| Net cash (debt) | $19.1M2020 | −$68.4M2025 | −$87.5M | |
| Working capital | −$206,4662018 | $6.3M2025 | +$6.5M | |
| Book value per share | −$0.032018 | $0.602025 | — | |
| Current ratio | 0.682018 | 2.402025 | +1.72 | |
| Debt / equity | 0.012020 | 12.022025 | +12.01 | |
| Shares outstanding | 6.2M2018 | 10.9M2025 | +8.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LTRN assets
LTRN liabilities and equity
LTRN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LTRN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $10.1M | $24.0M | $41.3M | $55.2M | $70.7M | $19.2M | $1.2M | $445,163 |
| Cash & equivalents | $4.4M | $7.5M | $21.9M | $37.2M | $51.5M | $19.2M | $1.2M | $445,163 |
| Short-term investments | $5.7M | $16.5M | $19.4M | $18.0M | $19.2M | $0 | — | — |
| Receivables | $30,000 | $97,000 | $860,000 | $592,000 | $181,000 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | −$592,000 | −$181,000 | $0 | $0 | $0 |
| Other current assets | $653,948 | $1.1M | $1.2M | $3.5M | $2.0M | $1.0M | $788 | $0 |
| Total current assets | $10.8M | $25.2M | $43.3M | $58.7M | $72.7M | $20.2M | $1.2M | $445,163 |
| Property, plant & equipment (net) | $107.5M | $287,425 | $280,422 | $95,695 | $216,188 | $21,507 | $8,758 | $4,668 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $36,738 | $25,869 | $17,889 | $1.0M | $101,205 | $191,000 | $0 |
| Total assets | $11.0M | $25.6M | $43.6M | $58.8M | $74.0M | $20.4M | $1.4M | $449,831 |
| Liabilities | ||||||||
| Accounts payable | $4.4M | $4.1M | $942,211 | $932,407 | $2.2M | $432,339 | $478,292 | $97,629 |
| Short-term debt | $78.5M | $190,814 | $172,975 | $52,890 | $152,058 | — | — | — |
| Deferred revenue | — | — | −$2.51B | −$2.7M | −$2.2M | — | — | — |
| Total current liabilities | $4.5M | $4.3M | $2.7M | $2.8M | $2.3M | $552,339 | $489,292 | $651,629 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $108,500 | $0 | $0 |
| Lease obligations | $78,539 | $243,657 | $234,471 | $52,890 | $204,948 | $0 | — | — |
| Other long-term liabilities | $3,626 | $52,843 | $61,496 | $0 | $52,890 | $0 | $0 | $0 |
| Total liabilities | $4.5M | $4.4M | $2.7M | $2.8M | $2.4M | $660,839 | $489,292 | $651,629 |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $1,125 | $1,078 | $1,072 | $1,086 | $1,109 | $622 | $11,369 | $11,369 |
| Retained earnings (deficit) | −$93.1M | −$76.0M | −$55.2M | −$39.3M | −$25.0M | −$12.7M | −$6.8M | −$4.3M |
| Accumulated other comprehensive income | $25,430 | $153,990 | −$107,460 | −$371,386 | −$92,689 | $0 | — | — |
| Total shareholders' equity | $6.5M | $21.2M | $40.9M | $56.0M | $71.6M | $19.7M | $943,284 | −$201,798 |
| Key figures | ||||||||
| Total debt | $78.5M | $243,657 | $234,471 | $52,890 | $204,948 | $108,500 | — | — |
| Net cash (debt) | −$68.4M | $23.8M | $41.1M | $55.1M | $70.5M | $19.1M | — | — |
| Working capital | $6.3M | $20.9M | $40.7M | $55.9M | $70.4M | $19.7M | $743,526 | −$206,466 |
| Tangible book value | $6.5M | $21.2M | $40.9M | $56.0M | $71.6M | $19.7M | $943,284 | −$201,798 |
| Book value per share | $0.60 | $1.97 | $3.77 | $5.16 | $6.56 | $3.17 | $0.15 | −$0.03 |
| Shares outstanding | 10.9M | 10.8M | 10.8M | 10.9M | 10.9M | 6.2M | 6.3M | 6.2M |
| Current ratio | 2.40 | 5.83 | 16.18 | 20.99 | 31.26 | 36.64 | 2.52 | 0.68 |
| Quick ratio | 2.25 | 5.57 | 15.74 | 19.94 | 30.48 | 34.81 | 2.52 | 0.68 |
| Debt / equity | 12.02 | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | — | — |
| Equity / assets | 59.2% | 82.9% | 93.7% | 95.2% | 96.8% | 96.8% | 65.8% | −44.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $7.4M | $6.3M | $10.1M | $12.4M | $15.9M | $19.7M | $24.0M | $28.1M | $33.3M | $38.4M | $41.3M | $44.9M |
| Cash & equivalents | $6.7M | $4.9M | $4.4M | $8.4M | $6.1M | $6.4M | $7.5M | $8.1M | $13.0M | $18.4M | $21.9M | $25.6M |
| Short-term investments | $701,085 | $1.4M | $5.7M | $4.0M | $9.8M | $13.3M | $16.5M | $20.0M | $20.3M | $20.0M | $19.4M | $19.4M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $97,000 | $0 | $0 | $0 | $860,000 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $1.1M | $734,407 | $683,948 | $1.1M | $1.3M | $1.1M | $1.1M | $1.9M | $2.0M | $1.1M | $1.2M | $2.5M |
| Total current assets | $8.5M | $7.1M | $10.8M | $13.5M | $17.2M | $20.8M | $25.2M | $29.9M | $35.3M | $39.5M | $43.3M | $47.4M |
| Property, plant & equipment (net) | $62,513 | $84,890 | $107,470 | $129,067 | $182,764 | $236,221 | $287,425 | $335,566 | $263,337 | $237,494 | $280,422 | $319,658 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $80,917 | $80,917 | $125,169 | $36,738 | $36,738 | $36,738 | $36,738 | $36,738 | $32,015 | $25,869 | $25,869 | $25,869 |
| Total assets | $8.6M | $7.2M | $11.0M | $13.6M | $17.4M | $21.1M | $25.6M | $30.3M | $35.6M | $39.7M | $43.6M | $47.8M |
| Liabilities | ||||||||||||
| Accounts payable | — | $3.7M | — | $3.9M | $4.8M | $4.1M | $4.1M | $3.4M | $4.4M | $1.6M | $942,211 | $2.1M |
| Short-term debt | $39,715 | $59,076 | $78,539 | $93,954 | $131,515 | $161,515 | $190,814 | $197,291 | $164,002 | $178,023 | $172,975 | $168,013 |
| Deferred revenue | — | — | — | — | — | — | — | — | −$4.4M | −$3.8M | −$1,735 | −$2.1M |
| Total current liabilities | $4.3M | $3.8M | $4.5M | $4.0M | $4.9M | $4.3M | $4.3M | $3.6M | $4.6M | $4.0M | $2.7M | $2.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $39,715 | $59,076 | $78,539 | $93,954 | $145,039 | $194,931 | $243,657 | $291,244 | $218,696 | $193,584 | $234,471 | $274,529 |
| Other long-term liabilities | $7.5M | $0 | $0 | $0 | $13,524 | $33,416 | $52,843 | $93,953 | $54,694 | $15,561 | $61,496 | $106,516 |
| Total liabilities | $11.8M | $3.8M | $4.5M | $4.0M | $4.9M | $4.3M | $4.4M | $3.7M | $4.7M | $4.0M | $2.7M | $2.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1,276 | $1,125 | $1,125 | $1,104 | $1,078 | $1,078 | $1,078 | $1,078 | $1,076 | $1,076 | $1,072 | $1,087 |
| Retained earnings (deficit) | −$103.5M | −$96.5M | −$93.1M | −$89.1M | −$84.9M | −$80.6M | −$76.0M | −$70.2M | −$65.6M | −$60.7M | −$55.2M | −$51.1M |
| Accumulated other comprehensive income | −$39,759 | −$35,637 | $25,430 | $40,333 | $48,043 | $131,734 | $153,990 | −$25,264 | −$6,585 | $1,860 | −$107,460 | −$138,792 |
| Total shareholders' equity | −$3.2M | $3.4M | $6.5M | $9.6M | $12.5M | $16.8M | $21.2M | $26.6M | $30.9M | $35.8M | $40.9M | $45.4M |
| Key figures | ||||||||||||
| Total debt | $39,715 | $59,076 | $78,539 | $93,954 | $145,039 | $194,931 | $243,657 | $291,244 | $218,696 | $193,584 | $234,471 | $274,529 |
| Net cash (debt) | $7.3M | $6.3M | $10.0M | $12.3M | $15.8M | $19.5M | $23.8M | $27.8M | $33.0M | $38.2M | $41.1M | $44.7M |
| Working capital | $4.1M | $3.3M | $6.3M | $9.4M | $12.3M | $16.5M | $20.9M | $26.3M | $30.7M | $35.5M | $40.7M | $45.2M |
| Tangible book value | −$3.2M | $3.4M | $6.5M | $9.6M | $12.5M | $16.8M | $21.2M | $26.6M | $30.9M | $35.8M | $40.9M | $45.4M |
| Book value per share | −$0.26 | $0.31 | $0.60 | $0.88 | $1.16 | $1.56 | $1.96 | $2.47 | $2.87 | $3.33 | $3.79 | $4.18 |
| Shares outstanding | 12.4M | 11.3M | 10.9M | 10.8M | 10.8M | 10.8M | 10.8M | 10.8M | 10.8M | 10.7M | 10.8M | 10.9M |
| Current ratio | 1.96 | 1.87 | 2.40 | 3.33 | 3.52 | 4.86 | 5.83 | 8.31 | 7.67 | 9.98 | 16.18 | 21.05 |
| Quick ratio | 1.70 | 1.67 | 2.25 | 3.06 | 3.26 | 4.60 | 5.57 | 7.79 | 7.23 | 9.70 | 15.74 | 19.94 |
| Debt / equity | — | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Equity / assets | −37.4% | 47.7% | 59.2% | 70.4% | 71.9% | 79.5% | 82.9% | 87.8% | 86.9% | 90.0% | 93.7% | 95.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 30, 2026); data from EODHD.
LTRN financial position
At the end of fiscal 2025 (December 31, 2025), Lantern Pharma had total assets of $11.0 million (down 56.8% from a year earlier), total liabilities of $4.5 million and shareholders' equity of $6.5 million. It held $10.1 million in cash and short-term investments against $78.5 million of debt, net debt of $68.4 million. Its current ratio was 2.40. In the latest quarter (ended June 30, 2026) total assets were $8.6 million and equity -$3.2 million.
Related: LTRN income statement, LTRN cash flow statement, LTRN key metrics. See the LTRN stock overview for the latest quote and news.
LTRN balance sheet FAQ
What are Lantern Pharma's total assets?
Lantern Pharma reported total assets of $11.0 million at the end of fiscal 2025 (December 31, 2025), compared with $25.6 million a year earlier.
How much debt does Lantern Pharma have?
Lantern Pharma had $78.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 12.02.
How much cash does Lantern Pharma have?
Lantern Pharma held $10.1 million in cash and short-term investments at the end of fiscal 2025; with $78.5 million of debt that is net debt of $68.4 million.
What is Lantern Pharma's book value?
Lantern Pharma's shareholders' equity (book value) was $6.5 million at the end of fiscal 2025, or $0.60 per share.
What is Lantern Pharma's current ratio?
Lantern Pharma had current assets of $10.8 million and current liabilities of $4.5 million, a current ratio of 2.40 (it can cover its short-term obligations).