2022 Q4 Form 20-F Financial Statement

#000117184323002373 Filed on April 18, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue $1.351M $1.351M $338.0K
YoY Change 299.7% 0.0% 87.78%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.01M $13.01M $5.044M
YoY Change 157.89% -57.63% -51.36%
% of Gross Profit
Research & Development $25.58M $25.58M $5.786M
YoY Change 342.14% -30.65% -31.28%
% of Gross Profit
Depreciation & Amortization $232.0K $232.0K $7.000K
YoY Change 3214.29% 280.33% -76.67%
% of Gross Profit
Operating Expenses $38.59M $38.59M $10.83M
YoY Change 256.33% -42.91% -42.39%
Operating Profit -$37.24M
YoY Change -43.78%
Interest Expense -$251.0K $17.00K $138.0K
YoY Change -281.88% -92.98% -42.5%
% of Operating Profit
Other Income/Expense, Net $1.373M $1.122M $608.0K
YoY Change 125.82% 54.76%
Pretax Income -$36.12M -$36.12M -$9.746M
YoY Change 270.58% -44.12% -46.97%
Income Tax $163.0K $163.0K $982.0K
% Of Pretax Income
Net Earnings -$33.28M -$33.28M -$9.513M
YoY Change 249.83% -48.15% -45.95%
Net Earnings / Revenue -2463.29% -2463.29% -2814.5%
Basic Earnings Per Share -$0.85
Diluted Earnings Per Share -$0.85 -$0.85 -$243.6K
COMMON SHARES
Basic Shares Outstanding 39.00M 39.09M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.27M $37.27M $72.37M
YoY Change -48.5% -48.5% -33.91%
Cash & Equivalents $34.40M $34.40M $41.63M
Short-Term Investments $2.872M $2.872M $30.74M
Other Short-Term Assets $1.255M $1.255M $2.755M
YoY Change -54.45% -54.45% 588.75%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $38.52M $38.52M $75.12M
YoY Change -48.72% -48.72% -33.75%
LONG-TERM ASSETS
Property, Plant & Equipment $1.868M $7.352M $3.406M
YoY Change -45.16% 115.85% 41.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $347.0K $347.0K $3.119M
YoY Change -88.87% -88.87% 139.92%
Total Long-Term Assets $7.699M $7.699M $6.525M
YoY Change 17.99% 17.99% 81.25%
TOTAL ASSETS
Total Short-Term Assets $38.52M $38.52M $75.12M
Total Long-Term Assets $7.699M $7.699M $6.525M
Total Assets $46.22M $46.22M $81.65M
YoY Change -43.39% -43.39% -30.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.081M $1.081M $1.656M
YoY Change -34.72% -34.72% -24.73%
Accrued Expenses $2.470M $4.782M $6.625M
YoY Change -62.72% -27.82% -30.26%
Deferred Revenue $1.351M $1.369M
YoY Change -1.31%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $1.569M
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $7.352M $7.352M $15.16M
YoY Change -51.49% -51.49% 9.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $3.661M $41.88M $40.12M
YoY Change -90.87% 4.39% 2765.43%
Total Long-Term Liabilities $41.88M $41.88M $40.12M
YoY Change 4.39% 4.39% 1014.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.352M $7.352M $15.16M
Total Long-Term Liabilities $41.88M $41.88M $40.12M
Total Liabilities $49.23M $52.20M $54.96M
YoY Change -10.43% -5.03% 91.51%
SHAREHOLDERS EQUITY
Retained Earnings -$375.3M -$342.0M
YoY Change 9.73%
Common Stock $4.000K $4.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.979M -$5.979M $26.68M
YoY Change
Total Liabilities & Shareholders Equity $46.22M $46.22M $81.65M
YoY Change -43.39% -43.39% -30.22%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income -$33.28M -$33.28M -$9.513M
YoY Change 249.83% -48.15% -45.95%
Depreciation, Depletion And Amortization $232.0K $232.0K $7.000K
YoY Change 3214.29% 280.33% -76.67%
Cash From Operating Activities -$28.15M -$27.46M -$16.92M
YoY Change 66.4% -41.87% 142.73%
INVESTING ACTIVITIES
Capital Expenditures $34.00K $34.00K -$2.805M
YoY Change -101.21% -101.2% 13925.0%
Acquisitions
YoY Change
Other Investing Activities $18.28M $18.28M -$1.924M
YoY Change -1050.16% -204.05%
Cash From Investing Activities $18.25M $17.56M -$4.729M
YoY Change -485.85% -186.02% 23545.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0% -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.431M $3.431M 0.000
YoY Change 343000.0% -100.0%
NET CHANGE
Cash From Operating Activities -28.15M -$27.46M -16.92M
Cash From Investing Activities 18.25M $17.56M -4.729M
Cash From Financing Activities 3.431M $3.431M 0.000
Net Change In Cash -6.473M -$7.229M -21.65M
YoY Change -70.1% -89.31% -127.44%
FREE CASH FLOW
Cash From Operating Activities -$28.15M -$27.46M -$16.92M
Capital Expenditures $34.00K $34.00K -$2.805M
Free Cash Flow -$28.19M -$27.50M -$14.11M
YoY Change 99.71% -38.06% 103.06%

