MEI Pharma buys $100 million of @litecoin as a treasury asset, with Charlie Lee and GSR as lead investors- Nasdaq-listed MEI Pharma bought $100M in LTC for its treasury-Nasdaq ticker = MEIP-First U.S.-listed company to adopt Litecoin as a primary treasury asset-Funded via $100M private placement led by Charlie Lee-MEI cites LTC’s 13-year uptime, low fees, fast settlement, and mainstream integrations-May expand into LTC mining-MEI continues drug development while pioneering crypto treasury strategySOURCE THE ...

Group 1 - MEI Pharma, Inc. has entered into a private investment in public equity (PIPE) transaction for the purchase and sale of 29.2 million shares at $3.42 per share, expecting aggregate gross proceeds of approximately $100 million [1][2] - The company will appoint Charlie Lee to its board of directors, while current member Taheer Datoo will resign [2] - GSR will serve as the digital asset and treasury management advisor to oversee the implementation of its Litecoin Treasury Strategy [2] Group 2 - This transaction marks a significant milestone in MEI's long-term strategic plan, establishing it as the first publicly traded company to adopt Litecoin as a treasury reserve asset [3] - Litecoin, created by Charlie Lee in October 2011, is often referred to as the "silver to Bitcoin's gold" and has a proven track record of growth and reliability [3] - By integrating Litecoin into its treasury operations, MEI gains access to a decentralized monetary asset that complements its cash management framework [3] Group 3 - MEI Pharma stock is trading higher, up 31.54% at $5.92 [4]

[Corporate Update and Strategic Review](index=1&type=section&id=Corporate%20Update%20and%20Strategic%20Review) MEI Pharma is actively reviewing strategic alternatives to maximize stockholder value while implementing cash preservation measures and maintaining a strong financial position [Evaluation of Strategic Alternatives](index=1&type=section&id=Evaluation%20of%20Strategic%20Alternatives) MEI Pharma is actively continuing its review of strategic alternatives initiated in July 2024, which includes potential out-licensing of its programs or M&A opportunities, with the stated goal of maximizing stockholder value - The company is continuing its review and evaluation of potential strategic alternatives, considering options such as out-licensing opportunities for existing programs and merger and acquisition opportunities[2](index=2&type=chunk) - Oppenheimer & Co., Inc. has been retained as the company's exclusive financial advisor to assist in this process[2](index=2&type=chunk) - There is no assurance that the exploration of strategic alternatives will result in any agreements or transactions. The company does not expect to disclose developments until the process is completed or disclosure is deemed appropriate or legally required[4](index=4&type=chunk) [Financial Position and Cost Management](index=1&type=section&id=Financial%20Position%20and%20Cost%20Management) As of March 31, 2025, MEI Pharma reported a cash and cash equivalents balance of $20.5 million with no outstanding debt, actively implementing cash preservation measures Cash Position as of March 31, 2025 | Metric | Value (USD) | | :---------------------- | :------------ | | Cash and cash equivalents | $20.5 million | | Outstanding Debt | None | - The company is continuing its cash preservation efforts, which include a reduction-in-force that is progressing in stages as its strategic direction evolves[3](index=3&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) MEI Pharma's financial position reflects decreased assets and equity from cash usage, with a reduced net loss driven by operating expense cuts [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, MEI Pharma's total assets were $20.8 million, a significant decrease from $41.4 million on June 30, 2024, primarily due to cash usage and depletion of short-term investments Balance Sheet Comparison | Balance Sheet Item | March 31, 2025 (Unaudited, in thousands) | June 30, 2024 (Audited, in thousands) | | :------------------------------ | :------------------------- | :---------------------- | | Cash and cash equivalents | $20,472 | $3,705 | | Short-term investments | $0 | $34,640 | | **Total Assets** | **$20,779** | **$41,375** | | Total Liabilities | $1,238 | $8,355 | | **Total Stockholders' Equity** | **$19,541** | **$33,020** | - The company's short-term investments were fully depleted, decreasing from **$34.6 million** at June 30, 2024, to **zero** by March 31, 2025[10](index=10&type=chunk) [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q3 FY2025, MEI Pharma reported no revenue and a net loss of $2.6 million, a smaller loss than the prior year due to significant operating expense cuts, while the nine-month period saw a net loss reversing prior year's income Q3 FY2025 vs Q3 FY2024 (Three Months Ended March 31, in thousands) | P&L Item (except per share) | Q3 FY2025 (in thousands) | Q3 FY2024 (in thousands) | | :-------------------------- | :---------- | :---------- | | Total Revenues | $0 | $0 | | Total operating expenses | $2,774 | $9,829 | | **Net (loss) income** | **($2,573)**| **($9,127)**| | **Net (loss) income per share** | **($0.39)** | **($1.37)** | Nine Months Ended March 31 (in thousands) | P&L Item (except per share) | FY2025 (in thousands) | FY2024 (in thousands) | | :-------------------------- | :----------- | :---------- | | Total Revenues | $0 | $65,297 | | Total operating expenses | $14,577 | $31,775 | | **Net (loss) income** | **($13,257)**| **$36,184** | | **Net (loss) income per share** | **($1.99)** | **$5.43** | - Operating expenses were significantly reduced year-over-year, with R&D expenses for the nine-month period dropping from **$12.6 million** to **$3.8 million** and G&A expenses decreasing from **$19.2 million** to **$10.7 million**, reflecting cost-cutting measures[11](index=11&type=chunk) [Company and Legal Information](index=1&type=section&id=Company%20and%20Legal%20Information) This section outlines MEI Pharma's focus on novel cancer therapies and details the report's forward-looking statements and associated risks [About MEI Pharma](index=1&type=section&id=About%20MEI%20Pharma) MEI Pharma is a pharmaceutical company focused on developing novel and differentiated cancer therapies, including its drug candidate voruciclib - MEI Pharma is a pharmaceutical company with a portfolio of drug candidates aimed at providing novel cancer therapies[6](index=6&type=chunk) - The company's pipeline includes voruciclib, an oral cyclin-dependent kinase 9 (CDK9) inhibitor[6](index=6&type=chunk) [Forward-Looking Statements](index=1&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements concerning the company's ability to execute a strategic transaction, preserve cash, and the potential outcomes of these efforts, cautioning that actual results could differ materially due to various risks - The report includes forward-looking statements regarding the company's ability to execute a strategic transaction, preserve cash, and the potential for stockholders to realize value[7](index=7&type=chunk) - Key risks and uncertainties include the ability to identify attractive strategic alternatives, retain key personnel, adequacy of capital resources, and the impact of economic conditions[8](index=8&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41827 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or o ...

