Belite Bio Inc
BLTEHealthcare|Biotechnology|USA
$149.25
-3.91 (-2.55%)
Tangible Book
$19.85
Financials
Financial Snapshot
Market Cap
$5.98B
Enterprise Value
$-429.0K
Revenue (TTM)
$0.00
Net Income (TTM)
$-90.3M
Cash & Equivalents
—
Net Cash/Share
$-0.39
Free Cash Flow (TTM)
$-37.2M
Operating CF (TTM)
$-37.0M
Debt/Equity
0
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$9.2M
Monthly Burn
$3.1M
Est. Runway
—
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $25.6M | $17.3M | $42.1M | $88.2M | $145.1M | $492.4M | $0.00 | |
| Operating Cash Flow | $-4.4M | $-7.5M | $-11.5M | $-29.8M | $-29.2M | $-37.0M | $-10.4M | |
| Free Cash Flow | $-4.5M | $-7.5M | $-11.9M | $-29.9M | $-29.4M | $-37.2M | $-10.4M | |
| Capital Expenditure | $-20.0K | $-74.0K | $-394.0K | $-63.0K | $-151.0K | $-178.0K | $0.00 | |
| Financing Cash Flow | $28.1M | $-583.0K | $37.0M | $76.0M | $83.6M | $663.2M | $510.1M |
R&D Spending
R&D (TTM)
$51.6M
R&D Intensity
—
R&D Growth YoY
+13.8%
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $3.7M | $7.4M | $8.9M | $24.8M | $29.9M | $45.4M | $51.6M | |
| R&D % of Revenue | — | — | — | — | — | — | — | |
| SG&A | $2.1M | $2.4M | $4.0M | $6.8M | $10.1M | $38.8M | $49.7M |
Income Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $3.7M | $7.4M | $8.9M | $24.8M | $29.9M | $45.4M | $51.6M | |
| SG&A | $2.1M | $2.4M | $4.0M | $6.8M | $10.1M | $38.8M | $49.7M | |
| Operating Income | $-5.7M | $-9.8M | $-12.8M | $-31.7M | $-40.0M | $-84.2M | $-101.4M | |
| Interest Expense | $-21.0K | $0.00 | $-16.0K | $-25.0K | $-20.0K | $-2.0K | $-2.0K | |
| Pretax Income | $-5.8M | $-9.7M | $-12.6M | $-31.6M | $-36.1M | $-77.6M | $-90.3M | |
| Net Income | $-5.8M | $-9.7M | $-12.6M | $-31.6M | $-36.1M | $-77.6M | $-90.3M | |
| EPS (Diluted) | -0.24 | -0.40 | -0.63 | -1.19 | -1.18 | -2.31 | -2.53 | |
| EBITDA | $-5.7M | $-9.6M | $-12.4M | $-31.2M | $-35.7M | $-77.1M | $-94.7M | |
| Shares Out. (M) | 24.09 | 24.09 | 19.98 | 26.59 | 30.54 | 33.54 | 39.87 |
Balance Sheet
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $25.6M | $17.3M | $42.1M | $88.2M | $31.7M | $352.9M | $0.00 | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $0.00 | $113.5M | $139.5M | $0.00 | |
| Total Current Assets | $25.7M | $17.4M | $42.8M | $89.9M | $147.1M | $494.3M | $521.9M | |
| Total Assets | $25.7M | $18.3M | $44.3M | $94.6M | $152.1M | $780.6M | $811.3M | |
| Total Current Liabilities | $972.0K | $1.6M | $2.1M | $3.6M | $6.0M | $9.9M | $0.00 | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $32.8M | $33.4M | $2.8M | $4.2M | $6.3M | $10.1M | $15.5M | |
| Stockholders' Equity | $-7.0M | $-15.1M | $41.5M | $90.4M | $145.8M | $770.5M | $795.8M | |
| Retained Earnings | $-17.6M | $-27.2M | $-39.9M | $-71.5M | $-107.6M | $-185.3M | $0.00 |
Cash Flow Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-4.4M | $-7.5M | $-11.5M | $-29.8M | $-29.2M | $-37.0M | $-10.4M | |
| Capital Expenditure | $-20.0K | $-74.0K | $-394.0K | $-63.0K | $-151.0K | $-178.0K | $0.00 | |
| Free Cash Flow | $-4.5M | $-7.5M | $-11.9M | $-29.9M | $-29.4M | $-37.2M | $-10.4M | |
| Investing Cash Flow | $-20.0K | $-56.0K | $-394.0K | $-63.0K | $-110.6M | $-305.1M | $-303.7M | |
| Financing Cash Flow | $28.1M | $-583.0K | $37.0M | $76.0M | $83.6M | $663.2M | $510.1M | |
| Issuance of Stock | $500.0K | $0.00 | $38.0M | $55.2M | $42.2M | $182.0M | $29.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $131.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $-2.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.4M | $1.5M | $1.5M | $3.8M | $9.0M | $38.9M | $11.7M | |
| Net Change in Cash | $23.6M | $-8.3M | $24.7M | $46.1M | $-56.5M | $321.3M | $195.9M |
Dilution Tracker
Shares outstanding grew 65.5% over 5 years — significant dilution
Shares Outstanding
40M
5-Year Share Growth
+65.5%
Stock Issuance (TTM)
$29.0M
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 24.09 | 24.09 | 19.98 | 26.59 | 30.54 | 33.54 | 39.87 | |
| YoY Change % | — | 0.0% | -17.1% | 33.1% | 14.8% | 9.8% | 18.9% | |
| Stock Issuance | $500.0K | $0.00 | $38.0M | $55.2M | $42.2M | $182.0M | $29.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.4M | $1.5M | $1.5M | $3.8M | $9.0M | $38.9M | $11.7M |
Margins & Profitability
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | 0.0% | 0.0% | -95.8% | -48.0% | -30.6% | -16.9% | -21.0% | |
| ROA % | -22.4% | -43.8% | -40.4% | -45.5% | -29.3% | -16.6% | -20.6% | |
| R&D / Revenue | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S—
Historical— / — / —
Industry Med.9.49
P/B7.52
Historical— / — / 7.52
Industry Med.2.93
EV/EBITDA-58.01
Historical-58.01 / — / —
Industry Med.13.02
EV/Revenue—
Historical— / — / —
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$19.85
Net Current Assets
$12.630
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 0.00 | 18.08 | 14.75 | 13.77 | 8.17 | 7.52 | |
| EV/EBITDA | 0.00 | 0.00 | -57.05 | -39.95 | -52.25 | -75.19 | -58.01 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $0.00M | $197.56M | $439.29M |
| Net Income | $-133.01M | $-25.42M | $159.03M |
| EPS | -3.35 | -0.57 | 3.88 |
| Book Value per Share | 17.00 | 17.65 | 21.11 |
| Operating Cash Flow per Share | -2.07 | -1.14 | 0.00 |
| Operating CF | $-82.53M | $-45.45M | $0.00M |