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BLTE vs MANE // EV/EBITDA & P/E VALUATION

Belite Bio Inc (NASDAQ) VS. Veradermics Incorporated (NYSE) • 15-METRIC TALLY: BLTE 2 — MANE 3
■ METRIC PARITY
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (BLTE VS. MANE) EMERALD CELL = QUANTITATIVE EDGE
INSTITUTIONAL METRIC BLTE MANE SPREAD (A - B) ADVANTAGE DEDICATED URL
Gross Profit Margin — — — TIE /gross-margins <GO>
Return on Invested Capital (ROIC) -15.90% -11.90% -4.00 MANE /roic <GO>
EV/EBITDA & P/E Valuation ACTIVE — — — TIE /valuation <GO>
Free Cash Flow Yield -0.61% -1.19% +0.58 BLTE /fcf-yield <GO>
Operating Margin — -4.30% — TIE /operating-margins <GO>
Net Profit Margin — -4.20% — TIE /net-margins <GO>
Revenue Growth (YoY) — 4.40% — TIE /revenue-growth <GO>
Dividend Yield & FCF Payout Safety 0.00% 0.00% 0.00 TIE /dividend-safety <GO>
Altman Z-Score & Debt/Equity — 26.00 — TIE /balance-sheet <GO>
Piotroski F-Score Quality 2/9 4/9 -2.00 MANE /piotroski-score <GO>
Options Implied Move & Put/Call Skew — — — TIE /options-implied-move <GO>
RSI-14 & 200D SMA Momentum 50.3 60.4 -10.10 MANE /rsi-technicals <GO>
10Y Yield & FRED Macro Beta — 1.07 — TIE /macro-sensitivity <GO>
Forward P/E Multiple — 24.0x — TIE /forward-pe <GO>
Enterprise Scale & Market Cap $6.23B $5.84B $395.4M BLTE /market-cap <GO>
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
FISCAL YEAR BLTE REV MANE REV BLTE GROSS % MANE GROSS % BLTE FCF MANE FCF
FY 2025 $235.8M $202.6M — — -$37.1M -$71.6M
FY 2024 $112.0M $75.0M — — -$29.4M -$23.7M
FY 2023 $88.7M — — — -$29.8M —
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
BLTE // BETA —
MANE // BETA 1.07