Lite Strategy, Inc.
For the period ended Mar 31, 2026. Filed May 13, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 13, 2026
LITS$1.02+4.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-12-31; filed 2026-02-17.
0001193125-26-053215
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-13.
0001193125-26-220687
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 118 previous paragraphs and 118 current paragraphs.
91 unchanged; 21 reworded; 5 added; 6 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
LTC is subject to a developing regulatory landscape. On March 17, 2026, the SEC issued an interpretation addressing how the federal securities laws apply to certain types of crypto assets and transactions involving crypto assets (the Digital Asset Interpretation). While not a binding regulation, the Digital Asset Interpretation represents a shift in the SEC’s regulatory posture toward the crypto asset industry, moving from reliance primarily on enforcement actions to affirmative guidance establishing a classification framework and clarifying when crypto-related activities do or do not implicate the federal securities laws.
Current report
In the Digital Asset Interpretation, the SEC classified crypto assets into five categories based on their characteristics, uses, and functions. “Digital commodities,” “digital collectibles” including “meme coins,” and “digital tools” are not themselves securities according to the SEC. A “digital commodity” is a crypto asset intrinsically linked to, and deriving its value from, the programmatic operation of a “functional” crypto system and supply and demand dynamics, rather than from the expectation of profits based on the essential managerial efforts of others. A digital commodity is not a security. The Digital Asset Interpretation identifies a number of specific crypto assets as digital commodities, including LTC.
Current report
The Commodity Futures Trading Commission (the CFTC) joined the Digital Asset Interpretation to provide guidance that the CFTC and its staff will administer the Commodities Exchange Act of 1936, as amended (the CEA) consistent with the SEC’s interpretation. Accordingly, by following the Digital Asset Interpretation, the CFTC will continue to regulate LTC as a digital commodity. Under the CEA, the CFTC has broad enforcement authority to police market manipulation and fraud in spot digital asset markets in which we may transact. Beyond instances of fraud or manipulation, the CFTC generally does not oversee cash or spot market exchanges or transactions involving digital asset commodities that do not utilize margin, leverage or financing. In addition, CFTC regulations and CFTC oversight and enforcement authority apply with respect to futures, swaps, other derivative products and certain retail leveraged commodity transactions involving digital asset commodities, including the markets on which these products trade and the Digital Asset Interpretation does not include in its taxonomy digital derivatives or digital swaps or address regulation regarding these products.
Current report
Under the Digital Asset Interpretation, even if a crypto asset is deemed to be a non-security crypto asset (such as a “digital commodity”), the interpretation takes the view that the non-security crypto asset may still be subject to an investment contract, even in the secondary market, and thus secondary market transactions, even in such non-security crypto assets, might be subject to the federal securities laws. While the Digital Asset Interpretation conveys the SEC’s views on how the definition of “security” applies to crypto assets, it does not have the binding force of a regulation adopted through notice-and-comment rulemaking. Accordingly, courts are not bound by it and may reach different conclusions, and the SEC could revise or withdraw it in the future.
Current report
Zandelisib is an oral, once-daily, selective PI3Kδ inhibitor that was being development for the treatment of indolent B-cell lymphomas. In November 2022 we announced the discontinuation of zandelisib development after a meeting with the U.S. Food and Drug Administration (the FDA), in which the FDA recommended modifications to the phase 3 registration study that we deemed not feasible to complete in a time frame that would support further investments. Currently, we are not conducting any clinical trial for zandelisib and are assessing potential out-licensing or sale related opportunities.
Removed paragraphs (6)
Previous report
Stock Buy Back
Previous report
LTC is subject to a developing regulatory landscape. The SEC has stated that certain digital assets may be considered “securities” under the federal securities laws but has been inconsistent in its nonbinding statements and informal assurances via no action letters. The test for determining whether a particular digital asset is a “security” is complex and difficult to apply, and the outcome is difficult to predict.
Previous report
Zandelisib is an oral, once-daily, selective PI3Kδ inhibitor that we were jointly developing with Kyowa Kirin Co., Ltd (KKC) under a global license, development and commercialization agreement entered into in April 2020 (the KKC Commercialization Agreement) was later terminated in 2023 (as further discussed below). Currently, we are not conducting any clinical trial for zandelisib and are currently assessing potential out-licensing or sale related opportunities.
