$BLTE

BELITE BIO, INC

CIK:0001889109|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Expenses
Research and development	$ 45,377	$ 29,939	$ 24,844
Selling, general and administrative	38,831	10,057	6,824
Total operating expenses	84,208	39,996	31,668
Loss from operations	(84,208)	(39,996)	(31,668)
Other income (expense):
Interest income	6,640	3,737	74
Interest expense	(2)	(20)	(25)
Other income (expense)	(41)	141	(4)
Total other income, net	6,597	3,858	45
Loss before income tax	(77,611)	(36,138)	(31,623)
Income tax expense	0	6	9
Net loss	(77,611)	(36,144)	(31,632)
Other comprehensive income (loss)
Foreign currency translation adjustments, net of nil tax	124	(286)	18
Total comprehensive loss	$ (77,487)	$ (36,430)	$ (31,614)
Weighted average number of ordinary shares used in per share calculation:
Basic (in shares)	33,538,160	30,538,378	26,593,673
Diluted (in shares)	33,538,160	30,538,378	26,593,673
Net loss per ordinary share
Basic (in dollar per share)	$ (2.31)	$ (1.18)	$ (1.19)
Diluted (in dollar per share)	$ (2.31)	$ (1.18)	$ (1.19)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (77,611)	$ (36,144)	$ (31,632)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	172	164	139
Non-cash lease expense	280	281	260
Amortization of intangible assets	12	4
Share-based compensation expense	38,919	8,987	3,823
Interest income from investments	(1,313)	(3,577)
Fair value change on investments		(49)
Gains on operating lease modification		(33)
Changes in operating assets and liabilities:
Other receivables	(66)	56	(56)
Other receivables due from related parties		18	(16)
Prepayments and other assets	(768)	(1,112)	(3,516)
Other payables due to related parties	(8)	13
Accrued expenses and other liabilities	3,846	2,463	1,421
Security deposits	(150)		(16)
Operating lease liabilities	(301)	(305)	(244)
Net cash used in operating activities	(36,988)	(29,234)	(29,837)
Cash flows from investing activities
Acquisition of property and equipment	(71)	(116)	(63)
Acquisition of intangible assets		(35)
Acquisition of available-for-sale investments		(4,500)
Proceeds from maturities of available-for-sale investments	4,500
Acquisition of held-to-maturity investments	(451,994)	(183,765)
Proceeds from maturities of held-to-maturity investments	142,565	77,844
Prepayments for property and equipment	(107)
Net cash used in investing activities	(305,107)	(110,572)	(63)
Cash flows from financing activities
Proceeds from exercise of warrants	102,993	38,960	21,652
Proceeds from exercise of share options	7,845	2,767	349
Net cash provided by financing activities	663,233	83,595	75,959
Effects of exchange rate on cash and cash equivalent	117	(269)	9
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENT	321,255	(56,480)	46,068
CASH AND CASH EQUIVALENT AT BEGINNING OF THE YEAR	31,677	88,157	42,089
CASH AND CASH EQUIVALENT AT END OF THE YEAR	352,932	31,677	88,157
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	1
Cash paid for income tax		6	9
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Follow-on offering underwriting discounts reclassed to additional paid-in-capital			1,800
ATM offering sales commissions reclassed to additional paid-in-capital	896	509	858
ATM proceeds not yet received in cash as other receivable			762
Right-of-use assets obtained in exchange of lease liabilities	529	388	265
Right-of-use assets in exchange of lease liabilities from an operating lease modification	361	385
Follow-on offering
Cash flows from financing activities
Payments of deferred offering costs			(883)
Net proceeds from issuance			28,200
At-the-Market offering ("ATM")
Cash flows from financing activities
Payments of deferred offering costs		(179)	(347)
Net proceeds from issuance	28,971	16,474	$ 26,988
ATM proceeds received in settlement of other receivable		762
Direct offering
Cash flows from financing activities
Payments of deferred offering costs	(304)	(189)
Proceeds from offering	28,050	$ 25,000
Private placement in public equity financing
Cash flows from financing activities
Payments of deferred offering costs	(6,789)
Net proceeds from issuance	125,000
Underwritten Public Offering
Cash flows from financing activities
Payments of deferred offering costs	(883)
Proceeds from offering	$ 378,350

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 352,932	$ 31,677
Available-for-sale investments		4,549
Held-to-maturity investments	139,490	108,923
Other receivables	$ 700	$ 575
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Nonrelated Party [Member]	Nonrelated Party [Member]
Prepayments and other current assets	$ 1,150	$ 1,349
Total current assets	494,272	147,073
Non-current assets
Held-to-maturity debt securities	280,166
Property and equipment, net	344	444
Intangible assets	19	31
Prepayments and other non-current assets	5,069	3,960
Security deposits	253	103
Operating lease right-of-use asset	433	521
Total non-current assets	286,284	5,059
TOTAL ASSETS	780,556	152,132
Current liabilities
Accrued expenses and other liabilities	9,636	5,761
Other payables to related parties	$ 5	$ 13
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Operating lease liabilities - current	$ 241	$ 276
Total current liabilities	9,882	6,050
Non-current liabilities
Operating lease liabilities - non-current	188	261
Total non-current liabilities	188	261
TOTAL LIABILITIES	10,070	6,311
Shareholders' equity
Ordinary shares, par value of US$0.0001 per share; 400,000,000 shares authorized; 31,857,802 and 39,353,365 shares issued; and 31,826,549 and 39,339,960 shares outstanding as of December 31, 2024 and 2025, respectively	4	3
Additional paid-in capital	956,276	254,125
Accumulated other comprehensive loss	(536)	(660)
Accumulated deficit	(185,258)	(107,647)
Total shareholders' equity	770,486	145,821
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 780,556	$ 152,132