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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">1.</em></b></p> </td><td style="width: auto;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Nature of the business</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 18pt;">BeyondSpring Inc. (the “Company”) was incorporated in the Cayman Islands on <em style="font: inherit;"> November 21, 2014. </em>The Company and its subsidiaries (collectively, the “Group”) are principally engaged in clinical stage biopharmaceutical activities focused on the development of innovative cancer therapies. The Company is under the control of Mr. Linqing Jia and Dr. Lan Huang as a couple (collectively, the “Founders”) since its incorporation.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">On <em style="font: inherit;"> March 14, 2017, </em>the Company completed its initial public offering (“IPO”) on the NASDAQ Capital Market.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">On <em style="font: inherit;"> May 21, 2019, </em>the Company entered into a sales agreement with Jefferies LLC (“Jefferies”) to act as an agent in selling the Company’s ordinary shares in an at-the-market (“ATM”) offering program. As of <em style="font: inherit;"> December 31, 2022, </em>the Company received aggregate gross proceeds of $13,185 on 630,228 ordinary shares sold in respect thereof.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:20pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">On <em style="font: inherit;"> June 14, 2019 </em>and <em style="font: inherit;"> July 3, 2019, </em>certain investors led by Shenzhen Efung <em style="font: inherit;">9th</em> Venture Investment Center (Limited Partnership) (“Efung Capital”) entered into investment agreements with Dalian Wanchunbulin Pharmaceuticals Ltd. (“Wanchunbulin”), a subsidiary of the Company, to invest $14,537 (<span style="-sec-ix-hidden:c96612465">RMB100,000</span>) for a total of 4.76% equity interest of Wanchunbulin. As of <em style="font: inherit;"> December 31, 2021, </em>the Company received aggregate gross proceeds of $10,083 (<span style="-sec-ix-hidden:c96612468">RMB70,000</span>) from this equity financing.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 20pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">In <em style="font: inherit;"> July 2019, </em>the Company completed a public offering of the issuance of 2,058,825 ordinary shares of the Company at $17.00 per share for gross proceeds of $35,000.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 20pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">In <em style="font: inherit;"> October </em>and <em style="font: inherit;"> November 2019, </em>the Company completed a public offering of the issuance of 1,908,996 ordinary shares of the Company at $13.50 per share for gross proceeds of $25,771.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">In <em style="font: inherit;"> June 2020, </em>the Company completed a public offering of the issuance of 2,219,500 ordinary shares of the Company at $13.00 per share for gross proceeds of $28,854.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">On <em style="font: inherit;"> June 18, 2020, </em>the Company entered into a share subscription agreement for the sale of an aggregate of 384,615 ordinary shares at $13.00 per share in a private placement transaction. Gross proceeds of $5,000 was received in <em style="font: inherit;"> July 2020.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">In <em style="font: inherit;"> November 2020, </em>the Company completed a public offering of the issuance of 8,625,000 ordinary shares of the Company at $10.00 per share for gross proceeds of $86,250.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">On <em style="font: inherit;"> November 25, 2020, </em>SEED Therapeutics US, Inc. (“SEED US”) was incorporated in the United States (“U.S.”) as a wholly owned subsidiary of SEED Therapeutics Inc. (“SEED”).</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">On <em style="font: inherit;"> March 22, 2022, </em>Wanchun Hongji (Dalian) Pharmaceuticals Ltd. (“Wanchun Hongji”) was incorporated in the People’s Republic of China (“PRC”) as a wholly owned subsidiary of SEED.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">As of <em style="font: inherit;"> December 31, 2022, </em>the subsidiaries of the Company are as follows:</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;"><tbody><tr><td style="vertical-align: bottom; width: 17%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Name of company</b></p> </td><td style="vertical-align: bottom; width: 7.9%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Place of incorporation</b></p> </td><td style="vertical-align: bottom; width: 5.2%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Date of incorporation</b></p> </td><td style="vertical-align: bottom; width: 6%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Percentage of ownership </b></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>by the Company</b></p> </td><td style="vertical-align: bottom; width: 8.9%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Principal activities</b></p> </td></tr> <tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align:bottom;width:17%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">BeyondSpring Pharmaceuticals Inc. (“BeyondSpring US”)</p> </td><td style="vertical-align:bottom;width:7.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Delaware, U.S.</em></p> </td><td style="vertical-align:bottom;width:5.2%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">June 18, 2013</em></p> </td><td style="vertical-align:bottom;width:6%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">100%</p> </td><td style="vertical-align:bottom;width:8.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Clinical trial activities</em></p> </td></tr> <tr style="background-color: rgb(255, 255, 255);"><td style="vertical-align:bottom;width:17%;"> </td><td style="vertical-align:bottom;width:7.9%;"> </td><td style="vertical-align:bottom;width:5.2%;"> </td><td style="vertical-align:bottom;width:6%;"> </td><td style="vertical-align:bottom;width:8.9%;"> </td></tr> <tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align:bottom;width:17%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">BeyondSpring Ltd.</p> </td><td style="vertical-align:bottom;width:7.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">The British Virgin Islands (“BVI”)</em></p> </td><td style="vertical-align:bottom;width:5.2%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">December 3, 2014</em></p> </td><td style="vertical-align:bottom;width:6%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">100%</p> </td><td style="vertical-align:bottom;width:8.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Holding company</em></p> </td></tr> <tr style="background-color: rgb(255, 255, 255);"><td style="vertical-align:bottom;width:17%;"> </td><td style="vertical-align:bottom;width:7.9%;"> </td><td style="vertical-align:bottom;width:5.2%;"> </td><td style="vertical-align:bottom;width:6%;"> </td><td style="vertical-align:bottom;width:8.9%;"> </td></tr> <tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align:bottom;width:17%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">BeyondSpring (HK) Limited (“BeyondSpring HK”)</p> </td><td style="vertical-align:bottom;width:7.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Hong Kong</em></p> </td><td style="vertical-align:bottom;width:5.2%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">January 13, 2015</em></p> </td><td style="vertical-align:bottom;width:6%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">100%</p> </td><td style="vertical-align:bottom;width:8.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Holding company</em></p> </td></tr> <tr style="background-color: rgb(255, 255, 255);"><td style="vertical-align:bottom;width:17%;"> </td><td style="vertical-align:bottom;width:7.9%;"> </td><td style="vertical-align:bottom;width:5.2%;"> </td><td style="vertical-align:bottom;width:6%;"> </td><td style="vertical-align:bottom;width:8.9%;"> </td></tr> <tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align:bottom;width:17%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Wanchun Biotechnology Limited (“BVI Biotech”)</p> </td><td style="vertical-align:bottom;width:7.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">BVI</em></p> </td><td style="vertical-align:bottom;width:5.2%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">April 1, 2015</em></p> </td><td style="vertical-align:bottom;width:6%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">100%</p> </td><td style="vertical-align:bottom;width:8.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Holding company</em></p> </td></tr> <tr style="background-color: rgb(255, 255, 255);"><td style="vertical-align:bottom;width:17%;"> </td><td style="vertical-align:bottom;width:7.9%;"> </td><td style="vertical-align:bottom;width:5.2%;"> </td><td style="vertical-align:bottom;width:6%;"> </td><td style="vertical-align:bottom;width:8.9%;"> </td></tr> <tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align:bottom;width:17%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Wanchun Biotechnology (Dalian) Ltd. (“Wanchun Dalian”)</p> </td><td style="vertical-align:bottom;width:7.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">PRC</em></p> </td><td style="vertical-align:bottom;width:5.2%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">April 23, 2015</em></p> </td><td style="vertical-align:bottom;width:6%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">100%</p> </td><td style="vertical-align:bottom;width:8.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Holding company</em></p> </td></tr> <tr style="background-color: rgb(255, 255, 255);"><td style="vertical-align:bottom;width:17%;"> </td><td style="vertical-align:bottom;width:7.9%;"> </td><td style="vertical-align:bottom;width:5.2%;"> </td><td style="vertical-align:bottom;width:6%;"> </td><td style="vertical-align:bottom;width:8.9%;"> </td></tr> <tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align:bottom;width:17%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Dalian Wanchunbulin Pharmaceuticals Ltd. (“Wanchunbulin”)</p> </td><td style="vertical-align:bottom;width:7.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">PRC</em></p> </td><td style="vertical-align:bottom;width:5.2%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">May 6, 2015</em></p> </td><td style="vertical-align:bottom;width:6%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">57.97%</p> </td><td style="vertical-align:bottom;width:8.