BELITE BIO, INC
BLTE · Pharmaceutical Preparations · EDGAR filings ↗
Reference price $143.90 — last insider sale, 2026-06-18 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
B80Well-capitalized clinical-stage retinal-disease biotech meaningfully de-risked by positive top-line Phase 3 results and a near-term NDA.
Strengths
- Positive Phase 3 DRAGON top-line readout (Dec 2025) with NDA targeted Q2 2026 — major de-risking in indications with no approved oral therapy
- Very strong balance sheet: $353M cash, ~38-quarter runway (94th pct), current ratio 50 (99th)
Risks
- No revenue and continuing large losses (net loss $77.6M; accumulated deficit $185M); approval not yet secured
- Reliant on third-party manufacturing/CMC and successful regulatory execution
Notable findings
- Cash burnNegative free cash flow (-37.1M)
- Strong balance sheetStrong balance sheet — $353M cash & investments, ~38 quarters of runway
- Notable holderHeld by 4 notable fund(s): GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP +1 more (as of 2026-03-31)
- AccumulatingInstitutional holders rose 5→6 QoQ (2025-12-31→2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Insider sellingInsider selling — 125 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$9M, last 6mo) Form 4 ↗
Key metrics
Return on equity
-10.1%
Return on assets
-9.9%
Current ratio
50.0×
Free cash flow
-$37M
Tangible book value
$770M
Cash & investments
$353M
Cash runway
38q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-18 | Scholl Hendrik Peter | Sell | 3.7K | $144.66 |
| 2026-06-18 | Scholl Hendrik Peter | Sell | 4.9K | $145.43 |
| 2026-06-18 | Scholl Hendrik Peter | Sell | 1.2K | $146.24 |
| 2026-06-18 | Scholl Hendrik Peter | Sell | 96 | $143.90 |
| 2026-06-18 | Scholl Hendrik Peter | Sell | 96 | $147.11 |
| 2026-06-16 | Scholl Hendrik Peter | Sell | 2.1K | $137.61 |
| 2026-06-16 | Scholl Hendrik Peter | Sell | 784 | $138.18 |
| 2026-06-16 | Scholl Hendrik Peter | Sell | 3.1K | $139.57 |
| 2026-06-16 | Scholl Hendrik Peter | Sell | 540 | $140.58 |
| 2026-06-16 | Scholl Hendrik Peter | Sell | 100 | $141.83 |
| 2026-06-16 | Scholl Hendrik Peter | Sell | 450 | $142.20 |
| 2026-06-16 | Scholl Hendrik Peter | Sell | 1.9K | $143.55 |
| 2026-06-16 | Scholl Hendrik Peter | Sell | 1.0K | $145.02 |
| 2026-05-07 | MATA NATHAN L. | Sell | 226 | $152.45 |
| 2026-05-07 | MATA NATHAN L. | Sell | 428 | $153.56 |
| 2026-05-07 | MATA NATHAN L. | Sell | 3 | $154.61 |
| 2026-05-07 | MATA NATHAN L. | Sell | 9 | $155.25 |
| 2026-05-06 | MATA NATHAN L. | Sell | 8 | $151.57 |
| 2026-05-06 | MATA NATHAN L. | Sell | 424 | $152.67 |
| 2026-05-06 | MATA NATHAN L. | Sell | 128 | $153.42 |
| 2026-05-06 | MATA NATHAN L. | Sell | 240 | $154.41 |
| 2026-05-06 | MATA NATHAN L. | Sell | 100 | $155.97 |
| 2026-05-06 | MATA NATHAN L. | Sell | 100 | $156.00 |
| 2026-05-05 | MATA NATHAN L. | Sell | 120 | $153.92 |
| 2026-05-05 | MATA NATHAN L. | Sell | 363 | $154.44 |
| 2026-05-05 | MATA NATHAN L. | Sell | 173 | $155.48 |
| 2026-05-05 | MATA NATHAN L. | Sell | 121 | $156.53 |
| 2026-05-05 | MATA NATHAN L. | Sell | 155 | $157.29 |
| 2026-05-05 | MATA NATHAN L. | Sell | 68 | $158.11 |
| 2026-05-04 | MATA NATHAN L. | Sell | 32 | $153.50 |
