NASDAQ:BLTE Belite Bio Q4 2024 Earnings Report $58.23 -1.36 (-2.28%) Closing price 04/25/2025 04:00 PM EasternExtended Trading$58.60 +0.38 (+0.64%) As of 04/25/2025 04:05 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Earnings HistoryForecast Belite Bio EPS ResultsActual EPS-$0.32Consensus EPS -$0.30Beat/MissMissed by -$0.02One Year Ago EPSN/ABelite Bio Revenue ResultsActual RevenueN/AExpected RevenueN/ABeat/MissN/AYoY Revenue GrowthN/ABelite Bio Announcement DetailsQuarterQ4 2024Date3/17/2025TimeAfter Market ClosesConference Call DateMonday, March 17, 2025Conference Call Time4:30PM ETUpcoming EarningsBelite Bio's Q1 2025 earnings is scheduled for Monday, May 12, 2025, with a conference call scheduled on Tuesday, May 13, 2025 at 4:30 PM ET. Check back for transcripts, audio, and key financial metrics as they become available.Conference Call ResourcesConference Call AudioConference Call TranscriptSlide DeckPress Release (8-K)Annual Report (20-F)Earnings HistoryCompany ProfileSlide DeckFull Screen Slide DeckPowered by Belite Bio Q4 2024 Earnings Call TranscriptProvided by QuartrMarch 17, 2025 ShareLink copied to clipboard.There are 10 speakers on the call. Operator00:00:00Ladies and gentlemen, thank you for joining us, and welcome to the Beelite Bio fourth quarter and full year twenty twenty four earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you have dialed into today's call, please press 9 to raise your hand and 6 to unmute. I will now hand the conference over to Julie Fallon. Operator00:00:29Please go ahead. Speaker 100:00:32Hello, and thank you for joining us to discuss BeLive Bio's fourth quarter and full year twenty twenty four financial results. Joining the call today are Doctor. Tom Lin, Chairman and CEO of Be Light Bio Doctor. Hendrik Scholl, Chief Medical Officer Doctor. Nathan Mata, Chief Scientific Officer and Haohuan Zhong, Chief Financial Officer. Speaker 100:00:54Before we begin, let me point out that we will be making forward looking statements that are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties, and actual results may differ materially. We encourage you to consult the risk factors discussed in our SEC filings for additional detail. Now I'll turn the call over to Doctor. Lin. Speaker 200:01:15Thank you for joining today's call to discuss our fourth quarter and full year 2024 financial results. 2024 was an exciting year for BLIGHT as we continue to make strong progress towards advancing TeneraBand in patients living with Stargardt disease and geographic atrophy. For those who are new to our story, TeneraBend is a first in class oral therapy intended to reduce the accumulation of toxic vitamin A byproducts, which have been implicated in the progression of retinal lesions in patients with Stargardt disease and geographic atrophy. We believe this approach will be effective in slowing or halting lesion growth, which would ultimately preserve vision. It is important to note that our approach focuses on early intervention of emerging retinal pathology that is not mediated by inflammation. Speaker 200:02:06We believe that this may be the best approach to potentially slow the progression of SAVA and GA. To give you some perspective on the importance of this potential therapy, teneraben has been granted rare pediatric disease and fast track designations in The US and pioneer drug designation in Japan. It has also been granted orphan drug designation in The US, Europe, and Japan. We believe this speaks to the significant unmet need for both indications as currently there is no approved treatment for Stylus disease and no approved oral treatment for GA. And more importantly, we are uniquely positioned as we are already in global Phase III trials for both indications. Speaker 200:02:49So with that, let me provide a high level overview of the recent progress we have made. We have two studies underway with dendleravent in patients living with Stargardt disease. These are the Phase III DRUGEN trial and the Phase IIIII DRUGEN two trial. As part of the Phase III DRUGEN trial, we recently announced that the Data Safety Monitoring Board has completed its interim analysis, which is based on all subjects having completed the one year assessment period. The DSMB recommended that the trial proceed without sample size increase or modifications. Speaker 200:03:24So essentially maintaining the sample size at 104 subjects. In addition, they recommend we submit the data for further regulatory review for drug approval. With the DSMBs review done, completion of the trial is on track for end of this year. The Dragon two trial continues to progress rapidly. We have enrolled 11 of our targeted enrollment of approximately 60 subjects, including about 10 Japanese subjects. Speaker 200:03:52Data from the Japanese subjects is intended to expedite a new drug application in Japan to which we have already been granted a Pioneer Drug Designation. In GA, we also continue to progress in our clinical global Phase III PHOENIX trial, which has already enrolled over 400 subjects to date. We expect to increase the number of subjects to be enrolled in PHOENIX trial from approximately four thirty subjects to 500 subjects as we have been making good progress on our subject enrollment. To summarize, with the excellent progress in our Phase III trials and the promising interim results from Phase III SADA study and a four year cash runway, we remain well positioned in advancing Tenderabant as potentially the first oral treatment for people living with degenerative retinal diseases. I'll now turn over the presentation to Nathan. Speaker 200:04:44Nathan, please. Speaker 300:04:46Thank you, Tom. Here, we have an overview of our trial designs in Stargardt disease. As Tom mentioned, there are two phase three trials that we're currently involved in. The first is called DRAGON. It's 104 subjects in that trial. Speaker 300:04:59The other trial is called DRAGON two. There are 60 subjects in that trial. You You can see the first three rows here. This is the areas where these two trials are different. Otherwise, the trials are designed identically. Speaker 300:05:09So there's a difference in the number of sample sizes I just said. A