Lantern Pharma Inc (LTRN) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to our fourth quarter and year-end 2025 earnings call. As a reminder, this call is being recorded. (Operator Instructions) A webcast replay of today's conference call will be available on our website at lanternpharma.com shortly after the call.

下午好，歡迎參加我們 2025 年第四季暨全年財報電話會議。提醒各位，本次通話將被錄音。(接線員指示) 今日電話會議的網路直播重播將於會後不久在我們的網站 lanternpharma.com 提供。

We issued a press release after market close today, summarizing our financial results and progress across the company for the fourth quarter and year ended December 31, 2025. A copy of this release is available through our website at lanternpharma.com, where you will also find a link to the slides management will be referencing on today's call.

我們已於今日收盤後發布新聞稿，摘要說明我們截至 2025 年 12 月 31 日止年度及第四季的財務結果與公司整體進展。該新聞稿可透過我們的網站 lanternpharma.com 取得；您也可在該網站找到管理團隊於今日會議中將引用之簡報投影片連結。

We would like to remind everyone that remarks about future expectations, performance, estimates and prospects constitute forward-looking statements for purposes of Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Lantern Pharma cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated. A number of factors could cause actual results to differ materially from those indicated by forward-looking statements, including results of clinical trials and the impact of competition.

我們提醒各位，關於未來預期、表現、估計與前景的評論，依據 1995 年《私人證券訴訟改革法》(Private Securities Litigation Reform Act of 1995) 的安全港條款，構成前瞻性陳述。Lantern Pharma 提醒，這些前瞻性陳述受風險與不確定性影響，可能導致實際結果與預期存在重大差異。多項因素可能使實際結果與前瞻性陳述所示存在重大差異，包括臨床試驗結果以及競爭的影響。

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements can be found in our annual report on Form 10-K for the year ended December 31, 2025, which is on file with the SEC and available on our website. Forward-looking statements made on this conference call are as of today, March 30, 2026, and Lantern Pharma does not intend to update any of these forward-looking statements to reflect events from circumstances that occur after today, unless required by law.

有關可能導致實際結果與前瞻性陳述存在重大差異之因素的更多資訊，請參閱我們截至 2025 年 12 月 31 日止年度的 Form 10-K 年報；該文件已向美國證券交易委員會（SEC）申報並可於我們網站取得。本次電話會議所作之前瞻性陳述以今日（2026 年 3 月 30 日）為準；除非法律要求，Lantern Pharma 無意更新任何前瞻性陳述以反映今日之後發生的事件或情況。

The webcast replay of the conference call and webinar will be available on Lantern's website. On today's webcast, we have Lantern Pharma's CEO, Panna Sharma; and CFO, David Margrave. Panna will start things off with introductions and an overview of Lantern's strategy and business model and highlight recent achievements in our operations, after which David will discuss our financial results. This will be followed by some concluding comments from Panna, and then we'll open the call for Q&A.

本次電話會議與網路研討會的網路直播重播將於 Lantern 的網站提供。今日網路直播出席者包括 Lantern Pharma 執行長 Panna Sharma，以及財務長 David Margrave。Panna 將先進行介紹，概述 Lantern 的策略與商業模式，並重點說明我們營運上的近期成果；隨後 David 將討論我們的財務結果。接著 Panna 將作結語，之後我們將開放問答。

I'd now like to turn the call over to Panna Sharma, President and CEO of Lantern Pharma. Panna, please go ahead.

現在我想把電話會議交給 Lantern Pharma 總裁兼執行長 Panna Sharma。Panna，請開始。

Good afternoon and thank you for joining us today to hear about our fourth quarter and fiscal year 2025 results and corporate progress. As many of you have heard me say in the past, computation and AI-driven approaches are increasing their presence and usage at both large and emerging pharma companies for all facets of drug discovery and fundamental biomedical research.

下午好，感謝各位今天加入我們，聆聽我們 2025 年第四季與 2025 會計年度的業績與公司進展。如同我過去多次提到的，計算技術與 AI 驅動的方法，正日益在大型與新興製藥公司中被採用，涵蓋藥物探索與基礎生醫研究的各個面向。

The future of medicine is going to be intimately involved with AI technologies and AI models. Our leadership and the innovative use of AI and machine learning to transform the process of developing precision oncology therapies should yield significant returns for investors and patients as our industry matures and adopts an AI-centric data-first approach to drug development.

醫療的未來將與 AI 技術與 AI 模型緊密結合。我們在運用 AI 與機器學習以改造精準腫瘤治療開發流程方面的領導地位與創新，隨著產業成熟並採用以 AI 為核心、資料優先的藥物開發方法，應可為投資人與病患帶來可觀回報。

2025 was a defining year for Lantern Pharma. We achieved clinical validation, we believe, across multiple programs while establishing the foundation for our next phase of growth. We believe that we had encouraging and a unique development with LP-300 in the Phase 2 HARMONIC observations, combined with also a successful Phase 1a completion for our LP-184 clinical trial and most recently, an FDA IND clearance for our pediatric CNS cancer program through Starlight Therapeutics. We believe all these represent transformational milestones that validate and strengthen our AI-driven approach to precision oncology.

2025 年是 Lantern Pharma 的關鍵定義之年。我們相信，我們在多個專案上取得了臨床驗證，同時也為下一階段成長奠定基礎。我們認為，LP-300 在第二期 HARMONIC 觀察中取得令人鼓舞且獨特的進展；同時，我們的 LP-184 臨床試驗也成功完成第一期 1a；而最近，透過 Starlight Therapeutics，我們的兒科中樞神經系統（CNS）癌症專案也獲得 FDA 的 IND 核准放行。我們相信，這些都代表具轉型意義的里程碑，驗證並強化我們以 AI 驅動的精準腫瘤策略。

Today, we're sitting at a point in time where all of our initial ideas and concepts regarding our molecules have now been dosed to patients successfully in some manner in both Phase 1 and Phase 2 trials. Also, our full year financial results reflect disciplined execution with a 19% reduction in total operating expenses year over year even as we advanced multiple clinical programs through key inflection points and also introduced a highly unique multi-agentic system aimed at conquering rare cancers.

今天，我們正處於一個時間點：我們對分子最初的想法與概念，如今都已在第一期與第二期試驗中，以某種方式成功對病患完成給藥。此外，我們的全年財務結果反映出紀律執行：即使我們推進多項臨床專案跨越關鍵拐點，並推出一套高度獨特、以攻克罕見癌症為目標的多代理（multi-agentic）系統，我們的總營運費用仍較去年同期下降 19%。

As we move into 2026, we are positioning to advance our clinical programs, expand our RADR platform's commercial reach and revenue potential globally through our new AI center of excellence in India and further strengthen our balance sheet. Our AI-driven clinical pipeline now encompasses multiple drug candidates across solid tumors, blood cancers, and pediatric oncology with a combined estimated annual market potential exceeding $15 billion and approaching $20 billion.

