MEI Pharma Q1 net income $56.4M on deferred revenue; clinical trials on track

Lite Strategy, Inc.

2024-Q1 EPS reported $8.46 vs consensus -$1.55 ▲ beat (+645.7%)

Net income $56.4M ($8.46 EPS) vs prior-year net loss $16.6M; revenue $65.3M from Kyowa Kirin termination.
Cash $82.2M with no debt; operating cash burn $18.5M; funds operations for at least 12 months through data readouts.
Voruciclib (CDK9) Phase 1 combo with venetoclax dose-escalation data expected early 2024.
ME-344 (mitochondrial inhibitor) Phase 1b combo with bevacizumab first-cohort data expected H1 2024.
Abstract on voruciclib monotherapy dose escalation to be presented at ASH Dec 9-12, 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Lite Strategy, Inc. reported first quarter ended September 30, 2023 results: revenue $65.3 million, net income $56.4 million, EPS $8.46 per share.

Period: first quarter ended September 30, 2023
Revenue: $65.3 million
Net income: $56.4 million
EPS: $8.46 per share
Result: reported results

Exact text from the filing

and related costs from our fiscal year 2023 reduction in headcount, partially offset by higher external professional services and legal expenses. • MEI recognized revenue of $65.3 million for the quarter ended September 30, 2023, compared to $8.7 million for the quarter ended September 30, 2022. The increase in revenue is due to the recognition of deferred revenue

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Source: SEC EDGAR

accession 0000950170-23-062017

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