Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Entity Central Index Key | 0001677940 |
Entity Registrant Name | BeyondSpring Inc. |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Document Type | 20-F |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Document Transition Report | false |
Entity File Number | 001-38024 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 28 Liberty Street, 39th Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10005 |
Title of 12(b) Security | Ordinary Shares, par value $0.0001 per share |
Trading Symbol | BYSI |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 38,999,597 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | false |
Entity Shell Company | false |
Auditor Name | Ernst & Young Hua Ming LLP |
Auditor Firm ID | 1408 |
Auditor Location | Beijing, the People’s Republic of China |
Document Accounting Standard | U.S. GAAP |
Document Shell Company Report | false |
Document Registration Statement | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 28 Liberty Street, 39th Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10005 |
City Area Code | 646 |
Local Phone Number | 305-6387 |
Contact Personnel Name | Dr. Lan Huang, Chairperson of the Board and Chief Executive Officer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 34,396 | $ 41,625 |
Short-term investments | 2,872 | 30,743 |
Advances to suppliers | 492 | 1,735 |
Prepaid expenses and other current assets | 763 | 1,020 |
Total current assets | 38,523 | 75,123 |
Noncurrent assets: | ||
Property and equipment, net | 1,868 | 1,422 |
Operating lease right-of-use assets | 5,484 | 1,984 |
Other noncurrent assets | 347 | 3,119 |
Total noncurrent assets | 7,699 | 6,525 |
Total assets | 46,222 | 81,648 |
Current liabilities: | ||
Accounts payable | 1,081 | 1,656 |
Accrued expenses | 2,470 | 3,858 |
Current portion of operating lease liabilities | 966 | 538 |
Deferred revenue | 1,351 | 1,369 |
Long-term loans, current portion | 0 | 1,569 |
Other current liabilities | 1,484 | 6,165 |
Total current liabilities | 7,352 | 15,155 |
Noncurrent liabilities: | ||
Operating lease liabilities | 3,995 | 1,468 |
Deferred revenue | 34,221 | 37,939 |
Other noncurrent liabilities | 3,661 | 709 |
Total noncurrent liabilities | 41,877 | 40,116 |
Total liabilities | 49,229 | 55,271 |
Commitments and contingencies | ||
Mezzanine equity | ||
Contingently redeemable noncontrolling interests | 11,074 | 5,454 |
Equity (deficit) | ||
Ordinary shares ($0.0001 par value; 500,000,000 shares authorized; 38,927,563 and 38,999,597 shares issued and outstanding as of December 31, 2021 and 2022, respectively) | 4 | 4 |
Additional paid-in capital | 368,857 | 369,200 |
Accumulated deficit | (375,276) | (341,997) |
Accumulated other comprehensive (loss) income | 436 | (523) |
Total BeyondSpring Inc.’s shareholders’ equity (deficit) | (5,979) | 26,684 |
Noncontrolling interests | (8,102) | (5,761) |
Total equity (deficit) | (14,081) | 20,923 |
Total liabilities, mezzanine equity and equity | $ 46,222 | $ 81,648 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Ordinary shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, authorized (in shares) | 500,000,000 | 500,000,000 |
Ordinary shares, issued (in shares) | 38,999,597 | 38,927,563 |
Ordinary shares, outstanding (in shares) | 38,999,597 | 38,927,563 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 1,351 | $ 1,351 | $ 180 |
Operating expenses | |||
Research and development | (25,582) | (36,888) | (41,793) |
General and administrative | (13,008) | (30,703) | (22,598) |
Loss from operations | (37,239) | (66,240) | (64,211) |
Foreign exchange loss, net | (429) | 231 | 355 |
Interest income | 195 | 98 | 116 |
Interest expenses | (17) | (87) | (85) |
Other income, net | 1,373 | 1,360 | 4 |
Loss before income tax | (36,117) | (64,638) | (63,821) |
Income tax expenses | (163) | (3,570) | 0 |
Net loss | (36,280) | (68,208) | (63,821) |
Less: Net loss attributable to noncontrolling interests | (3,001) | (4,029) | (2,848) |
Net loss attributable to BeyondSpring Inc. | $ (33,279) | $ (64,179) | $ (60,973) |
Net loss per share | |||
Basic and diluted (in dollars per share) | $ (0.85) | $ (1.64) | $ (2.03) |
Weighted-average shares outstanding | |||
Basic and diluted (in shares) | 39,093,246 | 39,023,643 | 29,984,284 |
Other comprehensive loss, net of tax of nil: | |||
Foreign currency translation adjustment gain | $ 1,483 | $ (296) | $ (530) |
Unrealized holding gain (loss) | (5) | 5 | 0 |
Comprehensive loss | (34,802) | (68,499) | (64,351) |
Less: Comprehensive loss attributable to noncontrolling interests | (2,482) | (4,094) | (2,941) |
