Decheng entities sell BYSI across $3.23–$2.18; Fund III retains 1.98M shares

Rhea-AI Filing Summary

Decheng Capital-affiliated entities reported a series of open-market sales of BeyondSpring Inc. (BYSI) ordinary shares between 06/17/2025 and 08/04/2025. The Form 4 shows multiple dispositions totaling 394,436 shares sold across the reported dates at prices ranging from $3.23 down to $2.18. Footnotes note weighted-average prices and price ranges for specific blocks ($3.10–$3.34, $3.05–$3.27, $3.06–$3.19) and state the reporters will provide per-price details on request. Despite these sales, the filing shows that Decheng Capital China Life Sciences USD Fund III, L.P. continues to beneficially own 1,979,072 shares (indirect), and related Decheng entities and managers disclaim direct ownership except to the extent of pecuniary interest.

Positive

• Transparent disclosure of multiple open-market sales with transaction-level prices and footnotes offering per-price breakdowns upon request
• Continued indirect ownership: Decheng Capital China Life Sciences USD Fund III, L.P. retains 1,979,072 shares following reported sales
• Ownership structure and disclaimers are clearly stated, identifying general partners and the manager and their pecuniary-interest disclaimers

Negative

• Substantial insider dispositions: the filing documents 394,436 shares sold across the reporting period
• Declining sale prices over time in the table from $3.23 to $2.18, which may be viewed negatively by some market participants

Insights

Securities Analyst

TL;DR: Multiple open-market sales by Decheng funds totaling 394,436 BYSI shares across June–August, with prices falling from $3.23 to $2.18.

The reporting shows coordinated, incremental dispositions by affiliated Decheng funds and related entities rather than a single block trade. Transaction-level prices recorded in the table decline over the period, with weighted-average ranges disclosed for certain blocks. Material facts: 394,436 shares sold between 06/17/2025 and 08/04/2025; sale prices reported from $3.23 to $2.18. The filing also documents continued indirect beneficial ownership by Fund III of 1,979,072 shares. For investors, the filing is a clear disclosure of insider selling activity but does not state motives or off‑market agreements.

Corporate Governance Expert

TL;DR: Decheng-related reporting persons disclosed multiple sales and included standard beneficial-ownership disclaimers; the filing is procedurally complete.

The Form 4 includes required explanatory footnotes describing ownership structure and disclaimers: general partners and the manager may be deemed beneficial owners but disclaim ownership except for pecuniary interest. The filing provides weighted-average price ranges and offers to provide per-price details on request, which supports compliance and transparency. The disclosures show sustained indirect holdings by affiliated funds while documenting significant disposition activity totaling 394,436 shares. This is a material disclosure of insider activity but contains no allegations of misconduct or additional governance actions.