展望 2026 年，我們正進行布局以推進臨床專案、透過我們在印度新設立的 AI 卓越中心擴大 RADR 平台在全球的商業觸及與營收潛力，並進一步強化資產負債表。我們以 AI 驅動的臨床產品線目前涵蓋多個藥物候選，橫跨實體腫瘤、血液癌症與兒科腫瘤領域，合計估計年度市場潛力超過 150 億美元並接近 200 億美元。

On average, our newly developed drug programs have been advanced from initial AI insights or concepts to first-in-human clinical trials in 2.5 to 3 years and at approximately a few million dollars per program. It is very important to note that we have dosed over 100 patients across our programs and seen clear linkage to mechanisms and patient value that we believe can yield future medicinal opportunities in a range of cancers that we are continuing to advance.

平均而言，我們新開發的藥物專案，從最初的 AI 洞見或概念推進到首次人體（first-in-human）臨床試驗，約需 2.5 至 3 年，且每個專案成本約為數百萬美元。非常重要的是，我們在各項專案中已對超過 100 名病患完成給藥，並看到與作用機制及病患價值之間的明確連結；我們相信，這可在我們持續推進的多種癌症領域帶來未來的醫藥機會。

Before moving on, I want to take a moment to directly address some malicious and fake news that has been circulated online falsely claiming that I am departing Lantern Pharma or have stepped down as CEO. This is categorically untrue and appears to be rooted in a deliberate and perhaps malicious attempt to manipulate our stock price. This disinformation has caused real harm to our company, to the mission we are pursuing on behalf of cancer patients and to our investors, and we intend to pursue all appropriate civil, criminal legal recourse against those responsible.

在繼續之前，我想花點時間直接回應一些在網路上流傳的惡意與假消息，該等消息錯誤宣稱我將離開 Lantern Pharma 或已卸任執行長。這完全不實，且似乎源於刻意、甚至可能帶有惡意的企圖，以操縱我們的股價。這些不實資訊已對公司、我們代表癌症病患所追求的使命，以及我們的投資人造成實質傷害；我們將對相關責任人採取一切適當的民事與刑事法律救濟。

Let me share with you now, more importantly, the more notable achievements over the last -- past year and quarter and where we are heading into 2026. Let me start with our LP-300 program, the HARMONIC trial, which addresses a significant and growing unmet need in lung cancer. HARMONIC is focused exclusively on never smokers in non-small cell lung cancer who have progressed after treatment on TKIs. In Asia, never smokers represent now close to 40% of all non-small cell lung cancer cases compared to about 15% to 17% in the US and Europe.

接下來更重要的是，讓我與各位分享過去一年與上一季更值得關注的成果，以及我們邁向 2026 年的方向。我先從 LP-300 專案、HARMONIC 試驗談起；該試驗針對肺癌領域一項重大且日益增加的未被滿足需求。HARMONIC 專注於非小細胞肺癌（NSCLC）中「從不吸菸者」，且在接受 TKI 治療後病情仍進展的患者。在亞洲，從不吸菸者目前約占所有非小細胞肺癌病例的近 40%，相較之下，美國與歐洲約為 15% 至 17%。

The market opportunity here is substantial. Over $4 billion, we believe, annually in spend on people who are not smokers or never smokers and get non-small cell lung cancer. There are currently no therapies approved specifically for this patient population.

此處的市場機會相當可觀。我們認為，每年在不吸菸或從不吸菸卻罹患非小細胞肺癌的人群上的醫療支出超過 40 億美元。目前尚無任何療法是專門針對此一病患族群獲得核准。

The Phase 2 HARMONIC trial continued to advance through the fourth quarter and into early 2026 with ongoing patient enrollment and follow-up across clinical sites in the US, Japan, and Taiwan. Last year, we completed the targeted enrollment in Japan ahead of schedule across five clinical sites, including the National Cancer Center of Tokyo. During Q4, clinical investigators presented data at the 66th Annual Meeting of the Japan Lung Cancer Society from both Asian and US cohorts. The trial has previously demonstrated an 86% clinical benefit rate and a 43% objective response rate in its initial safety lead-in cohort, including one patient with a durable complete response and survival continuing for nearly two years.

第二期 HARMONIC 試驗在第四季持續推進，並延續至 2026 年初，在美國、日本與台灣的臨床據點持續進行病患收案與追蹤。去年，我們在日本的五個臨床據點（包括東京國立癌症中心）提前完成目標收案。在第四季，臨床研究者於第 66 屆日本肺癌學會年會發表了亞洲與美國隊列的數據。該試驗先前在初始安全性導入隊列中顯示 86% 的臨床獲益率與 43% 的客觀反應率，其中包括 1 名病患達到持久的完全緩解，且存活期已持續接近兩年。

Let's talk a little bit about our upcoming Type C meeting. We're getting more involved with the FDA. And in March, we submitted a Type C meeting package to the FDA for LP-300 with a meeting scheduled now for mid-May 2026. We are seeking FDA feedback on three proposed protocol amendments that came out as a direct result of our observations from the trial. First, focusing future enrollment on patients with EGFR exon 21 L858R mutation where our preliminary analysis suggests greater clinical benefit from the LP-300 regimen in combination with the chemo doublet for these 858R mutation patients.

讓我們稍微談一下即將到來的 Type C 會議。我們正更深入地與 FDA 互動。並且在 3 月，我們已向 FDA 提交了 LP-300 的 Type C 會議資料包，會議目前排定於 2026 年 5 月中旬舉行。我們正在尋求 FDA 對三項擬議的試驗方案修訂提供回饋，這些修訂是直接源自我們對試驗觀察結果的判讀。第一，將未來入組重點聚焦於 EGFR 第 21 外顯子 L858R 突變患者；我們的初步分析顯示，對於這些 858R 突變患者，LP-300 方案與化療雙藥併用可能帶來更大的臨床獲益。

Second, increasing maximum LP-300 treatment cycles from six to eight based on established safety data and the mechanism. Third, converting a Phase 2 single -- converting to a Phase 2 single-arm Simon 2-stage design, reflecting the evolving treatment landscape that has made continued randomization to the control arm increasingly challenging due to changed control protocols. We are actively exploring collaboration and partnering opportunities globally to maximize LP-300's commercial potential. We're in discussions with several regional and global pharma companies around the future of this exciting treatment and we expect additional clinical updates in the coming weeks, along with insights on the exon 21 L858R population of patients.

第二，基於既有安全性資料與作用機制，將 LP-300 的最大治療週期由 6 個週期提高至 8 個週期。第三，將第 2 期試驗由隨機設計轉換為第 2 期單臂 Simon 兩階段設計，以反映治療格局的演變；由於對照組治療方案已改變，使得持續將患者隨機分派至對照組愈發困難。我們正積極在全球探索合作與策略夥伴機會，以最大化 LP-300 的商業潛力。我們正與多家區域性與全球性製藥公司就這項令人振奮的治療之未來進行討論，並預期在未來幾週提供更多臨床更新，以及針對第 21 外顯子 L858R 患者族群的洞見。

Turning now to what I believe remains one of our most significant assets. In Q4 of 2025, we reported additional positive LP-184 Phase 1 results, showing durable disease control in heavily pretreated advanced cancer patients. The trial enrolled 63 patients, achieved all primary endpoints with a 48% clinical benefit rate at or above the therapeutic threshold. It's a unique and promising signal of activity in this patient population. The data validated our synthetic lethal hypothesis.

