Lite Strategy Inc (0JW9.L) reported a net loss of $2.57 million for QQ3 2025 with no reported revenue. The quarter shows ongoing clinical-stage burn: cost of revenue of $0.169 million, research and development expense of $0.369 million, and general and administrative expense of $2.405 million, culminating in an EBITDA of $(2.774) million and an operating cash flow burn of $(3.267) million. Management commentary is not available in the provided data; however, the results align with typical pre-commercial biotech dynamics, where near-term profitability hinges on clinical milestones and financing catalysts rather than product sales. The company maintains a strong liquidity position, ending the period with $20.47 million in cash and equivalents and no debt, yielding a robust liquidity runway given a quarterly cash burn of roughly $3.27 million. In September 2025, Lite Strategy reportedly renamed from MEI Pharma to Lite Strategy Inc, signaling a strategic repositioning that could influence investor perception and strategic partnerships going forward. The near-term trajectory will depend on clinical progress for ME344, potential licensing or collaboration deals, and the ability to secure non-dilutive or limited-dilutive funding to extend the runway as the pipeline advances.