Belite Bio, Inc. (NASDAQ: BLTE) priced an underwritten public offering of 2,272,727 American Depositary Shares (ADSs) at $154.00 per ADS, generating expected gross proceeds of approximately $350 million before underwriting discounts and offering expenses. The offering is scheduled to close on or about December 3, 2025.
The pricing announcement followed the release of positive topline results from the Phase 3 DRAGON trial of the company’s lead candidate, Tinlarebant, for Stargardt disease. The trial demonstrated a statistically significant 36% reduction in retinal lesion growth rate versus placebo, meeting its primary efficacy endpoint and earning the FDA Breakthrough Therapy designation. The clinical success provides a strong rationale for the capital raise, as the company moves toward commercialization and regulatory filing.
Net proceeds will be allocated to prepare for commercialization of Tinlarebant, expand the pipeline, and support working capital and other general corporate purposes. The company’s cash position stands at $275.6 million, and the infusion will extend runway for clinical development and commercial infrastructure build‑out.
Dr. Tom Lin, Chairman and CEO, emphasized the significance of the trial and financing: “The Phase 3 data confirm that Tinlarebant can deliver a meaningful benefit in a disease with no approved therapies. The public offering gives us the resources to bring this treatment to patients and to accelerate our pipeline.”
Following the announcement, Mizuho upgraded Belite Bio to “Outperform” and raised its price target from $105.00 to $194.00, citing the robust Phase 3 results and the company’s strategic positioning in a $1.2 billion market for Stargardt disease. The upgrade reflects confidence that the capital raise will support a timely regulatory submission and subsequent commercialization.
The offering underscores Belite Bio’s strategy to convert clinical milestones into marketable products. With no revenue to date and typical negative earnings for a clinical‑stage company, the $350 million raise will provide the financial foundation needed to transition from development to commercialization, while also funding pipeline expansion and maintaining operational flexibility.
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