Company: BLTE
Filing Date: 2025-12-02
Form Type: 424B5
Source: 0001104659-25-117702
Chunk: 39

Company: BELITE BIO, INC
Filing Date: 2025-12-02
Form: 424B5
Chunk 39
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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.

S-25

TABLE OF CONTENTS

DILUTION If you invest in the ADSs in this offering, your ownership interest will be immediately diluted to the extent of the difference between the public offering price per ADS and the as adjusted net tangible book value per ADS after this offering. The net tangible book value per ADS is calculated by dividing the net tangible book value, which is tangible assets less total liabilities, by the number of ordinary shares (including ordinary shares represented by ADSs) outstanding. Our net tangible book value as of September 30, 2025 was $274.1 million, or $7.86 per ADS. After giving effect to the sale of ADSs in this offering at the public offering price of $154.00 per ADS, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us, our as adjusted net tangible book value as of September 30, 2025 would have been approximately $602.3 million, or $16.21 per ADS. This amount would represent an immediate increase in the net tangible book value of $8.35 per ADS to our existing securityholders and an immediate dilution in net tangible book value of $137.79 per ADS to investors purchasing ADSs in this offering, as illustrated by the following table:

| ​ | Offering price per ADS                                                     | ​ | ​ | ​ | ​ |    ​ | ​ | ​ | ​ | ​ | $ | 154.00 | ​ | ​ |
| ​ | Net tangible book value per ADS as of September 30, 2025                   | ​ | ​ | ​ | $ | 7.86 | ​ | ​ | ​ | ​ | ​ |      ​ | ​ | ​ |
| ​ | Increase in net tangible book value per ADS attributable to this offering  | ​ | ​ | ​ | $ | 8.35 | ​ | ​ | ​ | ​ | ​ |      ​ | ​ | ​ |
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