BeyondSpring(BYSI) - 2024 Q4 - Annual Report

Financial Performance - The net loss attributable to BeyondSpring Inc. decreased from $21,026,000 in 2023 to $11,123,000 in 2024, a reduction of approximately 47.1%[769] - Basic and diluted loss per share improved from $0.54 in 2023 to $0.28 in 2024, indicating a 48.1% reduction in loss per share[769] - For the year ended December 31, 2023, BeyondSpring Inc. reported a net loss of $21,948,000, which is an increase from the net loss of $16,693,000 projected for 2024[775] - Loss before income tax decreased from $13,923,000 in 2023 to $8,769,000 in 2024, representing a reduction of approximately 37.5%[877] - For the year ended December 31, 2024, the consolidated net loss was $16,693, a decrease from $21,948 in 2023, indicating a reduction of approximately 24%[932] Assets and Liabilities - Total assets increased from $24,808,000 in 2023 to $34,315,000 in 2024, representing a growth of approximately 38.3%[767] - Current assets rose significantly from $18,419,000 in 2023 to $28,577,000 in 2024, an increase of about 55.2%[767] - The total liabilities remained relatively stable, increasing slightly from $48,269,000 in 2023 to $48,600,000 in 2024[767] - The accumulated deficit increased from $396,302,000 in 2023 to $407,425,000 in 2024, reflecting a rise of approximately 2.8%[767] - The total cash, cash equivalents, and restricted cash from continuing operations decreased from $15,337,000 at the end of 2023 to $2,922,000 at the end of 2024[775] Cash Flow and Investments - Cash used in operating activities remained relatively stable, with a net cash used of $16,474,000 in 2023 compared to $16,443,000 in 2024[775] - Cash flows from investing activities showed a substantial increase in the purchase of short-term investments, from $1,300,000 in 2023 to $12,788,000 in 2024[775] - Financing activities provided a net cash inflow of $26,785,000 in 2024, primarily due to proceeds from the issuance of ordinary shares and loans[775] - Cash and cash equivalents decreased from $5,396,000 in 2023 to $2,922,000 in 2024, a decline of about 46.1%[767] Research and Development - Research and development expenses decreased from $7,272,000 in 2023 to $2,644,000 in 2024, a decline of about 63.6%[769] - The company reported no revenue for both 2023 and 2024, indicating a continued focus on research and development rather than sales[769] - BeyondSpring Inc. is focused on developing innovative cancer therapies and is currently in the clinical stage of its biopharmaceutical activities[778] Shareholder Equity - Total shareholders' deficit improved from $(35,335,000) in 2023 to $(14,285,000) in 2024, a positive change of approximately 59.6%[767] - The company experienced a significant increase in share-based compensation, rising from $770,000 in 2023 to $2,255,000 in 2024[775] - The total fair value of share options vested increased significantly from $367,000 in 2023 to $1,412,000 in 2024, marking a rise of about 284.5%[889] Tax and Deferred Tax - The expected income tax benefit based on the U.S. Federal corporate income tax rate was $2,903,000 (21.0%) for 2023 and $1,841,000 (21.0%) for 2024[877] - The company reported a net operating loss carryforward of approximately $234,539,000 in 2023, which decreased to $133,383,000 in 2024[881] - Total deferred tax assets increased from $57,096,000 in 2023 to $58,995,000 in 2024, indicating a growth of about 3.3%[880] Discontinued Operations - The TPD platform segment qualified for discontinued operations reporting as of December 31, 2024, due to the divestiture plan approved by the Board[929] - Revenue from discontinued operations for the year ended December 31, 2024, was $2,001, up from $1,751 in 2023, representing a growth of 14.3%[857] - The net loss from discontinued operations for 2024 was $7,828, compared to a loss of $7,933 in 2023, indicating a slight improvement[857] Collaborations and Agreements - Under the Hengrui Collaboration Agreement, Wanchunbulin received an upfront fee of $31,039 and is eligible for up to $108,638 in regulatory milestone payments[859] - The Lilly Collaboration Agreement generated revenue of $1,751 in 2023 and $2,001 in 2024, reflecting a year-over-year increase of 14.3%[868] Segment Reporting - The Company has realigned its operations into two reportable segments: Plinabulin pipeline and Targeted Protein Degradation (TPD) platform[813] - The segment net loss for the Plinabulin pipeline and TPD platform was $8,865 in 2024, down from $14,015 in 2023, reflecting a 37% improvement[932] Risk Management - The Company relies on third parties for clinical development and manufacturing, which poses a risk if these parties fail to meet contractual obligations[839] - The Company has not experienced any losses on cash, cash equivalents, and restricted cash to date, indicating effective risk management[836]