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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 12, 2025
_______________________________
BeyondSpring Inc.
(Exact name of registrant as specified in its charter)
_______________________________
| Cayman Islands | 001-38024 | Not Applicable |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (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)
+1 (646) 305-6387
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
_______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
On May 12, 2025, BeyondSpring Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information provided in this Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
(d) Exhibits.
| Exhibit No. | Exhibit | |
| 99.1 | Press release, dated May 12, 2025. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
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 hereunto duly authorized.
| BeyondSpring Inc. | ||
| Date: May 12, 2025 | By: | /s/ Lan Huang |
| Lan Huang | ||
| Chairperson and Chief Executive Officer | ||
EXHIBIT 99.1
BeyondSpring Reports First‑Quarter 2025 Financial Results and Provides Corporate Update
FLORHAM PARK, N.J., May 12, 2025 (GLOBE NEWSWIRE) -- BeyondSpring Inc. (NASDAQ: BYSI), a clinical‑stage global biopharmaceutical company focused on developing cancer therapeutics, today announced its unaudited financial results for the quarter ended March 31, 2025, and provided a corporate update.
“Plinabulin has now been administered to more than 700 patients with a favorable safety profile. By promoting dendritic‑cell maturation, it offers a potential option for the approximately 60 percent of cancer patients who progress on PD‑1/L1 inhibitors,” said Dr. Lan Huang, Co‑Founder, Chair, and Chief Executive Officer of BeyondSpring. “Early readouts in metastatic NSCLC and Hodgkin lymphoma who failed PD-1/L1 inhibitors showed durable responses that deserve further evaluation.”
Dr. Huang added, “Within SEED, our RBM39 molecular‑glue degrader achieved complete tumor regression in mechanism-targeted Ewing sarcoma models and is on track for an IND submission mid‑year. We are also pursuing additional mechanism-targeted larger indications including liver cancer and KRAS‑mutant tumors with leading centers including Dana‑Farber, Memorial Sloan Kettering, and MD Anderson.”
Recent Highlights
Plinabulin Clinical Presentations
SEED Therapeutics Program
Corporate and Financial
As a result of BeyondSpring entering into definitive agreements to sell a portion of its Series A-1 Preferred Shares of SEED in January 2025, SEED’s operations met the criteria as discontinued operations under ASC 205-20 for financial reporting purposes. SEED’s financials results are now presented as “discontinued operations” under U.S. GAAP. SEED continues to operate independently. BeyondSpring currently owns approximately 40% of the outstanding equity interest in SEED.
Selected Unaudited Financial Data
| Q1 2025 |
Q1 2024 |
Change (%) | ||||
| R&D expense from continuing operations ($ 000s) | 874 | 721 | 21 | % | ||
| G&A expense from continuing operations ($ 000s) | 1,736 | 1,334 | 30 | % | ||
| Net loss from continuing operations ($ 000s) | 2,584 | 2,080 | 24 | % | ||
About BeyondSpring
BeyondSpring (NASDAQ: BYSI) is a clinical-stage biopharmaceutical company developing first-in-class therapies for high unmet medical needs. Its lead asset, Plinabulin, is in late-stage clinical development as an anti-cancer agent in NSCLC and a range of cancer indications. Plinabulin’s novel mechanism of action as a dendritic cell maturation agent supports both anti-cancer activity and immune modulation, offering a unique approach to resensitizing tumors to checkpoint inhibitors. Learn more at beyondspringpharma.com.
About SEED Therapeutics
SEED Therapeutics is a biotechnology company pioneering targeted protein degradation (TPD) through the discovery of novel molecular glues and bifunctional degraders. Powered by its proprietary RITE3™ platform, SEED is advancing a pipeline of first-in-class degraders to address traditionally undruggable targets across oncology, neurodegeneration, immunology, and virology. SEED’s strategic collaborations with Eli Lilly and Company and Eisai Co., Ltd. support its mission to develop transformational therapies, with its lead RBM39 degrader program expected to enter clinical trials in 2025. Learn more at seedtherapeutics.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements that are not historical facts. Words such as “will,” “expect,” “anticipate,” “plan,” “believe,” “design,” “may,” “future,” “estimate,” “predict,” “objective,” “goal,” or variations thereof and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are based on BeyondSpring’s current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties, and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to, difficulties raising the anticipated amount needed to finance the Company’s future operations on terms acceptable to the Company, if at all, unexpected results of clinical trials, delays or denial in regulatory approval process, results that do not meet the Company’s expectations regarding the potential safety, the ultimate efficacy or clinical utility of the Company’s product candidates, increased competition in the market, the Company’s ability to meet Nasdaq’s continued listing requirements, and other risks described in BeyondSpring’s most recent Form 10-K on file with the U.S. Securities and Exchange Commission. All forward-looking statements made herein speak only as of the date of this release and BeyondSpring undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.
