BYSI Form 4: Decheng Funds and Dr. Cui Disclose Multi-Day Share Sales

Rhea-AI Filing Summary

Decheng Capital affiliates and Dr. Xiangmin Cui reported sales of BeyondSpring Inc. (BYSI) ordinary shares across three days in September 2025. The filings show Fund III sold 9,050 shares on 09/09/2025 at a weighted average price of $1.97, 8,176 shares on 09/10/2025 at $1.93, and 3,820 shares on 09/11/2025 at $1.90 (weighted averages covering ranges $1.90–$2.00 and $1.87–$1.94). After these transactions Fund III beneficially owned 1,874,710 shares. Related Decheng entities report additional indirect holdings: Fund II 1,617,409 shares and Global Healthcare Fund 891,734 shares. The Form 4s identify Decheng Capital Management entities and Dr. Cui as reporting persons and include standard disclosure footnotes about beneficial ownership and weighted average pricing.

Positive

• Timely disclosure of insider transactions via Form 4s covering 09/09/2025 through 09/11/2025
• Detailed pricing disclosure including weighted-average prices and stated price ranges with offer to provide per-trade breakdown
• Clear post-transaction holdings reported for Fund III (1,874,710 shares), Fund II (1,617,409 shares) and Global Healthcare Fund (891,734 shares)

Negative

• Insider dispositions occurred: Fund III sold 9,050, 8,176 and 3,820 shares on 09/09–09/11/2025 respectively
• Concentration remains with related parties: multiple Decheng entities and the manager are named as potentially beneficial owners, indicating significant indirect holdings

Insights

Securities Analyst

TL;DR: Multiple disclosed insider sales by Decheng funds and the manager over three days, with detailed weighted-average prices and post-sale holdings.

The Form 4 filings present sequential dispositions totaling 21,046 shares from Fund III across 09/09–09/11/2025 with weighted-average prices reported and a clear reconciliation of post-transaction beneficial ownership of 1,874,710 shares for Fund III. The filings properly identify related reporting entities and include standard footnotes explaining indirect ownership through general partners and manager roles. For investors assessing ownership concentration, the filings provide explicit post-sale share counts for three Decheng entities.

Corporate Governance Expert

TL;DR: Filing demonstrates compliance with Section 16 reporting; multiple related parties signed and disclosed indirect ownership.

The documents show formal execution by Decheng Capital entities and Xiangmin Cui with attestations and footnotes clarifying that GP entities and Dr. Cui may be deemed beneficial owners but disclaim ownership except for pecuniary interest. The inclusion of weighted average price footnotes and offer to provide per-price details on request aligns with disclosure norms. This is a routine disclosure of insider transactions rather than a governance action altering control.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Decheng Capital China Life Sciences USD Fund III, L.P.

(Last) (First) (Middle)

C/O DECHENG CAPITAL

3000 SAND HILL ROAD, BLDG. 2, SUITE 110

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BeyondSpring Inc. [ BYSI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Ordinary Shares	09/09/2025		S		9,050	D	$1.97(1)	1,886,706	I	By Decheng Capital China Life Sciences USD Fund III, L.P.(2)
Ordinary Shares	09/10/2025		S		8,176	D	$1.93(1)	1,878,530	I	By Decheng Capital China Life Sciences USD Fund III, L.P.(2)
Ordinary Shares	09/11/2025		S		3,820	D	$1.9(3)	1,874,710	I	By Decheng Capital China Life Sciences USD Fund III, L.P.(2)
Ordinary Shares								1,617,409	I	By Decheng Capital China Life Sciences USD Fund II, L.P.(4)
Ordinary Shares								891,734	I	By Decheng Capital Global Healthcare Fund (Master), LP(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Decheng Capital China Life Sciences USD Fund III, L.P.

(Last) (First) (Middle)

C/O DECHENG CAPITAL

3000 SAND HILL ROAD, BLDG. 2, SUITE 110

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Decheng Capital Management III (Cayman), LLC

(Last) (First) (Middle)

C/O DECHENG CAPITAL

3000 SAND HILL ROAD, BLDG. 2, SUITE 110

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Decheng Capital China Life Sciences USD Fund II, L.P.

(Last) (First) (Middle)

C/O DECHENG CAPITAL

3000 SAND HILL ROAD, BLDG. 2, SUITE 110

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Decheng Capital Global Healthcare Fund (Master), LP

(Last) (First) (Middle)

C/O DECHENG CAPITAL

3000 SAND HILL ROAD, BLDG. 2, SUITE 110

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Decheng Capital Global Healthcare GP, LLC

(Last) (First) (Middle)

C/O DECHENG CAPITAL

3000 SAND HILL ROAD, BLDG. 2, SUITE 110

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Cui Xiangmin

(Last) (First) (Middle)

C/O DECHENG CAPITAL

3000 SAND HILL ROAD, BLDG. 2, SUITE 110

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.90 to $2.00 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. These securities are held directly by Decheng Capital China Life Sciences USD Fund III, L.P. ("Fund III"). Decheng Capital Management III (Cayman), LLC ("GP III") is the general partner of Fund III. Dr. Cui is the manager of GP III. Each of Fund III, GP III and Dr. Cui may be deemed to beneficially own the securities held by Fund III. Each of GP III and Dr. Cui disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.87 to $1.94 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. These securities are held directly by Decheng Capital China Life Sciences USD Fund II, L.P. ("Fund II"). Decheng Capital Management II (Cayman), LLC ("GP II") is the general partner of Fund II. Dr. Cui is the manager of GP II. Each of Fund II, GP II and Dr. Cui may be deemed to beneficially own the securities held by Fund II. Each of GP II and Dr. Cui disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

5. These securities are held directly by Decheng Capital Global Healthcare Fund (Master), LP ("Healthcare"). Decheng Capital Global Healthcare GP, LLC ("Healthcare GP") is the general partner of Healthcare. Dr. Cui is the manager of Healthcare GP. Each of Healthcare GP and Dr. Cui may be deemed to beneficially own the securities held by Healthcare. Each of Healthcare GP and Dr. Cui disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

	Decheng Capital China Life Sciences USD Fund III, L.P., By Decheng Capital Management III (Cayman), LLC, its General Partner, By /s/ Xiangmin Cui, Manager	09/11/2025
	Decheng Capital Management III (Cayman), LLC, By /s/Xiangmin Cui, Manager	09/11/2025
	Decheng Capital China Life Sciences USD Fund II, L.P., By Decheng Capital Management II (Cayman), LLC, its General Partner, By /s/ Xiangmin Cui, Manager	09/11/2025
	Decheng Capital Global Healthcare Fund (Master), LP, By Decheng Capital Global Healthcare GP, LLC, its General Partner, By Decheng Capital LLC, its Manager, By /s/ Xiangmin Cui, Manager	09/11/2025
	Decheng Capital Global Healthcare GP, LLC, By Decheng Capital LLC, its Manager, By /s/ Xiangmin Cui, Manager	09/11/2025
	/s/ Xiangmin Cui	09/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What shares and amounts did Decheng Capital China Life Sciences USD Fund III sell in the BYSI Form 4?

The Form 4 reports Fund III sold 9,050 shares on 09/09/2025, 8,176 shares on 09/10/2025, and 3,820 shares on 09/11/2025.

At what prices were the BYSI shares sold by the reporting persons?

The filings disclose weighted-average prices: $1.97 (range $1.90–$2.00), $1.93 (range $1.90–$2.00), and $1.90 (range $1.87–$1.94).

How many BYSI shares do Decheng-related entities beneficially own after these transactions?

Post-transactions the filings report Fund III: 1,874,710 shares, plus reported indirect holdings of Fund II: 1,617,409 shares and Global Healthcare Fund: 891,734 shares.

Who is the reporting person and who signed the Form 4s for BYSI?

The reporting persons include Decheng Capital entities and Dr. Xiangmin Cui; the Form 4s are signed by Decheng Capital Management entities and /s/ Xiangmin Cui.

Do the filings explain the relationship between the funds and Dr. Cui?

Yes. Footnotes state the funds are held directly by respective funds, the general partner entities are GP III/GP II/Healthcare GP, and Dr. Cui is the manager of those general partners and may be deemed to beneficially own the securities.

Where can I obtain the per-trade breakdown of shares sold at each price?

The filer states it will provide to the issuer, any security holder, or SEC staff, upon request, full information regarding the number of shares sold at each separate price within the disclosed ranges.