0001171843-24-004980.txt : 20240829 0001171843-24-004980.hdr.sgml : 20240829 20240829163020 ACCESSION NUMBER: 0001171843-24-004980 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 18 CONFORMED PERIOD OF REPORT: 20240630 FILED AS OF DATE: 20240829 DATE AS OF CHANGE: 20240829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BeyondSpring Inc. CENTRAL INDEX KEY: 0001677940 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] ORGANIZATION NAME: 03 Life Sciences IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38024 FILM NUMBER: 241264162 BUSINESS ADDRESS: STREET 1: 100 CAMPUS DRIVE, WEST SIDE, 4TH FLOOR STREET 2: SUITE 410 CITY: FLORHAM PARK STATE: NJ ZIP: 07932 BUSINESS PHONE: 646-528-4184 MAIL ADDRESS: STREET 1: 100 CAMPUS DRIVE, WEST SIDE, 4TH FLOOR STREET 2: SUITE 410 CITY: FLORHAM PARK STATE: NJ ZIP: 07932 6-K 1 bysi20240208_6k.htm FORM 6-K bysi20240208_6k.htm
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2024

 

Commission File Number: 001-38024

 

BeyondSpring Inc.

 

BeyondSpring Inc.
100 Campus Drive, West Side, 4th Floor, Suite 410
Florham Park, New Jersey 07932
(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒ Form 40-F ☐

 

 

 

 

 

 

 

 

 

On August 29, 2024, BeyondSpring Inc. (the “Company”) reported financial results for the six months ended June 30, 2024.

 

This Report on Form 6-K is incorporated by reference into the Registration Statement on Form F-3, File No. 333-280153, and the Registration Statements on Form S-8, File No. 333-216639 and File No. 333-240082, of the Company.

 

 

 

 

 

 

 

 

 

 

 

 

 

BEYONDSPRING INC.

 

CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2023 AND JUNE 30, 2024

 

(Amounts in thousands of U.S. Dollars ($), except for number of shares and per share data)

 

   

December 31, 2023

   

June 30, 2024

 
   

$

   

$

 
           

(Unaudited)

 

Assets

               

Current assets:

               

Cash and cash equivalents

    7,809       8,397  

Restricted Cash

    9,941       -  

Short-term investments

    193       5,963  

Advances to suppliers

    306       280  

Prepaid expenses and other current assets

    170       279  

Total current assets

    18,419       14,919  
                 

Noncurrent assets:

               

Property and equipment, net

    1,628       1,487  

Operating lease right-of-use assets

    4,397       4,050  

Other noncurrent assets

    364       441  

Total noncurrent assets

    6,389       5,978  
                 

Total assets

    24,808       20,897  
                 

Liabilities and equity

               
                 

Current liabilities:

               

Accounts payable

    1,407       2,119  

Accrued expenses

    2,581       1,772  

Current portion of operating lease liabilities

    631       656  

Deferred revenue

    1,751       2,001  

Other current liabilities

    1,588       1,639  

Total current liabilities

    7,958       8,187  
                 

Noncurrent liabilities:

               

Operating lease liabilities

    3,364       3,030  

Deferred revenue

    33,242       32,343  

Other noncurrent liabilities

    3,705       3,612  

Total noncurrent liabilities

    40,311       38,985  
                 

Total liabilities

    48,269       47,172  
                 

Commitments and contingencies

           
                 

Mezzanine equity

               

Contingently redeemable noncontrolling interests

    11,874       12,274  
                 

Shareholder's deficit

               

Ordinary shares ($0.0001 par value; 500,000,000 shares authorized; 39,015,476 and 40,300,350 shares issued and outstanding as of December 31, 2023 and June 30, 2024, respectively)

    4       4  

Additional paid-in capital

    368,599       372,117  

Accumulated deficit

    (396,302 )     (403,564 )

Accumulated other comprehensive income

    894       1,258  
                 

Total BeyondSpring Inc.’s shareholders’ deficit

    (26,805 )     (30,185 )

Noncontrolling interests

    (8,530 )     (8,364 )

Total shareholders' deficit

    (35,335 )     (38,549 )
                 

Total liabilities, mezzanine equity and shareholders' deficit

    24,808       20,897  

 

 

 

 

 

 

 

 

 

BEYONDSPRING INC.

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

 

COMPREHENSIVE LOSS FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2024

 

(Amounts in thousands of U.S. Dollars ($), except for number of shares and per share data)

 

   

Six months ended June 30,

 
   

2023

   

2024

 
   

$

   

$

 
                 

Revenue

    875       1,000  
                 

Operating expenses

               

Research and development

    (9,214 )     (4,149 )

General and administrative

    (5,145 )     (4,273 )
                 

Loss from operations

    (13,484 )     (7,422 )

Foreign exchange loss, net

    (200 )     (83 )

Interest income

    281       46  

Other income, net

    133       82  
                 

Loss before income tax

    (13,270 )     (7,377 )

Income tax benefits

    9       -  
                 

Net loss

    (13,261 )     (7,377 )

Less: Net loss attributable to noncontrolling interests

    (541 )     (115 )

Net loss attributable to BeyondSpring Inc.