接下來談到我認為仍是我們最重要資產之一的項目。在 2025 年第 4 季，我們公布了更多正向的 LP-184 第 1 期結果，顯示在接受過多線治療的晚期癌症患者中具有持久的疾病控制。該試驗共入組 63 名患者，達成所有主要終點，且在達到或高於治療閾值時的臨床獲益率為 48%。這在此患者族群中呈現出獨特且具前景的活性訊號。這些數據驗證了我們的合成致死（synthetic lethal）假說。

We saw marked tumor reductions that are observed in patients with DNA damage repair mutations, including CHK2, ATM, BRCA1, STK11 and these were all alterations that were initially flagged or signaled through RADR-driven insights.

我們觀察到顯著的腫瘤縮小，出現在具有 DNA 損傷修復突變的患者中，包括 CHK2、ATM、BRCA1、STK11；而這些變異最初皆是透過 RADR 驅動的洞見所標記或提示出來的。

We also established a recommended Phase 2 dose of 0.39 milligrams per kilogram with a favorable safety profile and saw notable clinical benefits in some very difficult-to-treat cancers, including relapsed GBM, gastrointestinal stromal tumors and thymic carcinoma. Many of these where these patients are now getting clinical benefit for over a year into their treatment cycles. These are typically tumors with sub six month PFS and very poor OS as well. The Phase 1b, Phase 2a development plan are building on these results, and we're positioning these into multiple precision oncology trials.

我們也確立了建議的第 2 期劑量為每公斤 0.39 毫克，且安全性概況良好；並在一些極難治療的癌症中看到顯著臨床獲益，包括復發性 GBM、胃腸道基質瘤以及胸腺癌。其中許多患者在治療週期中已獲得超過一年的臨床獲益。這些腫瘤通常無惡化存活期（PFS）不到 6 個月，且總存活期（OS）也非常差。第 1b 期與第 2a 期的開發計畫正建立在這些結果之上，我們也正將其布局於多項精準腫瘤學試驗中。

Let me walk you through those. First, triple-negative breast cancer, where over $4 billion are spent. We have an FDA-reviewed protocol for a combination study with olaparib and we hold Fast Track designation. Second, non-small cell lung cancer with patients that have KEAP1/STK11 mutations, we believe about a $1.5 billion opportunity in patients who typically fail immunotherapy and are not good responders for chemotherapy.

我來帶各位逐一說明。第一，三陰性乳癌（TNBC），該領域支出超過 40 億美元。我們已有一份經 FDA 審閱的與 olaparib 併用研究方案，並取得快速通道（Fast Track）資格。第二，針對帶有 KEAP1/STK11 突變的非小細胞肺癌患者；我們認為這是一個約 15 億美元的機會，這些患者通常免疫治療失敗，且對化療反應不佳。

Third, an investigator-led bladder cancer study planned in Denmark, targeting PTGR1 overexpressing tumors with DNA damage repair mutations. All three are precision oncology trials where they're being driven by mechanistic insights, biomarkers and very focused patient populations that we believe have been validated from the outcomes in our Phase 1 and also in our extensive preclinical work.

第三，在丹麥規劃一項由研究者主導的膀胱癌研究，鎖定 PTGR1 過度表現且具有 DNA 損傷修復突變的腫瘤。這三項皆為精準腫瘤學試驗，係由作用機制洞見、生物標記與高度聚焦的患者族群所驅動；我們相信這些已從第 1 期結果以及大量臨床前研究的成果中獲得驗證。

These trials are subject, of course, to additional funding, which we're actively pursuing and whether it be through grants or other mechanisms. What distinguishes our synthetic lethal approach is its mechanistic precision. Unlike conventional chemotherapies that indiscriminately target dividing cells, both our first-in-human drugs, LP-184 and 284 exploit specific genomic vulnerabilities in cancer cells, particularly those with deficiencies in DNA damage repair.

當然，這些試驗仍取決於額外資金，我們正積極尋求，不論是透過補助金或其他機制。我們的合成致死方法之所以與眾不同，在於其機制上的精準性。不同於傳統化療不加區分地攻擊分裂中的細胞，我們兩款首次人體試驗（first-in-human）藥物 LP-184 與 284 會利用癌細胞特定的基因體脆弱點，特別是 DNA 損傷修復缺陷的細胞。

The pharmacokinetic data from these trials suggest we're approaching concentration levels that correlate with the nanomolar potency that we've already observed in clinical models, a critical inflection point that we believe has shown a proof of mechanism in patients and it may pave the way for future trials and more importantly, pharma partnerships.

這些試驗的藥物動力學數據顯示，我們正接近與奈莫耳（nanomolar）效力相對應的濃度水準；而這種效力我們先前已在臨床模型中觀察到。這是一個關鍵的拐點，我們相信已在患者身上展現機制驗證（proof of mechanism），並可能為未來試驗鋪路，更重要的是，促成與製藥公司的合作夥伴關係。

During our collaboration last year with MD Anderson, it was also revealed that LP-184 had a very unique and remarkability to transform immunologically cold tumors, especially in TNBC into hot tumors, a breakthrough with profound implications for expanding immunotherapy benefits to previously unresponsive patients. This isn't merely additive efficacy. It represents a mechanistic synergy that addresses one of immunotherapy's most significant limitations, and it opens up additional co-development opportunities and new indication expansion where PD-1 and PD-L1 checkpoint inhibitors have stopped working.

在我們去年與 MD Anderson 的合作期間，也揭示 LP-184 具有非常獨特且顯著的能力，可將免疫學上「冷」的腫瘤，特別是 TNBC，轉化為「熱」腫瘤；這是一項突破，對於將免疫治療的效益擴大到先前無反應的患者具有深遠意義。這不僅僅是療效相加。它代表一種機制性的協同作用，能解決免疫治療最重要的限制之一，並開啟額外的共同開發機會與新適應症擴展，特別是在 PD-1 與 PD-L1 檢查點抑制劑已停止奏效的情境。

Let me move on to Starlight Therapeutics. At Starlight Therapeutics, we cleared an IND for a planned Phase 1 pediatric CNS cancer trial. We announced this last week on Friday. This is an innovative trial design that we unveiled at the Society for Neuro-Oncology, and it features a unique combination of spironolactone and it exemplifies the power of computational biology. We're approaching -- so we're exploiting the synthetic lethality of our drug in GBM through a mechanistically elegant interaction.

接著我談 Starlight Therapeutics。在 Starlight Therapeutics，我們已取得一項規劃中的第 1 期兒科中樞神經系統（CNS）癌症試驗之 IND 核准放行。我們在上週五已對外宣布。這是一項創新的試驗設計，我們在神經腫瘤學學會（Society for Neuro-Oncology）上揭露；其特色是螺內酯（spironolactone）的獨特組合，並展現計算生物學的力量。我們正採取——也就是透過一種機制上優雅的交互作用，在 GBM 中利用我們藥物的合成致死效應。

Spironolactone degrades ERCC, a critical DNA repair protein that causes further vulnerability that then STAR-001 exploits with precision in these brain tumors. The IND being cleared for this trial is a milestone that I'm particularly proud of, and I want to spend some more time on it because Starlight Therapeutics, our CNS Oncology franchise, is now well positioned for that.

