---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-030087"
form_type: "8-K"
ticker: "LITS"
cik: "0001262104"
company_name: "Lite Strategy, Inc."
filed_at: "2023-02-09T23:59:59+00:00"
generated_at: "2026-06-19T19:29:11.789345+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- accession: 0001193125-23-030087
- form_type: 8-K
- ticker: LITS
- cik: 0001262104
- company_name: Lite Strategy, Inc.
- filed_at: 2023-02-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1262104/000119312523030087/0001193125-23-030087-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1262104/000119312523030087/d387877d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-030087
- JSON: https://secwatch.observer/filing/0001193125-23-030087.json
- Plain text: https://secwatch.observer/filing/0001193125-23-030087.txt

## Key facts
- Earnings Releases
  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
  source text: • 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1262104/000119312523030087/0001193125-23-030087-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.