BeyondSpring — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $2.1 million for the quarter ended September 30, 2026, compared to a net loss of $1.6 million for the same period in 2025.
• Research and development (R&D) expenses were $1.1 million for the quarter, an increase from $1.0 million in the prior year period, driven by a $0.3 million rise in preclinical expenses for Plinabulin treatment combinations.
• General and administrative (G&A) expenses were $1.0 million for the quarter, up from $0.7 million in the prior year period, primarily due to increased legal fees for financing and higher consulting expenses.
• Year-to-date net loss for the nine months ended September 30, 2026, was $5.7 million, compared to $5.8 million for the same period in 2025.
• Year-to-date R&D expenses were $3.1 million for the nine months ended September 30, 2026, compared to $2.7 million in 2025.
• Year-to-date G&A expenses were $2.7 million for the nine months ended September 30, 2026, a decrease from $3.2 million in 2025, attributed to lower personnel-related expenses and professional service fees.
• Cash, cash equivalents, and short-term investments totaled $0.6 million as of September 30, 2026, down from $4.0 million as of December 31, 2025.
• Revenue was $0 for the quarter and year-to-date periods ended September 30, 2026.
• Shareholders' equity turned positive to $15.2 million as of September 30, 2026, compared to a deficit of $32.2 million as of December 31, 2025, largely due to a gain on the sale of a subsidiary.
• Total assets were $19.9 million as of September 30, 2026, compared to $25.9 million as of December 31, 2025.

Guidance and Future Outlook:

• Management aims to advance the DUBLIN-4 trial toward a prespecified interim analysis at 221 progression-free survival (PFS) events.
• The company anticipates that positive interim results could serve as a significant value inflection point.
• BeyondSpring is actively pursuing financing and strategic opportunities to support global execution of the DUBLIN-4 trial.
• The company expects to receive access to clinical data generated from the China portion of the DUBLIN-4 trial.

Business Segments and Product Lines:

• The company's lead asset, Plinabulin, received FDA Fast Track designation for the combination of Plinabulin plus docetaxel in patients with advanced or metastatic non-squamous NSCLC without actionable genomic alterations (AGA) who have progressed after anti-PD-(L)1 therapy and platinum-based chemotherapy.
• The DUBLIN-4 trial is a global Phase 3 study targeting the second- or third-line patient population.
• BeyondSpring completed the sale of its subsidiary BeyondSpring Ltd. (holding equity in Dalian Wanchunbulin Pharmaceuticals Ltd.) to Biolin Investment Limited on September 30, 2026.
• As non-cash consideration, Biolin will fund approximately half of the DUBLIN-4 trial's planned 442-patient enrollment (221 patients) at participating sites in China.
• Plinabulin is a first-in-class GEF-H1 agonist with a mechanism involving dendritic cell maturation, anti-angiogenic activity, and mitigation of chemotherapy-induced neutropenia.
• Plinabulin has been studied in over 700 cancer patients across multiple clinical programs.
• The company maintains an equity interest in SEED Therapeutics, a clinical-stage targeted protein degradation molecular glue company.

Market and Competitive Landscape:

• The post-immune checkpoint inhibitor (ICI) setting for NSCLC remains difficult to treat, with 12 Phase 3 trials evaluating different approaches against docetaxel failing to demonstrate an overall survival benefit.
• Docetaxel remains the standard of care for the designated patient population.
• Previous DUBLIN-3 study data published in The Lancet Respiratory Medicine in 2024 showed Plinabulin plus docetaxel improved tolerability and dose intensity of docetaxel and demonstrated a long-term survival benefit in second- and third-line EGFR wild-type NSCLC.
• A post hoc analysis of the DUBLIN-3 post-ICI subgroup showed a median overall survival (OS) of 15.8 months with Plinabulin plus docetaxel versus 11.7 months with docetaxel alone (HR 0.55).

Risks and Challenges:

• Risks include the inability of Biolin and Bulin to perform funding, clinical development, data generation, and other obligations.
• Potential delays or challenges in enrollment or execution of the China portion of the DUBLIN-4 trial.
• Regulatory, data-transfer, or human-genetic-resources requirements may affect the transfer or use of China-generated clinical data or its ability to support regulatory submissions outside Greater China.
• The Fast Track designation does not guarantee a faster development process or increased likelihood of regulatory approval.
• There is a risk of difficulties raising the anticipated amount needed to finance future operations on acceptable terms.
• The company faces risks related to unexpected clinical trial results, failure to obtain regulatory approvals, and increased market competition.
• There is a risk regarding the company's ability to meet Nasdaq's continued listing requirements.

Management Commentary and Tone:

• CEO Min Qiu stated that the third quarter marked an important regulatory and strategic step forward for Plinabulin.
• Management highlighted that the FDA Fast Track designation underscores the significant unmet need for new treatment options for NSCLC patients without AGA.
• The company expressed confidence that the FDA-aligned Phase 3 design and strategic transaction support advancing the study toward the interim analysis.
• Management views positive interim results as a potential significant value inflection point while continuing to pursue financing.

Other Key Points:

• The sale of BeyondSpring Ltd. to Biolin resulted in a gain on sale of subsidiary interests of $53.7 million for the quarter ended September 30, 2026.
• The transaction removed the assets and liabilities of the discontinued operations (Dalian Wanchunbulin Pharmaceuticals Ltd.) from the balance sheet, reducing total current assets from $20.9 million to $1.3 million and total liabilities from $49.9 million to $4.6 million.
• The company reported a net income attributable to BeyondSpring Inc. of $50.8 million for the quarter ended September 30, 2026, primarily driven by the gain on the sale of the subsidiary.
• The company reported a net income attributable to BeyondSpring Inc. of $47.8 million for the nine months ended September 30, 2026.
• Earnings per share for the quarter ended September 30, 2026, were $1.24 (basic and diluted), compared to a loss of $0.04 in the prior year period.
• The company has 41,409,059 shares issued and outstanding as of September 30, 2026.