BeyondSpring — Second Quarter 2026 Earnings Summary

Financial Performance

• Reported no revenue for the quarter ended June 30, 2026, or the six months ended June 30, 2026.
• Research and development (R&D) expenses were $1.0 million for the quarter ended June 30, 2026, compared to $1.0 million for the same period in 2025.
• General and administrative (G&A) expenses were $0.8 million for the quarter ended June 30, 2026, a decrease from $0.9 million in the prior year quarter.
• Net loss from continuing operations was $1.8 million for the quarter ended June 30, 2026, compared to $1.9 million in the prior year quarter.
• Year-to-date R&D expenses were $2.0 million for the six months ended June 30, 2026, compared to $1.9 million in 2025.
• Year-to-date G&A expenses were $1.9 million for the six months ended June 30, 2026, a decrease from $2.7 million in 2025.
• Year-to-date net loss from continuing operations was $4.1 million for the six months ended June 30, 2026, compared to $4.5 million in 2025.
• Cash, cash equivalents, and short-term investments totaled $6.5 million as of June 30, 2026, down from $12.6 million as of December 31, 2025.
• Total shareholders' deficit was $36.0 million as of June 30, 2026, compared to a deficit of $24.0 million as of December 31, 2025.
• Accumulated deficit increased to $411.4 million as of June 30, 2026, from $408.4 million as of December 31, 2025.
• Deferred revenue was $29.5 million as of June 30, 2026, up from $28.6 million as of December 31, 2025.

Business Segments and Product Lines

• Plinabulin is the lead asset in late-stage development for non-squamous, EGFR wild-type NSCLC patients who have progressed on PD-1/PD-L1 inhibitor therapies.
• Updated Phase 2 data (Study 303) presented at ASCO 2026 showed a 58% two-year overall survival (OS) rate in metastatic NSCLC patients progressing after first-line immune checkpoint inhibitor (ICI) therapy.
• Phase 2 data cutoff (February 28, 2026) showed median progression-free survival of 7.0 months, median duration of response of 9.3 months, disease control rate of 79.5%, and confirmed objective response rate of 18.2%.
• 12-month and 24-month overall survival rates were 78.1% and 58.0%, respectively, with median overall survival not reached after a median follow-up of 28.8 months.
• Preclinical data presented at AACR 2026 indicated Plinabulin improves complete response rates and survival when combined with antibody-drug conjugates (ADCs) like datopotamab deruxtecan or trastuzumab deruxtecan.
• Preclinical findings suggest Plinabulin mitigates treatment-limiting high-grade neutropenia and hematologic toxicity associated with ADC-based therapy.
• The DUBLIN-4 program is a planned confirmatory Phase 3 study of Plinabulin plus docetaxel in 442 patients, designed to prospectively confirm survival and tolerability benefits observed in the DUBLIN-3 study.

Management Commentary and Tone

• CEO Min Qiu stated the second quarter provided additional clinical and scientific support for continuing Plinabulin development.
• Management expressed strong conviction in the DUBLIN-4 study, citing it as the lead clinical development priority for potential regulatory submissions.
• Leadership transition effective July 1, 2026, aligns the organization around advancing the DUBLIN-4 program, with Min Qiu appointed CEO and Na Li appointed CFO.
• Dr. Lan Huang remains Chairman but has shifted executive focus to SEED Therapeutics.
• The company aims to advance regulatory, operational, and financing preparations necessary to initiate the DUBLIN-4 study.

Other Key Points

• Leadership transition effective July 1, 2026, includes the appointment of Dr. Jiangwen (Jen) Majeti as Vice Chairman to strengthen Board-level governance.
• The company has studied Plinabulin in over 700 cancer patients to date.
• DUBLIN-3 Phase 3 results were previously published in The Lancet Respiratory Medicine in 2024.
• The company faces risks related to financing future operations, clinical trial results, regulatory approvals, and maintaining Nasdaq listing requirements.