The firm will buy shares when prices fall below market value of net assets.Lite Strategy Moves Into Active Treasury ManagementLite Strategy, Inc. (NASDAQ: LITS) has authorised a $25 million share repurchase programme. The decision was approved by its Board of Directors. It signals a major shift in how the company manages its digital asset treasury.Lite Strategy is the first U.S.-listed company to hold Litecoin as its primary reserve asset. It was formerly known as MEI Pharma. After years focused on drug dev ...

Core Insights - GSR has agreed to acquire Equilibrium Capital Services, a registered broker-dealer, to gain licensed access to U.S. securities markets [1][5] - The acquisition aims to enhance GSR's ability to serve institutional clients seeking regulated exposure to digital assets [2][7] - The deal is part of GSR's broader strategy to expand its footprint in regulated markets amid increasing regulatory scrutiny [4][6] Company Strategy - GSR plans to leverage Equilibrium's registration to offer brokerage services compliant with U.S. securities laws [2][5] - The acquisition is expected to strengthen GSR's U.S. presence and facilitate the development of regulated investment products for American institutions [8] - GSR has previously partnered with DigiFT and invested in Maverix Securities to enhance its offerings in tokenized assets and structured products [4] Industry Context - The acquisition reflects a trend among crypto firms to integrate into traditional regulatory frameworks as U.S. agencies increase scrutiny [6] - Institutional interest in digital assets is growing, particularly in tokenized funds and real-world asset products, prompting firms to seek broker-dealer licenses [7]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 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: 000-50484 Lite Strategy, Inc. (Exact name of registrant as specified in its charter) DELAWARE 51-0407811 (State or other jurisdicti ...

Company Overview - Lite Strategy Inc. (NASDAQ: LITS), previously known as MEI Pharma, Inc. and traded under the ticker "MEIP," was focused on oncology with two drug candidates, vorucliclib and ME-144, which were aimed at oncology combination therapies [1]. Analyst Background - The article includes a brief background of Myriam Hernandez Alvarez, who holds multiple degrees in engineering, computer science, business management, and computer applications, indicating a strong academic foundation relevant to the analysis [1]. Disclosure Information - The article contains disclosures stating that the analyst has no stock or derivative positions in the companies mentioned and has no plans to initiate any such positions within the next 72 hours [2]. - It is noted that the opinions expressed are independent and not influenced by any business relationships with the companies discussed [2].

Company Communication - MEI Pharma expresses appreciation for Litecoin [1]

Company Strategy - MEI Pharma adopted a Litecoin Treasury Strategy, becoming the first public US company to do so [1] - The strategy aims to bring Litecoin, described as "the people's currency," to institutional portfolios [1] Litecoin Acquisition - MEI Pharma acquired 929,548 Litecoins (LTC) [1] - The total investment was approximately $100 million [1] - The average acquisition price was about $107.58 per Litecoin [1] Partnerships - The Litecoin Treasury Strategy involved collaboration with @SatoshiLite and @GSR_io [1]

Company Communication - MEI Pharma is seeking information about Litecoin (LTC) [1] Cryptocurrency - Litecoin (LTC) is mentioned in the context of MEI Pharma's inquiry [1]

Company Strategy - MEI Pharma purchased $100 million in Litecoin (LTC) as a treasury asset [1][2] - MEI Pharma is the first U_S_-listed company to adopt Litecoin as a primary treasury asset [2] - MEI Pharma funded the purchase via a $100 million private placement led by Charlie Lee [2] - MEI Pharma may expand into LTC mining [2] - MEI Pharma continues drug development while pioneering a crypto treasury strategy [2] Litecoin Adoption - MEI Pharma cites LTC's 13-year uptime, low fees, fast settlement, and mainstream integrations as reasons for adoption [2] Investment - Charlie Lee and GSR are lead investors in the private placement [1]

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)