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Clinical trial activities</em></p> </td></tr> <tr style="background-color: rgb(255, 255, 255);"><td style="vertical-align:bottom;width:17%;"> </td><td style="vertical-align:bottom;width:7.9%;"> </td><td style="vertical-align:bottom;width:5.2%;"> </td><td style="vertical-align:bottom;width:6%;"> </td><td style="vertical-align:bottom;width:8.9%;"> </td></tr> <tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align:bottom;width:17%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">BeyondSpring Pharmaceuticals Australia PTY Ltd.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(“BeyondSpring Australia”)</p> </td><td style="vertical-align:bottom;width:7.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Australia</em></p> </td><td style="vertical-align:bottom;width:5.2%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">March 3, 2016</em></p> </td><td style="vertical-align:bottom;width:6%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">100%</p> </td><td style="vertical-align:bottom;width:8.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Clinical trial activities</em></p> </td></tr> <tr style="background-color: rgb(255, 255, 255);"><td style="vertical-align:bottom;width:17%;"> </td><td style="vertical-align:bottom;width:7.9%;"> </td><td style="vertical-align:bottom;width:5.2%;"> </td><td style="vertical-align:bottom;width:6%;"> </td><td style="vertical-align:bottom;width:8.9%;"> </td></tr> <tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align:bottom;width:17%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Beijing Wanchun Pharmaceutical Technology Ltd.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(“Beijing Wanchun”)</p> </td><td style="vertical-align:bottom;width:7.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">PRC</em></p> </td><td style="vertical-align:bottom;width:5.2%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">May 21, 2018</em></p> </td><td style="vertical-align:bottom;width:6%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">57.97%</p> </td><td style="vertical-align:bottom;width:8.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Holding company</em></p> </td></tr> <tr style="background-color: rgb(255, 255, 255);"><td style="vertical-align:bottom;width:17%;"> </td><td style="vertical-align:bottom;width:7.9%;"> </td><td style="vertical-align:bottom;width:5.2%;"> </td><td style="vertical-align:bottom;width:6%;"> </td><td style="vertical-align:bottom;width:8.9%;"> </td></tr> <tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align:bottom;width:17%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">SEED Therapeutics Inc. (“SEED”)</p> </td><td style="vertical-align:bottom;width:7.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">BVI</em></p> </td><td style="vertical-align:bottom;width:5.2%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">June 25, 2019</em></p> </td><td style="vertical-align:bottom;width:6%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">55.05%</p> </td><td style="vertical-align:bottom;width:8.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Pre-clinical development activities</em></p> </td></tr> <tr style="background-color: rgb(255, 255, 255);"><td style="vertical-align:bottom;width:17%;"> </td><td style="vertical-align:bottom;width:7.9%;"> </td><td style="vertical-align:bottom;width:5.2%;"> </td><td style="vertical-align:bottom;width:6%;"> </td><td style="vertical-align:bottom;width:8.9%;"> </td></tr> <tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align:bottom;width:17%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">SEED Technology Limited (“SEED Technology”)</p> </td><td style="vertical-align:bottom;width:7.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">BVI</em></p> </td><td style="vertical-align:bottom;width:5.2%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">December 9, 2019</em></p> </td><td style="vertical-align:bottom;width:6%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">57.97%</p> </td><td style="vertical-align:bottom;width:8.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Holding company</em></p> </td></tr> <tr style="background-color: rgb(255, 255, 255);"><td style="vertical-align:bottom;width:17%;"> </td><td style="vertical-align:bottom;width:7.9%;"> </td><td style="vertical-align:bottom;width:5.2%;"> </td><td style="vertical-align:bottom;width:6%;"> </td><td style="vertical-align:bottom;width:8.9%;"> </td></tr> <tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align:bottom;width:17%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">SEED Therapeutics US, Inc. (“SEED US”)</p> </td><td style="vertical-align:bottom;width:7.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Delaware, U.S.</em></p> </td><td style="vertical-align:bottom;width:5.2%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">November 25, 2020</em></p> </td><td style="vertical-align:bottom;width:6%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">55.05%</p> </td><td style="vertical-align:bottom;width:8.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Pre-clinical development activities</em></p> </td></tr> <tr style="background-color: rgb(255, 255, 255);"><td style="vertical-align:bottom;width:17%;"> </td><td style="vertical-align:bottom;width:7.9%;"> </td><td style="vertical-align:bottom;width:5.2%;"> </td><td style="vertical-align:bottom;width:6%;"> </td><td style="vertical-align:bottom;width:8.9%;"> </td></tr> <tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align:bottom;width:17%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Wanchun Hongji (Dalian) Pharmaceuticals Ltd. (“Wanchun Hongji”)</p> </td><td style="vertical-align:bottom;width:7.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">PRC</em></p> </td><td style="vertical-align:bottom;width:5.2%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">March 22, 2022</em></p> </td><td style="vertical-align:bottom;width:6%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">55.05%</p> </td><td style="vertical-align:bottom;width:8.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;">Pre-clinical development activities</em></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b/></p>
CY2022 us-gaap Profit Loss
ProfitLoss
-36280000 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-375276000 usd
CY2022Q4 bysi Net Current Assets
NetCurrentAssets
31171000 usd
CY2022Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
37268000 usd
CY2022 bysi Effective Income Tax Rate Reconciliation Current And Deferred Tax Rate Differences
EffectiveIncomeTaxRateReconciliationCurrentAndDeferredTaxRateDifferences
-672000 usd
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
0 usd
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
0 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b><i>Use of estimates</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period. Areas where management uses subjective judgment include, but are <em style="font: inherit;">not</em> limited to, share-based compensation, clinical trial accruals, valuation allowance for deferred tax assets, estimating uncertain tax positions, measurement of right-of-use assets and lease liabilities, fair value of financial instruments, estimating the allowance for credit losses, impairment of long-lived assets and estimating of useful life for property and equipment. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"/>
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
389000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2020 bysi Effective Income Tax Rate Reconciliation Nondeductible Expense Interest Expense Amount
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseInterestExpenseAmount
-0 usd
CY2021 bysi Effective Income Tax Rate Reconciliation Nondeductible Expense Interest Expense Amount
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseInterestExpenseAmount
-0 usd
CY2022 bysi Effective Income Tax Rate Reconciliation Nondeductible Expense Interest Expense Amount
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseInterestExpenseAmount
315000 usd
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
8891000 usd
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
17170000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-63821000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-64638000 usd
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b><i>Concentration of risks</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><span style="text-decoration: underline; ">Concentration of credit risk</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and short-term investments. The Company’s cash and cash equivalents and short-term investments are held at financial institutions that management believes to be of high credit quality. As of <em style="font: inherit;"> December 31, 2021 </em>and <em style="font: inherit;">2022,</em> the majority of the cash and cash equivalents were held by financial institutions located in U.S. and short-term investments were held by financial institutions located in U.S. and China.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">PRC state-owned banks, such as China Merchants Bank, Bank of China, are subject to a series of risk control regulatory standards, and PRC bank regulatory authorities are empowered to take over the operation and management when any of those banks faces a material credit crisis. The Company does <em style="font: inherit;">not</em> foresee substantial credit risk with respect to cash and cash equivalents and short-term investments held at the PRC state-owned banks. In <em style="font: inherit;"> May 2015, </em>a new Deposit Insurance System (“DIS”) managed by the People’s Bank of China (‘‘PBOC’’) was implemented by the Chinese government. Deposits in the licensed banks in mainland China are protected by DIS, up to a limit of <em style="font: inherit;">RMB500.