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Form 6-K BeyondSpring Inc. For: Jun 30

February 2, 2024 4:31 PM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of February 2024

 

Commission File Number: 001-38024

 

BeyondSpring Inc.

 

BeyondSpring Inc.
100 Campus Drive, West Side, 4th Floor, Suite 410
Florham Park, New Jersey 07932
(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒ Form 40-F ☐

 

 

 

 

 

 

On February 2, 2024, BeyondSpring Inc. (the “Company”) reported financial results for the six months ended June 30, 2023.

 

As previously reported on Form 6-Ks filed by the Company on September 20, 2023 and January 16, 2024, Dalian Wanchunbulin Pharmaceuticals Ltd. (“Wanchunbulin”), the Company’s 58%-owned subsidiary in China, was party to an arbitration proceeding initiated by Jiangsu Hengrui Pharmaceuticals Co., Ltd. (“Hengrui”). On January 10, 2024, the arbitral tribunal at China International Economic and Trade Arbitration Committee issued a final award, denying all claims made by Hengrui.

 

As a result, all of Wanchunbulin’s assets that have been seized and frozen pending a decision by the arbitral tribunal are expected to be returned to Wanchunbulin. Such seized and frozen assets are reflected in the Company’s balance sheet as of June 30, 2023 as “Restricted Cash.”

 

This Report on Form 6-K is incorporated by reference into the Registration Statement on Form F-3, File No. 333-257639, and the Registration Statements on Form S-8, File No. 333-216639 and File No. 333-240082, of the Company.

 

 

 

 

 

 

 

 

 

 

 

BEYONDSPRING INC.

 

CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2022 AND JUNE 30, 2023

 

(Amounts in thousands of U.S. Dollars ($), except for number of shares and per share data)

 

  

December 31, 2022

  

June 30, 2023

 
   $   $ 
       (Unaudited) 

Assets

        

Current assets:

        

Cash and cash equivalents

  34,396   13,492 

Restricted Cash

  -   9,736 

Short-term investments

  2,872   1,902 

Advances to suppliers

  492   444 

Prepaid expenses and other current assets

  763   217 

Total current assets

  38,523   25,791 
         

Noncurrent assets:

        

Property and equipment, net

  1,868   1,800 

Operating lease right-of-use assets

  5,484   4,946 

Other noncurrent assets

  347   341 

Total noncurrent assets

  7,699   7,087 
         

Total assets

  46,222   32,878 
         

Liabilities and equity

        
         

Current liabilities:

        

Accounts payable

  1,081   1,501 

Accrued expenses

  2,470   1,682 

Current portion of operating lease liabilities

  966   784 

Deferred revenue

  1,351   1,751 

Other current liabilities

  1,484   1,104 

Total current liabilities

  7,352   6,822 
         

Noncurrent liabilities:

        

Operating lease liabilities

  3,995   3,687 

Deferred revenue

  34,221   33,529 

Other noncurrent liabilities

  3,661   3,527 

Total noncurrent liabilities

  41,877   40,743 
         

Total liabilities

  49,229   47,565 
         

Commitments and contingencies

          
         

Mezzanine equity

        

Contingently redeemable noncontrolling interests

  11,074   11,474 
         
Shareholders' deficit        

Ordinary shares ($0.0001 par value; 500,000,000 shares authorized; 38,999,597 and 39,015,476 shares issued and outstanding as of December 31, 2022 and June 30, 2023, respectively)

  4   4 

Additional paid-in capital

  368,857   368,679 

Accumulated deficit

  (375,276)  (387,996)

Accumulated other comprehensive income

  436   1,223 
         

Total BeyondSpring Inc.’s shareholders’ deficit

  (5,979)  (18,090)

Noncontrolling interests

  (8,102)  (8,071)
Total shareholders' deficit  (14,081)  (26,161)
         

Total liabilities, mezzanine equity and shareholders' deficit

  46,222   32,878 

 

 

 

 

BEYONDSPRING INC.

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

 

COMPREHENSIVE LOSS FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2023

 

(Amounts in thousands of U.S. Dollars ($), except for number of shares and per share data)

 

  

Six months ended June 30,

 
  

2022

  

2023

 
   $   $ 
         

Revenue

  676   875 
         

Operating expenses

        

Research and development

  (13,992)  (9,214)

General and administrative

  (7,492)  (5,145)
         

Loss from operations

  (20,808)  (13,484)

Foreign exchange loss, net

  (350)  (200)

Interest income

  41   281 

Interest expenses

  (17)  - 

Other income, net

  1,259   133 
         

Loss before income tax

  (19,875)  (13,270)

Income tax expenses (benefits)

  (289)  9 
         

Net loss

  (20,164)  (13,261)

Less: Net loss attributable to noncontrolling interests

  (1,675)  (541)

Net loss attributable to BeyondSpring Inc.

  (18,489)  (12,720)
         

Net loss per share

        

Basic and diluted

  (0.47)  (0.33)
         

Weighted-average shares outstanding

        

Basic and diluted

  39,065,710   38,976,761 
         

Other comprehensive loss, net of tax of nil:

        

Foreign currency translation adjustment

  949   1,249 

Unrealized holding gain (loss)

  30   (5)

Comprehensive loss

  (19,185)  (12,017)

Less: Comprehensive loss attributable to noncontrolling interests

  (1,336)  (84)

Comprehensive loss attributable to BeyondSpring Inc.

  (17,849)  (11,933)
 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

BeyondSpring Inc.

     
     
 

By:

/s/ Lan Huang     
 

Name: Lan Huang

 

Title: Chairperson and Chief Executive Officer

 

Date: February 2, 2024

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit No.

Exhibit

   

101.INS

Inline XBRL Instance Document

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

 

 

 

 

 

ATTACHMENTS / EXHIBITS

XBRL TAXONOMY EXTENSION SCHEMA

XBRL TAXONOMY EXTENSION CALCULATION LINKBASE

XBRL TAXONOMY EXTENSION DEFINITION LINKBASE

XBRL TAXONOMY EXTENSION LABEL LINKBASE

XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: R4.htm

IDEA: Financial_Report.xlsx

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: bysi20230522_6k_htm.xml

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