Core Insights - Belite Bio Inc is a clinical-stage drug development company focused on novel therapeutics for degenerative retinal diseases with significant unmet medical needs [3] Group 1: Company Overview - Belite Bio is advancing therapeutics targeting conditions such as STGD1 and GA in advanced dry AMD, as well as specific metabolic diseases [3] - The company's lead candidate, Tinlarebant, is an oral therapy aimed at reducing bisretinoid toxin accumulation in the eye [3] - Tinlarebant is currently being evaluated in multiple studies: a Phase 3 study (DRAGON), a Phase 2/3 study (DRAGON II) for adolescent STGD1 subjects, and a Phase 3 study (PHOENIX) for subjects with GA [3] Group 2: Upcoming Events - The executive management team will present at the Deutsche Bank ADR Virtual Investor Conference on November 4, 2025, at 10:30 am ET [1] - A webcast of the presentation will be available on the conference website, with a replay accessible for 90 days post-presentation [2]

Core Insights - Belite Bio Inc is a clinical-stage drug development company focused on novel therapeutics for degenerative retinal diseases with significant unmet medical needs [2] Group 1: Company Overview - Belite Bio is targeting diseases such as STGD1 and GA in advanced dry AMD, as well as specific metabolic diseases [2] - The lead candidate, Tinlarebant, is an oral therapy aimed at reducing bisretinoid toxin accumulation in the eye [2] - Tinlarebant is currently undergoing multiple clinical trials, including a Phase 3 study (DRAGON) and a Phase 2/3 study (DRAGON II) for adolescent STGD1 subjects, and a Phase 3 study (PHOENIX) for subjects with GA [2] Group 2: Upcoming Events - The executive management team will participate in the Maxim Growth Summit on October 22, 2025 [1] - Interested parties can schedule one-on-one meetings with management through their Maxim representative [1]

Core Insights - Belite Bio, Inc. has received acceptance from China's NMPA for a priority review of the New Drug Application (NDA) for Tinlarebant, aimed at treating Stargardt disease, based on interim analysis results from the Phase 3 DRAGON trial [1][2] Company Overview - Belite Bio is a clinical-stage drug development company focused on novel therapeutics for degenerative retinal diseases with significant unmet medical needs, including Stargardt disease and geographic atrophy [5] - The lead candidate, Tinlarebant, is an oral therapy designed to reduce the accumulation of vitamin A-based toxins in the eye, which are linked to retinal diseases [4][5] Clinical Trial Details - The Phase 3 DRAGON trial is a randomized, double-masked, placebo-controlled study evaluating the safety and efficacy of Tinlarebant in 104 adolescent patients with Stargardt disease across 11 jurisdictions [3] - The primary efficacy endpoint of the trial is the growth rate of atrophic lesions, with safety and tolerability also being assessed [3] Regulatory Milestones - The NMPA's acceptance of the NDA is a significant milestone for Belite Bio and the Stargardt community, highlighting the urgent need for effective therapies in this area [2] - Final topline data from the Phase 3 DRAGON trial is expected to be reported in Q4 2025, which will be submitted to the NMPA as part of the NDA [2][7]

