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

Rhea-AI Summary

Belite Bio (NASDAQ: BLTE) reported Q3 2025 results and clinical progress on November 10, 2025. Key corporate and clinical highlights include completion of PHOENIX enrollment with 530 subjects, completion of the pivotal DRAGON trial (104 subjects) with final topline data expected in Q4 2025, and regulatory acceptances: China NMPA agreed to accept an NDA with priority review and the UK MHRA agreed to accept a Conditional Marketing Authorization application for Tinlarebant based on interim DRAGON results. The company closed a $15M registered direct offering and a $125M private placement with potential for up to $165M more upon full warrant exercise, and held $275.6M cash and equivalents as of September 30, 2025. Q3 net loss was $21.7M; year-to-date net loss was $52.3M.

Positive

• Cash and equivalents of $275.6M as of September 30, 2025
• Closed $15M registered direct and $125M private placement with up to $165M additional from warrants
• Completed PHOENIX enrollment with 530 subjects
• Regulatory acceptance: China NMPA priority NDA and UK MHRA conditional MA accepted based on interim DRAGON data

Negative

• Q3 2025 net loss widened to $21.7M from $8.7M in Q3 2024
• R&D expenses rose to $10.3M in Q3 2025 from $6.8M in Q3 2024
• G&A expenses increased to $12.7M in Q3 2025 from $2.9M in Q3 2024

Insights

Clinical and Regulatory Strategist

Interim Phase 3 results have unlocked multiple regulatory review pathways while final pivotal readouts arrive in Q4.

The company advanced Tinlarebant through pivotal programs, completing the DRAGON trial and finishing enrollment in PHOENIX with 530 subjects, creating clear registrational datasets aimed at atrophic lesion growth rate as the primary endpoint.

Regulatory agencies in China and the UK agreed to accept applications based on interim analysis, and the US FDA supported submission via Breakthrough Therapy status. These acceptances materially shorten review pathways and increase near-term approval optionality, but final approval depends on the undisclosed topline readouts expected in Q4 2025.

Watch final DRAGON topline data in Q4 2025 and any interim analysis timing for PHOENIX; those specific outcomes will determine filing substance and global labeling prospects within months after readouts.

Capital Markets and Corporate Finance Analyst

Financing completed and cash runway appears strengthened, while expenses and losses rose with trial activity.

The company closed a $15 million registered direct offering and a $125 million private placement, with potential additional proceeds up to $165 million upon full warrant exercise, and reported $275.6 million in cash and equivalents as of September 30, 2025.

R&D and G&A expenses increased materially, driving a quarterly net loss of $21.7 million and a nine-month net loss of $52.3 million. The financing materially de-risks near-term operations, but continued spend tied to regulatory and manufacturing activities will determine runway beyond the next regulatory milestones.

Monitor cash burn versus milestone timing and the actual exercise of warrants; the company’s ability to convert regulatory acceptances into approvals and launch-readiness will drive future capital needs over the next 6–12 months.

• Completed enrollment with 530 subjects in the pivotal phase 3 PHOENIX trial in geographic atrophy (GA)
• Completed $15 million registered direct offering and $125 million private placement with potential for up to an additional $165 million upon full warrant exercise
  
• Completed pivotal phase 3 DRAGON trial in Stargardt disease (STGD); final topline data expected in Q4 2025
  
• China’s NMPA has agreed to accept New Drug Application with priority review for Tinlarebant for the treatment of Stargardt disease based on the interim analysis results of DRAGON trial
  
• UK’s MHRA has agreed to accept Conditional Marketing Authorization application for Tinlarebant for the treatment of Stargardt disease based on the interim analysis results of DRAGON trial
  
• Conference call and webcast on Monday, November 10, 2025, at 4:30 p.m. ET
  

SAN DIEGO, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Belite Bio, Inc (NASDAQ: BLTE), a clinical-stage drug development company focused on advancing novel therapeutics targeting degenerative retinal diseases that have significant unmet medical needs, today announced its financial results for the third quarter ended September 30, 2025, and provided a general business update.

