MEI Pharma posts net income of $10.3M; discontinues zandelisib development outside Japan

Lite Strategy, Inc.

2023-Q2 EPS reported -$0.05 revenue$41,465,000

Net income of $10.3M ($0.08 per share) vs net loss of $12.2M in prior-year quarter.
Revenue surged to $32.7M (up from $11.8M) driven by updated cost estimates on Kyowa Kirin license.
Cash and investments $124.2M with no debt; cash used in operations $14.3M.
Discontinued global development of zandelisib outside Japan; initiated workforce reduction.
Pipeline narrowed to voruciclib (Phase 1b with venetoclax) and ME-344 (Phase 1 in colorectal cancer).

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 second quarter ended December 31, 2022 results: revenue $32.7 million, net income $10.3 million, EPS $0.08 per share.

Period: second quarter ended December 31, 2022
Revenue: $32.7 million
Net income: $10.3 million
EPS: $0.08 per share
Result: reported results

Exact text from the filing

• MEI recognized revenue of $32.7 million for the quarter ended December 31, 2022, compared to $11.8 million for the quarter ended December 31, 2021. As a result of the discontinuation of the zandelisib program, we updated our estimated costs to complete each development performance obligation under the license agreement with Kyowa Kirin. This resulted in a higher progress towards completion and revenue for performance obligations that will not commence. • Net income was $10.3 million, or $0.08 per share, for the quarter ended December 31, 2022, compared to net loss of $12.2 million, or $0.10 per share for the quarter ended December 31, 2021.

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Source: SEC EDGAR

accession 0001193125-23-030087

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