Belite Bio Reports Third Quarter 2025 Financial Results and Provides a Corporate Update

Core Insights - Belite Bio, Inc. reported significant progress in its clinical trials for Tinlarebant, aimed at treating Stargardt disease, with positive responses from regulatory bodies in China and the UK [2][4] - The company completed a $15 million registered direct offering and a $125 million private placement, enhancing its financial position to support ongoing clinical developments [2][7] Clinical Highlights - Tinlarebant is an oral RBP4 antagonist designed to reduce toxic vitamin A accumulation in the eye, which is critical for patients with Stargardt disease and geographic atrophy [3][5] - The pivotal Phase 3 DRAGON trial for Stargardt disease has completed enrollment with 530 subjects, and final topline data is expected in Q4 2025 [4][13] - The Phase 3 PHOENIX trial for geographic atrophy has also completed enrollment, with a focus on the growth rate of atrophic lesions as the primary efficacy endpoint [13] Financial Overview - As of September 30, 2025, the company reported current assets of $275.6 million, indicating a strong liquidity position [8][20] - Research and development expenses for Q3 2025 were $10.3 million, up from $6.8 million in Q3 2024, primarily due to costs associated with ongoing clinical trials [9] - General and administrative expenses rose significantly to $12.7 million in Q3 2025 from $2.9 million in Q3 2024, largely due to increased share-based compensation [10] - The net loss for Q3 2025 was $21.7 million, compared to a net loss of $8.7 million in Q3 2024, reflecting increased operational costs [14][18]