Belite Bio raises $15 million in registered direct offering

SAN DIEGO - Belite Bio, Inc (NASDAQ:BLTE), a clinical-stage drug development company focused on retinal degenerative diseases with a market capitalization of $2.2 billion, announced Thursday it has entered into a securities purchase agreement with a single large existing institutional shareholder. According to InvestingPro data, the company maintains a strong financial position with a current ratio of nearly 26x, indicating robust liquidity.

The registered direct offering consists of 230,770 American Depositary Shares (ADSs) and warrants to purchase an additional 230,770 ADSs at $65 per ADS and accompanying warrant. The transaction is expected to generate approximately $15 million in gross proceeds before deducting offering expenses. With analyst price targets ranging from $80 to $110, according to InvestingPro, the stock shows potential upside from current levels.

The five-year warrants could potentially provide an additional $15 million if exercised. The offering is expected to close on or about Friday, subject to customary closing conditions.

Belite Bio plans to use the net proceeds for working capital and general corporate purposes, according to the press release statement. Titan Partners Group, a division of American Capital Partners, is serving as the sole placement agent for the offering.

The offering is being conducted under a shelf registration statement on Form F-3 previously filed with the U.S. Securities and Exchange Commission and declared effective on January 27, 2025.

Belite Bio focuses on developing therapeutics for retinal degenerative eye diseases with significant unmet medical needs, including Stargardt disease and Geographic Atrophy in advanced dry age-related macular degeneration, as well as specific metabolic diseases. The company’s next earnings report is scheduled for August 11, 2025. For deeper insights into BLTE’s financial health, growth prospects, and detailed analysis, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.

In other recent news, Belite Bio Inc reported a narrower-than-expected loss for the first quarter of 2025, with earnings per share at -$0.27, surpassing analysts’ forecast of -$0.37. The company also achieved a significant regulatory milestone as the U.S. Food and Drug Administration granted Breakthrough Therapy Designation to its drug candidate, Tinlarebant, for the treatment of Stargardt disease. This designation is based on promising interim results from the ongoing Phase 3 DRAGON trial and is expected to expedite the drug’s development and review process. Additionally, Belite Bio successfully completed enrollment for its Phase 3 PHOENIX trial, involving 500 subjects across multiple countries. Analyst firms such as H.C. Wainwright and Benchmark have reiterated Buy ratings on the company’s stock, with price targets set at $100 and $80, respectively. Cantor Fitzgerald also maintains an Overweight rating, expressing optimism about Belite Bio’s development of PRGN-2012 for Recurrent Respiratory Papillomatosis. The company’s financial position appears strong, with four years’ worth of cash reserves, allowing it to withstand potential market disruptions.

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