BeyondSpring (BYSI) Q4 2025 earnings summary

Executive summary

• Advanced Plinabulin program with Phase 3 DUBLIN-3 showing significant overall survival benefit in EGFR wild-type NSCLC post first-line therapy; results published in The Lancet Respiratory Medicine.

• Confirmatory global Phase 3 DUBLIN-4 trial planned for EGFR wild-type NSCLC patients progressed on immune checkpoint inhibitors.

• Early clinical data suggest Plinabulin may restore sensitivity to checkpoint inhibitors, addressing a major unmet need in oncology.

• SEED Therapeutics initiated first clinical trial for ST-01156, a novel RBM39 degrader, and received key regulatory designations.

• Strengthened financial position with $30 million Series A-3 financing and partial sale of SEED equity for $35.4 million.

Financial highlights

• R&D expenses increased to $4.4 million in 2025 from $2.6 million in 2024, reflecting higher drug manufacturing and clinical activity.

• G&A expenses decreased to $4.6 million from $6.1 million, due to lower personnel and consulting costs.

• Net loss from continuing operations was $8.7 million, slightly improved from $8.9 million in 2024.

• Cash, cash equivalents, and short-term investments totaled $12.6 million at year-end 2025.

• Net loss from discontinued operations was $5.5 million, improved from $7.8 million in 2024.

Outlook and guidance

• Focus for 2026 is on advancing DUBLIN-4 confirmatory trial for Plinabulin and supporting SEED's Phase 1a program for ST-01156.

• Positioned for long-term value creation with a solid clinical and regulatory foundation.