BeyondSpring Inc. reported a net loss of $16.7 million for the year ended December 31, 2024, a 24% improvement compared to the $21.9 million net loss in 2023. Revenue for 2024 was nil for continuing operations, while discontinued operations, primarily SEED Therapeutics Inc., generated $2 million in revenue from a collaboration agreement with Eli Lilly. The company's accumulated deficit stood at $407.4 million as of December 31, 2024.
Research and development expenses decreased by 64% to $2.6 million in 2024, primarily due to the completion of several clinical trials (DUBLIN-3, PROTECTIVE-1, and PROTECTIVE-2). General and administrative expenses also fell by 22% to $6.1 million, largely attributed to lower professional service costs. The company's cash and cash equivalents from continuing operations were $2.9 million as of December 31, 2024, a significant decrease from the previous year. In February 2025, the company received $7.35 million from the first installment of the sale of its equity interest in SEED.
Significant developments included the completion of the Phase 3 DUBLIN-3 study for Plinabulin in combination with docetaxel for non-small cell lung cancer (NSCLC), which showed a statistically significant overall survival benefit. BeyondSpring also presented early data from investigator-initiated Phase 2 studies evaluating Plinabulin in combination with other immuno-oncology agents for NSCLC and small cell lung cancer. The company withdrew its New Drug Application (NDA) for Plinabulin in combination with G-CSF for the prevention of chemotherapy-induced neutropenia (CIN) from the NMPA in March 2023, following a Complete Response Letter from the FDA in November 2021. Furthermore, the company reclassified SEED's operations as discontinued operations in its financial reporting for 2024, following agreements to sell a significant portion of its equity interest in SEED.
As of February 28, 2025, BeyondSpring employed 40 full-time employees, including 19 at SEED. The company's principal executive offices are located in New Jersey, with additional offices in Beijing and Dalian, China. BeyondSpring holds or co-owns 164 patents across 33 jurisdictions, including 22 issued U.S. patents as of December 31, 2024. The company plans to file an NDA with the NMPA for Plinabulin in NSCLC and is exploring strategic partnerships for commercialization in the U.S. and other regions.
BeyondSpring anticipates continued losses for the foreseeable future as it advances its product candidates through clinical development and seeks regulatory approvals. The company is exploring various financing options, including licensing agreements, asset sales, and equity or debt financing, to fund its operations. The company acknowledges significant risks related to clinical development, regulatory approvals, commercialization, intellectual property, and its operations in China, as detailed in the 10-K filing's "Risk Factors" section.
About BeyondSpring Inc.
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