Previous report
In March 2022, we and KKC reported the outcome of an end of Phase 2 meeting with the U.S. Food and Drug Administration (FDA) wherein the agency discouraged a filing based on data from a single-arm Phase 2 TIDAL trial because data generated from single arm studies are insufficient to adequately assess the risk/benefit of PI3Kδ inhibitors in indolent non-Hodgkin lymphoma.
Previous report
In November 2022, we and KKC met with the FDA in a follow-up meeting to the March 2022 end of Phase 2 meeting. At this meeting, the FDA provided further guidance regarding the design and statistical analysis for the ongoing Phase 3 COASTAL trial. Following the November meeting, the companies jointly concluded a clinical trial consistent with the recent FDA guidance, including modification of the COASTAL trial, would likely not be feasible to complete within a time period that would support further investment or with sufficient certainty of the regulatory requirements for approval to justify continued global development efforts. As a result, we and KKC jointly decided to discontinue global development of zandelisib for indolent forms of non-Hodgkin lymphoma outside of Japan. The discontinuation of zandelisib development outside of Japan was a business decision based on the most recent regulatory guidance from the FDA and is not related to the zandelisib clinical data generated to date. Subsequently, in May 2023, KKC decided to discontinue development of zandelisib in Japan. The discontinuation of zandelisib in Japan was a business decision by KKC based on the most recent regulatory guidance from the Pharmaceuticals and Medical Devices Agency in Japan and was not related to the zandelisib clinical data that had been generated.
Previous report
On July 14, 2023, we entered into a termination agreement with KKC to terminate all agreements between the parties and cease further zandelisib clinical development globally. Activities associated with the compassionate use supply and wind down of the KKC Commercialization Agreement were completed in fiscal year 2024.
Reworded paragraphs (21)
Previous wording
Lite Strategy, Inc. (Nasdaq: LITS) is a pharmaceutical company that has historically developed novel and differentiated cancer therapies and is currently assessing pre-clinical development programs in potentially nononcology disease indications. We also hold Litecoin (LTC) tokens as a primary reserve asset as part of our broader institutional treasury initiative. We initially built our pipeline by acquiring promising cancer agents and creating value in programs through clinical development, strategic partnerships, and out-licensing or commercialization, as appropriate. Our approach to drug development is to evaluate our drug candidates either as stand-alone or in combination with standard-of-care therapies to overcome known resistance mechanisms and address medical needs to provide improved patient benefit. Our drug candidate pipeline includes voruciclib, an oral cyclin-dependent kinase 9 (CDK9) inhibitor, zandelisib, an oral, once-daily, selective P3K3 inhibitor and, prior to its sale in October 2024 to Aardvark Therapeutics, Inc., ME-344, an intravenous small molecule mitochondrial inhibitor targeting the oxidative phosphorylation pathway in the mitochondria.
Current wording
Lite Strategy, Inc. (Nasdaq: LITS) is a pharmaceutical company that has historically developed novel and differentiated cancer therapies and is currently assessing pre-clinical development programs in nononcology disease indications. We also hold Litecoin (LTC) tokens as a primary reserve asset as part of our broader institutional treasury initiative. We initially built our pipeline by acquiring promising cancer agents and creating value in programs through clinical development, strategic partnerships, and out-licensing or commercialization, as appropriate. Our approach to drug development is to evaluate our drug candidates either as stand-alone or in combination with standard-of-care therapies to overcome known resistance mechanisms and address medical needs to provide improved patient benefit. Our drug candidate pipeline includes voruciclib, an oral cyclin-dependent kinase 9 (CDK9) inhibitor, zandelisib, an oral, once-daily, selective P3K3 inhibitor and, prior to its sale in October 2024 to Aardvark Therapeutics, Inc., ME-344, an intravenous small molecule mitochondrial inhibitor targeting the oxidative phosphorylation pathway in the mitochondria.
Previous wording
In December 2025, we commenced utilization of our Share Repurchase Program and have repurchased an aggregate of 137,541 shares of our Common Stock from the open market (Treasury Shares) at a weighted-average price of $1.47 per share as of December 31, 2025. Treasury Shares repurchased through the Share Repurchase Program are considered held in treasury and returned to the status of authorized but unissued shares of Common Stock. The Share Repurchase Program does not have an expiration date, does not include specific price targets or timetables and may be suspended or terminated by us at any time.