Comprehensive loss attributable to BeyondSpring Inc. | $ (32,320) | $ (64,405) | $ (61,410) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 27,885,613 | ||||||
Balance at Dec. 31, 2019 | $ 3 | $ 246,979 | $ (216,845) | $ 140 | $ 30,277 | $ 854 | $ 31,131 |
Issuance of ordinary shares (in shares) | 11,238,590 | ||||||
Issuance of ordinary shares | $ 1 | 111,593 | 0 | 0 | 111,594 | 0 | 111,594 |
Capital contribution from noncontrolling interests | $ 0 | 0 | 0 | 0 | 0 | 80 | 80 |
Share-based compensation (Note 10) (in shares) | 17,710 | ||||||
Share-based compensation (Note 10) | $ 0 | 7,946 | 0 | 0 | 7,946 | 225 | 8,171 |
Capital contribution shared by noncontrolling interests | 0 | (67) | 0 | 0 | (67) | 67 | 0 |
Other comprehensive income (loss) | 0 | 0 | 0 | (437) | (437) | (93) | (530) |
Net loss | $ 0 | 0 | (60,973) | 0 | (60,973) | (2,848) | (63,821) |
Balance (in shares) at Dec. 31, 2020 | 39,141,913 | ||||||
Balance at Dec. 31, 2020 | $ 4 | 366,451 | (277,818) | (297) | 88,340 | (1,715) | 86,625 |
Share-based compensation (Note 10) (in shares) | 19,287 | ||||||
Share-based compensation (Note 10) | $ 0 | 3,234 | 0 | 0 | 3,234 | 48 | 3,282 |
Other comprehensive income (loss) | 0 | 0 | 0 | (226) | (226) | (65) | (291) |
Net loss | $ 0 | 0 | (64,179) | 0 | (64,179) | (4,029) | (68,208) |
Forfeited restricted shares (in shares) | (262,408) | ||||||
Forfeited restricted shares | $ 0 | (310) | 0 | 0 | (310) | 0 | (310) |
Exercise of share options (in shares) | 28,771 | ||||||
Exercise of share options | $ 0 | 83 | 0 | 0 | 83 | 0 | 83 |
Accretion of contingently redeemable noncontrolling interest | $ 0 | (258) | 0 | 0 | (258) | 0 | (258) |
Balance (in shares) at Dec. 31, 2021 | 38,927,563 | ||||||
Balance at Dec. 31, 2021 | $ 4 | 369,200 | (341,997) | (523) | 26,684 | (5,761) | 20,923 |
Share-based compensation (Note 10) (in shares) | 72,941 | ||||||
Share-based compensation (Note 10) | $ 0 | 1,521 | 0 | 0 | 1,521 | 141 | 1,662 |
Other comprehensive income (loss) | 0 | 0 | 0 | 959 | 959 | 519 | 1,478 |
Net loss | $ 0 | 0 | (33,279) | 0 | (33,279) | (3,001) | (36,280) |
Forfeited restricted shares (in shares) | (907) | ||||||
Forfeited restricted shares | $ 0 | (7) | 0 | 0 | (7) | 0 | (7) |
Accretion of contingently redeemable noncontrolling interest | $ 0 | (1,857) | 0 | 0 | (1,857) | 0 | (1,857) |
Balance (in shares) at Dec. 31, 2022 | 38,999,597 | ||||||
Balance at Dec. 31, 2022 | $ 4 | $ 368,857 | $ (375,276) | $ 436 | $ (5,979) | $ (8,102) | $ (14,081) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net loss | $ (36,280) | $ (68,208) | $ (63,821) |
Adjustments to reconcile net loss to cash used in operating activities: | |||
Depreciation expenses | 232 | 61 | 77 |
Share-based compensation | 1,666 | 3,152 | 8,194 |
Non-cash operating lease expenses | 912 | 546 | 659 |
Loss on derecognition of operating right-of-use assets | 0 | 22 | 0 |
Paycheck Protection Program Loan Forgiveness | 0 | (635) | 0 |
Unrealized gain on short-term investments | (19) | (144) | 0 |
Change in fair value in forward contract | (1,071) | (444) | 0 |
Changes in assets and liabilities: | |||
Short-term investments | 10,172 | (13,025) | 0 |
Advances to suppliers | 1,243 | 1,770 | 1,014 |
Prepaid expenses and other current assets | 91 | (496) | 52 |
Other noncurrent assets | 1,411 | (294) | (334) |
Accounts payable | (575) | (560) | (321) |
Accrued expenses | (1,388) | (1,711) | (291) |
Operating lease liabilities | (1,455) | (518) | (621) |
Other current liabilities | (4,669) | 2,535 | 2,372 |
Deferred revenue | (1,351) | 30,033 | 9,275 |
Other noncurrent liabilities | 2,930 | 674 | 0 |
Net cash used in operating activities | (27,464) | (47,242) | (43,745) |
Cash flows from investing activities: | |||
Acquisitions of property and equipment | (34) | (2,844) | (52) |
Return of property and equipment | 717 | 0 | 0 |
Purchase of short-term investments | (32,197) | (44,232) | 0 |
Sales of short-term investments | 0 | 1,663 | 0 |
Proceeds from maturity of short-term investments | 49,761 | 25,000 | 0 |
Net cash (used in) provided by investing activities | 17,560 | (20,413) | (52) |
Cash flows from financing activities: | |||
Proceeds from issuance of ordinary shares, net of underwriting discounts and commissions | 0 | 0 | 112,577 |
Proceeds from issuance of contingently redeemable noncontrolling interests, net of issuance cost | 5,000 | 0 | 5,233 |
Capital contribution from noncontrolling interests | 0 | 0 | 80 |
Proceeds from issuance of forward contract | 0 | 0 | 278 |
Proceeds from exercise of share options | 0 | 83 | 0 |
Payments of offering costs | 0 | (44) | (939) |
Payments of issuance costs of contingently redeemable noncontrolling interests | 0 | (38) | 0 |
