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LEASES - Minimum lease payments in future periods (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Minimum lease payments in future periods
2026	$ 255
2027	151
2028	43
Total undiscounted cash flows	449
Operating lease liabilities - current	241	$ 276
Operating lease liabilities - non-current	188	261
Total	429	$ 537
Difference between undiscounted cash flows and discounted cash flows	$ 20

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Thousands											1 Months Ended	12 Months Ended
	Dec. 01, 2025 USD ($) $ / shares shares	Sep. 09, 2025 $ / shares shares	Sep. 08, 2025 USD ($)	Aug. 07, 2025 USD ($) $ / shares shares	Feb. 05, 2025 USD ($) $ / shares shares	Nov. 03, 2024 USD ($) $ / shares shares	Apr. 25, 2024 USD ($) $ / shares shares	Jun. 02, 2023 USD ($) $ / shares shares	May 20, 2022 USD ($) shares	Apr. 28, 2022 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	Jun. 16, 2023 USD ($) $ / shares
ORGANIZATION AND BASIS OF PRESENTATION
Ordinary shares, par value \| $ / shares											$ 0.0001	$ 0.0001	$ 0.0001
Proceeds from exercise of warrants												$ 102,993	$ 38,960	$ 21,652
ADS
ORGANIZATION AND BASIS OF PRESENTATION
Entity Listing, Depository Receipt Ratio							1				1	1
ADS \| Representative Warrants
ORGANIZATION AND BASIS OF PRESENTATION
Number of ADS to purchase warrants \| shares										169,302
Exercise price \| $ / shares										$ 7.5
Ordinary Shares \| April Warrants
ORGANIZATION AND BASIS OF PRESENTATION
Exercise price \| $ / shares						$ 44.14
Aggregate amount of warrant \| shares						651,380
Ordinary Shares \| November Warrants
ORGANIZATION AND BASIS OF PRESENTATION
Exercise price \| $ / shares						$ 70
Aggregate amount of warrant \| shares						651,380
IPO \| 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										$ 33,705
Over-Allotment Option
ORGANIZATION AND BASIS OF PRESENTATION
Net proceeds from issuance											$ 49,350
Over-Allotment Option \| ADS
ORGANIZATION AND BASIS OF PRESENTATION
Number of shares issued \| shares									772,091		340,909
Gross proceeds from issuance												$ 52,500
Net proceeds from issuance									$ 4,285
Follow-on offering
ORGANIZATION AND BASIS OF PRESENTATION
Offering price \| $ / shares								$ 15
Net proceeds from issuance														28,200
Gross proceeds before underwriting discount								$ 30,000
Net proceeds before underwriting discount								$ 27,317
Follow-on offering \| Warrants
ORGANIZATION AND BASIS OF PRESENTATION
Exercise price \| $ / shares								$ 18
Aggregate amount of warrant \| shares								2,000,000
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												$ 28,971	$ 16,474	$ 26,988
At-the-Market offering ("ATM") \| ADS
ORGANIZATION AND BASIS OF PRESENTATION
Number of shares issued \| shares												193,000	284,719	731,843
Entity Listing, Depository Receipt Ratio															1
Gross proceeds from issuance												$ 29,867	$ 16,984	$ 28,608
Net proceeds from issuance												28,971	$ 16,295	$ 27,403
Aggregate offering price															$ 100,000
At-the-Market offering ("ATM") \| Ordinary Shares
ORGANIZATION AND BASIS OF PRESENTATION
Ordinary shares, par value \| $ / shares															$ 0.0001
Direct offering \| ADS
ORGANIZATION AND BASIS OF PRESENTATION
Number of shares issued \| shares				230,770	258,309		651,380
Entity Listing, Depository Receipt Ratio							1
Gross proceeds from issuance				$ 15,000	$ 15,000		$ 25,000
Net proceeds from issuance					$ 15,000		$ 24,811
Exercise price \| $ / shares				$ 65.00	$ 58.07
Aggregate amount of warrant \| shares				230,770	258,309
Price per share \| $ / shares				$ 65	$ 58.07		$ 38.38
Warrant term				5 years	5 years
Potential additional proceeds of from the exercise of issued in the offering				$ 15,000	$ 15,000
Direct offering \| ADS \| April Warrants
ORGANIZATION AND BASIS OF PRESENTATION
Exercise price \| $ / shares							$ 44.14
Aggregate amount of warrant \| shares							651,380
Warrant term							5 years
Direct offering \| Ordinary Shares
ORGANIZATION AND BASIS OF PRESENTATION
Exercise price \| $ / shares							$ 44.14
Aggregate amount of warrant \| shares							651,380
Private placement in public equity financing
ORGANIZATION AND BASIS OF PRESENTATION
Number of shares issued \| shares		1,953,124
Offering price \| $ / shares		$ 64
Gross proceeds from issuance			$ 125,000
Net proceeds from issuance												$ 125,000
Exercise price \| $ / shares		$ 76.8
Aggregate amount of warrant \| shares		1,953,124
Warrant term		2 years
Potential additional proceeds of from the exercise of issued in the offering			$ 150,000
Agreement For Exercise Of Warrants \| April Warrants
ORGANIZATION AND BASIS OF PRESENTATION
Exercise price \| $ / shares						$ 44.14
Aggregate amount of warrant \| shares						651,380
Proceeds from exercise of warrants						$ 28,752
Agreement For Exercise Of Warrants \| November Warrants
ORGANIZATION AND BASIS OF PRESENTATION
Exercise price \| $ / shares						$ 70
Aggregate amount of warrant \| shares						651,380
Warrant term						5 years
Proceeds from exercise of warrants						$ 45,597
Underwritten Public Offering \| ADS
ORGANIZATION AND BASIS OF PRESENTATION
Number of shares issued \| shares	2,272,727
Entity Listing, Depository Receipt Ratio	1
Gross proceeds from issuance	$ 350,000
Net proceeds from issuance	$ 328,117
Price per share \| $ / shares	$ 154
Underwriters option period	30 days
Additional ADS \| shares	340,909
Belite Bio Holdings Corp.("Belite Holding")
ORGANIZATION AND BASIS OF PRESENTATION
Ownership interest (in percent)											100.00%	100.00%
Belite Bio, LLC("Belite USA") \| 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%
Belite Bio (Taiwan) Inc \| Belite Bio (HK) Limited("Belite HK")
ORGANIZATION AND BASIS OF PRESENTATION
Ownership interest (in percent)											100.00%	100.00%
Belite Bio (Swiss) AG \| Belite Bio (HK) Limited("Belite HK")
ORGANIZATION AND BASIS OF PRESENTATION
Ownership interest (in percent)											100.00%	100.00%
Belite Bio Japan Inc \| Belite Swiss
ORGANIZATION AND BASIS OF PRESENTATION
Ownership interest (in percent)											100.00%	100.00%

RELATED PARTY TRANSACTIONS - Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
RELATED PARTY TRANSACTIONS
Other receivables	$ 700	$ 575
Due to related parties	$ 5	$ 13
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related parties	Related parties
Related parties \| Lin BioScience, Inc
RELATED PARTY TRANSACTIONS
Due to related parties	$ 5	$ 13

- 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
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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+ Details

ORGANIZATION AND BASIS OF PRESENTATION

12 Months Ended

Dec. 31, 2025

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.

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 $36,000 with net proceeds of $33,705. On May 20, 2022, the underwriter exercised in full its over-allotment option to purchase 772,091 ADS, resulting in additional net proceeds of $4,285.

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 169,302 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 of 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 warrant. The ADSs and the detachable warrants 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 $30,000 with net proceeds of $27,317.

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 the Company may, from time to time, offer and sell ADSs through an At-the-Market (“ATM”) offering program at an aggregate offering price of up to $100,000. Each ADS represents one of the Company ordinary shares, par value $0.0001 per share. The Company has raised $28,608, $16,984 and 29,867 in gross proceeds and $27,403, $16,295, and 28,971 in net proceeds, after deducting sales commissions and other fees and expenses, by issuing 731,843 ADSs 284,719 ADSs and 193,000 ADSs for the years ended December 31, 2023, 2024 and 2025, respectively.

On April 25, 2024, the Company announced that it has entered into a securities purchase agreement with an institutional investor for the purchase and sale of up to an aggregate of 651,380 ADSs, with each ADS representing one ordinary share of the Company at a purchase price of $38.38 per ADS, and the warrants (“Existing Warrants”) to purchase up to an aggregate of 651,380 ADSs, immediately exercisable at an exercise price equal to $44.14 per ADS and expire on the five-year anniversary of the issuance, in a registered direct offering. The gross proceeds to the Company from the offering were approximately $25,000 (before any warrant exercise), before deducting the relevant expenses, and net proceeds were $24,811.

On November 3, 2024, the Company entered into an inducement offer letter agreement for the immediate exercise of Existing Warrants to purchase up to an aggregate of 651,380 ordinary shares of the Company originally issued in April 2024, at an exercise price of $44.14 per share. The gross proceeds to the Company from the exercise of Existing Warrants were $28,752. In consideration for the immediate exercise of Existing Warrants for cash, the Company issued new warrants (“November Warrants”) to purchase up to 651,380 ordinary shares. The November Warrants have an exercise price of $70.00 per share, exercisable immediately upon issuance and will expire five years from the date of issuance. If the investor were to exercise the November Warrants in full, the gross proceeds from such new warrants would be approximately $45,597.

In December 2024, Belite Bio (HK) Limited established Belite Bio (Taiwan) Inc as a wholly - owned subsidiary in Taiwan.

On February 5, 2025, the Company announced that it entered into a securities purchase agreement with a new, fundamental healthcare investor for the purchase and sale of 258,309 ADSs and warrants to purchase 258,309 ADSs, at a purchase price of $58.07 per ADS and accompanying warrant, pursuant to a registered direct offering. The offering resulted in gross proceeds of approximately $15,000, before deducting placement agent fees and offering expenses, as well as the potential for additional proceeds of approximately $15,000 from the exercise of the five-year warrants issued in the offering. The closing of the offering occurred on February 7, 2025.

On August 7, 2025, the Company announced that it entered into a securities purchase agreement for the purchase and sale of 230,770 ADS and warrants to purchase 230,770 ADSs, at a purchase price of $65.00 per ADS and accompanying warrant, pursuant to a registered direct offering. The offering resulted in gross proceeds of approximately $15,000, before deducting placement agent fees and offering expenses, as well as the potential for additional proceeds of approximately $15,000 from the exercise of the five-year warrants issued in the offering. The closing of the offering occurred on August 8, 2025.

On September 8, 2025, the Company announced that it entered into securities purchase agreements with leading healthcare investors for a private placement in public equity financing (the “PIPE”) that resulted in gross proceeds of approximately $125,000, before deducting placement agent fees and estimated offering expenses, and up to an additional approximately $150,000 in gross proceeds if the accompanying warrants are fully exercised for cash. At the closing of the PIPE, the Company issued 1,953,124 ordinary shares and warrants to purchase 1,953,124 ordinary shares, at a purchase price of $64.00 per ordinary share and accompanying warrant (the “PIPE Purchase Price”). Each warrant is immediately exercisable with an exercise price of $76.80 per ordinary share and will expire two years from the date of issuance. The closing of the PIPE occurred on September 9, 2025. In September 2025, Belite Bio (HK) Limited established Belite Bio (Swiss) AG as a wholly-owned subsidiary in Switzerland.

In November 2025, Belite Bio (Swiss) AG established Belite Bio Japan Inc as a wholly-owned subsidiary in Japan.

On December 1, 2025, the Company entered into an underwriting agreement with Morgan Stanley & Co. LLC, Leerink Partners LLC and BofA Securities, Inc., as representatives of the underwriters named therein, relating to the underwritten public offering of 2,272,727 American Depositary Shares, or ADSs, each representing one ordinary share, at a public offering price of $154.00 per ADS. The Company has also granted the underwriters a 30-day option to purchase up to 340,909 additional ADSs from the Company at the public offering price, less underwriting discounts and commissions. The offering resulted in gross proceeds of approximately $350,000, before deducting underwriting discounts and commissions and other offering expenses. The closing of the offering occurred on December 3, 2025. The underwriters exercised in full the over-allotment option to purchase 340,909 ADSs during December 2025, resulting in additional gross proceeds of $52,500.

As of December 31, 2025, 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		Commercial preparation, marketing, distribution, and sales of pharmaceutical products
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
Belite Bio (Taiwan) Inc (“Belite Taiwan”)		December 18, 2024		Taiwan		100% owned by Belite HK		Supporting clinical trial activities, research and development and back-office service
Belite Bio (Swiss) AG (“Belite Swiss”)		September 1, 2025		Switzerland		100% owned by Belite HK		Conducting research and development, marketing, distribution, and sales of pharmaceutical products
Belite Bio Japan Inc (“Belite Japan”)		November 14, 2025		Japan		100% owned by Belite Swiss		Marketing, distribution, and sales of pharmaceutical products

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 $107,647 and $185,258 as of December 31, 2024 and 2025, respectively. The Company had net losses of approximately $36,144 and $77,611 for the years ended December 31, 2024 and 2025.

As of December 31, 2025, the Company had a total of $352,932 in cash and cash equivalents, $139,490 in short-term investments, and $484,390 in working capital. Management closely monitors the Company’s cash position and cash management strategies to ensure liquidity needs are met.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Non-cash warrants exercise	1,463,491	1,404,988	1,190,629
Representative's Warrants
Shares issued on exercise of warrants		73,800	65,399
Non-cash warrants exercise		84,651	84,651

EQUITY - ATM offering (Details) - USD ($) $ in Thousands	12 Months Ended
EQUITY - ATM offering (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
EQUITY
Other Receivable for ATM proceeds	$ 700
At-the-Market offering ("ATM")
EQUITY
ATM proceeds received in settlement of other receivable		$ 762
Net proceeds from issuance	28,971	16,474	$ 26,988
At-the-Market offering ("ATM") \| ADS
EQUITY
ATM proceeds received in settlement of other receivable		762
Gross proceeds from issuance	29,867	16,984	28,608
Net proceeds from issuance	28,971	16,295	$ 27,403
Sales Commissions	$ 896	510
Other expenses		$ 179
Issuance of shares on offering	193,000	284,719	731,843

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Research and development	$ 5,557	$ 4,070
Legal and consulting	1,727	614
License royalties	143	85
Payroll and Reimbursement	1,610	703
Other	599	289
Total	$ 9,636	$ 5,761

SHARE-BASED COMPENSATION - Restricted Stock Units - Summary of RSUs activity (Details) - Restricted stock units	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Shares
Granted \| shares	395,751
Vested \| shares	(240,000)
Non-vested at December 31, 2025 \| shares	155,751
Weighted Average Grant Date Fair Value per share
Granted \| $ / shares	$ 47.8
Vested \| $ / shares	36.28
Non-vested at December 31, 2025 \| $ / shares	$ 65.54
Weighted Average Remaining Recognition Period (Years)	1 year 7 months 13 days

EQUITY - Follow-on warrants (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 02, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
EQUITY
Ordinary shares, par value		$ 0.0001	$ 0.0001
Net proceeds		$ 102,993	$ 38,960	$ 21,652
Follow-on offering \| ADS
EQUITY
Issuance of shares on offering	2,000,000
Follow-on offering \| Ordinary Shares
EQUITY
Issuance of shares on offering	2,000,000
Ordinary shares, par value	$ 0.0001
Follow-on warrants
EQUITY
Warrants outstanding	$ 6,337
Gross proceeds from warrants		376	10,241
Payments for conversion fee		1	33
Net proceeds		$ 375	$ 10,208
Warrants \| Follow-on offering
EQUITY
Exercise price	$ 18

INCOME TAX - Income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current taxes:
Foreign		$ 6	$ 9
Total current taxes		6	9
Total Income Tax Expense	$ 0	$ 6	$ 9

- Definition

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

+ References

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+ Details

ORGANIZATION AND BASIS OF PRESENTATION - Liquidity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ORGANIZATION AND BASIS OF PRESENTATION
Accumulated deficit	$ 185,258	$ 107,647
Net loss	77,611	36,144	$ 31,632
Cash and cash equivalents	352,932	$ 31,677
Investments	139,490
Working capital	$ 484,390

- Definition

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

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

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

12 Months Ended

Dec. 31, 2025

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

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

Other receivables consist of the following:

Prepayments and other current assets consist of the following:


		As of December 31,
		2024			2025
Prepaid insurance premiums		$	414		$	641
Other prepayments for research and development expense (1)			916			486
Deductible value-added tax input			19			18
Other current assets			—			5
		$	1,349		$	1,150

(1) Other prepayments for research and development expense represents payments made to third party contract research organizations (“CROs”) for pass-through expenses.