“We continued to make meaningful progress this quarter toward our goal of delivering the first approved treatment for people living with Stargardt disease,” said Dr. Tom Lin, Chairman and CEO of Belite Bio. “We are very encouraged by China NMPA’s and UK MHRA’s response to accept New Drug Application for Tinlarebant based on Phase 3 interim results. We remain on track to report final DRAGON topline data in the fourth quarter. In parallel, the completion of our $15 million registered direct offering and $125 million private placement further strengthens our financial position and enables us to continue advancing Tinlarebant toward upcoming regulatory milestones and potential commercial readiness.”

Third Quarter 2025 Business Highlights and Upcoming Milestones:

Clinical Highlights

Tinlarebant is an oral, potent, once-daily, retinol binding protein 4 (RBP4) antagonist that decreases RBP4 levels in the blood and reduces vitamin A (retinol) delivery to the eye without disrupting systemic retinol delivery to other tissues. Vitamin A is critical for normal vision but can accumulate as toxic byproducts in individuals affected with STGD1 and GA, the advanced form of dry age-related macular degeneration (AMD), leading to retinal cell death and loss of vision.

• Stargardt disease (STGD1): Accumulation of cytotoxic vitamin A byproducts (bisretinoids) compounds has been implicated in the onset and progression of STGD1, for which there is no approved treatment. Tinlarebant has been granted Breakthrough Therapy, Fast Track and Rare Pediatric Disease Designations in the U.S.; Orphan Drug Designation in the U.S., Europe, and Japan; and Sakigake (Pioneer Drug) Designation in Japan for the treatment of STGD1.
  • DRAGON Trial: Completed, 24-month, 104 subjects, randomized (2:1, active: placebo), double-masked, placebo-controlled, global, multi-center, pivotal Phase 3 trial in adolescent STGD1 patients.
    • Primary efficacy endpoint is the growth rate of atrophic lesions; safety and tolerability will also be assessed.
    • Independent Data Safety Monitoring Board (DSMB) recommended trial continuation without modifications at interim analysis, and supported data submission for regulatory review for drug approval.
    • Granted Breakthrough Therapy Designation by the US FDA supported by interim analysis results.
    • Center for Drug Evaluation of China’s National Medical Products Administration (“NMPA”) has agreed to accept New Drug Application with priority review for Tinlarebant for the treatment of Stargardt disease based on the interim analysis results.
    • United Kingdom’s Medicines and Healthcare Products Regulatory Agency (MHRA) has agreed to accept Conditional Marketing Authorization application for Tinlarebant for the treatment of Stargardt disease based on the interim analysis results.
    • Trial completed, final topline data remains on track for Q4 2025.
      
  • DRAGON II Trial: Combination of a Phase 1b open-label trial to evaluate the pharmacokinetics and pharmacodynamics of Tinlarebant in adolescent Japanese STGD1 patients and a Phase 2/3, 24-month, randomized (1:1, active: placebo), double-masked, placebo-controlled, multicenter trial in adolescent STGD1 patients.
    • The Company has enrolled 34 subjects in the Phase 2/3 trial, with a target enrollment of approximately 60 subjects, aged 12 to 20 years old, including approximately 10 Japanese subjects. Data from the Japanese subjects are intended to facilitate a future new drug application in Japan.
    • Primary efficacy endpoint is the growth rate of atrophic lesions; safety and tolerability will also be assessed.
      
• Geographic Atrophy (GA): GA is a chronic degenerative disease of the retina that leads to blindness in the elderly. Accumulation of bisretinoids has been implicated in the progression of GA. There are currently no FDA-approved, orally administered treatments for GA.
  • PHOENIX Trial: Ongoing, 24-month, randomized (2:1, active: placebo), double-masked, placebo-controlled, global, multi-center, pivotal Phase 3 trial in GA patients.
    • Enrollment completed with 530 subjects.
    • Primary efficacy endpoint is the growth rate of atrophic lesions; safety and tolerability will also be assessed.
    • The Company expects to conduct an interim analysis.

