Detailed financial statements for BeyondSpring Inc. (BYSI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
BeyondSpring Inc. is a clinical-stage biopharmaceutical company focused on developing novel cancer treatments. Its flagship product is Plinabulin, a selective immune-modulating and microtubule-binding agent. Plinabulin has successfully advanced through Phase III clinical trials for two distinct applications: the prevention of chemotherapy-induced neutropenia, and the treatment of advanced non-small cell lung cancer.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.71, BYSI has negative trailing earnings (P/E not meaningful) and an ROE of 19.96%. Market capitalisation stands at $29M.
Balance sheet quality for BYSI: current ratio of 1.5. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | $180000 | $1.4M | $1.4M | 0 | 0 | 0 |
| Cost of Revenue | $18000 | $32000 | $48000 | $77000 | 0 | 0 | 0 | $302000 | 0 | $87000 |
| Gross Profit | -$18000 | -$32000 | -$48000 | -$77000 | $180000 | $1.4M | $1.4M | -$302000 | 0 | -$87000 |
| Research & Development | $10.4M | $88.9M | $51.6M | $31.3M | $41.8M | $36.9M | $25.6M | $7.3M | $2.6M | $4.4M |
| Selling, General & Admin | $1.9M | $9.1M | $5.9M | $8.9M | $22.6M | $30.7M | $13.0M | $7.5M | $6.1M | $4.6M |
| Operating Expenses | $12.4M | $98.0M | $57.5M | $40.2M | $64.4M | $67.6M | $38.6M | $14.8M | $8.8M | $8.9M |
| Operating Income | -$12.4M | -$98.0M | -$57.5M | -$40.3M | -$64.2M | -$66.2M | -$37.2M | -$15.1M | -$8.8M | -$8.9M |
| EBITDA | -$12.3M | -$97.9M | -$57.5M | -$40.0M | -$63.7M | -$64.5M | -$35.0M | -$13.6M | -$8.5M | -$8.5M |
| Interest Expense | $177000 | 0 | 0 | $206000 | $85000 | $87000 | $17000 | 0 | 0 | 0 |
| Pre-tax Income | -$12.5M | -$96.4M | -$57.5M | -$40.3M | -$63.8M | -$64.6M | -$36.1M | -$13.9M | -$8.8M | -$8.6M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | $3.6M | $163000 | $92000 | $96000 | $90000 |
| Net Income | -$12.0M | -$91.8M | -$54.9M | -$38.1M | -$61.0M | -$64.2M | -$33.3M | -$21.0M | -$11.1M | -$8.0M |
| EPS | $-0.75 | $-4.40 | $-2.42 | $-1.55 | $-2.04 | $-1.64 | $-0.85 | $-0.54 | $-0.28 | $-0.20 |
| EPS (Diluted) | $-0.71 | $-4.40 | $-2.42 | $-1.55 | $-2.04 | $-1.64 | $-0.85 | $-0.54 | $-0.28 | $-0.20 |
| Shares Outstanding (Diluted) | $16.9M | $20.9M | $22.7M | $24.6M | $30.0M | $39.0M | $39.1M | $39.0M | $39.7M | $40.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +650.6% | +0.0% | -100.0% | |||||||
| Net Income Growth (YoY) | -664.1% | +40.2% | +30.6% | -60.1% | -5.3% | +48.1% | +36.8% | +47.1% | +28.1% | |
| EPS Growth (YoY) | -486.7% | +45.0% | +36.0% | -31.6% | +19.6% | +48.2% | +36.5% | +48.1% | +28.6% | |
| Shares Change (YoY) | +23.6% | +8.6% | +8.7% | +21.7% | +30.1% | +0.2% | -0.2% | +1.9% | +1.7% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | |||||||
| Operating Margin | -35672.8% | -4903.0% | -2756.4% | |||||||
| EBITDA Margin | -35366.1% | -4773.5% | -2587.4% | |||||||
| Net Margin | -33873.9% | -4750.5% | -2463.3% | |||||||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -5.5% | -0.5% | -0.7% | -1.1% | -1.0% |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 19.96% |
| Return on Invested Capital | -1429.62% |
| Return on Assets | -45.77% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | -0.00 |
| Current Ratio | 0.70 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -22.40 | -6.59 | -7.75 | -10.00 | -5.98 | -2.76 | -2.21 | -1.67 | -5.82 | -8.15 |
| P/B | 22.24 | 22.35 | -54.72 | 12.62 | 4.14 | 6.62 | -12.29 | -1.31 | -1.97 | -2.05 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 2032.27 | 130.85 | 54.40 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -35672.8% | -4903.0% | -2756.4% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | -33873.9% | -4750.5% | -2463.3% | 0.0% | 0.0% | 0.0% |
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