Lantern Isotopes
Lantern Production Line Two
Fixed-rate notes on medical isotope production. No reactor, no fuel, and a customer base that cannot substitute.
Molybdenum-99 decays into the technetium-99m used in roughly forty million diagnostic scans a year, and it has historically come from a handful of aging research reactors, two of which have gone offline unexpectedly and caused global shortages. Accelerator production needs no reactor and no fissile fuel, and its output has a 66-hour half-life, which means the product cannot be stockpiled and customers cannot switch suppliers on short notice. Line one is in commercial operation; this funds line two.
$12,240,000 committed of $18,000,000
$11,016,000 released · 68% subscribed
- Minimum
- $500
- Target coupon
- 6.15%
- Term
- 6 yr
- Investors
- 2,483
$100 per unit
Annual, fixed
Closes February 26, 2027 · 166 days remaining
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TRL assessment
8
Technology readiness level, 1 to 9
Confidence band 7.7 – 8.4
Line one is in commercial operation and qualified with three distributors, and line two is a replication of a working system rather than a new design, which is what level 8 describes. The residual risk is operational rather than developmental: a single accelerator, a product that cannot be stored, and reimbursement rates set by third parties.
At TRL 8, the ladder permits Fixed-rate note or Municipal mini-bond and releases up to 90% of committed capital. This offering is structured as a fixed-rate note, which is consistent with that band.
Signed and published
- Reviewer
- Dr. Samuel Adeyemi
- Credential
- PhD Nuclear Engineering; ASME Section III reviewer
- Signed
- May 10, 2026
- Published
- May 11, 2026
- Methodology
- v1.4
- Model
- ci-trl-2026.06
- Generated
- May 5, 2026
Evidence
Every score cites the documents it was derived from, with the weight each carried. An assessment without evidence is an opinion.
| Source | Document | Date | Weight |
|---|---|---|---|
| Metered output | Line one production and shipment record Batch release records; distributor acceptance Sustained yield and radiochemical purity within specification across released batches. | Mar 28, 2026 | 38% |
| Operating license | Radioactive materials license and pharmaceutical quality approval State radiologic health license; facility quality system approval Licensed for production and distribution with no open findings. | Sep 12, 2025 | 29% |
| Supplier contract | Three distributor agreements with take-or-pay volumes Executed multi-year radiopharmacy agreements Contracted volumes exceed line one capacity, which is the case for line two. | Jan 23, 2026 | 21% |
| Independent test report | Target station thermal and yield qualification Independent engineering verification of the line two target design Second target station design verified against line one operating data. | Apr 17, 2026 | 12% |
Score history
A score changes on the day a reviewer signs a new assessment, which is why this is a step line rather than a curve.