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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2024
Commission File Number: 001-38024
BeyondSpring Inc.
BeyondSpring Inc.
100 Campus Drive, West Side, 4th Floor, Suite 410
Florham Park, New Jersey 07932
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
On February 2, 2024, BeyondSpring Inc. (the “Company”) reported financial results for the six months ended June 30, 2023.
As previously reported on Form 6-Ks filed by the Company on September 20, 2023 and January 16, 2024, Dalian Wanchunbulin Pharmaceuticals Ltd. (“Wanchunbulin”), the Company’s 58%-owned subsidiary in China, was party to an arbitration proceeding initiated by Jiangsu Hengrui Pharmaceuticals Co., Ltd. (“Hengrui”). On January 10, 2024, the arbitral tribunal at China International Economic and Trade Arbitration Committee issued a final award, denying all claims made by Hengrui.
As a result, all of Wanchunbulin’s assets that have been seized and frozen pending a decision by the arbitral tribunal are expected to be returned to Wanchunbulin. Such seized and frozen assets are reflected in the Company’s balance sheet as of June 30, 2023 as “Restricted Cash.”
This Report on Form 6-K is incorporated by reference into the Registration Statement on Form F-3, File No. 333-257639, and the Registration Statements on Form S-8, File No. 333-216639 and File No. 333-240082, of the Company.
BEYONDSPRING INC.
CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2022 AND JUNE 30, 2023
(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)
| December 31, 2022 |
June 30, 2023 |
|||||||
| $ | $ | |||||||
| (Unaudited) | ||||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
34,396 | 13,492 | ||||||
| Restricted Cash |
- | 9,736 | ||||||
| Short-term investments |
2,872 | 1,902 | ||||||
| Advances to suppliers |
492 | 444 | ||||||
| Prepaid expenses and other current assets |
763 | 217 | ||||||
| Total current assets |
38,523 | 25,791 | ||||||
| Noncurrent assets: |
||||||||
| Property and equipment, net |
1,868 | 1,800 | ||||||
| Operating lease right-of-use assets |
5,484 | 4,946 | ||||||
| Other noncurrent assets |
347 | 341 | ||||||
| Total noncurrent assets |
7,699 | 7,087 | ||||||
| Total assets |
46,222 | 32,878 | ||||||
| Liabilities and equity |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
1,081 | 1,501 | ||||||
| Accrued expenses |
2,470 | 1,682 | ||||||
| Current portion of operating lease liabilities |
966 | 784 | ||||||
| Deferred revenue |
1,351 | 1,751 | ||||||
| Other current liabilities |
1,484 | 1,104 | ||||||
| Total current liabilities |
7,352 | 6,822 | ||||||
| Noncurrent liabilities: |
||||||||
| Operating lease liabilities |
3,995 | 3,687 | ||||||
| Deferred revenue |
34,221 | 33,529 | ||||||
| Other noncurrent liabilities |
3,661 | 3,527 | ||||||
| Total noncurrent liabilities |
41,877 | 40,743 | ||||||
| Total liabilities |
49,229 | 47,565 | ||||||
| Commitments and contingencies |
||||||||
| Mezzanine equity |
||||||||
| Contingently redeemable noncontrolling interests |
11,074 | 11,474 | ||||||
| Shareholders' deficit | ||||||||
| Ordinary shares ($0.0001 par value; 500,000,000 shares authorized; 38,999,597 and 39,015,476 shares issued and outstanding as of December 31, 2022 and June 30, 2023, respectively) |
4 | 4 | ||||||
| Additional paid-in capital |
368,857 | 368,679 | ||||||
| Accumulated deficit |
(375,276 | ) | (387,996 | ) | ||||
| Accumulated other comprehensive income |
436 | 1,223 | ||||||
| Total BeyondSpring Inc.’s shareholders’ deficit |
(5,979 | ) | (18,090 | ) | ||||
| Noncontrolling interests |
(8,102 | ) | (8,071 | ) | ||||
| Total shareholders' deficit | (14,081 | ) | (26,161 | ) | ||||
| Total liabilities, mezzanine equity and shareholders' deficit |
46,222 | 32,878 | ||||||
BEYONDSPRING INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2023
(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)
| Six months ended June 30, |
||||||||
| 2022 |
2023 |
|||||||
| $ | $ | |||||||
| Revenue |
676 | 875 | ||||||
| Operating expenses |
||||||||
| Research and development |
(13,992 | ) | (9,214 | ) | ||||
| General and administrative |
(7,492 | ) | (5,145 | ) | ||||
| Loss from operations |
(20,808 | ) | (13,484 | ) | ||||
| Foreign exchange loss, net |
(350 | ) | (200 | ) | ||||
| Interest income |
41 | 281 | ||||||
| Interest expenses |
(17 | ) | - | |||||
| Other income, net |
1,259 | 133 | ||||||
| Loss before income tax |
(19,875 | ) | (13,270 | ) | ||||
| Income tax expenses (benefits) |
(289 | ) | 9 | |||||
| Net loss |
(20,164 | ) | (13,261 | ) | ||||
| Less: Net loss attributable to noncontrolling interests |
(1,675 | ) | (541 | ) | ||||
| Net loss attributable to BeyondSpring Inc. |
(18,489 | ) | (12,720 | ) | ||||
| Net loss per share |
||||||||
| Basic and diluted |
(0.47 | ) | (0.33 | ) | ||||
| Weighted-average shares outstanding |
||||||||
| Basic and diluted |
39,065,710 | 38,976,761 | ||||||
| Other comprehensive loss, net of tax of nil: |
||||||||
| Foreign currency translation adjustment |
949 | 1,249 | ||||||
| Unrealized holding gain (loss) |
30 | (5 | ) | |||||
| Comprehensive loss |
(19,185 | ) | (12,017 | ) | ||||
| Less: Comprehensive loss attributable to noncontrolling interests |
(1,336 | ) | (84 | ) | ||||
| Comprehensive loss attributable to BeyondSpring Inc. |
(17,849 | ) | (11,933 | ) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
BeyondSpring Inc. |
|
| By: |
/s/ Lan Huang | |
| Name: Lan Huang |
||
| Title: Chairperson and Chief Executive Officer |
||
Date: February 2, 2024
EXHIBIT INDEX
| Exhibit No. |
Exhibit |
| 101.INS |
Inline XBRL Instance Document |
| 101.SCH |
Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 104 |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |