Form 4: Lantern Pharma Director and 10% Owner Sells Over 39,000 Shares in Pre-Planned Transaction

Leslie W. Kreis, a Director and 10% owner of Lantern Pharma Inc., along with affiliated entities, sold a total of 39,000 shares of common stock for approximately $120,510 through pre-arranged trading plans.

Summary

• Leslie W. Kreis, a Director and 10% owner of Lantern Pharma Inc. (LTRN), reported the sale of common stock through several affiliated entities.
• On June 13, 2025, a total of 39,000 shares of Lantern Pharma common stock were sold.
• The sales were executed at a weighted average price of $3.09 per share, with prices ranging from $3.05 to $3.26.
• The transactions were conducted pursuant to a Rule 10b5-1(c) trading plan, indicating a pre-scheduled sale.
• The shares were sold by Bios Fund I QP, LP (7,206 shares), Bios Fund I, LP (12,319 shares), Bios Fund II NT, LP (1,903 shares), Bios Fund II QP, LP (14,218 shares), and Bios Fund II, LP (4,354 shares).
• Following these transactions, the beneficial ownership of the reporting persons, through various Bios Funds and BP Directors, LP, totals 1,075,952 shares of common stock.
• This Form 4 is the second of two filings related to the same event, necessitated by SEC EDGAR system limits on the number of reporting persons per filing.

Sentiment

Score: 3

Explanation: The sentiment is moderately negative due to a significant insider (Director and 10% owner) selling shares, which can be interpreted as a lack of strong conviction, despite the sale being pre-planned under a 10b5-1 agreement.

Positives

• The sale was conducted under a Rule 10b5-1(c) plan, which suggests the transaction was pre-scheduled and not based on immediate, non-public information, potentially mitigating concerns about opportunistic selling.

Negatives

• A significant insider, who is both a Director and a 10% owner, reducing their stake can be perceived negatively by investors, potentially signaling a lack of confidence in the company's near-term prospects.
• The sale of 39,000 shares represents a notable reduction in the beneficial ownership of a key insider group.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• The reporting persons undertake to provide full information regarding the number of shares sold at each separate price within the reported range upon request.
• Leslie W. Kreis, Cavu Management, Cavu Advisors, Aaron Glenn Louis Fletcher, Bios Management, and Bios Advisors each share voting and investment control with respect to the shares held by the Bios Equity Entities.
• Each Reporting Person disclaims beneficial ownership of any such securities, except to the extent of his/its pecuniary interest therein, if any, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or otherwise.

Industry Context

This Form 4 filing details an insider transaction specific to Lantern Pharma Inc. and does not provide broader industry context or trends. Insider sales are a common occurrence across various industries, and their significance is typically evaluated within the context of the individual company's performance and outlook.

Related Party Transactions

• The reported transactions involve Leslie W. Kreis, a Director and 10% owner of Lantern Pharma Inc., and entities (Bios Funds, Cavu Management, Cavu Advisors, BP Directors, LP) over which he exercises control or shared control, making these related party transactions.

Stakeholder Impact

• Shareholders may view the insider sale as a negative signal, potentially leading to decreased investor confidence or downward pressure on the stock price.
• The transaction itself does not directly impact employees, customers, suppliers, or creditors, but market reaction could indirectly affect company morale or perception.

Key Dates

Recommendation

Keywords

Lantern Pharma, LTRN, SEC Form 4, Insider Sale, Beneficial Ownership, Stock Transaction, Leslie W. Kreis, Bios Partners, 10b5-1 Plan