Contacts
Investor Relations: ir@beyondspring.com
Media: pr@beyondspringpharma.com
Financial Tables to Follow
| 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, 2024 | March 31, 2025 | ||||
| $ | $ | ||||
| (Unaudited) | |||||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | 2,922 | 6,527 | |||
| Short-term investments | - | 2,000 | |||
| Advances to suppliers | 240 | 284 | |||
| Prepaid expenses and other current assets | 68 | 90 | |||
| Current assets of discontinued operations | 25,347 | 22,625 | |||
| Total current assets | 28,577 | 31,526 | |||
| Noncurrent assets: | |||||
| Property and equipment, net | 239 | 221 | |||
| Operating right-of-use assets | 513 | 492 | |||
| Other noncurrent assets | 213 | 215 | |||
| Noncurrent assets of discontinued operations | 4,773 | 4,650 | |||
| Total noncurrent assets | 5,738 | 5,578 | |||
| Total assets | 34,315 | 37,104 | |||
| Liabilities and equity | |||||
| Current liabilities: | |||||
| Accounts payable | 295 | 358 | |||
| Accrued expenses | 840 | 909 | |||
| Current portion of operating lease liabilities | 282 | 301 | |||
| Other current liabilities | 780 | 1,364 | |||
| Current liabilities of discontinued operations | 8,813 | 9,733 | |||
| Total current liabilities | 11,010 | 12,665 | |||
| Noncurrent liabilities: | |||||
| Operating lease liabilities | 307 | 246 | |||
| Deferred revenue | 27,400 | 27,561 | |||
| Other noncurrent liabilities | 3,686 | 3,706 | |||
| Noncurrent liabilities of discontinued operations | 6,197 | 5,593 | |||
| Total noncurrent liabilities | 37,590 | 37,106 | |||
| Total liabilities | 48,600 | 49,771 | |||
| Commitments and contingencies | |||||
| Shareholders’ deficit | |||||
| Ordinary shares ($0.0001 par value; 500,000,000 shares authorized; 40,316,320 shares issued and outstanding as of December 31, 2024 and March 31, 2025) | 4 | 4 | |||
| Additional paid-in capital | 373,185 | 373,396 | |||
| Accumulated deficit | (407,425 | ) | (402,948 | ) | |
| Accumulated other comprehensive income | 1,336 | 1,239 | |||
| Total BeyondSpring Inc.’s shareholders’ deficit | (32,900 | ) | (28,309 | ) | |
| Noncontrolling interests | 18,615 | 15,642 | |||
| Total shareholders’ deficit | (14,285 | ) | (12,667 | ) | |
| Total liabilities and shareholders’ deficit | 34,315 | 37,104 | |||
| BEYONDSPRING INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data) (Unaudited) | |||||
| Three months ended March 31, |
|||||
| 2024 | 2025 | ||||
| $ | $ | ||||
| Revenue | - | - | |||
| Operating expenses | |||||
| Research and development | (721 | ) | (874 | ) | |
| General and administrative | (1,334 | ) | (1,736 | ) | |
| Loss from operations | (2,055 | ) | (2,610 | ) | |
| Foreign exchange gain (loss), net | (61 | ) | 29 | ||
| Interest income | 29 | 17 | |||
| Other income, net | 7 | - | |||
| Loss before income tax | (2,080 | ) | (2,564 | ) | |
| Income tax expenses | - | (20 | ) | ||
| Net loss from continuing operations | (2,080 | ) | (2,584 | ) | |
| Discontinued operations | |||||
| Loss from discontinued operations | (1,208 | ) | (3,232 | ) | |
| Gain on sale of subsidiary interests | - | 6,986 | |||
| Income tax expenses | - | - | |||
| Net income (loss) from discontinued operations | (1,208 | ) | 3,754 | ||
| Net income (loss) | (3,288 | ) | 1,170 | ||
| Less: Net loss attributable to noncontrolling interests from continuing operations | (57 | ) | (75 | ) | |
| Less: Net loss attributable to noncontrolling interests from discontinued operations | - | (3,232 | ) | ||
| Net income (loss) attributable to BeyondSpring Inc. | (3,231 | ) | 4,477 | ||
| Earnings (loss) per share, basic and diluted | |||||
| Continuing operations | (0.05 | ) | (0.06 | ) | |
| Discontinued operations | (0.03 | ) | 0.17 | ||
| Basic and diluted earnings (loss) per share | (0.08 | ) | 0.11 | ||
| Weighted-average shares outstanding | |||||
| Basic and diluted | 39,029,163 | 40,316,320 | |||
| Other comprehensive loss, net of tax of nil: | |||||
| Foreign currency translation adjustment gain (loss) from continuing operations | 422 | (151 | ) | ||
| Foreign currency translation adjustment loss from discontinued operations | (8 | ) | (7 | ) | |
| Comprehensive income (loss) | (2,874 | ) | 1,012 | ||
| Less: Comprehensive income (loss) attributable to noncontrolling interests from continuing operations | 96 | (130 | ) | ||
| Less: Comprehensive loss attributable to noncontrolling interests from discontinued operations | - | (3,238 | ) | ||
| Comprehensive income (loss) attributable to BeyondSpring Inc. | (2,970 | ) | 4,380 | ||