Executive Summary

Q1 2025 delivered positive net income of $1.17M driven by a $6.99M gain on SEED divestiture; continuing operations remained loss-making with net loss of $2.58M as R&D and G&A rose 21% and 30% YoY, respectively .
Liquidity improved sequentially: cash rose to $6.53M and the company added $2.00M of short-term investments ($8.53M total cash and STI) at March 31, 2025 vs $2.92M cash at year-end 2024, supported by January SEED-share transactions; SEED is now reported as discontinued operations under ASC 205‑20 .
No product revenue and no quantitative guidance; focus remains on Plinabulin clinical progress (early efficacy signals in PD‑1/L1–resistant NSCLC and Hodgkin lymphoma) and SEED’s RBM39 degrader IND timing mid‑2025 .
Consensus estimates: S&P Global consensus for Q1 2025 EPS and revenue was unavailable; therefore, no beat/miss analysis versus estimates is provided (Values retrieved from S&P Global).*

What Went Well and What Went Wrong

What Went Well

Positive bottom line due to portfolio action: net income $1.17M, driven by $6.99M gain on sale of SEED subsidiary interests; classification of SEED as discontinued operations clarifies the go‑forward P&L from core programs .
Liquidity strengthened: cash $6.53M and $2.00M in short‑term investments at 3/31/25 versus $2.92M cash at 12/31/24, improving financial flexibility for R&D execution .
Pipeline momentum: “Early readouts in metastatic NSCLC and Hodgkin lymphoma who failed PD‑1/L1 inhibitors showed durable responses that deserve further evaluation,” said CEO Dr. Lan Huang; SEED’s RBM39 degrader “is on track for an IND submission mid‑year” .

What Went Wrong

Core operations still burning cash: continued absence of revenue; operating loss widened YoY as R&D increased to $0.87M and G&A to $1.74M; continuing operations net loss increased to $2.58M from $2.08M YoY .
Discontinued operations loss widened to $3.23M (before the one‑time gain), highlighting ongoing SEED-related P&L noise pending full divestiture steps .
No quantitative guidance and ongoing financing risks highlighted in forward‑looking statements (ability to raise capital, meet Nasdaq listing requirements) may weigh on investor confidence .

Financial Results

Income Statement (YoY)

Metric ($USD Millions)	Q1 2024	Q1 2025
Revenue	$0.00	$0.00
R&D Expense	$0.72	$0.87
G&A Expense	$1.33	$1.74
Loss from Operations	$(2.06)	$(2.61)
Net Loss – Continuing Ops	$(2.08)	$(2.58)
Net Income (Loss) – Discontinued Ops	$(1.21)	$3.75
Gain on Sale (Discontinued Ops)	$0.00	$6.99
Net Income (Loss) – Total Company	$(3.29)	$1.17
EPS – Continuing Ops (Basic/Diluted)	$(0.05)	$(0.06)
EPS – Total Company (Basic/Diluted)	$(0.08)	$0.11
Weighted Avg Shares (M)	39.03	40.32

Notes: All figures unaudited; discontinued operations reflect SEED classification .

Balance Sheet and Liquidity (Sequential)

Metric ($USD Millions)	Dec 31, 2024	Mar 31, 2025
Cash & Cash Equivalents	$2.92	$6.53
Short‑Term Investments	$0.00	$2.00
Total Current Assets	$28.58	$31.53
Deferred Revenue (Noncurrent)	$27.40	$27.56
Total Liabilities	$48.60	$49.77
Total Shareholders’ Deficit	$(14.29)	$(12.67)

Operating Expense Trend (Select Quarters)

Metric ($USD Millions)	Q1 2025	Q2 2025
R&D Expense	$0.87	$1.00
G&A Expense	$1.74	$0.95
Net Loss – Continuing Ops	$(2.58)	$(1.88)

KPIs / Program Highlights

KPI	Q1 2025
Plinabulin patients treated (cumulative)	“more than 700 patients” with favorable safety profile
303 Study (NSCLC post PD‑1/L1): Interim efficacy (ASCO 2025; subsequent to Q1)	mPFS 6.8 months; ORR 18.2%; DCR 77.3%; 15‑mo OS 78% (median OS NR)
SEED RBM39 (ST‑01156)	On track for IND mid‑2025 (Q1 commentary)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	2025	None provided	None provided	Maintained
Operating Expenses	2025	None quantitative	None quantitative	Maintained
Clinical Milestones	1H 2025	303 Study update planned	IND for SEED RBM39 target mid‑2025; continued Plinabulin progress	Maintained/Updated timing

No numeric financial guidance was issued in Q1 2025 materials .

