0001104659-24-033149 | 20-F | XBRL Viewer

As of December 31,

Prepaid insurance premiums

Other prepayments for research and development expense(2)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred offering costs (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 28, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Offering Cost
Deferred offering cost reclassed to additional-paid-in-capital upon IPO	$ 1,844
Deferred offering costs			$ 1,030	$ 815
Follow On Offering [Member]
Deferred Offering Cost
Deferred offering costs		$ 883
At The Market Offering [Member]
Deferred Offering Cost
Deferred offering costs		$ 347

EQUITY - ATM offering (Details) - USD ($) $ in Thousands	2 Months Ended	7 Months Ended	12 Months Ended
EQUITY - ATM offering (Details) - USD ($) $ in Thousands	Mar. 11, 2024	Dec. 31, 2023	Dec. 31, 2023
EQUITY
Other Receivable for ATM proceeds			$ 762
At-the-Market offering ("ATM")
EQUITY
Net proceeds from issuance			$ 26,988
At-the-Market offering ("ATM") \| ADS
EQUITY
Gross proceeds from issuance		$ 28,608
Net proceeds from issuance		27,403
Sales Commissions		858
Other fees and expenses		347
Other Receivable for ATM proceeds		$ 762
Issuance of shares on offering		731,843
At-the-Market offering ("ATM") \| ADS \| Subsequent Event
EQUITY
Gross proceeds from issuance	$ 6,175
Net proceeds from issuance	$ 5,990
Issuance of shares on offering	134,875

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Foreign currency translation adjustments tax	$ 0	$ 0	$ 0

CONVERTIBLE PREFERRED SHARES	12 Months Ended
Dec. 31, 2023
CONVERTIBLE PREFERRED SHARES
CONVERTIBLE PREFERRED SHARES	6.CONVERTIBLE PREFERRED SHARES In January and February 2020, the Company issued 2,377,642 shares of Series A convertible preferred shares (“Series A Preferred Shares”) with a par value $0.0001 per share at $3.7036 per share for a total consideration of (i) cash $6,792 and (ii) notes principal plus unpaid interests $2,014 in convertible promissory notes issued in October 2019. In December 2020, the Company issued 5,443,272 shares of Series B convertible preferred shares (“Series B Preferred Shares”) with a par value $0.0001 per share to a group of investors at $4.2254 per share for a cash consideration of $23,000. The shareholder agreement therefore was amended and restated to reflect the issuance of Series B in the liquidation preference. Other than above, the rights and obligations for shareholders of Series A Preferred Shares and Series B Preferred Shares are consistent. On May 3, 2022 total convertible preferred shares issued and outstanding of 7,820,914 shares were all converted to ordinary shares upon the completion of IPO. Total ending balance of convertible preferred shares are nil as of December 31, 2022 and 2023 respectively.

CONVERTIBLE PREFERRED SHARES

12 Months Ended

Dec. 31, 2023

CONVERTIBLE PREFERRED SHARES

CONVERTIBLE PREFERRED SHARES

6.CONVERTIBLE PREFERRED SHARES

In January and February 2020, the Company issued 2,377,642 shares of Series A convertible preferred shares (“Series A Preferred Shares”) with a par value $0.0001 per share at $3.7036 per share for a total consideration of (i) cash $6,792 and (ii) notes principal plus unpaid interests $2,014 in convertible promissory notes issued in October 2019.

In December 2020, the Company issued 5,443,272 shares of Series B convertible preferred shares (“Series B Preferred Shares”) with a par value $0.0001 per share to a group of investors at $4.2254 per share for a cash consideration of $23,000. The shareholder agreement therefore was amended and restated to reflect the issuance of Series B in the liquidation preference. Other than above, the rights and obligations for shareholders of Series A Preferred Shares and Series B Preferred Shares are consistent.

On May 3, 2022 total convertible preferred shares issued and outstanding of 7,820,914 shares were all converted to ordinary shares upon the completion of IPO. Total ending balance of convertible preferred shares are nil as of December 31, 2022 and 2023 respectively.

INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAX

Schedule of reconciliation between the income tax expense computed by applying the statutory tax rate to loss before income tax


	For the years ended December 31,
	2021		2022		2023
United States	$	(413)	$	(1,097)	$	(1,792)
Other than United States		(9,253)		(11,551)		(29,831)
Total	$	(9,666)	$	(12,648)	$	(31,623)


	For the years ended December 31,
Income Tax Expense	2021		2022		2023
Current	$	—	$	—	$	9
Deferred		—		—		—
Total Income Tax Expense	$	—	$	—	$	9


	For the
	years ended December 31,
	2021			2022			2023
Federal statutory tax rate		21.00	%		21.00	%		21.00	%
Effect of tax rates in foreign jurisdiction		(15.85)	%		(9.56)	%		(5.80)	%
State taxes		0.30	%		0.60	%		0.05	%
Effect of preferential tax rate		—			—			(0.07)	%
Research and development credit		(0.33)	%		(3.13)	%		(2.94)	%
Non-deductible expenses		0.20	%		0.44	%		(0.25)	%
Foreign income tax		—			—			(0.03)	%
Changes in valuation allowances		(5.32)	%		(9.35)	%		(11.99)	%
Effective tax rate	$	0.00	%	$	0.00	%	$	(0.03)	%

Schedule of deferred income tax assets


	As of December 31,
	2022		2023
Deferred income tax assets
Research and development credits	$	169	$	351
Capitalized research and development expenses		—		303
Net operating loss carryforwards		2,398		5,562
		2,567		6,216
Valuation allowance		(2,567)		(6,216)
Total net deferred income tax assets	$	—	$	—

Schedule of changes in valuation allowance


	For the
	years ended December 31,
	2022		2023

Balance at beginning of the year	$	1,352	$	2,567
Addition		1,166		3,792
True up adjustment		—		(157)
Foreign currency translation adjustment		49		14
Balance at end of the year	$	2,567	$	6,216

INCOME TAX - Rates (Details) $ in Thousands, $ in Millions	12 Months Ended
INCOME TAX - Rates (Details) $ in Thousands, $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)
INCOME TAX
Corporate income tax rate (in percent)	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%
State income tax rate	0.05%	0.05%	0.05%	0.60%	0.60%	0.30%	0.30%
Income tax expense	$ 9
United States
INCOME TAX
Corporate income tax rate (in percent)	21.00%	21.00%	21.00%
California
INCOME TAX
State income tax rate	8.84%	8.84%	8.84%
Hong Kong \| Assessable profits on the first HK$2 million
INCOME TAX
State income tax rate	8.25%	8.25%	8.25%
Assessable profits			$ 2
Hong Kong \| Any assessable profits in excess
INCOME TAX
State income tax rate	16.50%	16.50%	16.50%
Assessable profits			$ 2
Australia
INCOME TAX
Corporate income tax rate (in percent)	30.00%	30.00%	30.00%
PRC
INCOME TAX
State income tax rate	25.00%	25.00%	25.00%	25.00%	25.00%	25.00%	25.00%
Income tax expense	$ 0			$ 0		$ 0
Assessable profits \| ¥		¥ 0			¥ 0		¥ 0
Cayman Islands
INCOME TAX
Corporate income tax rate (in percent)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of risks (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 HKD ($)
Concentration of risks
Research and development	$ 24,844	$ 8,869	$ 7,419
Cash	88,157	42,089
Insured amount	85,880
FDIC insured amount	250
HKDPB insured amount				$ 500
SDIC insured amount	75
UNITED STATES
Concentration of risks
Cash	56,837	36,736
Non-US
Concentration of risks
Cash	31,320	5,353
Research and Development Expense \| Supplier concentration risk \| A
Concentration of risks
Research and development	7,941	$ 4,559	2,385
Research and Development Expense \| Supplier concentration risk \| B
Concentration of risks
Research and development	$ 6,926		1,213
Research and Development Expense \| Supplier concentration risk \| C
Concentration of risks
Research and development			$ 765

CONVERTIBLE PREFERRED SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	2 Months Ended
	May 03, 2022	Dec. 31, 2020	Feb. 29, 2020	Dec. 31, 2023	Dec. 31, 2022
CONVERTIBLE PREFERRED SHARES
Conversion of preferred shares (in shares)	7,820,914
Preferred Shares				$ 0	$ 0
Series A convertible preferred shares
CONVERTIBLE PREFERRED SHARES
Number of shares issued			2,377,642
Par value per share			$ 0.0001
Price per share			$ 3.7036
Total cash consideration			$ 6,792
Debt amount converted to convertible preferred shares			$ 2,014
Series B convertible preferred shares
CONVERTIBLE PREFERRED SHARES
Number of shares issued		5,443,272
Par value per share		$ 0.0001
Price per share		$ 4.2254
Total cash consideration		$ 23,000

LEASES - (Details) - USD ($) $ in Thousands	Apr. 03, 2023	Aug. 15, 2022	Apr. 20, 2022	Dec. 31, 2023	Dec. 31, 2022
Leases
Incremental borrowing rate.	3.02%	2.64%	2.48%
Operating lease - ROU assets				$ 811	$ 806
Operating lease liabilities				886	866
Taiwan office lease agreement
Leases
Lease term			5 years
Australia office lease agreement
Leases
Lease term		3 years
USA San Diego office agreement
Leases
Lease term	3 years 3 months
Accounting Standards Update 2016-02 [Member] \| Cumulative Effect, Period of Adoption, Adjustment
Leases
Operating lease - ROU assets				265	941
Operating lease liabilities				$ 265	$ 941

NET LOSS PER SHARE - Calculation of Basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss attributable to ordinary shareholders	$ (31,632)	$ (12,648)	$ (9,666)
Denominator:
Weighted average number of ordinary shares outstanding - basic	26,593,673	19,976,596	9,569,932
Weighted average number of ordinary shares outstanding - diluted	26,593,673	19,976,596	9,569,932
Net loss per share - basic (in $/share)	$ (1.19)	$ (0.63)	$ (1.01)
Net loss per share - diluted (in $/share)	$ (1.19)	$ (0.63)	$ (1.01)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-11

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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

ORGANIZATION AND BASIS OF PRESENTATION - Liquidity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ORGANIZATION AND BASIS OF PRESENTATION
Accumulated deficit	$ 71,503	$ 39,871
Net loss	31,632	12,648	$ 9,666
Cash	$ 88,157	$ 42,089

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

INCOME TAX - Income tax expense (Details) $ in Thousands	12 Months Ended
INCOME TAX - Income tax expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Income Tax Expense
Current	$ 9
Total Income Tax Expense	$ 9

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

LEASES - Minimum lease payments in future periods (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Minimum lease payments in future periods
2024	$ 327
2025	308
2026	200
2027	86
Total minimum lease payments	921
Less: imputed interest	(35)
Total:	$ 886	$ 866

SHARE-BASED COMPENSATION - Stock option activity (Details) - Share options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Options
Outstanding as of beginning (in shares)	3,576,403	1,982,561	3,395,898
Granted (in shares)	1,015,000	1,698,667	41,736
Exercised (in shares)	(347,316)	(31,500)	(706,406)
Forfeited or expired (in shares)	(42,000)	(73,325)	(748,667)
Outstanding Options, ending (in shares)	4,202,087	3,576,403	1,982,561	3,395,898
Vested and Expected to Vest Options as of December 31 (in shares)	1,517,959
Exercisable Options as of December 31 (in shares)	528,596
Weighted Average Exercise Price
Outstanding as of beginning (in $/share)	$ 3.0508	$ 0.4626	$ 0.3832
Granted (in $/share)	14.4500	6.0000	4.2254
Exercised (in $/share)	1.0070	0.1191	0.3289
Forfeited or expired	6.0000	2.6508	0.4386
Outstanding Options, ending (in $/share)	6.0304	3.0508	0.4626	$ 0.3832
Vested and Expected to Vest Options as of December 31 (in $/share)	5.1743
Exercisable Options as of December 31 (in $/share)	10.3900
Weighted Average Grant Date Fair Value
Outstanding as of beginning (in $/share)	2.2782	2.2571	2.2946
Granted (in $/share)	5.8298	2.1191	0.4626
Exercised (in $/share)	2.5695	2.4720	2.3311
Forfeited or expired (in $/share)	2.0797	2.1867	2.2574
Outstanding Options, ending (in $/share)	3.1048	$ 2.2782	$ 2.2571	$ 2.2946
Vested and Expected to Vest Options as of December 31 (in $/share)	2.8717
Exercisable Options as of December 31 (in $/share)	$ 4.0353
Weighted Average Remaining Term (Years)
Outstanding Options (in years)	8 years 2 months 12 days	8 years 5 months 4 days	8 years 9 months 25 days	9 years 9 months 18 days
Vested and Expected to Vest Options as of December 31 (in years)	6 years 1 month 9 days
Exercisable Options as of December 31 (in years)	8 years 11 months 8 days
Aggregate Intrinsic Value
Outstanding Options	$ 31,109	$ 10,473	$ 4,480	$ 7,834
Vested and Expected to Vest Options as of December 31, 2023	24,184
Exercisable Options as of December 31	$ 2,146

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

7.SHARE-BASED COMPENSATION

On December 17, 2019, the Company adopted a share incentive plan (“2019 Plan”). Under the 2019 Plan, the Company’s Board of Directors has approved that a maximum aggregate number of shares that may be issued pursuant to all awards granted shall be 1,960,080. On December 23, 2020, the Company replaced 2019 Plan with the amended and restated share incentive plan (“2020 Plan”) and increased the maximum number of shares issuable to 4,165,310. The terms of the 2019 Plan and 2020 Plan are substantially the same other than the maximum aggregate number of shares the Company may issue under the respective plan. On March 1, 2021, the Company grant 41,736 shares to non-employees and accounted for equity instruments issued to non-employees in accordance with Accounting Standards Update, or ASU, No. 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.