</em> In the event of bankruptcy of <em style="font: inherit;">one</em> of the financial institutions in which the Company has deposits or investments, it <em style="font: inherit;"> may </em>be unlikely to claim its deposits or investments back in full. The Company selected reputable financial institutions with high rating rates to place its currencies. The Company regularly monitors the rating of the financial institutions to avoid any potential defaults. The Company has <em style="font: inherit;">not</em> experienced any losses on cash and cash equivalents and short-term investments to date. The Company does <em style="font: inherit;">not</em> believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><span style="text-decoration: underline; ">Business, customer, political, social and economic risks</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">The Company participates in a dynamic biopharmaceutical industry and believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations, or cash flows: changes in the overall demand for services and products; competitive pressures due to existing competitors and new entrants; advances and new trends in new drugs and industry standards; changes in clinical research organizations and other key vendors; changes in certain strategic relationships or customer relationships; regulatory considerations; intellectual property considerations; and risks associated with the Company’s ability to attract and retain employees necessary to support its operations. The Company’s operations could be also adversely affected by significant political, economic and social uncertainties in the PRC and in relations between the PRC and United States.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><span style="text-decoration: underline; ">Business risk</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">The Company relies on <em style="font: inherit;">third</em> parties to support clinical development activities, trials and the manufacturing process for product candidates. If these <em style="font: inherit;">third</em> parties do <em style="font: inherit;">not</em> successfully carry out their contractual duties or meet expected deadlines, the Company <em style="font: inherit;"> may </em><em style="font: inherit;">not</em> be able to obtain regulatory approval for the Company’s drug candidates and the Company’s business could be substantially impacted. The Company’s main activities are in U.S. and PRC.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b/></p><p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><b><i/></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><span style="text-decoration: underline; ">Currency convertibility risk</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">The Company incurs portions of expenses in currencies other than the U.S. dollars, in particular, the RMB. On <em style="font: inherit;"> January 1, 1994, </em>the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the PBOC. However, the unification of the exchange rates does <em style="font: inherit;">not</em> imply that the RMB <em style="font: inherit;"> may </em>be readily convertible into U.S. dollars or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approvals of foreign currency payments by the PBOC or other institutions require submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><span style="text-decoration: underline; ">Foreign currency exchange rate risk</span></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">From <em style="font: inherit;"> July 21, 2005, </em>the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. The appreciation of RMB against the U.S. dollar was approximately 6.3% for the year ended <em style="font: inherit;"> December 31, 2020, </em>the appreciation of RMB against the U.S. dollar was approximately 2.3% for the year ended <em style="font: inherit;"> December 31, 2021, </em>and the depreciation of RMB against the U.S. dollar was approximately 8.2% for the year ended <em style="font: inherit;"> December 31, 2022. </em>It is difficult to predict how market forces or PRC or U.S. government policy <em style="font: inherit;"> may </em>impact the exchange rate between the RMB and the U.S. dollar in the future.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 18pt; text-align: justify;">To the extent that the Company needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of the RMB against the U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into U.S. dollars for the purpose of making payments for dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of the U.S. dollar against the RMB would have a negative effect on the U.S. dollar amount available to the Company. In addition, a significant depreciation of the RMB against the U.S. dollar <em style="font: inherit;"> may </em>significantly reduce the U.S. dollar equivalent of the Company’s earnings or losses.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b/></p><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: auto;"><p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b/></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"/>
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CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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