Industry Overview - The global healthcare market is projected to grow at a 6.9% CAGR, reaching over $22.3 trillion by 2033, driven by resilient demand linked to health needs and demographics rather than economic conditions [1] Company Highlights Sanuwave Health - Sanuwave Health Inc. has a market cap of just under $300 million and reported a surprise earnings beat in its second-quarter report, with a 42% year-over-year revenue increase [3][4] - The UltraMIST system, which promotes wound healing, saw sales increase by 61% year-over-year, contributing to a high gross margin of 78.3% [4] - The company's business model includes both one-time equipment purchases and recurring high-margin consumable components, supporting ongoing revenue growth [5] - Analysts have a positive outlook on Sanuwave, with a consensus price target suggesting a potential gain of approximately 59% from its current price [6] Amneal Pharmaceuticals - Amneal Pharmaceuticals Inc. focuses on generic pharmaceuticals and has a diversified portfolio, including FDA-approved products like Brekiya for migraines [7][8] - The company reported an EPS of 23 cents, exceeding analyst expectations, with a 3% year-over-year revenue increase and a 13% rise in adjusted EBITDA [8] - Amneal refinanced $2.7 billion in debt, reducing annual interest expenses by about $33 million, while maintaining a strong pipeline of drugs [9] - All five analysts rating Amneal shares have given a Buy recommendation, indicating an estimated 22% upside potential [9] Belite Bio - Belite Bio Inc. is a clinical-stage biotech firm developing treatments for unmet medical needs, including conditions like NASH and obesity [11][12] - The company has a promising clinical trial activity and ended the latest quarter with nearly $150 million in cash, indicating strong funding success [12] - Analysts are optimistic about Belite, with four out of five rating it as a Buy, suggesting a potential upside of nearly 32% [12]

Core Insights - Belite Bio Inc has completed the last subject visit in the Phase 3 DRAGON clinical trial for Tinlarebant, aimed at treating Stargardt disease type 1 (STGD1) [1][2] - The DRAGON trial involved 104 adolescent subjects across 11 jurisdictions, with a 2:1 randomization of Tinlarebant to placebo, and 94 subjects completed the study [2] - Top-line results from the DRAGON trial are expected to be reported in Q4 2025, with plans to file New Drug Applications in the first half of 2026 [3] Company Overview - Belite Bio is focused on developing novel therapeutics for degenerative retinal diseases with significant unmet medical needs, including STGD1 and geographic atrophy (GA) in advanced dry age-related macular degeneration (AMD) [5] - The lead candidate, Tinlarebant, is an oral therapy designed to reduce the accumulation of vitamin A-based toxins (bisretinoids) that contribute to retinal disease [4][5] - Tinlarebant has received multiple designations, including Fast Track and Rare Pediatric Disease in the U.S., and Orphan Drug Designation in the U.S., Europe, and Japan [4][7]

Summary of the Conference Call on Belite Bio and Tinlarebant Company Overview - **Company**: Belite Bio - **Product**: Tinlarebant - **Indication**: Stargardt disease Key Points Development Status - The Dragon trial is a two-year international registration trial involving 104 patients with Stargardt disease, with top-line data readout expected by the end of Q4 2023 and an NDA submission planned for the first half of 2026 [3][6] Efficacy and Safety Data - Tinlarebant has shown efficacy in preventing the development of atrophic lesions (DDAF) and slowing their growth by almost 50% compared to natural history controls [4] - The overall withdrawal rate due to ocular adverse events is less than 4%, indicating an excellent safety profile [5] Regulatory Strategy - The FDA granted breakthrough designation based on interim analysis data, allowing for expedited regulatory review [6] - Full approval will be sought in the U.S., Europe, Japan, and other markets, with a second registration trial (Phoenix trial) for geographic atrophy (GA) already fully enrolled with 530 patients [14][22] Market Potential - The estimated prevalence of Stargardt disease is approximately 1 in 7,000, translating to about 47,000 to 59,000 patients in the U.S. alone, with a potential market penetration of around 40% [8][9] - The company anticipates that Tinlarebant will be beneficial for both pediatric and adult patients, with no age restrictions on the label [8] Competitive Landscape - NanoScope Therapeutics' gene therapy is viewed as a complementary approach rather than a direct competitor, as it targets different aspects of vision restoration [10][11][13] Future Catalysts - Key upcoming milestones include: - Q4 2025: Full enrollment of the Dragon 2 trial - End of Q4 2025: Top-line data readout for the Dragon trial - First half of 2026: NDA submission anticipated [23] Financial Position - Belite Bio has approximately $160 million in cash, providing a four-year runway for ongoing programs, bolstered by a recent private placement financing of up to $275 million [22] Patent Protection - The company holds 14 active patent families, primarily composition of matter patents, which will last until at least 2040 [21] Go-to-Market Strategy - The company plans to prioritize the commercialization of Tinlarebant for Stargardt disease due to its orphan indication status, which allows for higher pricing and easier access to patients through specialized networks [18] Correlation with Geographic Atrophy - There is a belief that Tinlarebant's efficacy in Stargardt disease may correlate positively with its efficacy in GA, as both conditions share common pathological features [16][17] Additional Insights - The company is strategically positioned to leverage its connections with retinal specialists and inherited retinal disease specialists to facilitate the commercialization of Tinlarebant [18]