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


		As of December 31,
		2024		2025
Prepaid insurance premiums		$	27	$	172
Other prepayments for research and development expense (2)			3,933		4,897
		$	3,960	$	5,069

(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.

SEGMENT

12 Months Ended

Dec. 31, 2025

SEGMENT

SEGMENT

17.SEGMENT

The Company operates and manages its business as one operating and reportable segment, focused on the research and development of its primary drug candidate, Tinlarebant, along with other early-stage pipelines. The Company has not generated any revenue to date. The CODM reviews financial information on an aggregated basis, including operating expenses by function, to evaluate performance and allocate resources. The future outlook is highly dependent upon the results of its ongoing clinical trials and interactions with regulatory agencies. Such results and interactions are utilized together with assessment of the functional expenses comparing budget versus actuals in order to make decisions regarding the allocation of resources.

The following table presents financial information, including significant segment expenses, which are regularly provided to the CODM and included within segment and consolidated net loss:


	For the Years Ended
	December 31,
	2023		2024		2025
Expenses
Operating expenses, excluding share-based compensation, depreciation and amortization expense
Research and development	$	22,868	$	25,867	$	35,925
Wages and salaries		1,379		2,144		2,622
Contracted research expenses and clinical trial expenses		20,038		18,057		28,334
Consultancy and professional service fees		881		1,698		3,986
Royalties		118		3,353		120
Other expenses*		452		615		863
Selling, General and administrative		4,578		4,693		8,900
Wages and salaries		1,488		1,683		2,942
Professional service fee		1,794		1,548		3,516
Insurance expense		995		989		1,047
Other expenses*		301		473		1,395
Total operating expenses, excluding share-based compensation		27,446		30,560		44,825
Share-based compensation
Research and development		1,716		3,775		9,147
Selling, General and administrative		2,107		5,212		29,772
Total share-based compensation		3,823		8,987		38,919
Depreciation and amortization expense		399		449		464
Total operating expenses		31,668		39,996		84,208
Operating loss		(31,668)		(39,996)		(84,208)
Interest income		74		3,737		6,640
Interest expense		(25)		(20)		(2)
Other income (expense)		(4)		141		(41)
Income tax expense		9		6		—
Segment and consolidated net loss	$	(31,632)	$	(36,144)	$	(77,611)

*Other expenses include travelling, transportation, rent and utilities expenses.

The CODM does not review assets at a different asset level or category than the amounts disclosed in the Company’s balance sheet. Long-lived assets (property and equipment, net), by geographic area, are primarily located in Hong Kong, Taiwan and the United States as of December 31, 2025.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

Representative Warrants

EQUITY

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

Follow-on warrants

EQUITY

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

Registered direct offering warrants

EQUITY

Schedule of warrants valuation assumptions


		April 29, 2024
Stock price		$	40.93
Risk-free interest rate			4.65	%
Volatility			36.79	%
Exercise price		$	44.14
Dividend yield		$	0


	February 7, 2025
Stock price	$	57.53
Risk-free interest rate		4.34	%
Volatility		34.22	%
Exercise price	$	58.07
Dividend yield	$	0


		August 8, 2025
Stock price		$	69.88
Risk-free interest rate			3.84	%
Volatility			32.64	%
Exercise price		$	65.00
Dividend yield		$	0

Inducement warrants

EQUITY

Schedule of warrants valuation assumptions


		November 4, 2024
Stock price		$	69.71
Risk-free interest rate			4.17	%
Volatility			31.96	%
Exercise price		$	70.00
Dividend yield		$	0

PIPE warrants

EQUITY

Schedule of warrants valuation assumptions


		September 9, 2025
Stock price		$	65.68
Risk-free interest rate			3.54	%
Volatility			50.01	%
Exercise price		$	76.80
Dividend yield		$	0

Warrants

EQUITY

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, 2023		169,302			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		978,673		$	17.09			4.33
Issued		1,302,760		$	57.07
Exercised		(1,404,988)		$	29.49
Forfeited or expired		—			—
Outstanding as of December 31, 2024		876,445		$	56.65			4.48
Issued		2,442,203		$	73.70
Exercised		(1,463,491)		$	70.42
Forfeited or expired		—			—
Outstanding as of December 31, 2025		1,855,157		$	68.24			2.40

CASH AND CASH EQUIVALENTS (Tables)

12 Months Ended

Dec. 31, 2025

CASH AND CASH EQUIVALENTS

Schedule of cash and cash equivalents


	As of December 31,
	2024		2025
Cash in banks	$	31,677	$	337,291
Cash equivalents		—		15,641
	$	31,677	$	352,932

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION

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


		As of April 18,		As of July 17,		As of January 3,
		2022		2023		2024
Risk-free interest rate		2.85	%	3.81	%	3.91	%
Expected volatility range		34.79	%	39.55	%	38.25	%
Exercise multiple		2.80		2.80		2.80
Expected dividend yield		—		—		—


		As of August 29,		As of September 1,		As of November 1,
		2024		2024		2024
Risk-free interest rate		3.87	%	3.91	%	4.37	%
Expected volatility range		36.06	%	36.02	%	35.58	%
Exercise multiple		2.80		2.80		2.20
Expected dividend yield		—		—		—


		As of February 12,		As of April 15,		As of June 10,
		2025		2025		2025
Risk-free interest rate		4.62	%	4.35	%	4.40	%
Expected volatility range		33.94	%	34.04	%	33.49	%
Exercise multiple		2.80		2.80		2.20
Expected dividend yield		—		—		—


		As of October 07,		As of October 28,
		2025		2025
Risk-free interest rate		4.14	%	3.99	%
Expected volatility range		33.24	%	33.10	%
Exercise multiple		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, 2023	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 as of December 31, 2023	4,202,087	$	6.0304	$	3.1048	8.20	$	31,109
Granted	1,275,000	$	49.4420	$	19.6808	—		—
Exercised	(346,869)	$	7.9775	$	3.1139	—		—
Forfeited or expired	—	$	—	$	—	—		—
Outstanding as of December 31, 2024	5,130,218	$	16.6162	$	7.1954	7.17	$	273,358
Granted	1,150,000	$	62.6847	$	24.2127	—		—
Exercised	(561,081)	$	13.9818	$	5.4451	—		—
Forfeited or expired	(259,261)	$	5.0433	$	2.4485	—		—
Outstanding as of December 31, 2025	5,459,876	$	27.1428	$	11.1722	7.25	$	359,681
Vested and Expected to Vest Options as of December 31, 2025	5,021,286	$	15.3838	$	6.4514	6.19	$	13,924
Exercisable Options as of December 31, 2025	2,286,217	$	28.8146	$	10.4306	7.48	$	16,282

Schedule of assumptions used to estimate the fair value of the specified share price


	February 12,
	2025
Risk-free interest rate	4.36	%
Expected volatility range	32.35	%
Expected dividend yield	—

Schedule of RSUs activity


						Weighted
				Weighted		Average
				Average		Remaining
		Number of		Grant Date		Recognition
		Shares		Fair Value per share		Period (Years)
Non-vested at January 1, 2025		—		$	—	$	—
Granted		395,751			47.80		—
Vested		(240,000)			36.28		—
Cancelled or forfeited		—			—		—
Non-vested at December 31, 2025		155,751			65.54		1.62

Employee Stock Option

SHARE-BASED COMPENSATION

Schedule of share-based compensation expense


	Years ended December 31,
	2023		2024		2025
Research and development	$	1,716	$	3,775	$	7,761
Selling, general and administrative		2,107		5,212		22,394
Total.	$	3,823	$	8,987	$	30,155

Restricted stock units

SHARE-BASED COMPENSATION

Schedule of share-based compensation expense


	Years ended December 31,
	2023		2024		2025
Research and development	$	—	$	—	$	1,386
Selling, general and administrative		—		—		7,378
Total	$	—	$	—	$	8,764

- 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.

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+ Details

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

12 Months Ended

Dec. 31, 2025

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

Schedule of other receivables

Schedule of prepayments and other current assets


		As of December 31,
		2024			2025
Prepaid insurance premiums		$	414		$	641
Other prepayments for research and development expense (1)			916			486
Deductible value-added tax input			19			18
Other current assets			—			5
		$	1,349		$	1,150

(1) Other prepayments for research and development expense represents payments made to third party contract research organizations (“CROs”) for pass-through expenses.

Schedule of prepayments and other non-current assets


		As of December 31,
		2024		2025
Prepaid insurance premiums		$	27	$	172
Other prepayments for research and development expense (2)			3,933		4,897
		$	3,960	$	5,069

AVAILABLE-FOR-SALE INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

AVAILABLE-FOR-SALE INVESTMENTS

Schedule of available for sale debt securities


		As of December 31, 2024
		Cost or amortized cost		Unrealized gains (losses)		Credit loss		Fair value
Liquidity fund		$	4,549	$	—	$	—	$	4,549

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

INCOME TAX - Deferred income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2017
Deferred income tax assets
Research and development credits	$ 1,741	$ 711
Capitalized research and development expenses	1,331	553
Net operating loss carryforwards	17,414	9,671
Total	20,486	10,935
Valuation allowance	(20,486)	(10,935)	$ (6,216)
United States
Deferred income tax assets
Net operating loss carryforwards	10,957	5,796		$ 603
Remaining federal net operating loss carryforwards	$ 8,766
Percentage of taxable income for operating loss carried forward indefinitely	80.00%
State
Deferred income tax assets
Net operating loss carryforwards	$ 1,434
Australia
Deferred income tax assets
Net operating loss carryforwards	6,542	4,897
Hong Kong
Deferred income tax assets
Net operating loss carryforwards	79,114	43,471
PRC
Deferred income tax assets
Net operating loss carryforwards	185	125
Switzerland
Deferred income tax assets
Net operating loss carryforwards	3,120
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	$ 8,278
Amortization period	5 years
Research and development credit carryforwards
Deferred income tax assets
U.S. federal and state credit carryforwards	$ 1,741	$ 711

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

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. Accounting estimates reflected in the Company’s consolidated financial statements include, but are not limited to, accrued research and development expenses related to payments to contract research organizations (“CRO”), valuation of ordinary shares, valuation allowance for deferred income tax assets, useful lives for property and equipment, discount rate for right-of-use (“ROU”) assets and operating lease liabilities, the fair value of share-based compensation and warrants. 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.

Fair value measurements

Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

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.

The following table is a summary of the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2024 and 2025:


	As of December 31, 2024
	Level 1	Level 2	Level 3	Total Fair Value
Available-for-sale investments:
Liquidity fund	4,549	—	—	4,549
Held-to-maturity investments:
U.S. treasury bills	—	90,430	—	90,430
Time deposit	—	18,493	—	18,493
Total	4,549	108,923	—	113,472


	As of December 31, 2025
	Level 1	Level 2	Level 3	Total Fair Value
Cash equivalents:
Money Market fund	15,641	—	—	15,641
Held-to-maturity investments:
U.S. treasury bills	—	139,490	—	139,490
U.S. treasury notes	—	280,166	—	280,166
Total	15,641	419,656	—	435,297

Level 2 assets were valued using observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets in active markets or other directly/indirectly observable data.

The carrying values of the Company’s other receivables, accrued expenses and other liabilities, other payable due to related parties, warrants included in current assets and liabilities approximate their respective fair values because of their general short-term nature. During the year ended December 31, 2024 and 2025, there were no transfers between Level 1, Level 2 and Level 3. See Note 5 and Note 7 for additional details regarding financial assets classified as Level 2 in the fair value hierarchy. The fair values of the warrants are classified as Level 3 in the fair value hierarchy. For further information on the warrants, see Note 14 Equity.

Cash and cash equivalents

Cash deposits placed with banks are unrestricted as to withdrawal or use. The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. The carrying value of cash equivalents approximates fair value due to the short-term nature of such financial instruments.

Short-term investments

Available-for-sale

Investments classified as “available-for-sale” may be sold prior to maturity due to changes in interest rates, prepayment risks, availability of alternative investments, or to meet the Company’s liquidity needs. The Company classifies its investments in liquidity funds as available-for-sale financial assets and measures the investment at fair value. Changes in the fair value are reflected in the accumulated other comprehensive loss.

Held-to-maturity

Investments are classified as held-to-maturity when the Company has positive intent and ability to hold the securities to maturity. The Company classifies its investments in U.S. treasury bills and time deposits with a range of maturity dates over 3 months and less than or equal to 12 months as held-to-maturity investments, which are initially recognized at cost and subsequently measured at amortized cost. Interest income is recognized over time using the effective interest method. The Company reviews its investments in held-to-maturity investments for expected credit losses under the Current Expected Credit Losses (CECL) model at each reporting date by assessing various factors, including credit quality of the financial institution, historical experience, current economic conditions, and reasonable and supportable forecasts to estimate expected credit losses.

Other receivables

Other receivables include third parties (non-trade), sales agents, and employees (other than related parties) receivables. As of December 31, 2024, and 2025, the Company recorded $575 and $700, respectively, which primarily relate to interest receivable from investments.

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 equity offering and will be charged to shareholder’s equity upon the completion of the equity offering. Should the equity offering prove to be unsuccessful, the deferred offering costs will be charged to operating expense in the consolidated statement of operations and comprehensive loss.

Follow-on offering costs 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 consists of legal, accounting and other costs. The Company recorded an offering cost of $347 and $179 and reclassed to additional-paid-in-capital for the years ended December 31, 2023 and December 31, 2024, respectively.

Registered direct offering costs consist of regulation, legal, accounting and other costs. The Company recorded registered direct offering cost of $189 and $304 and reclassed to additional-paid-in-capital as of December 31, 2024 and December 31, 2025, respectively.

PIPE offering costs consist of regulation, legal, accounting and other costs. The Company recorded PIPE offering cost of $6,789 and reclassed to additional-paid-in-capital for the years ended December 31, 2025.

Underwritten public offering and over-allotment exercise costs 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, 2025.

Long-term investment

Held-to-maturity debt securities

Investments are classified as held-to-maturity when the Company has positive intent and ability to hold the securities to maturity. The Company classifies its investments in U.S. treasury notes as held‑to‑maturity debt securities, which are initially recognized at cost and subsequently measured at amortized cost. Interest income is recognized over time using the effective interest method. The Company reviews its investments in held‑to‑maturity debt securities for expected credit losses under the CECL model at each reporting date by assessing various factors, including credit quality of the issuer, historical experience, current economic conditions, and reasonable and supportable forecasts to estimate expected credit losses.

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 of 5 years, and leasehold improvement is computed on the shorter of the remaining lease terms or estimated useful lives.

Repair and maintenance costs are charged to expenses 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, sales, 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 the discounted 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, 2023, 2024 and 2025.

Segment reporting

In accordance with ASC 280, Segment Reporting, an operating segment is identified as a component of an enterprise that engages in business activities with separate discrete financial information and operating results. The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer. The Company operates and manages its business as a single segment – in the research and development of novel therapeutics targeting significant unmet needs. The Company’s CODM assesses performance for the segment and, taking into account the Company’s strategic priorities, its cash balance, and its expected use of cash, decides how to allocate resources by regularly reviewing the segment net income (loss), which is also reported as consolidated net loss on the statement of operations and comprehensive loss. Further, the CODM reviews and utilizes functional expenses (i.e., research and development expenses and general and administrative expenses) at the consolidated level to manage the Company’s operations. Other segment items included in share-based compensation, interest income, net, other income (expense), and income tax expense, which are reflected in the segment and consolidated net loss. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets.

