Decheng/Dr. Cui Files Form 4 Reporting September 2025 Sales of BYSI Shares
Rhea-AI Filing Summary
Decheng Capital-related funds and manager Dr. Xiangmin Cui reported insider sales of BeyondSpring Inc. (BYSI) ordinary shares over three consecutive days in September 2025. The filings show Fund III sold 5,410 shares on 09/22/2025 at a weighted average price of $1.83, 4,106 shares on 09/23/2025 at $1.72, and 2,256 shares on 09/24/2025 at $1.68, for a total of 11,772 shares sold across the three transactions. After these sales, Fund III beneficially owned 1,847,561 shares. The Form 4 also discloses indirect holdings by affiliated vehicles: Fund II holds 1,617,409 shares and Decheng Capital Global Healthcare Fund (Master) holds 891,734 shares. The filings state the reported prices are weighted averages for multiple transactions within specified ranges and identify Decheng Capital management entities and Dr. Cui as the reporting persons.
Positive
- Full disclosure provided: Form 4 includes detailed weighted-average price footnotes and signatures from each reporting entity.
- Substantial retained holdings: Fund III still beneficially owns 1,847,561 shares after sales, with Fund II and Healthcare holding 1,617,409 and 891,734 shares respectively.
Negative
- Insider selling activity: Decheng-related accounts sold a total of 11,772 ordinary shares across 09/22–09/24/2025.
- Average sale prices low relative to typical retail levels: Weighted-average prices ranged from $1.68 to $1.83 (multiple transactions within disclosed ranges).
Insights
TL;DR: Routine insider disposals by Decheng funds, totaling 11,772 shares; holdings remain materially concentrated across affiliated funds.
The reported transactions are outright sales over three days with weighted-average prices between $1.68 and $1.83. Total shares sold (11,772) are small relative to the aggregated beneficial holdings disclosed (Fund III 1,847,561; Fund II 1,617,409; Healthcare 891,734). This pattern appears to be liquidity-taking rather than a change in control. The filing properly discloses indirect ownership through GP entities and includes standard disclaimers of beneficial ownership by the GPs and manager except for pecuniary interest.
TL;DR: Disclosures are consistent and complete for Section 16 reporting; multiple affiliated filers and signatures are provided.
The Form 4 identifies each reporting entity and the common manager, includes explanatory footnotes about weighted-average pricing, and contains signed attestations dated 09/24/2025. The filing shows appropriate aggregation of indirect holdings and clarifies disclaimers of beneficial ownership by GP entities. There are no indications of director departures, amendments, or other governance events in this Form 4.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Ordinary Shares | 2,256 | $1.68 | $4K |
| Sale | Ordinary Shares | 4,106 | $1.72 | $7K |
| Sale | Ordinary Shares | 5,410 | $1.83 | $10K |
| holding | Ordinary Shares | -- | -- | -- |
| holding | Ordinary Shares | -- | -- | -- |
Footnotes (1)
- 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 $1.89 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. 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.65 to $1.80 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.67 to $1.70 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. 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. 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.
