BeyondSpring Inc.

Company overview

• Clinical-stage global biopharmaceutical company developing cancer therapies and related biotherapeutics.
• Lead asset: Plinabulin — a first-in-class, brain-penetrant microtubule modulator (a SIMBA) that matures dendritic cells and modulates tumor vasculature, intended to address acquired resistance to immune checkpoint inhibitors.
• Portfolio also includes three early-stage small-molecule immune agents and an equity stake in SEED Therapeutics Inc. (SEED), which is developing Targeted Protein Degradation (TPD) therapies via a molecular glue platform.
• Corporate structure: Incorporated in the Cayman Islands; principal U.S. subsidiary is BeyondSpring Inc.; internal reorganization completed in 2015.
• Headquarters and offices: Principal executive offices in Florham Park, New Jersey; additional offices in Beijing and Dalian, China. SEED has offices in Pennsylvania.

Core assets and programs

Plinabulin

• Mechanism: Depolymerizes microtubules, triggering GEF-H1 signaling that promotes dendritic cell maturation and T-cell activation, and modulates tumor vasculature.
• Clinical and safety applications: Investigated as an anti-cancer agent and for prevention of chemotherapy-induced neutropenia (CIN) when used in combination regimens.
• Clinical highlights:
  • NSCLC (EGFR wild type): Phase 3 DUBLIN-3 showed an overall survival benefit and reduced grade 4 neutropenia when Plinabulin was combined with docetaxel versus docetaxel alone. Results published in Lancet Respiratory Medicine (Sept 2024). OS HR 0.82 (ITT; 2-year/3-year OS benefits); PFS HR 0.79. Stronger OS benefit in the mechanism-targeted non-squamous subset (OS HR 0.72, p = 0.0078). Cycle 1 Day 8 grade 4 neutropenia showed an 82% relative reduction.
  • CIN prevention (with G-CSF): PROTECTIVE-2 Phase 3 (Plinabulin + pegfilgrastim vs pegfilgrastim alone) met the primary endpoint for prevention of grade 4 neutropenia: 31.5% vs 13.6% (p = 0.0015). Secondary endpoints (ANC nadir, duration of severe neutropenia, etc.) favored the combination.
  • Additional support from PROTECTIVE-1, earlier Phase 1/2 studies, and other Phase 2/3 trials.
• Regulatory status and strategy:
  • FDA issued a Complete Response Letter in November 2021 for the CIN indication; NMPA CIN NDA was withdrawn in China in March 2023.
  • The company continues clinical development of Plinabulin for NSCLC second/third line and combination regimens with immuno-oncology agents, radiation, and chemotherapy, while pursuing regulatory pathways as data mature.

SEED Therapeutics (TPD / molecular glue)

• Platform: Targeted protein degradation using molecular glue concepts to recruit E3 ligases to disease-causing proteins.
• Lead asset: ST-01156, a brain-penetrant RBM39 degrader that entered Phase 1 in January 2026. ST-01156 received FDA Orphan Drug and Rare Pediatric Disease designations for Ewing sarcoma. INDs were cleared by the FDA (Aug 2025) and NMPA (Nov 2025).
• Collaborations:
  • Eli Lilly: Discovery and development collaboration with potential milestones up to ~$780 million plus royalties. Lilly provided a $10 million upfront payment to SEED; additional milestone payments are contingent on development progress.
  • Eisai: Strategic research collaboration announced Aug 2024 for molecular glue degraders. Eisai holds exclusive development and commercialization rights under the agreement, with potential payments up to $1.5 billion plus royalties.
• BeyondSpring’s position: An overseas-backed investor in SEED. BYSI Entities hold equity through initial and subsequent financings; SEED’s Series A-3 financing included major third-party investors such as Eisai.

Other product candidates and programs

• BPI-002: Oral small molecule to increase T-cell co-stimulation; preclinical with IND-enabling studies initiated.
• BPI-003: IKK inhibitor candidate with preclinical activity in pancreatic cancer models.
• BPI-004: Small molecule designed to induce neo-antigen production to enable PD-1 inhibitor responsiveness; preclinical.
• Investigator-initiated studies: Multiple IITs evaluating Plinabulin with various immuno-oncology agents, chemotherapy, and radiation across several cancer types (including an MD Anderson IIT covering eight cancers).

