BeyondSpring Inc. Annual Report - How They Did This Year

I’m putting together a plain-English guide to help you understand how BeyondSpring Inc. performed this year. My goal is to break down their financial filings so you can decide if this company fits your investment strategy.

1. What does this company do?

BeyondSpring is a biotech company developing new cancer treatments. Because they are still in the testing phase, they do not yet make money from selling products. Their main project is Plinabulin, a drug designed to prevent chemotherapy side effects and fight cancer. They also run a subsidiary called SEED Therapeutics. This team uses "molecular glue" technology to target proteins that were previously considered impossible to treat, expanding their work beyond traditional cancer care.

2. Financial performance and health

The company is spending heavily to grow, which leads to significant losses. As of December 31, 2025, the total value of stock held by outside investors was about $69.7 million. For the 2025 fiscal year, the company lost $35.4 million, with $24.8 million going directly toward research and development. With $12.2 million in cash left at year-end, the company relies on selling more shares or receiving payments from business partners to fund ongoing operations.

3. Major wins and challenges

• The Pipeline: In January 2026, SEED Therapeutics began its first human clinical trials for a new drug, a major step in proving their technology works.
• Partnerships: The company uses partnerships to bring in capital without selling more shares. They have a deal with Eli Lilly worth up to $780 million in potential milestone payments and work with Eisai to utilize their proprietary technology. These deals provide both cash and industry credibility.
• The Hurdle: The company is currently working to resolve a 2021 FDA rejection for Plinabulin by providing additional data to prove the drug's efficacy.

4. Key risks

Investing in BeyondSpring carries high risks tied to clinical and regulatory outcomes:

• Clinical Trial Success: The company’s value is heavily dependent on trial results. If a trial fails to meet its goals, the company’s valuation will likely drop significantly.
• Regulatory Hurdles: BeyondSpring must satisfy both U.S. and Chinese regulators. Any further delays or setbacks could prevent the commercialization of Plinabulin.
• Financial Dependency: With limited cash on hand and high annual research costs, the company will likely need to raise more capital. This often involves issuing more shares, which can dilute your ownership percentage and impact the value of your current holdings.

5. Future outlook

BeyondSpring enters 2026 focused on advancing its SEED pipeline and resolving regulatory issues for Plinabulin. By sharing development costs with partners like Eli Lilly and Eisai, they aim to preserve cash while maintaining the potential for future milestone payouts.

Decision Checklist:

• Watch the Cash: Keep a close eye on their quarterly cash levels; the need for more funding will likely pressure the stock price.
• Monitor Clinical Milestones: Look for updates on the SEED Therapeutics trials and any new data submissions for Plinabulin.
• Assess Your Risk Tolerance: This is a high-risk, high-reward biotech play. Ensure your portfolio can handle the volatility associated with clinical-stage companies that do not yet have a steady stream of product revenue.