Belite Bio, Inc. (BLTE) Balance Sheet
BLTE balance sheet, 2025
December 31, 2025 · U.S. dollars$780.6M assets = $10.1M liabilities + $770.5M equity
Both columns are drawn to the same scale: what BLTE owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BLTE financial health
Descriptive bands, not a rating. Fiscal 2025.
BLTE balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $25.7M2020 | $780.6M2025 | +97.9%/yr | |
| Total liabilities | $32.8M2020 | $10.1M2025 | −21.0%/yr | |
| Shareholders’ equity | −$7.0M2020 | $770.5M2025 | — | |
| Cash & short-term investments | $25.6M2020 | $492.4M2025 | +80.6%/yr | |
| Total debt | $31.8M2020 | $429,0002025 | −57.7%/yr | |
| Net cash (debt) | −$6.2M2020 | $492.0M2025 | +$498.2M | |
| Working capital | $24.7M2020 | $484.4M2025 | +$459.7M | |
| Book value per share | −$0.762020 | $22.972025 | — | |
| Debt / equity | 0.022022 | 0.002025 | −0.02 | |
| Shares outstanding | 9.2M2020 | 33.5M2025 | +29.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BLTE assets
BLTE liabilities and equity
BLTE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BLTE balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $492.4M | $145.1M | $88.2M | $42.1M | $17.3M | $25.6M |
| Cash & equivalents | $352.9M | $31.7M | $88.2M | $42.1M | $17.3M | $25.6M |
| Short-term investments | $139.5M | $113.5M | $0 | — | — | — |
| Receivables | $718,000 | $594,000 | $867,000 | $19,000 | $23,000 | $40,000 |
| Inventory | $0 | $0 | $0 | −$19,000 | $0 | $0 |
| Other current assets | $1.1M | $1.3M | $916,000 | $718,000 | $64,000 | $10,000 |
| Total current assets | $494.3M | $147.1M | $89.9M | $42.8M | $17.4M | $25.7M |
| Property, plant & equipment (net) | $777,000 | $965,000 | $1.3M | $1.3M | $94,000 | $66,000 |
| Goodwill & intangible assets | $4.9M | $4.0M | $3.3M | $31,000 | $0 | $0 |
| Long-term investments | $280.2M | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $425,000 | $103,000 | $104,000 | $88,000 | $823,000 | $7,000 |
| Total assets | $780.6M | $152.1M | $94.6M | $44.3M | $18.3M | $25.7M |
| Liabilities | ||||||
| Short-term debt | $241,000 | $276,000 | $308,000 | $198,000 | — | — |
| Total current liabilities | $9.9M | $6.0M | $3.6M | $2.1M | $1.6M | $972,000 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $429,000 | $537,000 | $886,000 | $866,000 | $0 | — |
| Other long-term liabilities | $188,000 | $261,000 | $578,000 | $668,000 | $31.8M | $31.8M |
| Total liabilities | $10.1M | $6.3M | $4.2M | $2.8M | $33.4M | $32.8M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $4,000 | $3,000 | $3,000 | $3,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | −$185.3M | −$107.6M | −$71.5M | −$39.9M | −$27.2M | −$17.6M |
| Accumulated other comprehensive income | −$536,000 | −$660,000 | −$374,000 | −$392,000 | −$196,000 | −$44,000 |
| Total shareholders' equity | $770.5M | $145.8M | $90.4M | $41.5M | −$15.1M | −$7.0M |
| Key figures | ||||||
| Total debt | $429,000 | $537,000 | $886,000 | $866,000 | $31.8M | $31.8M |
| Net cash (debt) | $492.0M | $144.6M | $87.3M | $41.2M | −$14.5M | −$6.2M |
| Working capital | $484.4M | $141.0M | $86.3M | $40.7M | $15.8M | $24.7M |
| Tangible book value | $765.6M | $141.8M | $87.1M | $41.5M | −$15.1M | −$7.0M |
| Book value per share | $22.97 | $4.78 | $3.40 | $2.08 | −$0.63 | −$0.76 |
| Shares outstanding | 33.5M | 30.5M | 26.6M | 20.0M | 24.1M | 9.2M |
| Current ratio | 50.02 | 24.31 | 24.76 | 20.35 | 10.66 | 26.41 |
| Quick ratio | 49.90 | 24.09 | 24.50 | 20.01 | 10.62 | 26.40 |
| Debt / equity | 0.00 | 0.00 | 0.01 | 0.02 | — | — |
| Equity / assets | 98.7% | 95.9% | 95.6% | 93.7% | −82.3% | −27.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | — | — | $492.4M | $275.6M | $149.2M | $157.4M | $145.1M | $109.0M | — | $112.3M | $88.2M | $54.5M |
| Cash & equivalents | — | — | $352.9M | $157.0M | $149.2M | $157.4M | $31.7M | $109.0M | — | $112.3M | $88.2M | $54.5M |
| Short-term investments | — | — | $139.5M | $118.6M | — | — | $113.5M | — | — | — | $0 | — |
| Receivables | $0 | $0 | $718,000 | $22,000 | $0 | $0 | $594,000 | $0 | $0 | $0 | $867,000 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $501.6M | $521.9M | $1.1M | $1.6M | $1.8M | $1.9M | $1.3M | $2.3M | $113.9M | $1.6M | $916,000 | $1.6M |
| Total current assets | $501.6M | $521.9M | $494.3M | $277.2M | $151.0M | $159.3M | $147.1M | $111.3M | $113.9M | $113.9M | $89.9M | $56.1M |
| Property, plant & equipment (net) | $0 | $0 | $777,000 | $826,000 | $0 | $0 | $965,000 | $0 | $0 | $0 | $1.3M | $0 |