Commercialization and strategic development

• Greater China: Exclusive commercialization and co-development agreement with Jiangsu Hengrui Pharmaceutical Co., Ltd. (Hengrui) for Plinabulin in Mainland China, Hong Kong, Macau, and Taiwan (signed Aug 2021). Wanchunbulin (the Chinese subsidiary) retains manufacturing rights and will receive net sales proceeds. Hengrui paid an upfront RMB 200 million (~$28.6 million) with potential milestones up to RMB 1.1 billion (~$157.3 million). Hengrui funds 50% of clinical development costs for additional indications in Greater China.
• U.S. and rest of world: The company seeks co-development and commercialization partners to maximize Plinabulin’s potential across indications and geographies. Manufacturing is outsourced to contract manufacturers; there is single-supplier dependence for Kolliphor HS15 (BASF) and potential need to reformulate if supply is disrupted.
• SEED role: SEED’s TPD platform and collaborations with Lilly and Eisai provide an additional growth vector and a pipeline of programs independent of Plinabulin.

Intellectual property

• As of December 31, 2025, BeyondSpring owned or co-owned 183 patents across 35 jurisdictions, including 26 issued U.S. patents and 13 U.S. non-provisional applications. Two pending PCT applications; China holdings include 10 CNIPA invention patents granted and 18 invention patents pending.
• Patent expiry dates range roughly from 2033 to 2042, subject to extensions.
• Coverage includes Plinabulin forms, compositions, analogs, and uses (including docetaxel-related CIN reduction and PD-1/PD-L1 combinations), plus claims related to combination therapies and PCT-derived material.

Financial position and key metrics (per the Form 10-K)

• Revenue and income:
  • No product sales revenue to date.
  • Net loss: $14.2 million for 2025; $16.7 million for 2024.
  • Accumulated deficit: $408.4 million as of December 31, 2025; $407.4 million as of December 31, 2024.
  • Net cash used in operating activities: $19.8 million in 2025; $16.4 million in 2024.
• Financing and capital structure:
  • Equity financing raised to date: approximately $301.0 million.
  • Noncontrolling interests recorded: $10.2 million.
  • SEED-related financings:
    • SEED Series A-1 and A-2 included BYSI Entities and Eli Lilly purchases of $3.0 million and $5.0 million per tranche, respectively, with milestone-driven follow-ons in 2022.
    • SEED Series A-3: first close Aug 2024 for $24.0 million; second close Sept 2025 for $6.0 million.
    • January 2025 definitive agreements to sell a portion of SEED’s Series A-1 Preferred Shares for $35.4 million; first closing ~ $7.35 million (Feb 2025); second closing ~ $13.19 million expected in 2026; third closing ~ $14.88 million by Dec 15, 2026.
  • Other financings and debt:
    • Approximately $2.1 million in bank loans (some forgiven/repaid); $2.5 million in third-party loans (some converted to equity); $14.4 million in shareholder loans (some repaid; $8.4 million assumed by Wanchun Biotech in 2015).
    • Hengrui upfront: RMB 200 million (~$28.6 million) plus potential development milestones up to RMB 1.1 billion (~$157.3 million).
    • Eli Lilly: $10.0 million upfront to SEED and milestone receipts to SEED of at least $3.0 million during preclinical development.
• Discontinued operations:
  • SEED’s operations are reported as discontinued operations under ASC 205-20 to reflect divestiture and partial disposition dynamics described in the consolidated financial statements.

People and geographic footprint

• Employees: 44 full-time employees as of February 27, 2026. SEED accounts for 34 of those 44.
• Geographic distribution: 28 employees in the United States; 16 in China.
• Function split: Approximately 25 in R&D/lab-related roles and 19 in general administrative roles.
• Offices: U.S. headquarters in Florham Park, New Jersey; China offices in Beijing and Dalian. SEED maintains offices in Pennsylvania.

Summary of activities

• Dual-track clinical-stage biopharma:
  • Develop Plinabulin for oncology indications, including second/third-line NSCLC with EGFR wild type and CIN prevention, supported by in-house R&D, investigator-initiated studies, and CRO-driven trials.
  • Invest in SEED Therapeutics to develop molecular glue/TPD degraders, with collaborations designed to validate the platform and generate a separate pipeline (including ST-01156, which entered clinical development in 2026).
• Strategic position: A pipeline-centered approach built around Plinabulin, an extensive IP portfolio, multi-country development and co-development agreements, and a complementary growth pathway through SEED’s partnerships and equity investments.
• Financial posture: Ongoing R&D investment with no product revenue to date, supported by multi-source financing (equity, debt, and strategic collaboration upfronts and milestones from Hengrui, Eli Lilly, and Eisai).