Proceeds from loans | 0 | 0 | 635 |
Proceeds from related party borrowings | 0 | 0 | 35 |
Repayments of loans | (1,569) | 0 | 0 |
Repayment of related party borrowings | 0 | 0 | (64) |
Net cash provided by financing activities | 3,431 | 1 | 117,835 |
Effect of foreign exchange rate changes | (756) | (258) | (434) |
Net increase (decrease) in cash and cash equivalents | (7,229) | (67,912) | 73,604 |
Cash and cash equivalents at beginning of year | 41,625 | 109,537 | 35,933 |
Cash and cash equivalents at end of year | 34,396 | 41,625 | 109,537 |
Supplemental disclosures of cash flow information | |||
Interest paid | 17 | 91 | 85 |
Interest received | 136 | 98 | 166 |
Non-cash activities: | |||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 4,411 | 1,181 | 295 |
Operating lease right-of-use assets released in exchange for operating lease liabilities | $ 0 | $ (803) | $ 0 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Nature of the business BeyondSpring Inc. (the “Company”) was incorporated in the Cayman Islands on November 21, 2014. On March 14, 2017, On May 21, 2019, December 31, 2022, On June 14, 2019 July 3, 2019, 9th RMB100,000 December 31, 2021, RMB70,000 In July 2019, In October November 2019, In June 2020, On June 18, 2020, July 2020. In November 2020, On November 25, 2020, On March 22, 2022, As of December 31, 2022, Name of company Place of incorporation Date of incorporation Percentage of ownership by the Company Principal activities BeyondSpring Pharmaceuticals Inc. (“BeyondSpring US”) Delaware, U.S. June 18, 2013 100% Clinical trial activities BeyondSpring Ltd. The British Virgin Islands (“BVI”) December 3, 2014 100% Holding company BeyondSpring (HK) Limited (“BeyondSpring HK”) Hong Kong January 13, 2015 100% Holding company Wanchun Biotechnology Limited (“BVI Biotech”) BVI April 1, 2015 100% Holding company Wanchun Biotechnology (Dalian) Ltd. (“Wanchun Dalian”) PRC April 23, 2015 100% Holding company Dalian Wanchunbulin Pharmaceuticals Ltd. (“Wanchunbulin”) PRC May 6, 2015 57.97% Clinical trial activities BeyondSpring Pharmaceuticals Australia PTY Ltd. (“BeyondSpring Australia”) Australia March 3, 2016 100% Clinical trial activities Beijing Wanchun Pharmaceutical Technology Ltd. (“Beijing Wanchun”) PRC May 21, 2018 57.97% Holding company SEED Therapeutics Inc. (“SEED”) BVI June 25, 2019 55.05% Pre-clinical development activities SEED Technology Limited (“SEED Technology”) BVI December 9, 2019 57.97% Holding company SEED Therapeutics US, Inc. (“SEED US”) Delaware, U.S. November 25, 2020 55.05% Pre-clinical development activities Wanchun Hongji (Dalian) Pharmaceuticals Ltd. (“Wanchun Hongji”) PRC March 22, 2022 55.05% Pre-clinical development activities |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Going concern The Company has not 2022 December 31, 2022. December 31, 2022, The Company is implementing a cost reduction plan, which includes the deferral of certain research, development and clinical projects and reduction of operating expenses until it obtains regulatory approvals for its product candidates. If the Company is unable to successfully implement the cost reduction plan and obtain the regulatory approval timely, the business and future success will be adversely affected including eliminating its research and development programs or suspension of business operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements have been prepared in accordance with U.S. GAAP, on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. These financial statements do not Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation. Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period. Areas where management uses subjective judgment include, but are not Research and development ( R&D ) costs The Company accounts for R&D costs in accordance with ASC 730, Research and Development Costs incurred related to nonrefundable advance payments for goods or services that will be used in future research and development activities are deferred and capitalized. The capitalized amounts are expensed as R&D costs when the related goods are delivered or the services are performed, or when the Company does not Research contract costs and accruals The Company has entered into various research and development contracts with research institutions and other companies primarily in the PRC, the U.S., Ukraine and Australia. Related payments are recorded as research and development expenses and are expensed as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not Foreign currency translation and transactions Functional currency The Company currently uses the U.S. dollar as the functional currency for all its entities, except for entities in the PRC, which adopt the RMB as their functional currency, and BeyondSpring Australia, which adopts the Australian dollar as the functional currency. The determination of the respective functional currency is based on the criteria of ASC 830, Foreign Currency Matters Functional currency translation For subsidiaries whose functional currencies are not Cash and cash equivalents Cash and cash equivalents consist of cash on hand and bank deposits, and highly liquid investments with an original maturity date of three Short-term investments Investments such as time deposits with original maturities of greater than three twelve twelve The Company accounts for its investments in debt securities in accordance with ASC 320 10, Investments Debt Securities: Overall 320 10” 320 10. Debt securities that the Company has positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost less allowance for credit losses. Debt securities that are bought and held primarily for the purpose of selling in the near term are classified as trading securities. Trading securities are recorded at fair value. Changes in unrealized gains and losses are recorded through earnings each period as part of other income or expenses. Trading debt securities include financial products issued by commercial banks. Debt securities not The Company regularly evaluates its investments in debt securities for impairment. The Company recognizes an allowance on available-for-sale debt securities when a portion of the unrealized loss is attributable to a credit loss and a corresponding credit loss in net loss. The Company did not Advances to suppliers Advances to suppliers consist of cash to contractors and vendors for services and materials that have not December 31, 2021, 2022, no Leases The Company determines if an arrangement is a lease or contains a lease at lease inception. For leases with lease and non-lease components, the Company has elected to apply the practical expedient to not 842, Leases “ASC842” December 31, 2021 2022. not At the commencement date of a lease, the Company determines the classification of the lease based on the relevant factors present and records right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are calculated as the present value of the lease payments not not not may The Company reassesses whether a contract is or contains a lease whenever a substantive change is made to the terms and conditions of the contract. Such changes are not not not Operating leases are included in operating lease right-of-use assets and lease liabilities on the consolidated balance sheets. Lease liabilities that become due within one Leases with an initial lease term of 12 not Government grants Government grants relating to assets are recognized in the consolidated balance sheets upon receipt and amortized as other income over the weighted average useful life of the related assets. Government grants relating to income that involves no Property and equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets as follows: Category Estimated useful life Office equipment 5 years Laboratory equipment 3-8 years Motor vehicles 10 years Leasehold improvements Lower of lease term or economic life Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterment that extends the useful lives of plant and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the assets and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Impairment of long-lived assets The Company evaluates long-lived assets such as laboratory equipment for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not 360 10, Property, Plant and Equipment: Overall 360 10” December 31, 2020, 2021 2022, not Fair value measurements The Company applies ASC 820, Fair Value Measurements and Disclosures 820” 820 ASC 820 three • Level 1—Observable • Level 2—Other • Level 3—Unobservable no ASC 820 three 1 2 3 Financial instruments of the Company primarily include cash and cash equivalents, short-term investments, due to related parties, accounts payable, loans, contingently redeemable noncontrolling interests, and forward contract. The redeemable noncontrolling interests were initially recorded at issuance price net of issuance costs. The Company recognizes changes in the redemption value immediately as they occur and adjusts the carrying value of the redeemable noncontrolling interests to equal the redemption value at the end of each reporting period. The Company measures its financial products issued by commercial banks at fair value on a recurring basis based on quoted subscription/redemption