difference in the geography. The DRAGON is a global study. DRAGON two is focused on geographies in Japan, US and UK. The DRAGON1 study, because of the larger sample size, has a two to one randomization favoring telerabat, whereas the DRAGON2 trial has a one to one randomization with its 60 subjects. Speaker 300:05:28Otherwise, the trials are designed identically. It's important to note that the endpoint for drug approval in Stargardt disease and GA is slowing the growth of atrophic lesions. And at the bottom, you can see the key inclusion criteria for subjects involved in Dragon and Dragon two. Here you see the demographics and baseline characteristics for the adolescent subjects involved in the Dragon one trial. As I mentioned, there are 104 subjects. Speaker 300:05:51You can see the mean age is 15.4 years, so these are school age children. They have the average height and weight of children that age. On the right hand side, you see the breakout for male and female, roughly 60% male and 40% female in the study population. And just below that, you see the race distribution heavily favored towards the Asian population because we did heavily recruit in China. So we have approximately 56% of our Asian population representing the study, about 37% being Caucasian and European and North American, and various other categories, approximately seven to 8%. Speaker 300:06:26Here's an overview of the interim analysis conclusions. As Tom mentioned, the study, DROGEN one, included a sample size re estimation in which if the DSMB saw a trend towards efficacy at the middle of the study, then they would allow us to include up to additional 30 more patients to maintain that trend towards the end of study so that we could ensure a statistical significant difference by end of study. But in fact, when the DSMB looked at the interim analysis, they felt there was no modification of this study required, and that we should continue this study without a sample size increase. I should remind you that the dosage that these children were getting in the Dragon one and Dragon two studies is five milligrams daily. This dose has been very well tolerated and deemed safe. Speaker 300:07:07A very, very nice safety profile. Also important to note that at the time of the interim analysis, where approximately half of the subjects had already completed two years of dosing, the withdrawal rate was nine point six percent, which is ten of 104 subjects. And the withdrawal rate due to ocular adverse events was only three point eight percent, that's four of one hundred and four subjects. Visual acuity was stabilized in majority of subjects with a mean change of baseline of less than three letters, so very well stabilized under both standard and low luminance throughout the two year study. But perhaps the most important finding that the, DSMB provided for us was what's provided at the bottom. Speaker 300:07:42There are additional comments, as Tom mentioned. They recommended us to submit the data for further regulatory review for drug approval, indicating perhaps an efficacy signal. And here are the safety data from the DRAGON one trial. These are the treatment emergent adverse events. We fully anticipate to see two adverse events in in in terms of the drug related ocular event. Speaker 300:08:04One is a form of chromatopsia called xanthopsia. This is a yellow hue of color, which appears in the visual field. Typically upon waking, when light essentially drives this visual AE. This is a transient AE. It last seconds to minutes, and no one dropped out of study because of chromatopsia or xanthopsia. Speaker 300:08:23Delayed documentation is the other ocular E that we anticipate based upon the mechanism of 10 layer event action. This is the opposite of chromatopsia in which going into darkness, patients have a longer time to accommodate to dim like settings. This can last two to three times longer than normal, perhaps somewhere between sixteen to twenty minutes. Again, it's reported as mild, it's transient, and this is not synonymous with night blindness or nictalopia because these subjects will eventually get back their dark adapted sensitivity. And you can see the distribution on the right hand side in terms of the number of subjects and percentage in the patient population. Speaker 300:08:57The night vision impairment is a more severe exacerbation of delayed dark adaptation in which the delay may be longer than twenty minutes. You can see that occurred in fifteen subjects, approximately fourteen percent of the population. And headache was another AE that we found in approximately seven to eight percent of the population. This can happen when subjects strain to use their visual acuity while experiencing these AEs. But importantly, there was no clinically significant findings in relation to vital signs, physical exams, cardiac health or organ function. Speaker 300:09:23And the only systemic drug related AE was acne, which teenage kids can be prone to, especially when, there's less vitamin A in the skin. But otherwise, an overall very, very well acceptable safety profile. So here we see the visual acuity data from the DROGON one study. This is the two year data. We're looking at a visual acuity under both standard and low luminance. Speaker 300:09:43We see overall stabilized visual acuity, but for a clinical perspective, let's bring in our CMO, Doctor. Hendrik Scholl for his opinion. Hendrik? Speaker 400:09:50Thank you, Nathan. When considering the clinical relevance of the finding, we have to take into account that when we measure visual acuity, the intersession variability in normal subjects is two letters on an EDGRS chart. And in patients with macular degeneration is up to five letters. And that means that the variability that we see on the left for best record visual acuity and on the right for low luminous visual acuity is within the standard variability that we find in such, patients. Still, when we look at the left and the development of best corrected visual acuity and knowing that two thirds of the subjects are under TINERABON treatment is very reassuring that was essentially no loss at all of best practice visual acuity letters on a standard ETTRS