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BeyondSpring Inc. (BYSI)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 continued-operations net loss improved to $1.9M vs $2.7M YoY; cash rose to $9.5M at June 30, 2025 from $2.9M at Dec 31, 2024, reflecting stronger liquidity following SEED reclassification and financing activities .
  • Clinical catalysts: Phase 2 NSCLC data (Plinabulin + pembrolizumab + docetaxel) showed median PFS 6.8 months, confirmed ORR 18.2%, DCR 77%, DOR 7.2 months, and 15‑month OS 78%; MD Anderson’s human study in Med (Cell Press) reported ORR 23% and DCR 54% across eight tumor types after ICI failure .
  • SEED Therapeutics advanced targeted protein degradation: RBM39 degrader ST‑01156 cleared FDA IND and added an experienced CFO/CBO; BeyondSpring reports SEED as discontinued operations after January 2025 share sale agreements (approx. 40% ownership now; ~14% post future closes) .
  • No formal financial guidance was provided; consensus EPS and revenue via S&P Global were unavailable for Q2 2025, limiting “vs estimates” framing in biotech pre‑revenue context .

What Went Well and What Went Wrong

What Went Well

  • Robust clinical signal: In metastatic NSCLC progressed on PD‑1/L1, Plinabulin + pembrolizumab + docetaxel achieved median PFS 6.8 months and 15‑month OS rate of 78%, suggesting re‑sensitization potential post‑ICI failure .
  • Mechanistic validation: MD Anderson human study showed Plinabulin rapidly induces dendritic cell maturation, with ORR 23% and DCR 54% across eight cancers refractory to ICI; identified baseline GEF‑H1 immune signature as potential predictive biomarker .
  • Operating discipline: G&A fell to $0.9M from $1.8M YoY; continued‑ops net loss narrowed to $1.9M, indicating cost controls while advancing R&D .
    • CEO quote: “Plinabulin’s ability to mature dendritic cells… offering potentially new hope to the 60% of NSCLC patients whose disease progresses after checkpoint inhibitor therapy” .

What Went Wrong

  • Pre‑revenue status persists (no recognized revenue), keeping the company reliant on external financing and partnerships; total net loss widened in Q2 to $7.4M including discontinued operations .
  • Discontinued operations loss increased to $2.6M in Q2 2025 versus Q2 2024, and current assets of discontinued operations declined to $15.7M from $25.3M at year‑end, reflecting SEED’s classification and activity flow .
  • Lack of formal guidance and absent sell‑side consensus reduce near‑term estimate comparability; earnings call transcript was not found, limiting Q&A visibility for investors .

Financial Results

Income Statement and EPS vs Prior Periods and Estimates

MetricQ2 2024Q1 2025Q2 2025Consensus (Q2 2025)
Revenue ($USD Millions)$0.00 $0.00 $0.00 N/A (unavailable via S&P Global)
R&D Expense ($USD Millions)$0.829 $0.874 $1.002 N/A
G&A Expense ($USD Millions)$1.812 $1.736 $0.947 N/A
Loss from Operations ($USD Millions)$-2.641 $-2.610 $-1.949 N/A
Net Loss – Continuing Ops ($USD Millions)$-2.651 $-2.584 $-4.731 N/A
Net Income (Loss) – Discontinued Ops ($USD Millions)$-1.438 $3.754 $-2.646 N/A
Total Net Income (Loss) ($USD Millions)$-4.089 $1.170 $-7.377 N/A
EPS (Continuing Ops, $)$-0.07 $-0.06 $-0.12 N/A
EPS (Discontinued Ops, $)$-0.03 $0.17 $-0.07 N/A
Basic & Diluted EPS (Total, $)$-0.10 $0.11 $-0.19 N/A

Note: Estimates unavailable via S&P Global for BYSI Q2 2025 (see Estimates Context).

Balance Sheet Liquidity

MetricDec 31, 2024Mar 31, 2025Jun 30, 2025
Cash & Cash Equivalents ($USD Millions)$2.922 $6.527 $9.544
Current Assets of Discontinued Ops ($USD Millions)$25.347 $22.625 $15.712
Deferred Revenue ($USD Millions)$27.400 $27.561 $27.919
Total Liabilities ($USD Millions)$48.600 $49.771 $48.588

Share Count

MetricQ2 2024Q1 2025Q2 2025
Weighted‑Average Shares Outstanding39,280,607 40,316,320 39,154,885

Segment Breakdown

  • Not applicable; no recognized revenue and operations presented as continuing vs discontinued (SEED) following ASC 205‑20 reclassification .

