Lite Strategy, Inc. LITS
On September 10, 2025, MEI Pharma, Inc. changed its name to Lite Strategy, Inc. and its ticker symbol to LITS. We are a pharmaceutical company that has been developing novel and differentiated cancer therapies. We built our pipeline by acquiring promising cancer agents and creating value in programs through clinical development, strategic partnerships and out-licensing or commercialization, as appropriate. Our approach to oncology drug development has been to evaluate our drug candidates in combinations with standard-of-care therapies to overcome known resistance mechanisms and address clear medical needs to provide improved patient benefit. Our drug candidate pipeline includes voruciclib, an oral cyclin-dependent kinase 9 (CDK9) inhibitor and zandelisib, an oral, once-daily, selective PI3Kδ inhibitor, which is a pre-clinical candidate. In August 2025, as described below, we implemented a Litecoin Treasury Strategy with the net proceeds from the PIPE (as defined below).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $65.3M | $48.8M | $40.7M | $34.8M | $27.8M | $4.9M | $1.6M | $23.2M | — |
| Cost of revenue | — | — | — | $0 | $1.4M | $2.7M | $4.3M | $3.4M | $5.0M | — |
| Gross profit | — | — | — | $40.7M | $33.4M | $25.1M | $652.0K | -$1.8M | $18.2M | — |
| R&D | $3.9M | $16.6M | $52.5M | $85.6M | $69.4M | $34.1M | $32.3M | $17.0M | $7.2M | $13.4M |
| SG&A | $13.5M | $23.3M | $33.1M | $30.5M | $24.4M | $16.7M | $14.6M | $9.8M | $8.6M | $7.6M |
| Total operating expenses | $17.5M | $50.8M | $85.6M | $116.2M | $95.2M | $53.5M | $51.2M | $30.2M | $20.9M | $21.0M |
| Operating income | -$17.5M | $14.5M | -$36.8M | -$75.5M | -$60.4M | -$25.7M | -$46.2M | -$28.6M | $2.4M | -$21.0M |
| Pre-tax income | -$15.9M | $17.8M | -$31.8M | -$54.5M | -$41.3M | -$47.2M | -$16.8M | -$40.1M | $2.7M | -$20.9M |
| Income tax | $0 | $0 | $0 | $0 | $8.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K |
| Net income | -$15.9M | $17.8M | -$32.0M | -$54.0M | -$41.0M | -$47.2M | -$16.8M | -$40.1M | $2.7M | -$20.9M |
| EPS, basic | -2.39 | 2.67 | -4.78 | -8.75 | -0.37 | -0.52 | -0.24 | -0.97 | 0.07 | -0.61 |
| EPS, diluted | -2.39 | 2.67 | -4.78 | -9.99 | -0.60 | -0.52 | -0.75 | -0.97 | 0.07 | -0.61 |
| Shares, diluted (wtd. avg.) | 6.7M | 6.7M | 6.7M | 6.3M | 114.5M | 91.1M | 72.4M | 41.4M | 36.9M | 34.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.0M | $3.7M | $16.9M | $15.7M | $8.5M | $12.3M | $9.6M | $13.3M | $8.5M | $10.8M |
| Short-term investments | $0 | $34.6M | $83.8M | $137.5M | $144.9M | $170.3M | $64.9M | $89.4M | $45.1M | $35.1M |
| Receivables | $0 | $0 | $0 | — | — | — | — | — | — | — |
| Total current assets | $18.3M | $40.8M | $107.5M | $167.1M | $164.8M | $208.6M | $82.2M | $104.3M | $55.3M | $46.7M |
| Property, plant and equipment | $0 | $392.0K | $1.3M | $1.7M | $1.5M | $1.1M | $204.0K | $32.0K | $50.0K | $49.0K |
| Other intangibles | — | — | — | — | — | — | $261.0K | $296.0K | $331.0K | $366.0K |
| Total assets | $18.3M | $41.4M | $120.8M | $177.8M | $174.1M | $209.7M | $82.7M | $104.7M | $55.7M | $47.2M |
| Accounts payable | $176.0K | $3.2M | $6.1M | $7.9M | $6.4M | $2.4M | $4.8M | $3.6M | $585.0K | $1.1M |
| Total current liabilities | $1.4M | $8.4M | $20.3M | $24.4M | $20.2M | $13.8M | $14.3M | $7.9M | $4.9M | $5.5M |
| Total liabilities | $1.4M | $8.4M | $96.2M | $125.4M | $124.6M | $132.7M | $34.7M | $54.2M | $4.9M | — |
| Retained earnings | -$404.2M | -$388.2M | -$406.0M | -$374.2M | -$319.7M | -$278.4M | -$231.2M | -$214.4M | -$174.3M | -$177.0M |
| Total equity | $16.9M | $33.0M | $24.6M | $52.4M | $49.5M | $77.1M | $47.9M | $50.5M | $50.8M | $41.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$20.8M | -$50.5M | -$52.5M | -$48.7M | -$32.0M | $34.3M | -$29.4M | -$21.0M | $3.5M | -$17.9M |
| Depreciation and amortisation | $368.0K | $383.0K | $386.0K | $326.0K | $285.0K | $109.0K | $80.0K | $53.0K | $85.0K | $58.0K |
| Stock-based compensation | -$144.0K | $2.3M | $3.6M | $8.3M | $10.2M | $6.8M | $6.6M | $3.2M | $2.3M | $2.7M |
| Capital expenditure | $0 | $7.0K | $35.0K | $479.0K | $708.0K | $894.0K | $217.0K | — | $51.0K | $4.0K |
| Investing cash flow | $35.1M | $49.1M | $53.7M | $6.9M | $24.7M | -$106.3M | $24.3M | -$44.3M | -$10.1M | $10.0M |
| Financing cash flow | $0 | -$11.9M | -$40.0K | $49.1M | $3.5M | $74.8M | $1.4M | $70.2M | $4.2M | — |
| Dividends paid | $0 | $11.7M | $11.7M | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-25-220421.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $23.2M | $1.6M | $4.9M | $27.8M | $34.8M | $40.7M | $48.8M | $65.3M | $0 |
| Gross profit | — | $18.2M | -$1.8M | $652.0K | $25.1M | $33.4M | $40.7M | — | — | — |
| Net income | -$20.9M | $2.7M | -$40.1M | -$16.8M | -$47.2M | -$41.0M | -$54.0M | -$32.0M | $17.8M | -$15.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced Item 2.02
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Item 5.02
- Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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