Belite Bio, Inc. ADR (BLTE) AI Stock Analysis

• Market Cap: $5.36B
• Dividend Yield: N/A
• Average Volume (3M): 64.23K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.94
• Revenue Growth: N/A
• EPS Growth: -73.27%
• Country: US
• Employees: 25
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.65
• Shares Outstanding: 37,514,630
• 10 Day Avg. Volume: 75,810
• 30 Day Avg. Volume: 64,229
• PEG Ratio: 63.44
• Price to Book (P/B): 13.21
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -65.58
• Enterprise Value/Market Cap: 0.35
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -38.34
• 1Y Price Target: $185.17
• Price Target Upside: 20.49% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: $175.00 ▲(13.87% Upside)

BLTE’s score is driven by solid balance-sheet strength but weighed down by pre-revenue financials and rising cash burn. Technicals are bullish with strong trend support, while valuation remains challenging due to ongoing losses. The latest earnings call was a net positive on regulatory/clinical progress and improved liquidity, despite higher expenses and losses.

Positive Factors

Regulatory Progress

Regulatory acceptance for priority and conditional marketing authorizations indicates strong potential for future market entry and revenue generation, enhancing long-term growth prospects.

Clinical Trial Success

Successful Phase 3 trial results for Tinlarebant demonstrate efficacy in treating Stargardt disease, potentially leading to the first approved treatment and significant market opportunities.

Strong Cash Position

The strengthened cash position supports ongoing clinical trials and commercialization efforts, providing financial stability and flexibility for strategic initiatives.

Negative Factors

Rising Cash Burn

Accelerating cash burn without revenue generation increases funding risk and pressures the company to secure additional financing to sustain operations.

Increased Net Loss

Widening losses due to increased R&D and G&A expenses highlight financial strain and the need for efficient cost management to ensure long-term viability.

Pre-Revenue Status

Lack of revenue generation underscores reliance on external funding and delays in achieving profitability, posing risks to financial sustainability and investor confidence.

Belite Bio, Inc. ADR Business Overview & Revenue Model

Company Description

Belite 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 Money

Belite 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 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.

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.

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.

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

• Technical Analysis Sentiment: Neutral
• Last Price: 153.68
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BLTE, the sentiment is Neutral. The current price of 153.68 is below the 20-day moving average (MA) of 157.54, above the 50-day MA of 140.67, and above the 200-day MA of 85.31, indicating a neutral trend. The MACD of 4.79 indicates Positive momentum. The RSI at 51.93 is Neutral, neither overbought nor oversold. The STOCH value of 37.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BLTE.

Belite Bio, Inc. ADR Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HRMY	81 Outperform	$2.08B	11.35	25.93%	―	21.13%	50.86%
KNSA	70 Outperform	$3.00B	88.22	7.39%	―	55.68%	―
BLTE	62 Neutral	$5.36B	-80.05	-32.30%	―	―	-73.27%
BEAM	53 Neutral	$3.59B	-7.98	-47.19%	―	-84.07%	-157.71%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CNTA	48 Neutral	$2.97B	-12.14	-60.45%	―	117.83%	-18.91%
DNLI	46 Neutral	$2.85B	-6.28	-44.44%	―	―	-5.30%

Belite Bio, Inc. ADR Corporate Events

Belite Bio Prices $350 Million ADS Offering to Boost Drug Development

On December 1, 2025, Belite Bio announced the pricing of a $350 million underwritten public offering of American Depositary Shares, each representing one ordinary share, at $154.00 per ADS. The offering, expected to close on December 3, 2025, aims to support commercialization preparation, pipeline development, and general corporate purposes. This move is significant for Belite Bio as it seeks to strengthen its market position and advance its drug development efforts, particularly for its lead candidate, Tinlarebant.

The most recent analyst rating on (BLTE) stock is a Buy with a $194.00 price target. To see the full list of analyst forecasts on Belite Bio, Inc. ADR stock, see the BLTE Stock Forecast page.

Belite Bio Reports Increased Cash Reserves Amid Rising R&D Costs

Belite Bio, Inc. released its unaudited interim condensed consolidated financial statements for the nine months ending September 30, 2025. The company reported a significant increase in cash and cash equivalents, rising from $31.7 million at the end of 2024 to $157 million by September 2025. Despite this, the company experienced a net loss of $52.3 million during the same period, primarily due to increased research and development expenses. The financial results reflect Belite Bio’s ongoing investment in its pipeline, which could impact its market positioning and stakeholder confidence as it continues to focus on long-term growth and innovation.

The most recent analyst rating on (BLTE) stock is a Buy with a $185.00 price target. To see the full list of analyst forecasts on Belite Bio, Inc. ADR stock, see the BLTE Stock Forecast page.

Belite Bio Announces Public Offering of ADSs to Fund Expansion

On December 1, 2025, Belite Bio, Inc announced the commencement of an underwritten public offering of American Depositary Shares, each representing one ordinary share. The proceeds from this offering are intended for commercialization preparation, pipeline development, and general corporate purposes. The offering is subject to market conditions, and its completion is not guaranteed, highlighting potential impacts on the company’s operational expansion and market positioning.

The most recent analyst rating on (BLTE) stock is a Buy with a $185.00 price target. To see the full list of analyst forecasts on Belite Bio, Inc. ADR stock, see the BLTE Stock Forecast page.

Belite Bio Reports Breakthrough Phase 3 Results for Stargardt Disease Treatment

On December 1, 2025, Belite Bio announced positive results from its Phase 3 DRAGON trial for Tinlarebant, a treatment for Stargardt disease. The trial demonstrated a significant reduction in retinal lesion growth, marking a potential breakthrough for a condition with no current approved treatments. The successful trial positions Belite Bio to file for regulatory approval in 2026, potentially offering new hope to over 50,000 affected individuals in the U.S. The findings underscore the company’s commitment to addressing unmet medical needs and could significantly impact the treatment landscape for retinal disorders.

The most recent analyst rating on (BLTE) stock is a Buy with a $154.00 price target. To see the full list of analyst forecasts on Belite Bio, Inc. ADR stock, see the BLTE Stock Forecast page.

Belite Bio Announces Q3 2025 Results and Key Trial Progress

On November 10, 2025, Belite Bio reported its financial results for the third quarter of 2025 and provided a corporate update. The company completed enrollment in its pivotal phase 3 PHOENIX trial for geographic atrophy and the DRAGON trial for Stargardt disease, with final topline data expected in Q4 2025. Regulatory agencies in China and the UK have accepted applications for Tinlarebant based on interim analysis results. Financially, Belite Bio completed a $15 million registered direct offering and a $125 million private placement, strengthening its position to advance Tinlarebant towards regulatory milestones.

The most recent analyst rating on (BLTE) stock is a Buy with a $132.00 price target. To see the full list of analyst forecasts on Belite Bio, Inc. ADR stock, see the BLTE Stock Forecast page.