Form 4: Lantern Pharma Director and Affiliated Funds Divest Over 56,000 Shares in Late May Transactions

Sentiment:

Insider Trading Report 29 May 2025 9:55 PM

A recent SEC Form 4 filing reveals that Aaron G.L. Fletcher, a Director and 10% owner of Lantern Pharma Inc., along with several affiliated Bios Funds, sold a total of 56,237 shares of common stock over three days in late May 2025.

Worse than expectedA director and significant owner, along with affiliated funds, sold a substantial number of shares, which is generally perceived as a negative signal by the market.The sales occurred over multiple consecutive days, indicating a deliberate reduction in holdings.

Summary

Aaron G.L. Fletcher, a Director and 10% owner of Lantern Pharma Inc. (LTRN), reported the sale of common stock by several affiliated Bios Funds.
A total of 56,237 shares of Lantern Pharma common stock were sold across three trading days: May 27, 2025, May 28, 2025, and May 29, 2025.
On May 27, 2025, 21,037 shares were sold at a weighted average price of $3.05, with prices ranging from $2.87 to $3.21.
On May 28, 2025, 15,000 shares were sold at a weighted average price of $2.87, with prices ranging from $2.85 to $2.94.
On May 29, 2025, 20,200 shares were sold at a weighted average price of $3.03, with prices ranging from $3.00 to $3.13.
The sales were conducted by Bios Fund I QP, LP, Bios Fund I, LP, Bios Fund II NT, LP, Bios Fund II QP, LP, and Bios Fund II, LP.
Following these transactions, the total indirect beneficial ownership attributed to Aaron G.L. Fletcher and the Bios Equity Entities is 1,177,565 shares, including 26,093 shares held by BP Directors, LP which were not part of these specific sales.
The filing also notes a change in the Power of Attorney for SEC filings, appointing John Fucci and Troy Osborn as new attorneys-in-fact, replacing Daniel Schwarz, effective May 22, 2025.

Sentiment

Score: 3

Explanation: The sentiment is negative due to significant insider selling by a director and affiliated funds, which can signal a lack of confidence in the company's short-term prospects or valuation.

Negatives

A Director and 10% owner, Aaron G.L. Fletcher, along with affiliated investment funds, sold a significant number of shares (56,237 shares) of Lantern Pharma common stock.
The sales occurred over three consecutive trading days, which could signal a lack of confidence or a strategic reduction in exposure by a key insider and associated entities.
The weighted average sale prices ranged from $2.87 to $3.05, indicating sales at current market levels.

Risks

Insider selling, especially by a director and significant owner, can be interpreted by the market as a negative signal regarding the company's near-term prospects or valuation.
A reduction in ownership by large institutional holders (Bios Funds) could potentially put downward pressure on the stock price if the market perceives it as a lack of conviction.

Future Outlook

Industry Context

This filing is specific to insider transactions at Lantern Pharma Inc. and does not provide broader industry context or trends.

Management Changes

Role	Previous Person	New Person	Effective Date	Reason
Attorney-in-fact for SEC Filings	Daniel Schwarz	John Fucci and Troy Osborn	05/22/2025	Removal of previous authority and appointment of new attorneys-in-fact.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Power of Attorney	Revocation of Daniel Schwarz's authority and appointment of John Fucci and Troy Osborn as lawful attorneys-in-fact for executing and filing SEC forms (Forms 3, 4, 5, Schedules 13D, 13G, 13F) on behalf of the reporting persons.	05/22/2025	Streamlines the process for SEC compliance filings by designating new authorized individuals.

Related Party Transactions

The sales were conducted by investment funds (Bios Fund I QP, LP, Bios Fund I, LP, Bios Fund II NT, LP, Bios Fund II QP, LP, Bios Fund II, LP) that are indirectly controlled or managed by Aaron G.L. Fletcher, a Director and 10% owner of Lantern Pharma Inc., and Leslie W. Kreis, Jr., through a complex structure of general partners and management entities (Bios Equity Partners, LP, Bios Equity Partners II, LP, Cavu Management, LP, Bios Capital Management, LP, Cavu Advisors LLC, Bios Advisors GP, LLC).
Aaron G.L. Fletcher and Leslie W. Kreis, Jr. share voting and investment control over the shares held by these Bios Equity Entities.

Stakeholder Impact

Shareholders: The insider selling could lead to negative market sentiment and potential downward pressure on the stock price. Existing shareholders might perceive this as a signal of reduced confidence from a significant insider.
Investment Professionals: Analysts and investors will likely view these sales as a data point in their assessment of the company's stock, potentially leading to a more cautious outlook.

Next Steps

A second Form 4 related to the same event will be filed by Leslie W. Kreis as the designated filer, as the SEC's EDGAR system limits a single Form 4 to a maximum of 10 reporting persons.

Key Dates

Date	Description
05/22/2025	Effective date for the change in Power of Attorney, appointing John Fucci and Troy Osborn as attorneys-in-fact for SEC filings.
05/27/2025	Date of first reported common stock sales by Bios Funds, totaling 21,037 shares at a weighted average price of $3.05.
05/28/2025	Date of second reported common stock sales by Bios Funds, totaling 15,000 shares at a weighted average price of $2.87.
05/29/2025	Date of third reported common stock sales by Bios Funds, totaling 20,200 shares at a weighted average price of $3.03. Also the filing date of this Form 4.

Recommendation

sell

Keywords

Lantern Pharma Inc., LTRN, SEC Form 4, Insider Selling, Stock Sales, Beneficial Ownership, Director Transactions, Bios Funds, Equity Sales, Biotechnology, Pharmaceuticals, Investment Funds

Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.