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A multi-agentic platform for end-to-end therapeutic developmentBusiness model · Roadmap · Value proposition September 23, 2026www.open-medicine.ai
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Open-Medicine AI · September 23, 2026 Forward-looking statementsThis presentation 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 expected market opportunity, user needs, platform roadmap, key future milestones, expected economics, and commercial model for the Open-Medicine AI platform; plans for the performance, benchmarking, and differentiation of the Open-Medicine AI platform; expectations relating to collaborations and partnerships; market estimates and expected market sizes; the planned evolution of the Open-Medicine AI platform beyond withZeta.aito target broader disease areas, new modalities, and additional real-world drug development challenges; the planned development, value proposition and commercial potential of the Open-Medicine AI platform; and the potential advantages of the Open-Medicine AI platform in identifying drug candidates, accelerating drug development, and generating revenue through software licensing andsubscription models.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 ourexisting and planned development programs and operations, (ii) the risk that our Open-Medicine AI commercialization efforts may not generate the anticipated revenue or achieve the expected market adoption, (iii) the risk that implementation of our development plans and newfeatures for Open-Medicine AI may not be successful or may take longer than anticipated for development, completion, and release, (iv) the riskthat no drug product based on our proprietary AI platforms has received FDA marketing approval or otherwise been incorporated into a commercial product, (v) the risk that benchmark or internal performance results for the Open-Medicine AI platform may not be indicative of performance in other settings or in use by third parties, (vi) the risk that ongoing partnership and collaborations discussions may not result in definitive agreements on acceptable terms or at all, and (vii) technical, scientific, regulatory, financial, competitive, and operational risks and those other factors set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 30, 2026.You may access our Annual Report on Form 10-K for the year ended December 31, 2025under the investor SEC filings tab of our website atwww.lanternpharma.comor on the SEC's website atwww.sec.gov. 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 presentation 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.
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Open-Medicine AI · September 23, 2026 What we will cover –slides and verbal1MarketThe size of the opportunity and the shift from AI pilots to full-scale adoption2Customers & feedbackWho is buying, what they need, how they use the platform, what power users tell us 3Live demoDifferentiated capabilities, shown in real time4RoadmapNext-generation modules, priority disease areas, key milestones, social and enterprise features 5EconomicsThe subscription and enterprise licensing model6BenchmarksHow the platform performs and how performance is measured 7PartnershipsTypes of collaborations under discussion8Shareholder valueHow Open-Medicine AI adds to Lantern’s pipeline and long-term value45 minutes · questions welcome throughout; live Q&A at the end
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Open-Medicine AI · September 23, 2026 We set out to get cancer drugs to patients faster and with less capital —and built the tools we needed because they did not exist.LANTERN PHARMA —CLINICAL PROGRAMSLP-184 (zirdafulven)Phase 1b/2 · TNBC, bladder, GBM · FDA Fast Track, OrphanLP-300HARMONIC™Phase 2 · never-smoker NSCLCLP-284Phase 1 · hematologic malignancies, sarcomasStarlight TherapeuticsCNS subsidiary · pediatric and adult brain cancers THE AI LAYER BENEATH THEM RADR®2018–todayMachine-learning platform; five of the top 12 models on the TDC blood–brain-barrier leaderboard; hundreds of ML algorithms; 200+ billion data points; internally focused and used withZeta.aiApril 2026Multi-agentic co-scientist platform, highly curated knowledge bases and guard railed architecture; commercialized for rare and aggressive cancers with largest toolset for discovery and development trained like a Lantern scientist Open-Medicine AI2026–futureEnd-to-end therapeutic development platform, offered beyond oncology and beyond Lantern and being made available to all users through a subscription and freemium model Each layer was built to run the programs above and before it. That provenance is the product.Program status as of September 2026; see lanternpharma.com. RADR® leaderboard position: Therapeutics Data Commons BBB benchmark. We did not set out to build an AI company
