Belite Bio Announces Pricing of $30 Million Underwritten Public Offering of American Depositary Shares and Warrants

Belite Bio Announces Pricing of $30

Million Underwritten Public Offering of American Depositary Shares and Warrants

SAN DIEGO, May 30, 2023 -- Belite Bio,

Inc (NASDAQ: BLTE) ("Belite Bio" or the "Company"), a clinical stage biopharmaceutical drug

development company focused on advancing novel therapeutics targeting retinal degenerative eye diseases which have significant unmet

medical needs, today announced that it has priced an underwritten public offering of 2,000,000 American Depositary Shares

("ADSs"), each representing one of its ordinary shares, and warrants to purchase 2,000,000 ordinary shares represented by

ADSs, at a public offering price of $15.00 per ADS and accompanying warrant. The warrants will be exercisable immediately, will

expire five years from the date of issuance and will have an exercise price of $18.00 per ADS. The gross proceeds of the offering

to the Company are expected to be $30 million, before deducting underwriting discounts and commissions and estimated offering

expenses payable by Belite Bio, and excluding the exercise of any warrants. All of the securities in the offering are to be sold by

Belite Bio. The closing of the offering is expected to occur on or about June 2, 2023, subject to the satisfaction of

customary closing conditions.

Belite Bio intends to use the net

proceeds of the offering for clinical trials and further clinical development of Tinlarebant, funding its research and development

of other pipeline products and for working capital and other general corporate purposes.

SVB Securities LLC, Cantor Fitzgerald &

Co. and H.C. Wainwright & Co.,LLC are acting as joint book-running managers for the offering.

The offering is being made pursuant to a

prospectus supplement and accompanying prospectus included in Belite's registration statement on Form F-3 (File No. 333-272125),

which was declared effective on May 30, 2023. Copies of the preliminary prospectus supplement and the accompanying prospectus may be

obtained by visiting EDGAR on the U.S. Securities and Exchange Commission ("SEC") website at www.sec.gov. A final prospectus

supplement will be filed with the SEC and will form a part of the registration statement. When available, copies of the final prospectus

supplement may be obtained from SVB Securities LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by

telephone at (800) 808-7525, ext. 6105, or by email at syndicate@svbsecurities.com; or Cantor Fitzgerald & Co., Attention: Capital

Markets, 499 Park Avenue, 4th Floor, New York, NY 10022,or by email at prospectus@cantor.com.

A registration statement relating to these

securities has been filed with the SEC and has been declared effective. This press release shall not constitute an offer to sell or the

solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation

or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.

Belite Bio is a clinical stage biopharmaceutical drug development

company focused on advancing novel therapeutics targeting retinal degenerative eye diseases with significant unmet medical needs, such

as Stargardt disease and Geographic Atrophy in advanced dry age-related macular degeneration, in addition to specific metabolic diseases.

Important Cautions Regarding Forward Looking Statements

This press release contains forward-looking statements, including

statements about future expectations, plans and prospects, as well as any statements regarding matters that are not historical facts,

and any other statements containing the words "expect", "will", "believe", "target",

and other similar expressions. No assurance can be given that the offering will be completed on the terms described. Completion of the

offering and the terms thereof are subject to numerous factors, many of which are beyond the control of Belite Bio, including, without

limitation, market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the prospectus

supplement and accompanying prospectus included in the registration statement. Actual results may also differ materially from those indicated

in the forward-looking statements as a result of various important factors related to Belite Bio's business, including but not

limited to Belite Bio's ability to demonstrate the safety and efficacy of its drug candidates; the clinical results for its drug

candidates, which may not support further development or regulatory approval; expectations for the timing of initiation, enrollment and

completion of, and data relating to, its clinical trials; the content and timing of decisions made by the relevant regulatory authorities

regarding regulatory approval of Belite Bio's drug candidates; the potential efficacy of Tinlarebant, as well as those risks more

fully discussed in the "Risk Factors" section in Belite Bio's filings with the U.S. Securities and Exchange Commission.

All forward-looking statements are based on information currently available to Belite Bio, and Belite Bio undertakes no obligation to

publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except

as may be required by law.

Media and Investor Relations Contact:

Jennifer Wu /ir@belitebio.com

Tim McCarthy /tim@lifesciadvisors.com