MEI Pharma Q3 net loss $15.4M; cash $112M; Kyowa Kirin ends zandelisib; merger with Infinity pending

Lite Strategy, Inc.

2023-Q3 EPS reported -$3.27 vs consensus -$2.16 ▼ miss (-51.2%)

Net loss $15.4M ($2.32/share) in Q3 FY2023 vs $8.7M loss ($1.31/share) in Q3 FY2022.
Revenue fell to $5.9M from $9.7M due to zandelisib program discontinuation and reduced Kyowa Kirin reimbursements.
Kyowa Kirin ended zandelisib development in Japan; parties will terminate global license agreement.
Executed 1-for-20 reverse stock split in April 2023; regained Nasdaq minimum bid compliance as of May 2, 2023.
Pending all-stock merger with Infinity Pharmaceuticals; combined cash ~$100M expected to fund operations through mid-2025.

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 0.9

Lite Strategy, Inc. reported the quarter ended March 31, 2023 results: revenue $5.9 million, net income Net loss was $15.4 million, or $2.32 per share, EPS $2.32 per share.

Period: the quarter ended March 31, 2023
Revenue: $5.9 million
Net income: Net loss was $15.4 million, or $2.32 per share
EPS: $2.32 per share
Result: reported results

Exact text from the filing

to $8.9 million for the quarter ended March 31, 2022. The decrease primarily relates to personnel costs related to the reduction in workforce. • MEI recognized revenue of $5.9 million for the quarter ended March 31, 2023, compared to $9.7 million for the quarter ended March 31, 2022. The decrease in revenue comes as a result of the discontinuation of the

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Source: SEC EDGAR

accession 0001193125-23-142119

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