bysi20260331

bysi20260331_10q.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-38024

BeyondSpring Inc.

(Exact name of registrant as specified in its charter)

Cayman Islands	Not Applicable
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

100 Campus Drive, West Side, 4th Floor, Suite 410 Florham Park, New Jersey	07932
(Address of Principal Executive Offices)	(Zip Code)

(646) 305-6387
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Ordinary Shares, par value $0.0001 per share		BYSI		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2026, 41,119,820 shares of the Registrant’s ordinary shares, par value $0.0001 per share, were outstanding.

BEYONDSPRING INC.
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025
TABLE OF CONTENTS

Page

FORWARD-LOOKING STATEMENTS		1

PART I.	FINANCIAL INFORMATION	3

Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Comprehensive Income (Loss)	4
	Condensed Consolidated Statements of Shareholders’ Deficit	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	28

PART II.	OTHER INFORMATION	29

Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities	29
Item 3.	Defaults Upon Senior Securities	29
Item 4.	Mine Safety Disclosures	29
Item 5.	Other Information	29
Item 6.	Exhibits	30

SIGNATURES		31

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that are based on our management’s belief and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements stated in or implied by these forward-looking statements.

All statements other than statements of historical facts are forward-looking statements. These forward-looking statements are made under the “safe harbor” provision under Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and as defined in the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect results. You should refer to “Part II. Other Information—Item 1A. Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q and other documents we file with the Securities and Exchange Commission (the “SEC”) for specific risks that could cause actual results to be significantly different from those stated in or implied by these forward-looking statements. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from any future results stated in or implied by these forward-looking statements.

Forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

●

the initiation, timing, progress and results of our studies in animals and clinical trials, and our research and development programs;

●

our ability to advance our product candidates into, and successfully complete, clinical trials;

●

our reliance on the success of our clinical-stage product candidates;

●

the timing or likelihood of regulatory filings and approvals;

●

our ability to address the concerns identified in the Complete Response Letter issued by the Food and Drug Administration, or FDA, in November 2021 regarding the New Drug Application, or NDA, seeking approval of Plinabulin in combination with granulocyte colony-stimulating factor, for the prevention of chemotherapy-induced neutropenia, or CIN;

●

our ability to file the NDA submission for the non-small cell lung cancer, or NSCLC, indication with the National Medical Products Administration, or NMPA, in China;

●

the commercialization of our product candidates, if approved;

●

our ability to develop sales and marketing capabilities;

●

the pricing and reimbursement of our product candidates, if approved;

●

the implementation of our business model, strategic plans for our business and technology;

●

the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology;

●

our ability to operate our business without infringing the intellectual property rights and proprietary technology of third parties;

●

costs associated with defending intellectual property infringement, product liability and other claims;

●

regulatory development in the U.S., China and other jurisdictions;

●

estimates of our expenses, future revenues, capital requirements and our needs for additional financing;

●

the potential benefits of strategic collaboration agreements and our ability to enter into strategic arrangements;

●

our ability to maintain and establish collaborations or obtain additional grant funding;

●

the rate and degree of market acceptance of our product candidates;

●

developments relating to our competitors and our industry, including competing therapies;

●

our ability to effectively manage our anticipated growth;

●

our ability to attract and retain qualified employees and key personnel;

●

our future revenue, hiring plans, expenses, capital expenditures, capital requirements and share performance;

●

the future trading price of our ordinary shares and impact of securities analysts’ reports on these prices;

●

our ability to meet Nasdaq’s continued listing requirements;

●

the impact of widespread health developments, and the responses thereto, which could materially and adversely affect, among other things, enrollment of patients in our clinical trials, timing and completion of regulatory or other required inspections, our expected timeline for data readouts of our clinical trials and certain regulatory filings for our product candidates, and the review and approval timeline of regulatory authorities; and

●

other risks and uncertainties, including those listed under “Part II. Other Information—Item 1A. Risk Factors.”

The items in “Part II. Other Information—Item 1A. Risk Factors” of this Quarterly Report on Form 10-Q reference the principal contingencies and uncertainties to which we believe we are subject, which should be considered in evaluating any forward-looking statements contained in this Quarterly Report on Form 10-Q.

The forward-looking statements in this Quarterly Report on Form 10-Q speak only to our views as of the date of this Quarterly Report on Form 10-Q and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should therefore not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Quarterly Report on Form 10-Q.

This Quarterly Report on Form 10-Q contains market data and industry forecasts that were obtained from industry publications. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. While we believe the market position, market opportunity and market size information included in this Quarterly Report on Form 10-Q is generally reliable, such information is inherently imprecise.

PART I.

FINANCIAL INFORMATION

Item 1.

Financial Statements

BEYONDSPRING INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)

	As of
	December 31, 2025			March 31, 2026
	$			$
				(Unaudited)
Assets
Current assets:
Cash and cash equivalents		7,786			4,036
Short-term investments		4,775			3,827
Advances to suppliers		227			177
Prepaid expenses and other current assets		71			181
Current assets of discontinued operations		8,023			5,283
Total current assets		20,882			13,504

Noncurrent assets:
Property and equipment, net		166			152
Operating right-of-use assets		305			240
Other noncurrent assets		224			126
Noncurrent assets of discontinued operations		4,356			4,384
Total noncurrent assets		5,051			4,902

Total assets		25,933			18,406

Liabilities and equity

Current liabilities:
Accounts payable		363			646
Accrued expenses		938			1,278
Current portion of operating lease liabilities		320			246
Other current liabilities		822			937
Current liabilities of discontinued operations		11,133			9,263
Total current liabilities		13,576			12,370