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THE GROWTH RATIONALE BEHIND OPEN-MEDICINE AI A ComplementaryGrowth EngineOpen-Medicine AI lets our team build a major new category, agentic AI for drug development, alongside Lantern's core discovery and development business. CORE BUSINESSLantern PharmaAI-driven drug discovery and development across oncology and CNS.+NEW CATEGORY & WHO IT SERVESOpen-Medicine AI One platform, serving the whole industry invested in drug development's success.Built by Lantern Pharma (Nasdaq: LTRN) -Biotech companies-Pharmacompanies-CROs-Service Providers -Investment Funds-Banks & Analysts-Academic Research-Clinician / Scientists
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Open-Medicine AI · September 23, 2026 NATURE · 21 SEPTEMBER 2026 · VOL 657 · TECHNOLOGY FEATURE “AI co-scientists are revolutionizing how research is done”Artificial-intelligence tools might be able to propose theories and analyse data, but humans still need to decide what makes sense. —Elie Dolgin“The bottleneck is in reliable validation.Anton Sinitskiy, Northeastern University, as quoted in Nature “The most valuable part now is actually askingthe question.Ajay Agrawal, University of Toronto, as quoted in Nature “The protocols that are generated tend not to be very good. They’re more like recipes.Ross King, University of Cambridge, as quoted in Nature The field has arrived at the problem Open-Medicine AI was built to solve.A co-scientist trained on the literature proposes ideas. A co-scientist built inside drug programs carries the constraints —cost, time, regulatory path, what is actually runnable—that decide which ideas are worth pursuing. When one researcher in the article re-ran her prompt with real time and cost limits, the system returned no viable hypotheses.Dolgin E. “AI co-scientists are revolutionizing how research is done.” Nature 657:1108–1110 (21 September 2026). Quotations attributed to the named speakers as reported in the article.
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PROGRESS TO DATE What We’ve Accomplished So Far01Customer feedback loopsSpecific input from customers and power users on what's unique, what to improve, and what to build next. 02Advisory boardRecruiting world-class advisors to help architect our success and surface market insights we may miss. 03Security and scaleStrengthened the security and scalability of the core architecture while continuing to expand functionality. 04Fully mobileThe entire platform now works on mobile, with significant growth in key user groups since launch. 05Beyond oncologyTalks with institutions and pharma to add content and expertise in neurodegeneration(Alzheimer's) inflammatory and immune diseases. UP NEXTMarket backgroundLive plaDorm demo Built by Lantern Pharma (Nasdaq: LTRN) CSO Case CommentaryQ&A
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MARKET BACKGROUND How We See the Market DevelopingGrowing into a new category, marked by disruption and by acceleration in new drug candidates.AI REVENUE POOL IN DRUG R&D $4.65B 2025 $10.6BAgen?c AI$2.5B · 24%, from ~1%PlaDorm deals$2.2B · 21%Services & consul?ng$3.1B · 29% SoNware & plaDorms$2.8B · 26%2030 DISRUPTIONLegacy so*ware and services stallAbout $3.8B of today's $4.65B pool is flat to nega<ve in real terms, and $1.2–1.6B moves to agen<c delivery by 2030. ACCELERATIONMore drug candidates, soonerAgen<c systems run many hypotheses in parallel, so teams fail earlier, pivot faster and advance more candidates. Source: Open-Medicine AI bo3oms-up revenue pool model –does not include therapeu<c revenue share or success -Aug 2026 · Built by Lantern Pharma
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SIMULTANEOUS DISRUPTION & ENABLEMENT A New Generation ofScientific Work“Every prior computational wave made a single serial path cheaper. Agentic systems change the shape of the search and the execution itself.Panna Sharma, Founder & CEO TRADITIONAL METHODSCO-SCIENTIST SYSTEMSOne hypothesis at a time, in series→Five to ten hypotheses in parallel, at the cost of oneValue measured in headcount-hours→Value measured in encoded judgment and time to innovationKnowledge scattered across literature, trials and archives→Coordinated specialist agents working from curated knowledge and contributing new knowledge Programs fail late, after costly readouts→Programs fail earlier and pivot faster Tools priced per seat→Systems valued on the speed to execution and parallel enablement Built by Lantern Pharma (Nasdaq: LTRN) ”
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LIVE DEMONSTRATION One question, carried end to end1A question a developer would actually askWhich patients, which biomarker, and why —reasoned the way a senior bioinformatician would 2The hand-off and active integrationContext carries to the next co-scientist without re-prompting: a team, not a tool 3The downstream component; bias towards action Trial design and regulatory reasoning —where the time and cost live, and where the roadmap goes Supervised decision support. The agents propose and reason; They generate and augment the knowledge base; The scientist decides.
