aibioBelite Bio says it completed a $402 million public offering of ADSs
Tickers BLTE
Belite Bio says its $402 million offering was completed with the overallotment option fully exercised. The same release reports a 2025 net loss of $77.6 million, up from $36.1 million, and cash of $352.9 million at year-end.
Key facts
- Company
- Belite Bio, Inc (NASDAQ: BLTE)
- News type
- Financings
- Primary source
- Belite Bio, Inc 6-K (2026-03-02)
The offering
Belite Bio, Inc said on March 2, 2026 that it had completed a $402 million underwritten public offering of American Depositary Shares, and that the underwriters had fully exercised their overallotment option. The announcement came with preliminary, unaudited results for the fourth quarter and full year 2025. The release says the net proceeds are intended to support commercialization preparation, development and expansion of the pipeline, and general corporate purposes.
The release gives no closing date and no net proceeds figure. It does not name the underwriters, a book-running manager or any counsel. Readers will need the offering documents for those names.
The Phase 3 results
The release says the pivotal Phase 3 DRAGON trial in adolescents with Stargardt disease type 1 met its primary efficacy endpoint. DRAGON enrolled 104 subjects aged 12 to 20 and ran for 24 months, with randomization of 2:1 active drug to placebo. The company reports a 35.7% reduction in the growth rate of macular lesions compared with placebo, measured as definitely decreased autofluorescence on fundus autofluorescence imaging. It says the result was statistically significant under the pre-specified analysis, with a p-value of 0.0033. A post-hoc analysis gave a 35.4% effect.
Two limits apply. The primary measure is lesion growth seen on imaging, and the release reports no change in vision. The 35.4% figure comes from a post-hoc analysis, not from the pre-specified analysis behind the headline claim. Chairman and chief executive Tom Lin said DRAGON was "establishing tinlarebant as a potential first-in-class therapy for Stargardt disease." The company says it remains on track to submit a New Drug Application to the FDA in the second quarter of 2026.
The release lists Breakthrough Therapy, Fast Track and Rare Pediatric Disease designations in the United States for tinlarebant in Stargardt disease, along with orphan designations in the United States, Europe and Japan, and Sakigake designation in Japan.
The other two trials are still running. PHOENIX, a Phase 3 trial in geographic atrophy, has completed enrollment with 530 subjects. It is randomized 2:1 active to placebo over 24 months, its primary endpoint is also the growth rate of atrophic lesions, and the company expects to run an interim analysis. The release says there are currently no FDA-approved, orally administered treatments for geographic atrophy. DRAGON II, a Phase 2/3 trial in adolescents with Stargardt disease in Japan, the United States and the United Kingdom, reached its target of 60 subjects in January 2026. The release says 72 subjects had been enrolled as of February 27, 2026. The Japanese patients in that trial are meant to support a future NDA in Japan.
Losses, costs and cash
Research and development expense rose to $45.4 million in 2025 from $29.9 million in 2024. The release attributes the increase to PHOENIX expenses, share-based compensation and active pharmaceutical ingredient manufacturing. In the fourth quarter alone it rose to $14.6 million from $7.3 million, which the release links to DRAGON II costs, a smaller Australian research and development tax incentive and manufacturing. Selling, general and administrative expense was $38.8 million for 2025, against $10.1 million a year earlier, mainly from share-based compensation and professional fees.
The GAAP net loss was $77.6 million for 2025, against $36.1 million for 2024. The fourth-quarter loss was $25.3 million, against $10.1 million. Excluding share-based compensation, the company reports a 2025 net loss of $38.7 million, compared with $27.2 million. Other income was $6.6 million for the year, mostly interest on deposits and treasury bills. The non-GAAP figure leaves out the share-based costs that the release also cites as a driver of higher spending.
Cash and cash equivalents were $352.9 million at December 31, 2025, against $31.7 million a year earlier. The company also held $419.7 million in U.S. treasury bills and notes, against $113.5 million in liquidity funds, time deposits and treasury bills at the end of 2024. The release does not say how much of the $402 million offering is included in the year-end cash figure, and it gives no cash used in operations for 2025.