chart. Speaker 400:10:41So with that, I hand it over back to Nathan. Speaker 300:10:44Thank you, Andrew. Here is our overview of the trial design in geographic attributes. This is our phase three trial called PHOENIX. As Tom mentioned, we're we're gonna recruit up to approximately 400 subjects. Right now, to date, we're right at about 400, so we got about a hundred more to go. Speaker 300:10:59We expect to close that enrollment by end of Q2 of this year. This of course is a global study, double blind. Same randomization as we had in Dragon one, two to one favoring to Larabat. It's a two years treatment duration. And of course, just like in Stargardt's, we're looking for the slowing of atrophic lesion growth as the primary endpoint for drug approval. Speaker 300:11:17But, of course, we're also looking at BCVA, retinal anatomy by STOCT, and retinal sensitivity by microperimetry. And like the Stargardt Dragon one study, we will have an interim analysis at one year. With that, I think I'll throw it to Hao Yen for the financial results. Thank you. Speaker 500:11:35Thank you, Nathan. In 2024, we had R and D expenses of 29,900,000.0 compared to 28,800,000.0 in 2023. The increase in R and D expenses was primarily due to an increase in royalty payments for the completion of the phase two trial and an increase in share based compensation granted in the q3 of twenty twenty four. On G and A expenses, in 2024 G and A expenses were 10,100,000.0 compared to 6,800,000.0 in 2023. The increase was primarily driven by an increase in share based compensation granted in Q3 of twenty twenty four. Speaker 500:12:15On net loss, we had a net loss of 36,100,000.0 in 2024 compared to 31,600,000.0 in 2023. In terms of cash, we had 31,700,000.0 in cash and 113,500,000.0 in investment by end of twenty twenty four, as compared with 88,200,000.0 by end of twenty twenty three. The investments were in liquidity fund, in time deposit, and US treasury bills. One thing to note is that the net cash outflow for operating activities was $29,200,000 in 2024, similar to the cash outflow of $29,800,000 in 2023. We also raised 15,000,000 in gross proceeds in a registered direct offering in February 2025. Speaker 500:13:06We still expect four years cash runway without considering the cost from a second GA Phase III study. Thank you. Back to you, operator. Operator00:13:17We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please raise your hand now. Moving along, your next question comes from the line of Jennifer Kim with Cantor. Your line is open. Operator00:14:11Please go ahead. Speaker 600:14:14Hi. Thanks for taking my questions and congrats on the progress. Maybe on my first question, starting with Stargardt. So on the DSMB's recent recommendation, you've said that you plan to reach out and, I guess, seek harmonization across some ex U. S. Speaker 600:14:27Regulatory authorities. Could you outline the potential outcomes from those interactions, either positive or negative? Speaker 200:14:36Thanks, Jennifer. I can take that. So the DSMB has recommended the intra results to be reviewed by regulatory agencies for drug approval, as you pointed out there. We believe this is very positive outcome and we'll be following DSMB's recommendations to request regulatory review and see whether the agency is confirmed with DSMB's recommendation. So we believe that certainly believe that the regulatory agencies will probably align with the DSMB's recommendation because it's not every day that, they see they make this kind of recommendations during interim. Speaker 200:15:17But if not the regular Speaker 500:15:19if not if Speaker 200:15:21they don't see it that way, then we'll just move on and carry on with the study. Speaker 600:15:29Okay. And then maybe turning to GA, what drove the decision to increase the sample size to 500 patients? Speaker 200:15:38Well, we're getting so this GA study has been moving on very smoothly. We want to take this opportunity to enroll more subjects to further boost our chances of success. So based on this current enrollment rate, we should still be able to complete within our expected timeline, which is Q3 this year. And the cost will still remain very feasible based on the current recruitment rate. Speaker 600:16:05Okay. If I could squeeze one more question with GA, can you just remind me what is your latest thinking on what the interim analysis will entail and how that sort of feeds into the decision to start a second trial? Speaker 200:16:21You mean for the PHOENIX, interim? Speaker 600:16:23For PHOENIX. Yeah. Speaker 200:16:25Well, we certainly believe that if the if we get any positive signals from the, IF of PHOENIX, then we would speed up and expedite our second phase second phase three trial for PHOENIX. So for GH, sorry. Speaker 500:16:44Thank you. Operator00:16:46Your next question comes from the line of Mark Goodman with Leerink. Mark, as a reminder, please unmute yourself. Your line is now open. Please go ahead. Speaker 700:16:56Hi. Good afternoon. Can you hear me okay now? Speaker 200:16:58Yes. Speaker 700:16:59Okay. Hi. This is Basma on for Mark. Thank you for taking our questions. Our first question is about Stargardt disease. Speaker 700:17:08You going to be able when you meet with the authorities to regarding regulatory clarity for the submission? Will you be able to also get confirmation regarding the potential for a broad label, given that the study population so far is only adolescent? And our second question, again, could you give us an update about the current discontinuation rates in the GA trial, the PHOENIX trial? Thank you. Speaker 200:17:31Sure. So I'll take the second question and I'll leave the first one for Henrik. So, the dropout rate for PHELEX right now is approximately about twenty percent. It is very common because majority of the subjects enrolled in the G8 trial are elderly population. So for previous studies, we've seen the dropout rate of about more than three percent. Speaker 200:18:00In fact, the duration of vitamin A study that was just recently presented at JP Morgan, the dropout rate is more than thirty percent and certainly more for IMXA state and the entire complement study. And so I'll let