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Open-Medicine AI · September 23, 2026 Who is using the platform…and what they tell us Customer segments, how they use withZeta.ai, and what users ask for. Biopharma R&D teamsTarget and biomarker questions across programs; translational analysis; second opinions on program decisions; data uploads Academic and translational labsCohort building and omics analysis without a bioinformatics queue; literature and trial synthesis; new research and alerts; group sharing Service providersCROs, bioinformatics and regulatory groups embedding co-scientists in client work; group folders; saving into formats; project codes Independent developersSmall teams running full investigations that previously needed a department; uploading documents; on premise deployment USAGE SINCE LAUNCHOver 200+ users and growing each monthSuper users are averaging several dozen interactions or questions weeklyMost usage is in “investigator” mode WHAT POWER USERS ARE TELLING US“Let me bring my own data and methods into the investigation.”“Can I run multiple scientists/agents in parallel…”“My team needs to share and build on each other’s work.”“Take it further downstream: trial design and regulatory questions.” “I would use it across the company if we can deploy it on-premise.”Hundreds of new molecules generated by users
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Open-Medicine AI · September 23, 2026 Partnerships in pursuit, under discussion and being architectedBiopharma co-developmentCo-scientists deployed inside a partner’s program, with shared learning on outcomesPatient & Disease GroupsCurated knowledge and access to reinforce therapeutic journey and empower trial seeking Service-provider integrationCROs, bioinformatics and regulatory groups embedding co-scientists in client work with group functionality Academic and consortiumRare-disease and pediatric networks; shared paper-agent libraries; group sharing; proprietary literature and modelsTechnology and modelsOpen-source frontier models, chemistry models, lab automation, specialized tools Funds, Banks & Financial InstitutionsBenchmarking for analytics, decision making, diligence and information development Governmental & Regulatory AgenciesUse for diligence, fact-checking, knowledgebase and review of development proposals and creation of knowledge graphs
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ROADMAP Where Open-Medicine Goes Next01New disease categoriesNeurodegenerative, immune, inflammatory, cardio-metabolic and psychedelic therapeutics. 02Novel therapeutic modalitiesMore tools for peptides, cell and gene therapy, and radioligands. 03Trial docs and regulatory filingsTrial design, virtual trial benchmarking, and support for FDA and EMA filings. 04Proactive portfolio intelligencePortfolio analysis and monitoring for large pharma, institutional investors and fund managers. “When the marginal cost of analysis approaches zero, the binding constraint moves to hypothesis quality, time to innovation and decision judgment.Panna Sharma, Founder & CEOBuilt by Lantern Pharma (Nasdaq: LTRN)
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Everypersonon this call will at some point be a patient.That is the reason the company exists, and the reason we built these tools inside our own programs first. Open-Medicine AI is how we make them available to everyone else who is trying to get a therapy to a patient.QUESTIONSIR@lanternpharma.com · (972) 277-1136www.open-medicine.ai · www.lanternpharma.com A recording will be available on the Investors section of lanternpharma.com.