Tosibox Redefines OT Network Control with Launch of Advanced Network Traffic Analytics (TosiANTA)
Redefining Control in an Era of Escalating Threats
Industrial organizations today face a cybersecurity crisis that demands a complete redefinition of network control. Recent industry data reveals that 73% of organizations experienced intrusions impacting OT systems in 2024 - a dramatic 49% increase from 2023. With 83% of OT leaders reporting at least one security breach in the past three years and critical infrastructure experiencing over 420 million attacks between January 2023 and January 2024, traditional approaches to OT network management are failing.
" Our customers tell us they need real control over their industrial networks, and today we are redefining what that means," said Sakari Suhonen, CEO of Tosibox US. " TosiANTA delivers visibility into every device, protocol, and data flow—something most organizations have never achieved. This launch advances our mission to provide customers the fastest way to connect, protect, and control their critical infrastructure."
OT Network Control: Beyond Traditional Monitoring
TosiANTA addresses the fundamental problem that has left organizations without comprehensive OT network control: the inability to see, understand, and respond to their operational technology environments in real-time. While 45% of organizations now report financial impacts exceeding $500,000 from OT cyberattacks, and 49% experience more than 12 hours of operational downtime, traditional monitoring approaches create visibility gaps across OT infrastructure.
TosiANTA Redefines OT Network Control by Delivering:
Comprehensive Asset Visibility: Real-time discovery and monitoring of every connected device regardless of vendor, protocol, or location—achieving comprehensive visibility across OT infrastructure
Comprehensive Behavioral Intelligence: Deep understanding of normal operations to instantly detect deviations, threats, and performance issues, moving beyond traditional monitoring that misses abnormal patterns
Continuous Network Governance: Persistent oversight across your entire OT infrastructure, eliminating the language barriers that render traditional IT security tools ineffective in OT environments
Purpose-Built for Industrial Reality
Unlike traditional security tools adapted from IT environments, TosiANTA operates as a native module within the Tosibox Platform, requiring no additional appliances or infrastructure. This approach directly addresses the architecture gaps that prevent organizations from achieving true network control, enabling deployment in days rather than months.
" We selected TosiANTA for beta testing because we need granular visibility for both security investigations and operational optimization," said Chris Isbell, OT Manager at Howard Energy Partners. " The ability to extend our cybersecurity governance program into the OT environment with detailed reporting and integration capabilities aligns very well with our network monitoring goals."
" We're testing TosiANTA to enhance our network visibility and operational insights," said Nate Ferrara, I&E and SCADA Consultant at Civitas Resources. " The potential to automatically discover assets and improve our network intelligence could significantly optimize our field operations, especially as we continue expanding through acquisitions."
Addressing the Control Crisis
With ransomware remaining the dominant threat - including 68 documented cyberattacks in 2023 that caused physical consequences to industrial control systems - and only 56% of organizations maintaining OT-specific incident response plans, the need for redefined network control has never been more urgent. TosiANTA enables organizations to move from reactive security postures to proactive network governance.
The solution eliminates the three fundamental barriers preventing comprehensive OT network control:
Architecture Gaps: Organizations typically have visibility gaps across distributed OT infrastructure
Understanding Gaps: Traditional security tools built for IT environments can't comprehend industrial protocols
Time Gaps: Traditional monitoring approaches miss real-time threats in environments under constant attack
Immediate Availability and Implementation
TosiANTA is available immediately as part of the Tosibox Platform. Current Tosibox customers can deploy the solution in days with no additional hardware required, as TosiANTA activates on existing Tosibox infrastructure - a critical advantage in today's threat environment.
For more information or to schedule a demonstration of how TosiANTA redefines OT network control, visit www.tosibox.com.
About Tosibox
Tosibox is the global pioneer in providing solutions to connect, protect and control OT networks. Since 2011, the company has deployed solutions to manage hundreds of thousands of end point devices and physical infrastructure, securing the associated data. With U.S. headquarters in Irving, Texas and global headquarters in Oulu, Finland, Tosibox serves 800+ direct customers globally and works with 200+ partners. The company's purpose-built OT cybersecurity platform enables rapid deployment, comprehensive visibility, and robust security that simplifies compliance and delivers measurable cost savings.
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Business Wire
13 minutes ago
- Business Wire
Empire Petroleum Reports Results for Second Quarter 2025 and Demonstrates Operational Momentum
TULSA, Okla.--(BUSINESS WIRE)-- Empire Petroleum (NYSE American: EP) ('Empire' or the 'Company'), an oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, today reported operational and financial results for the second quarter 2025. SECOND QUARTER 2025 HIGHLIGHTS Produced Q2-2025 net production volumes of 2,357 barrels of oil equivalent per day ('Boe/d'), an increase of 15% compared to Q1-2025; Reported 1,493 barrels of oil per day ('Bbls/d'); Boe/d is comprised of 63% oil, 19% natural gas liquids ('NGLs'), and 18% natural gas; As part of Empire's Enhanced Oil Recovery ('EOR') efforts in the Starbuck Drilling Program ('Starbuck') in North Dakota, modified wellhead installations are underway and expected to be completed in Q3-2025, with advanced fabrication work progressing toward completion by year-end; While certain rare alloys and specialized materials for the EOR process remain in fabrication, production has continued to improve and operations are showing increased consistency; Installation of the modified rare alloys for the EOR units is expected to be completed and fully operational in Q4-2025; Empire expects to finalize the patented design specifications for its hydrocarbon vaporization technology by the end of Q4-2025, with the system leveraging elevated temperatures and pressure changes to enhance recovery efficiency; Empire made significant progress in preparing for its inaugural drilling campaign in Texas, completing its first drilling pad and preparing multiple locations for entry as part of its development plan; The Company also advanced critical pre-drill activities during Q2-2025, including surface land work, rig evaluation, and the permitting process, laying the groundwork for horizontal development across multiple prospective pay zones identified in the region; Empire expects drilling operations to commence in Q4-2025; Launched a subscription rights offering ('Rights Offering') with the intention to raise approximately $5.0 million in gross proceeds, including $2.5 million from the anticipated future exercise of the warrants issued as part of the Rights Offering, to provide shareholders the opportunity to increase their equity position; Each shareholder of record as of July 10, 2025, is entitled to purchase one unit at a subscription price equal to $0.07367 per unit, each unit consisting of 0.0139 shares of the Company's common stock and one rights warrant to purchase 0.0136 shares of the Company's common stock equal to $5.46 per whole share; Stockholders who fully exercise their subscription rights are entitled to oversubscribe for additional units, subject to availability and pro-rata allocation of units; As stated in previous filings, Phil E. Mulacek, Chairman of the Board and one of Empire's largest shareholders, has expressed his intent to fully subscribe to the units available through his subscription rights and to fully exercise his over-subscription rights to purchase his pro-rata share of any remaining unsubscribed securities at the offering's expiration; The Rights Offering is set to expire at 5:00 p.m., Eastern Time, on August 18, 2025, and proceeds are expected to be used for balance sheet optimization efforts and general corporate purposes; Reported Q2-2025 total product revenue of $8.7 million, a net loss of $5.1 million, or ($0.15) per diluted share, primarily driven by lower realized commodity prices, which included a 12% decrease in realized oil prices compared to Q1-2025 and a 23% decrease compared to Q2-2024; Despite a 15% increase in equivalent production compared to Q1-2025, the significant decline in realized commodity pricing drove lower financial results for the quarter; Adjusted EBITDA of ($1.2) million for Q2-2025. 2025 OUTLOOK 'While commodity prices were significantly under pressure (NYMEX oil prices down ~10% from Q1-2025 and down ~20% from Q2-2024) in the second quarter due to a mix of global market condition and seasonal factors, I believe this environment is temporary,' said Phil Mulacek, Chairman of the Board. 'Reported North American data shows that the oil well rig count is at post-COVID lows, compared to 2021 levels, while the hydraulic fracturing spread count is even lower at levels not seen since late 2020 through the end of 2021. These material market indicators should result in lower production going forward. Compounding this, U.S. production has already peaked and is approximately 250,000 barrels per day lower than the high earlier in 2025. This supports my strong belief that overall pricing is trending upward over the next four to six quarters. Over the next six to nine months, we anticipate a continued rebound that could increase our production levels. Empire is strategically positioned to benefit from this upswing with focused production increases. The Empire team continues to demonstrate disciplined planning and execution, placing the Company on a stronger path to lasting growth. My decision to fully subscribe and oversubscribe in the Rights Offering reflects my strong confidence in the Company's long-term potential.' Mike Morrisett, President and CEO, added, 'We were pleased to restore and maintain production across key assets during the second quarter, particularly in North Dakota. However, lower-than-expected commodity pricing impacted revenue and margins, offsetting our operational gains. We remain focused on executing our development plans and maintaining cost discipline as we position the Company to capitalize on a potential pricing recovery.' North Dakota – Williston Basin: Empire remains confident in the trajectory of its EOR program in the Starbuck region and expects to reach steady-state production levels by the end of Q4-2025, contingent on continued equipment reliability and seasonal operating stability; and With key infrastructure milestones nearing completion and EOR operations delivering steadily improving performance, the program is expected to support sustained production growth and improved asset performance over the long term. New Mexico – Permian Basin: After four years of