Current wording
In December 2025, we commenced utilization of our Share Repurchase Program and have repurchased an aggregate of 1,629,136 shares of our Common Stock from the open market (Treasury Shares) at a weighted-average price of $1.22 per share as of March 31, 2026. Treasury Shares repurchased through the Share Repurchase Program are considered held in treasury and returned to the status of authorized but unissued shares of Common Stock. The Share Repurchase Program does not have an expiration date, does not include specific price targets or timetables and may be suspended or terminated by us at any time.
Previous wording
On July 22, 2025 (the Closing Date), we closed on a $100.0 million PIPE and issued an aggregate of (i) 23,216,898 shares (the Shares) of our Common Stock, at an offering price of $3.42 per share and (ii) pre-funded warrants (the Pre-Funded Warrants, and together with the Shares, the Securities), to purchase up to an aggregate of 6,022,869 shares of Common Stock, at an offering price of $3.4199 per Pre-Funded Warrant (the Offering).
Current wording
On July 22, 2025 (the Closing Date), we closed on a $100.0 million PIPE and issued an aggregate of (i) 23,216,898 shares of our Common Stock, at an offering price of $3.42 per share and (ii) pre-funded warrants (the Pre-Funded Warrants), to purchase up to an aggregate of 6,022,869 shares of Common Stock, at an offering price of $3.4199 per Pre-Funded Warrant (the Offering).
Previous wording
Our drug candidate pipeline includes voruciclib, an oral CDK9 inhibitor and zandelisib, an oral, once-daily, selective PI3Kδ inhibitor. In October 2024, we sold ME-344, a small molecule mitochondrial inhibitor targeting the oxidative phosphorylation pathway, to Aardvark Therapeutics, Inc. for development in obesity and metabolic diseases, with potential for future milestone payments and royalties due to us upon reaching prespecified development and commercialization targets.
Current wording
Our drug candidate pipeline includes voruciclib, an oral CDK9 inhibitor and zandelisib, an oral, once-daily, selective PI3Kδ inhibitor. In October 2024, we sold ME-344, a small molecule mitochondrial inhibitor targeting the oxidative phosphorylation pathway, to Aardvark Therapeutics, Inc. for development in obesity and metabolic diseases, with potential for future milestone payments of $62.0 million upon reaching prespecified development and commercialization targets, as well as royalties.
Previous wording
As reported by Davids et al. in a 2025 Blood Advance paper, the voruciclib monotherapy dose escalation/expansion stage of the study enrolled a total of 40 patients; the first 16 were dosed daily continuously at 50 and 100 mg and the following 24 patients were dosed on an intermittent schedule (14 consecutive days on therapy in a 28-day cycle) at 100, 150 and 200 mg. Voruciclib at doses up to 200 mg administered on this intermittent schedule was well tolerated with no dose limiting toxicities (DLT) reported. The most common adverse events (≥20% of patients) were diarrhea, nausea, anemia and fatigue. The majority of adverse events were Grade 1-2; of note, the only Grade 3-4 adverse events were diarrhea (n=1) and anemia (n=5). Pharmacokinetics were dose proportional and a mean half-life of approximately 24 hours supports once daily dosing.
Current wording
As reported by Davids et al. in a 2025 Blood Advance paper, the voruciclib monotherapy dose escalation/expansion stage of the study enrolled a total of 40 patients; the first 16 were dosed daily continuously at 50 and 100 mg and the following 24 patients were dosed on an intermittent schedule (14 consecutive days on therapy in a 28-day cycle) at 100, 150 and 200 mg. Voruciclib at doses up to 200 mg administered on this intermittent schedule was well tolerated with no dose limiting toxicities (DLT) reported. The most common adverse events (≥20% of patients) were diarrhea, nausea, anemia and fatigue. The majority of adverse events were Grade
Previous wording
Research and development costs decreased by approximately $0.3 million for the three months ended December 31, 2025, compared to the three months ended December 31, 2024. This decrease was a result of our announcement in July 2024 to explore strategic alternatives, at which time all clinical studies were ceased and we initiated reductions in our workforce. Pre-clinical investigational activities in nononcology disease indications for voruciclib commenced in the second quarter of fiscal year 2026.
Current wording
Research and development costs decreased by approximately $0.3 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. This decrease was a result of our exploration of strategic alternatives announced in July 2024, at which time all clinical studies were ceased and we initiated reductions in our workforce. Pre-clinical investigational activities in nononcology disease indications for voruciclib commenced in the second quarter of fiscal year 2026.
Previous wording
General and administrative expenses increased by $0.2 million to $3.3 million for the three months ended December 31, 2025 compared to $3.1 million for the three months ended December 31, 2024. For the three months ended December 31, 2025, we incurred $0.7 million in asset management and advisory fees and $0.4 in professional services incurred in connection with our Litecoin Treasury Strategy deployed in the first quarter of fiscal year 2026 along with a $0.3 million increase in noncash share-based compensation expense. This increase was partially offset by $1.2 million of lower personnel costs, which included $0.9 million in termination benefits.
Current wording
General and administrative expenses increased by $0.3 million to $2.7 million for the three months ended March 31, 2026 compared to $2.4 million for the three months ended March 31, 2025. For the three months ended March 31, 2026, we incurred $0.7 million in noncash asset management and advisory fees and $0.1 million in professional services incurred in connection with our Litecoin Treasury Strategy deployed in the first quarter of fiscal year 2026 along with a $0.3 million increase in noncash share-based compensation expense. These increases were partially offset by $0.8 million less in termination benefits.
Previous wording
Change in fair value of digital assets represents unrealized losses from the remeasurement of our LTC investments to their fair value and realized losses recognized upon derecognition of LTC digital assets when placing them as collateral with GSR Markets upon writing of Covered Call Options. We had no such investments in the comparable prior year period.
Current wording
Change in fair value of digital assets represents unrealized losses from the remeasurement of our LTC investments to their fair value, realized losses recognized upon derecognition of LTC digital assets when placing them as collateral with GSR Markets upon writing of Covered Call Options and realized losses on the sale of LTC digital assets. We had no such investments in the comparable prior year period.
Previous wording
Other (expense) income, net, decreased by $1.7 million to a loss of $0.9 million for the three months ended December 31, 2025 compared to income of $0.8 million for the three months ended December 31, 2024, primarily associated with the change in fair value of digital assets receivable, net, reflecting unrealized losses on LTC pledged for Covered Call Options partially offset by a gain on derivative liabilities during the current period with no such similar activity during the comparable prior year period. During the three months ended December 31, 2025 compared to the three months ended December 31, 2024, we received lower interest and dividend income as a result of lower cash balances. During the three months ended December 31, 2024, we recognized a gain on the sale of our ME-344 asset with no similar activity in the current three-month period.
Current wording
Other (expense) income, net, decreased by $2.3 million to a loss of $2.1 million for the three months ended March 31, 2026 compared to income of $0.2 million for the three months ended March 31, 2025, primarily associated with the change in fair value of digital assets receivable, net, reflecting realized and unrealized losses on LTC pledged for Covered Call Options partially offset by a gain on derivative liabilities during the current period with no such similar activity during the comparable prior year period. During the three months ended March 31, 2026 compared to the three months ended March 31, 2025, we received lower interest and dividend income as a result of lower cash balances.
Previous wording
Comparison of Six Months Ended December 31, 2025 and 2024
Current wording
Comparison of Nine Months Ended March 31, 2026 and 2025
Previous wording
Research and development costs decreased by $3.4 million for the six months ended December 31, 2025 compared to the six months ended December 31, 2024. This decrease was a result of our announcement in July 2024 to explore strategic alternatives, at which time all clinical studies were ceased and we initiated reductions in our workforce. Pre-clinical investigational activities in nononcology disease indications for voruciclib commenced in the second quarter of fiscal year 2026.
Current wording
Research and development costs decreased by $3.8 million for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025. This decrease was a result of our exploration of strategic alternatives announced in July 2024, at which time all clinical studies were ceased and we initiated reductions in our workforce. Pre-clinical investigational activities in nononcology disease indications for voruciclib commenced in the second quarter of fiscal year 2026.
Previous wording
General and administrative expenses decreased by $1.9 million to $6.4 million for the six months ended December 31, 2025, compared to $8.3 million for the six months ended December 31, 2024. The decrease was primarily due to $3.6 million of lower personnel costs, including $2.6 million in termination benefits and a $0.7 million decrease in corporate overhead costs. These decreases were partially offset by $1.2 million in asset management and advisory fees and $0.4 in professional services incurred in connection with our Litecoin Treasury Strategy deployed in the first quarter of fiscal year 2026 and a $0.6 million increase in noncash share-based compensation expense.
Current wording
General and administrative expenses decreased by $1.6 million to $9.1 million for the nine months ended March 31, 2026, compared to $10.7 million for the nine months ended March 31, 2025. The decrease was primarily due to $4.4 million of lower personnel costs, including $3.5 million in termination benefits, and a $0.4 million net decrease in other general and administrative costs. These decreases were partially offset by increases of $1.8 million in noncash asset management and advisory fees, $0.9 million in noncash share-based compensation expense and $0.6 million in professional services incurred in connection with our Litecoin Treasury Strategy deployed in the first quarter of fiscal year 2026.
Previous wording
Change in fair value of digital assets represents unrealized losses from the remeasurement of our LTC investments to their fair value and realized losses recognized upon derecognition of LTC digital assets when placing them as collateral with GSR Markets upon writing of Covered Call Options. We had no such investments in the comparable prior year period.
Current wording
Change in fair value of digital assets represents unrealized losses from the remeasurement of our LTC investments to their fair value, realized losses recognized upon derecognition of LTC digital assets when placing them as collateral with GSR Markets upon writing of Covered Call Options and realized losses on the sale of LTC digital assets. We had no such investments in the comparable prior year period.
Previous wording
Other (expense) income, net, decreased by approximately $2.0 million to a loss of $0.8 million for the six months ended December 31, 2025 compared to income of $1.1 million for the six months ended December 31, 2024, primarily associated with the change in fair value of digital assets receivable, net, reflecting unrealized losses on LTC pledged for Covered Call Options partially offset by a gain on derivative liabilities during the current period with no such similar activity during the comparable prior year period. During the six months ended December 31, 2025, compared to the six months ended December 31, 2024, we received lower interest and dividend income as a result of lower cash balances. During the six months ended December 31, 2024, we recognized a gain on the sale of our ME-344 asset with no similar activity in the current six-month period.
Current wording
Other (expense) income, net, decreased by approximately $4.2 million to a loss of $2.9 million for the nine months ended March 31, 2026 compared to income of $1.3 million for the nine months ended March 31, 2025, primarily associated with the change in fair value of digital assets receivable, net, realized and unrealized losses on LTC pledged for Covered Call Options partially offset by a gain on derivative liabilities during the current period with no such similar activity during the comparable prior year period. During the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025, we received lower interest and dividend income as a result of lower cash balances. During the nine months ended March 31, 2025, we recognized a gain on the sale of our ME-344 asset with no similar activity in the current nine-month period.
Previous wording
To date, we have obtained cash and funded our operations primarily through equity financings and license agreements. We have accumulated losses of $438.6 million since inception and expect to incur operating losses and generate negative cash flows from operations for the foreseeable future. As of December 31, 2025, we had $8.8 million in cash and cash equivalents and $64.0 million in unrestricted digital assets. Although we intend to retain and hold our digital assets, we could liquidate these assets, or a portion thereof, if needed to fund our operating activities. In connection with our July 2024 announcement regarding the evaluation of our strategic alternatives, we discontinued the clinical development of voruciclib in oncology, while certain related nonclinical research and development activities continued through the end of fiscal year 2025. As part of our continued assessment of future pre-clinical development with our drug candidate pipeline, in the second quarter of fiscal year 2026, we commenced additional investigational research and development activities in nononcology disease indications. We believe that our cash balance, including our digital assets, will be sufficient to meet our obligations and fund operations for at least the next 12 months from the issuance of these condensed consolidated financial statements.
Current wording
To date, we have obtained cash and funded our operations primarily through equity financings and license agreements. We have accumulated losses of $462.3 million since inception and expect to incur operating losses and generate negative cash flows from operations for the foreseeable future. As of March 31, 2026, we had $7.5 million in cash and cash equivalents and $40.3 million in unrestricted digital assets. Although we intend to retain and hold our digital assets, we could liquidate these assets, or a portion thereof, if needed to fund our operating activities. In connection with our July 2024 announcement regarding the evaluation of our strategic alternatives, we discontinued the clinical development of voruciclib in oncology, while certain related nonclinical research and development activities continued through the end of fiscal year 2025. As part of our continued assessment of future pre-clinical development with our drug candidate pipeline, in the second quarter of fiscal year 2026 we commenced additional investigational research and development activities in nononcology disease indications. We believe that our cash balance, including our digital assets, will be sufficient to meet our obligations and fund operations for at least the next 12 months from the issuance of these condensed consolidated financial statements.
