Revenue: As of FY2025, the actual value is USD 0.

EPS: As of FY2025, the actual value is USD -0.02.

EBIT: As of FY2025, the actual value is USD -9.023 M.

Financial Performance of 万春药业 (BeyondSpring Inc.) (Continuing Operations)

• Revenue: 万春药业 (BeyondSpring Inc.) reported no revenue for both 2024 and 2025 .
• Research and Development (R&D) Expenses: R&D expenses increased to - $4.388 million in 2025 from - $2.644 million in 2024, driven by increased drug manufacturing, NSCLC data management, Plinabulin combination research, regulatory consulting, and personnel costs .
• General and Administrative (G&A) Expenses: G&A expenses decreased to - $4.557 million in 2025 from - $6.110 million in 2024, attributed to lower personnel costs, reduced consulting expenses, and lower corporate overhead .
• Net Loss: The net loss from continuing operations was - $8.715 million in 2025, compared to - $8.865 million in 2024 . The total net loss attributable to 万春药业 (BeyondSpring Inc.) significantly improved to - $1.006 million in 2025 from - $11.123 million in 2024 .
• Other Income/Loss: Foreign exchange gain, net, was $165 in 2025 compared to a loss of - $96 in 2024 . Interest income increased to $78 in 2025 from $59 in 2024, and other income, net, was $77 in 2025, up from $22 in 2024 .
• Net Earnings (Loss) Per Share (Continuing Operations): Basic and diluted loss per share from continuing operations was - $0.21 for both 2025 and 2024 .

Cash and Investments

• As of December 31, 2025, cash and cash equivalents were $7.786 million, and short-term investments were $4.775 million, totaling $12.561 million .

SEED Therapeutics (Discontinued Operations)

• Net Loss: The net loss from discontinued operations was - $5.502 million in 2025, an improvement from - $7.828 million in 2024 . This includes a gain on disposal of discontinued operations of $6.986 million in 2025, with no such gain reported in 2024 .
• Current Assets: Current assets of discontinued operations were $8.023 million as of December 31, 2025, a decrease from $25.347 million in 2024 .
• Financing: SEED Therapeutics completed a $30 million Series A-3 financing .
• Sale of Shares by 万春药业 (BeyondSpring Inc.): In January 2025, 万春药业 (BeyondSpring Inc.) agreed to sell a portion of its Series A-1 Preferred Shares of SEED for gross proceeds of approximately $35.4 million, with the first closing of approximately $7.35 million completed in February 2025 .
• Net Earnings (Loss) Per Share (Discontinued Operations): Basic and diluted earnings per share from discontinued operations was $0.19 in 2025, compared to a loss of - $0.07 in 2024 .

Operational Metrics

• Plinabulin Development: Plinabulin demonstrated a statistically significant overall survival benefit in the DUBLIN-3 Phase 3 study for EGFR wild-type NSCLC patients, with an OS hazard ratio (HR) of 0.72 (p=0.0078) and a median OS improvement of 2.5 months . The study also showed a favorable safety profile, reducing grade 4 neutropenia from over 30% to 5% (p<0.0001) . Over 700 patients have been treated with Plinabulin across clinical studies .
• Immunotherapy Resistance: Early clinical data suggest Plinabulin may restore sensitivity to checkpoint inhibitors, showing promising results in combination therapies, including a 24-month overall survival rate of 66% in one Phase 2 study and a DCR of 54% and ORR of 23% in a Phase 1 study .
• SEED Therapeutics Program (ST-01156): ST-01156 received U.S. FDA Orphan Drug and Rare Pediatric Disease Designations, achieved IND clearance in both the U.S. and China, and dosed its first patient in a Phase 1a study in January 2026 .

Outlook for 2026 and Beyond

万春药业 (BeyondSpring Inc.) plans to initiate the global Phase 3 DUBLIN-4 confirmatory study for Plinabulin in a biomarker-selected EGFR wild-type NSCLC patient population post immune checkpoint inhibitors . The company is focused on advancing this trial and will also support SEED’s Phase 1a clinical program for ST-01156 in solid tumors . The overarching goal is to create long-term value for shareholders .