KPIs (Operating Discipline)

KPIQ2 2024Q1 2025Q2 2025
R&D Expense ($USD Millions)$0.829 $0.874 $1.002
G&A Expense ($USD Millions)$1.812 $1.736 $0.947

Guidance Changes

  • No quantitative guidance (revenue, margins, OpEx, OI&E, tax rate, or segment‑specific) was provided in the Q2 2025 press release/8‑K .
MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY/Q3 trajectoryNone disclosed None disclosed Maintained (no guidance)
Operating ExpensesFY/Q3 trajectoryNone disclosed None disclosed Maintained (no guidance)
Cash Runway / LiquidityFY/Q3 trajectoryNone disclosed None disclosed; cash at $9.5M at 6/30/25 N/A

Earnings Call Themes & Trends

Note: An earnings call was scheduled, but a transcript was not available in our sources at time of review .

TopicPrevious Mentions (Q4 2024, Q1 2025)Current Period (Q2 2025)Trend
Plinabulin efficacy in ICI‑refractory cancersPhase 3 OS benefit in NSCLC; Phase 2 combination showing promising efficacy; regulatory strategy discussed Phase 2 NSCLC combo: PFS 6.8m, ORR 18.2%, DCR 77%, DOR 7.2m, OS 78% at 15m; MD Anderson study ORR 23%, DCR 54%; biomarker GEF‑H1 Strengthening clinical signal
Mechanism: dendritic cell maturation / GEF‑H1Highlighted as differentiation; immune modulation narrative Rapid DC maturation confirmed in human study; potential predictive biomarker (GEF‑H1 signature) Increasing mechanistic validation
SEED Therapeutics TPD pipeline (RBM39)Eisai collaboration up to $1.5B milestones; IND planning; Lilly milestones FDA cleared IND for ST‑01156; leadership strengthened (CFO/CBO) Advancing to clinic
Cost discipline and OpEx2024 R&D and G&A down YoY; Q1 OpEx up modestly with program progress G&A significantly down YoY; R&D modestly up; loss from ops narrowed YoY Mixed: spend focused, improved operating loss
Regulatory strategy (NMPA)Plan for submissions supported by Lancet Respiratory Medicine Phase 3 data Continued clinical updates; no new formal regulatory timeline disclosed Ongoing; awaiting milestones

Management Commentary

  • “Plinabulin’s ability to mature dendritic cells in human studies… offering potentially new hope to the 60% of NSCLC patients whose disease progresses after checkpoint inhibitor therapy.” – Dr. Lan Huang, Co‑Founder, Chair & CEO .
  • “SEED’s oral RBM39 molecular glue degrader, ST‑01156, recently received FDA clearance to enter clinical trials, targeting aggressive cancers including Ewing Sarcoma and KRAS‑driven tumors.” – Corporate update .
  • On strategic positioning: 2024 was “pivotal,” with survival benefit in NSCLC Phase 3 and expanded TPD partnerships (Eisai and Lilly), aligning regulatory strategy and financing .

Q&A Highlights

  • Not available; we did not locate an earnings call transcript for Q2 2025. MarketBeat shows a call was scheduled, but no transcript resources were available in our corpus at time of review .

Estimates Context

  • Wall Street consensus (S&P Global) for Q2 2025 EPS and revenue was unavailable; as a result, “actual vs consensus” comparison cannot be made for BYSI’s pre‑revenue quarter. Values retrieved from S&P Global.*
MetricActual Q2 2025S&P Global ConsensusBeat/Miss
EPS (Basic & Diluted, Total, $)$-0.19 N/A*N/A
Revenue ($USD Millions)$0.00 N/A*N/A

Key Takeaways for Investors

  • Clinical momentum is the primary stock driver: robust NSCLC Phase 2 signals and mechanistic validation (DC maturation, GEF‑H1 biomarker) support a potential re‑sensitization thesis in ICI‑refractory settings .
  • SEED’s IND clearance for RBM39 (ST‑01156) is a near‑term pipeline catalyst as BeyondSpring maintains a significant equity stake (approx. 40% currently; ~14% post future closes), creating optionality from TPD assets without near‑term revenue .
  • Operating discipline is evident: G&A cut materially YoY with continued R&D investment; continued‑ops net loss improved YoY, bolstering runway alongside cash balance growth to $9.5M by quarter‑end .
  • Absence of guidance and sell‑side consensus reduces estimate‑anchored trading setups; investors should focus on clinical/regulatory milestones (e.g., further 303 updates; potential NMPA steps) for catalysts .
  • Watch discontinued operations volatility tied to SEED: while classification isolates financials, SEED’s trial progress and financing can affect consolidated results and perceived value .
  • Near‑term: event‑driven strategy around data disclosures and SEED’s first‑in‑human start; medium‑term: thesis depends on Plinabulin’s regulatory path and broader validation across tumor types .