The Company recognizes share-based compensation cost for equity awards to non-employees with a performance condition at the fixed fair value on date of grant over the period based on the expected milestone achievement dates as the derived service period (usually the vesting period), on a straight-line basis. The Company consider the probable outcome of that performance condition when determining share-based compensation expenses and will recognize a cumulative true-up adjustment if the probability of the conditions has changed.

In April 2022, the Company further adopted 2022 Performance Incentive Plan (“2022 Plan”), which is conditional on and effective upon completion of IPO. The initial aggregate amount of ordinary shares that may be issued under the 2022 Plan is 1,748,667, provided that the shares reserved under the 2022 Plan shall automatically increase on the first trading day in January of each calendar year during the term of the 2022 Plan, commencing in January 2023, by an amount equal to (i) four percent (4%) of the total number of ordinary shares issued and outstanding on December 31 of the immediately preceding calendar year or (ii) such lesser number of ordinary shares as may be established by our board of directors.

On April 18, 2022 the Board granted 1,698,667 shares to the management team, employees, and the independent directors. As of December 31, 2023, the Company issued 35,031 shares and not outstanding for future transfer for employees exercise share options. Share options containing only service conditions granted to each grantee under the 2019 Plan, 2020 Plan and 2022 Plan will generally be exercisable upon the grantee renders service to the Company in accordance with a stipulated vesting schedule. Grantees are generally subject to a vesting schedule of no longer than three years, under which the grantee earns an entitlement to vest a certain percentage of his option grants at the end of each month or year of completed service. The share option awards shall expire no more than ten years from their grant dates.

On July 17, 2023, the Board granted options pursuant to Section 4.2 of the 2022 Plan adopted in April 2022, the maximum number of ordinary shares issuable under 2022 Plan (the “Share Limit”) shall automatically increase on the first trading day in each year during the term of the 2022 Plan, commencing from January 2023, by an amount equal to (i) four percent (4)% of the total number of ordinary shares issued and outstanding on December 31 of the immediately preceding calendar year or (ii) such lesser number of ordinary shares as may be established by the Board. Pursuant to the foregoing, the Share Limit increased by 995,956 shares as of January 2023. In addition, as some share options previously granted to employees that have left the Company have been cancelled, the total number of ordinary shares available for future grants under 2022 Plan as of the date hereof is 1,152,615 shares. Share options containing only service conditions granted to each grantee under 2022 Plan will generally be exercisable upon the grantee renders service to the Company in accordance with a stipulated vesting schedule. Grantees are generally subject to a vesting schedule of no longer than three years, under which the grantee earns an entitlement to vest a certain percentage of his option grants at the end of each month or year of completed service. The share option awards shall expire no more than ten years from their grant dates.

Share options containing both service conditions and performance conditions granted to each grantee under the 2019 Plan, 2020 Plan, and 2022 Plan shall become eligible for vesting upon the occurrence of their applicable performance conditions (including but not limited to the completion of business and operational goals, etc.).

The fair value of options was determined using the Binomial Option Pricing Model, with the assistance from an independent third-party appraiser. The binomial model requires the input of highly subjective assumptions, including the expected volatility, the exercise multiple, the risk-free interest rate and the expected dividend yield. For expected volatility, the Company has made reference to historical volatility of several comparable companies in the same industry. The exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees would decide to voluntarily exercise their vested share options. As the Company did not have sufficient information of past employee exercise history, the exercise multiple was based on management’s estimation. The risk-free rate for periods within the contractual life of the options is based on the market yield of U.S. Government Notes with a maturity life equal to the remaining maturity life of the options as of the valuation date. The expected dividend yield is based on our expected dividend policy over the contractual life of the options.

The assumptions used to estimate the fair value of the share options on the date of grant are as follows:


	As of December 23,		As of March 1,		As of April 18,		As of July 17,
	2020		2021		2022		2023
Risk-free interest rate	0.51	%	0.87	%	2.85	%	3.81	%
Expected volatility range	36.59	%	36.75	%	34.79	%	39.55	%
Exercise multiple	2.80		2.80		2.80		2.80
Expected dividend yield	—		—		—		—

A summary of the Company’s stock option activity under the plans for the years ended December 31, 2021, 2022 and 2023 is presented as follows:


		Weighted		Weighted		Weighted
		Average		Average		Average	Aggregate
	Number of	Exercise		Grant Date		Remaining	Intrinsic
	Options	Price		Fair Value		Term (Years)	Value
Outstanding as of January 1, 2021	3,395,898	$	0.3832	$	2.2946	9.80		7,834
Granted	41,736	$	4.2254	$	0.4626	—		—
Exercised	(706,406)	$	0.3289	$	2.3311	—		—
Forfeited or expired	(748,667)	$	0.4386	$	2.2574	—		—
Outstanding as of December 31, 2021	1,982,561	$	0.4626	$	2.2571	8.82	$	4,480
Granted	1,698,667	$	6.0000	$	2.1191	—		—
Exercised	(31,500)	$	0.1191	$	2.4720	—		—
Forfeited or expired	(73,325)	$	2.6508	$	2.1867	—		—
Outstanding as of December 31, 2022	3,576,403	$	3.0508	$	2.2782	8.43	$	10,473
Granted	1,015,000	$	14.4500	$	5.8298	—		—
Exercised	(347,316)	$	1.0070	$	2.5695	—		—
Forfeited or expired	(42,000)	$	6.0000	$	2.0797	—		—
Outstanding Options, December 31, 2023	4,202,087	$	6.0304	$	3.1048	8.20	$	31,109
Vested and Expected to Vest Options as of December 31, 2023	1,517,959	$	5.1743	$	2.8717	6.11	$	24,184
Exercisable Options as of December 31, 2023	528,596	$	10.3900	$	4.0353	8.94	$	2,146


	Years ended December 31,
	2021		2022		2023
Research and development	$	52	$	818	$	1,716
General and administrative		1,478		665		2,107
Total.	$	1,530	$	1,483	$	3,823

As of December 31, 2023, total unrecognized employee share-based compensation, may be adjusted for actual forfeitures occurring in the future for 2019 Plan were $0, 2020 Plan $687 and 2022 Plan $3,406 which are expected to be recognized over a weighted-average period of 0 years, 0.5 years and 1.35 years, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Representative's Warrants (Details)	Apr. 28, 2022 shares
Representative Warrants \| ADS
Representative's Warrants
Number of ADS to purchase warrants	150,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

14.COMMITMENTS AND CONTINGENCIES

License Agreement with Columbia University

The Company is party to an exclusive license agreement with Columbia University (the “Columbia License Agreement”), which has been amended five times, most recently as of February 4, 2022, under which the Company licenses specified intellectual property from Columbia University. The patent rights licensed to the Company by Columbia University include issued patents with claims that recite a class of compounds directed to covering the Company’s lead compound, Tinlarebant, and specifically recite Tinlarebant. The license agreement requires the Company to make minimum annual royalty payments to Columbia University of specified amounts on each anniversary of the first commercial sale of a licensed product, commencing on the second anniversary of such sale. The Company will also be obligated to pay single-digit earned royalties to Columbia University based on net sales of each licensed product by the Company and its affiliates and sublicensees. The minimum royalty payments will be creditable against the earned royalties accrued during the same calendar year. The license agreement obligates the Company to use commercially reasonable efforts to research, discover, develop and market licensed products for commercial sale and distribution and achieve certain development and regulatory approval milestones within certain timeframes, if certain milestones are achieved. The Company is also obligated to periodically inform Columbia University of its progress in meeting such milestones. The failure to achieve any such milestone would constitute a breach of the Columbia License Agreement. If the Company pays Columbia University the required fee, it will be granted a 6-month extension. In the event that, after completion of Phase I Trials, there are unforeseen changes in clinical or regulatory development that the Company believes would affect the timely achievement of any milestone, it may request an extension from Columbia University for such milestone, which will not be unreasonably withheld or delayed. In the event that Columbia University does not agree to extend the deadlines to meet the milestones, and the Company is in breach for failure to timely meet the milestones or to make milestone or royalty payments, Columbia University may elect to convert the license to a nonexclusive license without the right to sublicense or initiate legal proceedings against third party patent infringers or terminate the license. The Company is also obligated to make payments to Columbia University in an aggregate amount of up to $20 million based on achieving specified development and regulatory approval milestones and in an amount of up to $25 million based on achieving a specified cumulative sales milestone with respect to the first licensed product. In addition, the Company is obligated to pay Columbia University a specified portion of revenue it receives from sublicensees, and a specified portion of revenue received from any sale of a priority review voucher by us or a sublicensee. The Company cannot reasonably estimate whether, when and in what amount any of such payments shall be made, but believe it is in compliance with the terms of the license. From inception through December 31, 2023, the Company has made a payment of $1 million to Columbia University resulting from this license agreement, which was triggered by the completion of its Phase 1 clinical trial.

Clinical Research Organization (CRO)

In the course of normal business operations, the Company has agreements with contract service providers to assist in the performance of clinical trial activities. Such agreements are generally cancellable upon reasonable notice and payment of costs incurred. As of the issuance date of the consolidated financial statements, the remaining contractual costs expected to be incurred in future periods for the Company’s clinical trials in STGD1 and Geographic Atrophy (GA) is approximately US$24.88 million.

Litigation

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. The Company is not aware of any current pending legal matters or claims.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Dec. 31, 2023 shares
Non-cash warrants exercise	1,190,629
Representative Warrants
Shares issued on exercise of warrants	65,399
Non-cash warrants exercise	84,651

SHARE-BASED COMPENSATION - Plans (Details) - shares				1 Months Ended	12 Months Ended
SHARE-BASED COMPENSATION - Plans (Details) - shares	Jul. 17, 2023	Apr. 18, 2022	Mar. 01, 2021	Apr. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 23, 2020	Dec. 17, 2019
SHARE-BASED COMPENSATION
Vesting period (in years)					3 years
Expiration period (in years)					10 years
Non-employees
SHARE-BASED COMPENSATION
Number of shares granted to non-employees			41,736
Share options
SHARE-BASED COMPENSATION
Number of shares granted to non-employees					1,015,000	1,698,667	41,736
Issued shares					35,031
2019 Plan
SHARE-BASED COMPENSATION
Maximum aggregate number of shares that may be issued pursuant to all awards granted									1,960,080
2020 Plan
SHARE-BASED COMPENSATION
Maximum aggregate number of shares that may be issued pursuant to all awards granted								4,165,310
2022 performance incentive plan
SHARE-BASED COMPENSATION
Maximum aggregate number of shares that may be issued pursuant to all awards granted				1,748,667
Initial aggregate amount of ordinary shares that may be issued	1,152,615
Automatic increase in authorized shares as percent of outstanding on December 31 of the immediately preceding calendar year	4.00%			4.00%
Increase in authorized shares	995,956
2022 performance incentive plan \| Management team, employees, and the independent directors
SHARE-BASED COMPENSATION
Shares granted to the management team, employees, and the independent directors		1,698,667

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

NET LOSS PER SHARE

Schedule of calculation of basic and diluted net loss per share


	Years ended December 31,
	2021		2022		2023
Numerator:
Net loss attributable to ordinary shareholders	$	(9,666)	$	(12,648)	$	(31,632)
Denominator:
Weighted average number of ordinary shares outstanding – basic and diluted		9,569,932		19,976,596		26,593,673
Net loss per share – basic and diluted	$	(1.01)	$	(0.63)	$	(1.19)

Schedule of potentially dilutive securities that have not been included in the calculation of diluted net loss per share as their inclusion would be anti-dilutive


	Years ended December 31,
	2021	2022	2023
Convertible preferred shares	7,820,914	—	—
Outstanding share options	1,982,561	3,576,403	4,202,087
Outstanding warrants	—	—	959,371
Total	9,803,475	3,576,403	5,161,458

NET LOSS PER SHARE - Anti-dilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
NET LOSS PER SHARE
Total	5,161,458	3,576,403	9,803,475
Convertible preferred shares
NET LOSS PER SHARE
Total			7,820,914
Outstanding share options
NET LOSS PER SHARE
Total	4,202,087	3,576,403	1,982,561
Outstanding warrants
NET LOSS PER SHARE
Total	959,371

ORGANIZATION AND BASIS OF PRESENTATION

12 Months Ended

Dec. 31, 2023

ORGANIZATION AND BASIS OF PRESENTATION

ORGANIZATION AND BASIS OF PRESENTATION

1.ORGANIZATION AND BASIS OF PRESENTATION

Belite Bio, Inc (“Belite” or the “Company”) was incorporated under the laws of the Cayman Islands on March 27, 2018. The Company and its subsidiaries are engaged in research and development of novel therapeutics targeting significant unmet needs.