price published by the relevant banks. The fair value of the forward contract is determined on recurring basis with the assistance of an independent third Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Company’s chief operating decision maker (the “CODM”), which is the Chief Executive Officer. Starting from 2022, two first Accordingly, the financial statements include segment information which reflects the current composition of the reportable segments in accordance with ASC 280, Segment Reporting 19 Revenue recognition Under ASC 606, Revenue from Contracts with Customers 606” 606, five five Once a contract is determined to be within the scope of ASC 606 The Company recognizes a contract asset or a contract liability in the consolidated balance sheets, depending on the relationship between the entity’s performance and the customer’s payment. Contract liabilities represent the excess of payments received as compared to the consideration earned, and is recorded as deferred revenue in the consolidated balance sheets. The Company had no Collaboration revenue At contract inception, the Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements 808” 808 first 808 606. 808, In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under each of the agreements, the Company performs the five 606 The collaborative arrangements may one not Licenses of Intellectual Property not Research and Development Service: Milestone Payments: not not Royalties: Comprehensive income (loss) Comprehensive income (loss) is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. For each of the periods presented, the Company’s comprehensive income (loss) includes net loss, foreign currency translation adjustments and unrealized holding gains (loss) associated with available-for-sale debt securities, and is presented in the consolidated statements of comprehensive loss. Income taxes The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using enacted tax rates that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not not The Company evaluates its uncertain tax positions using the provisions of ASC 740, Income Taxes, not” fifty Share-based compensation The Company applies ASC 718, Compensation—Stock Compensation 718” 718, Modification, replacements or cancellation of awards A change in the terms or conditions of the awards is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Company recognizes over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Company recognizes is the cost of the original award. Cancellation of an award accompanied by the concurrent grant of (or offer to grant) a replacement award or other valuable consideration shall be accounted for as a modification of the terms of the cancelled award. Cancellation of an award without the concurrent grant or offer of a replacement award is treated as a settlement for no Loss per share Loss per share is calculated in accordance with ASC 260, Earnings per Share Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the share options and the vesting of restricted shares, using the treasury stock method. Ordinary share equivalents are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. Basic and diluted loss per ordinary share is presented in the Company’s consolidated statements of comprehensive loss. Concentration of risks Concentration of credit risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and short-term investments. The Company’s cash and cash equivalents and short-term investments are held at financial institutions that management believes to be of high credit quality. As of December 31, 2021 2022, PRC state-owned banks, such as China Merchants Bank, Bank of China, are subject to a series of risk control regulatory standards, and PRC bank regulatory authorities are empowered to take over the operation and management when any of those banks faces a material credit crisis. The Company does not May 2015, RMB500. one may not not Business, customer, political, social and economic risks The Company participates in a dynamic biopharmaceutical industry and believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations, or cash flows: changes in the overall demand for services and products; competitive pressures due to existing competitors and new entrants; advances and new trends in new drugs and industry standards; changes in clinical research organizations and other key vendors; changes in certain strategic relationships or customer relationships; regulatory considerations; intellectual property considerations; and risks associated with the Company’s ability to attract and retain employees necessary to support its operations. The Company’s operations could be also adversely affected by significant political, economic and social uncertainties in the PRC and in relations between the PRC and United States. Business risk The Company relies on third third not may not Currency convertibility risk The Company incurs portions of expenses in currencies other than the U.S. dollars, in particular, the RMB. On January 1, 1994, not may Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. Foreign currency exchange rate risk From July 21, 2005, December 31, 2020, December 31, 2021, December 31, 2022. may To the extent that the Company needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of the RMB against the U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into U.S. dollars for the purpose of making payments for dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of the U.S. dollar against the RMB would have a negative effect on the U.S. dollar amount available to the Company. In addition, a significant depreciation of the RMB against the U.S. dollar may Recent accounting pronouncements New accounting standards which have been adopted In November 2021, 2021 10, Government Assistance 832 Disclosures by Business Entities about Government Assistance December 15, 2021, January 1, 2022 no In August 2020, 2020 06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity 2020 06” 2020 06 2020 06 December 15, 2021, January 1, 2022 no New accounting standards have not From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that recently issued standards that are not not |
Note 3 - Short-term Investments
Note 3 - Short-term Investments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investment [Text Block] | 3. Short-term investments Short-term investments as of December 31, 2021 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair value (Net carrying amount) $ $ $ $ As of December 31, 2021 Trading debt securities Financial products issued by commercial banks 13,025 144 - 13,169 Available-for-sale debt securities Time deposits 16,000 - - 16,000 Financial products issued by commercial banks 1,569 5 - 1,574 Total at December 31, 2021 30,594 149 - 30,743 As of December 31, 2022 Trading debt securities Financial products issued by commercial banks 2,853 19 - 2,872 Total at December 31, 2022 2,853 19 - 2,872 |
Note 4 - Collaboration Revenue
Note 4 - Collaboration Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Collaboration Revenue Disclosure [Text Block] | 4. Collaboration revenue Eli Lilly and Company On November 12, 2020, no three Under the Lilly Collaboration Agreement, Lilly paid SEED an upfront non-refundable fee of $10,000 in November 2020. 808, 606. Under ASC 606, not three 7 not In connection with the Lilly Collaboration Agreement, the Company and SEED Technology (collectively, the “BYSI Entities”) transferred certain contracts, know-how, materials and equipment, and documents related to a proprietary technology platform to SEED for 9,631,941 Series A- 1 1 1 2 2 1 2 15 “A2 2 November 12, 2022, A2 2 third 2 2 June 2022, 2 A2 15 16 The total cash proceeds of $15,000 received from Lilly under the Lilly Collaboration Agreement and the A2 2 November 20, 2020 $ Collaboration arrangement 9,455 Fair value of Series A-2 Preferred Shares (Note 15) 5,267 Fair value of the Forward (Note 16) 278 Total cash proceeds 15,000 The Company recognized collaboration revenue of $1,351 and $1,351 related to the Lilly Collaboration Agreement for the years ended December 31, 2021 2022, 2021 2022 Jiangsu Hengrui Pharmaceuticals Co., Ltd On August 25, 2021, September 22, 2021, may 2nd/3rd 50% Under the Hengrui Collaboration Agreement, Hengrui paid Wanchunbulin an upfront non-refundable fee of $31,039 ( RMB200,000 September 2021. RMB700,000 RMB400,000 The Hengrui Collaboration Agreement is within the scope of ASC 808 1 2 3 606, not 606. The Company determined that the License and the Manufacturing and Supply Services are not RMB200,000 not not December 31, 2021 2022, |
Note 5 - Property and Equipment
Note 5 - Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property and equipment, net Property and equipment consisted of the following: December 31, 2021 2022 $ $ Office equipment 350 549 Laboratory equipment 1,009 1,499 Motor vehicles 108 99 Leasehold improvements 274 272 1,741 2,419 Less: accumulated depreciation (319 ) (551 ) Property and equipment, net 1,422 1,868 Depreciation expenses for the years ended December 31, 2020, 2021 2022 |
Note 6 - Long-term Loans
