Executive Summary

Q3 2025 was execution-focused: no revenue, tighter operating spend, and continued progress on Plinabulin re‑sensitization data and SEED’s RBM39 program; cash rose to $12.5M as of 9/30/25 from $9.5M in Q2 .
No formal financial guidance or Wall Street consensus; results should be judged on OpEx discipline, liquidity, and clinical/BD milestones rather than P&L beats/misses . Consensus estimates from S&P Global were unavailable for Q1–Q3 2025 (see Estimates Context).
Catalysts concentrated in data and platform validation: SITC 2025 data in NSCLC (DCR 85%) and mechanism studies (DC maturation, M1 polarization via GEF‑H1) plus SEED’s FDA and NMPA IND clearances for its RBM39 degrader and $30M Series A‑3 financing .
Balance sheet considerations are material: total shareholders’ deficit of $(19.8)M and sizable deferred revenue ($28.1M) as of 9/30/25; liquidity improved but capital needs remain a key watch‑item .

What Went Well and What Went Wrong

What Went Well

Clinically relevant signals for Plinabulin: in metastatic NSCLC patients previously progressed after PD‑1/L1, Phase 2 data showed DCR 85%, median PFS 7.0 months, ORR 18.2%, 12‑ and 24‑month OS rates 79% and 66% (median OS not reached) .
- CEO quote: “Plinabulin continues to demonstrate a favorable safety profile and meaningful potential as an immune‑modulating therapy with unique mechanism of dendritic cell (DC) maturation and T cell priming” .
Mechanism and translational validation: DC maturation and M1 polarization via Plinabulin‑specific GEF‑H1 dependent mechanism in responders; Phase 1 across eight tumor types showed DCR 54% with biomarker lead (baseline GEF‑H1 signature) .
SEED momentum: FDA and NMPA IND clearances for RBM39 degrader; $30M Series A‑3 completed; BYSI holds ~38% equity pre‑future sales; Prix Galien USA finalist—enhances platform credibility and potential non‑dilutive value .

What Went Wrong

No revenue and ongoing losses: Q3 continuing operations net loss of ~$1.7M; discontinued operations net loss of ~$3.2M; underscores continued cash burn absent product revenue .
Capital structure risks: total shareholders’ deficit widened to $(19.8)M at 9/30/25, with liabilities exceeding assets; while deferred revenue is $28.1M, details of conversion remain unclear .
Coverage/visibility: No earnings call transcript located and no consensus estimates, limiting near‑term “beat/miss” catalysts and institutional engagement .

Financial Results

Income Statement and Liquidity (oldest → newest)

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($M)	$0.0	$0.0	$0.0
R&D Expense ($M)	$0.874	$1.002	$1.0
G&A Expense ($M)	$1.736	$0.947	$0.8
Net Loss – Continuing Ops ($M)	$2.584	$4.731	$1.7
Net Loss – Discontinued Ops ($M)	$3.232	$2.646	$3.2
Basic & Diluted EPS (Total)	$0.11	$(0.19)$	$(0.24)$
Cash & Cash Equivalents (period‑end, $M)	$6.527	$9.544	$12.483
Weighted Avg Shares (Basic & Diluted)	40,316,320	39,154,885	39,539,494

Notes:

YoY OpEx: R&D rose YoY on higher manufacturing/professional services tied to regulatory and combo research; G&A down YoY on lower professional services and headcount .
Balance Sheet (9/30/25): Total shareholders’ deficit $(19.8)M; deferred revenue $28.094M; total liabilities $49.294M vs total assets $29.484M .

Q3 2025 vs Prior Periods and Estimates

Revenue: $0.0 (no change QoQ/YoY) .
EPS (total): $(0.24)$ vs $(0.19)$ in Q2 2025 and $(0.05)$ in Q3 2024; no consensus available, so no beat/miss determination .
Operating spend: R&D ~$1.0M (flat QoQ), G&A $0.8M (down vs $0.95M in Q2) .

Additional Balance Sheet Items (as of 9/30/25)

Metric	Q2 2025	Q3 2025
Deferred Revenue ($M)	$27.919	$28.094
Total Shareholders’ Deficit ($M)	$(17.545)$	$(19.810)$

Segment breakdown and gross margin metrics are not applicable due to no product revenue .

Guidance Changes

No formal quantitative guidance (revenue, margins, OpEx, EPS, tax, or dividends) was provided in Q3 materials .

