The following is a summary of the Belite Bio, Inc (BLTE) Q1 2024 Earnings Call Transcript:
Financial Performance:
Belite Bio reported Q1 2024 R&D expenses of $6.8 million, a rise from $5.7 million in Q1 2023 due to increased costs for new drug studies and research team expansion.
G&A expenses rose, reaching $1.6 million in Q1 2024 compared to $1.2 million in Q1 2023 primarily due to an increase in share-based compensation.
The company's net loss increased from $6.9 million in Q1 2023 to $7.9 million in Q1 2024.
Belite Bio reported a total of $95.5 million in cash and short-term U.S. Treasury bill investments in Q1 2024, a rise from $77.8 million in Q1 2023 due to funds raised from warrant exercises and follow-on offerings.
Business Progress:
The company continued its global Phase 3 trials for Stargardt disease and Geographic Atrophy, reporting positive findings and treatment results.
Belite Bio was granted fast track designation, rare pediatric disease designation, and open drug designation in various territories including the U.S., EU, and Japan.
It maintains several patent families with composition of meta-patents lasting until the 2040s, offering patent protection for the foreseeable future.
The company raised an additional $25 million from a registered rent offering in April and anticipates its cash runway to extend beyond 2026.
Belite Bio's study highlighted promising clinical results, with a higher than anticipated rate of subjects (42%) not converting to atrophic lesions.
More details: Belite Bio IR
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