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Jun 30
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.
Kymera Therapeutics
Kymera Therapeutics
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.
- Regulatory timelines and outcomes remain uncertain.