Detailed financial statements for Belite Bio, Inc (BLTE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Belite Bio, Inc. is a clinical-stage biopharmaceutical company focused on the discovery and advancement of novel therapies. The firm's primary therapeutic areas include atrophic age-related macular degeneration and autosomal recessive Stargardt disease. Its flagship drug candidate, LBS-008, is an investigational oral medication administered once daily.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $169.21, BLTE has negative trailing earnings (P/E not meaningful) and an ROE of -10.07%. Market capitalisation stands at $6.8B.
Balance sheet quality for BLTE: current ratio of 50.0, net cash position of $492.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $3.7M | $7.4M | $8.9M | $24.8M | $29.9M | $45.4M |
| Selling, General & Admin | $2.1M | $2.4M | $4.0M | $6.8M | $10.1M | $38.8M |
| Operating Expenses | $5.7M | $9.8M | $12.8M | $31.7M | $40.0M | $84.2M |
| Operating Income | -$5.7M | -$9.8M | -$12.8M | -$31.7M | -$40.0M | -$84.2M |
| EBITDA | -$5.7M | -$9.6M | -$12.4M | -$31.2M | -$35.7M | -$77.1M |
| Interest Expense | $21000 | 0 | $16000 | $25000 | $20000 | 0 |
| Pre-tax Income | -$5.8M | -$9.7M | -$12.6M | -$31.6M | -$36.1M | -$77.6M |
| Income Tax | $1000 | 0 | 0 | $9000 | $6000 | 0 |
| Net Income | -$5.8M | -$9.7M | -$12.6M | -$31.6M | -$36.1M | -$77.6M |
| EPS | $-0.62 | $-0.40 | $-0.63 | $-1.19 | $-1.18 | $-2.31 |
| EPS (Diluted) | $-0.62 | $-0.40 | $-0.63 | $-1.19 | $-1.18 | $-2.31 |
| Shares Outstanding (Diluted) | $9.2M | $24.1M | $20.0M | $26.6M | $30.5M | $33.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$23.0M | -$28.1M | -$32.7M | -$34.9M |
| EBITDA | -$21.7M | -$30.7M | -$26.9M | -$34.9M |
| Net Income | -$21.7M | -$25.3M | -$26.9M | -$28.4M |
| EPS | $-0.65 | $-0.72 | $-0.68 | $-0.71 |
| EPS (Diluted) | $-0.65 | $-0.72 | $-0.68 | $-0.71 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $25.6M | $17.3M | $42.1M | $88.2M | $31.7M | $352.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | $113.5M | $139.5M |
| Receivables | $40000 | $23000 | $19000 | $867000 | $594000 | $718000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $25.7M | $17.4M | $42.8M | $89.9M | $147.1M | $494.3M |
| Property, Plant & Equipment | $66000 | $94000 | $1.3M | $1.3M | $965000 | $777000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | $31000 | $3.3M | $4.0M | $4.9M |
| Total Assets | $25.7M | $18.3M | $44.3M | $94.6M | $152.1M | $780.6M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $972000 | $1.6M | $2.1M | $3.6M | $6.0M | $9.9M |
| Long-term Debt | $31.8M | $31.8M | 0 | 0 | 0 | 0 |
| Total Liabilities | $32.8M | $33.4M | $2.8M | $4.2M | $6.3M | $10.1M |
| Retained Earnings | -$17.6M | -$27.2M | -$39.9M | -$71.5M | -$107.6M | -$185.3M |
| Total Equity | -$7.0M | -$15.1M | $41.5M | $90.4M | $145.8M | $770.5M |
| Total Debt | $31.8M | $31.8M | $866000 | $886000 | $537000 | $429000 |
| Net Debt | $6.2M | $14.5M | -$41.2M | -$87.3M | -$144.6M | -$492.0M |
| Working Capital | $24.7M | $15.8M | $40.7M | $86.3M | $141.0M | $484.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $157.0M | $352.9M | 0 | 0 |
| Total Assets | $282.4M | $780.6M | $811.3M | $791.6M |
| Total Liabilities | $8.3M | $10.1M | $15.5M | $14.9M |
| Total Equity | $274.1M | $770.5M | $795.8M | $776.6M |
| Total Debt | $510000 | $429000 | 0 | 0 |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$5.8M | -$9.7M | -$12.6M | -$31.6M | -$36.1M | -$77.6M |
| Depreciation & Amortization | $17000 | $30000 | $198000 | $399000 | $449000 | $464000 |
| Stock-based Compensation | $1.4M | $1.5M | $1.5M | $3.8M | $9.0M | $38.9M |
| Change in Working Capital | -$69000 | $640000 | -$491000 | -$2.4M | $1.1M | $2.6M |
| Operating Cash Flow | -$4.4M | -$7.5M | -$11.5M | -$29.8M | -$29.2M | -$37.0M |
| Capital Expenditure | -$20000 | -$74000 | -$394000 | -$63000 | -$151000 | -$178000 |
| Acquisitions | 0 | $18000 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$4.5M | -$7.5M | -$11.9M | -$29.9M | -$29.4M | -$37.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | 0 | -$10385 | 0 | 0 |
| Capital Expenditure | 0 | -$178 | 0 | 0 |
| Free Cash Flow | 0 | -$10563 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $27205 | $11714 | 0 | $6781 |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -68.0% | -30.9% | -150.1% | -14.3% | -114.7% |
| EPS Growth (YoY) | | +35.5% | -57.5% | -88.9% | +0.8% | -95.8% |
| Shares Change (YoY) | | +161.7% | -17.1% | +33.1% | +14.8% | +9.8% |
| FCF Growth (YoY) | | -69.2% | -57.0% | -152.3% | +1.7% | -26.5% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.48 | $-0.31 | $-0.59 | $-1.12 | $-0.96 | $-1.11 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $9.2M | $24.1M | $20.0M | $26.6M | $30.5M | $33.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -10.07% |
| Return on Invested Capital | -10.92% |
| Return on Assets | -9.94% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 33.56 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 319.70 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -17.08 | -26.47 | -47.85 | -38.45 | -53.47 | -69.25 |
| P/B | -13.85 | -16.91 | 14.51 | 13.45 | 13.21 | 6.96 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 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% |