Earnings Call Themes & Trends

Note: No Q1 2025 earnings call transcript was available. Themes below reflect press releases/filings.

Topic	Previous Mentions (Q‑2 and Q‑1)	Current Period (Q1 2025)	Trend
Plinabulin efficacy in PD‑1/L1‑resistant settings	Q4 2024 year‑end release emphasized Phase 3 survival benefit (DUBLIN‑3) and resensitization potential; SITC 2024 303 Study update showed ORR 21.1%, mPFS 8.6m on first 30 patients	Early clinical signals in NSCLC and Hodgkin lymphoma with durable responses; >700 patients treated with favorable safety	Sustained positive narrative; broader tumor applicability
SEED RBM39 degrader	Q4 2024: Eisai collaboration; FDA Rare Pediatric Disease and Orphan Drug designations highlighted	IND on track mid‑2025; SEED reclassified as discontinued ops; partial share sale executed in Jan 2025	Progressing to clinic; corporate structure simplified
Capital/liquidity	YE 2024 cash $2.92M; no revenue	Cash $6.53M + $2.00M STI at 3/31/25; gain on SEED sale improved bottom line	Improved liquidity/runway Q/Q

Management Commentary

Strategic focus: “Plinabulin has now been administered to more than 700 patients with a favorable safety profile… Early readouts in metastatic NSCLC and Hodgkin lymphoma who failed PD‑1/L1 inhibitors showed durable responses that deserve further evaluation.” — Dr. Lan Huang, Co‑Founder, Chair, and CEO .
SEED progress: “Our RBM39 molecular‑glue degrader achieved complete tumor regression in mechanism‑targeted Ewing sarcoma models and is on track for an IND submission mid‑year.” — Dr. Lan Huang .
Corporate classification: SEED now presented as discontinued operations under ASC 205‑20; BeyondSpring owns ~40% as of Q1 disclosure .

Q&A Highlights

No Q1 2025 earnings call transcript was found; no Q&A highlights or clarifications are available for this quarter [ListDocuments returned none].

Estimates Context

S&P Global consensus for Q1 2025 EPS and revenue was unavailable; as such, no comparison versus Street estimates can be provided (Values retrieved from S&P Global).*

Key Takeaways for Investors

One‑time driven profitability in Q1: The positive net income was primarily due to the $6.99M gain from SEED share sales; underlying operations remain loss‑making with rising OpEx .
Liquidity improved sequentially, aided by corporate actions; cash and STI totaled $8.53M at quarter‑end, supporting near‑term clinical activities .
Clinical narrative remains constructive: Plinabulin shows promise in re‑sensitizing PD‑1/L1‑resistant tumors; additional data readouts and combination strategies could be near‑term catalysts .
Structural simplification: Reporting SEED as discontinued operations de‑clutters the P&L and may help investors value the core oncology program more cleanly .
Risk factors persist: No revenue, continued cash burn, and capital needs; forward‑looking statements flag financing and listing‑requirement risks .
What to watch: Execution on Plinabulin registrational strategy and partnership optionality; SEED RBM39 IND progress; further operating expense discipline and cash runway updates .

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Sources: Q1 2025 8‑K and Exhibit 99.1 press release including financial tables ; Q1 2025 press release (site copy) ; Jan 28, 2025 SEED transaction press releases ; YE 2024 materials ; ASCO 2025 303 Study update (context) ; ASCO poster announcement .

BeyondSpring Inc. (BYSI)·Q1 2025 Earnings Summary