螺內酯會降解 ERCC——一種關鍵的 DNA 修復蛋白——從而造成更高的脆弱性，接著 STAR-001 便能在這些腦部腫瘤中精準加以利用。此次試驗的 IND 獲准放行是一個里程碑，我對此特別自豪，也希望多花一些時間說明，因為 Starlight Therapeutics——我們的 CNS 腫瘤學事業線——如今已為此做好充分布局。

In early 2026, the FDA cleared the IND for Starlight Therapeutics in not only recurrent CNS tumors, but in ATRT and other rare pediatric tumors. With this clearance, we now have INDs cleared for both our adult and our pediatric programs, positioning us to pursue clinical development across the full patient spectrum. This is a pivotal regulatory milestone for our wholly owned CNS-focused subsidiary. STAR-001 has received both rare pediatric disease designation and orphan drug designation from the FDA for ATRT, along with additional rare pediatric disease designations for hepatoblastoma, rhabdomyosarcoma and malignant rhabdoid tumors. These designations provide pathways for FDA priority review vouchers upon a potential approval.

在 2026 年初，FDA 不僅核准放行 Starlight Therapeutics 針對復發性 CNS 腫瘤的 IND，也核准用於 ATRT 及其他罕見兒科腫瘤。透過此次核准放行，我們目前成人與兒科計畫皆已取得 IND 放行，使我們得以在完整患者光譜上推進臨床開發。這對我們全資持有、聚焦 CNS 的子公司而言，是一項關鍵的法規里程碑。STAR-001 已就 ATRT 取得 FDA 的罕見兒科疾病資格認定（rare pediatric disease designation）與孤兒藥資格認定（orphan drug designation），並另外取得肝母細胞瘤、橫紋肌肉瘤與惡性橫紋樣腫瘤的罕見兒科疾病資格認定。這些資格認定可在潛在核准時提供取得 FDA 優先審查憑證（PRV）的途徑。

PRVs have been sold or transferred for significant value historically with recent transactions in the range of $150 million to $200 million, and our drug has four of these. Importantly, each of these rare pediatric disease designations independently qualifies upon potential FDA approval and meeting other program conditions for these PRVs. That's multiple shots on goals from a single molecule, representing a potentially meaningful source of nondilutive value for Lantern and its shareholders, independent of the commercial potential of the underlying therapy.

歷史上，PRV 曾以可觀價值出售或轉讓，近期交易金額約在 1.5 億至 2 億美元之間，而我們的藥物擁有其中四項。重要的是，這些罕見兒科疾病資格認定各自獨立；在潛在取得 FDA 核准並符合其他計畫條件時，皆可分別符合取得這些 PRV 的資格。這代表同一個分子有多次達標機會，對 Lantern 及其股東而言，可能構成一項具意義的非稀釋性價值來源，且不依賴於底層療法的商業潛力。

Now the scientific rationale for combination with spironolactone is compelling, it's unique and novel. Preclinical studies demonstrated a 3- to 6-fold increase in GBM cell sensitivity when combining with these agents with most preclinical models showing complete tumor eradication and minimal recurrence. This can be especially critical in the most sensitive patients such as children, the elderly or those that have gone -- undergone multiple prior lines of therapy. Even more interesting is that STAR-001 has shown antitumor activity in GBM regardless of the MGMT status. So let's talk a little bit about why this mechanism is distinctive and first-in-class.

現在，與螺內酯（spironolactone）聯合使用的科學理據非常有說服力，而且是獨特且新穎的。臨床前研究顯示，與這些藥物聯用可使GBM細胞敏感性提高3至6倍，多數臨床前模型顯示腫瘤可被完全清除且復發極少。這對於最敏感的患者族群尤其關鍵，例如兒童、老年人，或那些已經——接受過多條既往治療線的患者。更有意思的是，STAR-001在GBM中不論MGMT狀態如何都顯示出抗腫瘤活性。因此，我們來稍微談談為什麼這個機制具有獨特性，並且是同類首創（first-in-class）。

This is where our RADR AI platform and novel mechanistic biology really comes to life. The planned trial includes a dedicated combination cohort evaluating STAR-001 with spironolactone. And again, this was initially identified with our platform. And we believe that this combination creates unique synthetic lethality in these challenging brain tumors. Now once our drug is activated when over -- PTGR1 is overexpressed, it induces DNA double-stranded breaks that are lethal to the cancer cell, if left unrepaired. And that's a critical insight. The cancer cell has a repair escape route, and we found a way to basically shut it down.

這正是我們的RADR AI平台與新穎的機制生物學真正展現價值之處。規劃中的試驗包含一個專門的聯合用藥隊列，用於評估STAR-001與螺內酯的併用。而且再次強調，這個組合最初是由我們的平台所識別出來的。我們相信，這種組合會在這些棘手的腦腫瘤中產生獨特的合成致死（synthetic lethality）。當我們的藥物在——PTGR1過度表達時被活化，會誘發DNA雙股斷裂；若未被修復，將對癌細胞致命。這是一個關鍵洞見。癌細胞有一條修復的逃逸路徑，而我們找到方法基本上把它關掉。

We identified that we can degrade ERCC3 excision repair across complementation group as a key helicase in the repair pathway. It's a central repair mechanism that's used in some of these very aggressive tumors. Now we can shut it down by delivering spironolactone. And basically, this is how you block the cancer cells from trying to come back. And that's where spironolactone enters the picture. It's brain penetrant. It can be orally administered. It has a long safety record in adults and also now in pediatric, and it degrades the ERCC3 protein through targeted proteasomal degradation.

我們識別到可透過降解ERCC3（切除修復互補群）來作為修復路徑中的關鍵解旋酶（helicase）。這是一個在某些極具侵襲性的腫瘤中會使用的核心修復機制。現在我們可以透過給予螺內酯來將其關閉。基本上，這就是如何阻止癌細胞試圖捲土重來。這也就是螺內酯在此扮演角色的原因。它可穿透腦部（brain penetrant）。可口服給藥。在成人以及目前在兒科族群中都有長期的安全性紀錄，並且可透過標靶蛋白酶體降解（targeted proteasomal degradation）來降解ERCC3蛋白。

In our preclinical models, we saw ERCC protein levels reduced by at least 50%. And when we -- and actually through some dosing optimization, we got even more reduction. And by reducing that ERCC3, we remove the ability for the repair to happen. So this is a rationally designed, AI-identified validated combination that's been validated in the clinic that creates enhanced synthetic lethality that amplifies the tumor killing activity of STAR-001. So I want to underscore several things that make this combination strategy unique.