expenditures, Empire anticipates receiving a ruling from the New Mexico Oil Conservation Commission ('NMOCD') in Q3-2025, regarding its applications to revoke four existing permits and deny five new applications for what the Company believes is the illegal disposal of wastewater into Eunice Monument South Unit's ('EMSU') Unitized Interval by the largest of the third-party Saltwater Disposal ('SWD') operators; Pending the NMOCD's decision, Empire plans to proceed with Motions to Revoke the existing permits granted to the remaining three SWD Companies disposing wastewater into the EMSU and Arrowhead Grayburg Unit ('AGU') Unitized Interval, while concurrently advancing litigation for trespass and damages; While litigation has limited the scope of development activity in the affected areas, production from the EMSU and AGU units has increased in recent months, reflecting ongoing optimization efforts; and The Company expects final resolution of this matter to result in a meaningful reduction in operating expenses and contribute to improved financial performance going forward. Texas – East Texas Basin: Empire remains on track to initiate drilling operations in Q4-2025, as part of its broader development strategy in the region; The upcoming program is designed to target multiple prospective pay zones identified during technical evaluation, with a focus on horizontal development opportunities that support long-term, capital-efficient production; The Company expects this activity to establish a foundation for scalable development throughout 2026 and beyond; As of the first week of August 2025, the first drilling pad has been completed, and the Company is actively securing materials, equipment, rigs, and other necessary resources to begin and conclude drilling operations on the initial wells in Q4-2025; and The production targets associated with these wells are expected to deliver the most significant impact to Empire's portfolio to date. SECOND QUARTER 2025 FINANCIAL AND OPERATIONAL RESULTS Net sales volumes for Q2-2025 were 2,357 Boe/d, including 1,493 barrels of oil per day; 430 barrels of NGLs per day, and 2,606 thousand cubic feet per day ('Mcf/d') or 434 Boe/d of natural gas. Oil sales volumes decreased approximately 15% compared to Q2-2024 primarily due to redrilling efforts in North Dakota and natural decline. Empire reported Q2-2025 total product revenue of $8.7 million versus $12.8 million in Q2-2024. Contributing to the decrease were lower oil sales volumes and lower realized oil and NGL prices. Realized oil and natural gas liquids prices decreased 23% and 14%, respectively, due to a general decline in overall market pricing. Lease operating expenses in Q2-2025 decreased to $6.4 million versus $7.5 million in Q2-2024 primarily due to lower workover costs. Q2-2025 workover expense decreased to $0.5 million versus $1.6 million in Q2-2024. Higher workover expense in 2024 was primarily in New Mexico as Empire continued work in the region to enhance and maintain production. Production and ad valorem taxes for Q2-2025 were $0.8 million versus $1.1 million in Q2-2024, as a result of lower product revenues. Depreciation, Depletion, and Amortization ('DD&A') and Accretion for Q2-2025 was $3.1 million versus $3.2 million for Q2-2024. The decrease in DD&A is primarily due to lower production volumes partially offset by the acquisition of additional working interest in New Mexico and the impact of the capitalized costs associated with the new drilling as part of Empire's Starbuck Drilling Program in North Dakota. Accretion increased slightly due to the new drilling activity and acquisition of working interest in New Mexico. General and administrative expenses, excluding share-based compensation expense, was $2.9 million, or $13.55 per Boe in Q1-2025 versus $2.4 million, or $9.80 per Boe in Q2-2024. The increase in expenses was primarily due to an increase in salaries and benefits associated with an increase in employee headcount. Interest expense for Q2-2025 slightly decreased, compared to Q2-2024, primarily due to certain non-cash interest expense in Q2-2024 from the convertible promissory note partially offset by a higher average outstanding balance on the Company's credit facility. Empire recorded a net loss of $5.1 million in Q2-2025, or ($0.15) per diluted share, versus a Q2-2024 net loss of $4.4 million, or ($0.15) per diluted share. Adjusted EBITDA was ($1.2) million for Q2-2025 compared to Adjusted EBITDA of $1.7 million in Q2-2024. CAPITAL SPENDING, BALANCE SHEET & LIQUIDITY For the six months ended June 30, 2025, Empire invested approximately $3.3 million in total capital expenditures, primarily from finalizing drilling and completions activity related to the Starbuck Drilling Program in North Dakota and continued return-to-production efforts in Texas. As of June 30, 2025, Empire had approximately $2.3 million in cash on hand and approximately $4.0 million available on its credit facility. Empire is scheduled to complete a subscriptions rights offering in August 2025, which is expected to raise approximately $5.0 million of gross proceeds. UPDATED PRESENTATION An updated Company presentation will be posted to the Company's website under the Investor Relations section. ABOUT EMPIRE PETROLEUM Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana. Management is focused on organic growth and targeted acquisitions of proved developed assets with synergies with their existing portfolio of wells. More information about Empire can be found at SAFE HARBOR STATEMENT This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company's estimates, strategy, and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company's reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2024, and its other filings with the SEC. Readers and investors are cautioned that the Company's actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, future commodity prices, the Company's ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, including inflation, tariffs and interest rates, uncertainties associated with legal and regulatory matters, successful completion of the Rights Offering, including future exercise of the warrants issued as part of the Rights Offering, and other risks and uncertainties related to the conduct of business by the Company. Other than as required by applicable securities laws, the Company does not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations, or otherwise. EMPIRE PETROLEUM CORPORATION Condensed Operating Data (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2025 2025 2024 2025 2024 Net Sales Volumes: Oil (Bbl) 135,854 119,635 160,283 255,489 291,043 Natural gas (Mcf) 237,133 199,868 241,242 437,001 453,063 Natural gas liquids (Bbl) 39,091 31,453 39,612 70,544 74,397 Total (Boe) 214,467 184,400 240,102 398,867 440,951 Average daily equivalent sales (Boe/d) 2,357 2,049 2,638 2,204 2,423 Average Price per Unit: Oil ($/Bbl) $ 58.92 $ 67.28 $ 76.66 $ 62.84 $ 74.66 Natural gas ($/Mcf) $ 0.93 $ 2.74 $ (0.48 ) $ 1.76 $ 0.58 Natural gas liquids ($/Bbl) $ 13.33 $ 12.56 $ 15.58 $ 12.98 $ 13.89 Total ($/Boe) $ 40.78 $ 48.76 $ 53.26 $ 44.47 $ 52.21 Operating Costs and Expenses per Boe: Lease operating expense $ 29.78 $ 31.27 $ 31.42 $ 30.47 $ 33.86 Production and ad valorem taxes $ 3.58 $ 3.86 $ 4.44 $ 3.71 $ 4.31 Depreciation, depletion, amortization and accretion $ 14.50 $ 14.92 $ 13.20 $ 14.70 $ 11.67 General & administrative expense: General & administrative expense (excluding stock-based compensation) $ 13.55 $ 17.34 $ 9.80 $ 15.30 $ 11.87 Stock-based compensation $ 2.27 $ 2.88 $ 2.47 $ 2.55 $ 2.95 Total general & administrative expense $ 15.82 $ 20.22 $ 12.27 $ 17.85 $ 14.82 Expand EMPIRE PETROLEUM CORPORATION Condensed Consolidated Balance Sheets (in thousands, except share data) (Unaudited) June 30, December 31, 2025 2024 ASSETS Current Assets: Cash $ 2,293 $ 2,251 Accounts Receivable 10,167 8,155 Inventory 1,303 1,305 Prepaids 756 640 Total Current Assets 14,519 12,351 Property and Equipment: Oil and Natural Gas Properties, Successful Efforts 144,008 140,675 Less: Accumulated Depletion, Amortization and Impairment (36,583 ) (31,974 ) Total Oil and Gas Properties, Net 107,425 108,701 Other Property and Equipment, Net 1,484 1,391 Total Property and Equipment, Net 108,909 110,092 Other Noncurrent Assets 1,231 1,425 TOTAL ASSETS $ 124,659 $ 123,868 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts Payable $ 11,935 $ 10,452 Accrued Expenses 11,402 10,348 Current Portion of Lease Liability 300 400 Current Portion of Note Payable - Related Party 2,000 - Current Portion of Long-Term Debt 530 70 Total Current Liabilities 26,167 21,270 Long-Term Debt 14,627 11,266 Long-Term Lease Liability 39 144 Asset Retirement Obligations 29,321 28,423 Total Liabilities 70,154 61,103 Stockholders' Equity: Series A Preferred Stock - $0.001 Par Value, 10,000,000 Shares Authorized, 6 and 6 Shares Issued and Outstanding, Respectively - - Common Stock - $0.001 Par Value, 190,000,000 Shares Authorized, 33,756,595 and 33,667,132 Shares Issued and Outstanding, Respectively 93 93 Additional Paid-in-Capital 144,506 143,489 Total Stockholders' Equity 54,505 62,765 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 124,659 $ 123,868 Expand EMPIRE PETROLEUM CORPORATION Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2025 2025 2024 2025 2024 Cash Flows from Operating Activities: Net Loss $ (5,056 ) $ (4,221 ) $ (4,390 ) (9,277 ) $ (8,364 ) Adjustments to Reconcile Net Loss to Net Cash (Used In) Provided By Operating Activities: Stock-Based Compensation 486 531 592 1,017 1,302 Amortization of Right-of-Use Assets 120 121 136 241 271 Depreciation, Depletion and Amortization 2,576 2,226 2,677 4,802 4,167 Accretion of Asset Retirement Obligations 534 526 492 1,060 977 Loss on Commodity Derivatives - - 1 - 859 Settlement on or Purchases of Derivative Instruments - - (253 ) - (263 ) Loss on Financial Derivatives - - 1,736 - 998 Amortization of Debt Discount on Convertible Notes - - 500 - 500 Gain on Extinguishment of Debt - - (17 ) - (17 ) Gain on Sale of Oil and Natural Gas Properties (175 ) - - (175 ) - Gain on Sale of Other Fixed Assets - (32 ) - (32 ) - Change in Operating Assets and Liabilities: Accounts Receivable (2,291 ) 279 (1,694 ) (2,012 ) (630 ) Inventory, Oil in Tanks 200 (199 ) 346 1 (18 ) Prepaids, Current 331 94 463 425 460 Accounts Payable (355 ) 1,676 (2,484 ) 1,321 1,855 Accrued Expenses 455 599 668 1,054 1,030 Other Long Term Assets and Liabilities 37 13 (574 ) 50 (1,021 ) Net Cash (Used In) Provided By Operating Activities (3,138 ) 1,613 (1,801 ) (1,525 ) 2,106 Cash Flows from Investing Activities: Disposal of Oil and Natural Gas Properties 175 - - 175 - Additions to Oil and Natural Gas Properties (491 ) (2,680 ) (13,202 ) (3,171 ) (30,143 ) Disposal of Other Fixed Assets - 49 - 49 - Purchase of Other Fixed Assets (23 ) (18 ) (89 ) (41 ) (120 ) Cash Paid for Right-of-Use Assets (111 ) (113 ) (125 ) (224 ) (251 ) Net Cash Used In Investing Activities (450 ) (2,762 ) (13,416 ) (3,212 ) (30,514 ) Cash Flows from Financing Activities: Borrowings on Credit Facility 3,000 - - 3,000 3,950 Proceeds from Promissory Note - Related Party 2,000 - - 2,000 5,000 Proceeds from Rights Offering, net of transaction costs - - 20,512 - 20,512 Principal Payments of Debt (200 ) (21 ) (157 ) (221 ) (218 ) Net Proceeds from Warrant Exercise - - 629 - 629 Net Cash Provided By (Used In) Financing Activities 4,800 (21 ) 20,984 4,779 29,873 Net Change in Cash 1,212 (1,170 ) 5,767 42 1,465 Cash - Beginning of Period 1,081 2,251 3,491 2,251 7,793 Expand Empire Petroleum Corporation Non-GAAP Information Certain financial information included in Empire's financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures include 'Adjusted Net Loss', 'EBITDA' and 'Adjusted EBITDA'. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. Adjusted net loss is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current periods to prior periods. The Company defines adjusted EBITDA as net loss plus net interest expense, DD&A, accretion, amortization of right of use assets, income tax provision (benefit), and other adjustments. Company management believes this presentation is relevant and useful because it helps investors understand Empire's operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income (loss), as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. In addition, adjusted EBITDA does not represent funds available for discretionary use.
Business Wire
13 minutes ago
- Business Wire
Lantern Pharma Reports Second Quarter 2025 Financial Results and Business Updates
DALLAS--(BUSINESS WIRE)--Lantern Pharma Inc. (NASDAQ: LTRN), a clinical-stage biopharmaceutical company leveraging its proprietary RADR® artificial intelligence (AI) and machine learning (ML) platform to transform the cost, pace, and timeline of oncology drug discovery and development, today announced operational highlights and financial results for the second quarter 2025 ended June 30, 2025, and provided an update on its portfolio of AI-driven drug candidates and AI platform, RADR®. ' This quarter we observed complete responses in patients across two of our clinical trials, delivering meaningful patient benefit and providing further validation of both the mechanisms and therapeutic potential of our drug candidates, ' said Panna Sharma, CEO & President of Lantern Pharma. Simultaneously, our team is transforming our AI platform into functional, accessible modules for the broader oncology community. These parallel advances mark a pivotal inflection point in our clinical and technological evolution, reinforcing our fiscally disciplined, AI-driven approach to addressing critical unmet patient needs with a clear pathway to commercialization and value creation. ' Clinical Pipeline Developments LP-184: Successful Completion of Enrollment for Phase 1a & Advancing Toward Phase 1b/2 Studies Lantern successfully completed enrollment of its LP-184 Phase 1a first-in-human trial with 65 patients across multiple solid tumor indications. The trial established both the maximum tolerated dose (MTD) and recommended Phase 2 dose (RP2D), positioning LP-184 for advancement of planned Phase 1b/2 studies in indications with large multi-billion dollar annual market potential, including recurrent TNBC and recurrent bladder cancer. LP-184 has received Fast Track Designations from the FDA for both glioblastoma multiforme (GBM) and triple negative breast cancer (TNBC), along with four Rare Pediatric Disease Designations for hepatoblastoma, rhabdomyosarcoma, malignant rhabdoid tumors, and atypical teratoid rhabdoid tumors (ATRT). Through its wholly-owned subsidiary Starlight Therapeutics, Lantern is developing LP-184 as STAR-001 for central nervous system cancers. During the quarter, Lantern announced findings from independent research conducted at Johns Hopkins validating Lantern's data used to secure the FDA Rare Pediatric Disease Designation for LP-184 in ATRT and support planned pediatric clinical trials. The data demonstrated that LP-184, a next-generation acylfulvene clinical-stage drug candidate, significantly extended survival in mouse models of ATRT. In the CHLA06 model, median survival increased from 20 days in the control group to 89 days in the LP-184 treatment group, representing a 345% improvement (p<0.0001). In the BT37 model, median survival increased from 68 days to 98 days (p=0.0422). LP-184 is a next-generation acylfulvene drug candidate, a synthetic small molecule belonging to a class of naturally-derived anti-cancer agents. LP-184 works by preferentially damaging DNA in cancer cells that overexpress specific biomarkers or that harbor mutations in DNA damage repair pathways. LP-184 is the product of years of research, including insights from RADR ®, Lantern's proprietary AI platform that leverages over 200 billion oncology-focused data points. LP-184 is a prodrug that is converted to its bioactive form inside the cancer cell by PTGR1 (prostaglandin reductase 1), an enzyme that is overexpressed in certain cancers. Once activated, LP-184 creates cytotoxic metabolites that form adducts with DNA, leading to irreparable DNA damage and ultimately tumor cell death. LP-300 HARMONIC™ Trial: Complete Response Observed Demonstrating Clinical Activity & Successful Completion of Enrollment in Japan The Phase 2 HARMONIC™ trial continues to advance with enrollment across the United States and expansion sites in Asia. A remarkable complete response was observed in a 70-year-old never-smoker patient with advanced NSCLC who had exhausted three prior treatment regimens. This outcome builds on previously reported data showing an 86% clinical benefit rate and 43% objective response rate in the initial safety lead-in cohort. Additionally the Phase 2 HARMONIC™ trial made advancements in Asia with completion of the Japanese cohort of 10 patients. Multiple centers in Japan participated in the clinical trial including The National Cancer Center Tokyo. The study is strategically positioned in regions with high prevalence of never-smoker lung cancer patients, with active sites in Taiwan where over 40% of new lung cancer diagnoses occur in never-smokers. Additional clinical data and findings are anticipated in September 2025, including initial safety and response evaluations from the Asian expansion cohort. The treatment of never-smokers with NSCLC represents a market opportunity estimated at over $4 billion annually. There are no approved therapies specifically targeted at the treatment of never-smokers with NSCLC currently. Lantern is actively exploring collaboration and partnering opportunities to maximize LP-300's commercial potential in multiple geographies. LP-284: Phase 1a Clinical Trial in Refractory Lymphoma Observed a Complete Response LP-284 exhibited remarkable clinical activity in a heavily pretreated 41-year-old patient with aggressive Grade 3 diffuse large B-cell lymphoma (DLBCL). Following failure of standard R-CHOP/Pola-R-CHP chemotherapy, CAR-T cell therapy (liso-cel), and CD3xCD20 bispecific antibody therapy (glofitamab), the patient achieved complete metabolic response with non-avid lesions after completing just two doses of LP-284. This represents the first complete response observed with LP-284. The complete response provides support to the mechanistic rationale and the potential for further future clinical activity in one of the most therapeutically challenging hematological malignancies. Lantern believes that this supports LP-284's synthetic lethal mechanism and potential paradigm-shifting role in treating refractory aggressive lymphomas. The complete metabolic response