Company: BLTE
Filing Date: 2025-12-02
Form Type: 424B5
Source: 0001104659-25-117702
Chunk: 40

Company: BELITE BIO, INC
Filing Date: 2025-12-02
Form: 424B5
Chunk 40
---
 | As adjusted net tangible book value per ADS after this offering            | ​ | ​ | ​ | ​ |    ​ | ​ | ​ | ​ | ​ | $ |  16.21 | ​ | ​ |
| ​ | Net dilution per ADS to new investors purchasing the ADSs in this offering | ​ | ​ | ​ | ​ |    ​ | ​ | ​ | ​ | ​ | $ | 137.79 | ​ | ​ |

If the underwriters exercise their option to purchase additional ADSs in full, our as adjusted net tangible book value per ADS would be $17.37 per ADS, representing an immediate increase in net tangible book value of $9.52 per ADS to our existing securityholders and an immediate dilution in net tangible book value of $136.63 per ADS to investors purchasing ADSs in this offering. The above discussion and table are based on 34,890,991 ordinary shares (including ordinary shares represented by ADSs) outstanding as of September 30, 2025 and excludes the following as of that date: • 5,459,696 ordinary shares subject to options outstanding under the Company’s 2020 Amended and Restated Share Incentive Plan and 2022 Performance Incentive Plan; • 103,468 ordinary shares available for grant under the Company’s 2022 Performance Incentive Plan; • 275,000 unvested restricted share units under the Company’s 2022 Performance Incentive Plan; and • 3,298,782 ordinary shares (including ordinary shares represented by ADSs) to be issued upon the exercise of warrants outstanding. To the extent that outstanding options or warrants are exercised, outstanding restricted share units vest and settle or new options or restricted share units are granted, investors purchasing ADSs in this offering may experience further dilution. In addition, we may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the sale of additional ADSs, ordinary shares or other securities convertible into or exchangeable for the ADSs or our ordinary shares, the issuance of these securities could result in further dilution to our securityholders.

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TABLE OF CONTENTS

### BUSINESS

#### Stargardt Disease

### Background
Autosomal recessive STGD1 is a rare monogenetic juvenile-onset macular dystrophy that is characterized by the aberrant and excessive accumulation of