Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data BELITE BIO, INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Research and development
3.69
7.42
8.87
24.8
29.9
45.4
Selling, general and administrative
6.82
10.1
38.8
General and administrative
2.06
2.38
3.95
6.82
10.1
Operating expenses
5.74
9.8
12.8
31.7
40
84.2
Operating income
-5.74
-9.8
-12.8
-31.7
-40
-84.2
Interest expense
0.02
0.02
0.03
0.02
0
Interest income
0.01
0.01
0.02
0.07
3.74
6.64
Other non-operating income
-0.01
0.13
0.17
0.05
3.86
6.6
Pre-tax income
-5.75
-9.67
-12.6
-31.6
-36.1
-77.6
Income tax
0
0.01
0.01
0
Net income
-5.75
-9.67
-12.6
-31.6
-36.1
-77.6
EBITDA
-5.73
-9.77
-12.8
-31.5
-39.8
-84
EPS, basic
-0.65
-1.01
-0.63
-1.19
-1.18
-2.31
EPS, diluted
-0.65
-1.01
-0.63
-1.19
-1.18
-2.31
Shares, basic (weighted)
8.79
9.57
20
26.6
30.5
33.5
Shares, diluted (weighted)
8.79
9.57
20
26.6
30.5
33.5
Balance sheet
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
25.6
17.3
42.1
88.2
31.7
353
Short-term investments
4.55
Other current assets
0.09
0.72
0.95
1.35
0.01
Total current assets
17.4
42.8
89.9
147
494
Property, plant and equipment
0.09
0.54
0.49
0.44
0.34
Lease right-of-use assets
0.81
0.81
0.52
0.43
Intangible assets
0.03
0.02
Total assets
18.3
44.3
94.6
152
781
Accrued liabilities
1.56
1.91
3.33
5.76
9.64
Total current liabilities
1.64
2.1
3.63
6.05
9.88
Lease liabilities
0.67
0.58
0.26
0.19
Total liabilities
1.64
2.77
4.21
6.31
10.1
Paid-in capital
12.3
81.8
162
254
956
Retained earnings
-17.6
-27.2
-39.9
-71.5
-108
-185
Other comprehensive income
-0.2
-0.39
-0.37
-0.66
-0.54
Shareholders' equity
-7.04
-15.1
41.5
90.4
146
770
Total equity
-7.04
-15.1
41.5
90.4
146
770
Total liabilities and equity
18.3
44.3
94.6
152
781
Shares outstanding
10.3
24.9
29.1
31.8
39.3
Cash flow statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
-5.75
-9.67
-12.6
-31.6
-36.1
-77.6
Depreciation and amortization
0.02
0.03
0.06
0.14
0.16
0.17
Stock-based compensation
1.36
1.53
1.48
3.82
8.99
38.9
Cash from operations
-4.44
-7.47
-11.5
-29.8
-29.2
-37
Capital expenditures
-0.07
-0.39
-0.06
-0.12
-0.07
Purchases of investments
-4.5
Sales and maturities of investments
77.8
4.5
Cash from investing
-0.02
-0.06
-0.39
-0.06
-111
-305
Stock issued
0.5
0.23
0
0.35
2.77
7.85
Cash from financing
28.1
-0.58
37
76
83.6
663
Exchange rate effect
0
-0.16
-0.37
0.01
-0.27
0.12
Net change in cash
23.6
-8.27
24.7
46.1
-56.5
321
Free cash flow
-7.55
-11.9
-29.9
-29.4
-37.1
Interest paid
0.02
0.02
0
Income taxes paid
0.01
0.01
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $167.33 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-16.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-16.6%
Net income / average total assets.
Return on invested capital (ROIC)
-25.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
428.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
164.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
413.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
160.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
9.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
18.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
30.7%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
50.0x
Current assets / current liabilities.
Quick ratio
35.7x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
35.7x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$2.31
Net income per basic share, as reported (split-adjusted).
FCF per share
-$1.10
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.10
Cash from operations / diluted weighted shares.
Book value per share
$19.59
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
8.75x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
8.75x
Market cap / tangible book value, when positive.
FCF yield
-0.5%
Free cash flow / market cap.
Earnings yield
-1.2%
Net income / market cap (the inverse of P/E).
Was BELITE BIO, INC profitable in fiscal 2025?
No. It reported a net loss of $77.6M.
How much free cash flow did BELITE BIO, INC generate in fiscal 2025?
Cash from operations of $37.0M minus capital expenditures of $71.0K left free cash flow of -$37.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.