Belite Bio, Inc. ADR ( (BLTE) ) has released its Q3 earnings. Here is a breakdown of the information Belite Bio, Inc. ADR presented to its investors.
Belite Bio, Inc. ADR is a clinical-stage biopharmaceutical company focused on developing novel treatments for degenerative retinal diseases, specifically targeting conditions like Stargardt disease type 1 (STGD1) and Geographic Atrophy (GA) in advanced dry age-related macular degeneration (AMD). With a mission to address significant unmet medical needs, Belite Bio is advancing its lead candidate, Tinlarebant, through various clinical trials.
In its third quarter of 2024, Belite Bio reported notable progress in its clinical programs, including the dosing of the first patient in the Phase 2/3 DRAGON II trial for Stargardt disease and continued strong enrollment in the global Phase 3 PHOENIX trial for Geographic Atrophy. The company also appointed Dr. Hendrik P.N. Scholl, a prominent figure in ophthalmology, as Chief Medical Officer, enhancing its leadership team.
Key financial highlights for the quarter include a reduction in research and development expenses to $6.8 million compared to the previous year, primarily due to fewer milestone payments, while general and administrative expenses increased to $2.9 million. The company reported a net loss of $8.7 million, an improvement from the $10.9 million loss in the same quarter of 2023, reflecting better financial management and increased other income from accrued interests.
Belite Bio’s strategic milestones and financial adjustments demonstrate its commitment to advancing its clinical trials and maintaining financial stability. Looking ahead, the company anticipates interim results from its pivotal Phase 3 DRAGON trial by the end of 2024 or early 2025, which could mark a significant step forward in its mission to provide effective treatments for retinal degenerative diseases.
