SAN DIEGO, May 13, 2024 (GLOBE NEWSWIRE) -- Belite Bio, Inc (NASDAQ: BLTE) (“Belite” or the “Company”), a clinical-stage biopharmaceutical 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 first quarter ended March 31, 2024 and provided a general business update.
“It has been a strong start to 2024 with the initiation of the DRAGON II trial and the recent closing of our $25 million registered direct offering in April 2024,” said Dr. Tom Lin, Chairman and CEO of Belite Bio. “At the annual meeting of The Association for Research in Vision and Ophthalmology (ARVO), we announced additional analysis from our completed Phase 2 trial of Tinlarebant in adolescent STGD1 supporting its potential to slow or even halt disease progression. We are encouraged by these findings and look forward to building on this momentum as we continue to evaluate the potentially life-changing impact of this therapy in our ongoing STGD1 trials, DRAGON & DRAGON II, as well as in GA through our PHOENIX trial.”
First Quarter 2024 Business Highlights and Upcoming Milestones:
Clinical Highlights
Tinlarebant (LBS-008) is designed to be 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 to normal vision but can accumulate as toxic byproducts in individuals affected with STGD1 and GA (the advanced form of Dry AMD) leading to retinal cell death and loss of vision.
Corporate Highlights
First Quarter 2024 Financial Results:
Current Assets:
As of March 31, 2024, the Company had $95.5 million in cash and U.S treasury bills.
R&D Expenses:
For the three months ended March 31, 2024, research and development expenses were $6.8 million compared to $5.7 million for the same period in 2023. The increase in research and development expenses was primarily attributable to (i) conducting the DRAGON trial, (ii) initiating the DRAGON II trial, and (iii) increased wages and salaries due to our R&D team expansion and share-based compensation granted in the third quarter of 2023.
G&A Expenses:
For the three months ended March 31, 2024, general and administrative expenses were $1.6 million compared to $1.2 million for the same period in 2023. The increase resulted primarily from an increase in share-based compensation granted in the third quarter of 2023.
Net Loss:
For the three months ended March 31, 2024, the Company reported a net loss of $7.9 million, compared to a net loss of $6.9 million for the same period in 2023.
Webcast Information
Belite Bio will host a webcast on Tuesday, May14, 2024, 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://wsw.com/webcast/cc/blte3/1420956. A replay will be available for approximately 90 days following the event.
About Belite Bio
Belite Bio is a clinical-stage biopharmaceutical drug development company focused on advancing novel therapeutics targeting retinal degenerative eye diseases which have significant unmet medical needs such as (i) atrophic age-related macular degeneration (AMD), commonly known as Geographic Atrophy (GA) in advanced dry AMD, and (ii) autosomal recessive Stargardt disease type 1, or STGD1, in addition to specific metabolic diseases. For more information, follow us on Twitter, Instagram, LinkedIn, 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, 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 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. 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 March 31, | ||||||||
2023 | 2024 | |||||||
Expenses | ||||||||
Research and development | 5,723 | 6,765 | ||||||
General and administrative | 1,158 | 1,563 | ||||||
Total operating expenses | 6,881 | 8,328 | ||||||
Loss from operations | (6,881 | ) | (8,328 | ) | ||||
Other income (expense): | ||||||||
Total other (expense) income, net | (8 | ) | 463 | |||||
Loss before income tax | (6,889 | ) | (7,865 | ) | ||||
Income tax expense | 6 | 6 | ||||||
Net loss | (6,895 | ) | (7,871 | ) | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments, net of nil tax | 16 | (96 | ) | |||||
Total comprehensive loss | $ | (6,879 | ) | (7,967 | ) | |||
Weighted average number of ordinary shares used in per share calculation: | ||||||||
- Basic and Diluted | 20,950,240 | 29,677,173 | ||||||
Net loss per ordinary share | ||||||||
- Basic and Diluted | $ | (0.33 | ) | (0.27 | ) |
BELITE BIO, INC | ||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Amounts in thousands of US Dollars, except share amounts) | ||||||||
December 31, | March 31, | |||||||
2023 | 2024 | |||||||
Current assets | $ | 89,940 | $ | 96,468 | ||||
Other assets | 4,702 | 4,679 | ||||||
TOTAL ASSETS | $ | 94,642 | $ | 101,147 | ||||
TOTAL LIABILITIES | $ | 4,211 | $ | 4,677 | ||||
TOTAL SHAREHOLDERS’ EQUITY | 90,431 | 96,470 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 94,642 | $ | 101,147 | ||||
Ordinary shares authorized | 400,000,000 | 400,000,000 | ||||||
Ordinary shares issued | 29,184,475 | 29,802,332 | ||||||
Ordinary shares outstanding | 29,149,444 | 29,794,433 |
Media and Investor Relations Contact:
Jennifer Wu /This email address is being protected from spambots. You need JavaScript enabled to view it.
Julie Fallon /This email address is being protected from spambots. You need JavaScript enabled to view it.
GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV)...
ELSE NUTRITION HOLDINGS INC. (BABY) (BABYF) (0YL.F)...
Hillcrest Energy Technologies (CSE: HEAT) (OTCQB: HLRTF)...
Surf Air Mobility Inc. (NYSE: SRFM) (“Surf Air”), a leading...
Last Trade: | US$55.32 |
Daily Change: | -0.08 -0.14 |
Daily Volume: | 34,864 |
Market Cap: | US$1.690B |
September 10, 2024 August 09, 2024 June 12, 2024 March 22, 2024 March 11, 2024 |
UGE International develops, owns, and operates commercial and community solar projects in the United States and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers...
CLICK TO LEARN MOREDevvStream provides upfront capital for sustainability projects in exchange for carbon credit rights. Through these rights, the company generates and manages carbon credits by utilizing the most technologically advanced...
CLICK TO LEARN MORECOPYRIGHT ©2022 GREEN STOCK NEWS