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”), 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 expenses 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 records accruals for estimated costs from its obligations under contracts with vendors, consultants, CROs and CMOs, in connection with conducting research and development activities. 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. Estimates for accrued research and development expenses are classified as accrued expenses on the accompanying consolidated balance sheet.

The financial terms of the CRO 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 accounts 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 determines 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.

As of December 31, 2025, the Company has several ongoing clinical studies in various clinical trial stages. The clinical contracts are generally cancellable, with notice, at the Company’s option. The Company did not record any accrued expenses for contract cancellations as of December 31, 2024 or 2025, as it had no plans to cancel existing 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 elected the short‑term lease practical expedient for leases with an initial term of 12 months or less. Such leases are not recorded on the consolidated balance sheets, and the associated lease payments are recognized in the consolidated statements of operations and comprehensive loss on a straight‑line basis over the lease term.

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 asset and liability method. Under the asset and 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 rates that will be in effect when the differences are expected to be reversed. A valuation allowance is recorded if it is more-likely-than-not that some portion or all of a deferred income tax asset will not be realized.

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 when it 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 on an underpayment of income taxes, if any, as a component of income tax expense.

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.

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 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.

Warrants

Upon the closing of IPO offering in April 2022, the Company issued to Benchmark the representative of the underwriters warrants for 169,302 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 FASB Accounting Standards Codification ASC 480 (“ASC 480”), Distinguishing Liabilities from Equity and ASC 815 (“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.

Derivative Financial Instruments

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is assessed at the end of each reporting period. 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.

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 selling, 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 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. The Company elected to account for the forfeitures as occurred.

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.

Foreign Currency Transactions

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.

Translation of foreign currency financial statements

The functional currency is the local currency of the respective entities. The United States dollar (“$”) is the functional currency of the Company’s entities incorporated in the Cayman Islands, the United States, Hong Kong and Swiss; the functional currencies of the Company’s subsidiaries in Australia, Shanghai, Japan and Taiwan are Australian dollar (“AU$”), Renminbi (“RMB”), Japanese Yen (“JPY”) and New Taiwan Dollars (“NTD”) 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.

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, 2023, 2024 and 2025:


Supplier		2023			2024			2025
A		$	7,941		$	5,010		$	*
B			6,926			5,846			10,802
C			*			*			4,987

*	Represents less than 10% of research and development expenses for the years ended December 31, 2023, 2024 and 2025.

Concentration of credit risk

As of December 31, 2024 and 2025, the Company held aggregate cash balances of $10,208 and $252,901, respectively, at major financial institutions in the United States; and $21,469 and $84,390, respectively, with major financial institutions outside the United States. The Company is exposed to credit risk on its cash balances to the extent amounts exceed applicable deposit‑insurance limits in the respective jurisdictions. Although the Company’s deposits are maintained with financial institutions that management believes to be of high credit quality, uninsured balances totaled approximately $334,557 as of December 31, 2025. In addition, approximately 70% of the Company’s total cash was held with a single financial institution in the United States.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Under ASU 2023-09, entities are required to uniformly classify and present greater disaggregation of information in the rate reconciliation and income taxes paid. ASU 2023-09 is intended to benefit investors by improving the transparency and decision usefulness of income tax disclosures. The new standard is effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 effective January 1, 2025. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, to amend certain disclosure and presentation requirements for a variety of topics within the ASC. These amendments align the requirements in the ASC to the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company is currently evaluating the impact that the adoption will have on its results of operations, financial position, cash flows and financial statement disclosures.

In November 2024 and January 2025, the FASB issued ASU 2024-03 and ASU 2025-01 on Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which will improve a public business entity’s disclosures on certain costs and expenses, such as cost of sales, selling, general and administrative, and research and development, by providing more detailed, disaggregate information in the notes to the financial statements. The amendments are effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued or made available. The amendments should be applied on either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the provisions of the amendments and the effect on its future condensed consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which adds guidance to ASC 832 on the recognition, measurement, and presentation of government grants. The amendments are effective for fiscal years beginning after December 15, 2028, and interim periods within those fiscal periods. Early adoption is permitted. The Company is currently evaluating the impact that the adoption will have on its results of operations, financial position, cash flows and financial statement disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments are not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. The amendments are effective for interim reporting periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and can be applied either (1) prospectively or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption will have on its results of operations, financial position, cash flows and financial statement disclosures.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements, as part of the standing project on its agenda to make improvements to the Codification in response to feedback from stakeholders. The amendments make Codification updates to a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim reporting periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the adoption will have on its results of operations, financial position, cash flows and financial statement 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

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

Fair value measurements

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.

The following table is a summary of the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2024 and 2025:


	As of December 31, 2024
	Level 1	Level 2	Level 3	Total Fair Value
Available-for-sale investments:
Liquidity fund	4,549	—	—	4,549
Held-to-maturity investments:
U.S. treasury bills	—	90,430	—	90,430
Time deposit	—	18,493	—	18,493
Total	4,549	108,923	—	113,472


	As of December 31, 2025
	Level 1	Level 2	Level 3	Total Fair Value
Cash equivalents:
Money Market fund	15,641	—	—	15,641
Held-to-maturity investments:
U.S. treasury bills	—	139,490	—	139,490
U.S. treasury notes	—	280,166	—	280,166
Total	15,641	419,656	—	435,297

Level 2 assets were valued using observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets in active markets or other directly/indirectly observable data.

Cash and cash equivalents

Short-term investments

Available-for-sale

Held-to-maturity

Other receivables

Deferred offering costs

Long-term investment

Long-term investment

Held-to-maturity debt securities

Investments are classified as held-to-maturity when the Company has positive intent and ability to hold the securities to maturity. The Company classifies its investments in U.S. treasury notes as held‑to‑maturity debt securities, which are initially recognized at cost and subsequently measured at amortized cost. Interest income is recognized over time using the effective interest method. The Company reviews its investments in held‑to‑maturity debt securities for expected credit losses under the CECL model at each reporting date by assessing various factors, including credit quality of the issuer, historical experience, current economic conditions, and reasonable and supportable forecasts to estimate expected credit losses.

Property and equipment

Long-lived asset impairment

Segment reporting

Research and development expenses

Accrued research and development expenses

Leases

Income tax

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

Derivative Financial Instruments

Share-based compensation

Awards Granted to Employees

Awards Granted to Non-Employees

Foreign Currency Transactions

Foreign Currency Transactions

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, 2023, 2024 and 2025:


Supplier		2023			2024			2025
A		$	7,941		$	5,010		$	*
B			6,926			5,846			10,802
C			*			*			4,987

*	Represents less than 10% of research and development expenses for the years ended December 31, 2023, 2024 and 2025.

Concentration of credit risk

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

LEASES

Schedule of supplemental balance sheet information related to leases


				As of December 31,			As of December 31,
		Classification		2024			2025
Assets
Operating lease – ROU assets		Right-of-use assets		$	521		$	433

Liabilities
Operating lease liabilities		Current portion		$	276		$	241
Operating lease liabilities		Non-current portion			261			188
Total lease liabilities				$	537		$	429

Schedule of minimum lease payments in future periods


		As of December 31,
		2025
For the year ending December 31,
2026		$	255
2027			151
2028			43
Total undiscounted cash flows		$	449
Present values
Short-term lease liabilities		$	241
Long-term lease liabilities			188
Total lease liabilities:		$	429
Difference between undiscounted cash flows and discounted cash flows		$	20

SEGMENT (Tables)

12 Months Ended

Dec. 31, 2025

SEGMENT

Schedule of significant segment expenses


	For the Years Ended
	December 31,
	2023		2024		2025
Expenses
Operating expenses, excluding share-based compensation, depreciation and amortization expense
Research and development	$	22,868	$	25,867	$	35,925
Wages and salaries		1,379		2,144		2,622
Contracted research expenses and clinical trial expenses		20,038		18,057		28,334
Consultancy and professional service fees		881		1,698		3,986
Royalties		118		3,353		120
Other expenses*		452		615		863
Selling, General and administrative		4,578		4,693		8,900
Wages and salaries		1,488		1,683		2,942
Professional service fee		1,794		1,548		3,516
Insurance expense		995		989		1,047
Other expenses*		301		473		1,395
Total operating expenses, excluding share-based compensation		27,446		30,560		44,825
Share-based compensation
Research and development		1,716		3,775		9,147
Selling, General and administrative		2,107		5,212		29,772
Total share-based compensation		3,823		8,987		38,919
Depreciation and amortization expense		399		449		464
Total operating expenses		31,668		39,996		84,208
Operating loss		(31,668)		(39,996)		(84,208)
Interest income		74		3,737		6,640
Interest expense		(25)		(20)		(2)
Other income (expense)		(4)		141		(41)
Income tax expense		9		6		—
Segment and consolidated net loss	$	(31,632)	$	(36,144)	$	(77,611)

*Other expenses include travelling, transportation, rent and utilities expenses.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Other than the Rule 10b5-1 Trading Plans adopted by (i) Yu-Hsin Lin, our Chief Executive Officer, on December 23, 2025, (ii) Hao-Yuan Chuang, our Chief Financial Officer, on December 22, 2025; (iii) Nathan L. Mata, our Chief Scientific Officer, on December 10, 2025; and (iv) Wan-Shan Chen, our director, on December 23, 2025, we do not have any outstanding share repurchase or automatic trading plan in place.
Yu-Hsin Lin
Trading Arrangements, by Individual
Name	Yu-Hsin Lin
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 23, 2025
Hao-Yuan Chuang
Trading Arrangements, by Individual
Name	Hao-Yuan Chuang
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 22, 2025
Nathan L. Mata
Trading Arrangements, by Individual
Name	Nathan L. Mata
Title	Chief Scientific Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 10, 2025
Wan-Shan Chen
Trading Arrangements, by Individual
Name	Wan-Shan Chen
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 23, 2025

EQUITY - Registered direct offering warrants (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Aug. 07, 2025 USD ($) $ / shares shares	Feb. 05, 2025 USD ($) $ / shares shares	Apr. 25, 2024 USD ($) $ / shares shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
EQUITY
Net proceeds				$ 102,993	$ 38,960	$ 21,652
Registered direct offering warrants \| Registered direct offering
EQUITY
Warrants outstanding	$ 6,191		$ 9,978
Gross proceeds from warrants				10,400
Payments for conversion fee				8
Net proceeds				10,392
Registered direct offering warrants \| Registered direct offering \| Fundamental healthcare investor
EQUITY
Warrants outstanding		$ 5,539
Gross proceeds from warrants				15,000
Payments for conversion fee				13
Net proceeds				$ 14,987
ADS
EQUITY
Entity Listing, Depository Receipt Ratio			1	1
ADS \| Registered direct offering
EQUITY
Issuance of shares on offering \| shares	230,770	258,309	651,380
Entity Listing, Depository Receipt Ratio			1
Aggregate amount of warrant \| shares	230,770	258,309
Exercise price \| $ / shares	$ 65.00	$ 58.07
Price per share \| $ / shares	$ 65	58.07	$ 38.38
ADS \| Registered direct offering \| Fundamental healthcare investor
EQUITY
Price per share \| $ / shares		$ 58.07
ADS \| Registered direct offering warrants \| Registered direct offering
EQUITY
Issuance of shares on offering \| shares			651,380
Aggregate amount of warrant \| shares	230,770
ADS \| Registered direct offering warrants \| Registered direct offering \| Fundamental healthcare investor
EQUITY
Issuance of shares on offering \| shares		258,309
Aggregate amount of warrant \| shares		258,309
Ordinary Shares \| Registered direct offering
EQUITY
Aggregate amount of warrant \| shares			651,380
Exercise price \| $ / shares			$ 44.14

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property Plant and Equipment
Less: accumulated depreciation	$ (507)	$ (341)
Total	344	444
Depreciation expenses	172	164	$ 139
Laboratory equipment
Property Plant and Equipment
Property and equipment	536	474
Transportation equipment
Property Plant and Equipment
Property and equipment	53	49
Office equipment
Property Plant and Equipment
Property and equipment	75	75
Leasehold improvements
Property Plant and Equipment
Property and equipment	$ 187	$ 187

SHARE-BASED COMPENSATION - Stock option activity (Details) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Outstanding as of beginning (in shares)	5,130,218	4,202,087	3,576,403
Granted (in shares)	1,150,000	1,275,000	1,015,000
Exercised (in shares)	(561,081)	(346,869)	(347,316)
Forfeited or expired (in shares)	(259,261)		(42,000)
Outstanding as of ending (in shares)	5,459,876	5,130,218	4,202,087	3,576,403
Vested and Expected to Vest Options as of December 31 (in shares)	5,021,286
Exercisable Options as of December 31 (in shares)	2,286,217
Weighted Average Exercise Price
Outstanding as of beginning (in $/share)	$ 16.6162	$ 6.0304	$ 3.0508
Granted (in $/share)	62.6847	49.442	14.45
Exercised (in $/share)	13.9818	7.9775	1.007
Forfeited or expired (in $/share)	5.0433		6
Outstanding as of ending (in $/share)	27.1428	16.6162	6.0304	$ 3.0508
Vested and Expected to Vest Options as of December 31 (in $/share)	15.3838
Exercisable Options as of December 31 (in $/share)	28.8146
Weighted Average Grant Date Fair Value
Outstanding as of beginning (in $/share)	7.1954	3.1048	2.2782
Granted (in $/share)	24.2127	19.6808	5.8298
Exercised (in $/share)	5.4451	3.1139	2.5695
Forfeited or expired (in $/share)	2.4485		2.0797
Outstanding as of ending (in $/share)	11.1722	$ 7.1954	$ 3.1048	$ 2.2782
Vested and Expected to Vest Options as of December 31 (in $/share)	6.4514
Exercisable Options as of December 31 (in $/share)	$ 10.4306
Weighted Average Remaining Term (Years)
Outstanding (in years)	7 years 3 months	7 years 2 months 1 day	8 years 2 months 12 days	8 years 5 months 4 days
Vested and Expected to Vest Options as of December 31 (in years)	6 years 2 months 8 days
Exercisable Options as of December 31 (in years)	7 years 5 months 23 days
Aggregate Intrinsic Value
Outstanding	$ 359,681	$ 273,358	$ 31,109	$ 10,473
Vested and Expected to Vest Options as of December 31, 2023	13,924
Exercisable Options as of December 31	$ 16,282

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

16.RELATED PARTY TRANSACTIONS

The table below sets forth the major related parties and their relationships with the Company as of December 31, 2024 and 2025:


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, July 1, 2023, July 1, 2024 and July 1, 2025 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, 2023, 2024 and 2025, the Company recorded $63, $57 and $37 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 fees in an amount equal to 110% percent of actual costs for its performance of such development service. For the year ended December 31, 2023, 2024 and 2025, the Company has provided related service connected to the above agreement to Lin Bioscience and the expense reimbursed incurred was $46, $0 and $0, respectively.

(a)	Related party balances

(b)	Related party transactions

During the years ended December 31, 2023, 2024 and 2025, related party transactions consisted of the following:


	Years ended December 31,
	2023		2024		2025
Lin BioScience, Inc.:
Research and development expense	$	63	$	56	$	30
Reimbursement for expense	$	46	$	1	$	7

- 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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

EQUITY - Warrants activities (Details) - $ / shares	12 Months Ended
EQUITY - Warrants activities (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
EQUITY
Numbers of Warrants Outstanding, Beginning balance	876,445	978,673	169,302
Numbers of Warrants Outstanding, Issued	2,442,203	1,302,760	2,000,000
Numbers of Warrants Outstanding, Exercised	(1,463,491)	(1,404,988)	(1,190,629)
Numbers of Warrants Outstanding, Ending balance	1,855,157	876,445	978,673	169,302
Weighted Average Exercise Price, Beginning balance (in $/share)	$ 56.65	$ 17.09	$ 7.5
Weighted Average Exercise Price, Issued (in $/share)	73.7	57.07	18
Weighted Average Exercise Price, Exercised (in $/share)	70.42	29.49	17.25
Weighted Average Exercise Price, Ending balance (in $/share)	$ 68.24	$ 56.65	$ 17.09	$ 7.5
Weighted Average Remaining Term (Years)	2 years 4 months 24 days	4 years 5 months 23 days	4 years 3 months 29 days	4 years 3 months 29 days

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of components of accrued expenses and other current liabilities


		As of December 31,
		2024			2025
Research and development		$	4,070		$	5,557
Legal and consulting			614			1,727
License royalties			85			143
Payroll and Reimbursement			703			1,610
Other			289			599
		$	5,761		$	9,636

SHARE-BASED COMPENSATION - Plans (Details) - shares									1 Months Ended					3 Months Ended	6 Months Ended	12 Months Ended
SHARE-BASED COMPENSATION - Plans (Details) - shares	Oct. 07, 2025	Jun. 10, 2025	Apr. 15, 2025	Feb. 12, 2025	Aug. 29, 2024	Jan. 02, 2024	Jul. 17, 2023	Apr. 18, 2022	Jan. 31, 2025	Aug. 29, 2024	Jan. 31, 2024	Jan. 31, 2024	Apr. 30, 2022	Jun. 30, 2024	Jul. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Stock Option
SHARE-BASED COMPENSATION
Number of shares granted to non-employees																1,150,000	1,275,000	1,015,000
Issued shares																13,405	31,253
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	23,829			1,310,319	1,212,258		1,152,615			1,212,258
Automatic increase in authorized shares as percent of outstanding on December 31 of the immediately preceding calendar year				4.00%			4.00%			4.00%		4.00%	4.00%	4.00%	4.00%
Increase in authorized shares							995,956		1,273,061		1,165,977
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
2022 performance incentive plan \| Employee Stock Option
SHARE-BASED COMPENSATION
Number of shares granted to non-employees	250,000	200,000	200,000	700,000	1,275,000	1,275,000	1,015,000
Maximum \| Management team, employees, and the independent directors
SHARE-BASED COMPENSATION
Vesting period (in years)								3 years
Expiration period (in years)								10 years
Maximum \| 2022 performance incentive plan
SHARE-BASED COMPENSATION
Vesting period (in years)		3 years	3 years				3 years
Expiration period (in years)		10 years	10 years				10 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Other receivables	$ 700	$ 575
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Nonrelated Party [Member]	Nonrelated Party [Member]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:


		As of December 31,
		2024			2025
Research and development		$	4,070		$	5,557
Legal and consulting			614			1,727
License royalties			85			143
Payroll and Reimbursement			703			1,610
Other			289			599
		$	5,761		$	9,636

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

NET LOSS PER SHARE

Schedule of calculation of basic and diluted net loss per share


		Years ended December 31,
		2023			2024			2025
Numerator:
Net loss attributable to ordinary shareholders		$	(31,632)		$	(36,144)		$	(77,611)
Denominator:
Weighted average number of ordinary shares outstanding – basic and diluted			26,593,673			30,538,378			33,538,160
Net loss per share – basic and diluted		$	(1.19)		$	(1.18)		$	(2.31)

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,
		2023		2024		2025
Outstanding share options		4,202,087		5,130,218		5,459,876
Outstanding warrants		978,673		876,445		1,855,157
Outstanding RSUs		—		—		155,751
Total		5,180,760		6,006,663		7,470,784

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS, PREPAYMENTS AND OTHER NON - CURRENT ASSETS - Prepayments and other current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS, PREPAYMENTS AND OTHER NON - CURRENT ASSETS.
Prepaid insurance premiums	$ 641	$ 414
Other prepayments for research and development expense	486	916
Deductible value-added tax input	18	19
Other current assets	5
Total	$ 1,150	$ 1,349

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	169,302

- 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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

HELD-TO-MATURITY INVESTMENTS - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
INVESTMENTS
Held-to-maturity financial assets	$ 139,490	$ 108,923
Interest received	4,729	1,907
Expected credit losses recognized	0	0
U.S. treasury bills
INVESTMENTS
Held-to-maturity financial assets	139,490	90,430
Interest receivables	$ 1,377	1,095
Time deposit
INVESTMENTS
Held-to-maturity financial assets		18,493
Interest receivables		$ 575
Minimum
INVESTMENTS
Maturity period (months)	3 months
Maximum
INVESTMENTS
Maturity period (months)	12 months

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and equipment (Details)	Dec. 31, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives (in years)	5 years

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

8.PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following:


		As of December 31,
		2024			2025
Laboratory equipment		$	474		$	536
Transportation equipment			49			53
Office equipment			75			75
Leasehold improvements			187			187
Less: accumulated depreciation			(341)			(507)
Total		$	444		$	344

Depreciation expenses recognized during the years ended December 31, 2023, 2024 and 2025, were approximately $139, $164 and $172, respectively.

EQUITY - Inducement warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Nov. 03, 2024
EQUITY
Net proceeds	$ 102,993	$ 38,960	$ 21,652
Inducement warrants
EQUITY
Gross proceeds from warrants	14,280	0
Payments for conversion fee	10	0
Net proceeds	$ 14,270	$ 0
Inducement warrants \| Ordinary Shares
EQUITY
Warrants outstanding				$ 16,410
April Warrants \| Ordinary Shares
EQUITY
Aggregate amount of warrant				651,380
Exercise price				$ 44.14
Gross proceeds from warrants				$ 28,752
November Warrants \| Ordinary Shares
EQUITY
Aggregate amount of warrant				651,380
Exercise price				$ 70

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2025 shares	Dec. 31, 2024	Apr. 25, 2024
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Document Shell Company Report	false
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	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	39,339,960
Entity Central Index Key	0001889109
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Deloitte & Touche	Marcum Asia CPAs LLP
Auditor Location	Taipei, Taiwan	New York, New York
Auditor Firm ID	1060	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		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
Country Region	1
City Area Code	858
Local Phone Number	246-6240
Contact Personnel Name	Yu-Hsin Lin
Contact Personnel Email Address	tomlin@belitebio.com

SEGMENT - Financial Information including significant segment expenses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Expenses
Research and development	$ 45,377	$ 29,939	$ 24,844
Stock-based compensation
Share-based compensation	38,919	8,987	3,823
Total operating expenses	84,208	39,996	31,668
Operating loss	(84,208)	(39,996)	(31,668)
Interest income	6,640	3,737	74
Interest Expense	2	20	25
Other income (expense)	(41)	141	(4)
Income tax expense	0	6	9
Net Income (Loss)	(77,611)	(36,144)	(31,632)
Single Reportable Segment
Expenses
Selling, General and administrative	8,900	4,693	4,578
Stock-based compensation
Interest Expense	(2)	(20)	(25)
Single Reportable Segment \| Operating segment
Expenses
Research and development	35,925	25,867	22,868
Wages and salaries	2,942	1,683	1,488
Consultancy and professional service fees	3,516	1,548	1,794
Insurance expense	1,047	989	995
Other expenses	1,395	473	301
Total operating expenses, excluding share-based compensation	44,825	30,560	27,446
Stock-based compensation
Share-based compensation	38,919	8,987	3,823
Depreciation and amortization expense	464	449	399
Total operating expenses	84,208	39,996	31,668
Operating loss	(84,208)	(39,996)	(31,668)
Interest income	6,640	3,737	74
Other income (expense)	(41)	141	(4)
Income tax expense		6	9
Net Income (Loss)	(77,611)	(36,144)	(31,632)
Single Reportable Segment \| Research and development \| Operating segment
Expenses
Wages and salaries	2,622	2,144	1,379
Contracted research expenses and clinical trial expenses	28,334	18,057	20,038
Consultancy and professional service fees	3,986	1,698	881
Royalties	120	3,353	118
Other expenses	863	615	452
Stock-based compensation
Total stock-based compensation	9,147	3,775	1,716
Single Reportable Segment \| Selling, general and administrative \| Operating segment
Stock-based compensation
Total stock-based compensation	$ 29,772	$ 5,212	$ 2,107

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair value measurements
Available-for-sale investments		$ 4,549
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	$ 0	0
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount	0	0
Fair Value, Assets, Levels Transfers, Net Amount	0	0
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount	0	0
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount	0	0
Fair Value, Liabilities, Levels Transfers, Net Amount	0	0
Fair value recurring
Fair value measurements
Available-for-sale investments		4,549
Money market fund	15,641
Total Fair Value	435,297	113,472
Fair value recurring \| Level 1
Fair value measurements
Available-for-sale investments		4,549
Money market fund	15,641
Total Fair Value	15,641	4,549
Fair value recurring \| Level 2
Fair value measurements
Total Fair Value	419,656	108,923
Fair value recurring \| US Treasury Bills
Fair value measurements
Held-to-maturity investments	139,490	90,430
Fair value recurring \| US Treasury Bills \| Level 2
Fair value measurements
Held-to-maturity investments	139,490	90,430
Fair value recurring \| US Treasury Notes
Fair value measurements
Held-to-maturity investments	280,166
Fair value recurring \| US Treasury Notes \| Level 2
Fair value measurements
Held-to-maturity investments	$ 280,166
Fair value recurring \| Time deposit
Fair value measurements
Held-to-maturity investments		18,493
Fair value recurring \| Time deposit \| Level 2
Fair value measurements
Held-to-maturity investments		$ 18,493

LEASES

12 Months Ended

Dec. 31, 2025

LEASES

LEASES

11.Leases

The Company recognized operating lease right-of-use (“ROU”) assets of $388 and $529, and corresponding lease liabilities of $388 and $529 for the years ended December 31, 2024 and 2025, 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, 3.02% as of April 3, 2023, 4.00% as of September 1, 2024, 6.30% as of August 15, 2025 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. For Company business development needs to set up a subsidiary in Taiwan, it is required to have an office for registration. Therefore, the existing agreement owner subsidiary, new setup subsidiary and third-party jointly signed a supplementary agreement to revise and transfer the original lease obligation and right to new setup subsidiary effective from December 1, 2024, which caused gains on lease modification $33 recorded in the consolidated statements of operations and comprehensive loss, all the terms remain the same as original.

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 August 15, 2025, the Company renewed an agreement for a 3-year term, and all the terms remain the same as original.

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.

Effective September 1, 2024, the Company entered into an agreement to lease for an office parking space in the same building of our Taiwan office with a third-party entity. The lease was for a 2.92-year term, early termination allowed with a written notice 30 days in advance.

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


				As of December 31,			As of December 31,
		Classification		2024			2025
Assets
Operating lease – ROU assets		Right-of-use assets		$	521		$	433

Liabilities
Operating lease liabilities		Current portion		$	276		$	241
Operating lease liabilities		Non-current portion			261			188
Total lease liabilities				$	537		$	429

Operating lease costs were $260, $281 and $299 for the years ended December 31, 2023, 2024 and 2025, respectively, which excluded short-term lease costs. Short-term lease costs were $34, $35 and $42 for the years ended December 31, 2023, 2024 and 2025, respectively.

Cash payments for operating leases were $269, $325 and $320 for the years ended December 31, 2023, 2024 and 2025, respectively.

At December 31, 2024 and 2025, the weighted average incremental borrowing rate were 3.67% and 4.85%, and the weighted average remaining lease term for the operating leases held by the Company were 26 months and 23 months, respectively.

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


		As of December 31,
		2025
For the year ending December 31,
2026		$	255
2027			151
2028			43
Total undiscounted cash flows		$	449
Present values
Short-term lease liabilities		$	241
Long-term lease liabilities			188
Total lease liabilities:		$	429
Difference between undiscounted cash flows and discounted cash flows		$	20

AUSTRALIA RESEARCH AND DEVELOPMENT TAX INCENTIVE (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 AUD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
AUSTRALIA RESEARCH AND DEVELOPMENT TAX INCENTIVE
Tax incentive	$ 1,808
RBP4 Pty Ltd
AUSTRALIA RESEARCH AND DEVELOPMENT TAX INCENTIVE
Refundable tax incentive (in percent)	48.50%	48.50%	48.50%
Maximum revenue during reimbursable period		$ 20,000
Tax incentive	$ 1,285		$ 1,863	$ 791

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred offering costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Follow-on offering
Deferred Offering Cost
Deferred offering cost reclassed to additional-paid-in-capital upon IPO	$ 883		$ 883
At-the-Market offering ("ATM")
Deferred Offering Cost
Deferred offering cost reclassed to additional-paid-in-capital upon IPO		$ 179	$ 347
Direct offering
Deferred Offering Cost
Deferred offering cost reclassed to additional-paid-in-capital upon IPO	304	$ 189
Private Placement In Public Equity Financing [Member]
Deferred Offering Cost
Deferred offering cost reclassed to additional-paid-in-capital upon IPO	$ 6,789

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2025

NET LOSS PER SHARE

NET LOSS PER SHARE

15.NET LOSS PER SHARE

Basic and diluted net loss per share for the years ended December 31, 2023, 2024 and 2025 are calculated as follows:


		Years ended December 31,
		2023			2024			2025
Numerator:
Net loss attributable to ordinary shareholders		$	(31,632)		$	(36,144)		$	(77,611)
Denominator:
Weighted average number of ordinary shares outstanding – basic and diluted			26,593,673			30,538,378			33,538,160
Net loss per share – basic and diluted		$	(1.19)		$	(1.18)		$	(2.31)

For the years ended December 31, 2023, 2024, and 2025, the effects of all outstanding 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,
		2023		2024		2025
Outstanding share options		4,202,087		5,130,218		5,459,876
Outstanding warrants		978,673		876,445		1,855,157
Outstanding RSUs		—		—		155,751
Total		5,180,760		6,006,663		7,470,784

INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAX

Schedule of provision for income taxes


		For the years ended December 31,
		2023			2024			2025
United States		$	(1,792)		$	(2,728)		$	(2,573)
Other than United States			(29,831)			(33,410)			(75,038)
Total		$	(31,623)		$	(36,138)		$	(77,611)

Schedule of components of income tax expense


		For the years ended December 31,
Income Tax Expense		2023			2024			2025
Current taxes:
Federal		$	—		$	—		$	—
State			—			—			—
Foreign			9			6			—
Total current taxes			9			6			—
Deferred taxes:
Federal			—			—			—
State			—			—			—
Foreign			—			—			—
Total deferred taxes			—			—			—
Total Income Tax Expense		$	9		$	6		$	—

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, 2025
		Amount		Percentage
Pretax loss		$	(77,611)
Federal statutory tax rate			(16,298)	21.00	%
State and Local taxes ^(a)			(136)	0.18	%
Foreign tax rate differential
Cayman Island
Statutory tax rate difference between Cayman Island and U.S.			7,012	(9.03)	%
Hong Kong(“H.K.”)
Statutory tax rate difference between H.K. and U.S.			1,623	(2.09)	%
Change in valuation allowance			5,851	(7.54)	%
Other foreign jurisdictions			47	(0.06)	%
Change in valuation allowance			851	(1.10)	%
Other			(65)	0.08	%
Tax credits
Research and development tax credits			(1,808)	2.33	%
Non-deductible expenses			74	(0.10)	%
Change in valuation allowance			2,849	(3.67)	%
Provision for income taxes and effective tax rate		$	0	(0.00)	%

(a) State taxes in California made up the majority (greater than 50 percent) of the effect in this category.


		For the
		years ended December 31,
		2023			2024
Federal statutory tax rate			21.00	%		21.00	%
Effect of tax rates in foreign jurisdiction			(5.80)	%		(6.15)	%
State taxes			0.05	%		0.11	%
Effect of preferential tax rate			(0.07)	%		(0.06)	%
Research and development credit			(2.94)	%		(0.98)	%
Non-deductible expenses			(0.25)	%		(0.42)	%
Foreign income tax			(0.03)	%		(0.02)	%
Changes in valuation allowances			(11.99)	%		(13.50)	%
Effective tax rate		$	(0.03)	%	$	(0.02)	%

Schedule of deferred income tax assets


		As of December 31,
		2024			2025
Deferred income tax assets
Research and development credits		$	711		$	1,741
Capitalized research and development expenses			553			1,331
Net operating loss carryforwards			9,671			17,414
			10,935			20,486
Valuation allowance			(10,935)			(20,486)
Total net deferred income tax assets		$	—		$	—

Schedule of changes in valuation allowance


		For the
		years ended December 31,
		2024		2025
Balance at beginning of the year		$	6,216	$	10,935
Addition			4,878		8,088
True up adjustment			(46)		1,299
Foreign currency translation adjustment			(113)		164
Balance at end of the year		$	10,935	$	20,486

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

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, 2024 and 2025:


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,
	2023		2024		2025
Lin BioScience, Inc.:
Research and development expense	$	63	$	56	$	30
Reimbursement for expense	$	46	$	1	$	7

EQUITY - PIPE warrants (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Sep. 09, 2025	Sep. 08, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
EQUITY
Net proceeds			$ 102,993	$ 38,960	$ 21,652
Private placement in public equity financing
EQUITY
Gross proceeds from issuance		$ 125,000
Issuance of shares on offering	1,953,124
Aggregate amount of warrant	1,953,124
Exercise price	$ 76.8
Warrant term	2 years
PIPE warrants \| Private placement in public equity financing
EQUITY
Gross proceeds from issuance		125,000
Placement agent fees and offering expenses		6,789
Net proceeds net of placement agent fees and offering expenses		118,211
Issuance of shares on offering	1,953,124
Aggregate amount of warrant	1,953,124
Exercise price	$ 76.8
Warrant term	2 years
Warrants outstanding	$ 31,538
Gross proceeds from warrants		$ 150,000	63,000
Payments for conversion fee			31
Net proceeds			$ 62,969

INCOME TAX

12 Months Ended

Dec. 31, 2025

INCOME TAX

INCOME TAX

12.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 Cuts and Jobs Act of 2017 (TJCA), 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, 2024 and 2025 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$2,000 is 8.25% and over HK$2,000 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 in accordance with relevant PRC enterprise income tax legislation, interpretations and practices.

Taiwan

Belite Bio (Taiwan) Inc is subject to Taiwan profit tax on the taxable income as reported in the respective statutory financial statements adjusted in accordance with the relevant Taiwan tax laws. The applicable tax rate in Taiwan is 20%.

Switzerland

Belite Bio (Swiss) AG is subject to Switzerland Swiss federal, cantonal and municipal income. The combined statutory tax rate applicable to Belite Bio (Swiss) AG is approximately 12.47% depending on the applicable cantonal and municipal rates.

Japan

Belite Bio Japan Inc., is subject to Japanese corporate income taxes, which consist of national corporate tax, local corporate tax, enterprise tax and inhabitant tax. The combined statutory tax rate in Japan is approximately 30%, with the actual effective rate varying based on the local tax jurisdictions and the level of taxable income.

The Company and its subsidiaries file separate income tax returns. As of December 31, 2025, the tax returns of Belite Bio Holdings Corp. and Belite Bio, LLC for the tax year 2019 to 2024 are subject to examination by United States and states authorities. The tax returns of Belite Bio (HK) Limited for the tax year 2021 to 2024 are subject to examination by Hong Kong tax authorities. The tax returns of RBP4 Pty Ltd for the tax year 2018 to 2024 are subject to examination by Australia authorities. The tax return of Belite Shanghai for tax year 2022 to 2024 is subject to examination by tax authorities. There are currently no pending examinations.

The applicable federal statutory income tax rate in the United States was 21% 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,
		2023			2024			2025
United States		$	(1,792)		$	(2,728)		$	(2,573)
Other than United States			(29,831)			(33,410)			(75,038)
Total		$	(31,623)		$	(36,138)		$	(77,611)

For the years ended December 31, 2023, 2024 and 2025, income tax expense consisted of the following:


		For the years ended December 31,
Income Tax Expense		2023			2024			2025
Current taxes:
Federal		$	—		$	—		$	—
State			—			—			—
Foreign			9			6			—
Total current taxes			9			6			—
Deferred taxes:
Federal			—			—			—
State			—			—			—
Foreign			—			—			—
Total deferred taxes			—			—			—
Total Income Tax Expense		$	9		$	6		$	—

The applicable statutory income tax rate in the Cayman Islands for Belite Bio, Inc. is zero for the years reported. For purposes of reconciling the provision for income taxes at the statutory rate to the provision for income taxes at the effective tax rate, the Company applies the 21% U.S. federal corporate tax rate, as the majority of the Company’s income tax benefits relate to activities performed in the United States, specifically clinical trial activities undertaken in connection with obtaining U.S. FDA approval. A reconciliation of our provision for income taxes and our effective tax rate as compared to the U.S. federal statutory rate of 21% for the year ended December 31, 2025, was as follows:


		For the years ended December 31, 2025
		Amount		Percentage
Pretax loss		$	(77,611)
Federal statutory tax rate			(16,298)	21.00	%
State and Local taxes ^(a)			(136)	0.18	%
Foreign tax rate differential
Cayman Island
Statutory tax rate difference between Cayman Island and U.S.			7,012	(9.03)	%
Hong Kong(“H.K.”)
Statutory tax rate difference between H.K. and U.S.			1,623	(2.09)	%
Change in valuation allowance			5,851	(7.54)	%
Other foreign jurisdictions			47	(0.06)	%
Change in valuation allowance			851	(1.10)	%
Other			(65)	0.08	%
Tax credits
Research and development tax credits			(1,808)	2.33	%
Non-deductible expenses			74	(0.10)	%
Change in valuation allowance			2,849	(3.67)	%
Provision for income taxes and effective tax rate		$	0	(0.00)	%

(a) State taxes in California made up the majority (greater than 50 percent) of the effect in this category.

A reconciliation of our provision for income taxes and our effective tax rate as compared to the U.S. federal statutory rate of 21% for the years ended December 31, 2024 and 2023 was as follows:


		For the
		years ended December 31,
		2023			2024
Federal statutory tax rate			21.00	%		21.00	%
Effect of tax rates in foreign jurisdiction			(5.80)	%		(6.15)	%
State taxes			0.05	%		0.11	%
Effect of preferential tax rate			(0.07)	%		(0.06)	%
Research and development credit			(2.94)	%		(0.98)	%
Non-deductible expenses			(0.25)	%		(0.42)	%
Foreign income tax			(0.03)	%		(0.02)	%
Changes in valuation allowances			(11.99)	%		(13.50)	%
Effective tax rate		$	(0.03)	%	$	(0.02)	%

No reserve for uncertain tax positions was recorded for the years ended December 31, 2023, 2024 and 2025. 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, 2024 and 2025 consisted of the following:


		As of December 31,
		2024			2025
Deferred income tax assets
Research and development credits		$	711		$	1,741
Capitalized research and development expenses			553			1,331
Net operating loss carryforwards			9,671			17,414
			10,935			20,486
Valuation allowance			(10,935)			(20,486)
Total net deferred income tax assets		$	—		$	—

The following table sets forth the changes in valuation allowance:


		For the
		years ended December 31,
		2024		2025
Balance at beginning of the year		$	6,216	$	10,935
Addition			4,878		8,088
True up adjustment			(46)		1,299
Foreign currency translation adjustment			(113)		164
Balance at end of the year		$	10,935	$	20,486

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, 2024 and 2025, the Company and all of its subsidiaries were in cumulative loss position, valuation allowances of $10,935 and $20,486 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, 2024, and 2025, Belite Bio, LLC had U.S. federal and state research and development credit carryforwards of approximately $711 and $1,741, 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, 2025, the Company’s subsidiaries had capitalized research and development expenses for federal and state tax purpose of $8,278 which was amortized over a period of five years.

As of December 31, 2024 and 2025, the Company’s subsidiaries had U.S. net operating loss carryforwards for federal and state tax purpose of $5,796 and $10,957, 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 $8,766 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, 2024 and 2025, the Company’s subsidiary had Australia net operating loss carryforwards for tax purpose of $4,897 and $6,542, respectively that do not expire. As of December 31, 2024 and 2025, the Company’s subsidiaries had Hong Kong net operating loss carryforwards for tax purpose of $43,471 and $79,114, respectively that do not expire. As of December 31, 2024 and 2025, the Company’s subsidiaries had China net operating loss carryforwards for tax purpose of $125 and $185, respectively which will begin to expire starting in 2026. As of December 31, 2025, the Company’s subsidiaries had Switzerland net operating loss carryforward for tax purpose of $3,120.

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, 2024 and 2025, the Company had no unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Subparagraph (b)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity risk management is an integral part of our enterprise risk management framework. We have adopted various cybersecurity measures and policies to protect the confidentiality, integrity, and availability of our critical systems and information. Our executive management is principally responsible for facilitating our enterprise risk management program, and work closely with our internal audit function, dedicated IT specialist, external IT service provider and legal counsel to prevent, detect, investigate, contain, escalate, and recover from identified vulnerabilities and security incidents. In addition, once any cybersecurity incident is identified, our incident response team which consists of our senior IT specialist, Chief Compliance Officer and our IT service provider’s lead representative will be responsible for assessing, managing, responding to, documenting and reporting such cybersecurity incident to our Chief Executive Officer and/or our Board of Directors in accordance with the level of threat/impact of such incident, as set forth in the policy. We also maintain processes to oversee and identify risks from cybersecurity associated with our use of third-party service providers. These processes include comprehensive vendor evaluations prior to engagement, ongoing audits and testing to verify adherence to our security policies, and contractual provisions requiring vendors to meet our cybersecurity standards.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Cybersecurity risk management is an integral part of our enterprise risk management framework. We have adopted various cybersecurity measures and policies to protect the confidentiality, integrity, and availability of our critical systems and information. Our executive management is principally responsible for facilitating our enterprise risk management program, and work closely with our internal audit function, dedicated IT specialist, external IT service provider and legal counsel to prevent, detect, investigate, contain, escalate, and recover from identified vulnerabilities and security incidents. In addition, once any cybersecurity incident is identified, our incident response team which consists of our senior IT specialist, Chief Compliance Officer and our IT service provider’s lead representative will be responsible for assessing, managing, responding to, documenting and reporting such cybersecurity incident to our Chief Executive Officer and/or our Board of Directors in accordance with the level of threat/impact of such incident, as set forth in the policy.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of our cybersecurity and data protection program. Our Audit Committee receives updates from management on our cybersecurity and data protection programs in the event of a cybersecurity incident, as well as whether any cybersecurity incident occurred since the prior report and any remedial actions taken by our Company. The full board also receives briefings from management on key components of our programs and any pressing risk or compliance matters.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Audit Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee receives updates from management on our cybersecurity and data protection programs in the event of a cybersecurity incident, as well as whether any cybersecurity incident occurred since the prior report and any remedial actions taken by our Company. The full board also receives briefings from management on key components of our programs and any pressing risk or compliance matters.
Cybersecurity Risk Role of Management [Text Block]	Our executive management is principally responsible for facilitating our enterprise risk management program, and work closely with our internal audit function, dedicated IT specialist, external IT service provider and legal counsel to prevent, detect, investigate, contain, escalate, and recover from identified vulnerabilities and security incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	executive management
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Company has dedicated IT personnel with extensive experience in information technology and cybersecurity who are responsible for assessing, identifying and managing material risks from cybersecurity threats to the Company. The Company also engages experienced external consultants to enhance the effectiveness of its cybersecurity processes and to keep abreast of cybersecurity best practices. The dedicated IT personnel reports to the Chief Executive Officer, who in turn reports directly to the Board of Directors and the Audit Committee, which is the principal committee responsible for overseeing the Board’s risk management activities.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	executive management is principally responsible for facilitating our enterprise risk management program, and work closely with our internal audit function, dedicated IT specialist, external IT service provider and legal counsel to prevent, detect, investigate, contain, escalate, and recover from identified vulnerabilities and security incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

NET LOSS PER SHARE - Anti-dilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
NET LOSS PER SHARE
Total	7,470,784	6,006,663	5,180,760
Outstanding share options
NET LOSS PER SHARE
Total	5,459,876	5,130,218	4,202,087
Outstanding warrants
NET LOSS PER SHARE
Total	1,855,157	876,445	978,673
Outstanding RSUs
NET LOSS PER SHARE
Total	155,751

AVAILABLE-FOR-SALE INVESTMENTS

12 Months Ended

Dec. 31, 2025

AVAILABLE-FOR-SALE INVESTMENTS

AVAILABLE-FOR-SALE INVESTMENTS

4.AVAILABLE-FOR-SALE INVESTMENTS

As of December 31, 2024, the Company invested liquidity funds in the amount of $4,549, which is classified as available for sale securities, reported the investment at fair value, and changes in the fair value are reflected in the consolidated statements of operations and comprehensive loss.


		As of December 31, 2024
		Cost or amortized cost		Unrealized gains (losses)		Credit loss		Fair value
Liquidity fund		$	4,549	$	—	$	—	$	4,549

SHARE-BASED COMPENSATION - Fair value assumptions (Details) - Employee Stock Option - $ / shares	Oct. 28, 2025	Oct. 07, 2025	Jun. 10, 2025	Apr. 15, 2025	Feb. 12, 2025	Nov. 01, 2024	Sep. 01, 2024	Aug. 29, 2024	Jan. 03, 2024	Jul. 17, 2023	Apr. 18, 2022
SHARE-BASED COMPENSATION
Risk-free interest rate	3.99%	4.14%	4.40%	4.35%	4.62%	4.37%	3.91%	3.87%	3.91%	3.81%	2.85%
Expected volatility range	33.10%	33.24%	33.49%	34.04%	33.94%	35.58%	36.02%	36.06%	38.25%	39.55%	34.79%
Exercise multiple	$ 2.8	$ 2.8	$ 2.2	$ 2.8	$ 2.8	$ 2.2	$ 2.8	$ 2.8	$ 2.8	$ 2.8	$ 2.8

- 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

EQUITY - Ordinary Shares (Details) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	May 20, 2022 USD ($) shares	Apr. 28, 2022 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) Vote $ / shares shares	Dec. 31, 2025 USD ($) Vote $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Apr. 25, 2024
EQUITY
Number of shares authorized \| shares			400,000,000	400,000,000	400,000,000
Par value per share \| $ / shares			$ 0.0001	$ 0.0001	$ 0.0001
Number of shares issued \| shares			39,353,365	39,353,365	31,857,802
Number of shares outstanding \| shares			39,339,960	39,339,960	31,826,549
Number of votes per share \| Vote			1	1
Dividends declared \| $			$ 0	$ 0	$ 0
Over-Allotment Option [Member]
EQUITY
Net proceeds from issuance \| $			$ 49,350
ADS
EQUITY
Entity Listing, Depository Receipt Ratio			1	1		1
ADS \| IPO [Member]
EQUITY
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 \| $		$ 33,705
ADS \| Over-Allotment Option [Member]
EQUITY
Number of shares issued \| shares	772,091		340,909
Gross proceeds from issuance \| $				$ 52,500
Net proceeds from issuance \| $	$ 4,285
Employee Stock Option
EQUITY
Shares reserved for future transfer for employees exercise share options \| shares			13,405	13,405	31,253

EQUITY - Underwriting public offering (Details) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Dec. 01, 2025 USD ($) $ / shares shares	May 20, 2022 USD ($) shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2025 USD ($)	Apr. 25, 2024
Underwritten Public Offering
EQUITY
Offering expenses				$ 883
Over-Allotment Option
EQUITY
Net proceeds from issuance			$ 49,350
ADS
EQUITY
Entity Listing, Depository Receipt Ratio			1	1	1
ADS \| Underwritten Public Offering
EQUITY
Number of shares issued \| shares	2,272,727
Entity Listing, Depository Receipt Ratio	1
Price per share \| $ / shares	$ 154
Underwriters option period	30 days
Additional ADS \| shares	340,909
Gross proceeds from issuance	$ 350,000
Underwriting discounts and commission	21,000
Offering expenses	883
Net proceeds from issuance	$ 328,117
ADS \| Over-Allotment Option
EQUITY
Number of shares issued \| shares		772,091	340,909
Gross proceeds from issuance				$ 52,500
Net proceeds from issuance		$ 4,285

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Long-lived asset impairment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment loss	$ 0	$ 0	$ 0

SHARE-BASED COMPENSATION - Compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Stock Option
SHARE-BASED COMPENSATION
Total.	$ 30,155	$ 8,987	$ 3,823
Restricted stock units
SHARE-BASED COMPENSATION
Total.	8,764
2020 Plan
SHARE-BASED COMPENSATION
Total unrecognized employee share-based compensation expense	$ 1,690
Recognized over a weighted-average period	1 year 7 months 6 days
2022 performance incentive plan
SHARE-BASED COMPENSATION
Total unrecognized employee share-based compensation expense	$ 19,804
Recognized over a weighted-average period	1 year 3 months 29 days
2022 performance incentive plan \| Restricted stock units
SHARE-BASED COMPENSATION
Total.	$ 8,764	0	0
Recognized over a weighted-average period	1 year 7 months 13 days
Research and development \| Employee Stock Option
SHARE-BASED COMPENSATION
Total.	$ 7,761	3,775	1,716
Research and development \| Restricted stock units
SHARE-BASED COMPENSATION
Total.	1,386
Selling, general and administrative \| Employee Stock Option
SHARE-BASED COMPENSATION
Total.	22,394	$ 5,212	$ 2,107
Selling, general and administrative \| Restricted stock units
SHARE-BASED COMPENSATION
Total.	$ 7,378

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of risks (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Concentration of risks
Research and development	$ 45,377	$ 29,939	$ 24,844
Cash and cash equivalents	352,932	31,677
Cash deposit	337,291	31,677
Cash, Uninsured Amount	334,557
Non-US
Concentration of risks
Cash and cash equivalents	84,390	21,469
Research and development expense \| Supplier concentration risk \| A
Concentration of risks
Research and development		5,010	7,941
Research and development expense \| Supplier concentration risk \| B
Concentration of risks
Research and development	10,802	5,846	$ 6,926
Research and development expense \| Supplier concentration risk \| C
Concentration of risks
Research and development	4,987
Cash \| Geographic concentration risk \| UNITED STATES
Concentration of risks
Cash and cash equivalents	$ 252,901	$ 10,208
Cash and Cash Equivalents \| Credit Concentration Risk \| Single Financial Institution In United States
Concentration of risks
Concentration Risk, Percentage	70.00%

CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CASH AND CASH EQUIVALENTS
Cash in banks	$ 337,291	$ 31,677
Cash equivalents	15,641
Cash and Cash Equivalent, Total	352,932	$ 31,677
Short-term USD money market fund	$ 15,641

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Topic 944
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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 352,932	$ 31,677
Available-for-sale investments		4,549
Held-to-maturity investments	139,490	108,923
Other receivables	$ 700	$ 575
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Nonrelated Party [Member]	Nonrelated Party [Member]
Prepayments and other current assets	$ 1,150	$ 1,349
Total current assets	494,272	147,073
Non-current assets
Held-to-maturity debt securities	280,166
Property and equipment, net	344	444
Intangible assets	19	31
Prepayments and other non-current assets	5,069	3,960
Security deposits	253	103
Operating lease right-of-use asset	433	521
Total non-current assets	286,284	5,059
TOTAL ASSETS	780,556	152,132
Current liabilities
Accrued expenses and other liabilities	9,636	5,761
Other payables to related parties	$ 5	$ 13
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Operating lease liabilities - current	$ 241	$ 276
Total current liabilities	9,882	6,050
Non-current liabilities
Operating lease liabilities - non-current	188	261
Total non-current liabilities	188	261
TOTAL LIABILITIES	10,070	6,311
Shareholders' equity
Ordinary shares, par value of US$0.0001 per share; 400,000,000 shares authorized; 31,857,802 and 39,353,365 shares issued; and 31,826,549 and 39,339,960 shares outstanding as of December 31, 2024 and 2025, respectively	4	3
Additional paid-in capital	956,276	254,125
Accumulated other comprehensive loss	(536)	(660)
Accumulated deficit	(185,258)	(107,647)
Total shareholders' equity	770,486	145,821
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 780,556	$ 152,132

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS, PREPAYMENTS AND OTHER NON - CURRENT ASSETS - Other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other receivables
Other receivables, total	$ 700	$ 575
Nonrelated parties
Other receivables
Interest receivables	634	575
Other receivables	66
Other receivables, total	$ 700	$ 575

SHARE-BASED COMPENSATION - Restricted Stock Units (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 07, 2025	Feb. 12, 2025	Aug. 29, 2024	Jul. 17, 2023
2022 performance incentive plan
SHARE-BASED COMPENSATION
Recognized over a weighted-average period	1 year 3 months 29 days
Initial aggregate amount of ordinary shares that may be issued				23,829	1,310,319	1,212,258	1,152,615
Restricted stock units
SHARE-BASED COMPENSATION
Granted	395,751
Total stock-based compensation	$ 8,764
Vested	240,000
Restricted stock units \| 2022 performance incentive plan
SHARE-BASED COMPENSATION
Granted	395,751
Aggregate grant date fair value	$ 18,917
Total stock-based compensation	8,764	$ 0	$ 0
Unrecognized compensation cost	$ 10,152
Recognized over a weighted-average period	1 year 7 months 13 days
Initial aggregate amount of ordinary shares that may be issued	23,829
Vested	240,000
Proceeds from vesting	$ 0
Aggregate intrinsic value	$ 20,237

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Expenses
Research and development	$ 45,377	$ 29,939	$ 24,844
Selling, general and administrative	38,831	10,057	6,824
Total operating expenses	84,208	39,996	31,668
Loss from operations	(84,208)	(39,996)	(31,668)
Other income (expense):
Interest income	6,640	3,737	74
Interest expense	(2)	(20)	(25)
Other income (expense)	(41)	141	(4)
Total other income, net	6,597	3,858	45
Loss before income tax	(77,611)	(36,138)	(31,623)
Income tax expense	0	6	9
Net loss	(77,611)	(36,144)	(31,632)
Other comprehensive income (loss)
Foreign currency translation adjustments, net of nil tax	124	(286)	18
Total comprehensive loss	$ (77,487)	$ (36,430)	$ (31,614)
Weighted average number of ordinary shares used in per share calculation:
Basic (in shares)	33,538,160	30,538,378	26,593,673
Diluted (in shares)	33,538,160	30,538,378	26,593,673
Net loss per ordinary share
Basic (in dollar per share)	$ (2.31)	$ (1.18)	$ (1.19)
Diluted (in dollar per share)	$ (2.31)	$ (1.18)	$ (1.19)

HELD-TO-MATURITY DEBT SECURITIES

12 Months Ended

Dec. 31, 2025

HELDTOMATURITY DEBT SECURITIES

HELDTOMATURITY DEBT SECURITIES

7.HELD‑TO‑MATURITY DEBT SECURITIES

The Company invested U.S. treasury notes, which are initially recognized at cost and subsequently measured at amortized cost. Interest income is recognized over time using the effective interest method. As of December 31, 2025, the Company had U.S. treasury notes in the carrying amount of $ 280,166 and interest receivables of $634 on the consolidated balance sheet. As of December 31, 2025, amortized costs approximated the fair value of such held-to-maturity investments, and there was no allowance for expected credit losses recognized for the year ended 2025.

INCOME TAX - Rates (Details) $ in Thousands, $ in Thousands	12 Months Ended
INCOME TAX - Rates (Details) $ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 HKD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
INCOME TAX
Corporate income tax rate (in percent)	21.00%	21.00%	21.00%	21.00%
State income tax rate	0.18%	0.18%	0.11%	0.05%
Income tax expense	$ 0		$ 6	$ 9
United States
INCOME TAX
Corporate income tax rate (in percent)	21.00%	21.00%	21.00%	21.00%
California
INCOME TAX
State income tax rate	8.84%	8.84%
Hong Kong \| Assessable profits on the first HK$2 million
INCOME TAX
State income tax rate	8.25%	8.25%
Assessable profits		$ 2,000
Hong Kong \| Any assessable profits in excess
INCOME TAX
State income tax rate	16.50%	16.50%
Assessable profits		$ 2,000
Australia
INCOME TAX
Corporate income tax rate (in percent)	30.00%	30.00%
PRC
INCOME TAX
State income tax rate	25.00%	25.00%	25.00%	25.00%
Taiwan
INCOME TAX
Corporate income tax rate (in percent)	20.00%	20.00%
Switzerland
INCOME TAX
Combined statutory tax rate	12.47%	12.47%
Japan
INCOME TAX
Combined statutory tax rate	30.00%	30.00%

INCOME TAX - Changes in valuation allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
INCOME TAX
Balance at beginning of the year	$ 10,935	$ 6,216
Addition	8,088	4,878
True up adjustment	1,299	(46)
Foreign currency translation adjustment	164	(113)
Balance at end of the year	$ 20,486	$ 10,935

HELD-TO-MATURITY INVESTMENTS

12 Months Ended

Dec. 31, 2025

HELD-TO-MATURITY INVESTMENTS

HELD-TO-MATURITY INVESTMENTS

5.HELD-TO-MATURITY INVESTMENTS

The Company invested U.S. treasury bills and time deposit with maturities over 3 months and less than or equal to 12 months, which are initially recognized at cost and subsequently measured at amortized cost. Interest income is recognized over time using the effective interest method. As of December 31, 2024, the Company had U.S. treasury bills in the carrying amount of $90,430 which included interest of $1,095 and time deposits in the carrying amount of $18,493 with interest receivables of $575 on the consolidated balance sheet. As of December 31, 2024, the total interest received was $1,907. As of December 31, 2024, amortized costs approximated the fair value of such held-to-maturity investments due to short-term maturity, and there was no allowance for expected credit losses recognized for the year ended 2024. As of December 31, 2025, the Company had U.S. treasury bills in the carrying amount of $139,490 which included interest of $1,377 on the consolidated balance sheet. As of December 31, 2025, the total interest received was $4,729. As of December 31, 2025, amortized costs approximated the fair value of such held-to-maturity investments due to short-term maturity, and there was no allowance for expected credit losses recognized for the year ended 2025.

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, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss attributable to ordinary shareholders	$ (77,611)	$ (36,144)	$ (31,632)
Denominator:
Weighted average number of ordinary shares outstanding - basic	33,538,160	30,538,378	26,593,673
Weighted average number of ordinary shares outstanding - diluted	33,538,160	30,538,378	26,593,673
Net loss per share - basic (in dollar per share)	$ (2.31)	$ (1.18)	$ (1.19)
Net loss per share - diluted (in dollar per share)	$ (2.31)	$ (1.18)	$ (1.19)

- 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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- Definition

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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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

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

+ References

+ Details

EQUITY

12 Months Ended

Dec. 31, 2025

EQUITY

EQUITY

14.EQUITY

Ordinary Shares

As of December 31, 2024 and 2025, the Company was authorized to issue 400,000,000 shares of $0.0001 par value ordinary shares. 31,857,802 and 39,353,365 shares were issued, and 31,826,549 and 39,339,960 shares were outstanding as of December 31, 2024 and 2025, respectively. 31,253 and 13,405 shares were issued but not yet outstanding and reserved for future transfer for employee 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, 2024 and 2025, no dividends were declared.

ATM offering

For the year ended December 31, 2024, the Company received $762 of ATM offering proceeds receivables due from the sales agent as of December 31, 2023 and raised $16,984 in gross proceeds and $16,295 net proceeds after deducting sales commissions of $510 and other fees and expenses $179 by issuing 284,719 ADSs. For the year ended December 31, 2025, the Company raised $29,867 in gross proceeds and $28,971 in net proceeds after deducting sales commissions of $896 by issuing 193,000 ADSs.

Direct offering

On February 5, 2025, the Company announced that it entered into a securities purchase agreement with a new, fundamental healthcare investor for the purchase and sale of 258,309 ADSs and warrants to purchase 258,309 ADSs, at a purchase price of $58.07 per ADS and accompanying warrant, pursuant to a registered direct offering. The offering resulted in gross proceeds of approximately $15,000, before deducting placement agent fees and offering expenses, as well as the potential for additional proceeds of approximately $15,000 from the exercise of five-year warrants issued in the offering. The closing of the offering occurred on February 7, 2025.

On August 7, 2025, the Company announced that it entered into a securities purchase agreement for the purchase and sale of 230,770 ADS and warrants to purchase 230,770 ADSs, at a purchase price of $65 per ADS and accompanying warrant, pursuant to a registered direct offering. The offering resulted in gross proceeds of approximately $15,000, before deducting placement agent fees and offering expenses, as well as the potential for additional proceeds of approximately $15,000 from the exercise of five-year warrants issued in the offering. The closing of the offering occurred on August 8, 2025.

Underwriting public offering

On December 1, 2025, the Company entered into an underwriting agreement with Morgan Stanley & Co. LLC, Leerink Partners LLC and BofA Securities, Inc., as representatives of the underwriters named therein, relating to the underwritten public offering of 2,272,727 American Depositary Shares, or ADSs, each representing one ordinary share, at a public offering price of $154.00 per ADS. The Company has also granted the underwriters a 30-day option to purchase up to 340,909 additional ADSs from the Company at the public offering price, less underwriting discounts and commissions. The offering resulted in gross proceeds of approximately $350,000, before deducting underwriting discounts and commissions $21,000 and offering expenses of $883, and net proceed $328,117. The closing of the offering occurred on December 3, 2025, and the underwriters exercised in full the over-allotment option to purchase 340,909 ADSs during December 2025, resulting in additional proceeds of $49,350.

Warrants

(1)Representative’s Warrants

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 169,302 ADSs (the “Representative’s Warrants”). The Representative’s Warrants have an exercise price equal to $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 Warrants of 84,651 shares were exercised on a cashless basis, and 73,800 shares were issued for the year ended December 31, 2024. All of the Representative’s Warrants were all exercised as of December 31, 2024.

The fair value of the warrant, using the Black-Scholes Model, on the date of issuance was $257. 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

(2)	Follow-on 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 $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 Option Pricing Model, on the date of issuance was $6,337. For the year ended December 31, 2024 and 2025, gross proceeds from warrant exercise were $10,241 and $376 before deducting the conversion agent fee of $33 and $1, and net proceeds were $10,208 and $375.

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

(3)	Registered direct offering warrants

On April 25, 2024, the Company entered into a securities purchase agreement with an institutional investor, relating to the registered direct offering of 651,380 American Depositary Shares, or ADSs, each representing one ordinary share, and warrants (“Existing Warrants”) to purchase 651,380 ordinary shares represented by ADSs with an exercise price of $44.14 per warrant.

These warrants are exercisable at any time, and from time to time, in whole or in part, commencing on April 29, 2024 and expire on April 29, 2029. The fair value of these warrants, using the Binomial Option Pricing Model, on the date of issuance was $9,978.


		April 29, 2024
Stock price		$	40.93
Risk-free interest rate			4.65	%
Volatility			36.79	%
Exercise price		$	44.14
Dividend yield		$	0

On February 5, 2025, the Company announced that it entered into a securities purchase agreement with a new, fundamental healthcare investor for the purchase and sale of 258,309 ADSs and warrants to purchase 258,309 ADSs, at a purchase price of $58.07 per ADS and accompanying warrant, pursuant to a registered direct offering. These warrants are exercisable at any time, and from time to time, in whole or in part, commencing on February 7, 2025 and expiring on February 7, 2030. The fair value of these warrants on the date of issuance, using the Binomial Option Pricing Model, was $5,539. For the year ended December 31, 2025, all the warrants fully exercised for gross proceeds of $15,000 before deducting the conversion agent fee of $13, and net proceeds were $14,987.


