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Belite Bio, Inc. ADR (BLTE)
NASDAQ:BLTE
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Belite Bio, Inc. ADR
(NASDAQ:BLTE)
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Rating:43Neutral
Price Target:―
Belite Bio faces significant financial challenges with no revenue and increasing losses, impacting its overall score. Technical indicators show neutral momentum, and valuation is unattractive with negative earnings. However, the earnings call highlights clinical advancements and financial stability, providing a positive outlook in the long term despite current financial difficulties.
Positive Factors
Clinical Advancements
The regulatory designations for Tinlarebant indicate strong potential for approval and market entry, enhancing Belite Bio's competitive position in treating Stargardt disease and geographic atrophy.
Financial Stability
The company's substantial cash reserves and investments provide a solid financial runway, supporting ongoing R&D activities and mitigating short-term financial risks.
Strong Trial Enrollment
Successful enrollment in clinical trials demonstrates strong interest and potential for successful study outcomes, which are critical for regulatory approval and future revenue generation.
Negative Factors
Increasing Net Loss
Rising net losses highlight ongoing financial challenges, which could strain resources and delay the company's path to profitability if not managed effectively.
Adverse Events in Trials
Adverse events in clinical trials can impact patient recruitment and retention, potentially delaying trial completion and affecting the drug's marketability.
High Dropout Rate
A high dropout rate in trials can compromise data integrity and delay results, affecting the timeline for regulatory submissions and market entry.
Belite Bio, Inc. ADR (BLTE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.62B
Dividend YieldN/A
Average Volume (3M)64.23K
Price to Earnings (P/E)―
Beta (1Y)0.94
Revenue GrowthN/A
EPS Growth-73.27%
CountryUS
Employees25
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.65
Shares Outstanding32,833,400
10 Day Avg. Volume75,810
30 Day Avg. Volume64,229
Financial Highlights & Ratios
PEG Ratio63.44
Price to Book (P/B)13.21
Price to Sales (P/S)0.00
P/FCF Ratio-65.58
Enterprise Value/Market Cap0.48
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda-35.30
Forecast
1Y Price Target
$158.33Price Target Upside2.80% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Belite Bio, Inc. ADR Business Overview & Revenue Model
Company DescriptionBelite Bio, Inc, a clinical-stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting atrophic age-related macular degeneration and autosomal recessive stargardt diseases. Its lead product candidate is LBS-008, an oral once-a-day treatment that can reduce and maintain the delivery of vitamin A to the eye to reduce the accumulation of toxic vitamin A by-products in ocular tissue that is in phase 3 clinical trial. The company is also developing LBS-009, an anti-retinol binding protein 4 oral therapy targeting liver disease, including non-alcoholic fatty liver disease, nonalcoholic steatohepatitis, and type 2 diabetes, which is in the preclinical development phase. Belite Bio, Inc was founded in 2016 and is based in San Diego, California. Belite Bio, Inc operates as a subsidiary of Lin Bioscience International Ltd.
How the Company Makes MoneyBelite Bio primarily makes money by developing and commercializing pharmaceutical products. The company generates revenue through strategic partnerships and collaborations with other pharmaceutical companies and research institutions, where it may receive upfront payments, milestone payments, and royalties on sales of successfully developed drugs. Additionally, Belite Bio may seek funding through grants and government programs to support its research and development activities, which are critical to advancing its product candidates through clinical trials and towards market approval.
Belite Bio, Inc. ADR Earnings Call Summary
Earnings Call Date:Nov 10, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 27, 2026
Earnings Call Sentiment Neutral
The earnings call reflects significant regulatory progress and strong financial positioning through successful funding. However, these positives are counterbalanced by increased losses and rising expenses, primarily due to share-based compensation and trial costs.Q3-2025 Updates
Positive Updates
Regulatory Progress in Key Markets
Positive feedback from major regulatory agencies, including China's NMPA and the U.K.'s MHRA, agreeing to accept priority and conditional marketing authorization applications based on interim analysis results from the Phase III DRAGON trial.
Successful Funding Initiatives
Completed a $50 million registered direct offering and a $125 million private placement, with the potential for an additional $165 million upon full warrant exercise, resulting in a strong cash position of $275.6 million.
Advancement in Clinical Trials
Completed enrollment of the Phase III PHOENIX trial for GA with 530 subjects and the Phase III DRAGON trial for Stargardt's disease, with ongoing enrollment in the DRAGON II trial.
Negative Updates
Increased Net Loss
Reported a net loss of $21.7 million compared to $8.7 million for the same period last year, primarily attributed to increased R&D and G&A expenses, including share-based compensation.
Higher R&D and G&A Expenses
R&D expenses increased to $10.3 million from $6.8 million last year due to trial costs, and G&A expenses rose to $12.7 million from $2.9 million, driven by share-based compensation.