Corporate Highlights

• Company closed a $15 million registered direct offering and a $125 million private placement with leading healthcare investors, with potential additional proceeds of up to total $165 million upon the full exercise of accompanying warrants.

Third Quarter 2025 Financial Results:

Current Assets:

As of September 30, 2025, the Company had $275.6 million in cash, liquidity funds, and U.S. treasury bills.

R&D Expenses:

For the three months ended September 30, 2025, research and development expenses were $10.3 million compared to $6.8 million for the same period in 2024. The increase in research and development expenses in the quarter was primarily attributable to (i) expenses related to the DRAGON trial and PHOENIX trial, partially offsetting the Australian research and development tax incentive, which is recognized as a reduction to research and development expenses; (ii) share-based compensation expenses. For the nine months ended September 30, 2025, research and development expenses were $30.8 million compared to $22.7 million for the same period in 2024. The increase in research and development expenses was primarily attributable to (i) expenses related to the PHOENIX trial; (ii) share-based compensation expenses; and (iii) manufacturing expenses, partially offset by the non-recurrence of a royalty payment recognized in 2024 for completion of a Phase 2 trial.

G&A Expenses:

For the three months ended September 30, 2025, general and administrative expenses were $12.7 million compared to $2.9 million for the same period in 2024. For the nine months ended September 30, 2025, general and administration expenses were $25.4 million compared to $5.9 million for the same period in 2024. The increase in general and administrative expenses in both the quarter and year-to-date was primarily due to an increase in share-based compensation expenses.

Other Income:

For the three months ended September 30, 2025, other income was $1.3 million compared to $1.1 million for the same period in 2024. For the nine months ended September 30, 2025, other income was $3.8 million compared to $2.5 million for the same period in 2024. The increase in both the quarter and year-to-date was attributed to interest from time deposits and U.S. treasury bills.

Net Loss:

For the three months ended September 30, 2025, the Company reported a net loss of $21.7 million, compared to a net loss of $8.7 million for the same period in 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $52.3 million, compared to a net loss of $26.0 million for the same period in 2024.

Webcast Information

Belite Bio will host a webcast on Monday, November 10, 2025, at 4:30 p.m. Eastern Time to discuss the Company’s financial results and provide a business update. To join the webcast, please visit https://events.q4inc.com/attendee/847711723. A replay will be available for approximately 90 days following the event.

About Belite Bio

Belite Bio is a clinical-stage drug development company focused on advancing novel therapeutics targeting degenerative retinal diseases that have significant unmet medical need, such as STGD1 and GA in advanced dry AMD, in addition to specific metabolic diseases. Belite’s lead candidate, Tinlarebant, an oral therapy intended to reduce the accumulation of bisretinoid toxins in the eye, is currently being evaluated in a Phase 3 study (DRAGON) and a Phase 2/3 study (DRAGON II) in adolescent STGD1 subjects and a Phase 3 study (PHOENIX) in subjects with GA. For more information, follow us on X, Instagram, LinkedIn, and Facebook, or visit us at www.belitebio.com.

