Beyondspring Inc Financials

BYSI

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Beyondspring Inc (BYSI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BYSI FY2025 2026-05-13

BeyondSpring’s economics still look like a cash-funded development-stage company, with expense cuts rather than sales driving the narrower loss.

Between FY2021 and FY2022, revenue stayed essentially flat at $1.4M, but R&D and SG&A fell by a combined $29.0M, which explains most of the drop in net loss to $33.3M. Because operating cash burn was still $27.5M and free cash burn was nearly the same, the improvement came from spending less, not from the business starting to fund itself through commercial activity.

FY2022 shows comfortable short-term liquidity alongside eroded cumulative capital: cash of $34.4M and a current ratio of 5.2x sat next to negative equity of -$6.0M. That combination means near-term bills looked manageable even though accumulated losses had already pushed liabilities above assets.

The loss quality was relatively straightforward: net loss and cash burn moved together, with net loss at $33.3M, operating cash outflow at $27.5M, and only $34K of capex separating operating and free cash flow. That makes this more of a runway-management business model than a case where accounting profit and cash reality are telling different stories.

Financial Health Signals

Financial Profile 21/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Beyondspring Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Beyondspring Inc carries a low D/E ratio of -1.81, meaning only $-1.81 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Beyondspring Inc's current ratio of 1.54 is below the typical benchmark, resulting in a score of 26/100. However, the company holds substantial cash reserves (57% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Piotroski F-Score Weak

1/9

Beyondspring Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

19.65x

For every $1 of reported earnings, Beyondspring Inc generates $19.65 in operating cash flow (-$19.8M OCF vs -$1.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

Beyondspring Inc generated $0 in revenue in fiscal year 2025.

EBITDA

-$8.9M

YoY-4.6%

Beyondspring Inc's EBITDA was -$8.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 4.6% from the prior year.

Net Income

-$1.0M

YoY+91.0%

Beyondspring Inc reported -$1.0M in net income in fiscal year 2025. This represents an increase of 91.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$19.8M

YoY-18.9%

Beyondspring Inc generated -$19.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 18.9% from the prior year.

Cash & Debt

$7.8M

YoY+166.5%

5Y CAGR-41.1%

10Y CAGR-3.2%

Beyondspring Inc held $7.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

41M

YoY+2.0%

5Y CAGR+1.0%

10Y CAGR+10.1%

Beyondspring Inc had 41M shares outstanding in fiscal year 2025. This represents an increase of 2.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

$4.4M

YoY+66.0%

5Y CAGR-36.3%

10Y CAGR-3.5%

Beyondspring Inc invested $4.4M in research and development in fiscal year 2025. This represents an increase of 66.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$50K

YoY-77.7%

5Y CAGR-0.8%

10Y CAGR+2.3%

Beyondspring Inc invested $50K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 77.7% from the prior year.

BYSI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$0	$0	$0-100.0%	$1.4M0.0%	$1.4M+650.6%	$180K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$4.4M+66.0%	$2.6M-63.6%	$7.3M-71.6%	$25.6M-30.6%	$36.9M-11.7%	$41.8M
SG&A Expenses	$4.6M-25.4%	$6.1M-21.8%	$7.8M-40.0%	$13.0M-57.6%	$30.7M+35.9%	$22.6M
Operating Income	-$8.9M-2.2%	-$8.8M+42.0%	-$15.1M+59.5%	-$37.2M+43.8%	-$66.2M-3.2%	-$64.2M
Interest Expense	N/A	N/A	N/A	$17K-80.5%	$87K+2.4%	$85K
Income Tax	$90K-6.3%	$96K+204.3%	-$92K-156.4%	$163K-95.4%	$3.6M	$0
Net Income	-$1.0M+91.0%	-$11.1M+47.1%	-$21.0M+36.8%	-$33.3M+48.1%	-$64.2M-5.3%	-$61.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$0	N/A	$0	$0	$0	N/A	$0	$0
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$1.1M	N/A	$1.0M+3.7%	$1.0M+14.6%	$874K	N/A	$622K-25.0%	$829K
SG&A Expenses	$1.2M	N/A	$751K-20.7%	$947K-45.4%	$1.7M	N/A	$1.7M-4.2%	$1.8M
Operating Income	-$2.2M	N/A	-$1.8M+8.2%	-$1.9M+25.3%	-$2.6M	N/A	-$2.4M+10.7%	-$2.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$192K	N/A	$26K+18.2%	$22K+10.0%	$20K	N/A	$0	$0
Net Income	-$2.2M	N/A	-$1.5M+14.7%	-$1.8M-140.3%	$4.5M	N/A	-$2.1M+47.1%	-$4.0M
EPS (Diluted)	N/A	N/A	N/A	$-0.10	N/A	N/A	N/A	$-0.04

BYSI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$25.9M-24.4%	$34.3M+38.3%	$24.8M-46.3%	$46.2M-43.4%	$81.6M-30.2%	$117.0M
Current Assets	$20.9M-26.9%	$28.6M+55.1%	$18.4M-52.2%	$38.5M-48.7%	$75.1M-33.8%	$113.4M
Cash & Equivalents	$7.8M+166.5%	$2.9M-45.8%	$5.4M-84.3%	$34.4M-17.4%	$41.6M-62.0%	$109.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$58.1M-13.6%	$67.2M+39.3%	$48.3M-2.0%	$49.2M-10.9%	$55.3M+119.2%	$25.2M
Current Liabilities	$13.6M+23.3%	$11.0M+38.4%	$8.0M+8.2%	$7.4M-51.5%	$15.2M+10.1%	$13.8M
Long-Term Debt	N/A	N/A	N/A	N/A	$0-100.0%	$2.2M
Total Equity	-$32.2M+2.2%	-$32.9M-22.7%	-$26.8M-348.3%	-$6.0M-122.4%	$26.7M-69.8%	$88.3M
Retained Earnings	-$408.4M-0.2%	-$407.4M-2.8%	-$396.3M-5.6%	-$375.3M-9.7%	-$342.0M-23.1%	-$277.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$18.4M-29.0%	$25.9M-12.0%	$29.5M-5.0%	$31.0M-16.3%	$37.1M+8.1%	$34.3M	N/A	$20.9M
Current Assets	$13.5M-35.3%	$20.9M-14.5%	$24.4M-5.1%	$25.7M-18.4%	$31.5M+10.3%	$28.6M	N/A	$14.9M
Cash & Equivalents	$4.0M-48.2%	$7.8M-37.6%	$12.5M+30.8%	$9.5M+46.2%	$6.5M+123.4%	$2.9M-84.8%	$19.3M+129.7%	$8.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$52.9M-9.0%	$58.1M-5.2%	$61.3M0.0%	$61.3M-6.4%	$65.4M-2.7%	$67.2M	N/A	$47.2M
Current Liabilities	$12.4M-8.9%	$13.6M+5.3%	$12.9M+9.9%	$11.7M-7.4%	$12.7M+15.0%	$11.0M	N/A	$8.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$34.5M-7.2%	-$32.2M-1.2%	-$31.8M-5.2%	-$30.2M-6.7%	-$28.3M+14.0%	-$32.9M-198.7%	-$11.0M+63.5%	-$30.2M
Retained Earnings	-$410.6M-0.5%	-$408.4M-0.5%	-$406.3M-0.4%	-$404.8M-0.4%	-$402.9M+1.1%	-$407.4M	N/A	-$403.6M

BYSI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$19.8M-20.2%	-$16.4M+0.2%	-$16.5M+40.0%	-$27.5M+41.9%	-$47.2M-8.0%	-$43.7M
Capital Expenditures	$50K-77.7%	$224K+124.0%	$100K+194.1%	$34K-98.8%	$2.8M+5369.2%	$52K
Free Cash Flow	-$19.8M-18.9%	-$16.7M-0.6%	-$16.6M+39.7%	-$27.5M+45.1%	-$50.1M-14.4%	-$43.8M
Investing Cash Flow	$10.8M+189.8%	-$12.0M-11912.0%	-$100K-100.6%	$17.6M+186.0%	-$20.4M-39155.8%	-$52K
Financing Cash Flow	$5.0M-81.5%	$26.8M+669525.0%	$4K-99.9%	$3.4M+343000.0%	$1K-100.0%	$117.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$3.3M+40.5%	-$5.5M-31.3%	-$4.2M+28.6%	-$5.9M-39.9%	-$4.2M-527.5%	$982K+119.0%	-$5.2M+26.0%	-$7.0M
Capital Expenditures	$0	$0	$0	$0-100.0%	$50K+85.2%	$27K-86.3%	$197K	$0
Free Cash Flow	-$3.3M+40.5%	-$5.5M-31.3%	-$4.2M+28.6%	-$5.9M-38.3%	-$4.2M-544.8%	$955K+117.8%	-$5.4M+23.1%	-$7.0M
Investing Cash Flow	$4.5M+187.0%	-$5.1M-321.9%	-$1.2M-111.2%	$10.8M+72.1%	$6.3M+164.2%	-$9.8M-346.7%	-$2.2M	$0
Financing Cash Flow	-$4.2M-310.9%	$2.0M-34.2%	$3.0M	$0	$0-100.0%	$1.8M-91.6%	$21.9M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BYSI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	-2756.4%+2146.6pp	-4903.0%+30769.8pp	-35672.8%
Net Margin	N/A	N/A	N/A	-2463.3%+2287.2pp	-4750.5%+29123.4pp	-33873.9%
Return on Equity	N/A	N/A	N/A	N/A	-240.5%-171.5pp	-69.0%
Return on Assets	-3.9%+28.5pp	-32.4%+52.3pp	-84.8%-12.8pp	-72.0%+6.6pp	-78.6%-26.5pp	-52.1%
Current Ratio	1.54-1.1	2.60+0.3	2.31-2.9	5.24+0.3	4.96-3.3	8.24
Debt-to-Equity	-1.81+0.2	-2.04-0.2	-1.80+6.4	-8.23-8.2	0.00-0.0	0.02
FCF Margin	N/A	N/A	N/A	-2035.4%+1672.0pp	-3707.3%+20624.3pp	-24331.7%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-334.6%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	574.0%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-11.7%	N/A	-5.2%+0.6pp	-5.8%-17.9pp	12.1%	N/A	N/A	-19.3%
Current Ratio	1.09-0.4	1.54-0.4	1.89-0.3	2.19-0.3	2.49-0.1	2.60	N/A	1.82
Debt-to-Equity	-1.53+0.3	-1.81+0.1	-1.93+0.1	-2.03+0.3	-2.31-0.3	-2.04	N/A	-1.56
FCF Margin	-544.6%	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$32.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is Beyondspring Inc's annual revenue?

Beyondspring Inc (BYSI) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Beyondspring Inc profitable?

No, Beyondspring Inc (BYSI) reported a net income of -$1.0M in fiscal year 2025.

What is Beyondspring Inc's EBITDA?

Beyondspring Inc (BYSI) had EBITDA of -$8.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Beyondspring Inc's free cash flow?

Beyondspring Inc (BYSI) generated -$19.8M in free cash flow during fiscal year 2025. This represents a -18.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Beyondspring Inc's operating cash flow?

Beyondspring Inc (BYSI) generated -$19.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Beyondspring Inc's total assets?

Beyondspring Inc (BYSI) had $25.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Beyondspring Inc's capital expenditures?

Beyondspring Inc (BYSI) invested $50K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Beyondspring Inc spend on research and development?

Beyondspring Inc (BYSI) invested $4.4M in research and development during fiscal year 2025.

How many shares does Beyondspring Inc have outstanding?

Beyondspring Inc (BYSI) had 41M shares outstanding as of fiscal year 2025.

What is Beyondspring Inc's current ratio?

Beyondspring Inc (BYSI) had a current ratio of 1.54 as of fiscal year 2025, which is generally considered healthy.

What is Beyondspring Inc's debt-to-equity ratio?

Beyondspring Inc (BYSI) had a debt-to-equity ratio of -1.81 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Beyondspring Inc's return on assets (ROA)?

Beyondspring Inc (BYSI) had a return on assets of -3.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Beyondspring Inc's cash runway?

Based on fiscal year 2025 data, Beyondspring Inc (BYSI) had $7.8M in cash against an annual operating cash burn of $19.8M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Beyondspring Inc's debt-to-equity ratio negative or unusual?

Beyondspring Inc (BYSI) has negative shareholder equity of -$32.2M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Beyondspring Inc's Piotroski F-Score?

Beyondspring Inc (BYSI) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Beyondspring Inc's earnings high quality?

Beyondspring Inc (BYSI) has an earnings quality ratio of 19.65x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Beyondspring Inc?

Beyondspring Inc (BYSI) scores 21 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.