    (12,720 )     (7,262 )
                 

Net loss per share

               

Basic and diluted

    (0.33 )     (0.19 )
                 

Weighted-average shares outstanding

               

Basic and diluted

    38,976,761       39,070,994  
                 

Other comprehensive loss, net of tax of nil:

               

Foreign currency translation adjustment

    1,249       576  

Unrealized holding loss

    (5 )     -  

Comprehensive loss

    (12,017 )     (6,801 )

Less: Comprehensive gain (loss) attributable to noncontrolling interests

    (84 )     97  

Comprehensive loss attributable to BeyondSpring Inc.

    (11,933 )     (6,898 )

 

 

 

 

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

BeyondSpring Inc.

     
     
 

By:

/s/ Lan Huang     

 

Name: Lan Huang

 

Title: Chairperson and Chief Executive Officer

 

Date: August 29, 2024

 

 

 

 

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit No.

Exhibit

   

101.INS

Inline XBRL Instance Document

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

 

 

 

 

 

 
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6 Months Ended
Jun. 30, 2024
Document Information [Line Items]  
Document Type 6-K
Entity File Number 001-38024
Entity Registrant Name BeyondSpring Inc
Entity Address, Address Line One 100 Campus Drive, West Side, 4th Floor, Suite 410
Entity Address, City or Town Florham Park
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 07932
Document Period End Date Jun. 30, 2024
Entity Central Index Key 0001677940
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q2
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Audited Consolidated Balance Sheet as of December 31, 2023 and Unaudited Interim Condensed Consolidated Balance Sheet as of June 30, 2024 - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 8,397 $ 7,809
Restricted Cash 0 9,941
Short-term investments 5,963 193
Advances to suppliers 280 306
Prepaid expenses and other current assets 279 170
Total current assets 14,919 18,419
Noncurrent assets:    
Property and equipment, net 1,487 1,628
Operating lease right-of-use assets 4,050 4,397
Other noncurrent assets 441 364
Total noncurrent assets 5,978 6,389
Total assets 20,897 24,808
Current liabilities:    
Accounts payable 2,119 1,407
Accrued expenses 1,772 2,581
Current portion of operating lease liabilities 656 631
Deferred revenue 2,001 1,751
Other current liabilities 1,639 1,588
Total current liabilities 8,187 7,958
Noncurrent liabilities:    
Operating lease liabilities 3,030 3,364
Deferred revenue 32,343 33,242
Other noncurrent liabilities 3,612 3,705
Total noncurrent liabilities 38,985 40,311
Total liabilities 47,172 48,269
Commitments and Contingencies  
Mezzanine equity    
Contingently redeemable noncontrolling interests 12,274 11,874
Shareholder's deficit    
Ordinary shares ($0.0001 par value; 500,000,000 shares authorized; 39,015,476 and 40,300,350 shares issued and outstanding as of December 31, 2023 and June 30, 2024, respectively) 4 4
Additional paid-in capital 372,117 368,599
Accumulated deficit (403,564) (396,302)
Accumulated other comprehensive income 1,258 894
Total BeyondSpring Inc.’s shareholders’ deficit (30,185) (26,805)
Noncontrolling interests (8,364) (8,530)
Total shareholders' deficit (38,549) (35,335)
Total liabilities, mezzanine equity and shareholders' deficit $ 20,897 $ 24,808
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Audited Consolidated Balance Sheet as of December 31, 2023 and Unaudited Interim Condensed Consolidated Balance Sheet as of June 30, 2024 (Parentheticals) - $ / shares
Jun. 30, 2024
Dec. 31, 2023
Common Stock, Par or Stated Value Per Share (in dollars per share) $ 0.0001 $ 0.0001
Common Stock, Shares Authorized (in shares) 500,000,000 500,000,000
Common Stock, Shares Authorized (in shares) 500,000,000 500,000,000
Common Stock, Shares, Issued (in shares) 40,300,350 39,015,476
Common Stock, Shares, Outstanding (in shares) 40,300,350 39,015,476
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Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss for the Six Months Ended June 30, 2023 and 2024 - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Revenue $ 1,000 $ 875
Operating expenses    
Research and development (4,149) (9,214)
General and administrative (4,273) (5,145)
Loss from operations (7,422) (13,484)
Foreign exchange loss, net (83) (200)
Interest income 46 281
Other income, net 82 133
Loss before income tax (7,377) (13,270)
Income tax benefits 0 9
Net loss (7,377) (13,261)
Less: Net loss attributable to noncontrolling interests (115) (541)
Net loss attributable to BeyondSpring Inc. $ (7,262) $ (12,720)
Net loss per share    
Basic and diluted (in dollars per share) $ (0.19) $ (0.33)
Weighted-average shares outstanding    
Basic and diluted (in shares) 39,070,994 38,976,761
Other comprehensive loss, net of tax of nil:    
Foreign currency translation adjustment $ 576 $ 1,249
Unrealized holding loss 0 (5)
Comprehensive loss (6,801) (12,017)
Less: Comprehensive gain (loss) attributable to noncontrolling interests 97 (84)
Comprehensive loss attributable to BeyondSpring Inc. $ (6,898) $ (11,933)
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