: Lantern Pharma said it had no exposure to SVB or Signature Bank, after stock plunged last week
Lantern Pharma Inc. LTRN confirmed Monday that it, or any of its subsidiaries, had no exposure to SIVB Financial Group’s SIVB Silicon Valley Bank, Silvergate Capital Corp. SI or Signature Bank SBNY. The biopharmaceutical company’s statement comes after Lantern’s stock plunged 22.4% last week, the second-worst weekly performance since it went public in June 2020, to close Friday at a four-month low. Signature Bank was shut down by regulators over the weekend following the shutdown of SVB on Friday, and Silvergate said last week it was winding down operations. “Lantern’s cash, cash equivalents, and marketable securities are sufficient to continue development and current operations into 2025,” Lantern said in a statement. The stock, which was still inactive in Monday’s premarket, has tumbled 28.8% year to date, while the iShares Biotechnology exchange-traded fund IBB has lost 7.1% and the S&P 500 SPX has edged up 0.6%.
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