Financial Position - As of December 31, 2024, MEI Pharma had $23.7 million in cash and cash equivalents with no outstanding debt[5]. - The total stockholders' equity as of December 31, 2024, was $22.1 million, down from $33.0 million as of June 30, 2024[10]. Revenue and Expenses - For the six months ended December 31, 2024, the company reported total revenues of $0, compared to $65.3 million for the same period in 2023[11]. - Total operating expenses for the six months ended December 31, 2024, were $21.9 million, a decrease from $43.4 million for the same period in 2023[11]. - The net loss for the three months ended December 31, 2024, was $2.7 million, compared to a net loss of $11.1 million for the same period in 2023[11]. - The weighted-average shares used in computing net loss per share for the three months ended December 31, 2024, were 6.663 million[11]. Strategic Direction - The company is currently evaluating strategic alternatives, including out-licensing and merger opportunities, to maximize asset value for stockholders[2]. - Cash preservation efforts have been initiated, including a reduction-in-force, as the company's operational and strategic direction evolves[3]. - The company does not expect to disclose further developments regarding strategic alternatives until the evaluation process is completed[4]. Drug Development - MEI Pharma's drug candidate pipeline includes voruciclib, an oral cyclin-dependent kinase 9 inhibitor, aimed at providing novel cancer therapies[6].

Financial Performance - MEI Pharma reported an initial payment of $0.5 million and a reimbursement of $55,000 from the sale of ME-344, with potential future milestone payments up to $62.0 million based on regulatory and revenue achievements[104]. - The company recognized no revenue during the six months ended December 31, 2024, a decrease of $65.3 million compared to the same period in 2023 due to the recognition of all deferred revenue from the KKC Commercialization Agreement[153]. - As of June 30, 2023, the company had $64.9 million in aggregate deferred revenue related to the KKC Commercialization Agreement, with $64.5 million allocated to the U.S. License[148]. - Research and development expenses decreased by $3.6 million to $0.3 million for the three months ended December 31, 2024, compared to $3.9 million for the same period in 2023, primarily due to the cessation of all clinical studies[150]. - General and administrative expenses decreased by $4.9 million to $3.1 million for the three months ended December 31, 2024, compared to $8.0 million for the same period in 2023[151]. - Total research and development expenses for the six months ended December 31, 2024, were $3.5 million, down from $7.4 million in the same period in 2023[155]. - General and administrative expenses for the six months ended December 31, 2024, were $8.3 million, a decrease of $6.2 million compared to $14.5 million for the same period in 2023[156]. - Net cash used in operating activities for the six months ended December 31, 2024, was $15.1 million, compared to $29.5 million for the same period in 2023[160]. - The company had $23.7 million in cash and cash equivalents as of December 31, 2024, and expects to fund operations for at least the next 12 months[159]. - Net cash provided by investing activities for the six months ended December 31, 2024, was $35.2 million, an increase from $29.5 million in the same period in 2023[161]. - The company has accumulated losses of $398.9 million since inception and anticipates continued operating losses and negative cash flows for the foreseeable future[158]. Clinical Development - The company has ceased all ongoing clinical trial efforts for voruciclib following the exploration of strategic alternatives announced on July 22, 2024[107]. - Voruciclib completed a Phase 1 trial in patients with acute myeloid leukemia (AML) in combination with venetoclax, with 31% of patients achieving disease control at doses ≥ 100 mg[119]. - In a recent Phase 1 clinical trial, voruciclib was well tolerated at doses up to 200 mg, with no dose limiting toxicities reported[116]. - The median age of patients enrolled in the voruciclib and venetoclax combination study was 67 years, with a median of 2 prior therapies[118]. - Voruciclib demonstrated a reduction in Mcl-1 expression in approximately 50% of evaluable patients, supporting its potential as a therapeutic agent[120]. - The company has discontinued the clinical development of voruciclib while continuing certain nonclinical activities related to its drug candidate assets[102]. - Voruciclib was well tolerated at doses up to 300 mg with no dose limiting toxicities observed, and the most common grade 3 adverse event was myelosuppression associated with AML[121]. - In a study, 44% of patients showed a rebound of peripheral blast counts between Day 14 and Day 28 after stopping voruciclib while continuing venetoclax[122]. - Voruciclib demonstrated anti-tumor activity in a Phase 1 study with 100% response rate in BRAF/MEK naive patients, including two partial responses and one complete response[123]. - ME-344 is being developed to enhance biological activity and improve patient convenience, with a new formulation aimed at increasing commercial opportunity[125]. - In a Phase 1b study of ME-344 combined with bevacizumab, 25% of evaluable patients completed 16 weeks of therapy without disease progression, exceeding the 20% threshold[138]. - The median progression-free survival (PFS) in the first cohort of the ME-344 study was 1.9 months, with a 4-month PFS rate of 31.2%[138]. - Zandelisib development was discontinued outside Japan due to regulatory guidance, with all ongoing clinical studies being closed[144]. - KKC was granted a co-exclusive license for zandelisib, with an initial non-refundable payment of $100 million and potential milestone payments in Japan[146]. - ME-344 has shown potential to enhance venetoclax activity against AML, targeting metabolic vulnerabilities in resistant AML cells[142]. - The combination of ME-344 and bevacizumab demonstrated significant biologic activity, with mean relative Ki67 decreases of 23% in treated patients compared to an increase of 186% in the control group[138]. Strategic Alternatives - The company is evaluating strategic alternatives, including potential transactions and an orderly wind down of operations, to maximize asset value for stockholders[102]. - The strategic alternatives review may include out-licensing opportunities and merger and acquisition possibilities[102]. - MEI Pharma's leadership underwent changes, with the appointment of Justin J. File as Acting CEO following the departure of former executives[103].

[Results of Operations and Financial Condition](index=3&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) MEI Pharma, Inc. announced its Q3 FY2024 financial results on May 9, 2024, with the accompanying information furnished rather than filed under the Exchange Act - The company issued a press release on May 9, 2024, to announce its financial results for the third quarter ended March 31, 2024[6](index=6&type=chunk) - The information in this Form 8-K and Exhibit 99.1 is furnished, not filed, under Section 18 of the Exchange Act[6](index=6&type=chunk) [Financial Statements and Exhibits](index=3&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section details the exhibits accompanying the Form 8-K filing, primarily the press release on financial results List of Exhibits | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release issued by MEI Pharma, Inc., dated May 9, 2024 | | 104 | Cover Page Interactive Data File |

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 (I.R.S. Employer Identification No.) 11455 El Camino Real Suite 250, San Diego, CA 92130 (Address of principal executive offices) (Zip Code) (858) 369-7100 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition p ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41827 MEI Pharma, Inc. (Exact name of registrant as specified in its charter) DELAWARE 51-0407811 (State or ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41827 MEI Pharma, Inc. (Exact name of registrant as specified in its charter) DELAWARE 51-0407811 (State or ...