In June 2016, the Company’s ultimate controlling shareholder (i.e., the sole shareholder of Belite’s principal shareholder, Lin Bioscience International Ltd.), Lin BioScience, Inc., a public company in Taiwan (stock code: 6696.TW), established Belite Bio Holdings Corp. (formerly known as Lin BioScience Holdings Corporation) and Belite Bio, LLC (formerly known as Lin BioScience, LLC), in Delaware. Belite Bio Holdings Corp. is established as an intermediate holding company and owns 100% equity interests in Belite Bio, LLC, which is mainly engaged in research and development of Tinlarebant (a/k/a LBS-008) and LBS-009.

In March 2018, Lin BioScience, Inc., established the Company in the Cayman Islands, as a subsidiary to its wholly-owned subsidiary Lin Bioscience International Ltd., for reorganization purposes.

In June 2018, as part of the reorganization, the Company’s principal shareholder, Lin Bioscience International Ltd., acquired the entire equity interest in Belite Bio Holdings Corp. from Lin BioScience, Inc. and then contributed the entire equity interest in Belite Bio Holdings Corp. to the Company in July 2018, together with other considerations in exchange for the Company’s ordinary shares. Lin Bioscience International Ltd. transferred 1) cash of $900, 2) assignment of Lin BioScience, Inc.’s rights, title, interests and obligations under the exclusive license agreement by and between Lin BioScience, Inc. and Columbia University and 3) 1,600 shares of Belite Bio Holdings Corp. to the Company in exchange for its 5,340,221 ordinary shares. After above transaction, Belite Bio Holdings Corp. became Belite’s wholly-owned subsidiary, which in turn owns 100% equity interests in Belite Bio, LLC.

Before and after the reorganization, the Company, together with its subsidiaries, is effectively controlled by the same shareholders, and therefore the reorganization is considered a recapitalization of entities under common control in accordance with Accounting Standards Codification (“ASC”) 805-50-25. The consolidation of the Company and its subsidiaries have been accounted for at historical cost in the accompanying consolidated financial statements in accordance with ASC 805-50-45-5.

In August 2018, Belite Bio Holdings Corp. established RBP4 Pty Ltd in Australia as its wholly-owned subsidiary for carrying out clinical trials in Australia and tax refund purposes.

In January and February 2020, the Company closed two rounds of Series A Preferred Share financing and the relevant investors became shareholders of the Company. In December 2020, the Company closed a round of Series B Preferred Share financing and the relevant investors became shareholders of the Company. After the private placements, Lin Bioscience International Ltd. hold 80.10% of the Company’s equity.

In June 2021, the Company established Belite Bio (HK) Limited in Hong Kong as a wholly - owned subsidiary which further established Belite Bio (Shanghai) Limited in Shanghai, China in August 2021 for the purpose of carrying out clinical trials in China.

On April 28, 2022, the Company consummated its initial public offering (“IPO”) of 6,000,000 American Depository Shares (“ADSs”) at a public offering price per ADS of $6. Each ADS represents one ordinary share of Belite. The gross proceeds from IPO, before deducting the underwriting discounts and commissions and offering expenses were $36.0 million with net proceeds of $33.7 million. On May 20, 2022, the underwriter exercised in full its over-allotment option to purchase 772,091 ADS, resulting in additional net proceeds of $4.3 million.

Upon closing of the IPO offering in April 2022, the Company issued to Benchmark Company, LLC (“Benchmark”) the representative of the underwriters warrants to purchase a number of ADSs equal to 150,000 ADSs (the “Representative’s Warrants”). The Representative’s Warrants have an exercise price equal to US$7.50 per ADS and are exercisable until the date on April 28, 2027, after the date of commencement on November 3, 2022. The Representative’s Warrants are also exercisable on a cashless basis.

On June 2, 2023, the Company completed its follow-on offering of (i) 2,000,000 of ADSs, representing 2,000,000 of the Company ordinary shares, par value US$0.0001 per share; and (ii) warrants to purchase an aggregate of 2,000,000 of the Company ordinary shares represented by ADSs with an exercise price of $18.00 per warrants. The ADSs and accompanying warrants are immediately separable and will be issued separately, but were sold together at a public offering price of $15.00. The gross proceeds from this offering, before deducting the underwriting discounts and commissions and offering expenses were $30 million with net proceeds of $27.3 million.

On June 16, 2023, the Company entered into a sales agreement (the “Sales Agreement”), with SVB Securities LLC (“SVB Securities”) and Cantor Fitzgerald & Co. (“Cantor”), acting as the Company’s sales agents, under which may, from time to time, offer and sell ADSs through an At-the-Market (“ATM”) offering program, having an aggregate offering price of up to $100.0 million. Each ADS represents one of the Company ordinary shares, par value $0.0001 per share. As of December 31, 2023, the Company has raised $28.6 million in gross proceeds after deducting sales commissions and other fees and expenses with the net proceeds $27.4 million, by issuing 731,843 ADSs. Subsequent to December 31, 2023, and through to March 11, 2024 the Company has raised gross and net proceeds of $6.18 million and $5.99 million, respectively, by issuing and selling 134,875 ADSs.

As of December 31, 2023, the Company’s principal subsidiaries are as follows:


Subsidiaries	Date of incorporation	Place of incorporation	Ownership	Principal activities
Belite Bio Holdings Corp. (“Belite Holding”)	June 10, 2016	The United States of America	100% owned by Belite	Investment holding
Belite Bio, LLC (“Belite USA”)	June 10, 2016	The United States of America	100% owned by Belite Holding	Research and development
RBP4 Pty Ltd (“RBP4”)	August 13, 2018	Australia	100% owned by Belite Holding	Clinical trial activities
Belite Bio (HK) Limited (“Belite HK”)	June 10, 2021	Hong Kong	100% owned by Belite	Clinical trial activities
Belite Bio (Shanghai) Limited (“Belite Shanghai”)	August 12, 2021	China	100% owned by Belite HK	Clinical trial activities

Liquidity

The Company has incurred recurring negative cash flows since inception and has funded its operations primarily from private placement of equity and debt securities and public offering of American Depositary Shares. The Company had an accumulated deficit of approximately $39.9 million and $71.5 million as of December 31, 2022 and 2023, respectively. The Company had net loss of approximately $9.7 million, $12.6 million and $31.6 million for the years ended December 31, 2021, 2022 and 2023.

As of December 31, 2023, the Company had a total of $88.2 million in cash. The Company believes that current cash balance as of December 31, 2023 is sufficient to fund its operating activities, capital expenditures and other obligations one year after the issuance date of the consolidated financial statements. However, the Company may decide to enhance its liquidity position or increase cash for future expansions through additional capital and/or finance funding.

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS, PREPAYMENTS AND OTHER NON - CURRENT ASSETS

12 Months Ended

Dec. 31, 2023

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS, PREPAYMENTS AND OTHER NON - CURRENT ASSETS.

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS, PREPAYMENTS AND OTHER NON - CURRENT ASSETS

3.OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS, PREPAYMENTS AND OTHER NON - CURRENT ASSETS

Other receivables consist of the following:


	As of December 31,
	2022		2023
Other receivables – offering consideration(1)	$	—	$	762
Other receivables		—		56
	$	—	$	818

(1) this represents from ATM offering proceeds that were not received and recorded as other receivables due from the sales agent as of December 31, 2023. The amount was collected in cash on January 2, 2024.

Prepayments and other current assets consist of the following:


	As of December 31,
	2022		2023
Prepaid insurance premiums	$	497	$	762
Other prepayments		202		154
Deductible value-added tax input		17		31
	$	716	$	947

Prepayments and other non-current assets consist of the following:

(2) Other prepayments for research and development expense represents payments made to third party CROs to assist in the performance of clinical trial activities and the contract duration is expected to be 5 years.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of suppliers accounted for 10% or more of research and development expenses


Supplier	2021		2022		2023
A		2,385	$	4,559	$	7,941
B		1,213		*		6,926
C		765		*		*

*	Represents less than 10% of research and development expenses for the years ended December 31, 2021, 2022 and 2023.

EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Representative Warrants

Class of Warrant or Right [Line Items]

Schedule of warrants valuation assumptions


	April 28, 2022
Stock price	$	6.00
Risk-free interest rate		2.86	%
Volatility		32.19	%
Exercise price	$	7.50
Dividend yield	$	0

Warrants

Class of Warrant or Right [Line Items]

Schedule of warrants valuation assumptions


		June 2, 2023
Stock price	$	17.15
Risk-free interest rate		3.84	%
Volatility		99.27	%
Exercise price	$	18.00
Dividend yield	$	0

Schedule of Representative's warrants and warrants activities


		Weighted		Weighted Average
		Average		Remaining Term
	Number of Warrants	Exercise Price		(Years)
Outstanding as of January 1, 2022	—		—
Issued	150,000	$	7.50
Exercised	—		—
Forfeited or expired	—		—
Outstanding as of December 31, 2022	150,000	$	7.50		4.33
Issued	2,000,000	$	18.00
Exercised	(1,190,629)	$	17.25
Forfeited or expired	—		—
Outstanding as of December 31, 2023	959,371	$	17.28		4.35

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Feb. 04, 2022 item	Dec. 31, 2023 USD ($)
Columbia License Agreement
COMMITMENTS AND CONTINGENCIES
Number of times license agreement has been amended \| item	5
Extension period		6 months
Aggregate amount obligated to pay on achieving specified development and regulatory approval milestones		$ 20,000
Aggregate amount obligated to pay on achieving on achieving a specified cumulative sales milestone		25,000
Payments made		1,000
Clinical Research Organization (CRO)
COMMITMENTS AND CONTINGENCIES
Remaining contractual costs expected to be incurred in future periods from clinical trials in STGD1		$ 24,880

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Convertible preferred shares (Details)	May 03, 2022 shares
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of total convertible preferred shares issued and outstanding converted to ordinary shares	7,820,914

INCOME TAX

12 Months Ended

Dec. 31, 2023

INCOME TAX

INCOME TAX

9.INCOME TAX

The Company is not subject to income or other taxes in the Cayman Islands. However, subsidiaries are subject to taxes of the jurisdiction where they are located.

Cayman Islands

The Company is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

United States

Belite Bio Holdings Corp. and Belite Bio, LLC are subject to U.S. federal corporate income tax at a rate of 21% and state income tax in California at a rate of 8.84%. As a result of the Tax Act, The Company evaluated whether it has an additional tax liability from the Global Intangible Low Tax Income (“GILTI)” inclusion on current earnings and profits of its foreign controlled corporations. As of December 31, 2022 and 2023, the Company does not have any aggregated positive tested income; and as such, did not record a liability for GILTI tax.

Hong Kong

Belite Bio (HK) Limited is subject to Hong Kong profits tax on the taxable income as reported in the respective statutory financial statements adjusted in accordance with the relevant Hong Kong tax laws. The applicable tax rate in Hong Kong for the first HK$ 2 million is 8.25% and over HK$ 2 million is 16.5%.

Australia

RBP4 Pty Ltd is subject to Australia profits tax on the taxable income as reported in their respective statutory financial statements adjusted in accordance with the relevant Australia tax laws. The applicable tax rate in Australia is 30%.

PRC

Provision for PRC corporate income tax is calculated based on the statutory income tax rate of 25% on the assessable income of Belite Shanghai during the years ended December 31, 2021, 2022 and 2023 in accordance with relevant PRC enterprise income tax legislation, interpretations and practices.

No provision for PRC corporate income tax has been made for the years ended December 31, 2021, 2022 and 2023 as Belite Shanghai had no such assessable profit for the year then ended.

The Company and its subsidiaries file separate income tax returns. As of December 31, 2023, the tax returns of Belite Bio Holdings Corp. and Belite Bio, LLC for the tax year 2019 to 2022 are subject to examination by United States and states authorities. The tax returns of Belite Bio (HK) Limited for the tax year 2021 and 2022 are subject to examination by Hong Kong tax authorities. The tax returns of RBP4 Pty Ltd for the tax year 2018 to 2022 are subject to examination by Australia authorities. The tax return of Belite Shanghai for tax year 2022 is subject to examination by tax authorities. There are currently no pending examinations.

