Belite Bio, Inc. (NASDAQ: BLTE) is a clinical-stage biopharmaceutical company focused on the development of novel therapies for degenerative retinal diseases, notably Stargardt disease and Geographic Atrophy. The company’s lead candidate, Tinlarebant, is currently in pivotal Phase III trials targeting these conditions.

For the year ended December 31, 2024, Belite Bio’s financial performance indicated a rise in operating expenses and net loss. Research and development expenses increased to $29.9 million from $24.8 million in 2023, attributed to heightened clinical activities and share-based compensation. General and administrative expenses rose to $10.1 million, up from $6.8 million in the previous year, influenced primarily by increased share-based compensation.

The net loss for 2024 was $36.1 million, compared to a net loss of $31.6 million in 2023. In the fourth quarter alone, net loss was reported at $10.1 million, which is larger than the $7.0 million in the fourth quarter of 2023. The company had $31.7 million in cash at year-end 2024, a decrease from $88.2 million at the end of 2023.

Belite Bio’s liquidity position showed $113.5 million in investments, a notable increase compared to nil in 2023. Net cash outflow from operating activities was $29.2 million in 2024, comparable to $29.8 million in 2023. Additionally, the company raised $15 million in gross proceeds from a registered direct offering in February 2025.

In terms of trial progress, the Phase III DRAGON trial in Stargardt disease has 104 subjects and is expected to complete by the end of 2025. The independent Data Safety Monitoring Board recommended that the trial continue without modification following its interim analysis. Meanwhile, the Phase III PHOENIX trial for Geographic Atrophy currently has enrolled 406 subjects with an increased target enrollment from 430 to 500 subjects due to successful recruitment rates.

These developments position Belite Bio as actively working toward advancing its clinical programs while managing a increasing financial base for continued operations.