achievement positions LP-284 to seek a future role within a global blood cancer market focused on B-cell cancer that is estimated at $4 billion annually, with DLBCL representing the largest aggressive lymphoma subtype affecting approximately 200,000 patients globally each year. The critical unmet need in refractory/relapsed settings represents a substantial commercial opportunity for innovative therapeutic approaches that can deliver meaningful clinical benefit to therapeutically exhausted patient populations. Intellectual Property Advancements Lantern significantly strengthened its global intellectual property portfolio during the second quarter with two major patent developments: European Patent Allowance for LP-284: The European Patent Office (EPO) issued a notice of allowance for a composition of matter patent covering LP-284, expected to be granted with exclusivity through early 2039. This EU patent complements existing composition of matter patents granted in the U.S. (April 2023) and Japan (June 2024), with additional patent allowances in India and Mexico, and applications pending in China, Australia, Canada, and Korea. This expanding international IP portfolio positions LP-284 for global commercialization and strategic partnerships. Blood-Brain Barrier Prediction Patent Application: Lantern announced the publication of its PCT patent application (PCT/US2024/019851) covering a novel machine learning solution for predicting blood-brain barrier (BBB) permeability, which received a favorable PCT search report indicating no significant prior art. The technology powering predictBBB™ demonstrates exceptional performance, processing up to 100,000 molecules per hour with industry-leading accuracy. Lantern's AI algorithms currently hold five of the top eleven positions on the Therapeutic Data Commons Leaderboard. The PCT application, if granted, will enable multi-country patent protection for 20 years from the filing date. RADR ® AI Platform Enhancements Lantern continues to expand the capabilities of its RADR ® platform, which now leverages over 200 billion oncology-focused data points and a library of 200+ advanced machine learning algorithms. Key enhancements this quarter include: Module Public Launch: The public release of an AI module for predicting blood-brain barrier permeability with 94% prediction accuracy, 95% sensitivity and 89% specificity. This addresses a critical pharmaceutical development challenge where only 2-6% of small-molecule drugs can successfully cross the blood-brain barrier. Drug Combination Prediction Module: An innovative AI-powered module to improve prediction of synergistic cancer drug combinations, with framework and analytics based on peer-reviewed research. The module focuses initially on DNA damaging agents and DNA repair inhibitors, aimed at a market opportunity where approximately $50 billion is spent annually on the development of combination therapies for cancer. The AI module, trained on 221 clinical trials, will be incorporated as part of Lantern's AI platform, RADR®, and will initially focus on tailored combinations of DNA damaging agents and DNA repair inhibitors. The framework and foundational data for the module was published in a peer-reviewed study published in Frontiers in Oncology, ' Clinical outcomes of DNA-damaging agents and DNA damage response inhibitors combinations in cancer: a data-driven review '. The company plans to make select RADR ® modules available to the broader scientific and research community, fostering collaborative, open-source innovation in oncology drug development while creating potential new revenue streams. Financial Results for Second Quarter 2025 Balance Sheet: Cash, cash equivalents, and marketable securities were approximately $15.9 million as of June 30, 2025, compared to approximately $24.0 million as of December 31, 2024. The company believes that its existing cash, cash equivalents, and marketable securities as of June 30, 2025 and anticipated expenditures will enable funding of operating expenses and capital expenditure requirements at least into June 2026. Research and Development Expenses: R&D expenses were approximately $3.1 million for the quarter ended June 30, 2025, compared to approximately $3.9 million for the quarter ended June 30, 2024, reflecting continued disciplined cost management while advancing multiple clinical programs. General and Administrative Expenses: G&A expenses were approximately $1.6 million for the quarter ended June 30, 2025, compared to approximately $1.5 million for the quarter ended June 30, 2024. Net Loss: Net loss was approximately $4.33 million (or $0.40 per share) for the quarter ended June 30, 2025, compared to a net loss of approximately $4.96 million (or $0.46 per share) for the quarter ended June 30, 2024. Capitalization: As of June 30, 2025, the Company had 10,784,725 shares of common stock outstanding, and options to purchase 1,239,766 shares of common stock at a weighted average exercise price of $5.72 per share were outstanding. There were no outstanding warrants as of June 30, 2025. Quarterly Earnings Calls: Lantern has determined not to host a quarterly earnings call at the present time given the concentration of resources required for a live video based webinar style call. In addition to quarterly press releases with earnings information, and more frequent updates regarding the progress of our portfolio and platform, we plan to focus our resources on other distribution channels that we believe will be more effective in conveying information to stockholders, including webinars, digital media resources and broader social media channels. June 30, 2025 December 31, 2024 (Unaudited) CURRENT ASSETS Cash and cash equivalents $ 6,061,408 $ 7,511,079 Marketable securities 9,840,366 16,501,984 Prepaid expenses & other current assets 1,299,016 1,234,566 Total current assets 17,200,790 25,247,629 Property and equipment, net 39,524 47,440 Operating lease right-of-use assets 143,240 239,985 Other assets 36,738 36,738 TOTAL ASSETS $ 17,420,292 $ 25,571,792 CURRENT LIABILITIES Accounts payable and accrued expenses $ 4,752,848 $ 4,140,361 Operating lease liabilities, current 131,515 190,814 Total current liabilities 4,884,363 4,331,175 Operating lease liabilities, net of current portion 13,524 52,843 TOTAL LIABILITIES 4,897,887 4,384,018 COMMITMENTS AND CONTINGENCIES (NOTE 4) STOCKHOLDERS' EQUITY Preferred Stock (1,000,000 authorized at June 30, 2025 and December 31, 2024; $.0001 par value) (Zero shares issued and outstanding at June 30, 2025 and December 31, 2024) - - Common Stock (25,000,000 authorized at June 30, 2025 and December 31, 2024; $.0001 par value) (10,784,725 shares issued and outstanding at June 30, 2025 and December 31, 2024) 1,078 1,078 Additional paid-in capital 97,366,699 97,058,323 Accumulated other comprehensive income 48,043 153,990 Accumulated deficit (84,893,415 ) (76,025,617 ) Total stockholders' equity 12,522,405 21,187,774 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ $ 25,571,792 Expand About Lantern Pharma Lantern Pharma (NASDAQ: LTRN) is an AI company transforming the cost, pace, and timeline of oncology drug discovery and development. Our proprietary AI and machine learning (ML) platform, RADR®, leverages over 200 billion oncology-focused data points and a library of 200+ advanced ML algorithms to help solve billion-dollar, real-world problems in oncology drug development. By harnessing the power of AI and with input from world-class scientific advisors and collaborators, we have accelerated the development of our growing pipeline of drug candidates that span multiple cancer indications, including both solid tumors and blood cancers and an antibody-drug conjugate (ADC) program. On average, our newly developed drug programs have been advanced from initial AI insights to first-in-human clinical trials in 2-3 years and at approximately $1.0 - 2.5 million per program. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among other things, statements relating to: future events or our future financial performance; the potential advantages of our RADR ® platform in identifying drug candidates and patient populations that are likely to respond to a drug candidate; our strategic plans to advance the development of our drug candidates and antibody drug conjugate (ADC) development program; estimates regarding the development timing for our drug candidates and ADC development program; expectations and estimates regarding clinical trial timing and patient enrollment; our research and development efforts of our internal drug discovery programs and the utilization of our RADR ® platform to streamline the drug development process; our intention to leverage artificial intelligence, machine learning and genomic data to streamline and transform the pace, risk and cost of oncology drug discovery and development and to identify patient populations that would likely respond to a drug candidate; estimates regarding patient populations, potential markets and potential market sizes; sales estimates for our drug candidates and our plans to discover and develop drug candidates and to maximize their commercial potential by advancing such drug candidates ourselves or in collaboration with others. Any statements that are not statements of historical fact (including, without limitation, statements that use words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "model," "objective," "aim," "upcoming," "should," "will," "would," or the negative of these words or other similar expressions) should be considered forward-looking statements. There are a number of important factors that could cause our actual results to differ materially from those indicated by the forward-looking statements, such as (i) the risk that we may not be able to secure sufficient future funding when needed and as required to advance and support our existing and planned clinical trials and operations, (ii) the risk that observations in preclinical studies and early or preliminary observations in clinical studies do not ensure that later observations, studies and development will be consistent or successful, (iii) the risk that our research and the research of our collaborators may not be successful, (iv) the risk that we may not be successful in licensing potential candidates or in completing potential partnerships and collaborations, (v) the risk that none of our product candidates has received FDA marketing approval, and we may not be able to successfully initiate, conduct, or conclude clinical testing for or obtain marketing approval for our product candidates, (vi) the risk that no drug product based on our proprietary RADR ® AI platform has received FDA marketing approval or otherwise been incorporated into a commercial product, and (vii) those other factors set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on March 27, 2025. You may access our Annual Report on Form 10-K for the year ended December 31, 2024 under the investor SEC filings tab of our website at or on the SEC's website at Given these risks and uncertainties, we can give no assurances that our forward-looking statements will prove to be accurate, or that any other results or events projected or contemplated by our forward-looking statements will in fact occur, and we caution investors not to place undue reliance on these statements. All forward-looking statements in this press release represent our judgment as of the date hereof, and, except as otherwise required by law, we disclaim any obligation to update any forward-looking statements to conform the statement to actual results or changes in our expectations. Lantern Pharma Disclosure Channels to Disseminate Information: Lantern Pharma's investors and others should note that we announce material information to the public about our company and its technologies, clinical developments, licensing matters and other matters through a variety of means, including Lantern Pharma's website, press releases, SEC filings, digital newsletters, and social media, in order to achieve broad, non-exclusionary distribution of information to the public. We encourage our investors and others to review the information we make public in the locations above as such information could be deemed to be material information. Please note that this list may be updated from time to time.