| 2026-05-04 | MATA NATHAN L. | Sell | 236 | $154.24 |
| 2026-05-04 | MATA NATHAN L. | Sell | 325 | $155.21 |
| 2026-05-04 | MATA NATHAN L. | Sell | 235 | $156.57 |
| 2026-05-04 | MATA NATHAN L. | Sell | 172 | $157.49 |
| 2026-05-01 | MATA NATHAN L. | Sell | 52 | $153.89 |
| 2026-05-01 | MATA NATHAN L. | Sell | 288 | $154.38 |
| 2026-05-01 | MATA NATHAN L. | Sell | 346 | $155.48 |
| 2026-05-01 | MATA NATHAN L. | Sell | 82 | $156.24 |
| 2026-05-01 | MATA NATHAN L. | Sell | 106 | $157.45 |
| 2026-05-01 | MATA NATHAN L. | Sell | 65 | $158.35 |
| 2026-05-01 | MATA NATHAN L. | Sell | 38 | $159.08 |
| 2026-05-01 | MATA NATHAN L. | Sell | 23 | $160.00 |
| 2026-04-30 | MATA NATHAN L. | Sell | 42 | $155.68 |
| 2026-04-30 | MATA NATHAN L. | Sell | 517 | $156.59 |
| 2026-04-30 | MATA NATHAN L. | Sell | 340 | $157.37 |
| 2026-04-30 | MATA NATHAN L. | Sell | 101 | $158.15 |
| 2026-04-29 | MATA NATHAN L. | Sell | 278 | $154.58 |
| 2026-04-29 | MATA NATHAN L. | Sell | 259 | $155.52 |
| 2026-04-29 | MATA NATHAN L. | Sell | 339 | $156.43 |
| 2026-04-29 | MATA NATHAN L. | Sell | 102 | $157.39 |
| 2026-04-29 | MATA NATHAN L. | Sell | 22 | $158.19 |
| 2026-04-28 | MATA NATHAN L. | Sell | 12 | $154.65 |
| 2026-04-28 | MATA NATHAN L. | Sell | 8 | $155.36 |
| 2026-04-28 | MATA NATHAN L. | Sell | 53 | $156.61 |
| 2026-04-28 | MATA NATHAN L. | Sell | 222 | $157.49 |
| 2026-04-28 | MATA NATHAN L. | Sell | 62 | $158.71 |
| 2026-04-28 | MATA NATHAN L. | Sell | 380 | $159.42 |
| 2026-04-28 | MATA NATHAN L. | Sell | 120 | $160.27 |
| 2026-04-28 | MATA NATHAN L. | Sell | 89 | $161.72 |
| 2026-04-28 | MATA NATHAN L. | Sell | 54 | $162.14 |
| 2026-04-27 | MATA NATHAN L. | Sell | 409 | $163.56 |
| 2026-04-27 | MATA NATHAN L. | Sell | 44 | $160.83 |
| 2026-04-27 | MATA NATHAN L. | Sell | 280 | $161.62 |
| 2026-04-27 | MATA NATHAN L. | Sell | 231 | $162.38 |
| 2026-04-27 | MATA NATHAN L. | Sell | 36 | $164.07 |
| 2026-04-24 | MATA NATHAN L. | Sell | 190 | $158.65 |
| 2026-04-24 | MATA NATHAN L. | Sell | 375 | $159.46 |
| 2026-04-24 | MATA NATHAN L. | Sell | 330 | $160.40 |
| 2026-04-24 | MATA NATHAN L. | Sell | 74 | $157.86 |
| 2026-04-24 | MATA NATHAN L. | Sell | 28 | $161.22 |
| 2026-04-24 | MATA NATHAN L. | Sell | 3 | $162.53 |
| 2026-04-23 | MATA NATHAN L. | Sell | 267 | $164.47 |
| 2026-04-23 | MATA NATHAN L. | Sell | 158 | $165.38 |
| 2026-04-23 | MATA NATHAN L. | Sell | 127 | $166.56 |
| 2026-04-23 | MATA NATHAN L. | Sell | 373 | $167.37 |
| 2026-04-23 | MATA NATHAN L. | Sell | 54 | $168.43 |
| 2026-04-23 | MATA NATHAN L. | Sell | 21 | $169.56 |
| 2026-04-22 | MATA NATHAN L. | Sell | 20 | $166.32 |
| 2026-04-22 | MATA NATHAN L. | Sell | 31 | $165.70 |
| 2026-04-22 | MATA NATHAN L. | Sell | 141 | $167.42 |
| 2026-04-22 | MATA NATHAN L. | Sell | 101 | $168.64 |
| 2026-04-22 | MATA NATHAN L. | Sell | 105 | $169.52 |
| 2026-04-22 | MATA NATHAN L. | Sell | 75 | $170.58 |
| 2026-04-22 | MATA NATHAN L. | Sell | 257 | $171.62 |
| 2026-04-22 | MATA NATHAN L. | Sell | 249 | $172.49 |
| 2026-04-22 | MATA NATHAN L. | Sell | 21 | $173.04 |
| 2026-04-21 | Lin Yu-Hsin | Other | 10K | — |
| 2026-04-21 | MATA NATHAN L. | Sell | 214 | $167.34 |
