Note 13. Share-based Compensation

We use equity-based compensation programs to provide long-term performance incentives for our employees. These incentives consist primarily of stock options and RSUs. In December 2008, we adopted the MEI Pharma, Inc. 2008 Stock Omnibus Equity Compensation Plan (the Prior Omnibus Plan), as amended and restated from time to time, under which 1,850,739 shares of Common Stock were authorized for issuance. The Prior Omnibus Plan provides for the grant of options and/or other stock-based or stock-denominated awards to our non-employee directors, officers, employees and advisors. Effective February 12, 2026, our stockholders approved our Lite Strategy, Inc. 2026 Stock Omnibus Equity Compensation Plan (the 2026 Omnibus Plan and together with the Prior Omnibus Plan, the Omnibus Plans), which replaces the Prior Omnibus Plan. Subject to certain adjustments, under the 2026 Omnibus Plan, we are authorized to issue 2,000,000 shares of Common Stock, plus (i) the number of shares available for grant under the Prior Omnibus Plan as of the effective date of the 2026 Omnibus Plan and (ii) the number of shares underlying awards granted under the Prior Omnibus Plan that, following the effective date, expire or are terminated, surrendered, cancelled or forfeited without issuance of shares. Grants may be made to our employees and the employees of our affiliates, our nonemployee directors, and the advisors who perform services for us and our subsidiaries. The 2026 Omnibus Plan provides for the grant of stock options, stock appreciation rights, stock units, stock awards, and other stock-based awards. As of June 30, 2026, there were 2,058,800 shares available for future grant under the 2026 Omnibus Plan.

In May 2021, we adopted the 2021 Inducement Plan (Inducement Plan, together with the Omnibus Plans, the Equity Plans), under which 125,000 shares of Common Stock were authorized for issuance. On June 9, 2023, our Board approved an amendment

and restatement of the Inducement Plan to increase the aggregate number of shares of Common Stock authorized for issuance by 92,000 shares. The Inducement Plan is intended to assist us in attracting and retaining selected individuals to serve as employees who are expected to contribute to our success, by providing an inducement for such individuals to enter into employment with us and to achieve long-term objectives that will benefit our stockholders. As of June 30, 2026, there were 163,698 shares available for future grant under the Inducement Plan.

Stock Options

Stock options granted to employees and advisors in fiscal year 2026, generally vest monthly over three years. Stock options granted to employees prior to July 1, 2025, generally vested 25% one year from the date of grant and ratably each month thereafter for a period of 36 months and expire ten years from the date of grant. Stock options granted to directors vest ratably each month for a period of 12 months from the date of grant and expire ten years from the date of grant. As of June 30, 2026, there were a total of 1,731,085 options outstanding of which 1,677,783 were granted under the Omnibus Plans and 53,302 were granted under the Inducement Plan.

Unrecognized compensation expense related to non-vested stock options totaled $0.4 million as of June 30, 2026. Such compensation expense is expected to be recognized over a weighted-average period of 1.3 years. As of June 30, 2026, we expect all outstanding options to vest.

On July 15, 2025, we granted options to purchase 124,250 shares of our common stock at an exercise price $3.07 per share (the Spring-loaded Options), which fully vested at time of grant. On July 18, 2025, we publicly announced our PIPE which closed on July 22, 2025. We reviewed the Spring-loaded Options in accordance with SAB 120 and ASC 718 and concluded since we were in possession of material non-public information on July 15, 2025 regarding our PIPE when the options were granted, such options were considered to be spring-loaded. Therefore, we revalued the options using the closing price on July 18, 2025 (the release date) rather than July 15, 2025 (the grant date) and recorded incremental share-based compensation expense of $0.3 million associated with the Spring-loaded Options.

We use a Black-Scholes valuation model to estimate the grant date fair value of stock options. During the fiscal year ended June 30, 2025, we did not grant any stock options. The weighted-average grant date fair value of options granted during the year ended June 30, 2026, was $1.43 per share. During the fiscal year ended June 30, 2026, the following weighted-average assumptions were used to calculate these fair values: