Belite Bio, Inc. shares plummeted 5.94% during intraday trading on Monday, as the clinical-stage drug developer released its preliminary fourth quarter and full year 2025 financial results.

The company reported a GAAP net loss of $25.3 million for the fourth quarter, significantly wider than the $10.1 million loss reported in the same period last year. On a per-share basis, Belite Bio posted a quarterly loss of $(0.70), which missed the analyst consensus estimate of $(0.54) by 29.15%. For the full year 2025, the company reported a net loss of $77.611 million.

While Belite Bio provided updates on its lead candidate tinlarebant, including positive Phase 3 trial results and plans to submit a New Drug Application to the FDA in the second quarter of 2026, investors focused on the deteriorating financial performance and earnings miss, leading to the sharp sell-off.