Hendrick I'll let Hendrick to confirm if you prefer the dropout rates for the period for the standard converse studies as well as answer your questions on the standard label. Henrik? Speaker 400:18:32Yeah. I'm happy to. Thank you, Tom. So what we have seen in natural history studies is that, in patients that have an early onset of disease, the disease is generally more severe and shows a faster progression. The Proxstar study has shown that subjects with younger age and early onset still show a relatively similar progression rate compared to other subjects that were older in the proxy study not very old obviously but still is still a juvenile macro dystrophy but would be adults. Speaker 400:19:13So we believe that the threshold actually to get something approved for pediatric population would be much much higher. And we feel that if we can show efficacy in our, adolescent population, it should be relatively straightforward to get the drug approved for adults as well. Speaker 200:19:33And the Henry, can you also, mentioned about the dropout rate for, the ada complements as well as for imixostat? Speaker 400:19:43So in the anti complement studies, dropout rate was in the order of magnitude to twenty percent to thirty percent. I believe in the study with amexo stat, which has quite extensive side effects, that dropout rate was even higher. I would actually hand over to, to take the name Marta, who actually knows a lot about that specific drug and its effect in geographic atrophy. Speaker 300:20:14Yeah. It was a little over forty percent. Yeah. Speaker 700:20:18Thank you. That's thank you. That's very helpful. Operator00:20:23Your next question comes from the line of Yi Chen with HCW. Your line is open. Please go ahead. Speaker 800:20:31Hi. Thank you for taking my question. Just to clarify, the adolescent stroke heart disease patients enrolled currently into the Dragon trial, what, they represent what percentage of the stroke heart disease, patients diagnosed in the real world. Speaker 200:20:50And, Hendrik, I believe there's a question for you as well. Speaker 400:20:53I I I'd be happy to take that question. So the typical Stargardt patient would would, notice first symptoms in the second decade of life. We we see patients that have a very early onset as early as five years, and then they are, patients that are later in adulthood develop the first symptoms. But as described the disease in 1909, right, this is a juvenile macular dystrophy, and it typically starts between 10 and 20 years of age with first symptoms. Given that our study population actually includes subjects between 12 and 20 years old, we feel that this is very representative and would show an overlap if we look at all staggered patients that that, would schedule a visit in clinic, I I would I would believe that, that would represent two thirds of patients that I would see, for example, in my clinic. Speaker 800:21:56So you would expect potential approval in the future for all Stargardt disease patients in that age range. Right? Not necessarily meeting those, meeting the enrollment criteria in the current trial. Correct? Speaker 400:22:11So if I understood the the question correctly, the the question is if we show a Speaker 800:22:16Question that the the future the future prescription label is not restricted to the patient groups you're currently enrolling into a pivotal trial. Speaker 400:22:25Exactly. The answer is no. And there would be no reason why you would not prescribe the drug to an, let's say, an adult patient that that developed the first symptoms at age 30 and and and still shows progression of these DDAF lesions, which is typical also for adult patients. Speaker 800:22:42But do you, expect any potential limitation on the payer side for reimbursement if the label is broader than the patients currently enrolled in the drug trial? Speaker 500:22:55Well, I think we will, definitely, talk to the regulator, to try to get the the label for the douse, which we think is doable. And I would probably just do a PKA study to prove that it works the same on the DALES patients. Speaker 800:23:12Okay. Thank you. Operator00:23:16Your next question comes from the line of Bruce Jackson with Benchmark. Your line is open. Please go ahead. Speaker 900:23:24Hi, good afternoon and thanks for taking the questions. First, a housekeeping question about the capital raise you did for $15,000,000 Have, has anyone exercised the warrants yet attached to that? Speaker 500:23:39Not yet. Okay. Speaker 900:23:43And then, in February, you said that the your CRO is gonna be handling some of the regulatory process for you with the, the data for Dragon. So could you just give us a little bit of color on where they are with that process right now, what the next step might be? Speaker 200:24:04Yeah. Thanks. Thanks, Bruce. So we have two or three different CRs representing us for different jurisdictions. And certainly, they have a procedure different procedure or and certainly different templars for submitting these kinds of regulatory submissions. Speaker 200:24:25So right now, it's in in in good hands, and and, they are basically submitting as we speak. Okay. Speaker 900:24:34Alright. Great. That's it for me. Thank you. Operator00:24:38Your next question comes from the line of Michael Okunovich with Maxim. Your line is open. Please go ahead. Speaker 900:24:46Hi, guys. Thanks for taking the questions. Just first, what kind of difference in lesion growth between placebo and treatment is the DRAGEN study powered for? Speaker 200:24:57Nathan, do you want to answer this one? Speaker 300:25:01Yeah. It's powered for a forty percent it's forty percent treatment effect with 80% power to detect that that effect at at the second year. Okay. Great. Speaker 900:25:18Thank you, and congrats on all the progress. Speaker 300:25:20Thank you. Operator00:25:23There are no further questions at this time. This concludes today's call. Thank you for attending.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallBelite Bio Q4 202400:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsSlide DeckPress Release(8-K)Annual report(20-F) Belite Bio Earnings HeadlinesFY2028 EPS Estimates for Belite Bio Decreased by AnalystApril 18, 2025 | americanbankingnews.comBelite Bio, Inc. Appoints New AuditorMarch 28, 2025 | tipranks.comTrump’s tariffs just split the AI market in twoTrump’s tariff just split the AI market – among others – in two. One group of AI companies—the ones relying on cheap foreign hardware—just saw their costs shoot through the roof. For the other group of AI companies, they were just handed a massive competitive advantage. Make no mistake, AI as a whole is still a game-changer for the global economy. 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Email Address About Belite BioBelite Bio (NASDAQ:BLTE), a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting retinal degenerative eye diseases with unmet medical needs in the United States. The company's lead product candidate is LBS-008 (Tinlarebant), an orally administered once-a-day tablet for maintaining the health and integrity of retinal tissues in autosomal recessive Stargardt disease and geographic atrophy patients. It is also developing LBS-009, an anti-retinol binding protein 4 oral therapy that is in the preclinical development phase targeting liver disease, including non-alcoholic fatty liver disease, nonalcoholic steatohepatitis, and type 2 diabetes. Belite Bio, Inc was founded in 2016 and is based in San Diego, California. 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There are 10 speakers on the call. Operator00:00:00Ladies and gentlemen, thank you for joining us, and welcome to the Beelite Bio fourth quarter and full year twenty twenty four earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you have dialed into today's call, please press 9 to raise your hand and 6 to unmute. I will now hand the conference over to Julie Fallon. Operator00:00:29Please go ahead. Speaker 100:00:32Hello, and thank you for joining us to discuss BeLive Bio's fourth quarter and full year twenty twenty four financial results. Joining the call today are Doctor. Tom Lin, Chairman and CEO of Be Light Bio Doctor. Hendrik Scholl, Chief Medical Officer Doctor. Nathan Mata, Chief Scientific Officer and Haohuan Zhong, Chief Financial Officer. Speaker 100:00:54Before we begin, let me point out that we will be making forward looking statements that are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties, and actual results may differ materially. We encourage you to consult the risk factors discussed in our SEC filings for additional detail. Now I'll turn the call over to Doctor. Lin. Speaker 200:01:15Thank you for joining today's call to discuss our fourth quarter and full year 2024 financial results. 2024 was an exciting year for BLIGHT as we continue to make strong progress towards advancing TeneraBand in patients living with Stargardt disease and geographic atrophy. For those who are new to our story, TeneraBend is a first in class oral therapy intended to reduce the accumulation of toxic vitamin A byproducts, which have been implicated in the progression of retinal lesions in patients with Stargardt disease and geographic atrophy. We believe this approach will be effective in slowing or halting lesion growth, which would ultimately preserve vision. It is important to note that our approach focuses on early intervention of emerging retinal pathology that is not mediated by inflammation. Speaker 200:02:06We believe that this may be the best approach to potentially slow the progression of SAVA and GA. To give you some perspective on the importance of this potential therapy, teneraben has been granted rare pediatric disease and fast track designations in The US and pioneer drug designation in Japan. It has also been granted orphan drug designation in The US, Europe, and Japan. We believe this speaks to the significant unmet need for both indications as currently there is no approved treatment for Stylus disease and no approved oral treatment for GA. And more importantly, we are uniquely positioned as we are already in global Phase III trials for both indications. Speaker 200:02:49So with that, let me provide a high level overview of the recent progress we have made. We have two studies underway with dendleravent in patients living with Stargardt disease. These are the Phase III DRUGEN trial and the Phase IIIII DRUGEN two trial. As part of the Phase III DRUGEN trial, we recently announced that the Data Safety Monitoring Board has completed its interim analysis, which is based on all subjects having completed the one year assessment period. The DSMB recommended that the trial proceed without sample size increase or modifications. Speaker 200:03:24So essentially maintaining the sample size at 104 subjects. In addition, they recommend we submit the data for further regulatory review for drug approval. With the DSMBs review done, completion of the trial is on track for end of this year. The Dragon two trial continues to progress rapidly. We have enrolled 11 of our targeted enrollment of approximately 60 subjects, including about 10 Japanese subjects. Speaker 200:03:52Data from the Japanese subjects is intended to expedite a new drug application in Japan to which we have already been granted a Pioneer Drug Designation. In GA, we also continue to progress in our clinical global Phase III PHOENIX trial, which has already enrolled over 400 subjects to date. We expect to increase the number of subjects to be enrolled in PHOENIX trial from approximately four thirty subjects to 500 subjects as we have been making good progress on our subject enrollment. To summarize, with the excellent progress in our Phase III trials and the promising interim results from Phase III SADA study and a four year cash runway, we remain well positioned in advancing Tenderabant as potentially the first oral treatment for people living with degenerative retinal diseases. I'll now turn over the presentation to Nathan. Speaker 200:04:44Nathan, please. Speaker 300:04:46Thank you, Tom. Here, we have an overview of our trial designs in Stargardt disease. As Tom mentioned, there are two phase three trials that we're currently involved in. The first is called DRAGON. It's 104 subjects in that trial. Speaker 300:04:59The other trial is called DRAGON two. There are 60 subjects in that trial. You