BeyondSpring Inc. BYSI
We are a clinical stage global biopharmaceutical company focused on developing innovative therapies to improve clinical outcomes for patients with high unmet medical needs. Our first-in-class lead asset, Plinabulin is a novel brain-penetrant microtubule modulator with dendritic cell maturation and vasculature modulation mechanism, which has the potential to help mitigate "acquired resistance" from prior immune checkpoint inhibitors (ICI) treatment in cancer patients. Plinabulin has been administered to over 700 cancer patients with generally good tolerability and is being developed as a potential "pipeline in a drug" in various cancer indications as a direct anti-cancer agent with safety benefit of reducing chemotherapy-induced neutropenia (CIN). After a successful phase 3 study (DUBLIN-3) in NSCLC, Plinabulin regimen is in a confirmatory global phase 3 study in second- and third-line NSCLC with epidermal growth factor receptor (EGFR) wild type after progression on prior immune checkpoint inhibitors, a severe unmet medical need. We are also developing three small molecule immune agents, which are currently in pre-clinical stages. In addition, we founded and continue to own an equity stake in SEED Therapeutics Inc., or SEED. See "—SEED's relationship with BeyondSpring" for additional information. SEED is utilizing a proprietary Targeted Protein Degradation (TPD) drug discovery platform, or "molecular glue" technology, to develop innovative therapeutic agents from internal research and development efforts and with our collaborators on currently undruggable protein targets. SEED has advanced its wholly owned lead oncology asset, a novel RBM39 degrader into phase 1 clinical studies in January 2026. SEED is partnering with Eli Lilly and Co., or Eli Lilly, and Eisai Co., Ltd., or Eisai, to discover and develop new chemical entities through this proprietary TPD platform which could produce therapeutic benefits to patients suffering from oncology and central nervous system (CNS) disease, among others.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $1.4M | $1.4M | $180.0K | $0 | $0 | $0 | $0 |
| R&D | $4.4M | $2.6M | $7.3M | $25.6M | $36.9M | $41.8M | $31.3M | $51.6M | $88.9M | $10.4M |
| SG&A | $4.6M | $6.1M | $7.8M | $13.0M | $30.7M | $22.6M | $9.0M | $5.9M | $9.1M | $1.9M |
| Operating income | -$8.9M | -$8.8M | -$15.1M | -$37.2M | -$66.2M | -$64.2M | -$40.3M | -$57.5M | -$98.0M | -$12.4M |
| Interest expense | — | — | — | $17.0K | $87.0K | $85.0K | $206.0K | — | — | — |
| Pre-tax income | -$8.6M | -$8.8M | -$13.9M | -$36.1M | -$64.6M | -$63.8M | -$40.3M | -$57.5M | -$96.4M | -$12.5M |
| Income tax | $90.0K | $96.0K | $92.0K | $163.0K | $3.6M | $0 | $0 | — | — | — |
| Net income | -$1.0M | -$11.1M | -$21.0M | -$33.3M | -$64.2M | -$61.0M | -$38.1M | -$54.9M | -$91.8M | -$12.0M |
| EPS, basic | -0.02 | -0.28 | -0.54 | -0.85 | -1.64 | -2.03 | — | — | — | — |
| EPS, diluted | — | — | — | — | -1.64 | -2.03 | -1.55 | -2.42 | -4.40 | -0.75 |
| Shares, diluted (wtd. avg.) | — | — | — | $39.1M | $39.0M | $30.0M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $7.8M | $2.9M | $15.3M | $27.5M | $41.6M | $109.5M | $35.9M | $3.9M | $27.5M | $11.7M |
| Short-term investments | $4.8M | $0 | — | $2.9M | $30.7M | $0 | — | — | $3.1M | — |
| Total current assets | $20.9M | $28.6M | $18.4M | $38.5M | $75.1M | $113.4M | $40.9M | $5.9M | $32.3M | $14.7M |
| Property, plant and equipment | $166.0K | $239.0K | $317.0K | $1.9M | $1.4M | $184.0K | $209.0K | $282.0K | $123.0K | $80.0K |
| Total assets | $25.9M | $34.3M | $24.8M | $46.2M | $81.6M | $117.0M | $44.6M | $7.1M | $32.8M | $14.9M |
| Accounts payable | $363.0K | $295.0K | $561.0K | $1.1M | $1.7M | $2.2M | $2.5M | $9.6M | $3.4M | $444.0K |
| Short-term debt | — | — | — | $0 | $1.6M | $0 | — | — | — | — |
| Total current liabilities | $13.6M | $11.0M | $8.0M | $7.4M | $15.2M | $13.8M | $10.1M | $16.4M | $4.8M | $2.6M |
| Long-term debt | — | — | — | — | $0 | $2.2M | $1.4M | — | — | — |
| Total liabilities | $49.9M | $48.6M | $48.3M | $49.2M | $55.3M | $25.2M | $13.4M | $16.4M | $4.8M | $2.6M |
| Retained earnings | -$408.4M | -$407.4M | -$396.3M | -$375.3M | -$342.0M | -$277.8M | -$216.8M | -$178.8M | -$123.9M | -$32.1M |
| Total equity | -$32.2M | -$32.9M | -$35.3M | -$14.1M | $26.7M | $86.6M | $31.1M | -$9.4M | $28.0M | $12.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$19.8M | -$16.4M | -$16.5M | -$27.5M | -$47.2M | -$43.7M | -$48.2M | -$40.0M | -$28.8M | -$13.7M |
| Depreciation and amortisation | $87.0K | $285.0K | $302.0K | $232.0K | $61.0K | $77.0K | $77.0K | $48.0K | $32.0K | $18.0K |
| Stock-based compensation | $722.0K | $2.3M | $770.0K | $1.7M | $3.2M | $8.2M | $2.1M | $6.6M | $22.7M | — |
| Capital expenditure | $50.0K | $224.0K | $100.0K | $34.0K | $2.8M | $52.0K | $4.0K | $207.0K | $76.0K | $64.0K |
| Investing cash flow | $10.8M | -$12.0M | -$100.0K | $17.6M | -$20.4M | -$52.0K | -$4.0K | $2.9M | -$3.1M | -$64.0K |
| Financing cash flow | $5.0M | $26.8M | $4.0K | $3.4M | $1.0K | $117.8M | $80.2M | $13.2M | $47.7M | $14.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001171843-26-001908.
Others in SIC 2834
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|---|---|---|---|---|
| AKTX | Akari Therapeutics Plc | $1.79T | — | — |
| LLY | ELI LILLY & Co | $1.08T | 50.1x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $663.28B | 25.0x | 6.0% |
| ONC | BeOne Medicines Ltd. | $529.55B | 1,885.6x | 40.2% |
| ABBV | AbbVie Inc. | $453.19B | 108.7x | 8.6% |
| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |