Belite Bio, Inc Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 09, 2023 at 06:07 am EDT
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Belite Bio, Inc reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net loss was USD 6.81 million compared to USD 2.39 million a year ago. Basic loss per share from continuing operations was USD 0.26 compared to USD 0.12 a year ago.
For the six months, net loss was USD 13.71 million compared to USD 3.46 million a year ago. Basic loss per share from continuing operations was USD 0.54 compared to USD 0.23 a year ago.
Belite Bio, Inc is a clinical-stage biopharmaceutical drug development company. The Company is focused on advancing novel therapeutics targeting retinal degenerative eye disease, such as atrophic age-related macular degeneration (AMD), and autosomal recessive Stargardt disease type 1 (STGD) both of which progressively lead to permanent blindness, and metabolic diseases such as non-alcoholic fatty liver disease (NAFLD), non-alcoholic steatohepatitis (NASH), type 2 diabetes (T2D), and gout. Its lead product candidate, LBS-008 as an oral daily treatment for STGD1 and Geographic Atrophy patients. In STGD1, it is developing LBS-008 as once-a-day tablet treatment to target Retinol binding protein 4 (RBP4) by disrupting vitamin A (retinol) binding to RBP4 which leads to reduced delivery of retinol to the eye and reduced accumulation of toxic vitamin A by-products. Its product candidate also includes LBS-009 an anti-RBP4 oral therapy targeting liver disease, including NAFLD, NASH, and T2D.