You can see the first three rows here. This is the areas where these two trials are different. Otherwise, the trials are designed identically. Speaker 300:05:09So there's a difference in the number of sample sizes I just said. A difference in the geography. The DRAGON is a global study. DRAGON two is focused on geographies in Japan, US and UK. The DRAGON1 study, because of the larger sample size, has a two to one randomization favoring telerabat, whereas the DRAGON2 trial has a one to one randomization with its 60 subjects. Speaker 300:05:28Otherwise, the trials are designed identically. It's important to note that the endpoint for drug approval in Stargardt disease and GA is slowing the growth of atrophic lesions. And at the bottom, you can see the key inclusion criteria for subjects involved in Dragon and Dragon two. Here you see the demographics and baseline characteristics for the adolescent subjects involved in the Dragon one trial. As I mentioned, there are 104 subjects. Speaker 300:05:51You can see the mean age is 15.4 years, so these are school age children. They have the average height and weight of children that age. On the right hand side, you see the breakout for male and female, roughly 60% male and 40% female in the study population. And just below that, you see the race distribution heavily favored towards the Asian population because we did heavily recruit in China. So we have approximately 56% of our Asian population representing the study, about 37% being Caucasian and European and North American, and various other categories, approximately seven to 8%. Speaker 300:06:26Here's an overview of the interim analysis conclusions. As Tom mentioned, the study, DROGEN one, included a sample size re estimation in which if the DSMB saw a trend towards efficacy at the middle of the study, then they would allow us to include up to additional 30 more patients to maintain that trend towards the end of study so that we could ensure a statistical significant difference by end of study. But in fact, when the DSMB looked at the interim analysis, they felt there was no modification of this study required, and that we should continue this study without a sample size increase. I should remind you that the dosage that these children were getting in the Dragon one and Dragon two studies is five milligrams daily. This dose has been very well tolerated and deemed safe. Speaker 300:07:07A very, very nice safety profile. Also important to note that at the time of the interim analysis, where approximately half of the subjects had already completed two years of dosing, the withdrawal rate was nine point six percent, which is ten of 104 subjects. And the withdrawal rate due to ocular adverse events was only three point eight percent, that's four of one hundred and four subjects. Visual acuity was stabilized in majority of subjects with a mean change of baseline of less than three letters, so very well stabilized under both standard and low luminance throughout the two year study. But perhaps the most important finding that the, DSMB provided for us was what's provided at the bottom. Speaker 300:07:42There are additional comments, as Tom mentioned. They recommended us to submit the data for further regulatory review for drug approval, indicating perhaps an efficacy signal. And here are the safety data from the DRAGON one trial. These are the treatment emergent adverse events. We fully anticipate to see two adverse events in in in terms of the drug related ocular event. Speaker 300:08:04One is a form of chromatopsia called xanthopsia. This is a yellow hue of color, which appears in the visual field. Typically upon waking, when light essentially drives this visual AE. This is a transient AE. It last seconds to minutes, and no one dropped out of study because of chromatopsia or xanthopsia. Speaker 300:08:23Delayed documentation is the other ocular E that we anticipate based upon the mechanism of 10 layer event action. This is the opposite of chromatopsia in which going into darkness, patients have a longer time to accommodate to dim like settings. This can last two to three times longer than normal, perhaps somewhere between sixteen to twenty minutes. Again, it's reported as mild, it's transient, and this is not synonymous with night blindness or nictalopia because these subjects will eventually get back their dark adapted sensitivity. And you can see the distribution on the right hand side in terms of the number of subjects and percentage in the patient population. Speaker 300:08:57The night vision impairment is a more severe exacerbation of delayed dark adaptation in which the delay may be longer than twenty minutes. You can see that occurred in fifteen subjects, approximately fourteen percent of the population. And headache was another AE that we found in approximately seven to eight percent of the population. This can happen when subjects strain to use their visual acuity while experiencing these AEs. But importantly, there was no clinically significant findings in relation to vital signs, physical exams, cardiac health or organ function. Speaker 300:09:23And the only systemic drug related AE was acne, which teenage kids can be prone to, especially when, there's less vitamin A in the skin. But otherwise, an overall very, very well acceptable safety profile. So here we see the visual acuity data from the DROGON one study. This is the two year data. We're looking at a visual acuity under both standard and low luminance. Speaker 300:09:43We see overall stabilized visual acuity, but for a clinical perspective, let's bring in our CMO, Doctor. Hendrik Scholl for his opinion. Hendrik? Speaker 400:09:50Thank you, Nathan. When considering the clinical relevance of the finding, we have to take into account that when we measure visual acuity, the intersession variability in normal subjects is two letters on an EDGRS chart. And in patients with macular degeneration is up to five letters. And that means that the variability that we see on the left for best record visual acuity and on the right for low luminous visual acuity is within the standard variability that we find in such, patients. Still, when we look at the left and the development