Noncurrent liabilities:
Deferred revenue		28,600			28,994
Other noncurrent liabilities		3,981			4,239
Noncurrent liabilities of discontinued operations		3,766			3,157
Total noncurrent liabilities		36,347			36,390

Total liabilities		49,923			48,760

Commitments and contingencies (Note 13)

Shareholders’ deficit
Ordinary shares ($0.0001 par value; 500,000,000 shares authorized; 41,122,320 and 41,119,820 shares issued and outstanding as of December 31, 2025 and March 31, 2026)		4			4
Additional paid-in capital		375,664			375,739
Accumulated deficit		(408,431	)		(410,590	)
Accumulated other comprehensive income		602			360

Total BeyondSpring Inc.’s shareholders’ deficit		(32,161	)		(34,487	)
Noncontrolling interests		8,171			4,133
Total shareholders’ deficit		(23,990	)		(30,354	)

Total liabilities and shareholders’ deficit		25,933			18,406

The accompanying notes are an integral part of these condensed consolidated financial statements.

BEYONDSPRING INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)

(Unaudited)

	Three months ended March 31,
	2025			2026
	$			$

Revenue		-			-

Operating expenses
Research and development		(874	)		(1,076	)
General and administrative		(1,736	)		(1,156	)

Loss from operations		(2,610	)		(2,232	)
Foreign exchange gain, net		29			50
Interest income		17			8
Other income, net		-			15

Loss before income tax		(2,564	)		(2,159	)
Income tax expenses		(20	)		(192	)

Net loss from continuing operations		(2,584	)		(2,351	)

Discontinued operations
Loss from discontinued operations		(3,232	)		(4,323	)
Gain on sale of subsidiary interests		6,986			-
Income tax expenses		-			-
Net income (loss) from discontinued operations		3,754			(4,323	)

Net income (loss)		1,170			(6,674	)
Less: Net loss attributable to noncontrolling interests from continuing operations		(75	)		(132	)
Less: Net loss attributable to noncontrolling interests from discontinued operations		(3,232	)		(4,383	)
Net income (loss) attributable to BeyondSpring Inc.		4,477			(2,159	)

Earnings (loss) per share, basic and diluted
Continuing operations		(0.06	)		(0.05	)
Discontinued operations		0.17			-
Basic and diluted earnings (loss) per share		0.11			(0.05	)

Weighted-average shares outstanding
Basic and diluted		40,316,320			41,119,803

Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustment loss from continuing operations		(151	)		(379	)
Foreign currency translation adjustment loss from discontinued operations		(7	)		(47	)
Comprehensive income (loss)		1,012			(7,100	)
Less: Comprehensive loss attributable to noncontrolling interests from continuing operations		(130	)		(269	)
Less: Comprehensive loss attributable to noncontrolling interests from discontinued operations		(3,238	)		(4,430	)
Comprehensive income (loss) attributable to BeyondSpring Inc.		4,380			(2,401	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

BEYONDSPRING INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT

(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)

(Unaudited)

	Three months ended March 31, 2025
	BeyondSpring Inc.’s shareholders
										Accumulated
					Additional					other
	Ordinary share				paid-in		Accumulated			comprehensive						Noncontrolling			Total
	Shares		Amount		capital		deficit			income (loss)			Subtotal			interests			deficit
			$		$		$			$			$			$			$

Balances at December 31, 2024		40,316,320		4		373,185		(407,425	)		1,336			(32,900	)		18,615			(14,285	)
Share-based compensation		-		-		211		-			-			211			27			238
Other comprehensive loss		-		-		-		-			(97	)		(97	)		(61	)		(158	)
Ownership interests in subsidiary transferred to third parties		-		-		-		-			-			-			368			368
Net income (loss)		-		-		-		4,477			-			4,477			(3,307	)		1,170

Balances at March 31, 2025		40,316,320		4		373,396		(402,948	)		1,239			(28,309	)		15,642			(12,667	)

	Three months ended March 31, 2026
	BeyondSpring Inc.’s shareholders
												Accumulated
						Additional						other
	Ordinary share					paid-in			Accumulated			comprehensive						Noncontrolling			Total
	Shares			Amount		capital			deficit			income (loss)			Subtotal			interests			deficit
				$		$			$			$			$			$			$

Balances at December 31, 2025		41,122,320			4		375,664			(408,431	)		602			(32,161	)		8,171			(23,990	)
Share-based compensation		-			-		78			-			-			78			381			459
Forfeited restricted shares		(2,500	)		-		(3	)		-			-			(3	)		-			(3	)
Capital contributions from noncontrolling interests		-			-		-			-			-			-			280			280
Other comprehensive loss		-			-		-			-			(242	)		(242	)		(184	)		(426	)
Net loss		-			-		-			(2,159	)		-			(2,159	)		(4,515	)		(6,674	)

Balances at March 31, 2026		41,119,820			4		375,739			(410,590	)		360			(34,487	)		4,133			(30,354	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

BEYONDSPRING INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands of U.S. Dollars (“$”))

(Unaudited)

	Three months ended March 31,
	2025			2026
	$			$
Cash flows from operating activities:
Net income (loss)		1,170			(6,674	)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation expenses		80			19
Share-based compensation		244			461
Non-cash operating lease expenses		184			192
Gain on sale of subsidiary interests		(6,986	)		-
Changes in assets and liabilities: