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Lite Strategy Inc. (LITS) reported first quarter fiscal 2026 results, ending September 30, 2025, with $12.21 million in working capital and no outstanding debt. The company holds 929,548 Litecoin tokens after raising $100 million in gross proceeds through a private investment in public equity offering completed in July 2025.
The company, formerly MEI Pharma, rebranded to Lite Strategy and changed its ticker symbol from MEIP to LITS. The firm appointed Charlie Lee, creator of Litecoin, and Joshua Riezman, U.S. Chief Strategy Officer at GSR, to its board of directors. Lite Strategy entered a strategic partnership with GSR to guide its digital asset treasury strategy.
In October, the company announced a $25 million share repurchase program. CEO and CFO Jay File stated the company will consider opportunities to deploy the buyback program until its discount to net asset value normalizes.
The company sold its clinical asset ME-344, now known as WE-868, to Aardvark Therapeutics. Lite Strategy continues to evaluate its remaining clinical assets, including potential pre-clinical studies with voruciclib in non-oncology disease indications and pursuing licensing opportunities with zandelisib.
File said the company transitioned from pharmaceutical operations to focus on digital asset treasury strategies. The company describes itself as the first U.S. publicly traded company to adopt Litecoin as a primary reserve asset.
The financial results and corporate developments were disclosed in a company press release statement.