BeyondSpring (BYSI) Q3 2025 earnings summary

Executive summary

• Plinabulin, a first-in-class cancer therapy, demonstrated an 85% disease control rate in metastatic NSCLC patients post PD-1/L1 inhibitors, with a median PFS of 7.0 months and a 12-month OS rate of 79% in Phase 2, and is advancing in multiple late-stage and investigator-initiated studies, with a pipeline of preclinical immune agents.

• Completed a strategic divestiture of SEED Therapeutics, reclassifying its operations as discontinued and recording a $7.0 million gain on sale of subsidiary interests; BeyondSpring’s ownership in SEED to decrease to approximately 13.62% by end of 2026.

• SEED, with a 38% equity share, completed $30 million Series A-3 financing, received IND clearance for its RBM39 degrader program from US FDA and China NMPA, and was named a finalist for the 2025 Prix Galien USA “Best Start-Up” Award.

• No product sales revenue; collaboration revenue from Eli Lilly through SEED, with deferred revenue from Hengrui collaboration.

Financial highlights

• Net loss from continuing operations was $1.7 million for Q3 2025, down from $2.2 million in Q3 2024; net loss for nine months was $6.2 million, down from $6.9 million year-over-year.

• Consolidated net loss for Q3 2025 was $4.9 million, and $8.4 million for the nine months, both improved from prior year periods.

• Cash and cash equivalents at September 30, 2025 were $12.5 million, up from $2.9 million at December 31, 2024, with no outstanding debt.

• R&D expenses for Q3 2025 were $1.0 million, up from $0.6 million in Q3 2024; G&A expenses for Q3 2025 were $0.8 million, down from $1.7 million in Q3 2024.

• Accumulated deficit decreased to $406.3 million from $407.4 million at year-end 2024.

Outlook and guidance

• Expects continued significant R&D and operating losses as clinical programs advance; current resources expected to fund operations for at least 12 months.

• Additional capital will be needed for future operations, with ongoing evaluation of financing, licensing, and partnership options.

• Plinabulin continues to show promise as an immune-modulating therapy for NSCLC and other cancers, with ongoing late-stage clinical development.

• SEED’s RBM39 degrader is entering clinical development for Ewing sarcoma and other RBM39-dependent cancers.