Previous wording
In December 2025, we commenced utilization of our Share Repurchase Program utilizing proceeds from our Covered Call Options to repurchase Shares of our Common Stock. During the three months ended December 31, 2025, we realized gains of $0.5 million from our Covered Call Options, of which we used $0.2 million to repurchase 137,541 shares of our Common Stock.
Current wording
In December 2025, we commenced utilization of our Share Repurchase Program utilizing proceeds from our Covered Call Options to repurchase Shares of our Common Stock. During the nine months ended March 31, 2026, we received proceeds of $0.7 million from our Covered Call Options which were recognized as gains in our statements of operations. These proceeds and proceeds from the sale of our digital assets were used to repurchase 1,629,136 shares of our Common Stock.
Previous wording
Net cash used in operating activities for the six months ended December 31, 2025, of $6.4 million consisted of our net loss of $34.4 million and $1.8 million in changes in our operating assets and liabilities used in operations, partially offset by $29.8 million for noncash items. Net cash used in operating activities for the six months ended December 31, 2024 of $15.1 million consisted of our net loss of $10.7 million, $4.3 million in our operating assets and liabilities used in operations and $0.1 million in noncash items.
Current wording
Net cash used in operating activities for the nine months ended March 31, 2026, of $8.0 million consisted of our net loss of $58.1 million and $1.6 million in changes in our operating assets and liabilities used in operations, offset by $51.7 million for noncash items. Net cash used in operating activities for the nine months ended March 31, 2025, of $18.4 million consisted of our net loss of $13.3 million, $5.0 million in our operating assets and liabilities used in operations and $0.1 million in noncash items.
Previous wording
Net cash used in investing activities for the six months ended December 31, 2025, of $99.4 million consisted of our acquisition of digital assets upon deployment of our Litecoin Treasury Strategy in August 2025 and proceeds from written call options on our LTC. Net cash provided by financing activities for the six months ended December 31, 2024 of $35.2 million consisted of maturities of our short-term investments and proceeds recognized on the disposition of a nonfinancial asset.
Current wording
Net cash used in investing activities for the nine months ended March 31, 2026, of $97.3 million consisted of our acquisition of digital assets upon deployment of our Litecoin Treasury Strategy in August 2025, proceeds from sales of our digital assets and written call options on our LTC. Net cash provided by financing activities for the nine months ended March 31, 2025, of $35.2 million consisted of maturities of our short-term investments and proceeds recognized on the disposition of a nonfinancial asset.
Previous wording
Net cash provided by financing activities for the six months ended December 31, 2025, was $96.6 million associated with the issuance and sale of 23,216,898 shares of Common Stock and Pre-Funded Warrants for the purchase of up to 6,022,869 shares of Common Stock in our PIPE and the issuance, sale of 882,924 shares of Common Stock under our ATM Program. These proceeds were partially offset by cash used to repurchase 137,541 shares of our Common Stock at an average cost per share of $1.47. We had no financing activities during the six months ended December 31, 2024.
Current wording
Net cash provided by financing activities for the nine months ended March 31, 2026, was $94.8 million associated with the issuance and sale of 23,216,898 shares of Common Stock and Pre-Funded Warrants for the purchase of up to 6,022,869 shares of Common Stock in our PIPE and the issuance, sale of 882,924 shares of Common Stock under our ATM Program. These proceeds were partially offset by cash used to repurchase 1,629,136 shares of our Common Stock at an average cost per share of $1.22. We had no financing activities during the nine months ended March 31, 2025.
Previous wording
A 10% increase (decrease) in the historical volatility of LTC utilized to estimate the fair value of the derivative liabilities - covered call options would have resulted in an increase (decrease) of $8,500 ($7,600) in the fair value of the derivative liabilities - covered call options as of December 31, 2025.
Current wording
A 10% increase (decrease) in the historical volatility of LTC utilized to estimate the fair value of the derivative liabilities - covered call options would have resulted in ade minimis increase (decrease) in the gain on derivative liabilities as of March 31, 2026.
Previous wording
A 10% increase (decrease) in the forward price as of December 31, 2025, would have resulted in an increase (decrease) of $0.1 million ($25,000) in the fair value of our derivative liabilities - covered call options.
Current wording
A 10% increase (decrease) in the forward price as of March 31, 2026, would have resulted in ade minimis increase (decrease) in the gain on derivative liabilities.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
1-2; of note, the only Grade 3-4 adverse events were diarrhea (n=1) and anemia (n=5). Pharmacokinetics were dose proportional and a mean half-life of approximately 24 hours supports once daily dosing.