On December 30, 2020, Lantern Pharma Inc. entered into an Evaluation and Limited Use Agreement (the "Evaluation Agreement") with Califia Pharma Inc. The Evaluation Agreement provides for Lantern Pharma and Califia to collaborate on the in vitro and in vivo testing and evaluation of novel Califia payloads conjugated to a Lantern Pharma targeting entity. The Evaluation Agreement also provides the company with the right to negotiate with Califia for exclusive license rights to use LP-184 and related analogs as the payload with an affinity drug conjugate or small molecule drug conjugate targeting entity supplied by Lantern Pharma. The company also have the right under the Evaluation Agreement to negotiate for non-exclusive license rights to use a Lantern Pharma targeting entity with a payload and linker combination selected from novel specified Califia payloads and linkers.