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Jun 30, 2025
Kymera Therapeutics Q2 2025 Earnings Report
Belite Bio reported a larger net loss in Q2 2025 due to higher R&D and G&A expenses, while advancing key clinical trials.
Key Takeaways
Belite Bio posted a net loss of $16.3M in Q2 2025 compared to a $9.5M loss last year, driven by increased R&D and G&A costs tied to its Phase 3 trials and share-based compensation. The company ended the quarter with $149.2M in cash and equivalents, and achieved key clinical milestones including full enrollment in the PHOENIX trial and Breakthrough Therapy Designation for Tinlarebant in Stargardt disease.
Net loss widened to $16.3M from $9.5M in Q2 2024.
R&D expenses rose to $11.0M, reflecting higher trial and manufacturing costs.
G&A expenses surged to $6.5M due to increased share-based compensation.
Ended the quarter with $149.2M in cash, liquidity funds, time deposits, and U.S. treasury bills.
Forward Guidance
Belite Bio aims to complete the DRAGON trial by Q4 2025 and advance Tinlarebant toward regulatory submission, while maintaining a strong cash position to support ongoing clinical programs.
Positive Outlook
- Breakthrough Therapy Designation granted for Tinlarebant in Stargardt disease.
- Full enrollment completed in the PHOENIX Phase 3 trial for geographic atrophy.
- Strong cash position of $149.2M at quarter-end.
- Interim DRAGON trial results supported continued development without modifications.
- Potential additional $15M in proceeds if warrants from recent offering are exercised.
Challenges Ahead
- Net loss widened year over year.
- Higher operating expenses driven by R&D and G&A increases.
- Dependence on successful completion of clinical trials for future revenue.
- Ongoing need for capital to fund late-stage trials.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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