Belite Bio, Inc
- Open
- 153.92
- Day high
- 155.71
- Day low
- 151.22
- Prev close
- 151.72
- Volume
- 146K
- Mkt cap
- $6.3B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 8.1
- P/S
- —
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$3.0M over the last 3 months (0 open-market buys, 16 sales)
- 🏛Institutions reducing (13F)
Belite Bio, Inc (BLTE) is a Healthcare company listed on NASDAQ. The stock is up 135% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 16 sales (SEC Form 4).
Belite Bio, Inc (BLTE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BLTE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $-0.73 | $-0.70 | +4.1% | — | — |
| May 20, 2026 | $-0.60 | $-0.34 | +43.3% | — | — |
| Mar 17, 2025 | $-0.30 | $-0.32 | -6.7% | — | — |
| Aug 9, 2024 | $-0.28 | $-0.31 | -10.7% | — | — |
| Mar 11, 2024 | $-0.36 | $-0.25 | +30.6% | — | — |
| Nov 13, 2023 | $-0.31 | $-0.40 | -29.0% | — | — |
| Mar 31, 2023 | $-0.22 | $-1.04 | -374.4% | — | — |
| Sep 29, 2022 | — | $-0.10 | — | — | — |
| Apr 29, 2022 | — | $-0.26 | — | — | — |
| Mar 31, 2022 | — | $-0.05 | — | — | — |
BLTE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 14, 2026 | Lin Yu-Hsindirector, officer: Chief Executive Officer | Sell | 223 | $180.57 |
| Aug 14, 2026 | Chuang Hao-Yuandirector, officer: Chief Financial Officer | Sell | 144 | $180.00 |
| Aug 14, 2026 | Chuang Hao-Yuandirector, officer: Chief Financial Officer | Sell | 223 | $180.57 |
| Aug 14, 2026 | Lin Yu-Hsindirector, officer: Chief Executive Officer | Sell | 142 | $180.00 |
| Jun 22, 2026 | Scholl Hendrik Peterofficer: Chief Medical Officer | Sell | 1,199 | $146.24 |
| Jun 22, 2026 | Scholl Hendrik Peterofficer: Chief Medical Officer | Sell | 4,861 | $145.43 |
| Jun 22, 2026 | Scholl Hendrik Peterofficer: Chief Medical Officer | Sell | 3,748 | $144.66 |
| Jun 22, 2026 | Scholl Hendrik Peterofficer: Chief Medical Officer | Sell | 96 | $143.90 |
| Jun 17, 2026 | Scholl Hendrik Peterofficer: Chief Medical Officer | Sell | 2,054 | $137.61 |
| Jun 17, 2026 | Scholl Hendrik Peterofficer: Chief Medical Officer | Sell | 1,035 | $145.02 |
| Jun 17, 2026 | Scholl Hendrik Peterofficer: Chief Medical Officer | Sell | 1,897 | $143.55 |
| Jun 17, 2026 | Scholl Hendrik Peterofficer: Chief Medical Officer | Sell | 450 | $142.20 |
| Jun 17, 2026 | Scholl Hendrik Peterofficer: Chief Medical Officer | Sell | 100 | $141.83 |
| Jun 17, 2026 | Scholl Hendrik Peterofficer: Chief Medical Officer | Sell | 540 | $140.58 |
| Jun 17, 2026 | Scholl Hendrik Peterofficer: Chief Medical Officer | Sell | 3,140 | $139.57 |
Source: BLTE SEC Form 4 filings, latest Aug 14, 2026. For informational purposes only — not investment advice.
See the full BLTE insider & 13F page →Belite Bio, Inc company profile
Overview
Belite Bio, Inc (NASDAQ:BLTE) is a clinical-stage biopharmaceutical company founded in 2016 and headquartered in San Diego, California. The company operates as a subsidiary of Lin Bioscience International Ltd and went public in April 2022. Belite Bio specializes in developing novel oral therapeutics for rare retinal diseases, particularly focusing on conditions that cause progressive vision loss and blindness. The company's primary focus is on advancing treatments for Stargardt disease and geographic atrophy, two debilitating eye conditions that currently have limited or no approved treatment options.
Business
Belite Bio operates in the ophthalmology segment of the biotechnology industry, specifically targeting rare inherited retinal diseases. The company's core focus is developing treatments for two primary conditions: Stargardt Disease represents the company's lead indication. This is a rare genetic disorder that primarily affects children and young adults, causing progressive central vision loss due to the accumulation of toxic vitamin A byproducts in the retina. The disease affects approximately 30,000 patients in the United States and is considered the most common form of inherited juvenile macular degeneration. Patients typically experience rapid vision deterioration during adolescence, with no currently approved treatments available. Geographic Atrophy (GA) is the advanced form of dry age-related macular degeneration, affecting older adults. This condition involves the gradual death of retinal cells in the macula, leading to progressive central vision loss. Geographic atrophy represents a much larger market opportunity compared to Stargardt disease, with hundreds of thousands of patients affected globally. The company's lead product candidate is Tinlarebant (LBS-008), an oral once-daily tablet designed to reduce the delivery of vitamin A to the eye. The drug works by binding to retinol-binding protein 4 (RBP4) in the bloodstream, thereby reducing the accumulation of toxic vitamin A derivatives that damage retinal cells. This mechanism addresses the underlying pathology of both diseases rather than just treating symptoms. Belite Bio also has a preclinical program, LBS-009, which targets liver diseases including non-alcoholic fatty liver disease and type 2 diabetes, though this represents a much smaller portion of the company's current focus and resources.
Revenue model
Belite Bio operates under a traditional biopharmaceutical development model where the company does not currently generate revenue from product sales. Instead, the business is funded through equity financing and operates at a significant cash burn rate while conducting clinical trials. The company's future revenue model will be based on product sales of Tinlarebant once approved and commercialized. The paying customers will be healthcare systems, insurers, and patients (through insurance coverage) in the United States, Europe, Japan, and other global markets where the company seeks regulatory approval. Key factors that could positively impact the company's future margins include: successful clinical trial outcomes leading to regulatory approval, which would enable premium pricing given the lack of competing treatments for these rare diseases; obtaining orphan drug designations that provide market exclusivity and potential tax incentives; and the oral administration route of Tinlarebant, which offers significant convenience advantages over injectable competitors in the geographic atrophy market. Factors that could negatively impact margins include: the high cost of conducting large Phase 3 clinical trials, which currently drives significant cash burn; potential competition from other companies developing treatments for the same indications; regulatory delays or requirements for additional studies; and the need for specialized retinal specialists to prescribe and monitor treatment, which could limit market penetration. The company's patent protection extends until 2040, providing a substantial period of potential market exclusivity if approved.
Competitive moat
Belite Bio's competitive moat is currently moderate but developing, based primarily on its clinical progress and regulatory positioning rather than established market dominance. The company's strongest moat elements include its advanced clinical development status, with Phase 3 trials already underway for both Stargardt disease and geographic atrophy while most competitors remain in earlier development stages. The company has secured valuable regulatory designations including fast track, rare pediatric disease, and orphan drug designations in the United States, Europe, and Japan, along with the prestigious Sakigake (Pioneer Drug) designation in Japan. These designations provide regulatory advantages, potential priority review, and market exclusivity periods that create barriers for future competitors. Tinlarebant's oral administration route provides a significant competitive advantage in the geographic atrophy market, where existing approved treatments require frequent intravitreal injections. This convenience factor could drive strong physician and patient preference if the drug proves effective. However, the moat remains vulnerable to several factors. The company faces potential competition from well-funded pharmaceutical giants developing treatments for the same indications, including complement inhibitor therapies that have already gained regulatory approval for geographic atrophy. The success of Belite Bio's moat ultimately depends on proving superior efficacy, safety, or convenience in head-to-head comparisons with existing and emerging treatments. The binary nature of clinical development represents the greatest risk to the company's competitive position. Negative Phase 3 trial results could eliminate the company's moat entirely, while positive results could establish a strong defensive position in these rare disease markets with significant unmet medical need.
Risks & safety
Belite Bio presents a moderate margin of safety from a liquidity perspective but carries significant execution risk typical of clinical-stage biotechnology companies. Cash Position and Burn Rate: • Strong cash position with $31.7 million in cash plus $113.5 million in investments as of December 2024 • Annual cash burn of approximately $29-36 million based on recent operating cash flows • Management estimates cash runway extending beyond 2026, providing 2-3 years of operational funding • No significant debt burden with debt-to-equity ratio near zero Valuation Metrics: • Current ratio of 24.3x indicates excellent short-term liquidity • Graham net-net ratio of 4.56 suggests the company trades above conservative asset values • Price-to-book ratio of 13.2x reflects significant premium to book value • No revenue generation creates inability to assess traditional valuation metrics Other Considerations: • Binary clinical trial outcomes create substantial downside risk regardless of cash position • Strong balance sheet provides runway to complete ongoing Phase 3 trials • Recent equity raises demonstrate continued access to capital markets • Subsidiary structure under Lin Bioscience International provides potential additional financial backing
Recent development
Over the past few years, Belite Bio has executed a focused strategy of advancing Tinlarebant through late-stage clinical development for both Stargardt disease and geographic atrophy. The company successfully transitioned from Phase 2 to Phase 3 development, with the DRAGON trial for Stargardt disease completing enrollment of 104 subjects and expecting interim results by early 2025. A significant strategic expansion occurred with the initiation of the PHOENIX trial for geographic atrophy, which was increased in size from the original 430 subjects to 500 subjects to enhance statistical power. This trial represents the company's entry into a much larger market opportunity compared to the rare Stargardt indication. The company has strengthened its regulatory position by securing Sakigake designation in Japan, positioning Japan as potentially the first market for approval. This represents a strategic pivot toward prioritizing the Japanese market, with the company conducting specific studies (DRAGON 2) for Japanese patients. Belite Bio has also invested in developing proprietary AI-based imaging algorithms to better assess disease progression and lesion size, potentially providing competitive advantages in clinical trial design and patient monitoring. The company's Phase 2 data demonstrated that 42% of subjects did not develop atrophic lesions, providing strong rationale for the current Phase 3 programs. Recent capital raising activities, including $15 million raised in February 2025, demonstrate the company's continued ability to access funding for its clinical programs while maintaining a strong balance sheet position.
BLTE company profile · for informational purposes only — not investment advice.
Track BLTE with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free