Company: BLTE
Filing Date: 2025-12-02
Form Type: 424B5
Source: 0001104659-25-117702
Chunk: 34

Company: BELITE BIO, INC
Filing Date: 2025-12-02
Form: 424B5
Chunk 34
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 dilution of $137.79 per ADS, representing the difference between our as adjusted net tangible book value per ADS as of September 30, 2025, after giving effect to this offering. If the underwriters exercise their option to purchase additional ADSs, or if the holders of outstanding options or warrants exercise those options or warrants at prices below the price you pay, you will experience further dilution. For additional information on the dilution that you will experience immediately after this offering, see “Dilution.”

Substantial future sales of our ordinary shares or ADSs in the public market, or the perception that these sales could occur, could cause the price of the ADSs to decline.

Additional sales of our ordinary shares or ADSs in the public market after this offering, or the perception that these sales could occur, could cause the market price of the ADSs to decline. A substantial number of outstanding ordinary shares are, and the ADSs sold in this offering upon issuance will be, freely tradable without restriction or further registration under the Securities Act.

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TABLE OF CONTENTS

Upon completion of this offering, we will have 37,514,630 ordinary shares outstanding (including ordinary shares represented by ADSs), assuming the underwriters do not exercise their option to purchase additional ADSs. The above number is based on 35,241,903 ordinary shares (including ordinary shares represented by ADSs) outstanding as of November 30, 2025. In connection with this offering, subject to certain exceptions, certain shareholders, officers and directors will be subject to lock-up agreements with the underwriters of this offering that restrict the sale of ordinary shares and ADSs by those parties for a period of 60 days after the date of this prospectus supplement. However, all of the ADSs sold in this offering and the remaining ordinary shares outstanding prior to this offering (including ordinary shares represented by ADSs) will not be subject to lock-up agreements with the underwriters and, except to the extent such shares are held by our affiliates and are not registered for public resale under an effective registration statement under the Securities Act, will be freely tradable without restriction under the Securities Act. The market price of our ADSs could decline as a result of sales by our shareholders in the market following completion of this offering or the perception that these sales could occur.

You may experience future dilution as a result of future equity offerings.

To raise additional capital, we may in the future offer additional ADSs,