Belite Bio(BLTE) - 2023 Q4 - Annual Report

Financial Position - As of December 31, 2023, the company had cash of approximately US$88.2 million, with no significant exposure to interest rate risk[1380]. - The company expects no significant credit risk associated with its cash, which is held by reputable financial institutions[1381]. - The company does not believe its cash has significant risk of default or illiquidity and will continue to monitor the creditworthiness of financial institutions[1380]. Financial Instruments and Risks - The company has not used any derivative financial instruments to manage interest rate risk exposure[1380]. - The company is exposed to foreign currency exchange rate fluctuations due to contracts with CROs and CMOs globally, although substantially all liabilities are denominated in U.S. dollars[1382]. - The company has incurred expenses for converting foreign currency into U.S. dollars, although specific amounts are not detailed[1370]. Shareholder Information - The company issued warrants to purchase 2,000,000 ordinary shares at an exercise price of US$18.00 per share, with 894,022 warrants remaining outstanding and exercisable as of the report date[1387]. - The Representative's Warrants issued during the IPO have an exercise price of US$7.50 per ADS and are exercisable until April 28, 2027[1383]. - The company has a service fee structure for ADS holders, including fees of up to US$0.05 per ADS for various services[1386]. Reimbursement and Payments - The company received after-tax reimbursement payments of US$66,366.49 in 2022 and US$28,442.79 in 2023 from the depositary related to the ADR program[1392].