BeyondSpring Inc. (BYSI), a clinical-stage biopharmaceutical company, reported a net loss from continuing operations of $8.7 million for the year ended December 31, 2025, compared to a net loss of $8.9 million in the previous year. The company's operations are primarily focused on developing innovative cancer therapies, with its lead asset, Plinabulin, undergoing clinical trials for various indications. As of December 31, 2025, BYSI's continuing operations held $7.8 million in cash and cash equivalents, and $4.8 million in short-term investments.
Research and development expenses increased to $4.4 million in 2025 from $2.6 million in 2024, driven by expanded drug manufacturing activities, increased data management efforts, and higher personnel costs. General and administrative expenses decreased to $4.6 million from $6.1 million, mainly due to lower personnel costs and decreased professional service expenses. The company's net loss from discontinued operations, primarily related to SEED Therapeutics, decreased to $5.5 million in 2025 from $7.8 million in 2024, with a gain on sale of subsidiary interests of $7.0 million.
Strategic developments for BYSI include ongoing clinical trials for Plinabulin in non-small cell lung cancer (NSCLC) and investigator-initiated studies in other cancers. The company is preparing to file a New Drug Application (NDA) with China's National Medical Products Administration (NMPA) for Plinabulin in NSCLC. BYSI is also planning a confirmatory global phase 3 study in second- and third-line non-squamous NSCLC with epidermal growth factor receptor (EGFR) wild type after progression on prior immune checkpoint inhibitors.
As of February 27, 2026, BYSI had 44 full-time employees, with 25 engaged in research and development and 19 in general and administrative functions. The company's strategy involves developing Plinabulin as a potential "pipeline in a drug" and partnering with global pharmaceutical companies for further development and commercialization. BYSI is also focused on maximizing the value of SEED Therapeutics' targeted protein degradation (TPD) technology platform. The company anticipates that its current financial resources will be sufficient to meet its operational expenses and capital expenditures in the next 12 months, but will need to raise additional financing to fund its future operations.
About BeyondSpring Inc.
BeyondSpring Inc. is a clinical-stage global biopharmaceutical company developing innovative cancer therapies, primarily focused on Plinabulin, a novel small molecule with immunomodulating and anti-cancer properties. Plinabulin targets advanced non-small cell lung cancer and chemotherapy-induced neutropenia, enhancing immune response and safety. BeyondSpring also advances small molecule immuno-oncology agents and holds a stake in SEED Therapeutics, which develops targeted protein degradation drugs for oncology and CNS diseases.
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