of best corrected visual acuity and knowing that two thirds of the subjects are under TINERABON treatment is very reassuring that was essentially no loss at all of best practice visual acuity letters on a standard ETTRS chart. Speaker 400:10:41So with that, I hand it over back to Nathan. Speaker 300:10:44Thank you, Andrew. Here is our overview of the trial design in geographic attributes. This is our phase three trial called PHOENIX. As Tom mentioned, we're we're gonna recruit up to approximately 400 subjects. Right now, to date, we're right at about 400, so we got about a hundred more to go. Speaker 300:10:59We expect to close that enrollment by end of Q2 of this year. This of course is a global study, double blind. Same randomization as we had in Dragon one, two to one favoring to Larabat. It's a two years treatment duration. And of course, just like in Stargardt's, we're looking for the slowing of atrophic lesion growth as the primary endpoint for drug approval. Speaker 300:11:17But, of course, we're also looking at BCVA, retinal anatomy by STOCT, and retinal sensitivity by microperimetry. And like the Stargardt Dragon one study, we will have an interim analysis at one year. With that, I think I'll throw it to Hao Yen for the financial results. Thank you. Speaker 500:11:35Thank you, Nathan. In 2024, we had R and D expenses of 29,900,000.0 compared to 28,800,000.0 in 2023. The increase in R and D expenses was primarily due to an increase in royalty payments for the completion of the phase two trial and an increase in share based compensation granted in the q3 of twenty twenty four. On G and A expenses, in 2024 G and A expenses were 10,100,000.0 compared to 6,800,000.0 in 2023. The increase was primarily driven by an increase in share based compensation granted in Q3 of twenty twenty four. Speaker 500:12:15On net loss, we had a net loss of 36,100,000.0 in 2024 compared to 31,600,000.0 in 2023. In terms of cash, we had 31,700,000.0 in cash and 113,500,000.0 in investment by end of twenty twenty four, as compared with 88,200,000.0 by end of twenty twenty three. The investments were in liquidity fund, in time deposit, and US treasury bills. One thing to note is that the net cash outflow for operating activities was $29,200,000 in 2024, similar to the cash outflow of $29,800,000 in 2023. We also raised 15,000,000 in gross proceeds in a registered direct offering in February 2025. Speaker 500:13:06We still expect four years cash runway without considering the cost from a second GA Phase III study. Thank you. Back to you, operator. Operator00:13:17We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please raise your hand now. Moving along, your next question comes from the line of Jennifer Kim with Cantor. Your line is open. Operator00:14:11Please go ahead. Speaker 600:14:14Hi. Thanks for taking my questions and congrats on the progress. Maybe on my first question, starting with Stargardt. So on the DSMB's recent recommendation, you've said that you plan to reach out and, I guess, seek harmonization across some ex U. S. Speaker 600:14:27Regulatory authorities. Could you outline the potential outcomes from those interactions, either positive or negative? Speaker 200:14:36Thanks, Jennifer. I can take that. So the DSMB has recommended the intra results to be reviewed by regulatory agencies for drug approval, as you pointed out there. We believe this is very positive outcome and we'll be following DSMB's recommendations to request regulatory review and see whether the agency is confirmed with DSMB's recommendation. So we believe that certainly believe that the regulatory agencies will probably align with the DSMB's recommendation because it's not every day that, they see they make this kind of recommendations during interim. Speaker 200:15:17But if not the regular Speaker 500:15:19if not if Speaker 200:15:21they don't see it that way, then we'll just move on and carry on with the study. Speaker 600:15:29Okay. And then maybe turning to GA, what drove the decision to increase the sample size to 500 patients? Speaker 200:15:38Well, we're getting so this GA study has been moving on very smoothly. We want to take this opportunity to enroll more subjects to further boost our chances of success. So based on this current enrollment rate, we should still be able to complete within our expected timeline, which is Q3 this year. And the cost will still remain very feasible based on the current recruitment rate. Speaker 600:16:05Okay. If I could squeeze one more question with GA, can you just remind me what is your latest thinking on what the interim analysis will entail and how that sort of feeds into the decision to start a second trial? Speaker 200:16:21You mean for the PHOENIX, interim? Speaker 600:16:23For PHOENIX. Yeah. Speaker 200:16:25Well, we certainly believe that if the if we get any positive signals from the, IF of PHOENIX, then we would speed up and expedite our second phase second phase three trial for PHOENIX. So for GH, sorry. Speaker 500:16:44Thank you. Operator00:16:46Your next question comes from the line of Mark Goodman with Leerink. Mark, as a reminder, please unmute yourself. Your line is now open. Please go ahead. Speaker 700:16:56Hi. Good afternoon. Can you hear me okay now? Speaker 200:16:58Yes. Speaker 700:16:59Okay. Hi. This is Basma on for Mark. Thank you for taking our questions. Our first question is about Stargardt disease. Speaker 700:17:08You going to be able when you meet with the authorities to regarding regulatory clarity for the submission? Will you be able to also get confirmation regarding the potential for a broad label, given that the study population so far is only adolescent? And our second question, again, could you give us an update about the current discontinuation rates in the GA trial, the PHOENIX trial? Thank you. Speaker 200:17:31Sure. So I'll take the second question and I'll leave the first one for Henrik. So, the dropout rate for PHELEX right now is approximately about twenty percent. It is very common because majority of the subjects enrolled in the G8 trial are elderly population. So for previous studies, we've seen the dropout rate of about more than three percent. Speaker 