Belite Bio(US:BLTE)2025-03-17 10:05Financial Performance - The company reported a net loss of $36.1 million or ($1.18) per share for the year ended December 31, 2024, compared to a net loss of $31.6 million or ($1.19) per share in 2023[13]. - Other income for the year ended December 31, 2024, was $3.9 million, significantly up from $0.05 million in 2023, primarily from interest on cash and investments[12]. - The total operating expenses for the year ended December 31, 2024, were $39.996 million, compared to $31.668 million in 2023[17]. Research and Development - For the year ended December 31, 2024, research and development expenses increased to $29.9 million from $24.8 million in 2023, primarily due to increased royalty payments and share-based compensation[10]. - The ongoing Phase 3 DRAGON trial for Tinlarebant is expected to complete by Q4 2025, with the Data Safety Monitoring Board recommending continuation without modifications[4]. - The company completed the Phase 1b portion of the DRAGON II trial with six subjects evaluated in Japan in Q3 2024, targeting approximately 60 subjects for the Phase 2/3 trial[5]. - The PHOENIX trial for geographic atrophy subjects has enrolled 406 out of an increased target of 500 subjects[7]. Cash and Assets - As of December 31, 2024, the company had $31.7 million in cash, down from $88.2 million on December 31, 2023[8]. - Total assets increased from $94,642 million in 2023 to $152,132 million in 2024, representing a growth of 60.5%[19]. - Total current assets rose from $89,940 million in 2023 to $147,073 million in 2024, an increase of 63.5%[19]. - Cash reserves decreased significantly from $88,157 million in 2023 to $31,677 million in 2024, a decline of 64.1%[19]. Equity and Liabilities - Shareholders' equity grew from $90,431 million in 2023 to $145,821 million in 2024, reflecting a 61.2% increase[19]. - Additional paid-in capital increased from $162,305 million in 2023 to $254,125 million in 2024, a rise of 56.5%[19]. - Accumulated deficit widened from $71,503 million in 2023 to $107,647 million in 2024, indicating a deterioration of 50.6%[19]. - Total liabilities increased from $4,211 million in 2023 to $6,311 million in 2024, marking a growth of 49.9%[19]. - Current liabilities rose from $3,633 million in 2023 to $6,050 million in 2024, an increase of 66.5%[19]. - Operating lease liabilities (non-current) decreased from $578 million in 2023 to $261 million in 2024, a reduction of 54.8%[19]. - Other receivables due from related parties were recorded at $18 million in 2023, with no amounts reported in 2024[19]. Fundraising - The company raised $15 million in gross proceeds from a registered direct offering completed on February 5, 2025[6].