Belite Bio, Inc (BLTE)

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics with unmet medical needs in the United States. Its lead product candidate is Tinlarebant (LBS-008), an orally administered, which is in phase 3 clinical trial as an early intervention for maintaining the health and integrity of retinal tissues in stargardt disease type 1 and geographic atrophy patients. The company also develops LBS-009, an retinol binding protein 4 oral therapy, which is in preclinical development targeting liver disease, including non-alcoholic fatty liver disease, nonalcoholic steatohepatitis, and type 2 diabetes, as well as gout. Belite Bio, Inc was founded in 2016 and is based in San Diego, California. Belite Bio, Inc operates as a subsidiary of Lin Bioscience International Ltd.

Ticker: BLTE
Exchange: Nasdaq
Sector: Healthcare
Industry: Biotechnology
Market cap: $6.07B
52-week range: $102.00 - $200.00

Valuation

Share price: $154.19 (close of Nov 6, 2026)
P/E (TTM): -66.75x
Price to book: 7.87x
Price to free cash flow: -163.68x
Enterprise value: $5.71B
Book value per share: $19.59

Price performance

Period	Change
1 day	+7.68%
5 days	-0.36%
1 month	-0.91%
3 months	-4.03%
6 months	-1.29%
Year to date	-3.61%
1 year	+38.00%
3 years	+293.04%
All time	+1,356.00%

Short interest

As of: Oct 15, 2026
Short % of float: 6.03%
Shares short: 1.27M
Days to cover: 7.11
Change since prior report: +19.85%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: -10.07%
Return on invested capital: -10.92%
Return on assets: -9.94%
Return on capital employed: -10.93%

Cash flow and balance sheet

Free cash flow yield (TTM): -0.61%
Current ratio: 50.02x
Net debt to EBITDA: 4.57x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
EBITDA: -$84.02M
Net income: -$77.61M
Earnings per share: $-2.31
Research and development: $45.38M
Interest expense: $2.00K
Shares outstanding: 33.54M

Income statement by year

Period end	Net income	EPS
2025-12-31	-$77.61M	-$2.31
2024-12-31	-$36.14M	-$1.18
2023-12-31	-$31.63M	-$1.19
2022-12-31	-$12.65M	-$0.63
2021-12-31	-$9.67M	-$1.01
2020-12-31	-$5.75M	-$0.65

Margins and returns by year

Period end	Return on equity	Return on capital
2025-12-31	-10.07%	-10.92%
2024-12-31	-24.79%	-27.33%
2023-12-31	-34.98%	-34.68%
2022-12-31	-30.48%	-30.26%

Cash and debt by year

Period end	Cash
2025-12-31	$352.93M
2024-12-31	$31.68M
2023-12-31	$88.16M
2022-12-31	$42.09M
2021-12-31	$17.34M
2020-12-31	$25.62M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	-$37.06M	$38.92M
2024-12-31	-$29.35M	$8.99M
2023-12-31	-$29.90M	$3.82M
2022-12-31	-$11.85M	$1.48M
2021-12-31	-$7.55M	$1.53M
2020-12-31	-$4.44M	$1.36M

Investor relations

Next earnings report

Next confirmed report: Nov 12, 2026
Consensus EPS estimate: $-0.73

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-08-12	Jun 2026	-$0.73
2026-05-20	Mar 2026	-$0.60
2026-03-02	Dec 2025	-$0.56
2025-11-10	Sep 2025	-$0.53
2025-08-11	Jun 2025	-$0.47
2025-05-13	Mar 2025	-$0.36
2025-03-17	Dec 2024	-$0.30
2024-11-12	Sep 2024	-$0.30

Filings and sources

Company website: belitebio.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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