LITS
Lite Strategy, Inc.
Next earnings Sep 24, 2026 (after close)
Last earnings -5.6% on 2026-05-13
$0.95
▲ +4.51%$0.95▼ -66.06%
over 1Y
L $0.74H $6.86
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+4.5%
1W+16.3%
1M+15.9%
3M-15.1%
YTD-38.3%
1Y-66.1%
Avoid
Conviction
Horizon
Long (>12mo)
Street · 6 analysts
Sell
MEI Pharma is now 'Lite Strategy' — a zero-revenue oncology shell pivoting to a Litecoin treasury; unknowable risk, not investable.
Revenue $0.00 · FY2025
This is no longer an operating pharmaceutical company in any meaningful sense. Revenue collapsed from $65.3M in FY2024 to $0.00 in FY2025, the company discontinued voruciclib, ran staged reductions-in-force, and lost its CEO and CMO in August 2024 as the Board opened a formal review of 'strategic alternatives, including… an orderly wind down.' That review did not end in a drug deal — it ended, per the 10-K, with the August 2025 adoption of a 'Litecoin Treasury Strategy,' a name change from MEI Pharma to Lite Strategy (ticker LITS), and talk of possibly starting Litecoin mining. The oncology pipeline (voruciclib, zandelisib) is now described as pre-clinical assessment only. You are being asked to value a crypto-treasury holding company wrapped in a shuttered biotech, using pharma financials that no longer describe the business.
The FY2025 numbers reflect a company in run-off: a -$15.9M net loss, -$17.5M operating loss, -94.2% ROE, -$20.8M operating cash burn, and a -$404M accumulated deficit. The one bright spot — $18.0M cash and near-zero leverage (liabilities/equity 0.08x) — is real but backward-looking. The stated $18.3M of total assets is roughly all current, essentially cash, so at $0.95 on ~35.7M FY2025 shares (~$34M) the market is already paying a large premium to the last-reported net asset value, pricing in the Litecoin pivot rather than the balance sheet.
Is LITS a buy? The one-page verdict, explained →
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $34.8M | $40.7M | $48.8M | $65.3M | $0.00 |
| Gross profit | — | — | — | — | — |
| Operating income | -$60.4M | -$75.5M | -$36.8M | $14.5M | -$17.5M |
| Net income | -$41.3M | -$54.5M | -$32.0M | $17.8M | -$15.9M |
| Diluted EPS | -$0.60 | -$9.99 | -$4.78 | $2.67 | -$2.39 |
| Net margin | -118.7% | -133.8% | -65.6% | 27.2% | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$14.3M
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-49.3%
FCF yield-64.5%
Quality & risk
ROIC (est.)-81.4%
Free cash flow-$20.8M
Total debt—
Net cash$18.0M
Altman Z-Score-18.65 distress
Piotroski F-Score1/7
Capital returns
Buyback yield—
Dividend yield (est.)0.0%
Shareholder yield0.0%
Shares Δ YoY+435.1%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Earnings results2026-05-13
Q ended 3/31/26: no revenue; funded by Litecoin treasury from $100M PIPE
- 10-Q Quarterly report2026-05-13
Q ended 3/31/26: no revenue; funded by Litecoin treasury from $100M PIPE
- 8-K Earnings results2026-02-17
Quarterly report shows continued operating losses and no product revenue
- 10-Q Quarterly report2026-02-17
Quarterly report shows continued operating losses and no product revenue
- 8-K Officer / director change2026-02-12
Officer/board change plus annual-meeting vote results disclosed
- 8-K Officer / director change2025-12-30
Proxy for meeting on post-pivot governance and Litecoin-strategy matters
- DEF 14A Proxy statement2025-12-30
Proxy for meeting on post-pivot governance and Litecoin-strategy matters
- 8-K Auditor change2025-12-05
Changed independent registered accounting firm (auditor)
- 8-K/A Amended 8-K2025-11-20
Amended prior 8-K to supplement earlier disclosure
Recent filings
all on EDGAR ↗4Period ending 2026-06-242026-06-25open ↗8-KPeriod ending 2026-05-132026-05-13open ↗10-QPeriod ending 2026-03-312026-05-13open ↗SCHEDULE 13G/AFiling2026-02-17open ↗8-KPeriod ending 2026-02-172026-02-17open ↗10-QPeriod ending 2025-12-312026-02-17open ↗4Period ending 2026-02-122026-02-12open ↗8-KPeriod ending 2026-02-122026-02-12open ↗DEFA14AFiling2026-01-27open ↗ARSPeriod ending 2025-06-302025-12-30open ↗DEFA14AFiling2025-12-30open ↗DEF 14APeriod ending 2025-12-302025-12-30open ↗
Frequently asked
- Is Lite Strategy, Inc. (LITS) a buy?
- LITS currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. MEI Pharma is now 'Lite Strategy' — a zero-revenue oncology shell pivoting to a Litecoin treasury; unknowable risk, not investable.
- What is Lite Strategy, Inc.'s quality score?
- LITS scores 34.44239640875043/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001262104, latest 10-Q filed 2026-05-13) · EODHD · Proprietary analysis · as of 7/4/2026, 4:13:14 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 4, 2026, 12:13 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
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