Core Points - Belite Bio, Inc has announced a private placement in public equity financing (PIPE) expected to generate approximately $125 million in gross proceeds, with potential additional proceeds of about $150 million if warrants are fully exercised [1][3][8] Company Overview - Belite Bio is a clinical-stage drug development company focused on novel therapeutics for degenerative retinal diseases, specifically targeting Stargardt disease and geographic atrophy in advanced dry age-related macular degeneration [9] Financing Details - The PIPE will involve the issuance of 1,953,124 ordinary shares and warrants at a purchase price of $64.00 per share, with warrants exercisable at a 20% premium [3][8] - The closing of the PIPE is anticipated to occur on or about September 9, 2025, pending customary closing conditions [3] Use of Proceeds - The net proceeds from the PIPE will be utilized for commercialization preparation, working capital, and general corporate purposes [4]

Company Overview - Belite Bio, Inc is a clinical-stage drug development company focused on novel therapeutics for degenerative retinal diseases with significant unmet medical needs, including Stargardt disease type 1 and Geographic Atrophy in advanced dry age-related macular degeneration [2] - The lead candidate, Tinlarebant, is an oral therapy aimed at reducing toxin accumulation in the eye, currently undergoing Phase 3 and Phase 2/3 studies [2] Upcoming Events - The executive management team will participate in three investor conferences: - Cantor Global Healthcare Conference on September 5, 2025, at 8:00 am ET - Morgan Stanley 23rd Annual Global Healthcare Conference on September 8, 2025, at 5:35 pm ET - H.C. Wainwright 27th Annual Global Investment Conference on September 9, 2025, at 8:00 am ET [3] - Webcasts of the presentations will be available on the investor relations section of the Belite Bio website, with replays archived for 90 days [1]

Summary of Belite Bio (BLTE) FY Conference - August 13, 2025 Company Overview - **Company**: Belite Bio - **Focus**: Development of oral treatments for retinal diseases, specifically Stargardt disease and geographic atrophy secondary to age-related macular degeneration (AMD) [12][31] Key Points and Arguments 1. **Leadership Team**: - Doctor Tom Lin, Chairman and COO, has over 10 years of executive management experience in biotech and has been involved in over 10 new drug developments [4] - Doctor Hendrick Scholl, Chief Medical Officer, has 25 years of experience in treating retinal diseases and has led significant research initiatives [5][6] - Doctor Nathan Mata, Chief Science Officer, has over 15 years of expertise in ophthalmic drug development [7] 2. **Pipeline Overview**: - **Tinlariband**: A novel once-daily oral tablet targeting serum retinal binding protein 4 (RBP4) to reduce retinol delivery to the eye, aimed at slowing or halting disease progression in Stargardt disease and geographic atrophy [11][17] - Ongoing clinical trials include: - **Dragon Trial**: A global registration trial for Stargardt disease with 104 subjects, focusing on slowing atrophic lesions [9][25] - **PHOENIX Trial**: A phase three trial for geographic atrophy, recently completed enrollment of 500 subjects [10][32] 3. **Market Opportunity**: - Significant unmet medical need for Stargardt disease, with no FDA-approved treatments available [12] - Breakthrough therapy, Fast Track, and orphan drug designations received in the US and EU for Stargardt disease [12] 4. **Clinical Trial Results**: - Phase two trial showed that tinlariband slowed lesion growth in Stargardt disease, with a significant reduction in RBP4 levels [21][24] - Interim analysis of the Dragon trial indicated that tinlariband is safe and well-tolerated, with a withdrawal rate of less than 10% [27] 5. **Safety Profile**: - Common adverse events included mild xanthopsia and delayed dark adaptation, with no severe treatment-related adverse events reported [29] - Overall, the treatment was well tolerated with no significant findings related to vital signs or organ functions [29] 6. **Visual Acuity Data**: - No significant decline in visual acuity was observed over the two-year duration of the Dragon trial, with average changes being minimal [30] 7. **Future Directions**: - Focus on early intervention for patients with small lesions to potentially slow disease progression [31] - Plans for further regulatory submissions based on interim analysis data [28] Additional Important Information - **Pathophysiology**: Stargardt disease and geographic atrophy share similar mechanisms involving the accumulation of toxic bisretinoids leading to retinal cell death [16][17] - **Regulatory Engagement**: Data from the interim analysis has been presented to various regulatory agencies, including the PMDA in Japan and the FDA [28] This summary encapsulates the critical insights from the conference, highlighting Belite Bio's strategic focus on innovative treatments for retinal diseases and the promising results from ongoing clinical trials.