Company Guidance
During the Belite Bio Third Quarter 2025 Earnings Call, the company shared significant updates and guidance for their clinical and financial progress. Key clinical developments included the completion of enrollment for the Phase III PHOENIX trial with 530 subjects for GA, and the completion of the Phase III DRAGON trial for Stargardt's disease, with final top-line data expected by the end of November 2025. The DRAGON II trial is ongoing with 35 out of the targeted 60 subjects enrolled. Regulatory advancements were highlighted, including acceptance for NDA priority review by China's NMPA and conditional marketing authorization by the U.K.'s MHRA based on interim analysis results from the DRAGON trial. Financially, the company reported Q3 2025 R&D expenses of $10.3 million, up from $6.8 million in 2024, and G&A expenses of $12.7 million, up from $2.9 million. The net loss for the quarter was $21.7 million, with a significant portion attributed to $12.9 million in non-cash share-based compensation expenses. The company further strengthened its financial position by completing a $50 million registered direct offering and a $125 million private placement, with potential additional proceeds of $165 million from warrant exercises, resulting in $275.6 million in cash and liquidity at the end of the quarter. These funds are expected to support ongoing clinical trials and commercialization efforts.Belite Bio, Inc. ADR Financial Statement Overview
Summary
Belite Bio, Inc. faces significant financial challenges, with persistent lack of revenue and increasing losses impacting its income statement. Although there have been improvements in equity levels, the company's balance sheet reflects past high leverage and current reliance on financing activities. The cash flow statement highlights ongoing operational cash deficits, stressing the importance of achieving revenue growth and effective cash management.Income Statement
The company has consistently reported zero revenue, indicating no commercial products or services generating income. Net income is negative, worsening from -$12.48 million in 2022 to -$31.63 million in 2023, reflecting increasing losses. EBIT and EBITDA margins are negative, emphasizing operational challenges and a lack of profitability.10
Very Negative
Balance Sheet
The company has a positive stockholders' equity at $90.43 million in 2023, indicating an improvement from negative equity in 2021. However, the debt-to-equity ratio is relatively low due to reduced total debt, suggesting limited leverage but also highlighting past reliance on external financing. The equity ratio shows a reasonable level of capitalization.30
Negative
Cash Flow
Free cash flow is negative and deteriorating, with a significant drop from -$11.85 million in 2022 to -$29.9 million in 2023. Operating cash flow is also negative, indicating cash outflows from core operations. Despite substantial financing cash inflows, the cash flow situation remains weak, emphasizing cash burn issues.20
Very Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 0.00 | 0.00 | -198.00K | -30.00K | 0.00 |
| EBITDA | -49.04M | -35.67M | -31.20M | -12.43M | -9.64M | -5.73M |
| Net Income | -49.38M | -36.14M | -31.63M | -12.65M | -9.67M | -5.75M |
Balance Sheet | ||||||
| Total Assets | 156.41M | 152.13M | 94.64M | 44.27M | 18.35M | 25.74M |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 145.15M | 88.16M | 42.09M | 17.34M | 25.62M |
| Total Debt | 0.00 | 537.00K | 886.00K | 866.00K | 31.81M | 31.81M |
| Total Liabilities | 6.52M | 6.31M | 4.21M | 2.77M | 33.44M | 32.78M |
| Stockholders Equity | 149.88M | 145.82M | 90.43M | 41.50M | -15.09M | -7.04M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -29.39M | -29.90M | -11.85M | -7.55M | -4.46M |
| Operating Cash Flow | 0.00 | -29.23M | -29.84M | -11.46M | -7.47M | -4.44M |
| Investing Cash Flow | 0.00 | -110.57M | -63.00K | -394.00K | -56.00K | -20.00K |
| Financing Cash Flow | 0.00 | 83.59M | 75.96M | 36.96M | -583.00K | 28.06M |
Belite Bio, Inc. ADR Technical Analysis
Positive
154.02
Price Trends
97.51
Positive
81.59
Positive
71.53
Positive
Market Momentum
11.79
Negative
74.58
Negative
79.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BLTE, the sentiment is Positive. The current price of 154.02 is above the 20-day moving average (MA) of 119.95, above the 50-day MA of 97.51, and above the 200-day MA of 71.53, indicating a bullish trend. The MACD of 11.79 indicates Negative momentum. The RSI at 74.58 is Negative, neither overbought nor oversold. The STOCH value of 79.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BLTE.
Belite Bio, Inc. ADR Risk Analysis
Belite Bio, Inc. ADR disclosed 115 risk factors in its most recent earnings report. Belite Bio, Inc. ADR reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Belite Bio, Inc. ADR Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $2.05B | 11.18 | 25.93% | ― | 21.13% | 50.86% | |
72 Outperform | $3.10B | 91.28 | 7.39% | ― | 55.68% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | $2.64B | ― | -44.44% | ― | ― | -5.30% | |
44 Neutral | $2.44B | -5.42 | -47.19% | ― | -84.07% | -157.71% | |
43 Neutral | $3.62B | -71.67 | -32.30% | ― | ― | -73.27% | |
33 Underperform | $3.90B | ― | -60.45% | ― | 117.83% | -18.91% |
* Healthcare Sector Average
BLTE
Belite Bio, Inc. ADR
154.02
89.02
136.95%
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BEAM
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HRMY
Harmony Biosciences Holdings
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CNTA
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28.47
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66.30%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.