The applicable statutory income tax rate in the Cayman Islands was zero for the Company for the years being reported. Reconciliation between the income tax expense computed by applying the statutory tax rate to loss before income tax and the actual provision for income tax is as follows:

The provision for income taxes is based on the following pretax loss:


	For the years ended December 31,
	2021		2022		2023
United States	$	(413)	$	(1,097)	$	(1,792)
Other than United States		(9,253)		(11,551)		(29,831)
Total	$	(9,666)	$	(12,648)	$	(31,623)


	For the years ended December 31,
Income Tax Expense	2021		2022		2023
Current	$	—	$	—	$	9
Deferred		—		—		—
Total Income Tax Expense	$	—	$	—	$	9


	For the
	years ended December 31,
	2021			2022			2023
Federal statutory tax rate		21.00	%		21.00	%		21.00	%
Effect of tax rates in foreign jurisdiction		(15.85)	%		(9.56)	%		(5.80)	%
State taxes		0.30	%		0.60	%		0.05	%
Effect of preferential tax rate		—			—			(0.07)	%
Research and development credit		(0.33)	%		(3.13)	%		(2.94)	%
Non-deductible expenses		0.20	%		0.44	%		(0.25)	%
Foreign income tax		—			—			(0.03)	%
Changes in valuation allowances		(5.32)	%		(9.35)	%		(11.99)	%
Effective tax rate	$	0.00	%	$	0.00	%	$	(0.03)	%

No reserve for uncertain tax positions was recorded for the years ended December 31, 2021, 2022 and 2023. The Company does not expect that the assessment regarding unrecognized tax positions will materially change over the next 12 months. The Company is not currently under examination by an income tax authority, nor has been notified that an examination is contemplated.

The deferred income tax assets of December 31, 2022 and 2023 consisted of the following:


	As of December 31,
	2022		2023
Deferred income tax assets
Research and development credits	$	169	$	351
Capitalized research and development expenses		—		303
Net operating loss carryforwards		2,398		5,562
		2,567		6,216
Valuation allowance		(2,567)		(6,216)
Total net deferred income tax assets	$	—	$	—

The following table sets forth the changes in valuation allowance:


	For the
	years ended December 31,
	2022		2023

Balance at beginning of the year	$	1,352	$	2,567
Addition		1,166		3,792
True up adjustment		—		(157)
Foreign currency translation adjustment		49		14
Balance at end of the year	$	2,567	$	6,216

Realization of the net deferred tax assets is dependent on factors including future reversals of existing taxable temporary differences and adequate future taxable income, exclusive of reversing deductible temporary differences and tax loss carry forwards. The Company evaluates the potential realization of deferred tax assets on an entity-by-entity basis. As of December 31, 2022 and 2023, the Company and all of its subsidiaries were in cumulative loss position, valuation allowances were provided against deferred tax assets in entities where it was determined it was more likely than not that the benefits of the deferred tax assets will not be realized.

As of December 31, 2022, and 2023, Belite Bio, LLC had U.S. federal and state research and development credit carryforwards of approximately $169 and $351, respectively. The U.S. federal research and development credit will expire from 2039 if not utilized, while the state research and development credit will never expire. Utilization of the research and development credits may be subject to significant annual limitation due to the ownership change limitations provided by the U.S. Internal Revenue Code of 1986 and similar provisions in the State of California’s tax regulations. The annual limitation may result in the expiration of federal research and development credits before utilization. As of December 31, 2023, the Company’s subsidiaries had capitalized research and development expenses for federal and state tax purpose of $1,447 which was amortized over a period of five years.

As of December 31, 2022 and 2023, the Company’s subsidiaries had U.S. net operating loss carryforwards for federal and state tax purpose of $6,670 and $5,044, respectively. The federal net operating loss carryforwards of $603 incurred before January 1, 2018 will begin to expire in the years 2036 through 2037. The remaining $3,007 of federal net operating loss carryforwards, which are limited to 80% of taxable income, do not expire. The Company had state net operating loss carryforwards of approximately $1,434 that will begin to expire in the years 2036 through 2038. As of December 31,2022 and 2023, the Company’s subsidiary had Australia net operating loss carryforwards for tax purpose of $3,491 and $4,250, respectively that do not expire. As of December 31,2022 and 2023, the Company’s subsidiaries had Hong Kong net operating loss carryforwards for tax purpose of $3,111 and $20,781, respectively that do not expire. As of December 31,2022 and 2023, the Company’s subsidiaries had China net operating loss carryforwards for tax purpose of $39 and $82, respectively which will begin to expire starting in 2026.

Uncertain tax positions

The Company evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. For the years ended December 31, 2023, 2022 and 2021, the Company had no unrecognized tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment reporting (Details)	12 Months Ended
	Dec. 31, 2023 segment
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of operating segments	1
Number of reportable segments	1

INCOME TAX - Pretax loss (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAX - Pretax loss (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAX
United States	$ (1,792)	$ (1,097)	$ (413)
Other than United States	(29,831)	(11,551)	(9,253)
Total	$ (31,623)	$ (12,648)	$ (9,666)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RELATED PARTY TRANSACTIONS (Details) - Related parties - Lin BioScience, Inc - USD ($) $ in Thousands							12 Months Ended
	Nov. 01, 2023	Jul. 01, 2023	Nov. 01, 2022	Jul. 01, 2022	Jul. 01, 2021	Jul. 01, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LBS-007 R&D service agreement
RELATED PARTY TRANSACTIONS
Percentage of service fee on actual costs	110.00%		110.00%
Amount of transactions							$ 46	$ 32
Research and Development Expense
RELATED PARTY TRANSACTIONS
Percentage of service fee on actual costs		110.00%		110.00%	110.00%	110.00%
Amount of transactions							$ 63	$ 140	$ 183

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash	$ 88,157	$ 42,089
Prepayments and other current assets.	947	716
Total current assets	89,940	42,807
Property and equipment, net	490	541
Prepayments and other non-current assets	3,297	31
Security deposits	104	88
Operating lease right-of-use asset, net	811	806
TOTAL ASSETS	94,642	44,273
Current liabilities
Accrued expenses and other liabilities	3,325	1,906
Operating lease liabilities - current	308	198
Total current liabilities	3,633	2,104
Non-current liabilities
Operating lease liabilities -non - current	578	668
TOTAL LIABILITIES	4,211	2,772
Shareholders' equity
Ordinary shares, par value of US$0.0001 per share; 400,000,000 shares authorized; 24,898,908 and 29,184,475 shares issued; 24,898,908 and 29,149,444 shares outstanding as of December 31, 2022 and 2023, respectively	3	3
Additional paid-in capital	162,305	81,761
Accumulated other comprehensive loss	(374)	(392)
Accumulated deficit	(71,503)	(39,871)
Total shareholders' equity	90,431	41,501
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	94,642	44,273
Nonrelated parties
Current Assets
Other Receivables	818
Related parties
Current Assets
Other Receivables	$ 18	$ 2

AUSTRALIA RESEARCH AND DEVELOPMENT TAX INCENTIVE

12 Months Ended

Dec. 31, 2023

AUSTRALIA RESEARCH AND DEVELOPMENT TAX INCENTIVE

AUSTRALIA RESEARCH AND DEVELOPMENT TAX INCENTIVE

10.AUSTRALIA RESEARCH AND DEVELOPMENT TAX INCENTIVE

The Company’s wholly owned subsidiary, RBP4 Pty Ltd, which conducts clinical development activities on behalf of the Company, is eligible under the Australian Research and Development Tax Incentive Program to receive a 43.5% refundable tax incentive from the Australian Taxation Office for qualified research and development expenditures. To be eligible, RBP4 Pty Ltd must have revenue of less than AU$20 million during the reimbursable period and cannot be controlled by income tax exempt entities. The tax incentive is recognized as a reduction to research and development expense when there is reasonable assurance that the tax incentive will be received, the relevant expenditure has been incurred, and the amount can be reliably measured. For the years ended December 31, 2021, 2022 and 2023, $339, $618 and $791, respectively, were recorded in the consolidated statements of operations and comprehensive loss.

AUSTRALIA RESEARCH AND DEVELOPMENT TAX INCENTIVE (Details) - RBP4 Pty Ltd $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 AUD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
AUSTRALIA RESEARCH AND DEVELOPMENT TAX INCENTIVE
Refundable tax incentive (in percent)	43.50%	43.50%
Maximum revenue during reimbursable period		$ 20
Tax incentive	$ 791		$ 618	$ 339

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

12 Months Ended

Dec. 31, 2023

ORGANIZATION AND BASIS OF PRESENTATION

Schedule of principal subsidiaries


Subsidiaries	Date of incorporation	Place of incorporation	Ownership	Principal activities
Belite Bio Holdings Corp. (“Belite Holding”)	June 10, 2016	The United States of America	100% owned by Belite	Investment holding
Belite Bio, LLC (“Belite USA”)	June 10, 2016	The United States of America	100% owned by Belite Holding	Research and development
RBP4 Pty Ltd (“RBP4”)	August 13, 2018	Australia	100% owned by Belite Holding	Clinical trial activities
Belite Bio (HK) Limited (“Belite HK”)	June 10, 2021	Hong Kong	100% owned by Belite	Clinical trial activities
Belite Bio (Shanghai) Limited (“Belite Shanghai”)	August 12, 2021	China	100% owned by Belite HK	Clinical trial activities

CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' (DEFICIT) - USD ($) $ in Thousands	Ordinary Shares Follow-on offering	Ordinary Shares At-the-Market offering ("ATM")	Ordinary Shares	Additional Paid-in Capital Follow-on offering	Additional Paid-in Capital At-the-Market offering ("ATM")	Additional Paid-in Capital	Accumulated other Comprehensive loss	Accumulated deficit	Convertible Preferred Shares	Follow-on offering	At-the-Market offering ("ATM")	Total
Balance as of beginning at Dec. 31, 2020									$ 31,806
Balance as of beginning (in shares) at Dec. 31, 2020									7,820,914
Balance as of ending at Dec. 31, 2021									$ 31,806
Balance as of ending (in shares) at Dec. 31, 2021									7,820,914
Balance as of beginning at Dec. 31, 2020			$ 1			$ 10,563	$ (44)	$ (17,557)				$ (7,037)
Balance as of beginning (in shares) at Dec. 31, 2020			9,567,997
Ordinary Shares
Exercise of share options						232						232
Exercise of share options (in shares)			706,406
Share-based compensation expense						1,530						1,530
Net loss								(9,666)				(9,666)
Foreign currency translation adjustment							(152)					(152)
Balance as of ending at Dec. 31, 2021			$ 1			12,325	(196)	(27,223)				(15,093)
Balance as of ending (in shares) at Dec. 31, 2021			10,274,403
Ordinary Shares
Issuance of ordinary shares			$ 1			36,145						36,146
Number of shares issued			6,772,091
Conversion of preferred shares			$ 1			31,805			$ (31,806)			31,806
Conversion of preferred shares (in shares)			7,820,914						(7,820,914)
Exercise of share options						3						3
Exercise of share options (in shares)			31,500
Share-based compensation expense						1,483						1,483
Net loss								(12,648)				(12,648)
Foreign currency translation adjustment							(196)					(196)
Balance as of ending at Dec. 31, 2022			$ 3			81,761	(392)	(39,871)				41,501
Balance as of ending (in shares) at Dec. 31, 2022			24,898,908
Ordinary Shares
Issuance of ordinary shares				$ 27,317	$ 27,403					$ 27,317	$ 27,403
Number of shares issued	2,000,000	731,843
Exercise of share options						349						349
Exercise of share options (in shares)			347,316
Non-cash exercise of Representative warrant (in shares)			65,399
Exercise of warrant						21,652						21,652
Exercise of warrant (in shares)			1,105,978
Share-based compensation expense						3,823						3,823
Net loss								(31,632)				(31,632)
Foreign currency translation adjustment							18					18
Balance as of ending at Dec. 31, 2023			$ 3			$ 162,305	$ (374)	$ (71,503)				$ 90,431
Balance as of ending (in shares) at Dec. 31, 2023			29,149,444

EQUITY - Ordinary Shares (Details) $ / shares in Units, $ in Thousands	Dec. 31, 2023 USD ($) Vote $ / shares shares	Dec. 31, 2022 $ / shares shares
EQUITY
Number of shares authorized	400,000,000
Par value per share \| $ / shares	$ 0.0001	$ 0.0001
Number of shares issued	29,184,475	24,898,908
Number of shares outstanding	29,149,444	24,898,908
Number of votes per share \| Vote	1
Dividends declared \| $	$ 0
Share options
EQUITY
Shares reserved for future transfer for employees exercise share options	35,031

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Expenses
Research and development	$ 24,844	$ 8,869	$ 7,419
General and administrative	6,824	3,952	2,378
Total operating expenses	31,668	12,821	9,797
Loss from operations	(31,668)	(12,821)	(9,797)
Other income (expense):
Interest income	74	23	5
Interest expense	(25)	(16)
Other income (expense)	(4)	166	126
Total other income, net	45	173	131
Loss before income tax	(31,623)	(12,648)	(9,666)
Income tax expense	9
Net loss	(31,632)	(12,648)	(9,666)
Other comprehensive income (loss)
Foreign currency translation adjustments, net of nil tax	18	(196)	(152)
Total comprehensive loss	$ (31,614)	$ (12,844)	$ (9,818)
Weighted average number of ordinary shares used in per share calculation:
Basic (in shares)	26,593,673	19,976,596	9,569,932
Diluted (in shares)	26,593,673	19,976,596	9,569,932
Net loss per ordinary share
Basic (in dollar per share)	$ (1.19)	$ (0.63)	$ (1.01)
Diluted (in dollar per share)	$ (1.19)	$ (0.63)	$ (1.01)

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

Schedule of major related parties and their relationships with the Company

The table below sets forth the major related parties and their relationships with the Company as of December 31, 2022 and 2023:


Name of related parties		Relationship with the Company
Lin BioScience, Inc.		The ultimate controlling shareholder of the Company

Schedule of related party balances

Schedule of related party transactions


	Years ended December 31,
	2021		2022		2023
Lin BioScience, Inc.:
Research and Development Expense	$	183	$	140	$	63
Reimbursement for Expense	$	—	$	32	$	46

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

13.RELATED PARTY TRANSACTIONS

The table below sets forth the major related parties and their relationships with the Company as of December 31, 2022 and 2023:


Name of related parties		Relationship with the Company
Lin BioScience, Inc.		The ultimate controlling shareholder of the Company

The Company and its subsidiaries entered into several research and development services agreements with several related parties, including:

Lin BioScience, Inc. and the Company entered into the Tinlarebant R&D services agreements on July 1, 2020, July 1, 2021, July 1, 2022 and July 1, 2023 whereby Lin BioScience, Inc. agreed to provide certain new drug development services for pipeline Tinlarebant to the Company. The Company agreed to pay services fees in an amount equal to 110% percent of actual costs for its performance of such development services and to reimburse the actual expenses for transportation, travel and lodging for the performance of such development services. For the year ended December 31, 2021, 2022, and 2023, the Company recorded $183, $140 and $63 in research and development expenses, respectively.

On November 1, 2022 and November 1, 2023, Lin Bioscience, Inc and the Company entered into the LBS-007 R&D service agreement whereby the Company agreed to provide new drug development services for pipeline LBS-007 to Lin Bioscience, which is Lin Bioscience’s cancer pipeline. Lin Bioscience agreed to pay service fee in an amount equal to 110% percent of actual costs for its performance of such development service. For the year ended December 31, 2022 and 2023, the Company has provided related service connected to the above agreement to Lin Bioscience and the expense reimbursed incurred was $32 and $46.

(a)	Related party balances

(b)	Related party transactions

During the years ended December 31, 2021, 2022 and 2023, related party transactions consisted of the following:


	Years ended December 31,
	2021		2022		2023
Lin BioScience, Inc.:
Research and Development Expense	$	183	$	140	$	63
Reimbursement for Expense	$	—	$	32	$	46

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EQUITY - Representative Warrants (Details) $ in Thousands	12 Months Ended
EQUITY - Representative Warrants (Details) $ in Thousands	Dec. 31, 2023 shares	Apr. 28, 2022 USD ($) $ / shares shares
EQUITY
Cashless warrants exercised \| shares	1,190,629
Representative Warrants
EQUITY
Cashless warrants exercised \| shares	84,651
Shares issued on exercise of warrants \| shares	65,399
Fair value of warrants \| $		$ 228
Representative Warrants \| Stock price
EQUITY
Measurement input \| $ / shares		6.00
Representative Warrants \| Risk-free interest rate
EQUITY
Measurement input		0.0286
Representative Warrants \| Volatility
EQUITY
Measurement input		0.3219
Representative Warrants \| Exercise price
EQUITY
Measurement input \| $ / shares		7.50
Representative Warrants \| Dividend yield
EQUITY
Measurement input \| $ / shares		0
ADS \| Representative Warrants
EQUITY
Number of ADS to purchase warrants \| shares		150,000
Exercise price \| $ / shares		$ 7.50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”).

Principle of consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated on consolidation.

Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but are not limited to, valuation of ordinary shares, warrants, share options, valuation allowance for deferred income tax assets, useful lives for property and equipment, right-of-use (“ROU”) assets, operating lease liabilities and share-based compensation. Management bases the estimates on historical experience and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Accordingly, actual results could differ from those estimates.

Risk and uncertainties

The product candidates developed by the Company require approvals from the U.S. Food and Drug Administration (“FDA”) or foreign regulatory agencies prior to commercial sales. There can be no assurance that the Company’s current and future product candidates will receive the necessary approvals or be commercially successful. If the approval is denied or delayed, it will have a material adverse impact on the business and consolidated financial statements of the Company.

Generally, the industry in which the Company operates subjects the Company to a number of other risks and uncertainties that can affect its operating results and financial condition. Such factors include, but are not limited to: the timing, costs and results of clinical trials and other development activities versus expectations; the ability to manufacture products successfully; competition from products sold or being developed by other companies; the price of, and demand for products once approved; the ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products.

The COVID-19 or other pandemic may have an impact on the Company enrollment. For example, government orders and site policies on account of the COVID-19 or other pandemic may result some patients unwilling or unable to travel to study sites, enroll in our studies or comply with clinical trial protocols if quarantines impede patient movement or interrupt healthcare services, or impact on the workforce of the third parties and CROs on which the Company rely could adversely impact the ability to conduct preclinical studies, enroll and retain patients in clinical trials and conduct the clinical trials of the product candidates on expected timeframes or to complete such studies, and the ability to ultimately obtain regulatory approval.

Fair value measurements

The Company applies ASC 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.

ASC 820 requires disclosures to be provided for fair value measurements. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs such as quoted prices for identical instruments in active markets;

Level 2 — Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly;

Level 3 — Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities.

The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Financial instruments of the Company primarily include cash, accrued expenses and other liabilities, other payable due to related parties, warrants and convertible preferred shares. Convertible preferred shares were initially recorded at issue price net of issuance costs. The fair value of the other financial instruments closely approximates their fair value due to their short maturities.

Cash

Cash deposits placed with banks which are unrestricted as to withdrawal or use.

Other Receivables

Other receivables are from the third party (non - trade), sales agent and employees (other than related parties) that arose in a manner other than the ordinary course of business. As of December 31, 2023, the Company recorded $762 of ATM offering proceeds that were not received as other receivables due from the sales agent in accordance with ASC 505 - 10 - 45 - 2 since such offering proceeds were fully collected in cash within a short period of time subsequent to year-end and before the financial statements are issued.

Deferred offering costs

Deferred offering costs consist of legal, accounting and other costs incurred through the balance sheet date that are directly related to the Company’s initial public offering and that will be charged to shareholder’s deficit upon the completion of the initial public offering. Should the initial public offering prove to be unsuccessful, the deferred offering costs, will be charged to operating expense in the consolidated statement of operations and comprehensive loss. Total deferred offering cost of $1,844 reclassed to additional-paid-in-capital upon IPO.

Follow-on offering cost consist of regulation, legal, accounting and other costs, the Company recorded follow-on offering cost of $883 and reclassed to additional-paid-in-capital as of December 31, 2023.

ATM offering costs consist of legal, accounting and other costs, the Company recorded an offering cost of $347 and reclassed to additional-paid-in-capital as of December 31, 2023.

Property and equipment

Property and equipment are stated at cost less accumulated depreciation and impairment if applicable. Property and equipment consist of laboratory equipment, transportation equipment, office equipment, and leasehold improvements. Depreciation for laboratory equipment, transportation equipment and office equipment is computed on a straight-line basis over estimated useful lives which are 5 years and leasehold improvement is computed on a shorter of the remaining lease terms or estimated useful lives.

Repair and maintenance costs are charged to expense as incurred, whereas the costs of betterments that extend the useful life of property and equipment are capitalized as additions to the related assets.

Retirements, sale and disposals of assets are recorded by removing the cost and accumulated depreciation with any resulting gain or loss reflected in the consolidated statements of operations and comprehensive loss.

Long-lived asset impairment

The Company evaluates the recoverability of long-lived assets whenever events or changes in circumstances indicate the carrying value may not be fully recoverable. When these events occur, the Company evaluates the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets when the market prices are not readily available. The adjusted carrying amount of the assets become new cost basis and are depreciated over the assets’ remaining useful lives. No impairment loss was recorded for the years ended December 31, 2021, 2022 and 2023.

Segment reporting

In accordance with ASC 280, Segment Reporting, the Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer. The Company’s CODM reviews the consolidated results of operations when making decisions about allocating resources and assessing performance of the Company. The Company operates and manages it business as a single segment. The Company does not distinguish between markets for the purpose of making decisions about resources allocation and performance assessment. Hence, the Company has only one operating segment and one reportable segment.

Research and development expenses

Research and development expenses primarily include (1) payroll, share-based compensation and other related costs of personnel engaged in research and development activities, (2) in-licensed patent rights fee of exclusive development rights of drugs granted to the Company, (3) costs related to preclinical testing of the Company’s technologies and clinical trials such as payments to contract research organizations (“CRO”) and contract manufacturing organizations (“CMO”), investigators and clinical trial sites that conduct the clinical studies; (4) costs to develop the product candidates, including raw materials and supplies, product testing, depreciation, and facility related expenses, (5) other research and development expenses. Research and development expenses are charged to expense as incurred when these expenditures relate to the Company’s research and development services and have no alternative future uses in accordance with ASC 730, Research and Development.

Accrued research and development expenses

The Company is required to estimate its expenses resulting from its obligations under contracts with vendors, consultants and CROs, in connection with conducting research and development activities. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which the services are provided under such contracts. The Company reflects research and development expenses in the consolidated financial statements by matching those expenses with the period in which services and efforts are expended. The Company account for these expenses according to the progress of the preclinical or clinical study as measured by the timing of various aspects of the study or related activities and determine accrual estimates through review of the underlying contracts along with discussions with research and other key personnel as to the progress of studies, or other services being conducted. During the course of a study, the Company adjusts its rate of expense recognition if actual results differ from its estimates. Estimates for accrued research and development expenses are classified as accrued expenses on the accompanying consolidated balance sheet.

As of December 31, 2023, the Company has several ongoing clinical studies in various clinical trial stages. The contracts with CRO and CMO are generally cancellable, with notice, at the Company’s option. The Company did not record any accrued expenses related to cancellation of CRO or CMO contracts as of December 31, 2022 and 2023 as the Company did not have any plan to cancel the existing CRO or CMO contracts.

Leases

On January 1, 2022, The Company adopted ASC Topic 842, Leases (the “new lease standard”) by applying the modified retrospective approach to all leases. Under this guidance, lessees are required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases. The Company elected the package of practical expedients upon transition that permits us to not reassess (1) whether any contracts entered into prior to adoption are or contain leases, (2) the lease classification of existing leases and (3) initial direct costs for any leases that existed prior to adoption, (4) identified leases did not contain non-lease components and require no further allocation of the total lease cost.

The Company determines if an arrangement is or contains a lease at inception. The assessment is based on (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period and (3) whether the Company has the right to direct the use of the asset. A lease is classified as an operating lease if it does not meet any one of these criteria. The lease classification affects the expense recognition in the statement of income. Operating lease costs are recorded entirely in operating expenses.

ROU assets and lease liabilities are recognized at commencement date based on the present value of the future minimum lease payments over the lease term. The implicit rate within the operating leases is generally not determinable, therefore the Company uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Certain leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain that the Company will exercise that option. An option to terminate is considered unless it is reasonably certain that the Company will not exercise the option. The ROU asset includes any lease payments made but excludes lease incentives and initial direct costs incurred, if any. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Income tax

The Company accounts for income taxes under the liability method. Under the liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and income tax bases of assets and liabilities and are measured using the tax income rates that will be in effect when the differences are expected to reverse. A valuation allowance is recorded if it is more likely than not that some portion or all of a deferred income tax assets will not be realized in the foreseeable future.

The Company evaluates its uncertain tax positions using the provisions of ASC 740-10, Income Taxes, which prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Company recognizes in the financial statements the benefit of a tax position which is “more likely than not” to be sustained under examination based solely on the technical merits of the position assuming a review by tax authorities having all relevant information. Tax positions that meet the recognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. It is the Company’s policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense.

Convertible preferred shares

The preferred shares are redeemable by the holders upon a liquidation event, including a deemed liquidation event, which is outside the sole control of the Company, and as such are presented as mezzanine equity. In accordance with ASC 480-10-S99, each issuance of the convertible preferred shares should be recognized at the issuance date fair value, net of issuance costs. The Company did not incur material issuance cost for any preferred shares issued. The non-cumulative undeclared dividends are not recorded in the consolidated balance sheet as the Company does not have the obligation to pay the cumulative dividend before it is declared by the board of directors.

The Company assesses whether an amendment to the terms of its convertible preferred shares is an extinguishment or a modification using the fair value model. When convertible preferred shares are extinguished, the difference between the fair value of the consideration transferred to the convertible preferred shareholders and the carrying amount of the convertible preferred shares (net of issuance costs) is treated as deemed dividends to the preferred shareholders.

On May 3, 2022, total convertible preferred shares issued and outstanding of 7,820,914 shares were all converted to ordinary shares upon the completion of IPO.

Loss per share

Basic loss per ordinary share is computed by dividing net loss attributable to ordinary shareholders by weighted average number of ordinary shares outstanding during the period.

The Company uses the two-class method whereby net loss is allocated between ordinary shares and other participating securities based on dividends declared (or accumulated) and participating rights in undistributed earnings as if all the earnings for the reporting period had been distributed. The Company’s convertible preferred shares are participating securities as the preferred shares are entitled to receive dividends or distributions on an as converted basis. During periods of loss, the Company allocates no loss to participating securities because the holders of convertible preferred shares have no contractual obligation to share in the losses of the Company.

Diluted net loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares include ordinary shares issuable upon the conversion of the convertible preferred shares using the if- converted method, and ordinary shares issuable upon the exercise of share options and warrants, using the treasury stock method. Ordinary share equivalents are excluded from the computation of diluted earnings per share if their effects are anti-dilutive. For the periods presented herein, the computation of basic net loss per share using the two-class method is not applicable as the Company is in a net loss position and the participating securities do not have contractual rights and obligations to share in the losses of the Company.

Representative’s Warrants

Upon the closing of IPO offering in April 2022, the Company issued to Benchmark the representative of the underwriters warrants for 150,000 shares and are also exercisable on a cashless basis. The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification ASC 480, Distinguishing Liabilities from Equity and ASC 815, Derivatives and Hedging. The Company accounts for its warrants as equity that meet all of the criteria (i) require physical settlement or net - share settlement or (ii) give the Company a choice of net - cash settlement or settlement in its own shares (physical settlement or net - share settlement), the warrants are required to be recorded as a component of additional paid - in capital at the time of issuance and subsequent changes in fair value are not recognized as long as the warrants continue to be classified as equity.

Warrants

The Company accounts for warrants as either equity-classified or liability- classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB Accounting Standards Codification ASC 480, Distinguishing Liabilities from Equity and ASC 815, Derivatives and Hedging. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary Shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

The Company accounts for its warrants as equity that meet all of the criteria (i) require physical settlement or net-share settlement or (ii) give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement), the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance and subsequent changes in fair value are not recognized as long as the warrants continue to be classified as equity.

Share-based compensation

Awards Granted to Employees

The Company grants share options to eligible employees, management and directors and accounts for these share-based awards in accordance with ASC 718 Compensation-Stock Compensation. Employees’ share- based awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at grant date if no vesting conditions are required; or b) using graded vesting method over the requisite service period, which is the vesting period, on a straight-line basis; c) for share-based awards granted with performance condition, using graded vesting method over the period based on the expected milestone achievement dates. Share-based compensation expense is recorded in research and development and general and administrative expenses based on the classification of the work performed by the grantees.

The Company’s determination of the fair value of share option on the date of grant utilized the Binomial Option Pricing Model with the assistance of an independent third-party valuation firm. Grant date fair value was impacted by Belite’s ordinary share price as well as changes in assumptions regarding a number of subjective variables which included, but were not limited to, the expected term that options remained outstanding, the expected ordinary share price volatility over the term of the option awards, risk-free interest rates, and expected dividends.

To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards are reversed.

Awards Granted to Non-Employees

The Company has accounted for equity instruments issued to non-employees in accordance with ASU No. 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share- Based Payment Accounting.

The Company recognizes share-based compensation cost for equity awards to non-employees with a performance condition at the fixed fair value on date of grant over the period based on the expected milestone achievement dates as the derived service period (usually the vesting period), on a straight-line basis. The Company considers the probable outcome of that performance condition when determines share-based compensation expenses and will recognize a cumulative true-up adjustment if the probability of the conditions has changed.

Translation of foreign currency financial statements

The functional currency is the local currency of the respective entities. The United States dollar (“$”) is the functional currency of the Company’s entities incorporated in the Cayman Islands, the United States and Hong Kong; the functional currency of the Company’s Australia subsidiary and Shanghai subsidiary are Australian dollar (“AU$”) and Renminbi (“RMB”), respectively.

The reporting currency of the Company is the United States dollar. Accordingly, the financial statements of the foreign subsidiaries are translated at the following exchange rates: assets and liabilities — current rate on balance sheet date; shareholders’ equity — historical rate; income and expenses — weighted average rate during the year. The resulting translation adjustment is reflected in the accumulated other comprehensive loss.

Transactions denominated in other than the functional currencies are recorded at the rate of exchange in effect when the transaction occurs. Gains or losses, resulting from the application of different foreign exchange rates when cash in foreign currency is converted into the entities’ functional currency, or when foreign currency receivable and payable are settled, are credited or charged to income in the period of conversion or settlement. At year-end, the balances of foreign currency monetary assets and liabilities are recorded based on prevailing exchange rates and any resulting gains or losses are included in the consolidated statements of comprehensive loss.

Comprehensive loss

Comprehensive loss represents net loss plus the results of certain changes in shareholders’ deficit during a period from non-owner sources.

Comprehensive loss is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income, requires that all items that are required to be recognized under current accounting standards as components of comprehensive loss be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Company’s comprehensive loss includes net loss and foreign currency translation adjustments, which are presented in the consolidated statements of comprehensive loss.

Concentration of risks

Concentration of suppliers

The following suppliers accounted for 10% or more of research and development expenses for the years ended December 31, 2021, 2022 and 2023:


Supplier	2021		2022		2023
A		2,385	$	4,559	$	7,941
B		1,213		*		6,926
C		765		*		*

*	Represents less than 10% of research and development expenses for the years ended December 31, 2021, 2022 and 2023.

Concentration of credit risk

As of December 31, 2022 and 2023, the aggregate amount of cash of US$36,736 and US$56,837 respectively, were held at major financial institutions located in the United States, and US$5,353 and US$31,320, respectively, were deposited with major financial institutions located outside the United States. The Company is exposed to credit risk on its cash in the event of default by the financial institutions to the extent account balances exceed the amount insured respectively by the Federal Deposit Insurance Corporation (“FDIC”), Hong Kong Deposit Protection Board and Singapore Deposit Insurance Corporation Limited (“SDIC”). The Company’s cash is maintained in bank deposit accounts that exceed insured limits by US$85,880. The FDIC provides coverage of US$250 per depositor. Hong Kong Deposit Protection Board provides a coverage of HK$500 per depositor. The SDIC provides a coverage of US$75 per depositor. The Company believes that it is not exposed to significant credit risk as its deposits are generally held in financial institutions that management believes to be of high credit quality.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, that would enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. ASC 280 requires a public entity to report for each reportable segment a measure of segment profit or loss that its chief operating decision maker (“CODM”) uses to assess segment performance and to make decisions about resource allocations. The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more useful financial analyses. Currently, Topic 280 requires that a public entity disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit or loss that the CODM uses to assess segment performance and make decisions about allocating resources. ASC 280 also requires other specified segment items and amounts such as depreciation, amortization and depletion expense to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Company assessed the effect of adopting ASU 2023-07 is not expected to have a material impact on the Company’s results within the consolidated statements of operations and financial condition.

In December 2023, the FASB issued ASU No. 2023 - 09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023 - 09”). The intent of ASU 2023 - 09 is to improve the disclosures around a company’s rate reconciliation information and certain types of income taxes companies are required to pay. Specifically, these new disclosure requirements will provide more transparency regarding income taxes companies pay in the United States and other countries, along with more disclosure around a company’s rate reconciliation, among other new disclosure requirements, such that users of financial statements can get better information about how the operations, related tax risks, tax planning and operational opportunities of companies affect their effective tax rates and future cash flow prospects. ASU 2023 - 09 is effective for annual fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments under ASU 2023 - 09 should be applied on a prospective basis, although retrospective application is permitted. The Company is currently evaluating the potential impact of ASU 2023 - 09 on its consolidated financial statements and disclosures.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.

INCOME TAX - Changes in valuation allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME TAX
Balance at beginning of the year	$ 2,567	$ 1,352
Addition	3,792	1,166
True up adjustment	(157)
Foreign currency translation adjustment	14	49
Balance at end of the year	$ 6,216	$ 2,567

EQUITY

12 Months Ended

Dec. 31, 2023

EQUITY

EQUITY

11.EQUITY

Ordinary Shares

As of December 31, 2023 the Company was authorized to issue 400,000,000 shares of $0.0001 par value ordinary shares. 29,184,475 shares issued and 29,149,444 shares outstanding as of December 31, 2023. 35,031 shares were issued but not yet outstanding reserved for future transfer for employees exercise share options. Holders of the Company’s ordinary shares are entitled to dividends, if and when, declared by the board of directors of the Company and after any convertible preferred share dividends are fully paid. The holder of each share of common stock is entitled to one vote. As of December 31, 2023, no dividends were declared.

Representative’s Warrant

Upon the closing of IPO offering in April 2022, the Company issued to Benchmark the representative of the underwriters warrants to purchase a number of ADSs equal to 150,000 ADSs (the “Representative’s Warrants”). The Representative’s Warrants have an exercise price equal to US$7.50 per ADS and are exercisable until the date on April 28, 2027, after the date of commencement on November 3, 2022. The Representative’s Warrants are also exercisable on a cashless basis. The Representative’s Warrant of 84,651 shares were exercised on a cashless basis and 65,399 shares were issued as of December 31, 2023.

The fair value of the warrant, using the Black - Scholes Model on the date of issuance was $228. The key inputs into the Black - Scholes Model variables were as follows at measurement date:


	April 28, 2022
Stock price	$	6.00
Risk-free interest rate		2.86	%
Volatility		32.19	%
Exercise price	$	7.50
Dividend yield	$	0

Warrants

On June 2, 2023, the Company consummated its follow-on offering of 2,000,000 of American depositary shares, or ADSs, representing 2,000,000 of the Company ordinary shares, par value US$0.0001 per share; and to the investors warrants to purchase an aggregate of 2,000,000 of the Company ordinary shares represented by ADSs with an exercise price of $18.00 per warrant.

These warrants are exercisable at any time, and from time to time, in whole or in part, commencing on June 2, 2023 and expire on June 2, 2028. The fair value of these warrants, using the Binomial Model pricing model on the date of issuance was $6,337. As of December 31, 2023 the gross proceeds were $21,708 from warrant exercise, deducting the conversion agent fee of $56 and offering expenses with net proceeds of $21,652.

The key inputs into the Binomial Model variables were as follows at measurement date:


		June 2, 2023
Stock price	$	17.15
Risk-free interest rate		3.84	%
Volatility		99.27	%
Exercise price	$	18.00
Dividend yield	$	0

The following table summarizes the Company’s activities and status of representative’s warrant and warrants:


		Weighted		Weighted Average
		Average		Remaining Term
	Number of Warrants	Exercise Price		(Years)
Outstanding as of January 1, 2022	—		—
Issued	150,000	$	7.50
Exercised	—		—
Forfeited or expired	—		—
Outstanding as of December 31, 2022	150,000	$	7.50		4.33
Issued	2,000,000	$	18.00
Exercised	(1,190,629)	$	17.25
Forfeited or expired	—		—
Outstanding as of December 31, 2023	959,371	$	17.28		4.35

ATM offering

On June 16, 2023, the Company entered into a sales agreement, with SVB Securities and Cantor, acting as the Company sales agents, under which may, from time to time, offer and sell ADSs through an ATM offering program. As of December 31, 2023, the Company have raised $28,608 in gross proceeds and $27,403 net proceeds after deducting sales commissions $858 and other fees and expenses $347, and recorded $762 of ATM offering proceeds that were not received as other receivables due from the sales agent by issuing 731,843 ADSs. Subsequent to December 31, 2023, and through to March 11, 2024 the Company has raised gross and net proceeds of $6,175 and $5,990, respectively, by issuing and selling 134,875 ADSs.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

Principle of consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated on consolidation.

Use of estimates

Risk and uncertainties

Fair value measurements

ASC 820 requires disclosures to be provided for fair value measurements. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs such as quoted prices for identical instruments in active markets;

Level 2 — Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly;

Level 3 — Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Cash

Cash deposits placed with banks which are unrestricted as to withdrawal or use.

Other Receivables

Deferred offering costs

ATM offering costs consist of legal, accounting and other costs, the Company recorded an offering cost of $347 and reclassed to additional-paid-in-capital as of December 31, 2023.

Property and equipment

Long-lived asset impairment

Segment reporting

Research and development expenses

Accrued research and development expenses

Leases

Income tax

Convertible preferred shares

On May 3, 2022, total convertible preferred shares issued and outstanding of 7,820,914 shares were all converted to ordinary shares upon the completion of IPO.

Loss per share

Basic loss per ordinary share is computed by dividing net loss attributable to ordinary shareholders by weighted average number of ordinary shares outstanding during the period.

Warrants

Representative’s Warrants

Warrants

Share-based compensation

Awards Granted to Employees

To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards are reversed.

Awards Granted to Non-Employees

The Company recognizes share-based compensation cost for equity awards to non-employees with a performance condition at the fixed fair value on date of grant over the period based on the expected milestone achievement dates as the derived service period (usually the vesting period), on a straight-line basis. The Company considers the probable outcome of that performance condition when determines share-based compensation expenses and will recognize a cumulative true-up adjustment if the probability of the conditions has changed.

Translation of foreign currency financial statements

Comprehensive loss

Comprehensive loss represents net loss plus the results of certain changes in shareholders’ deficit during a period from non-owner sources.

