XML 24 R13.htm IDEA: XBRL DOCUMENT v3.24.3
Stockholders’ Equity
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Stockholders’ Equity

Note 6. Stockholders’ Equity

 

Common Stock

 

During the nine months ended September 30, 2023, the Company issued 12,000 shares of restricted common stock to consultants with a grant date fair value of approximately $63,000 (“2023 Restricted Common Stock”). Half of the shares of restricted stock vested in September 2023, resulting in approximately $32,000 of expense during the three and nine months ended September 30, 2023, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations. No expense was recorded related to the 2023 Restricted Common Stock during the three and nine months ended September 30, 2024.

 

During the nine months ended September 30, 2024, the Company issued 20,000 shares of restricted common stock to a consultant with a grant date fair value of approximately $81,000 (“2024 Restricted Common Stock”). The restricted shares vested on October 4, 2024. No expense was recorded related to the 2024 Restricted Common Stock during the three and nine months ended September 30, 2024.

 

As of September 30, 2024 and December 31, 2023, the Company had 25,000,000 authorized shares of Common Stock, of which 10,784,725 shares and 10,721,192 shares were issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.

 

Warrants

 

During the three months ended September 30, 2024, the Company issued 2,088 shares of common stock relating to the cashless exercise of warrants to purchase 7,664 shares, which warrants were expiring. During the nine months ended September 30, 2024, the Company issued 22,220 shares of common stock relating to the cashless exercise of warrants to purchase 86,685 shares, which warrants were expiring. During the three months ended September 30, 2024, the Company issued 3,832 shares of common stock for aggregate proceeds of $11,994 relating to the exercise of warrants that were expiring. During the nine months ended September 30, 2024, the Company issued 21,313 shares of common stock for aggregate proceeds of $66,710, relating to the exercise of warrants that were expiring. There were no warrant exercises during the three and nine months ended September 30, 2023. The Company has warrants to purchase 70,000 shares of common stock outstanding and exercisable as of September 30, 2024 at an exercise price of $18.75 per share, expiring on June 10, 2025

 

 

Options

 

The number of shares available under the Lantern Pharma Inc. 2018 Equity Incentive Plan, as amended and restated (the “Plan”), was increased by 125,000 shares at the Company’s Annual Meeting of Stockholders on June 13, 2024. A summary of stock option activity under the Plan during the nine months ended September 30, 2024 is presented below:

 

   Options Outstanding 
   Number of
Shares		   Weighted-
Average Exercise Price Per Share		 
Outstanding December 31, 2023   1,091,196   $6.11 
Granted   241,000    4.63 
Cancelled or expired   (57,650)   5.97 
Outstanding September 30, 2024   1,274,546   $5.83 

 

Options were exercisable for 960,785 shares of common stock at September 30, 2024 at a weighted average exercise price of $6.20 per share.

 

Stock-based compensation was as follows for the three and nine months ended September 30, 2024 and 2023:

 

   2024   2023   2024   2023 
   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2024   2023   2024   2023 
General and administrative  $86,786   $95,189   $199,082   $540,260 
Research and development   92,380    95,566    248,312    376,415 
Total stock-based compensation  $179,166   $190,755   $447,394   $916,675