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    SEC Form 6-K filed by BeyondSpring Inc.

    8/29/24 4:30:20 PM ET
    $BYSI
    Biotechnology: Pharmaceutical Preparations
    Health Care
    Get the next $BYSI alert in real time by email
    bysi20240208_6k.htm
    Q2 2024 --12-31 false 0001677940 00016779402024-01-012024-06-30 iso4217:USD 00016779402023-01-012023-06-30 xbrli:shares iso4217:USDxbrli:shares 00016779402024-06-30 00016779402023-12-31 thunderdome:item
     

     

     

     

    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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