在我們的臨床前模型中，我們看到ERCC蛋白水準至少降低了50%。而當我們——其實透過一些劑量最佳化後，我們得到更大幅度的降低。透過降低ERCC3，我們就移除了修復得以發生的能力。因此，這是一個經由理性設計、由AI識別並完成驗證的組合；且已在臨床中得到驗證，能夠產生更強的合成致死效應，放大STAR-001的腫瘤殺傷活性。因此我想強調幾點，使這個組合策略與眾不同。

The ERCC was identified and validated through our analysis, not through just traditional screening. The combination partner, spironolactone is already well characterized and it derisks the safety profile of this combination. The mechanism precision bioactivation with targeted repair pathway inhibition, we believe represents a first-in-class and unique approach to how to treat these devastating brain cancers.

ERCC是透過我們的分析被識別並驗證的，而不是僅靠傳統篩選。聯合用藥夥伴螺內酯已被充分表徵，能降低此組合的安全性風險（derisk）。我們認為，這種以精準生物活化（precision bioactivation）結合標靶修復路徑抑制的機制，代表了一種同類首創且獨特的方式，用於治療這些毀滅性的腦癌。

And now that the IND is cleared, Starlight Therapeutics is positioned to move rapidly into the clinic, of course, subject to more funding. Starlight, which is 100% owned by Lantern, will have the potential to be another very positive impact on our investors as we monetize this unique asset, monetize the patents and potentially monetize the PRVs. Now this computational capability doesn't really enhance our existing programs. It opens up entirely new therapeutic possibilities as well. We'll talk about that a little later.

現在IND已獲核准，Starlight Therapeutics已具備快速推進臨床的條件，當然仍取決於更多資金。Starlight由Lantern 100%持有；當我們將這項獨特資產變現、將專利變現，並可能將PRV變現時，它有潛力為投資人帶來另一個非常正面的影響。這項運算能力不僅僅是強化我們現有的研發計畫。它也開啟了全新的治療可能性。我們稍後會再談一些。

In Q1 of 2026, we also received FDA orphan drug designation for soft tissue sarcoma, adding to the existing designations in mantle cell and high-grade B-cell lymphoma. We also had a patient in Q4 that represent -- we presented clinical data at the 25th Leukemia Lymphoma and Myeloma Congress in New York, and we confirmed a complete metabolic response in a heavily pretreated diffuse large B-cell patient who has remained cancer-free since we initially reported this result. LP-284 benefits from composition of matter patents through 2039 across major global markets and also, of course, the orphan drug designation markets and we continue to explore LP-284 beyond lymphoma, including as a potential therapeutic for autoimmune disorders such as lupus and SLA, where our preclinical data have showed significant potency in reducing clonal B cells, actually CD19 and CD20 positive B cells.

在2026年第一季，我們也獲得FDA針對軟組織肉瘤的孤兒藥資格認定（orphan drug designation），並在既有的套細胞淋巴瘤與高級別B細胞淋巴瘤認定基礎上再添一項。我們也在第四季有一位患者——我們在紐約舉行的第25屆白血病、淋巴瘤與骨髓瘤大會上發表了臨床數據，並確認一名接受過多線治療的瀰漫性大B細胞淋巴瘤患者達到完全代謝反應（complete metabolic response）；自我們首次報告該結果以來，該患者一直維持無癌狀態。LP-284在全球主要市場享有至2039年的物質組成（composition of matter）專利保護，並且當然也涵蓋孤兒藥資格認定的市場；我們也持續探索LP-284在淋巴瘤以外的應用，包括作為治療紅斑性狼瘡與SLA等自體免疫疾病的潛在療法；我們的臨床前數據顯示其在降低克隆性B細胞（實際上是CD19與CD20陽性B細胞）方面具有顯著效力。

And this work could dramatically expand the commercial opportunity for this asset. We're beginning active dialogue to look and seek partners for this unique drug on the back of the compelling Phase 1 data that's being put together and the responses that we're beginning to see.

而這項工作可能會大幅擴展該資產的商業機會。基於正在彙整的具說服力的第一期（Phase 1）數據以及我們開始看到的反應，我們正啟動積極對話，尋求這款獨特藥物的合作夥伴。

Now let me shift to what I believe is becoming an increasingly important value driver for us and one that's more commercial, RADR AI platform and its commercial opportunities independent of our drug programs. RADR integrates [2 -- 300 billion-plus] oncology-focused data points, hundreds of advanced machine learning algorithms and prediction success validated in natural clinical trials, not only for ourselves, but also for our partners. In early '26, we initiated an AI center of excellence in India to help us grow, industrialize and focus more on the RADR platform and withZeta.ai, giving us the ability to develop capabilities and features around the clock.

現在讓我轉到我認為正逐漸成為我們越來越重要的價值驅動因素、且更偏商業化的一塊：RADR AI平台，以及其獨立於我們藥物研發計畫之外的商業機會。RADR整合了[2——3000億以上]個以腫瘤學為核心的數據點、數百種先進機器學習演算法，並在自然臨床試驗（natural clinical trials）中驗證其成功預測能力；不僅為我們自身，也為合作夥伴提供支持。在2026年初，我們在印度啟動AI卓越中心（center of excellence），以協助我們成長、工業化並更聚焦於RADR平台；並與withZeta.ai合作，使我們能夠全天候開發能力與功能。

We're beginning to recruit world-class ML talent and also give us additional scalability to support additional biopharma partnerships and feature development. We also continue to lead with BBB. BBB, which holds 5 of the top 11 positions in the therapeutic data commons, also has been enhanced significantly over the last month or two. And we also are beginning now to commercialize our LBx-AI, which is our liquid biopsy AI. We've highlighted in our results the amount of money we've put into all our programs.

我們開始招募世界級的機器學習人才，並為我們提供額外的可擴展性，以支援更多生物製藥合作夥伴關係與功能開發。我們也持續以BBB為領先。BBB在治療數據共享資源（therapeutic data commons）的前11名中占了5個席位，並且在過去一兩個月也獲得顯著強化。我們也正開始將LBx-AI商業化，也就是我們的液體活檢AI。我們在業績結果中已強調我們投入到所有計畫的資金規模。

Last year, we spent about $1 million across our AI technologies and platforms. And we're also, at the same time, able to develop what we believe is another key aspect for the future of AI-driven drug development. We're at an inflection point withZeta.ai because it's not only an inflection point because the system has now been launched to multiple demo partners, but it's really how science itself will be conducted. Agentic AI systems that reason, collaborate and act autonomously. These are poised to become the standard infrastructure for drug discovery and scientific R&D. This is not a question of if but when. Lantern through withZeta intends to be the standard bearer for this kind of shift, especially in rare cancers.

去年，我們在AI技術與平台方面的支出約為100萬美元。同時，我們也能夠開發我們認為是AI驅動藥物開發未來的另一個關鍵面向。我們與withZeta.ai正處於一個拐點（inflection point），不僅因為系統已經向多個示範合作夥伴上線，更因為這將改變科學本身的進行方式。具代理能力的AI系統（agentic AI）能夠推理、協作並自主行動。這些系統有望成為藥物發現與科學研發的標準基礎設施。這不是會不會的問題，而是何時的問題。Lantern透過withZeta打算成為這種轉變的標竿，尤其是在罕見癌症領域。

Now think about how most people use AI and drug development today. They ask a single model of question, they get an answer. They typically do it in concert with a series of engineers and computational biologists. And it's really almost really a one-off event. And they may ask it in parallel.

