BeyondSpring (BYSI) Q2 2025 earnings summary

Executive summary

• Advanced Plinabulin clinical program with positive ASCO 2025 data in NSCLC, showing improved survival and response rates; ongoing studies in other cancers.

• Published mechanistic data with MD Anderson on Plinabulin's immune activation and potential biomarker for response.

• Completed first closing of SEED divestiture, shifting resources to core oncology pipeline; SEED now classified as discontinued operations.

• SEED's RBM39 degrader ST-01156 cleared FDA IND, progressing to Phase 1 trials for aggressive cancers.

• Strengthened leadership with appointment of Dr. Bill Desmarais as CFO and CBO at SEED Therapeutics.

Financial highlights

• Net loss for Q2 2025 was $4.6M, compared to $4.1M in Q2 2024; net loss for six months ended June 30, 2025 was $3.5M, down from $7.4M year-over-year.

• R&D expenses rose 21% year-over-year to $1.0M for Q2 2025; G&A expenses fell 48% to $0.9M.

• Cash and cash equivalents at June 30, 2025 were $9.5M, up from $2.9M at December 31, 2024.

• Gain on sale of SEED subsidiary interests in Q1 2025 was $7.0M, recognized in discontinued operations.

• Discontinued operations posted a net loss of $2.8M in Q2 2025 versus $1.4M in Q2 2024.

Outlook and guidance

• Expects continued operating losses and significant R&D expenses as clinical programs advance.

• Current cash expected to fund operations for at least 12 months; additional capital will be needed for long-term plans.

• Plans to file NDA for Plinabulin in China and seek global partnerships for commercialization.

• Anticipates further clinical milestones for Plinabulin and SEED's ST-01156 in coming quarters.