Important Cautions Regarding Forward Looking Statements

This press release contains forward-looking statements about future expectations and plans, as well as other statements regarding matters that are not historical facts. These statements include but are not limited to statements regarding the potential implications of clinical data for patients, and Belite Bio’s advancement of, and anticipated preclinical activities, clinical development, regulatory milestones, and commercialization of its product candidates, the ability of Tinlarebant to treat Stargardt disease and geographic atrophy, and any other statements containing the words “expect”, “hope” and similar expressions. Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including but not limited to Belite Bio’s ability to demonstrate the safety and efficacy of its drug candidates; the clinical results for its drug candidates, which may not support further development or regulatory approval; the timing to complete relevant clinical trials and/or to receive the interim/final data of such clinical trials; the timing to submit trial data to regulatory authorities for drug approval; the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approval of Belite Bio’s drug candidates; the potential efficacy of Tinlarebant, as well as those risks more fully discussed in the “Risk Factors” section in Belite Bio’s filings with the U.S. Securities and Exchange Commission. In addition, New Drug Application for Tinlarebant for the treatment of Stargardt disease, if submitted to the NMPA in China or the MHRA in the United Kingdom by the Company, would be subject to certain conditions set by NMPA/MHRA, respectively, including but not limited to submission of final data of the Phase 3 DRAGON trial when available and the consistency between the interim analysis results and the final data. All forward-looking statements are based on information currently available to Belite Bio, and Belite Bio undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

  

BELITE BIO, INC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Amounts in thousands of US Dollars, except share and per share amounts)
	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2024				2025				2024					2025
Expenses
Research and development		6,842				10,307				22,685					30,753
General and administrative		2,898				12,711				5,854					25,378
Total operating expenses		9,740				23,018				28,539					56,131
Loss from operations		(9,740	)			(23,018	)			(28,539	)				(56,131	)
Other income:
Total other income, net		1,061				1,328				2,501					3,844
Loss before income tax		(8,679	)			(21,690	)			(26,038	)				(52,287	)
Income tax expense		-				-				6					-
Net loss		(8,679	)			(21,690	)			(26,044	)				(52,287	)
Other comprehensive income (loss)
Foreign currency translation adjustments, net of nil tax		79				82				(27	)				228
Total comprehensive loss		(8,600	)			(21,608	)			(26,071	)				(52,059	)
Weighted average number of ordinary shares used in per share
calculation:
- Basic and Diluted		30,687,305				33,223,232				30,231,207					32,634,966
Net loss per ordinary share
- Basic and Diluted	$	(0.28	)		$	(0.65	)		$	(0.86	)			$	(1.60	)

BELITE BIO, INC
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of US Dollars, except share amounts)
		December 31,				September 30,
		2024				2025
Current assets		$	147,073			$	277,213
Other assets			5,059				5,180
TOTAL ASSETS		$	152,132			$	282,393
TOTAL LIABILITIES		$	6,311			$	8,311
TOTAL SHAREHOLDERS’ EQUITY			145,821				274,082
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	152,132			$	282,393
Ordinary shares authorized			400,000,000				400,000,000
Ordinary shares issued			31,857,802				34,903,104
Ordinary shares outstanding			31,826,549				34,890,991

Media and Investor Relations Contact:

Jennifer Wu
ir@belitebio.com

Julie Fallon
belite@argotpartners.com

FAQ

What did Belite Bio (BLTE) announce on November 10, 2025 regarding clinical trials?

Belite announced completion of PHOENIX enrollment (530 subjects), completion of DRAGON (104 subjects) and that final DRAGON topline data is expected in Q4 2025.

How much cash did Belite Bio (BLTE) report on September 30, 2025?

Belite reported $275.6 million in cash, liquidity funds, and U.S. treasury bills as of September 30, 2025.

What financing did Belite Bio (BLTE) complete in Q3 2025 and what is the warrant upside?

Belite closed a $15M registered direct offering and a $125M private placement, with potential additional proceeds up to $165M upon full warrant exercise.

What regulatory milestones did Belite Bio (BLTE) achieve for Tinlarebant in November 2025?

China NMPA agreed to accept an NDA with priority review and the UK MHRA agreed to accept a Conditional Marketing Authorization application for Tinlarebant based on interim DRAGON results.

How did Belite Bio's (BLTE) expenses and net loss change in Q3 2025 versus Q3 2024?

Q3 2025 R&D rose to $10.3M (from $6.8M) and G&A rose to $12.7M (from $2.9M); net loss widened to $21.7M (from $8.7M).