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BLTE

Belite Bio, Inc

BLTE

Belite Bio, Inc • NASDAQ
$137.44 ▲ 6.03% (+7.82)
Market Cap $4.80 B
52w High $144.99
52w Low $49.00
Dividend Yield 0%
P/E -71.58
Volume 75.29K
Outstanding Shares 34.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $23.018M ▲ $-21.69M ▼ 0% $-0.65 ▼ $-21.69M ▼
Q2-2025 $0 $17.596M ▲ $-16.32M ▼ 0% $-0.5 ▼ $-16.278M ▼
Q1-2025 $0 $15.517M ▲ $-14.277M ▼ 0% $-0.44 ▼ $-15.475M ▼
Q4-2024 $0 $11.457M ▲ $-10.1M ▼ 0% $-0.32 ▼ $-7.579M ▲
Q3-2024 $0 $9.74M $-8.679M 0% $-0.28 $-9.705M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $0 $156.407M ▼ $6.522M ▲ $149.885M ▼
Q1-2025 $0 ▼ $164.201M ▲ $6.131M ▼ $158.07M ▲
Q4-2024 $145.149M ▲ $152.132M ▲ $6.311M ▲ $145.821M ▲
Q3-2024 $0 ▼ $115.821M ▼ $3.621M ▼ $112.2M ▼
Q2-2024 $95.5M $118.43M $3.837M $114.593M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-9.494K ▲ $0 $0 $0 $0 $0
Q1-2025 $-14.277K ▼ $0 $0 $0 $0 $0
Q4-2024 $-10.1K ▼ $0 $0 $0 $0 $0
Q3-2024 $-8.679K ▲ $0 $0 $0 $0 $0
Q2-2024 $-9.494K $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Belite Bio is still a pure development-stage biotech, so it has no product revenue yet. The income statement is dominated by research and development and related operating costs, which lead to steady losses each year. These losses have grown as the company has advanced its clinical programs, which is typical for a firm moving into later-stage trials. Earnings per share remain negative and have generally trended more negative over time, reflecting higher spending spread across a relatively small shareholder base. Overall, the income statement tells the story of a company investing heavily ahead of any commercial payback.

Balance Sheet

Balance Sheet The balance sheet shows a small but improving company that has been gradually building its asset base, mainly through raising equity rather than taking on debt. Cash has moved around over the years as funds are raised and then spent on trials, while total assets have grown as the business scales up. Debt has essentially been eliminated, and shareholder equity has turned from negative to clearly positive, which indicates prior funding rounds have repaired the balance sheet. Even so, the asset base is still modest, so ongoing access to capital will remain important until the company can generate its own cash from products, if and when they are approved.

Cash Flow

Cash Flow Cash flow is consistently negative from operations, driven by trial expenses, staff, and overhead. There is essentially no capital spending on physical assets, so almost all cash usage is tied to running and expanding the clinical programs. Free cash flow therefore tracks operating cash flow closely and has become somewhat more negative as the lead drug moves through late-stage trials. This pattern is typical for early- to mid-stage biotech: the business consumes cash rather than produces it, and the timing and scale of future financing needs will depend heavily on trial progress and any partnership activity.

Competitive Edge

Competitive Edge Belite Bio’s competitive position rests on a focused strategy in serious retinal diseases with few or no approved treatments. Its lead drug, Tinlarebant, is an oral therapy that contrasts sharply with the injection-based approaches used by several larger competitors in related eye conditions. Being among the most advanced programs targeting Stargardt disease gives it potential first-mover status in that niche. Multiple regulatory designations across major regions strengthen this position by potentially speeding review and providing market exclusivity benefits. However, the company faces competition from well-funded firms in geographic atrophy and from emerging gene therapies in Stargardt, so clinical efficacy, safety, and convenience will be crucial to sustaining an edge. Dependence on a single flagship asset also concentrates competitive and scientific risk.

Innovation and R&D

Innovation and R&D Innovation is the core of Belite Bio’s story. The company is pursuing a first-in-class oral small molecule that works upstream in the visual cycle by lowering RBP4, aiming to reduce toxic byproducts that damage retinal cells. This is a differentiated mechanism compared with many competitors that focus on inflammation later in the disease process. Late-stage trials in Stargardt disease and geographic atrophy show the R&D engine is well advanced, backed by encouraging earlier data and a suite of supportive regulatory designations. Beyond ophthalmology, management is exploring the same RBP4-targeting platform for metabolic diseases such as fatty liver disease and diabetes, which, if successful, could expand the opportunity meaningfully. The main R&D risk is concentration: much of the company’s value hinges on a single technology and a single lead compound successfully clearing late-stage trials and regulatory review.

Summary

Belite Bio looks like a classic clinical-stage biotech: no revenue yet, growing operating losses, and a balance sheet funded primarily by equity rather than debt. The financials reflect a company still very much in the investment phase, with cash flowing out to support late-stage trials and no commercial cash coming in. On the strategic side, its focus on retinal diseases with high unmet need, an oral and differentiated mechanism, and strong regulatory support creates a potentially attractive niche, especially in Stargardt disease where there is no approved therapy today. At the same time, the business is highly exposed to the outcome of a small number of key trials and must continue to manage cash carefully while competing with larger, better-capitalized players. Future results will hinge on Phase 3 data, regulatory decisions, and the company’s ability to translate its scientific lead into a sustainable commercial franchise.

NEWS

October 29, 2025 · 8:35 AM UTC

Belite Bio to Present at the dbVIC - Deutsche Bank ADR Virtual Investor Conference November 4th

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October 29, 2025 · 8:00 AM UTC

Belite Bio to Participate in the Deutsche Bank ADR Virtual Investor Conference

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October 15, 2025 · 8:00 AM UTC

Belite Bio Announces China NMPA Agrees to New Drug Application with Priority Review based on Interim Analysis Results for the Treatment of Stargardt Disease with Tinlarebant

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