Belite Bio Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Corporate Update

Core Insights - Belite Bio, Inc is advancing its clinical development of Tinlarebant, a novel therapeutic for degenerative retinal diseases, with significant progress in the Phase 3 DRAGON trial for Stargardt disease type 1 (STGD1) [2][3][4] Financial Results - As of December 31, 2024, the company reported cash of $31.7 million, a decrease from $88.2 million on December 31, 2023 [8][20] - The company had $113.5 million in investments as of December 31, 2024, compared to none on December 31, 2023 [8][20] - For the year ended December 31, 2024, research and development expenses were $29.9 million, up from $24.8 million in 2023 [10][18] - General and administrative expenses for the year ended December 31, 2024, were $10.1 million, compared to $6.8 million in 2023 [11][18] - The net loss for the year ended December 31, 2024, was $36.1 million, or ($1.18) per share, compared to a net loss of $31.6 million, or ($1.19) per share in 2023 [13][18] Clinical Development Highlights - The DRAGON trial for STGD1 subjects is ongoing, with completion expected in Q4 2025, following a positive interim analysis by the Data Safety Monitoring Board (DSMB) [4][5] - The PHOENIX trial for geographic atrophy (GA) subjects is also ongoing, with 406 subjects enrolled and an increased sample size target of 500 [14] - Tinlarebant has received multiple designations, including Fast Track and Orphan Drug Designation in the U.S. for STGD1 [5][16] Corporate Actions - The company raised $15 million in gross proceeds through a registered direct offering on February 5, 2025, with potential additional proceeds from warrant exercises [4][7] - A conference call and webcast were scheduled for March 17, 2025, to discuss financial results and business updates [15]