Form 4: Decheng Funds Sell BYSI Shares; Ownership Mapping Disclosed

Rhea-AI Filing Summary

Decheng Capital entities reported multiple small open-market sales of BeyondSpring Inc. (BYSI) ordinary shares between August 26 and August 28, 2025. Fund III sold 2,000 shares on 08/26/2025 at a weighted-average price of $1.79, 1,300 shares on 08/27/2025 at $1.78, and 809 shares on 08/28/2025 at $1.81; those disposals reduced Fund III's beneficial holding to 1,909,625 shares. The filing discloses additional indirect holdings: Fund II holds 1,617,409 shares and Decheng Global Healthcare (Master) LP holds 891,734 shares. The reporting chain shows common control through Decheng Capital management entities and Dr. Xiangmin (Xiangmin) Cui as manager, with standard disclaimers of beneficial ownership by general partners except for pecuniary interest. Footnotes state the prices are weighted averages across multiple transactions within disclosed price ranges.

Positive

• Timely disclosure: Sales were reported with full Form 4 details including weighted-average prices and footnote explanations.
• Clear ownership mapping: The filing discloses indirect holdings across Fund III, Fund II and the Global Healthcare master fund and identifies managing entities and manager.

Negative

• Share disposals: Decheng Fund III sold a total of 4,109 shares over three days, reducing its reported holdings.
• Concentration of holdings: Several affiliated funds collectively hold multiple million shares, indicating concentrated insider exposure.

Insights

Securities Analyst

TL;DR: Minor, routine insider sales by Decheng funds; holdings remain concentrated across affiliated funds under common management.

The transactions are small in absolute share counts and reflect open-market disposals reported over three days with weighted-average prices disclosed. The filing clarifies the ownership structure: Fund III, Fund II and a Global Healthcare master fund hold material positions aggregating several million shares, and managerial control is exercised via Decheng management entities with Dr. Xiangmin Cui named as manager. The disclosure includes standard footnote language about weighted-average pricing and disclaimers of beneficial ownership by GPs except for pecuniary interests. There is no indication of derivative activity or new acquisition purchases in this Form 4.

Corporate Governance Expert

TL;DR: Reporting is procedurally complete and clarifies indirect holdings and chain of control; no governance actions are reported.

The Form 4 properly identifies the reporting persons, their addresses, relationship to the issuer as directors and 10% owners, and provides signatures dated 08/28/2025. Footnotes explain weighted-average sale prices and the interrelationships among Fund entities, GP entities, and the manager. The form does not state any changes to board composition, voting agreements, or control arrangements beyond standard beneficial-ownership reporting. Documentation appears to meet Section 16 disclosure requirements for these open-market disposals.

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
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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)
08/26/2025

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	08/26/2025		S		2,000	D	$1.79(1)	1,911,734	I	By Decheng Capital China Life Sciences USD Fund III, L.P.(2)
Ordinary Shares	08/27/2025		S		1,300	D	$1.78(3)	1,910,434	I	By Decheng Capital China Life Sciences USD Fund III, L.P.(2)
Ordinary Shares	08/28/2025		S		809	D	$1.81(4)	1,909,625	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.(5)
Ordinary Shares								891,734	I	By Decheng Capital Global Healthcare Fund (Master), LP(6)

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 $1.76 to $1.84 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 $1.75 to $1.82 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.79 to $1.82 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.

5. 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.

6. 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	08/28/2025
	Decheng Capital Management III (Cayman), LLC, By /s/Xiangmin Cui, Manager	08/28/2025
	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	08/28/2025
	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	08/28/2025
	Decheng Capital Global Healthcare GP, LLC, By Decheng Capital LLC, its Manager, By /s/ Xiangmin Cui, Manager	08/28/2025
	/s/ Xiangmin Cui	08/28/2025
	** 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).
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FAQ

What insider transactions were reported for BeyondSpring (BYSI)?

Decheng Capital entities reported open-market sales: Fund III sold 2,000 shares on 08/26/2025 at a weighted-average $1.79, 1,300 shares on 08/27/2025 at $1.78, and 809 shares on 08/28/2025 at $1.81.

How many BYSI shares do the Decheng entities beneficially own after these sales?

After the reported disposals, the Form 4 shows Fund III with 1,909,625 shares; Fund II holds 1,617,409 shares; Decheng Global Healthcare (Master) LP holds 891,734 shares.

Who is the reported manager controlling the Decheng funds in the BYSI filing?

The filing identifies Decheng Capital Management entities and names Dr. Xiangmin (Xiangmin) Cui as manager of the general partner entities.

Were any derivative securities reported in this Form 4 for BYSI?

No derivative securities are reported; Table II contains no entries indicating derivative acquisitions or dispositions.

Do the footnotes provide price detail for the BYSI sales?

Yes. Footnotes state the reported prices are weighted averages across multiple transactions and specify the price ranges for each day's sales.