Core Viewpoint - BeyondSpring Inc. reported its unaudited financial results for Q1 2025, highlighting advancements in its cancer therapeutics, particularly Plinabulin, and the SEED Therapeutics program, while also noting financial performance metrics. Financial Performance - R&D expenses from continuing operations increased by 21% to $874,000 in Q1 2025 from $721,000 in Q1 2024 [5] - G&A expenses from continuing operations rose by 30% to $1,736,000 in Q1 2025 compared to $1,334,000 in Q1 2024 [5] - Net loss from continuing operations was $2,584,000 in Q1 2025, a 24% increase from $2,080,000 in Q1 2024 [5] Clinical Developments - Plinabulin has been administered to over 700 patients, demonstrating a favorable safety profile and potential efficacy in patients who have progressed on PD-1/L1 inhibitors [2] - Early readouts in metastatic non-small cell lung cancer (NSCLC) and Hodgkin lymphoma showed durable responses warranting further evaluation [2] - The RBM39 molecular-glue degrader achieved complete tumor regression in Ewing sarcoma models and is on track for an IND submission mid-2025 [2][7] Corporate Updates - BeyondSpring owns approximately 40% of SEED Therapeutics, which operates independently and has been classified as discontinued operations for financial reporting [4] - The company reported a total asset increase from $34,315,000 as of December 31, 2024, to $37,104,000 as of March 31, 2025 [12][13] - The total liabilities increased from $48,600,000 to $49,771,000 during the same period [13] Shareholder Information - The net loss attributable to BeyondSpring Inc. was $4,477,000 for Q1 2025, compared to a net loss of $3,231,000 in Q1 2024 [15] - Basic and diluted earnings per share improved to $0.11 in Q1 2025 from a loss of $0.08 in Q1 2024 [15]

Core Insights - BeyondSpring Inc. reported significant clinical progress and strategic advancements in 2024, particularly for its lead asset Plinabulin and its partnership with SEED Therapeutics [2][3] Clinical Developments - Plinabulin showed a statistically significant survival benefit in patients with second- and third-line non-small cell lung cancer (NSCLC) (EGFR wild-type), a market lacking new therapies for over a decade [3][5] - Ongoing Phase 2 studies indicate Plinabulin's potential to resensitize tumors that have progressed on PD-1/PD-L1 inhibitors, demonstrating promising efficacy and good tolerability [3][9] - SEED Therapeutics secured a strategic collaboration with Eisai Co., Ltd., which could yield up to $1.5 billion in potential payments, enhancing its oncology pipeline [3][10] Financial Performance - For the year ended December 31, 2024, the company reported a net loss of $16.7 million, a decrease from $21.9 million in 2023, indicating improved financial performance [19] - Research and development expenses were $2.6 million in 2024, down from $7.3 million in 2023, reflecting cost optimization measures [10] - As of December 31, 2024, the company had cash, cash equivalents, and short-term investments totaling $2.9 million, with current assets amounting to $25.3 million [10][16] Strategic Collaborations - SEED Therapeutics is advancing its lead oncology asset, RBM39 degrader, which received Rare Pediatric Disease and Orphan Drug Designations from the FDA, reinforcing its potential in targeted protein degradation [3][10] - The collaboration with Eisai and the existing partnership with Eli Lilly are expected to drive significant advancements in oncology and targeted protein degradation [3][10] Future Milestones - Key upcoming milestones include updated data from ongoing Phase 2 studies in metastatic NSCLC and extensive-stage small-cell lung cancer (ES-SCLC) expected in 2025 [10][19] - The expected IND filing for the RBM39 degrader is anticipated in mid-2025, with patient enrollment beginning in the second half of 2025 [10]