Cambridge biotech tracker · Bedford
Lantheus
Listed on Nasdaq as LNTH, filed under SEC industry code 2835 (diagnostic substances). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $710M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- None
- avg. operating cash flow, 4 qtrs
- Runway
- Self-funding
- Self-funding
- Net loss
- +$22.4M
- Q3 '26 · net income
- R&D expense
- $92.8M
- Q3 '26
- Raised, last 4 qtrs
- −$108M
- net financing cash flow
- Next readout
- Aug 2027
- Phase 1/2 · self-funding
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Cash against the calendar
What the runway has to reach.
Aug 2027estimated
Lu-TARGO (177Lu-TARGeted Osteosarcoma Therapy)
Relapsed / Refractory Osteosarcoma
NCT07357519 on ClinicalTrials.govDoes the cash reach it?
Self-funding
- Runway
- Self-funding
- Time to the date
- 9 months
It is about 9 months out. Operating cash flow is positive on average, so the date is not a financing deadline.
Catalysts ahead
Pipeline
5 active trials, through phase 4.
Phase 1/2 · 2Phase 4 · 1Phase 3 · 1Phase 2/3 · 1
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companySelf-funding on an operating basis
Operating cash flow was positive on average over the last four quarters, so runway is not the constraint. Cash and investments stood at $710M at Q3 '26.
Cash position down $242M since Q4 '24
Net financing outflows of $108M over the last four quarters, meaning repayments or buybacks exceeded any new capital. The balance is the number the board watches; the trend is the number the auditors watch.
Revenue of $390M in Q3 '26
Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Retained earnings of $895M
Cumulative profits exceed cumulative losses, which puts this company in a different accounting conversation from most of the neighborhood.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $952M | $158M | −$11.8M | $35.3M | $57.9M | $391M | $22.2M | −$104M |
| Q1 '25 · Mar 31, 25 | $968M | $108M | $72.9M | $36.3M | $56.8M | $373M | $21.2M | −$18.2M |
| Q2 '25 · Jun 30, 25 | $740M | $87.1M | $78.8M | $45.5M | $66.5M | $378M | $22.3M | −$98.4M |
| Q3 '25 · Sep 30, 25 | $427M | $105M | $27.8M | $48.0M | $81.9M | $384M | $24.5M | −$99.2M |
| Q4 '25 · Dec 31, 25 | $400M | $90.2M | $54.1M | $47.5M | $69.9M | $407M | $17.5M | −$101M |
| Q1 '26 · Mar 31, 26 | $555M | $125M | $118M | $39.4M | $57.5M | $377M | $16.0M | −$11.6M |
| Q2 '26 · Jun 30, 26 | $640M | $92.2M | $75.0M | $38.2M | $20.6M | $388M | $20.0M | $4.5M |
| Q3 '26 · Sep 30, 26 | $710M | $102M | $22.4M | $92.8M | $70.4M | $390M | $21.9M | −$460K |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.