BeyondSpring Inc. (NASDAQ: BYSI) is a clinical-stage biopharmaceutical company developing small-molecule cancer therapies, with its primary asset being Plinabulin, a drug candidate in clinical development for non-small cell lung cancer (NSCLC) and combination studies with immune agents. The company generates no product revenue; operations are funded through capital raises, and all losses to date stem from clinical trials, manufacturing, research and development, and general and administrative expenses. BeyondSpring reported consolidated net losses of $14.2 million for the year ended December 31, 2025, and $16.7 million for the year ended December 31, 2024, with an accumulated deficit of $408.4 million as of December 31, 2025. Active pharmaceutical ingredient production for Plinabulin is outsourced to Johnson Matthey Pharma Services and Asymchem Laboratories, with final drug formulation contracted to Pharmaceutics International Inc. The company operates under a fully outsourced manufacturing model and seeks partnerships with other pharmaceutical companies for development, licensing, and commercialization.

Revenue model

No product revenue as of the periods covered by the FY2025 10-K (filed 2026-03-25). The company funds operations through equity issuances and anticipates needing substantial additional capital to advance clinical programs toward regulatory approval.

Products and services

Plinabulin: small-molecule drug candidate in clinical development for NSCLC and combination immunotherapy studies, with ongoing chemistry, manufacturing, and controls (CMC) and regulatory activities as of December 31, 2025.

Customers and end markets

No commercial customers as of December 31, 2025. End market is oncology, specifically NSCLC. The company seeks collaboration and licensing arrangements with pharmaceutical partners for future commercialization.

Value-chain role

Drug developer with fully outsourced manufacturing. Active pharmaceutical ingredient supplied by Johnson Matthey Pharma Services and Asymchem Laboratories; final drug formulation produced by Pharmaceutics International Inc. BeyondSpring conducts clinical development and regulatory activities internally while relying on contract manufacturing organizations for supply.

Geographic exposure

Clinical and regulatory activities span the United States and China, with additional international trial sites subject to country-specific regulatory requirements. The company is subject to China data security, cybersecurity, and personal information protection laws given its operational presence in the PRC.

Source: SEC 10-K, filed 2026-03-25

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