| 2026-04-21 | Chuang Hao-Yuan | Other | 10K | — |
| 2026-04-21 | MATA NATHAN L. | Sell | 64 | $163.49 |
| 2026-04-21 | MATA NATHAN L. | Sell | 78 | $164.60 |
| 2026-04-21 | MATA NATHAN L. | Sell | 332 | $165.49 |
| 2026-04-21 | MATA NATHAN L. | Sell | 312 | $166.49 |
| 2026-04-20 | MATA NATHAN L. | Sell | 40 | $165.29 |
| 2026-04-20 | MATA NATHAN L. | Sell | 284 | $162.76 |
| 2026-04-20 | MATA NATHAN L. | Sell | 524 | $163.52 |
| 2026-04-20 | MATA NATHAN L. | Sell | 124 | $164.40 |
| 2026-04-20 | MATA NATHAN L. | Sell | 3 | $166.91 |
| 2026-04-20 | MATA NATHAN L. | Sell | 16 | $167.16 |
| 2026-04-20 | MATA NATHAN L. | Sell | 9 | $168.35 |
| 2026-04-17 | MATA NATHAN L. | Sell | 32 | $158.46 |
| 2026-04-17 | MATA NATHAN L. | Sell | 52 | $159.38 |
| 2026-04-17 | MATA NATHAN L. | Sell | 226 | $160.55 |
| 2026-04-17 | MATA NATHAN L. | Sell | 274 | $161.41 |
| 2026-04-17 | MATA NATHAN L. | Sell | 216 | $162.48 |
| 2026-04-17 | MATA NATHAN L. | Sell | 200 | $163.32 |
| 2026-04-16 | MATA NATHAN L. | Sell | 216 | $158.28 |
| 2026-04-16 | MATA NATHAN L. | Sell | 219 | $159.81 |
| 2026-04-16 | MATA NATHAN L. | Sell | 201 | $160.35 |
| 2026-04-16 | MATA NATHAN L. | Sell | 240 | $161.61 |
| 2026-04-16 | MATA NATHAN L. | Sell | 76 | $162.26 |
| 2026-04-16 | MATA NATHAN L. | Sell | 36 | $163.21 |
| 2026-04-16 | MATA NATHAN L. | Sell | 12 | $164.12 |
| 2026-04-15 | MATA NATHAN L. | Sell | 383 | $167.58 |
| 2026-04-15 | MATA NATHAN L. | Sell | 537 | $168.64 |
| 2026-04-15 | MATA NATHAN L. | Sell | 68 | $169.15 |
| 2026-04-15 | MATA NATHAN L. | Sell | 8 | $170.76 |
| 2026-04-15 | MATA NATHAN L. | Sell | 4 | $171.19 |
| 2026-04-09 | Lin Yu-Hsin | Sell | 2.5K | $180.36 |
| 2026-04-09 | Lin Yu-Hsin | Sell | 3.5K | $181.33 |
| 2026-04-09 | Lin Yu-Hsin | Sell | 3.0K | $182.40 |
| 2026-04-09 | Lin Yu-Hsin | Sell | 200 | $183.00 |
| 2026-04-09 | Chen Wan-Shan | Sell | 1.1K | $180.43 |
| 2026-04-09 | Chuang Hao-Yuan | Sell | 2.0K | $180.35 |
| 2026-04-09 | Chuang Hao-Yuan | Sell | 2.0K | $181.40 |
| 2026-04-09 | Chuang Hao-Yuan | Sell | 1.9K | $182.58 |
| 2026-04-09 | Chuang Hao-Yuan | Sell | 291 | $183.08 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06388083 ↗ | A Phase 2/3 Study to Evaluate the Efficacy and Safety of Tinlarebant in Subjects With Stargardt Disease STGD1, Stargardt Disease 1 | PHASE2/PHASE3 | Active Not Recruiting | 2028-02-01 |
| NCT05949593 ↗ | Phase 3, Randomized, Placebo-Controlled Study of Tinlarebant to Explore Safety and Efficacy in Geographic Atrophy Geographic Atrophy | PHASE3 | Active Not Recruiting | 2027-06-30 |
| NCT05244304 ↗ | Phase 3, Randomized, Placebo-Controlled Study of Tinlarebant to Explore Safety and Efficacy in Adolescent Stargardt Disease Stargardt Disease 1 | PHASE3 | Completed | 2025-08-04 |
| NCT04005807 ↗ | Safety and Tolerability of Escalating Doses of BPN-14967 in Healthy Adults Healthy Volunteers | PHASE1 | Completed | 2019-12-20 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-31 | 2025-12-31 | 0001104659-26-037374 ↗ |
| 20-F | 2025-03-17 | 2024-12-31 | 0001410578-25-000356 ↗ |
| 20-F | 2024-03-12 | 2023-12-31 | 0001104659-24-033149 ↗ |
| 20-F | 2023-03-31 | 2022-12-31 | 0001104659-23-040145 ↗ |