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)
06/17/2025

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	06/17/2025		S		5,000	D	$3.23	995,000	I	By Decheng Capital Global Healthcare Fund (Master), LP(1)
Ordinary Shares	06/18/2025		S		59,253	D	$3.17(2)	1,844,326	I	By Decheng Capital China Life Sciences USD Fund II, L.P.(3)
Ordinary Shares	06/20/2025		S		60,000	D	$3.11	935,000	I	By Decheng Capital Global Healthcare Fund (Master), LP(1)
Ordinary Shares	06/20/2025		S		225,217	D	$3.16(4)	1,619,109	I	By Decheng Capital China Life Sciences USD Fund II, L.P.(3)
Ordinary Shares	06/23/2025		S		1,700	D	$3.09(5)	1,617,409	I	By Decheng Capital China Life Sciences USD Fund II, L.P.(3)
Ordinary Shares	07/01/2025		S		600	D	$2.43	934,400	I	By Decheng Capital Global Healthcare Fund (Master), LP(1)
Ordinary Shares	07/02/2025		S		324	D	$2.42	934,076	I	By Decheng Capital Global Healthcare Fund (Master), LP(1)
Ordinary Shares	07/08/2025		S		9,059	D	$2.29	925,017	I	By Decheng Capital Global Healthcare Fund (Master), LP(1)
Ordinary Shares	07/09/2025		S		252	D	$2.27	924,765	I	By Decheng Capital Global Healthcare Fund (Master), LP(1)
Ordinary Shares	07/10/2025		S		768	D	$2.28	923,997	I	By Decheng Capital Global Healthcare Fund (Master), LP(1)
Ordinary Shares	07/11/2025		S		246	D	$2.29	923,751	I	By Decheng Capital Global Healthcare Fund (Master), LP(1)
Ordinary Shares	07/14/2025		S		801	D	$2.29	922,950	I	By Decheng Capital Global Healthcare Fund (Master), LP(1)
Ordinary Shares	07/15/2025		S		2,152	D	$2.28	920,798	I	By Decheng Capital Global Healthcare Fund (Master), LP(1)
Ordinary Shares	07/16/2025		S		5,396	D	$2.24	915,402	I	By Decheng Capital Global Healthcare Fund (Master), LP(1)
Ordinary Shares	07/17/2025		S		20,572	D	$2.19	894,830	I	By Decheng Capital Global Healthcare Fund (Master), LP(1)
Ordinary Shares	07/18/2025		S		900	D	$2.2	893,930	I	By Decheng Capital Global Healthcare Fund (Master), LP(1)
Ordinary Shares	08/04/2025		S		2,196	D	$2.18	891,734	I	By Decheng Capital Global Healthcare Fund (Master), LP(1)
Ordinary Shares								1,979,072	I	By Decheng Capital China Life Sciences USD Fund III, L.P.(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. 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.

2. The price reported in Column 4 is a weighted average price. These securities were sold in multiple transactions at prices ranging from $3.10 to $3.34 inclusive. The Reporting Persons undertake 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 securities sold at each separate price within the range set forth in this footnote.

3. 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.

4. The price reported in Column 4 is a weighted average price. These securities were sold in multiple transactions at prices ranging from $3.05 to $3.27 inclusive. The Reporting Persons undertake 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 securities sold at each separate price within the range set forth in this footnote.

5. The price reported in Column 4 is a weighted average price. These securities were sold in multiple transactions at prices ranging from $3.06 to $3.19 inclusive. The Reporting Persons undertake 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 securities sold at each separate price within the range set forth in this footnote.

6. 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.

	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	08/11/2025
	Decheng Capital Management III (Cayman), LLC, By /s/Xiangmin Cui, Manager	08/11/2025
	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	08/11/2025
	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	08/11/2025
	Decheng Capital Global Healthcare GP, LLC, By Decheng Capital LLC, its Manager, By /s/ Xiangmin Cui, Manager	08/11/2025
	/s/ Xiangmin Cui	08/11/2025
	** 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).
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FAQ

Who sold BYSI shares according to this Form 4?

Decheng Capital-affiliated entities (including Decheng Capital China Life Sciences USD Fund III, L.P., Fund II, and Decheng Capital Global Healthcare Fund (Master), LP) and related managers, with signatures by Xiangmin Cui.

How many BYSI shares were sold and over what dates?

The table reports a total of 394,436 shares sold between 06/17/2025 and 08/04/2025.

What price range do the sales show in the Form 4?

Reported transaction prices in the table range from $3.23 (highest listed) to $2.18 (lowest listed); certain blocks show weighted-average ranges noted in footnotes (e.g., $3.10–$3.34).

What holdings remain after the reported transactions?

Decheng Capital China Life Sciences USD Fund III, L.P. is reported to beneficially own 1,979,072 shares (indirect) following the reported transactions; other Decheng entities also report substantial indirect holdings in the table.

Do the reporting persons claim direct beneficial ownership of the sold shares?

The filing includes disclaimers stating general partners and the manager may be deemed beneficial owners but disclaim direct beneficial ownership except to the extent of proportionate pecuniary interest.