Concentration of risks

Concentration of suppliers

The following suppliers accounted for 10% or more of research and development expenses for the years ended December 31, 2021, 2022 and 2023:


Supplier	2021		2022		2023
A		2,385	$	4,559	$	7,941
B		1,213		*		6,926
C		765		*		*

*	Represents less than 10% of research and development expenses for the years ended December 31, 2021, 2022 and 2023.

Concentration of credit risk

Recent Accounting Pronouncements

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS, PREPAYMENTS AND OTHER NON - CURRENT ASSETS - Other receivables (Details) - Nonrelated parties $ in Thousands	Dec. 31, 2023 USD ($)
Other receivables
Other receivables - offering consideration	$ 762
Other receivables	56
Other receivables, total	$ 818

INCOME TAX - Tax rate to provision reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation between the income tax expense computed by applying the statutory tax rate to loss before income tax and the actual provision for income tax
Federal statutory tax rate	21.00%	21.00%	21.00%
Effect of tax rates in foreign jurisdiction	(5.80%)	(9.56%)	(15.85%)
State taxes	0.05%	0.60%	0.30%
Effect of preferential tax rate	(0.07%)
Research and development credit	(2.94%)	(3.13%)	(0.33%)
Non-deductible expenses	(0.25%)	0.44%	0.20%
Foreign income tax	0.03%
Changes in valuation allowances	(11.99%)	(9.35%)	(5.32%)
Effective tax rate	0.03%	0.00%	0.00%
Reserve for uncertain tax positions	$ 0	$ 0	$ 0

LEASES

12 Months Ended

Dec. 31, 2023

LEASES

LEASES

8.Leases

On January 1, 2022, the Company adopted ASC Topic 842, Lease (the “new lease standard”) by applying the modified retrospective approach to all leases. The Company recognized operating lease right-of-use (“ROU”) assets of $941 and $265, and corresponding lease liabilities of $941 and $265 for the year ended December 31, 2022 and 2023, respectively.

Significant assumptions and judgments

Incremental borrowing rate. As most of our leases do not provide an implicit interest rate, the Company use its incremental borrowing rate(“IBR”) 2.48% as of April 20, 2022, 2.64% as of August 15, 2022 and 3.02% as of April 3, 2023 at the commencement of the lease and estimate the IBR for each lease agreement taking into consideration lease contract term, collateral and entity credit ratings, and use sensitivity analyses to evaluate the reasonableness of the rates determined.

Lease balances and costs

All of the lease agreements that we have entered into are classified as operating leases.

Effective April 20, 2022, the Company entered into an agreement to lease usage of the Taiwan office with a third-party entity. The lease was for a 5-year term, early termination of the lease shall be paid twice of the monthly rent as punitive liquidated damages and forfeited security deposits.

Effective August 15, 2022, the Company entered into an agreement to lease usage of our Australia office with a third-party entity. The lease was for a 3-year term, early termination of the lease may apply the proportion of any incentive which must be repaid to the lessor.

Effective April 3, 2023, the Company entered into an agreement to lease usage of our USA San Diego office with a third-party entity. The lease was for a 3.25-year term, early termination of the lease is not accepted.

Supplemental balance sheet information related to leases consists of the following:


		As of December 31,		As of December 31,
	Classification	2022		2023
Assets
Operating lease – ROU assets	Right-of-use assets	$	806	$	811

Liabilities
Operating lease liabilities	Current portion	$	198	$	308
Operating lease liabilities	Non-current portion		668		578
Total lease liabilities		$	866	$	886

Depreciation expenses for ROU recognized during the years ended December 31, 2021, 2022 and 2023 were approximately nil, $134 and $260, respectively.

At December 31, 2022 and 2023, the weighted average incremental borrowing rate were 2.51% and 2.63%, and the weighted average remaining lease term for the operating leases held by the Company were 51 months and 37 months, respectively.

The following table sets forth the Company’s minimum lease payments in future periods:


	As of December 31,
		2023
For the year ending December 31,
2024	$	327
2025		308
2026		200
2027		86

Total minimum lease payments	$	921
Less: imputed interest		(35)

Total:	$	886

RELATED PARTY TRANSACTIONS - Transactions (Details) - Related parties - Lin BioScience, Inc - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Research and Development Expense
RELATED PARTY TRANSACTIONS
Amount of transactions	$ 63	$ 140	$ 183
Reimbursement for Expense
RELATED PARTY TRANSACTIONS
Amount of transactions	$ 46	$ 32

LEASES - Balance sheet information related to leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Operating lease - ROU assets	$ 811	$ 806
Liabilities
Operating lease liabilities	308	198
Operating lease liabilities	578	668
Total	886	866
Depreciation expenses for ROU recognized	$ 260	$ 134	$ 0
Weighted average incremental borrowing rate	2.63%	2.51%
Weighted average remaining lease term	37 months	51 months

EQUITY - Warrants (Details) $ in Thousands		7 Months Ended	12 Months Ended
EQUITY - Warrants (Details) $ in Thousands	Jun. 02, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares
EQUITY
Ordinary shares, shares outstanding \| shares		29,149,444	29,149,444	24,898,908
Ordinary shares, par value		$ 0.0001	$ 0.0001	$ 0.0001
Net proceeds \| $			$ 21,652
Warrants
EQUITY
Fair value of warrants \| $	$ 6,337
Conversion Agent Fee \| $		$ 56
Offering expenses \| $		21,708
Net proceeds \| $		$ 21,652
Warrants \| Stock price
EQUITY
Measurement input	17.15
Warrants \| Risk-free interest rate
EQUITY
Measurement input	0.0384
Warrants \| Volatility
EQUITY
Measurement input	0.9927
Warrants \| Exercise price
EQUITY
Measurement input	18.00
Warrants \| Dividend yield
EQUITY
Measurement input	0
Warrants \| Follow-on offering
EQUITY
Aggregate amount of warrant \| shares	2,000,000
Exercise price	$ 18.00
ADS \| Follow-on offering
EQUITY
Issuance of shares on offering \| shares	2,000,000
Ordinary Shares \| Follow-on offering
EQUITY
Issuance of shares on offering \| shares	2,000,000
Ordinary shares, par value	$ 0.0001

SUBSEQUENT EVENTS (Details) $ in Thousands	Jan. 17, 2024 USD ($)
Subsequent Event \| U.S. Treasury bills
Subsequent Event [Line Items]
Cash invested in U.S treasury bills	$ 39,940

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Thousands				1 Months Ended			2 Months Ended	7 Months Ended	12 Months Ended
	Jun. 02, 2023 USD ($) $ / shares shares	May 20, 2022 USD ($) shares	Apr. 28, 2022 USD ($) $ / shares shares	Feb. 29, 2020 shares	Jan. 31, 2020 shares	Jun. 30, 2018 USD ($) shares	Mar. 11, 2024 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Jun. 16, 2023 USD ($) $ / shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2020	Jun. 30, 2016
ORGANIZATION AND BASIS OF PRESENTATION
Ordinary shares, par value \| $ / shares								$ 0.0001	$ 0.0001		$ 0.0001
Ordinary shares, shares outstanding \| shares								29,149,444	29,149,444		24,898,908
Belite Bio Holdings Corp. ("Belite Holding")
ORGANIZATION AND BASIS OF PRESENTATION
Cash transferred						$ 900
Number of shares transferred \| shares						1,600
Number of ordinary shares issued \| shares						5,340,221
Series A convertible preferred shares
ORGANIZATION AND BASIS OF PRESENTATION
Number of rounds of financing \| shares				2	2
ADS
ORGANIZATION AND BASIS OF PRESENTATION
Entity Listing, Depository Receipt Ratio								1	1
ADS \| Representative Warrants
ORGANIZATION AND BASIS OF PRESENTATION
Exercise price \| $ / shares			$ 7.50
Number of ADS to purchase warrants \| shares			150,000
IPO [Member] \| ADS
ORGANIZATION AND BASIS OF PRESENTATION
Number of shares issued \| shares			6,000,000
Offering price \| $ / shares			$ 6
Entity Listing, Depository Receipt Ratio			1
Gross proceeds from issuance			$ 36,000
Net proceeds from issuance			$ 33,700
Over-Allotment Option [Member] \| ADS
ORGANIZATION AND BASIS OF PRESENTATION
Number of shares issued \| shares		772,091
Net proceeds from issuance		$ 4,300
Follow-on offering
ORGANIZATION AND BASIS OF PRESENTATION
Offering price \| $ / shares	$ 15.00
Net proceeds from issuance									$ 28,200
Gross proceeds before underwriting discount	$ 30,000
Net proceeds before underwriting discount	$ 27,300
Follow-on offering \| Warrants
ORGANIZATION AND BASIS OF PRESENTATION
Aggregate amount of warrant \| shares	2,000,000
Exercise price \| $ / shares	$ 18.00
Follow-on offering \| ADS
ORGANIZATION AND BASIS OF PRESENTATION
Number of shares issued \| shares	2,000,000
Follow-on offering \| Ordinary Shares
ORGANIZATION AND BASIS OF PRESENTATION
Number of shares issued \| shares	2,000,000
Ordinary shares, par value \| $ / shares	$ 0.0001
At-the-Market offering ("ATM")
ORGANIZATION AND BASIS OF PRESENTATION
Net proceeds from issuance									$ 26,988
At-the-Market offering ("ATM") \| ADS
ORGANIZATION AND BASIS OF PRESENTATION
Number of shares issued \| shares								731,843
Gross proceeds from issuance								$ 28,608
Net proceeds from issuance								$ 27,403
Aggregate offering price										$ 100,000
At-the-Market offering ("ATM") \| ADS \| Subsequent Event
ORGANIZATION AND BASIS OF PRESENTATION
Number of shares issued \| shares							134,875
Gross proceeds from issuance							$ 6,175
Net proceeds from issuance							$ 5,990
At-the-Market offering ("ATM") \| Ordinary Shares
ORGANIZATION AND BASIS OF PRESENTATION
Ordinary shares, par value \| $ / shares										$ 0.0001
Belite Bio, LLC ("Belite USA") \| Belite Bio Holdings Corp. ("Belite Holding")
ORGANIZATION AND BASIS OF PRESENTATION
Ownership interest (in percent)						100.00%		100.00%	100.00%				100.00%
Belite Bio, Inc \| Lin Bioscience International Ltd
ORGANIZATION AND BASIS OF PRESENTATION
Ownership interest (in percent)												80.10%
Belite Bio Holdings Corp. ("Belite Holding")
ORGANIZATION AND BASIS OF PRESENTATION
Ownership interest (in percent)								100.00%	100.00%
RBP4 Pty Ltd ("RBP4") \| Belite Bio Holdings Corp. ("Belite Holding")
ORGANIZATION AND BASIS OF PRESENTATION
Ownership interest (in percent)								100.00%	100.00%
Belite Bio (HK) Limited ("Belite HK")
ORGANIZATION AND BASIS OF PRESENTATION
Ownership interest (in percent)								100.00%	100.00%
Belite Bio (Shanghai) Limited ("Belite Shanghai") \| Belite Bio (HK) Limited ("Belite HK")
ORGANIZATION AND BASIS OF PRESENTATION
Ownership interest (in percent)								100.00%	100.00%

SHARE-BASED COMPENSATION - Compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED COMPENSATION
Total.	$ 3,823	$ 1,483	$ 1,530
2019 Plan
SHARE-BASED COMPENSATION
Total unrecognized employee share-based compensation expense	$ 0
Recognized over a weighted-average period	0 years
2020 Plan
SHARE-BASED COMPENSATION
Total unrecognized employee share-based compensation expense	$ 687
Recognized over a weighted-average period	6 months
2022 performance incentive plan
SHARE-BASED COMPENSATION
Total unrecognized employee share-based compensation expense	$ 3,406
Recognized over a weighted-average period	1 year 4 months 6 days
Research and development
SHARE-BASED COMPENSATION
Total.	$ 1,716	818	52
General and administrative
SHARE-BASED COMPENSATION
Total.	$ 2,107	$ 665	$ 1,478

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

15.SUBSEQUENT EVENTS

The Company evaluated and recorded subsequent events and transactions that occurred after the balance sheet date up to March 11, 2024, the date that the financial statements were issued.