現在想想大多數人今天如何使用AI進行藥物開發。他們向單一模型提出問題，得到一個答案。他們通常需要與一系列工程師與計算生物學家協同進行。而這幾乎更像是一種一次性的事件。而且他們可能會並行地提出問題。

They may ask it several times. They may develop tools to look at the same question. But withZeta, you're doing it in natural language and you're getting the facility of doing it as an orchestra, a multi-agentic architecture where specialized tools trained on literature synthesis, pathway analysis, clinical trial design, biomarker identification, molecular feature assessment, novel chemistry generation, collaborate, challenge assumptions and cross-validate findings, all in real time before delivering hardened insights.

他們可能會問好幾次。他們可能會開發工具來檢視同一個問題。但使用 withZeta，你是以自然語言在做這件事，而且你獲得的是以「交響樂團」方式運作的能力——一種多代理（multi-agentic）架構，其中受過文獻綜述整合、路徑分析、臨床試驗設計、生物標誌物辨識、分子特徵評估、新穎化學生成等訓練的專門工具彼此協作、挑戰假設並交叉驗證發現，全部都在即時進行，最後才交付經過強化的洞見。

Many of you have been able to see this in person and actually see how we've been able to go from ideas to insights to actually potentially powerful new medicinal concepts in under an hour. Now the true power is not in any single agent, but an intelligent orchestration, a true AI co-scientist, and we've built that for helping to conquer rare cancers. This approach fundamentally inverts the traditional drug development paradigm.

你們當中許多人已經能親自看到這一點，並實際看到我們如何能在不到一小時內，從想法到洞見，再到潛在強而有力的新藥物概念。而真正的力量不在任何單一代理，而在於智慧化的協同編排——一位真正的 AI 共同科學家；我們已打造它來協助攻克罕見癌症。這種方法從根本上顛覆了傳統的新藥開發典範。

Before a single experiment is run, withZeta can rigorously stress test hypotheses through computational analysis and recursive reasoning, interrogating literature, modeling pathways, analyzing historical trial data, feeding on your own private unique insights and data, evaluating biomarker strategies, stress testing medicinal concepts, looking at molecules against known patient populations and then only advancing the most hardened of the ideas.

在進行任何單一實驗之前，withZeta 就能透過計算分析與遞迴推理，嚴格地對假說進行壓力測試：檢索文獻、建模生物路徑、分析歷史試驗資料、吸收你自身私有且獨特的洞見與數據、評估生物標誌物策略、壓力測試藥物概念、將分子對照已知病患族群進行比對，然後只推進最經得起考驗的想法。

By reducing failed experiments by 80% to 90%, we can allocate precious R&D resources and time to the most promising opportunities and do it faster. We can test dozens of hypotheses in parallel while lab team would still be designing the first experiment. This platform also creates something fundamentally new, a persistent interactive organizational memory. Every interaction, every insight, every hypothesis tested is stored and instantly queryable. And also, you generate knowledge graphs.

透過將失敗實驗降低 80% 到 90%，我們可以把寶貴的研發資源與時間配置到最有前景的機會上，並且更快完成。當實驗室團隊還在設計第一個實驗時，我們就能並行測試數十個假說。這個平台也創造出一個根本全新的東西：持續互動的組織記憶。每一次互動、每一個洞見、每一個被測試的假說都會被儲存，並可即時查詢。此外，你也會生成知識圖譜。

It's like having your own entire scientific advisory group of experts, your full research team and comprehensive access to questions and answers available 24 hours a day, seven days a week for any question in your domain. This is the future of scientific R&D, and it's already arriving now. Since late '25, withZeta has been active demo and beta testing with over 25 biotech companies, cancer research centers, biopharma consultants and even some CROs and investment banks, where we're generating significant early engagement that validates both demand and differentiation. We've designed withZeta with a multi-tiered commercial architecture that serves the entire drug development ecosystem.

這就像你擁有一整個由專家組成的科學顧問團、你的完整研究團隊，以及對你領域內任何問題的問答之全面存取，而且一天 24 小時、一週 7 天隨時可用。這就是科學研發的未來，而且它已經正在到來。自 2025 年底以來，withZeta 已與超過 25 家生技公司、癌症研究中心、生物製藥顧問，甚至一些 CRO 與投資銀行進行展示與 Beta 測試；我們正獲得顯著的早期互動，驗證了需求與差異化。我們以多層級的商業架構設計 withZeta，以服務整個藥物開發生態系。

And at the foundation, we'll have accessible academic tier that brings early career researchers and university teams into the platform and also individual subscriptions, institutional licenses and they'll continue to help validate the platform and create the network effect, which makes Zeta increasingly valuable. We'll have a professional tier that serves emerging biotech and midsized developers through usage-based licensing. And then we'll also have an enterprise level for large pharma where they can deploy in their own private clouds and also add to their proprietary knowledge graphs and deepen their internal data integration and perhaps even deploy customized ontologies and use it for unique configurations. So this will be a multi-tiered commercial architecture, and we believe it can also be used over time in multiple other disease areas beyond cancer.

在基礎層，我們將提供可負擔的學術層級，把職涯早期研究人員與大學團隊帶入平台；同時也提供個人訂閱與機構授權，持續協助驗證平台並創造網路效應，使 Zeta 的價值不斷提升。我們將提供專業層級，透過按使用量計費的授權，服務新興生技公司與中型開發商。接著也會有面向大型藥廠的企業級方案，他們可部署於自有私有雲，並將其專有知識圖譜持續擴充、深化內部資料整合，甚至可能部署客製化本體（ontologies）並用於獨特的配置。因此這將是一個多層級的商業架構；我們也相信，隨著時間推進，它可用於癌症以外的多個其他疾病領域。

The beauty of this model is the natural progression. Researchers discover withZeta in an academic setting, and they'll carry that experience as they continue deployment. At every level, the platform gets smarter as more users and data flow through the system. And we believe that this global rare disease and rare cancer therapeutic market is projected to exceed about $300 billion by 2028. And the broader AI-enabled drug discovery market represents, we believe, an additional $20 billion to $50 billion long-term opportunity for withZeta and our multi-agentic AI architecture.

這個模型的美妙之處在於其自然的進程。研究人員會在學術環境中發現 withZeta，並在後續持續部署時帶著這段經驗前行。在每一個層級，隨著更多使用者與資料流入系統，平台都會變得更聰明。我們相信，全球罕見疾病與罕見癌症治療市場預計到 2028 年將超過約 3,000 億美元。而更廣泛的 AI 賦能藥物發現市場，我們認為，對 withZeta 及我們的多代理 AI 架構而言，長期還代表額外 200 億到 500 億美元的機會。

Our longer-term plan is to scale withZeta beyond rare cancers and into other complex therapeutic categories each presenting the same fundamental problems of fragmented knowledge, slow experimental cycles, expensive failures, and we believe this represents a potential near-term market opportunity of $20 billion to $50 billion and that withZeta.ai is our first agentic commercial product designed to capture a meaningful share of that.