200:18:00In fact, the duration of vitamin A study that was just recently presented at JP Morgan, the dropout rate is more than thirty percent and certainly more for IMXA state and the entire complement study. And so I'll let Hendrick I'll let Hendrick to confirm if you prefer the dropout rates for the period for the standard converse studies as well as answer your questions on the standard label. Henrik? Speaker 400:18:32Yeah. I'm happy to. Thank you, Tom. So what we have seen in natural history studies is that, in patients that have an early onset of disease, the disease is generally more severe and shows a faster progression. The Proxstar study has shown that subjects with younger age and early onset still show a relatively similar progression rate compared to other subjects that were older in the proxy study not very old obviously but still is still a juvenile macro dystrophy but would be adults. Speaker 400:19:13So we believe that the threshold actually to get something approved for pediatric population would be much much higher. And we feel that if we can show efficacy in our, adolescent population, it should be relatively straightforward to get the drug approved for adults as well. Speaker 200:19:33And the Henry, can you also, mentioned about the dropout rate for, the ada complements as well as for imixostat? Speaker 400:19:43So in the anti complement studies, dropout rate was in the order of magnitude to twenty percent to thirty percent. I believe in the study with amexo stat, which has quite extensive side effects, that dropout rate was even higher. I would actually hand over to, to take the name Marta, who actually knows a lot about that specific drug and its effect in geographic atrophy. Speaker 300:20:14Yeah. It was a little over forty percent. Yeah. Speaker 700:20:18Thank you. That's thank you. That's very helpful. Operator00:20:23Your next question comes from the line of Yi Chen with HCW. Your line is open. Please go ahead. Speaker 800:20:31Hi. Thank you for taking my question. Just to clarify, the adolescent stroke heart disease patients enrolled currently into the Dragon trial, what, they represent what percentage of the stroke heart disease, patients diagnosed in the real world. Speaker 200:20:50And, Hendrik, I believe there's a question for you as well. Speaker 400:20:53I I I'd be happy to take that question. So the typical Stargardt patient would would, notice first symptoms in the second decade of life. We we see patients that have a very early onset as early as five years, and then they are, patients that are later in adulthood develop the first symptoms. But as described the disease in 1909, right, this is a juvenile macular dystrophy, and it typically starts between 10 and 20 years of age with first symptoms. Given that our study population actually includes subjects between 12 and 20 years old, we feel that this is very representative and would show an overlap if we look at all staggered patients that that, would schedule a visit in clinic, I I would I would believe that, that would represent two thirds of patients that I would see, for example, in my clinic. Speaker 800:21:56So you would expect potential approval in the future for all Stargardt disease patients in that age range. Right? Not necessarily meeting those, meeting the enrollment criteria in the current trial. Correct? Speaker 400:22:11So if I understood the the question correctly, the the question is if we show a Speaker 800:22:16Question that the the future the future prescription label is not restricted to the patient groups you're currently enrolling into a pivotal trial. Speaker 400:22:25Exactly. The answer is no. And there would be no reason why you would not prescribe the drug to an, let's say, an adult patient that that developed the first symptoms at age 30 and and and still shows progression of these DDAF lesions, which is typical also for adult patients. Speaker 800:22:42But do you, expect any potential limitation on the payer side for reimbursement if the label is broader than the patients currently enrolled in the drug trial? Speaker 500:22:55Well, I think we will, definitely, talk to the regulator, to try to get the the label for the douse, which we think is doable. And I would probably just do a PKA study to prove that it works the same on the DALES patients. Speaker 800:23:12Okay. Thank you. Operator00:23:16Your next question comes from the line of Bruce Jackson with Benchmark. Your line is open. Please go ahead. Speaker 900:23:24Hi, good afternoon and thanks for taking the questions. First, a housekeeping question about the capital raise you did for $15,000,000 Have, has anyone exercised the warrants yet attached to that? Speaker 500:23:39Not yet. Okay. Speaker 900:23:43And then, in February, you said that the your CRO is gonna be handling some of the regulatory process for you with the, the data for Dragon. So could you just give us a little bit of color on where they are with that process right now, what the next step might be? Speaker 200:24:04Yeah. Thanks. Thanks, Bruce. So we have two or three different CRs representing us for different jurisdictions. And certainly, they have a procedure different procedure or and certainly different templars for submitting these kinds of regulatory submissions. Speaker 200:24:25So right now, it's in in in good hands, and and, they are basically submitting as we speak. Okay. Speaker 900:24:34Alright. Great. That's it for me. Thank you. Operator00:24:38Your next question comes from the line of Michael Okunovich with Maxim. Your line is open. Please go ahead. Speaker 900:24:46Hi, guys. Thanks for taking the questions. Just first, what kind of difference in lesion growth between placebo and treatment is the DRAGEN study powered for? Speaker 200:24:57Nathan, do you want to answer this one? Speaker 300:25:01Yeah. It's powered for a forty percent it's forty percent treatment effect with 80% power to detect that that effect at at the second year. Okay. Great. Speaker 900:25:18Thank you, and congrats on all the progress. Speaker 300:25:20Thank you. Operator00:25:23There are no further questions at this time. This concludes today's call. Thank you for attending.Read morePowered by