	February 7, 2025
Stock price	$	57.53
Risk-free interest rate		4.34	%
Volatility		34.22	%
Exercise price	$	58.07
Dividend yield	$	0

On August 7, 2025, the Company announced that it entered into a securities purchase agreement for the purchase and sale of 230,770 ADSs and warrants to purchase 230,770 ADSs, at a purchase price of $65.00 per ADS and accompanying warrant, pursuant to a registered direct offering. These warrants are exercisable at any time, and from time to time, in whole or in part, commencing on August 8, 2025 and expiring on August 8, 2030. The fair value of these warrants on the date of issuance, using the Binomial Option Pricing Model, was $6,191. For the year ended December 31, 2025, gross proceeds from warrant exercise were $10,400 before deducting the conversion agent fee of $8, and net proceeds were $10,392.


		August 8, 2025
Stock price		$	69.88
Risk-free interest rate			3.84	%
Volatility			32.64	%
Exercise price		$	65.00
Dividend yield		$	0

(4)	Inducement warrants

On November 3, 2024, the Company entered into an Letter Agreement with the warrant holder of the Existing Warrants to exercise for cash its existing warrants to purchase an aggregate of 651,380 of the Company’s ordinary shares at an exercise price of $44.14 per ordinary share in consideration of the Company’s agreement to issue to the holder, November Warrants, to purchase up to an aggregate of 651,380 ordinary shares with an exercise price of $70.00 per warrant. The gross proceeds were $28,752 from the exercise of the Existing Warrants. The Company considered that the circumstances of the warrant inducement offer were executed in contemplation of an equity offering (that is, to induce exercise of the outstanding warrants and raise equity capital). Therefore, the effect of a modification or an exchange of the induced warrants was accounted for as an additional equity issuance cost for the warrant inducement, which was recorded to additional paid-in capital.

These warrants are exercisable at any time, and from time to time, in whole or in part, commencing on November 4, 2024 and expire on November 5, 2029. The fair value of these warrants, using the Binomial Option Pricing Model, on the date of issuance was $16,410. For the year ended December 31, 2024 and 2025, gross proceeds from warrant exercise were nil and $14,280 before deducting the conversion agent fee of nil and $10, and net proceeds were nil and $14,270.


		November 4, 2024
Stock price		$	69.71
Risk-free interest rate			4.17	%
Volatility			31.96	%
Exercise price		$	70.00
Dividend yield		$	0

(5)PIPE warrants

On September 8, 2025, the Company announced that it entered into securities purchase agreements with leading healthcare investors in the PIPE that resulted in gross proceeds of approximately $125,000, before deducting placement agent fees and offering expenses of $6,789, and net proceed $118,211 and up to an additional approximately $150,000 in gross proceeds if the accompanying warrants are fully exercised for cash. At the closing of the PIPE, the Company issued 1,953,124 ordinary shares and warrants to purchase 1,953,124 ordinary shares, at the PIPE Purchase Price. Each warrant is immediately exercisable with an exercise price of $76.80 per ordinary share and will expire two years from the date of issuance. The closing of the PIPE occurred on September 9, 2025. The fair value of these warrants on the date of issuance, using the Binomial Option Pricing Model, was $31,538. For the year ended December 31, 2025, gross proceeds from warrant exercise were $63,000 before deducting the conversion agent fee of $31, and net proceeds were $62,969.


		September 9, 2025
Stock price		$	65.68
Risk-free interest rate			3.54	%
Volatility			50.01	%
Exercise price		$	76.80
Dividend yield		$	0

The following table summarizes the Company’s activities and status of Representative’s Warrants and various warrants as disclosed above:


				Weighted			Weighted Average
				Average			Remaining Term
		Number of Warrants		Exercise Price			(Years)
Outstanding as of January 1, 2023		169,302			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		978,673		$	17.09			4.33
Issued		1,302,760		$	57.07
Exercised		(1,404,988)		$	29.49
Forfeited or expired		—			—
Outstanding as of December 31, 2024		876,445		$	56.65			4.48
Issued		2,442,203		$	73.70
Exercised		(1,463,491)		$	70.42
Forfeited or expired		—			—
Outstanding as of December 31, 2025		1,855,157		$	68.24			2.40

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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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

HELD-TO-MATURITY DEBT SECURITIES (Details) $ in Thousands	Dec. 31, 2025 USD ($)
HELDTOMATURITY DEBT SECURITIES
Held-to-maturity debt securities	$ 280,166
Interest receivable	634
Allowance for expected credit losses	$ 0

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2025

PROPERTY AND EQUIPMENT, NET

Schedule of components of property and equipment


		As of December 31,
		2024			2025
Laboratory equipment		$	474		$	536
Transportation equipment			49			53
Office equipment			75			75
Leasehold improvements			187			187
Less: accumulated depreciation			(341)			(507)
Total		$	444		$	344

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of financial assets measured at fair value on a recurring basis


	As of December 31, 2024
	Level 1	Level 2	Level 3	Total Fair Value
Available-for-sale investments:
Liquidity fund	4,549	—	—	4,549
Held-to-maturity investments:
U.S. treasury bills	—	90,430	—	90,430
Time deposit	—	18,493	—	18,493
Total	4,549	108,923	—	113,472


	As of December 31, 2025
	Level 1	Level 2	Level 3	Total Fair Value
Cash equivalents:
Money Market fund	15,641	—	—	15,641
Held-to-maturity investments:
U.S. treasury bills	—	139,490	—	139,490
U.S. treasury notes	—	280,166	—	280,166
Total	15,641	419,656	—	435,297

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


Supplier		2023			2024			2025
A		$	7,941		$	5,010		$	*
B			6,926			5,846			10,802
C			*			*			4,987

*	Represents less than 10% of research and development expenses for the years ended December 31, 2023, 2024 and 2025.

INCOME TAX - Pretax loss (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAX - Pretax loss (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INCOME TAX
United States	$ (2,573)	$ (2,728)	$ (1,792)
Other than United States	(75,038)	(33,410)	(29,831)
Total	$ (77,611)	$ (36,138)	$ (31,623)

- 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/exampleRef
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+ Details

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, 2025	Dec. 31, 2024
Prepayments and other non-current assets
Prepaid insurance premiums	$ 172	$ 27
Other prepayments for research and development expense	4,897	3,933
Total	$ 5,069	$ 3,960

INCOME TAX - Uncertain tax positions (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INCOME TAX
Amount of unrecognized tax benefits	$ 0	$ 0	$ 0

CASH AND CASH EQUIVALENTS

12 Months Ended

Dec. 31, 2025

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS

3. CASH AND CASH EQUIVALENTS


	As of December 31,
	2024		2025
Cash in banks	$	31,677	$	337,291
Cash equivalents		—		15,641
	$	31,677	$	352,932

As of December 31, 2025, the Company invested in a short-term USD money market fund, JP Morgan US dollar LIQUIDITY LVNAV FUND W (DIST.) in the amount of $15,641, which is classified as Cash equivalents.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (77,611)	$ (36,144)	$ (31,632)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	172	164	139
Non-cash lease expense	280	281	260
Amortization of intangible assets	12	4
Share-based compensation expense	38,919	8,987	3,823
Interest income from investments	(1,313)	(3,577)
Fair value change on investments		(49)
Gains on operating lease modification		(33)
Changes in operating assets and liabilities:
Other receivables	(66)	56	(56)
Other receivables due from related parties		18	(16)
Prepayments and other assets	(768)	(1,112)	(3,516)
Other payables due to related parties	(8)	13
Accrued expenses and other liabilities	3,846	2,463	1,421
Security deposits	(150)		(16)
Operating lease liabilities	(301)	(305)	(244)
Net cash used in operating activities	(36,988)	(29,234)	(29,837)
Cash flows from investing activities
Acquisition of property and equipment	(71)	(116)	(63)
Acquisition of intangible assets		(35)
Acquisition of available-for-sale investments		(4,500)
Proceeds from maturities of available-for-sale investments	4,500
Acquisition of held-to-maturity investments	(451,994)	(183,765)
Proceeds from maturities of held-to-maturity investments	142,565	77,844
Prepayments for property and equipment	(107)
Net cash used in investing activities	(305,107)	(110,572)	(63)
Cash flows from financing activities
Proceeds from exercise of warrants	102,993	38,960	21,652
Proceeds from exercise of share options	7,845	2,767	349
Net cash provided by financing activities	663,233	83,595	75,959
Effects of exchange rate on cash and cash equivalent	117	(269)	9
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENT	321,255	(56,480)	46,068
CASH AND CASH EQUIVALENT AT BEGINNING OF THE YEAR	31,677	88,157	42,089
CASH AND CASH EQUIVALENT AT END OF THE YEAR	352,932	31,677	88,157
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	1
Cash paid for income tax		6	9
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Follow-on offering underwriting discounts reclassed to additional paid-in-capital			1,800
ATM offering sales commissions reclassed to additional paid-in-capital	896	509	858
ATM proceeds not yet received in cash as other receivable			762
Right-of-use assets obtained in exchange of lease liabilities	529	388	265
Right-of-use assets in exchange of lease liabilities from an operating lease modification	361	385
Follow-on offering
Cash flows from financing activities
Payments of deferred offering costs			(883)
Net proceeds from issuance			28,200
At-the-Market offering ("ATM")
Cash flows from financing activities
Payments of deferred offering costs		(179)	(347)
Net proceeds from issuance	28,971	16,474	$ 26,988
ATM proceeds received in settlement of other receivable		762
Direct offering
Cash flows from financing activities
Payments of deferred offering costs	(304)	(189)
Proceeds from offering	28,050	$ 25,000
Private placement in public equity financing
Cash flows from financing activities
Payments of deferred offering costs	(6,789)
Net proceeds from issuance	125,000
Underwritten Public Offering
Cash flows from financing activities
Payments of deferred offering costs	(883)
Proceeds from offering	$ 378,350

EQUITY - Model variables (Details)	Sep. 09, 2025 $ / shares	Aug. 08, 2025 $ / shares	Feb. 07, 2025 $ / shares	Nov. 04, 2024 $ / shares	Apr. 29, 2024 $ / shares	Jun. 02, 2023 $ / shares	Apr. 28, 2022 $ / shares
Representative's Warrants \| Stock price
EQUITY
Measurement input							6
Representative's Warrants \| Risk-free interest rate
EQUITY
Measurement input							0.0286
Representative's Warrants \| Volatility
EQUITY
Measurement input							0.3219
Representative's Warrants \| Exercise price
EQUITY
Measurement input							7.5
Representative's Warrants \| Dividend yield
EQUITY
Measurement input							0
Follow-on warrants \| Stock price
EQUITY
Measurement input						17.15
Follow-on warrants \| Risk-free interest rate
EQUITY
Measurement input						0.0384
Follow-on warrants \| Volatility
EQUITY
Measurement input						0.9927
Follow-on warrants \| Exercise price
EQUITY
Measurement input						18
Follow-on warrants \| Dividend yield
EQUITY
Measurement input						0
Registered direct offering warrants \| Registered direct offering \| Stock price
EQUITY
Measurement input		69.88			40.93
Registered direct offering warrants \| Registered direct offering \| Risk-free interest rate
EQUITY
Measurement input		384			0.0465
Registered direct offering warrants \| Registered direct offering \| Volatility
EQUITY
Measurement input		3,264			0.3679
Registered direct offering warrants \| Registered direct offering \| Exercise price
EQUITY
Measurement input		65			44.14
Registered direct offering warrants \| Registered direct offering \| Dividend yield
EQUITY
Measurement input		0			0
Registered direct offering warrants \| Registered direct offering \| Fundamental healthcare investor \| Stock price
EQUITY
Measurement input			57.53
Registered direct offering warrants \| Registered direct offering \| Fundamental healthcare investor \| Risk-free interest rate
EQUITY
Measurement input			434
Registered direct offering warrants \| Registered direct offering \| Fundamental healthcare investor \| Volatility
EQUITY
Measurement input			3,422
Registered direct offering warrants \| Registered direct offering \| Fundamental healthcare investor \| Exercise price
EQUITY
Measurement input			58.07
Registered direct offering warrants \| Registered direct offering \| Fundamental healthcare investor \| Dividend yield
EQUITY
Measurement input			0
Inducement warrants \| Stock price
EQUITY
Measurement input				69.71
Inducement warrants \| Risk-free interest rate
EQUITY
Measurement input				0.0417
Inducement warrants \| Volatility
EQUITY
Measurement input				0.3196
Inducement warrants \| Exercise price
EQUITY
Measurement input				70
Inducement warrants \| Dividend yield
EQUITY
Measurement input				0
PIPE warrants \| Private placement in public equity financing \| Stock price
EQUITY
Measurement input	65.68
PIPE warrants \| Private placement in public equity financing \| Risk-free interest rate
EQUITY
Measurement input	3.54
PIPE warrants \| Private placement in public equity financing \| Volatility
EQUITY
Measurement input	50.01
PIPE warrants \| Private placement in public equity financing \| Exercise price
EQUITY
Measurement input	76.8
PIPE warrants \| Private placement in public equity financing \| Dividend yield
EQUITY
Measurement input	0

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Ordinary Shares Follow-on offering	Ordinary Shares Direct offering	Ordinary Shares At-the-Market offering ("ATM")	Ordinary Shares Private placement in public equity financing	Ordinary Shares Underwritten Public Offering	Ordinary Shares	Additional Paid-in Capital Follow-on offering	Additional Paid-in Capital Direct offering	Additional Paid-in Capital At-the-Market offering ("ATM")	Additional Paid-in Capital Private placement in public equity financing	Additional Paid-in Capital Underwritten Public Offering	Additional Paid-in Capital	Accumulated other Comprehensive loss	Accumulated deficit	Follow-on offering	Direct offering	At-the-Market offering ("ATM")	Private placement in public equity financing	Underwritten Public Offering	Total
Balance as of beginning at Dec. 31, 2022						$ 3						$ 81,761	$ (392)	$ (39,871)						$ 41,501
Balance as of beginning (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
Non-cash exercise of Representative's Warrants (in shares)						65,399
Exercise of warrant												21,652								21,652
Exercise of warrant (in shares)						1,105,978
Exercise of share options												349								349
Exercise of share options (in shares)						347,316
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
Ordinary Shares
Issuance of ordinary shares								$ 24,811	16,295							$ 24,811	16,295
Number of shares issued		651,380	284,719
Non-cash exercise of Representative's Warrants (in shares)						73,800
Exercise of warrant												38,960								38,960
Exercise of warrant (in shares)						1,320,337
Exercise of share options												2,767								2,767
Exercise of share options (in shares)						346,869
Share-based compensation expense												8,987								8,987
Net loss														(36,144)						(36,144)
Foreign currency translation adjustment													(286)							(286)
Balance as of ending at Dec. 31, 2024						$ 3						254,125	(660)	(107,647)						145,821
Balance as of ending (in shares) at Dec. 31, 2024						31,826,549
Ordinary Shares
Issuance of ordinary shares					$ 1			$ 27,746	$ 28,971	$ 118,211	$ 377,466					$ 27,746	$ 28,971	$ 118,211	$ 377,467
Number of shares issued		489,079	193,000	1,953,124	2,613,636
Exercise of warrant												102,993								102,993
Exercise of warrant (in shares)						1,463,491
Exercise of share options												7,845								7,845
Exercise of share options (in shares)						561,081
Share-based compensation expense												38,919								38,919
Share-based compensation expense (in shares)						240,000,000
Net loss														(77,611)						(77,611)
Foreign currency translation adjustment													124							124
Balance as of ending at Dec. 31, 2025						$ 4						$ 956,276	$ (536)	$ (185,258)						$ 770,486
Balance as of ending (in shares) at Dec. 31, 2025						39,339,960

LEASES - Balance sheet information related to leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets
Operating lease - ROU assets	$ 433	$ 521
Liabilities
Operating lease liabilities	241	276
Operating lease liabilities	188	261
Total	429	537
Operating lease, cost	299	281	$ 260
Short-term lease costs	42	35	34
Cash payments for operating leases	$ 320	$ 325	$ 269
Weighted average incremental borrowing rate	4.85%	3.67%
Weighted average remaining lease term	23 months	26 months

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED BALANCE SHEETS
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	400,000,000	400,000,000
Ordinary shares, shares issued	39,353,365	31,857,802
Ordinary shares, shares outstanding	39,339,960	31,826,549

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (77,611)	$ (36,144)	$ (31,632)

- Definition

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

+ References

+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

18.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 cover 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 $20,000 based on achieving specified development and regulatory approval milestones and in an amount of up to $25,000 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, 2025, the Company has made a payment of $4,000 to Columbia University resulting from this license agreement, which was triggered by the completion of certain clinical trials, and expects to make additional payments of $6,000 upon the near term expected completion of development milestones.

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 $31,894.

Litigations

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.

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

10.SHARE-BASED COMPENSATION

2022 Performance Incentive Plan

In April 2022, the Company 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. Share options containing only service conditions granted to each grantee under 2022 Plan, which 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 1,015,000 share 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 rendering 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 January 2, 2024 and August 29, 2024, the Board granted 1,275,000 share 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 1,165,977 shares as of January 2024. 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 (including both Share Incentive Plan (as defined under 2022 Plan) and 2022 Plan) as of the date hereof is 1,212,258 shares. The vesting conditions of the share options are the same as those of the previous grant.

On February 12, 2025, the Board granted 700,000 share options pursuant to Section 4.2 of the 2022 Plan adopted in April 2022, the maximum number of ordinary shares issuable under the 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 1,273,061 shares as of January 2025. 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 the 2022 Plan (including both Share Incentive Plan (as defined under the 2022 Plan) and the 2022 Plan) as of the date hereof is 1,310,319 shares. The vesting conditions of the share options are the same as those of the previous grant.” If the vesting condition is the same with the previous one.

On April 15 and June 10, 2025, the Board awarded 200,000 share options to eligible persons under the 2022 Plan, in light of his or her past, continuing, and future services and contributions to the Company merit. 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 October 7, 2025, the Board granted 250,000 share options, the Board awarded eligible persons option grants under the 2022 Plan, considering his or her past, continuing, and future services and contributions to the Company merit. As of December 31, 2025, the Company had 23,829 shares available for future grants.

Share options containing both service conditions and performance conditions granted to each grantee under the 2020 Share Incentive 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 on 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 April 18,		As of July 17,		As of January 3,
		2022		2023		2024
Risk-free interest rate		2.85	%	3.81	%	3.91	%
Expected volatility range		34.79	%	39.55	%	38.25	%
Exercise multiple		2.80		2.80		2.80
Expected dividend yield		—		—		—


		As of August 29,		As of September 1,		As of November 1,
		2024		2024		2024
Risk-free interest rate		3.87	%	3.91	%	4.37	%
Expected volatility range		36.06	%	36.02	%	35.58	%
Exercise multiple		2.80		2.80		2.20
Expected dividend yield		—		—		—


		As of February 12,		As of April 15,		As of June 10,
		2025		2025		2025
Risk-free interest rate		4.62	%	4.35	%	4.40	%
Expected volatility range		33.94	%	34.04	%	33.49	%
Exercise multiple		2.80		2.80		2.20
Expected dividend yield		—		—		—


		As of October 07,		As of October 28,
		2025		2025
Risk-free interest rate		4.14	%	3.99	%
Expected volatility range		33.24	%	33.10	%
Exercise multiple		2.80		2.80
Expected dividend yield		—		—

A summary of the Company’s share option activity under the plans for the years ended December 31, 2023, 2024 and 2025 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, 2023	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 as of December 31, 2023	4,202,087	$	6.0304	$	3.1048	8.20	$	31,109
Granted	1,275,000	$	49.4420	$	19.6808	—		—
Exercised	(346,869)	$	7.9775	$	3.1139	—		—
Forfeited or expired	—	$	—	$	—	—		—
Outstanding as of December 31, 2024	5,130,218	$	16.6162	$	7.1954	7.17	$	273,358
Granted	1,150,000	$	62.6847	$	24.2127	—		—
Exercised	(561,081)	$	13.9818	$	5.4451	—		—
Forfeited or expired	(259,261)	$	5.0433	$	2.4485	—		—
Outstanding as of December 31, 2025	5,459,876	$	27.1428	$	11.1722	7.25	$	359,681
Vested and Expected to Vest Options as of December 31, 2025	5,021,286	$	15.3838	$	6.4514	6.19	$	13,924
Exercisable Options as of December 31, 2025	2,286,217	$	28.8146	$	10.4306	7.48	$	16,282


	Years ended December 31,
	2023		2024		2025
Research and development	$	1,716	$	3,775	$	7,761
Selling, general and administrative		2,107		5,212		22,394
Total.	$	3,823	$	8,987	$	30,155

As of December 31, 2025, total unrecognized employee share‑based compensation for the 2020 Plan and the 2022 Plan was $1,690 and $19,804, respectively, which may be adjusted for actual forfeitures occurring in the future and is expected to be recognized over weighted‑average periods of 1.6 years and 1.33 years, respectively.

Restricted Stock Units

On February 12, 2025, the Board of Directors approved the grant of restricted stock units (“RSUs”) under 2022 Plan. The awards were granted for retention and incentive purposes and are considered to be in the best interests of the Company and its shareholders. The eligible participant’s past, continued, and expected future services to the Company were determined by the Board to constitute adequate and reasonable consideration for the RSU grant in accordance with the provisions of the 2022 Plan.

The RSUs are subject to time-based, market-based, and performance-based vesting conditions. The vesting of such awards requires continued service through the applicable vesting dates and will occur only upon the achievement of specified share price milestones and operational performance targets, as defined in the grant documentation and approved by the Board. The Company recognizes compensation expense for these awards in accordance with the applicable guidance for equity-classified awards containing time-based service conditions and both market and non-market performance conditions.

The specified share price milestones fair value was determined using the Monte Carlo simulation with the assistance from an independent third-party appraiser. The model requires the input of highly subjective assumptions, including the expected volatility, the trigger closing price, 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 risk-free rate for periods within the contractual life of the RSU is based on the market yield of U.S. Government Notes with a maturity life equal to the remaining maturity life of the RSU as of the valuation date. The expected dividend yield is based on our expected dividend policy over the contractual life of the RSU.

The assumptions used to estimate the fair value of the specified share price milestones RSU on the date of grant is as follows:


	February 12,
	2025
Risk-free interest rate	4.36	%
Expected volatility range	32.35	%
Expected dividend yield	—

During the years ended December 31, 2025, the Company granted 395,751 RSUs with an aggregate grant date fair value of $18,917, under the 2022 plan. During the years ended December 31, 2023, 2024 and 2025, the Company recognized nil, nil, and approximately $8,764, respectively, in expense for the RSUs. As of December 31, 2025, there was US$ 10,152 of total unrecognized compensation cost related to restricted stock units granted under the 2022 Plan. These costs are expected to be recognized over a weighted average period of 1.62 years. As of December 31, 2025, there were 23,829 shares available for future grants.

The following table summarizes the Company’s RSUs activity since January 1, 2025:


						Weighted
				Weighted		Average
				Average		Remaining
		Number of		Grant Date		Recognition
		Shares		Fair Value per share		Period (Years)
Non-vested at January 1, 2025		—		$	—	$	—
Granted		395,751			47.80		—
Vested		(240,000)			36.28		—
Cancelled or forfeited		—			—		—
Non-vested at December 31, 2025		155,751			65.54		1.62


	Years ended December 31,
	2023		2024		2025
Research and development	$	—	$	—	$	1,386
Selling, general and administrative		—		—		7,378
Total	$	—	$	—	$	8,764

During the year ended December 31, 2025, the Company issued 240,000 Common Shares upon the vesting of RSUs, for which no proceeds were recorded. The aggregate intrinsic value of RSUs vested for the year ended December 31, 2025 was $ 20,237, calculated using the closing price of our ADS on the vesting date.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

19.SUBSEQUENT EVENTS

The Company evaluated subsequent events through the date the consolidated financial statements were issued, and concluded that no subsequent events have occurred that would require recognition or disclosure in the consolidated financial statements.

RELATED PARTY TRANSACTIONS (Details) - Related parties - Lin BioScience, Inc - USD ($) $ in Thousands									12 Months Ended
	Jul. 01, 2025	Jul. 01, 2024	Nov. 01, 2023	Jul. 01, 2023	Nov. 01, 2022	Jul. 01, 2022	Jul. 01, 2021	Jul. 01, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
LBS-007 R&D service agreement
RELATED PARTY TRANSACTIONS
Percentage of service fee on actual costs			110.00%		110.00%
Research and development expenses, including reimbursements									$ 0	$ 0	$ 46
Research and development expense
RELATED PARTY TRANSACTIONS
Percentage of service fee on actual costs	110.00%	110.00%		110.00%		110.00%	110.00%	110.00%
Research and development expenses, including reimbursements									$ 37	$ 57	$ 63

- 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 (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Foreign currency translation adjustments tax	$ 0	$ 0	$ 0

INCOME TAX - Tax rate to provision reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Pretax loss	$ (77,611)	$ (36,138)	$ (31,623)
Federal statutory tax rate	(16,298)
State and Local taxes	$ (136)
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]	stpr:CA
Tax incentive	$ (1,808)
Non-deductible expenses	74
Total Income Tax Expense	$ 0	6	9
Tax Jurisdiction of Domicile [Extensible Enumeration]	United States
Reserve for uncertain tax positions	$ 0	$ 0	$ 0
Percentage
Federal statutory tax rate	21.00%	21.00%	21.00%
Effect of tax rates in foreign jurisdiction		(6.15%)	(5.80%)
State income tax rate	0.18%	0.11%	0.05%
Effect of preferential tax rate		(0.06%)	(0.07%)
Statutory tax rate difference		0.02%	0.03%
Changes in valuation allowances		(13.50%)	(11.99%)
Research and development credit	2.33%	(0.98%)	(2.94%)
Non-deductible expenses	(0.10%)	(0.42%)	(0.25%)
Effective tax rate	0.00%	0.02%	0.03%
United States
Amount
Change in valuation allowance	$ 2,849
Percentage
Changes in valuation allowances	(3.67%)
Cayman Islands
Amount
Statutory tax rate difference	$ 7,012
Percentage
Statutory tax rate difference	(9.03%)
Hong Kong
Amount
Statutory tax rate difference	$ 1,623
Change in valuation allowance	$ 5,851
Percentage
Statutory tax rate difference	(2.09%)
Changes in valuation allowances	(7.54%)
Other
Amount
Statutory tax rate difference	$ 47
Change in valuation allowance	851
Other	$ (65)
Percentage
Statutory tax rate difference	(0.06%)
Changes in valuation allowances	(1.10%)
Other	0.08%

EQUITY - Direct offering (Details) - Registered direct offering - ADS - USD ($) $ / shares in Units, $ in Thousands	Aug. 07, 2025	Feb. 05, 2025	Apr. 25, 2024
EQUITY
Number of shares issued	230,770	258,309	651,380
Price per share	$ 65	$ 58.07	$ 38.38
Aggregate amount of warrant	230,770	258,309
Exercise price	$ 65.00	$ 58.07
Gross proceeds from issuance	$ 15,000	$ 15,000	$ 25,000
Net proceeds from issuance		15,000	$ 24,811
Potential additional proceeds of from the exercise of issued in the offering	$ 15,000	$ 15,000
Warrant term	5 years	5 years
April Warrants
EQUITY
Aggregate amount of warrant			651,380
Exercise price			$ 44.14
Warrant term			5 years

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

12 Months Ended

Dec. 31, 2025

ORGANIZATION AND BASIS OF PRESENTATION

Schedule of principal subsidiaries

As of December 31, 2025, 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		Commercial preparation, marketing, distribution, and sales of pharmaceutical products
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
Belite Bio (Taiwan) Inc (“Belite Taiwan”)		December 18, 2024		Taiwan		100% owned by Belite HK		Supporting clinical trial activities, research and development and back-office service
Belite Bio (Swiss) AG (“Belite Swiss”)		September 1, 2025		Switzerland		100% owned by Belite HK		Conducting research and development, marketing, distribution, and sales of pharmaceutical products
Belite Bio Japan Inc (“Belite Japan”)		November 14, 2025		Japan		100% owned by Belite Swiss		Marketing, distribution, and sales of pharmaceutical products

LEASES - (Details) - USD ($) $ in Thousands						1 Months Ended	12 Months Ended
LEASES - (Details) - USD ($) $ in Thousands	Aug. 15, 2025	Sep. 01, 2024	Apr. 03, 2023	Aug. 15, 2022	Apr. 20, 2022	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
LEASES
Right-of-use assets obtained in exchange of lease liabilities							$ 529	$ 388	$ 265
Corresponding lease liabilities in exchange for operating lease right-of-use assets recognized							$ 529	388
Incremental borrowing rate	6.30%	4.00%	3.02%	2.64%	2.48%
Gains on operating lease modification								$ 33
Lease renewal term	3 years
Taiwan office lease agreement
LEASES
Lease term					5 years
Gains on operating lease modification						$ 33
Australia office lease agreement
LEASES
Lease term				3 years
USA San Diego office agreement
LEASES
Lease term			3 years 3 months
Taiwan office parking space lease agreement
LEASES
Lease term		2 years 11 months 1 day
Early termination notice period		30 days

AVAILABLE-FOR-SALE INVESTMENTS - Available For Sale (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Liquidity Fund
Cost or amortized cost	$ 4,549
Fair value	$ 4,549

SHARE-BASED COMPENSATION - Restricted Stock Units - Assumptions (Details) - Restricted stock units	Feb. 12, 2025
SHARE-BASED COMPENSATION
Risk-free interest rate	4.36%
Expected volatility range	32.35%

- 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

EQUITY - Representative Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 28, 2022
EQUITY
Cashless warrants exercised	1,463,491	1,404,988	1,190,629
Representative Warrants
EQUITY
Cashless warrants exercised		84,651	84,651
Shares issued on exercise of warrants		73,800	65,399
Fair value of warrants				$ 257
ADS \| Representative Warrants
EQUITY
Number of ADS to purchase warrants				169,302
Exercise price				$ 7.5

- 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

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Feb. 04, 2022 item	Dec. 31, 2025 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		4,000
Additional payment obligation		6,000
Clinical Research Organization (CRO)
COMMITMENTS AND CONTINGENCIES
Remaining contractual costs expected to be incurred in future periods from clinical trials in STGD1		$ 31,894

RELATED PARTY TRANSACTIONS - Transactions (Details) - Related parties - Lin BioScience, Inc - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Research and development expense
RELATED PARTY TRANSACTIONS
Amount of transactions	$ 30	$ 56	$ 63
Reimbursement for expense
RELATED PARTY TRANSACTIONS
Amount of transactions	$ 7	$ 1	$ 46

- 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

AUSTRALIA RESEARCH AND DEVELOPMENT TAX INCENTIVE

12 Months Ended

Dec. 31, 2025

AUSTRALIA RESEARCH AND DEVELOPMENT TAX INCENTIVE

AUSTRALIA RESEARCH AND DEVELOPMENT TAX INCENTIVE

13.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 48.5% refundable tax incentive from the Australian Taxation Office for qualified research and development expenditures in 2024 and 2025. To be eligible, RBP4 Pty Ltd must have revenue of less than AU$20,000 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, 2023, 2024, and 2025, $791, $1,863, and $1,285 respectively, were recorded in the consolidated statements of operations and comprehensive loss.