我們的長期計畫是將 withZeta 從罕見癌症擴展到其他複雜治療類別；這些領域都面臨同樣的根本問題：知識碎片化、實驗週期緩慢、昂貴的失敗。我們相信，這代表一個潛在的近期市場機會，規模為 200 億到 500 億美元；而 withZeta.ai 是我們第一個具代理特性的商業產品，旨在取得其中有意義的市占。

When you connect the dots, clinically validated RADR, commercially ready AI modules and a multi-tiered revenue model, you see a business model that extends well beyond our pipeline. We believe our AI tools and services represent several hundred million dollars in stand-alone market potential, and that's a powerful complement to our drug development strategy.

當你把各個要素串連起來——臨床驗證的 RADR、商業化就緒的 AI 模組，以及多層級的營收模式——你會看到一個遠遠超出我們產品管線的商業模式。我們相信，我們的 AI 工具與服務本身就具備數億美元的獨立市場潛力，這將成為我們藥物開發策略的強力互補。

So now I'll turn the call over to David Margrave to discuss our financials and our other key metrics. David?

接下來我將把電話會議交給 David Margrave，請他說明我們的財務狀況與其他關鍵指標。David？

Thank you, Panna, and good afternoon, everyone. I'll now share some financial highlights from our fourth quarter and full year ended December 31, 2025. I'll start with a review of the fourth quarter. Our general and administrative expenses were approximately $1.5 million for the fourth quarter of 2025 compared to approximately $1.6 million in the prior year period. R&D expenses were approximately $2.7 million for the fourth quarter of 2025 compared to approximately $4.3 million in the fourth quarter of 2024.

謝謝你，Panna，各位下午好。我現在將分享我們截至 2025 年 12 月 31 日之第四季與全年的一些財務重點。我先從第四季回顧開始。我們 2025 年第四季的一般及行政費用約為 150 萬美元，較去年同期約 160 萬美元略降。2025 年第四季研發費用約為 270 萬美元，相較於 2024 年第四季約 430 萬美元。

We recorded a net loss of approximately $4.1 million for the fourth quarter of 2025 or $0.36 per share compared to a net loss of approximately $5.9 million or $0.54 per share for the fourth quarter of 2024. For the full year 2025, our R&D expenses were approximately $11.5 million, down from approximately $16.1 million in 2024. This decrease was primarily attributable to an approximate $4 million reduction in research studies and materials relating to the conduct and support of our clinical trials, also in part due to a $0.6 million decrease in payroll and compensation expenses and an $81,000 decrease in consulting expenses.

我們 2025 年第四季錄得淨損約 410 萬美元，或每股 0.36 美元；相較之下，2024 年第四季淨損約 590 萬美元，或每股 0.54 美元。就 2025 全年而言，我們的研發費用約為 1,150 萬美元，低於 2024 年約 1,610 萬美元。此下降主要歸因於與臨床試驗執行與支持相關的研究與材料費用約減少 400 萬美元；此外，部分也來自薪資與薪酬費用減少 60 萬美元，以及顧問費用減少 81,000 美元。

Our general and administrative expenses for the full year 2025 were approximately $6.5 million, up slightly from approximately $6.1 million for 2024. The increase was primarily attributable to increases in business development and investor relations expenditures of approximately $436,000, increases in patent costs of approximately $55,000 and an increase in corporate insurance of approximately $51,000. Our R&D expenses continue to exceed our G&A expenses by a strong margin, reflecting our focus on advancing our product candidates and pipeline.

我們 2025 全年的一般及行政費用約為 650 萬美元，較 2024 年約 610 萬美元小幅增加。增加主要歸因於商務拓展與投資人關係支出增加約 436,000 美元、專利成本增加約 55,000 美元，以及公司保險增加約 51,000 美元。我們的研發費用仍明顯高於一般及行政費用，反映我們專注於推進產品候選項目與產品管線。

Net loss for the full year 2025 was approximately $17.1 million or $1.57 per share compared to approximately $20.8 million or $1.93 per share for 2024. Our loss from operations in the 2025 calendar year was partially offset by interest income and other income net, totaling approximately $0.9 million. Our cash position, which includes cash equivalents and marketable securities was approximately $10.1 million as of December 31, 2025. Based on our currently anticipated expenditures and capital commitments, we believe that our existing cash, cash equivalents and marketable securities as of the date of this call will enable us to fund our anticipated operating expenses and capital expenditure requirements until at least approximately late July 2026 to mid-September 2026.

2025 全年淨損約為 1,710 萬美元，或每股 1.57 美元；相較之下，2024 年淨損約為 2,080 萬美元，或每股 1.93 美元。我們在 2025 曆年的營運損失，部分由利息收入及其他收入淨額所抵銷，合計約 90 萬美元。截至 2025 年 12 月 31 日，我們的現金部位（包含約當現金與有價證券）約為 1,010 萬美元。根據我們目前預期的支出與資本承諾，我們相信，截至本次電話會議日期，我們現有的現金、約當現金與有價證券將足以支應我們預期的營運費用與資本支出需求，至少可支撐至約 2026 年 7 月下旬至 2026 年 9 月中旬。

We will need to raise substantial additional funding in the near future, and we are actively evaluating and pursuing potential funding alternatives. As of December 31, 2025, we had 11,254,697 shares of common stock outstanding, no outstanding warrants to purchase shares and outstanding options to purchase 1,296,126 shares. These options, combined with our outstanding shares of common stock, give us a total fully diluted shares outstanding of approximately 12.6 million shares as of December 31, 2025.

我們在不久的將來將需要籌措大量額外資金，並且正積極評估與推進潛在的融資替代方案。截至2025年12月31日，我們有11,254,697股普通股流通在外，沒有任何尚未行使的可購股認股權證，且有可購買1,296,126股的未行使期權。這些期權加上我們已發行在外的普通股，使我們截至2025年12月31日的完全稀釋後流通股總數約為1,260萬股。

I'll now turn the call back over to Panna for an update on some of our development programs. Panna?

我現在把電話交回給Panna，請她更新我們部分研發計畫的進展。Panna？

Thanks, David. So our leadership in the innovative use of AI and machine learning to transform cost and time lines in the development of precision oncology therapies has allowed us to bring three molecules into clinical trials with teams, costs and efficiency that are almost unheard of in oncology biotech. And even that, we're actually seeing massive year over year improvements in our spend and in the output that we're seeing. During 2025, we achieved our goal of integrating generative AI to transform our platform into a system of autonomous agentic co-scientists and put together a model that we believe can be the future for how scientists create value.