Business Wire
13 minutes ago
- Business Wire
Adagio Medical Reports Second Quarter 2025 Results
LAGUNA HILLS, Calif.--(BUSINESS WIRE)--Adagio Medical Holdings, Inc. (Nasdaq: ADGM) ('Adagio' or 'the Company'), a leading innovator in catheter ablation technologies for the treatment of cardiac arrhythmias, today announced financial results for the second quarter ended June 30, 2025. Recent Business Highlights: Surpassed 85% enrollment in the FULCRUM-VT pivotal study of the Company's vCLAS™ Cryoablation System. The study, which seeks to enroll 206 patients with either ischemic or non-ischemic drug-refractory, recurrent, sustained monomorphic ventricular tachycardia ('VT') at 20 U.S. and Canadian centers, is on track for completion of patient enrollment in the second half of 2025 First-in-human results from the PARALELL study, which evaluated the safety and effectiveness of Adagio's Pulsed Field Cryoablation ('PFCA'), a novel, dual-energy cardiac ablation modality combining Pulsed Field Ablation (PFA) with Adagio's proprietary Ultra-Low Temperature Cryoablation ('ULTC'), were published in the Journal of Cardiovascular Electrophysiology Reduced cash burn quarter-over-quarter as a result of the Company's corporate prioritization initiative, which streamlined operations and focused resources on highest-value programs 'In the second quarter we saw continued strong momentum in the enrollment of our FULCRUM-VT study, which we believe validates the market need for our purpose-built technology and brings us one step closer to offering our proprietary ULTC solutions to patients in the United States who suffer from ventricular tachycardia,' said Todd Usen, Chief Executive Officer of Adagio. 'The team also made meaningful progress in advancing our pipeline through the continued development of our next-generation product, which is designed to improve usability for physicians while further enhancing the capabilities of our differentiated ULTC platform.' Second Quarter 2025 Financial Results Cost of revenue was $0.3 million for the three months ended June 30, 2025, compared to $0.7 million for the three months ended June 30, 2024. Research and development expenses were $2.0 million for the three months ended June 30, 2025 compared to $2.9 million for the three months ended June 30, 2024 Selling, general and administrative expenses were $2.4 million for the three months ended June 30, 2025, compared to $3.4 million for the three months ended June 30, 2024. Net loss for the three months ended June 30, 2025, was $3.9 million, or $(0.26) per share (Basic), compared to a net loss of $5.7 million, or $(7.35) per share (Basic), for the three months ended June 30, 2024. Reported cash and cash equivalents of $8.2 million as of June 30, 2025. About Adagio Medical Holdings, Inc. Adagio is a medical device company focused on developing and commercializing products for the treatment of cardiac arrhythmias utilizing its novel, proprietary, catheter-based Ultra-Low Temperature Cryoablation (ULTC) technology. ULTC is designed to create large, durable lesions extending through the depth of both diseased and healthy cardiac tissue. The Company is currently focused on the treatment of ventricular tachycardia (VT) with its purpose-built vCLAS™ Cryoablation System, which is CE Marked and is currently under evaluation in the Company's FULCRUM-VT U.S. IDE Pivotal Study. About FULCRUM VT FULCRUM-VT (Feasibility of Ultra-Low Temperature Cryoablation in Recurring Monomorphic Ventricular Tachycardia) is a prospective, multi-center, open-label, single-arm study, enrolling 206 patients with structural heart disease of both ischemic and non-ischemic cardiomyopathy, indicated for catheter ablation of drug refractory VT in accordance with current treatment guidelines. The results of the study will be used to apply for FDA premarket approval (PMA) for Adagio's vCLAS™ Cryoablation System, potentially leading to the broadest industry indication for purely endocardial ablation of scar-mediated VT. Adagio's vCLAS™ Cryoablation System is commercially available for the treatment of monomorphic ventricular tachycardia in Europe and select other geographies but is limited to investigational use in the United States. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as 'anticipates,' 'believes,' 'expects,' 'intends,' 'projects,' 'plans,' and 'future' or similar expressions are intended to identify forward-looking statements. Forward-looking statements include statements concerning: the potential of Adagio's vCLAS™ Cryoablation System; Adagio's research, development and regulatory plans for its product candidates, including the timing of initiating additional trials and reporting data from its trials; the ability of Adagio to bring its proprietary ULTC solutions to patients in the United States who suffer from VT and their ability to improve usability for physicians; the potential for its product candidates to receive regulatory approval from the FDA or equivalent foreign regulatory agencies; and its current cash resources and the impacts of its corporate prioritization initiative and realignment of resources. Forward-looking statements are based on management's current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by such forward-looking statements. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding Adagio's business are described in detail in Adagio's Securities and Exchange Commission ('SEC') filings, including in its Annual Report on Form 10-K for the full-year ended December 31, 2024, which is available on the SEC's website at Additional information will be made available in other filings that Adagio makes from time to time with the SEC. These forward-looking statements speak only as of the date hereof, and Adagio disclaims any obligation to update these statements except as may be required by law.
