BeyondSpring Inc., a clinical stage biopharmaceutical company, together with its subsidiaries, focuses on the development of cancer therapies. The company's lead asset is the Plinabulin, a selective immune-modulating microtubule-binding agent that has completed Phase III clinical trials for the prevention of chemotherapy-induced neutropenia; and for treatment of later-stage non-small cell lung cancer. It is also developing Plinabulin in combination with various immuno-oncology agents, including
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q3 | 0.1 | -5.5 | -- | -4.8 | -- | -5.0 | -0.0 | -30.7 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 0.1 | -5.5 | -- | -4.8 | -- | -5.0 | -0.0 | -25.7 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 0.1 | -5.5 | -- | -4.8 | -- | -5.0 | -0.0 | -20.7 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 0.1 | -5.2 | -- | -4.5 | -- | -4.7 | -0.0 | -15.7 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 0.1 | -5.5 | -- | -4.8 | -- | -5.0 | -0.0 | -11.0 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 0.1 | -5.0 | -- | -4.2 | -- | -4.6 | -0.0 | -6.0 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 0.1 | -5.2 | -- | -4.5 | -- | -4.8 | -0.0 | -1.4 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 0.0 | -2.2 | -2.2 | -2.2 | -3.3 | -3.3 | -0.0 | 7.9 | 0.3 | 41.1 | <-999% | -- | -- |
| Est | 2025-Q4 | 0.1 | -5.0 | -- | -4.0 | -- | -4.5 | -0.0 | 3.4 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 0.0 | -2.6 | -2.6 | -2.1 | -5.7 | -5.7 | -0.0 | 12.6 | 0.3 | 40.4 | <-999% | -- | -- |
| Act | 2025-Q3 | 0.0 | -1.7 | -1.8 | -1.5 | -4.3 | -4.3 | -0.0 | 12.6 | 0.4 | 40.3 | -504.1% | -- | -- |
| Act | 2025-Q2 | 0.0 | -1.9 | -2.0 | -1.8 | -5.9 | -5.9 | -0.0 | 9.5 | 0.5 | 40.3 | -252.3% | -- | -- |
| Act | 2025-Q1 | 0.0 | -2.5 | -2.6 | 4.5 | -4.5 | -4.5 | -0.1 | 8.5 | 0.6 | 40.3 | -203.2% | -- | -- |
| Act | 2024-Q4 | 0.0 | -1.7 | -1.7 | -1.7 | 0.0 | 0.0 | -0.0 | 2.9 | 0.6 | 39.7 | <-999% | -- | -- |
| Act | 2024-Q3 | -1.0 | 0.5 | 0.4 | -2.1 | 0.0 | 0.0 | -0.0 | 2.9 | 0.6 | 39.7 | 249.9% | -- | -- |
| Act | 2024-Q2 | 0.5 | -3.6 | -3.7 | -3.6 | 0.0 | 0.0 | -0.0 | 14.4 | 3.7 | 39.1 | -402.7% | -- | -- |
| Act | 2024-Q1 | 0.5 | -3.6 | -3.7 | -3.6 | 0.0 | 0.0 | -0.0 | 14.4 | 3.7 | 39.1 | -402.7% | -- | -- |
| Act | 2023-Q4 | 0.4 | -4.7 | -4.8 | -4.2 | 0.0 | 0.0 | -0.0 | 5.4 | 0.9 | 39.0 | <-999% | -- | -- |
| Act | 2023-Q3 | 0.4 | -4.8 | -4.8 | -4.2 | 0.0 | 0.0 | -0.0 | 5.4 | 0.9 | 39.0 | <-999% | -- | -- |
| Act | 2023-Q2 | 0.4 | -6.7 | -6.7 | -6.4 | 0.0 | 0.0 | -0.0 | 15.4 | 4.5 | 39.0 | -602.8% | -- | -- |
| Act | 2023-Q1 | 0.4 | -6.7 | -6.7 | -6.4 | 0.0 | 0.0 | -0.0 | 15.4 | 4.5 | 39.0 | -602.8% | -- | -- |
| Act | 2022-Q4 | 0.3 | -8.2 | -8.2 | -7.4 | 0.8 | 3.7 | -2.8 | 37.3 | 5.0 | 39.1 | -657.3% | -- | -- |
| Act | 2022-Q3 | 0.3 | -8.2 | -8.2 | -7.4 | 0.0 | 0.0 | -0.0 | 37.3 | 5.0 | 39.1 | -657.3% | -- | -- |
| Act | 2022-Q2 | 0.3 | -10.4 | -10.4 | -9.2 | 0.0 | 0.0 | -0.0 | 51.9 | 5.3 | 39.1 | -528.4% | -- | -- |
| Act | 2022-Q1 | 0.3 | -10.4 | -10.4 | -9.2 | 0.0 | 0.0 | -0.0 | 51.9 | 5.3 | 39.1 | -525.7% | -- | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 1.88 | — | -2748.7% | -37 | n/m | 1.2× | n/m | 27.3× |
| 2023 | 0.90 | +29.6% | -1305.8% | -23 | n/m | — | n/m | 17.8× |
| 2024 | 1.63 | -100.0% | — | -8 | n/m | — | n/m | — |
| 2025 | 1.63 | — | — | -9 | n/m | n/m | n/m | — |
| TTM | 1.68 | -100.0% | — | -8 | 0.0× | 0.0× | 0.0× | — |
| 2026E | 1.68 | — | -52.3% | -0 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
BeyondSpring is a deeply distressed clinical-stage biotech that has no meaningful revenue, a shareholders' deficit, and is literally selling off its most promising subsidiary (SEED Therapeutics) piece by piece to fund quarterly burn. The Plinabulin Asian Phase 3 subset data is encouraging but insufficient for FDA registration without the global dataset, and the company received a CRL in 2021. With ~10 months of cash runway, the company faces a near-certain dilutive raise or further asset liquidation. The ~$60M market cap is speculative option value on Plinabulin, but the probability-weighted outcome is heavily skewed toward further dilution or insolvency. The SEED stake (~38%) has real value given the $30M Series A-3, but monetizing it further reduces BYSI's future upside. Insider net selling and founder control compound governance concerns. This is a deteriorating situation masquerading as a turnaround story.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $2.50 | --/$0.05 | 52 | --/$1.50 | 2 |
| $5.00 | --/$0.10 | 4 | $1.10/$5.00 | 0 |
| $7.50 | --/$4.40 | 4 | $3.60/$7.50 | 0 |
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are roughly balanced — bought 0.7% of float, sold 0.9%.
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Decheng Capital LLC | $6.2M | $0.90 | +$0 | −$1.8M | -2.0% | $661M |
| BlackRock, Inc.Passive | $1.1M | $2.29 | −$34K | +$704K | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $997K | $1.64 | +$997K | +$997K | — | $4.04T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $616K | $2.15 | +$11K | +$576K | +2.3% | $1.61T |
| STATE STREET CORPPassive | $379K | $1.76 | +$0 | +$379K | -0.2% | $2.89T |
| VANGUARD FIDUCIARY TRUST COPassive | $295K | $1.64 | +$295K | +$295K | — | $395.83B |
| NORTHERN TRUST CORPPassive | $114K | $1.73 | +$0 | +$86K | -0.2% | $755.34B |
| TANAKA CAPITAL MANAGEMENT INC | $43K | $2.20 | +$0 | +$0 | +2.4% | $57.1M |
| Meridian Wealth Management, LLC | $25K | $1.64 | +$25K | +$25K | +0.4% | $2.81B |
| RENAISSANCE TECHNOLOGIES LLC | $18K | $2.01 | +$0 | −$0 | +1.2% | $63.91B |
| Vanguard Global Advisers, LLCPassive | $8K | $1.64 | +$8K | +$8K | — | $186.48B |
| MORGAN STANLEY | $7K | $2.19 | −$0 | −$6K | -0.3% | $1.65T |
| NATIONAL BANK OF CANADA /FI/ | $5K | $2.20 | +$0 | +$0 | -0.6% | $97.70B |
| Trifecta Capital Advisors, LLC | $2K | $1.44 | +$0 | +$0 | +0.6% | $646M |
| UBS Group AG | $2K | $1.92 | −$2K | −$65K | -0.3% | $562.11B |
| Tower Research Capital LLC (TRC)MM | $2K | $1.40 | +$1K | +$2K | -0.6% | $3.84B |
| SIMPLEX TRADING, LLC | $1K | $2.20 | −$0 | +$1K | +2.5% | $3.23B |
| JPMORGAN CHASE & CO | $0 | $2.17 | +$0 | −$0 | -0.2% | $1.47T |
| SBI Securities Co., Ltd. | $0 | $1.63 | +$0 | +$0 | +0.9% | $3.62B |
| BNP PARIBAS FINANCIAL MARKETS | $0 | $1.56 | +$0 | +$0 | -0.2% | $149.31B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 94.7%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2025 Q2 | 0M | 0M | -12M | $-0.29 | $-0.29 – $-0.29 | 1 |
| 2025 Q3 | 0M | 0M | -23M | $-0.57 | $-0.57 – $-0.57 | 1 |
| 2025 Q4 | 0M | 0M | -22M | $-0.54 | $-0.54 – $-0.54 | 1 |
| 2026 Q1 | 9M | 2M | -22M | $-0.54 | $-0.54 – $-0.54 | 1 |
| 2026 Q2 | 9M | 2M | -22M | $-0.54 | $-0.54 – $-0.54 | 1 |
| 2026 Q3 | 9M | 2M | -20M | $-0.48 | $-0.48 – $-0.48 | 1 |
| 2026 Q4 | 0M | 0M | -24M | $-0.58 | $-0.58 – $-0.58 | 1 |
| 2027 Q1 | 0M | 0M | -12M | $-0.29 | $-0.29 – $-0.29 | 1 |
| 2027 Q2 | 0M | 0M | -24M | $-0.58 | $-0.58 – $-0.58 | 1 |
| 2027 Q3 | 0M | 0M | -12M | $-0.29 | $-0.29 – $-0.29 | 1 |
Corporate
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-10-17 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 45,513 | $1.76 | $80K | $2.67M |
| 2025-10-16 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 85,798 | $1.72 | $148K | $2.69M |
| 2025-10-15 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 17,960 | $1.65 | $30K | $2.72M |
| 2025-10-14 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 28,495 | $1.65 | $47K | $2.75M |
| 2025-10-13 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 107,361 | $1.70 | $183K | $2.88M |
| 2025-10-10 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 2,390 | $1.77 | $4K | $3.19M |
| 2025-10-09 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 3,979 | $1.81 | $7K | $3.27M |
| 2025-10-08 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 7,507 | $1.77 | $13K | $3.20M |
| 2025-10-07 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 2,100 | $1.79 | $4K | $3.25M |
| 2025-10-06 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 17,500 | $1.78 | $31K | $3.24M |
| 2025-10-03 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 600 | $1.76 | $1K | $3.23M |
| 2025-10-02 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 600 | $1.73 | $1K | $3.18M |
| 2025-10-01 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 2,601 | $1.80 | $5K | $3.31M |
| 2025-09-30 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 4,464 | $1.81 | $8K | $3.33M |
| 2025-09-29 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 500 | $1.75 | $875 | $3.23M |
| 2025-09-26 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 600 | $1.68 | $1K | $3.10M |
| 2025-09-25 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 700 | $1.66 | $1K | $3.07M |
| 2025-09-24 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 2,256 | $1.68 | $4K | $3.10M |
| 2025-09-23 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 4,106 | $1.72 | $7K | $3.18M |
| 2025-09-22 | SELL | Decheng Capital China Life Sciences USD Fund III, L.P. | 10 percent owner | 5,410 | $1.83 | $10K | $3.39M |
Order Flow (FINRA, ~3w lag)
Filing Risk Analysis
Filing Risk Scores
BeyondSpring Inc.: Liquidity Crisis Forcing Asset Fire Sales Amidst $30M Shareholders' Deficit
Counter-Thesis
Counter-Thesis & Recent News
In December 2025, BeyondSpring presented promising results from the Asian subset of its DUBLIN-3 Phase 3 trial at ESMO Asia, showing Plinabulin + docetaxel improved median overall survival to 10.8 months vs. 8.8 months for docetaxel alone (p=0.0426) and dramatically reduced grade 4 neutropenia from 26.5% to 3.9%. In January 2026, its subsidiary SEED Therapeutics (BYSI owns ~38%) secured $30M in Series A-3 financing and received FDA/China NMPA clearance for an IND for its lead RBM39 degrader, ST-01156. Financials for Q3 2025 showed a significant cash increase to $12.5M (up from $2.9M YoY) following a strategic divestiture of SEED interests.
The prevailing short thesis relies on the 2021 FDA Complete Response Letter (CRL) and a perceived lack of capital to fund global registration. However, bears may be missing the 'Global Registration Path' strategy being built through strong Asian Phase 3 data and successful high-value divestitures. The company has pivoted from a pure R&D burn model to a strategic holding model by monetizing its stake in SEED Therapeutics while maintaining 40% equity, providing a non-dilutive capital lifeline that the market has not fully priced in.
Despite recent cash inflows, the $12.5M balance remains thin for a company pursuing late-stage clinical trials. Weiss Ratings maintained a 'Sell (D+)' rating in February 2026, and the stock suffers from low trading volume (50% below average in early 2026), making it highly susceptible to volatility. The company still reports consistent net losses ($4.9M in Q3 2025), and its micro-cap status ($52M-53M market cap) keeps it off the radar of many institutional buyers.
BYSI operates in the hyper-competitive NSCLC (Non-Small Cell Lung Cancer) space, where standard-of-care docetaxel is increasingly challenged by emerging immuno-oncology (IO) combinations. While Plinabulin aims to 're-sensitize' patients who failed PD-1/L1 inhibitors, it must compete with newer ADC (Antibody-Drug Conjugates) and TIGIT inhibitors that are also targeting the same second- and third-line patient populations.
Sentiment among clinical investigators remains high, evidenced by ongoing collaborations with MD Anderson Cancer Center. Phase 2 data presented in late 2025 showed an 85% Disease Control Rate (DCR) in immunotherapy-resistant patients, suggesting strong demand for the drug's unique mechanism (Dendritic Cell maturation). Speculative investor interest saw a minor spike in December 2025, and institutional filings (e.g., Geode Capital increasing stake by 951%) suggest some professionals are bottom-fishing for a turnaround.