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY2025	Not provided	Not provided	Maintained (no guidance)
EPS	FY2025	Not provided	Not provided	Maintained (no guidance)
R&D/OpEx	FY2025	Not provided	Not provided	Maintained (no guidance)
Operational: SEED ownership	2025+	~40% at mid‑year	~38% currently; ~14% post future sales	Clarified trajectory

Earnings Call Themes & Trends

No Q3 2025 earnings call transcript was found; themes below synthesize Q1–Q3 press releases.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
Plinabulin efficacy in PD‑1/L1 progressed NSCLC	ASCO 2025: PFS 6.8m, ORR 18.2%, DCR 77%, OS 78% at 15m	SITC 2025: DCR 85%, median PFS 7.0m, ORR 18.2%, 12m/24m OS 79%/66%	Strengthening clinical signal
Mechanism/biomarkers	Med (Cell Press): DC maturation; GEF‑H1 signature predictive biomarker	Mechanism confirmation with DC maturation and M1 polarization; GEF‑H1 dependent	Reinforced validation
SEED (TPD platform)	FDA IND cleared for RBM39; leadership additions; AACR preclinical advances	FDA + NMPA IND clearances; $30M Series A‑3 completed; Prix Galien finalist	Positive momentum
R&D execution/OpEx	R&D up modestly; G&A down YoY; continued spend control	R&D ~$1.0M; G&A $0.8M; continued discipline	Stable to improving
Liquidity/Capital structure	Cash $6.5M (Q1) → $9.5M (Q2)	Cash $12.5M (Q3); but shareholders’ deficit $(19.8)M	Liquidity up; equity deficit persists
Regulatory/Legal	—	Accounting: SEED classified as discontinued ops; ownership trajectory disclosed	Clarified reporting

Management Commentary

CEO strategic framing: “With over 700 patients treated, Plinabulin continues to demonstrate a favorable safety profile and meaningful potential as an immune‑modulating therapy with unique mechanism of dendritic cell (DC) maturation and T cell priming” .
On value creation pathway: “Results from our global Phase 3 DUBLIN‑3… showed that Plinabulin in combination with docetaxel achieved durable survival benefits and reduced chemotherapy‑induced neutropenia, reinforcing its potential to advance the standard of care and drive long‑term value creation” .
SEED platform significance: “Our RBM39 molecular‑glue degrader has received IND clearance from both the US FDA and China NMPA… we work together to advance molecular glue development to address undruggable targets” .

Q&A Highlights

No Q3 2025 earnings call transcript was available; no Q&A to report .

Estimates Context

S&P Global consensus estimates for revenue and EPS for BYSI were unavailable for Q1–Q3 2025 at the time of this analysis. In the absence of coverage, we anchor to reported actuals and qualitative catalysts from company materials .
Where coverage initiates, adjustments will likely center on OpEx trajectory, cash runway, and clinical/regulatory catalysts rather than revenue/EPS near term given no product sales.

Key Takeaways for Investors

Clinical momentum is the primary stock driver: SITC 2025 data (DCR 85% in post‑PD‑1/L1 NSCLC) and mechanistic reinforcement (GEF‑H1‑driven DC maturation, M1 polarization) improve the re‑sensitization narrative for Plinabulin .
SEED’s de‑risking events (dual IND clearances, $30M financing, external recognition) add optionality; BYSI’s ownership (~38% now; ~14% post future sale) could still provide economic upside pending clinical progress and transaction timing .
Liquidity improved sequentially to $12.5M, but negative equity (shareholders’ deficit $(19.8)M) and ongoing losses underscore financing risk; watch for partnership funding, non‑dilutive sources, or equity transactions .
Operating discipline is evident: G&A down YoY and QoQ; R&D focused on combo studies and regulatory workstreams supporting BD discussions .
No guidance and no consensus coverage limit “beat/miss” trading set‑ups; near‑term catalysts are event‑driven (conference data, study initiations, BD updates) rather than financial .
The large deferred revenue balance ($28.1M) warrants monitoring for timing/recognition triggers; limited disclosure makes modeling difficult .
Risk/reward skews to binary clinical/regulatory outcomes; traders may focus on event calendars (e.g., follow‑up NSCLC data, SEED first‑in‑human milestones) as near‑term catalysts .

Appendix: Q3 2025 Point‑in‑Time Snapshots

Operating expenses: R&D $1.0M; G&A $0.8M (YoY R&D +$0.4M; G&A –$0.9M) .
Losses: Net loss from continuing ops ~$1.7M; discontinued ops net loss ~$3.2M .
EPS: Basic/diluted $(0.24)$ (total) for the quarter; weighted‑avg shares 39.54M .
Cash & cash equivalents: $12.5M at 9/30/25 .
Capital structure: Total shareholders’ deficit $(19.8)M; deferred revenue $28.094M .

BeyondSpring Inc. (BYSI)·Q3 2025 Earnings Summary