Financial Data and Key Metrics Changes - For Q2 2025, the company reported R&D expenses of $11 million, an increase from $9.1 million in the same period last year, primarily due to higher expenses related to the PHOENIX trial and manufacturing costs [8][9] - G&A expenses rose to $6.5 million from $1.4 million year-over-year, mainly due to increased share-based compensation [9] - The net loss for the quarter was $16.3 million, compared to a net loss of $9.5 million in the same period last year, with a significant portion of the increase attributed to non-cash share-based compensation of $7.6 million [9][10] - As of the end of Q2, the company had $149.2 million in cash and equivalents, with a projected four-year cash runway [10] Business Line Data and Key Metrics Changes - The company is advancing its drug teneraband, which is in global phase three trials for Stargardt's disease and geographic atrophy, with significant progress reported in both trials [4][5] - The Dragon trial for Stargardt's disease has completed interim analysis, and the FDA has recommended proceeding without modifications, with completion expected in Q4 2025 [6][15] - The global phase three study for geographic atrophy has completed enrollment with 529 subjects [7] Market Data and Key Metrics Changes - The company has received multiple designations for teneraband, including breakthrough therapy and orphan drug designations in the US, Europe, and Japan, indicating a significant unmet medical need [5] Company Strategy and Development Direction - The company aims to position teneraband as the first oral treatment for degenerative retinal diseases, focusing on completing its phase three trials and preparing for potential regulatory submissions [8][10] - The management is strategically expanding the Dragon two trial to additional countries to accelerate enrollment [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing trials and the potential for accelerated approval based on robust statistical significance from the interim data [15][26] - The company anticipates a cash burn of approximately $40 to $45 million over the next two years as it approaches key clinical milestones [46] Other Important Information - The company raised $15 million in gross proceeds from a registered direct offering on August 8, which supports its ongoing operations and trial commitments [7][10] Q&A Session Summary Question: Status of FDA discussion regarding interim data from the Dragon trial - Management confirmed that they have met with the FDA and are on track to potentially file for accelerated approval based on interim data, but a confirmatory follow-up study will still be required [14][15] Question: Upcoming presentations or data readouts - Management indicated that they plan to present eye data at the AAO conference in late October, but will keep efficacy data confidential until after submission [27][28] Question: Timing of data release after the Dragon trial finishes - Management expects to show statistically significant differences in lesion growth rates between treatment and placebo groups, which is critical for approval [36] Question: Current estimate timeline for reaching target enrollment in the Dragon-two trial - Management stated that enrollment is expected to complete by the end of the year, with strategic timing to avoid competition with the Dragon one trial [42] Question: Drivers for rising operating expenses - Management noted that the majority of the increase in operating expenses is due to share-based compensation, which is non-cash related, and expects cash burn to increase as they approach key milestones [46]