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

Veradermics Incorporated (NYSE) VS. Belite Bio Inc (NASDAQ) • 15-METRIC TALLY: MANE 3 — BLTE 2
■ METRIC PARITY
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (MANE VS. BLTE) EMERALD CELL = QUANTITATIVE EDGE
INSTITUTIONAL METRIC MANE BLTE SPREAD (A - B) ADVANTAGE DEDICATED URL
Gross Profit Margin — — — TIE /gross-margins <GO>
Return on Invested Capital (ROIC) -11.90% -15.90% +4.00 MANE /roic <GO>
EV/EBITDA & P/E Valuation ACTIVE — — — TIE /valuation <GO>
Free Cash Flow Yield -1.19% -0.61% -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 4/9 2/9 +2.00 MANE /piotroski-score <GO>
Options Implied Move & Put/Call Skew — — — TIE /options-implied-move <GO>
RSI-14 & 200D SMA Momentum 60.4 50.3 +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 $5.84B $6.23B -$395.4M BLTE /market-cap <GO>
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
FISCAL YEAR MANE REV BLTE REV MANE GROSS % BLTE GROSS % MANE FCF BLTE FCF
FY 2025 $202.6M $235.8M — — -$71.6M -$37.1M
FY 2024 $75.0M $112.0M — — -$23.7M -$29.4M
FY 2023 — $88.7M — — — -$29.8M
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
MANE // BETA 1.07
BLTE // BETA —