| Goodwill & intangible assets | $0 | $0 | $4.9M | $24,000 | $0 | $0 | $4.0M | $0 | $0 | $0 | $3.3M | $0 |
| Long-term investments | $0 | $0 | $280.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $290.0M | $289.4M | $425,000 | $4.3M | $5.4M | $4.9M | $103,000 | $4.6M | $4.6M | $4.6M | $104,000 | $1.5M |
| Total assets | $791.6M | $811.3M | $780.6M | $282.4M | $156.4M | $164.2M | $152.1M | $115.8M | $118.4M | $118.4M | $94.6M | $57.6M |
| Liabilities | ||||||||||||
| Short-term debt | — | — | $241,000 | $265,000 | — | — | $276,000 | — | — | — | $308,000 | — |
| Total current liabilities | $14.9M | $15.5M | $9.9M | $8.1M | $6.5M | $6.1M | $6.0M | $3.6M | — | $3.8M | $3.6M | $4.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | — | $429,000 | $510,000 | — | — | $537,000 | — | — | — | $886,000 | — |
| Other long-term liabilities | $0 | $0 | $188,000 | $245,000 | $6.5M | $6.1M | $261,000 | $3.6M | — | $3.8M | $578,000 | $4.8M |
| Total liabilities | $14.9M | $15.5M | $10.1M | $8.3M | $6.5M | $6.1M | $6.3M | $3.6M | $3.8M | $3.8M | $4.2M | $4.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $776.6M | $795.8M | $4,000 | $3,000 | $149.9M | $158.1M | $3,000 | $112.2M | — | $114.6M | $3,000 | $52.8M |
| Retained earnings (deficit) | — | — | −$185.3M | −$159.9M | — | — | −$107.6M | — | — | — | −$71.5M | — |
| Accumulated other comprehensive income | — | — | −$536,000 | −$432,000 | — | — | −$660,000 | — | — | — | −$374,000 | — |
| Total shareholders' equity | $776.6M | $795.8M | $770.5M | $274.1M | $149.9M | $158.1M | $145.8M | $112.2M | $114.6M | $114.6M | $90.4M | $52.8M |
| Key figures | ||||||||||||
| Total debt | — | — | $429,000 | $510,000 | — | — | $537,000 | — | — | — | $886,000 | — |
| Net cash (debt) | — | — | $492.0M | $275.1M | — | — | $144.6M | — | — | — | $87.3M | — |
| Working capital | $486.7M | $506.4M | $484.4M | $269.1M | $144.4M | $153.2M | $141.0M | $107.6M | — | $110.0M | $86.3M | $51.3M |
| Tangible book value | $776.6M | $795.8M | $765.6M | $274.1M | $149.9M | $158.1M | $141.8M | $112.2M | $114.6M | $114.6M | $87.1M | $52.8M |
| Book value per share | $19.33 | $19.96 | $22.97 | $8.25 | $4.60 | $4.93 | $4.64 | $3.66 | $3.74 | $3.78 | $3.19 | $1.93 |
| Shares outstanding | 40.2M | 39.9M | 33.5M | 33.2M | 32.6M | 32.1M | 31.5M | 30.7M | 30.6M | 30.3M | 28.3M | 27.3M |
| Current ratio | 33.56 | 33.71 | 50.02 | 34.37 | 23.15 | 25.98 | 24.31 | 30.73 | — | 29.67 | 24.76 | 11.69 |
| Quick ratio | 0.00 | 0.00 | 49.90 | 34.17 | 22.88 | 25.67 | 24.09 | 30.10 | — | 29.27 | 24.50 | 11.34 |
| Debt / equity | — | — | 0.00 | 0.00 | — | — | 0.00 | — | — | — | 0.01 | — |
| Equity / assets | 98.1% | 98.1% | 98.7% | 97.1% | 95.8% | 96.3% | 95.9% | 96.9% | 96.8% | 96.8% | 95.6% | 91.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 31, 2026); data from EODHD.
BLTE financial position
At the end of fiscal 2025 (December 31, 2025), Belite Bio had total assets of $780.6 million (up 413.1% from a year earlier), total liabilities of $10.1 million and shareholders' equity of $770.5 million. It held $492.4 million in cash and short-term investments against $0.4 million of debt, a net cash position of $492.0 million. Its current ratio was 50.02. In the latest quarter (ended June 30, 2026) total assets were $791.6 million and equity $776.6 million.
Related: BLTE income statement, BLTE cash flow statement, BLTE key metrics. See the BLTE stock overview for the latest quote and news.
BLTE balance sheet FAQ
What are Belite Bio's total assets?
Belite Bio reported total assets of $780.6 million at the end of fiscal 2025 (December 31, 2025), compared with $152.1 million a year earlier.
How much debt does Belite Bio have?
Belite Bio had $0.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.
How much cash does Belite Bio have?
Belite Bio held $492.4 million in cash and short-term investments at the end of fiscal 2025; with $0.4 million of debt that is net cash of $492.0 million.
What is Belite Bio's book value?
Belite Bio's shareholders' equity (book value) was $770.5 million at the end of fiscal 2025, or $22.97 per share.
What is Belite Bio's current ratio?
Belite Bio had current assets of $494.3 million and current liabilities of $9.9 million, a current ratio of 50.02 (it can cover its short-term obligations).
How much goodwill does Belite Bio have?
Belite Bio carried $4.9 million of goodwill and intangible assets, 0.6% of total assets, at the end of fiscal 2025.