謝謝，David。我們在創新運用AI與機器學習以改變精準腫瘤療法開發的成本與時程方面的領先地位，使我們能以在腫瘤生技領域幾乎前所未聞的團隊規模、成本與效率，將三個分子推進到臨床試驗。而且事實上，我們也看到在支出以及產出方面，逐年都有大幅改善。在2025年期間，我們達成了整合生成式AI的目標，將平台轉型為由自主代理（agentic）共同科學家組成的系統，並建立了一個我們相信可成為科學家創造價值之未來模式的模型。

So looking ahead, how do we expect to see value creation catalysts? We have a Type C meeting coming up with the FDA on focusing enrollment in the HARMONIC trial on EGFR exon 21 L858R patients. These are patients that do very poorly, and we've seen some meaningful improvement as a result of being dosed with our drug in combination with the chemo doublet. We've also seen the same in extending LP-300 treatment cycles. And we believe the current environment because of the changes in standard of care really require converting the current design to a single-arm Simon 2-stage design.

展望未來，我們預期會看到哪些價值創造的催化劑？我們即將與FDA召開Type C會議，聚焦於在HARMONIC試驗中將入組重點放在EGFR第21外顯子L858R患者。這些患者的預後非常差，而我們已看到在與化療雙藥併用並接受我們藥物給藥後，出現一些具意義的改善。我們也在延長LP-300治療週期方面看到相同的情況。我們認為，由於標準治療的變化，當前環境確實需要將現有設計轉換為單臂Simon兩階段設計。

We'll have some data around the 858R patient population in the near future. Our planned investigator-sponsored trial with LP-300 in combination with osimertinib in chemo in frontline with specific driver mutations is also advancing.

我們將在不久的將來取得一些關於858R患者族群的數據。我們規劃中的研究者發起試驗（investigator-sponsored trial），以LP-300合併奧希替尼（osimertinib）與化療，於一線治療、針對特定驅動突變的患者，也正在推進中。

We also have planned initiation of an LP-184 phase -- LP-184 trial in bladder cancer in Denmark, which is paid for by the Danish government and the Danish Cancer Research Group. We expect to start that for PTGR1 overexpressing bladder cancers, DNA damage repair mutations. We also have planned initiation, again, subject to funding of our LP-184 Phase 1b/2 in TNBC and in CNS cancers as well.

我們也計畫在丹麥啟動一項LP-184膀胱癌的試驗（LP-184 trial），其費用由丹麥政府與丹麥癌症研究團體支付。我們預期將針對PTGR1過度表現的膀胱癌以及DNA損傷修復突變患者開始該試驗。此外，我們也計畫（同樣取決於資金）啟動LP-184在TNBC以及CNS癌症的第1b/2期試驗。

Additionally, we'll have a major launch of our withZeta platform at AACR coming up next month, and we'll be converting a lot of beta engagements to commercial partnerships and actually also launch the full multi-tiered subscription offering. We'll also be pursuing additional funding, including potential grant revenue to fund planned operations and clinical advancement of our precision oncology trials. We're not just building better tools for ourselves.

另外，我們下個月在AACR將重磅推出withZeta平台，並會把許多beta階段的合作互動轉換為商業合作夥伴關係，同時也將推出完整的多層級訂閱方案。我們也將尋求額外資金，包括潛在的補助金收入，以資助既定營運以及我們精準腫瘤臨床試驗的臨床推進。我們不只是為自己打造更好的工具。

We're fundamentally reimagining what's possible in precision oncology and building tools that the entire community can actually use. And as we continue this journey, our agentic RADR platform positions us at the forefront of an entirely new paradigm of drug development, one where AI doesn't really assist human researchers but actively drives drug discovery forward through autonomous continuous learning and insights that can be tested in labs and deployed into the clinic and for patients.

我們正在從根本上重新想像精準腫瘤學的可能性，並打造整個社群都能實際使用的工具。隨著我們持續這段旅程，我們的代理式RADR平台使我們站在全新藥物開發典範的最前沿——在這個典範中，AI不只是協助人類研究者，而是透過自主、持續的學習與洞見，主動推動藥物發現向前，這些洞見可在實驗室中驗證，並部署到臨床與患者端。

So the golden age of AI in medicine isn't just beginning. It's accelerating exponentially. We've seen a lot of activity in the past four to six months. The intelligent always-on Symphony is actually here. Cancer patients, especially rare cancer patients, can't wait another 50 years for the typical 50 years of progress that we've seen. And we believe that this next 50 years of progress can happen in the next five.

因此，醫療領域的AI黃金時代不只是剛開始。它正以指數級加速。我們在過去四到六個月看到大量活動。智慧、永遠在線的Symphony其實已經到來。癌症患者，尤其是罕見癌症患者，無法再等待我們過去所見那種典型的50年進展。我們相信，接下來50年的進展可以在未來五年內發生。

And this is something we believe very strongly that AI is going to accelerate the development and the use of knowledge in a way that we haven't seen in medicine. And as we advance into 2026, we're laser-focused on executing our dual engine strategy, advancing our clinical assets through key inflection points and then out-licensing or partnering them while simultaneously scaling our AI platform for commercial deployment.

我們非常堅信，AI將以醫學領域前所未見的方式，加速知識的發展與應用。隨著我們邁入2026年，我們將高度聚焦於執行雙引擎策略：推動臨床資產跨越關鍵拐點，並進一步對外授權或建立合作，同時擴大我們AI平台以進行商業化部署。

Each clinical milestone validates our AI platform's predictive power, while every platform enhancement accelerates our pipeline and creates new partnership opportunities. Also now withZeta.ai, we believe we're setting the standard for how multi-agentic tools and AI systems can be used in drug development, and we're bringing that into the commercial setting, and we see multiple paths to create value using that platform. We're not just building better tools. We believe we're fundamentally reimagining what's possible in the time line and capabilities of precision oncology, and we're building it to be the standard that hopefully, the rest of the industry also follows.

每一個臨床里程碑都驗證我們AI平台的預測能力，而每一次平台強化都會加速我們的產品管線並創造新的合作機會。此外，透過withZeta.ai，我們相信我們正在為多代理工具與AI系統如何用於藥物開發樹立標準，並將其帶入商業場景；我們也看到透過該平台創造價值的多條路徑。我們不只是打造更好的工具。我們相信我們正在從根本上重新想像精準腫瘤學在時程與能力上的可能性，並打造它成為一個標準，希望產業其他公司也能跟隨。

I want to thank our exceptional team, our partners and our shareholders for your continued support and also our team internally for helping put today's call together. So thank you. I hope that we can continue improving outcomes for cancer patients while also transforming the economics of drug development.

我要感謝我們卓越的團隊、合作夥伴與股東持續的支持，也感謝內部團隊協助籌備今天的電話會議。謝謝。我希望我們能在改善癌症患者治療結果的同時，也能改變藥物開發的經濟性。

(Operator Instructions) If you'd like to ask any questions, you can do so in one or two ways. You can type your question using the QA tool, and we'll get back to you shortly or you can send us an e-mail to investor@lanternpharma, and we'll get back to you with any questions that you might have.

（接線員指示）如果您想提問，可以透過一到兩種方式進行。您可以使用QA工具輸入問題，我們將很快回覆；或您也可以寄電子郵件至investor@lanternpharma，我們會回覆您可能有的任何問題。

Thank you, everyone, for your time this afternoon.

感謝各位今天下午撥冗參與。

Thank you very much.

非常感謝。