Lite Strategy: From Biotech To Litecoin Treasury

Summary LITS has pivoted from biotech to becoming a Litecoin treasury via a $100 million ￰0￱ has so far bought around 929,548 ￰1￱ has become the first US exchange-listed company holding Litecoin as its primary reserve ￰2￱ LITS’s pre-PIPE cash plus updated Litecoin holdings, I estimate LITS currently trades at approximately 0.8x its total ￰3￱ forward, its cash burn will probably trend towards G&A expenses of $2.4 million per ￰4￱ gives LITS a comfortable runway to maneuver in the near ￰5￱ my view, LITS offers compelling value based on valuation numbers ￰6￱ in the long run, investors are essentially betting on Litecoin’s price ￰7￱ Strategy Inc. ( LITS ) was formerly known as MEI Pharma, ￰8￱ traded under the ticker “MEIP.” LITS was an oncology firm working on two drug candidates, vorucliclib and ME-144, which could have been helpful as oncology combo therapies.

However, recently, LITS became the first US exchange-listed company to adopt a Litecoin ( LTC-USD ) ￰9￱ pivot was funded by a $100 million PIPE, which was used to buy around 929,548 Litecoin. Also, its BitGo Prime loan framework gives LITS “borrow not sale” liquidity if needed. Lastly, I think there’s enough value at these levels to justify a “Buy” rating, but in the long run, LITS investors are essentially betting on the price of Litecoin itself going ￰10￱ Turned Into Litecoin Treasury Lite Strategy ￰11￱ originally a clinical-stage oncology company that developed cancer ￰12￱ surprisingly, in 2025, they also adopted a Litecoin treasury strategy funded by a $100 million PIPE funding to purchase Litecoin as a reserve ￰13￱ the process, they also rebranded from MEIP into LITS as the first US public company to hold Litecoin as a key reserve ￰14￱ echoes a similar transition that MicroStrategy followed until it became Strategy Inc.

( MSTR ). MicroStrategy used to rely on its consulting business, but over time became increasingly focused on only accumulating Bitcoin ( BTC-USD ) as an investment vehicle for retail stock investors interested in the cryptocurrency.) AML treated with two or more prior ￰15￱ planned to start a Phase 2 trial in 2025 (subject to FDA advice), based on the results of their previous Phase 1 study that included 42 patients on the combo with venetoclax (Venclexta). Likewise, Vorucliclib was supposed to suppress MCL-1 and overcome venetoclax ￰16￱ company wanted to prove that voruciclib could be used across a wide range of AML, in a mutation-agnostic way, unlike menin, FLT3, or IDH ￰17￱ 50% to 55% of AML patients lack actionable driver mutations, and they can’t receive FLT3/IDH/menin-directed ￰18￱ 30% carry NPM1, 30% FLT3, and 20% IDH1/2, with overlap among these groups.

Therefore, a mutation-agnostic therapy, like CDK9 inhibition, could have helped around half of the population left without targeted ￰19￱ paper, this seemed compelling as the total US market size for r/r AML is forecasted to grow to $4.7 billion by 2030. Moreover, thousands of those patients are treatable, with about half lacking actionable mutations. Thus, these patients currently have poor outcomes, and vorucliclib can potentially fill this unmet medical need. Additionally, voruciclib completed a Phase 1/1b trial for solid tumors , especially KRAS-mutant ￰20￱ this purpose, voruciclib was tested on 77 patients (alone and in combination with vemurafenib).

The data showed good tolerability and efficacy, and supported future combination trials rather than a single-agent solid tumor therapy.) inhibitor, which reduces tumor cells’ ATP generation and increases oxidative ￰21￱ helped produce a tumor cellular energy crisis and death, especially in combination ￰22￱ Phase 1/1b trials were completed with encouraging activity and an acceptable safety ￰23￱ study for solid tumors with VEGF inhibitors, bevacizumab & tyrosine-kinase inhibitors, was in a pre-IND stage as well. First-Mover Litecoin Treasury Nevertheless, LITS suddenly pivoted towards becoming a Litecoin treasury company and raised $100 million via a private investment in public equity ( PIPE ) to fund this ￰24￱ this funding, MEIP bought approximately 929,548 ￰25￱ fact, Litecoin’s creator , Charlie Lee, joined LITS’s board to advise on digital-asset and treasury ￰26￱ practice, this effectively made LITS the first US exchange-listed company to formally hold Litecoin as a primary asset.

It’s worth mentioning that Litecoin also has some improvements over Bitcoin, like lower fees and faster settlement, which suggests it could be better as a treasury and reserve asset. However, cryptocurrencies’ intrinsic value is complex , but seems largely tied to their network effects, rather than solely fundamental characteristics. So, it’s uncertain whether or not this Litecoin strategy will work as well as it did for MSTR with Bitcoin.), custody, leverage (if LITS can borrow against Litecoin), and liquidity ￰27￱ And Risk Analysis Now, from a valuation perspective, LITS’s Q1 2025 report showed their balance sheet held $20.5 million in cash, no debt (only regular operating liabilities), and a book value of $19.5 ￰28￱ the time, there were roughly 6.7 million shares ￰29￱ July 2025, they raised their $100 million PIPE to purchase Litecoin and issued 29.2 million new shares in the process.

Thus, I estimate there are now around 35.9 million shares outstanding, which at the current $2.93 PPS implies a $105.2 million market cap for LITS.). And according to their Q1 10-Q, they’ve discontinued their biotech R&D, though it appears they’re willing to seek licensing deals or asset sales if possible. So, that means they probably still have their pre-PIPE cash of $20.5 million, plus 929,548 Litecoin valued at $105.5 million at the current price-per-token of $113.50. Since cash and Litecoin (about $126.0 million) are the large majority of its assets today, I estimate LITS trades at approximately 0.8x its assets, while holding no debt .

Lastly, their cash burn is probably going to be minimal going forward as ￰30￱ OpEx has wound down significantly from $9.8 million in Q1 2024 to just $2.8 million in Q1 ￰31￱ of their current OpEx is G&A expenses, which I suspect will probably become the cash burn run rate for a Litecoin treasury company like LITS. Thus, if we assume their quarterly cash burn will trend towards its latest G&A of $2.4 million, it would imply a cash runway of around 8.5 ￰32￱ my view, this is more than enough time for them to find new revenue sources (or license their legacy biotech assets). This aligns with their new Litecoin-centric strategy, though it’s still definitely a risk worth considering.) with CFO ￰33￱ the action fits within their policy, the CFO can ￰34￱ not, board approval will be required.

However, in practice, I get the impression LITS’s focus is no longer on R&D, but rather simply accumulating shareholder value through its Litecoin treasury and managing it. conclusion: Compelling Value For Now Overall, the main risk with LITS now is essentially the price of Litecoin itself. Obviously, if the price of Litecoin plunges, then LITS will probably follow the same ￰35￱ remember, LITS’s main asset right now is Litecoin, so it should track the cryptocurrency’s price very closely going ￰36￱ on the flip side, I think that at these levels, LITS is probably somewhat undervalued if we look at the cash it held before its pivot and the value of its Litecoin holdings ￰37￱ that sense, I have to lean bullish on the shares as I believe there’s a compelling entry ￰38￱ in the long term, the investment thesis is basically Litecoin, and that depends on each investor’s take on this particular cryptocurrency’s prospects.