On January 17, 2024, the Company invested $39.94 million in U.S Treasury bills with maturity greater than three months and less than one year held with financial institutions. The impact of these events on the Company’s financial position, results of operations, and cash flows will be reflected in future reporting periods.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020	Feb. 29, 2020
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	400,000,000
Ordinary shares, shares issued	29,184,475	24,898,908
Ordinary shares, shares outstanding	29,149,444	24,898,908
Series A convertible preferred shares
Convertible preferred shares, par value				$ 0.0001
Series B convertible preferred shares
Convertible preferred shares, par value			$ 0.0001

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	001-41359
Entity Registrant Name	Belite Bio, Inc
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	12750 High Bluff Drive Suite 475,
Entity Address, City or Town	San Diego
Entity Address, Country	CA
Entity Address, Postal Zip Code	92130
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	29,149,444
Entity Central Index Key	0001889109
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Friedman LLP
Auditor Location	New York, New York
Auditor Firm ID	5395
Document Financial Statement Error Correction [Flag]	false
American depositary shares, each representing one ordinary share
Document and Entity Information
Title of 12(b) Security	American depositary shares, each representing one ordinary share
Entity Listing, Depository Receipt Ratio	1
Trading Symbol	BLTE
Security Exchange Name	NASDAQ
Ordinary shares, par value US$0.0001 per share
Document and Entity Information
Title of 12(b) Security	Ordinary shares, par value US$0.0001 per share*
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
Business Contact [Member]
Document and Entity Information
Entity Address State Or Province	CA
Entity Address, Address Line One	12750 High Bluff Drive Suite 475,
Entity Address, City or Town	San Diego,
Entity Address, Postal Zip Code	92130
City Area Code	-858
Local Phone Number	246-6240
Contact Personnel Name	Yu-Hsin Lin
Contact Personnel Email Address	tomlin@belitebio.com

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Receivables (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Other Receivable for ATM proceeds	$ 762

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

5.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:


	As of December 31,
	2022		2023
Research and development	$	891	$	1,760
Legal and consulting		287		581
License royalties		272		108
Payroll and Reimbursement		382		727
Other		74		149
	$	1,906	$	3,325

SHARE-BASED COMPENSATION - Fair value assumptions (Details) - Share options - $ / shares	Jul. 17, 2023	Apr. 18, 2022	Mar. 01, 2021	Dec. 23, 2020
SHARE-BASED COMPENSATION
Risk-free interest rate	3.81%	2.85%	0.87%	0.51%
Expected volatility range	39.55%	34.79%	36.75%	36.59%
Exercise multiple	$ 2.80	$ 2.80	$ 2.80	$ 2.80

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT, NET

Schedule of components of property and equipment


	As of December 31,
	2022		2023
Laboratory equipment	$	368	$	368
Transportation equipment		54		54
Office equipment		23		64
Leasehold improvements		187		187
Less: accumulated depreciation		(91)		(183)
Total	$	541	$	490

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (31,632)	$ (12,648)	$ (9,666)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	139	64	30
Amortization of operating lease right-of-use asset	260	134	0
Share-based compensation expense	3,823	1,483	1,530
Gain on disposal of property and equipment			(8)
Changes in operating assets and liabilities:
Other receivables	(56)
Other receivables due from related parties	(16)	(32)
Prepayments	(3,516)	(641)	(35)
Other payables due to related parties		(41)	45
Accrued expenses and other liabilities	1,421	373	632
Security deposits	(16)	(79)	(2)
Payment of operating lease liabilities	(244)	(71)
Net cash used in operating activities	(29,837)	(11,458)	(7,474)
Cash flows from investing activities
Acquisition of property and equipment	(63)	(394)	(74)
Proceeds from disposal of property and equipment			18
Net cash used in investing activities	(63)	(394)	(56)
Cash flows from financing activities
Payments of deferred offering costs		(1,030)	(815)
Proceeds from initial public offering, net		37,990
Proceeds from exercise of warrants, net	21,652
Proceed from exercise of share options	349	3	232
Net cash (used in) provided by financing activities	75,959	36,963	(583)
Effects of exchange rate on cash	9	(366)	(161)
NET (DECREASE) INCREASE IN CASH	46,068	24,745	(8,274)
CASH AT BEGINNING OF THE YEAR	42,089	17,344	25,618
CASH AT END OF THE YEAR	88,157	42,089	$ 17,344
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid		16
Cash paid for income tax	9
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Conversion of convertible preferred shares into ordinary shares		31,806
Deferred IPO costs reclassed to Additional paid-in-capital		1,844
Follow-on offering underwriting discounts reclassed to additional paid-in-capital	1,800
ATM offering sales commissions reclassed to additional paid-in-capital	858
ATM proceeds not yet received in cash as other receivable	762
Right-of-use assets obtained in exchange of lease liabilities	265	$ 941
Follow-on offering
Cash flows from financing activities
Payments of deferred offering costs	(883)
Proceeds from issuance of ordinary shares	28,200
At-the-Market offering ("ATM")
Cash flows from financing activities
Payments of deferred offering costs	(347)
Proceeds from issuance of ordinary shares	$ 26,988

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

4.PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following:


	As of December 31,
	2022		2023
Laboratory equipment	$	368	$	368
Transportation equipment		54		54
Office equipment		23		64
Leasehold improvements		187		187
Less: accumulated depreciation		(91)		(183)
Total	$	541	$	490

Depreciation expenses recognized during the years ended December 31, 2021, 2022 and 2023, were approximately $30, $64 and $139 respectively.

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS, PREPAYMENTS AND OTHER NON - CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS, PREPAYMENTS AND OTHER NON - CURRENT ASSETS.

Schedule of other receivables


	As of December 31,
	2022		2023
Other receivables – offering consideration(1)	$	—	$	762
Other receivables		—		56
	$	—	$	818

Schedule of prepayments and other current assets


	As of December 31,
	2022		2023
Prepaid insurance premiums	$	497	$	762
Other prepayments		202		154
Deductible value-added tax input		17		31
	$	716	$	947

Schedule of prepayments and other non-current assets

EQUITY - Warrants activities (Details) - $ / shares	12 Months Ended
EQUITY - Warrants activities (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
EQUITY
Numbers of Warrants Outstanding, Beginning balance	150,000
Numbers of Warrants Outstanding, Issued	2,000,000	150,000
Numbers of Warrants Outstanding, Exercised	(1,190,629)
Numbers of Warrants Outstanding, Ending balance	959,371	150,000
Weighted Average Exercise Price, Beginning balance (in $/share)	$ 7.50
Weighted Average Exercise Price, Issued (in $/share)	18.00
Weighted Average Exercise Price, Exercised (in $/share)	17.25
Weighted Average Exercise Price, Ending balance (in $/share)	$ 17.28	$ 7.50
Weighted Average Remaining Term (Years)	4 years 4 months 6 days	4 years 3 months 29 days
Representative Warrants
EQUITY
Numbers of Warrants Outstanding, Exercised	(84,651)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INCOME TAX - Deferred income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2017
Deferred income tax assets
Research and development credits	$ 351	$ 169
Capitalized research and development expenses	303
Net operating loss carryforwards	5,562	2,398
Total	6,216	2,567
Valuation allowance	(6,216)	(2,567)	$ (1,352)
R&D expenses capitalized for federal and state tax purpose
Deferred income tax assets
Research and development expenses capitalized for federal and state tax purpose	$ 1,447
Amortization period	5 years
United States
Deferred income tax assets
Net operating loss carryforwards	$ 5,044	6,670
United States \| Federal
Deferred income tax assets
Net operating loss carryforwards				$ 603
Remaining federal net operating loss carryforwards	$ 3,007
Percentage of taxable income for operating loss carried forward indefinitely	80.00%
United States \| State
Deferred income tax assets
Net operating loss carryforwards	$ 1,434
Australia
Deferred income tax assets
Net operating loss carryforwards	4,250	3,491
Hong Kong
Deferred income tax assets
Net operating loss carryforwards	20,781	3,111
PRC
Deferred income tax assets
Net operating loss carryforwards	82	39
Research and development credit carryforwards
Deferred income tax assets
U.S. federal and state credit carryforwards	$ 351	$ 169

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS, PREPAYMENTS AND OTHER NON - CURRENT ASSETS - Prepayments and other current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS, PREPAYMENTS AND OTHER NON - CURRENT ASSETS.
Prepaid insurance premiums	$ 762	$ 497
Other prepayments	154	202
Deductible value-added tax input	31	17
Total	$ 947	$ 716

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of components of accrued expenses and other current liabilities


	As of December 31,
	2022		2023
Research and development	$	891	$	1,760
Legal and consulting		287		581
License royalties		272		108
Payroll and Reimbursement		382		727
Other		74		149
	$	1,906	$	3,325

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2023

NET LOSS PER SHARE

NET LOSS PER SHARE

12.NET LOSS PER SHARE

Basic and diluted net loss per share for the years ended December 31, 2021, 2022 and 2023 are calculated as follows:


	Years ended December 31,
	2021		2022		2023
Numerator:
Net loss attributable to ordinary shareholders	$	(9,666)	$	(12,648)	$	(31,632)
Denominator:
Weighted average number of ordinary shares outstanding – basic and diluted		9,569,932		19,976,596		26,593,673
Net loss per share – basic and diluted	$	(1.01)	$	(0.63)	$	(1.19)

For the years ended December 31, 2021, 2022, and 2023, the effects of all outstanding convertible preferred shares, share options and warrants have been excluded from the computation of diluted loss per share as their effects would be anti-dilutive.

The potentially dilutive securities that have not been included in the calculation of diluted net loss per share as their inclusion would be anti-dilutive are as follows:


	Years ended December 31,
	2021	2022	2023
Convertible preferred shares	7,820,914	—	—
Outstanding share options	1,982,561	3,576,403	4,202,087
Outstanding warrants	—	—	959,371
Total	9,803,475	3,576,403	5,161,458

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS, PREPAYMENTS AND OTHER NON - CURRENT ASSETS - Prepayments and other non-current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepayments and other non-current assets
Prepaid insurance premiums	$ 62
Other prepayments for research and development expense	3,235	$ 31
Total	$ 3,297	$ 31

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Research and development	$ 1,760	$ 891
Legal and consulting	581	287
License royalties	108	272
Payroll and Reimbursement	727	382
Other	149	74
Total	$ 3,325	$ 1,906

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

Schedule of assumptions used to estimate the fair value of the share options on the date of grant


	As of December 23,		As of March 1,		As of April 18,		As of July 17,
	2020		2021		2022		2023
Risk-free interest rate	0.51	%	0.87	%	2.85	%	3.81	%
Expected volatility range	36.59	%	36.75	%	34.79	%	39.55	%
Exercise multiple	2.80		2.80		2.80		2.80
Expected dividend yield	—		—		—		—

Summary of stock option activity under the plans


		Weighted		Weighted		Weighted
		Average		Average		Average	Aggregate
	Number of	Exercise		Grant Date		Remaining	Intrinsic
	Options	Price		Fair Value		Term (Years)	Value
Outstanding as of January 1, 2021	3,395,898	$	0.3832	$	2.2946	9.80		7,834
Granted	41,736	$	4.2254	$	0.4626	—		—
Exercised	(706,406)	$	0.3289	$	2.3311	—		—
Forfeited or expired	(748,667)	$	0.4386	$	2.2574	—		—
Outstanding as of December 31, 2021	1,982,561	$	0.4626	$	2.2571	8.82	$	4,480
Granted	1,698,667	$	6.0000	$	2.1191	—		—
Exercised	(31,500)	$	0.1191	$	2.4720	—		—
Forfeited or expired	(73,325)	$	2.6508	$	2.1867	—		—
Outstanding as of December 31, 2022	3,576,403	$	3.0508	$	2.2782	8.43	$	10,473
Granted	1,015,000	$	14.4500	$	5.8298	—		—
Exercised	(347,316)	$	1.0070	$	2.5695	—		—
Forfeited or expired	(42,000)	$	6.0000	$	2.0797	—		—
Outstanding Options, December 31, 2023	4,202,087	$	6.0304	$	3.1048	8.20	$	31,109
Vested and Expected to Vest Options as of December 31, 2023	1,517,959	$	5.1743	$	2.8717	6.11	$	24,184
Exercisable Options as of December 31, 2023	528,596	$	10.3900	$	4.0353	8.94	$	2,146

Schedule of share-based compensation expense


	Years ended December 31,
	2021		2022		2023
Research and development	$	52	$	818	$	1,716
General and administrative		1,478		665		2,107
Total.	$	1,530	$	1,483	$	3,823

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Long-lived asset impairment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment loss	$ 0	$ 0	$ 0

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

LEASES

Schedule of supplemental balance sheet information related to leases


		As of December 31,		As of December 31,
	Classification	2022		2023
Assets
Operating lease – ROU assets	Right-of-use assets	$	806	$	811

Liabilities
Operating lease liabilities	Current portion	$	198	$	308
Operating lease liabilities	Non-current portion		668		578
Total lease liabilities		$	866	$	886

Schedule of minimum lease payments in future periods


	As of December 31,
		2023
For the year ending December 31,
2024	$	327
2025		308
2026		200
2027		86

Total minimum lease payments	$	921
Less: imputed interest		(35)

Total:	$	886

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property Plant and Equipment
Less: accumulated depreciation	$ (183)	$ (91)
Total	490	541
Depreciation expenses	139	64	$ 30
Laboratory equipment
Property Plant and Equipment
Property and equipment	368	368
Transportation equipment
Property Plant and Equipment
Property and equipment	54	54
Office equipment
Property Plant and Equipment
Property and equipment	64	23
Leasehold improvements
Property Plant and Equipment
Property and equipment	$ 187	$ 187

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and equipment (Details)	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives (in years)	5 years

INCOME TAX - Uncertain tax positions (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAX
Amount of unrecognized tax benefits	$ 0	$ 0	$ 0

RELATED PARTY TRANSACTIONS - Balances (Details) - Related parties - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Other Receivables	$ 18	$ 2
Lin BioScience, Inc
RELATED PARTY TRANSACTIONS
Other Receivables	$ 18	$ 2