Note 6 - Long-term Loans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 6. Long-term loans On March 28, 2019, three RMB10,000 December 31, 2021. March 2022, RMB10,000 On May 3, 2020, two May 3, 2022. July 2021, |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 7. Related party transactions The related party transactions for the years presented were as follows: Loans from a related party In October December 2019, 60 RMB200 September 2020. In February, April June 2020, 60 RMB230 September 2020. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. Income taxes Cayman Islands The Company is incorporated in the Cayman Islands, and is not BVI BeyondSpring Ltd., BVI Biotech, SEED and SEED Technology are all incorporated in the BVI and are not U.S. BeyondSpring US and SEED US are incorporated in Delaware, the U.S. They are subject to statutory U.S. Federal corporate income tax at a rate of 21% for all years presented. Australia BeyondSpring Australia is incorporated in Australia, and is subject to corporate income tax at a rate of 30%. BeyondSpring Australia had no Hong Kong BeyondSpring HK is incorporated in Hong Kong. Companies registered in Hong Kong are subject to Hong Kong Profits Tax on the taxable income as reported in their respective statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. BeyondSpring HK had no PRC Wanchun Dalian, Wanchunbulin, Beijing Wanchun, and Wanchun Hongji are subject to the statutory tax rate of 25% in accordance with the PRC Enterprise Income Tax Law (“EIT Law”), which was effective since January 1, 2008. three 2022, The components of loss (income) before income tax are as follows: Year Ended December 31, 2020 2021 2022 $ $ $ Cayman Islands 3,805 5,652 3,522 U.S. 33,266 34,318 13,144 PRC 5,912 6,368 7,253 BVI 20,873 18,336 12,831 Australia (35 ) (36 ) (633 ) Loss before income tax 63,821 64,638 36,117 The provision for current income taxes in 2021 December 31, 2020, 2021 2022 Year Ended December 31, 2020 2021 2022 $ $ $ Current income tax - 3,570 163 Deferred income tax - - - Income tax expenses - 3,570 163 A reconciliation of the differences between income tax expenses and the amount computed by applying the U.S. Federal corporate income tax rate of 21% 2020, 2021 2022 Year Ended December 31, 2020 2021 2022 $ $ $ Loss before income tax 63,821 64,638 36,117 Expected income tax benefit 13,403 13,574 7,585 Tax rate difference (4,653 ) (3,796 ) (2,253 ) Non-deductible expenses (688 ) (788 ) 812 Research tax credits 641 1,096 1,437 Non-taxable income 120 21 - Tax preference - 3,755 (667 ) Others 68 (262 ) (216 ) Current and deferred tax rate differences - - 672 R&D super deduction - - 389 Interest expenses - - (315 ) Change in valuation allowance (8,891 ) (17,170 ) (7,607 ) Total income tax expenses - (3,570 ) (163 ) Net deferred tax assets as of December 31, 2021 2022 December 31, 2021 2022 $ $ Deferred tax assets: Net operating loss carryforward 24,211 26,571 Deferral of tax deduction of R&D expenses 6,757 6,857 Mandatory R&D Capitalization - 3,819 Share-based compensation 1,482 1,591 Deferred revenue 9,510 8,630 Research tax credits 4,063 5,295 Operating lease liabilities 422 1,043 Accruals and reserves 11 21 Total deferred tax assets 46,456 53,827 Deferred tax liabilities: Unrealized gain (37 ) (41 ) Depreciation (254 ) (346 ) Operating lease right-of-use assets (420 ) (1,153 ) Total deferred tax liabilities (711 ) (1,540 ) Total gross deferred tax assets 45,745 52,287 Less: valuation allowance (45,745 ) (52,287 ) Net deferred tax assets - - The Company operates through several subsidiaries and valuation allowances are considered for each of the subsidiaries on an individual basis. The Company recorded a valuation allowance against deferred tax assets of those subsidiaries that are individually in a three not December 31, 2021 2022. December 31, 2022, As of December 31, 2022, December 31, 2017, 80% 2017 not 2027 not As of December 31, 2021 2022, December 31, 2020, 2021 2022 Year Ended December 31, 2020 2021 2022 $ $ $ Beginning balance, as of January 1 956 730 1,065 Additions based on tax positions related to prior tax years - 283 3,099 Reductions based on tax positions related to prior tax years (226 ) - (608 ) Additions based on tax positions related to current tax year - 52 78 Ending balance, as of December 31 730 1,065 3,634 The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expenses. For the years ended December 31, 2020 2021, not December 31, 2022, December 31, 2021 2022, The Company does not 12 2019. 2019 2017 |
Note 9 - Net Loss Per Share
Note 9 - Net Loss Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. Net loss per share Basic and diluted net loss per share attributable to ordinary shareholders was calculated as follows: Year Ended December 31, 2020 2021 2022 Numerator: Net loss attributable to BeyondSpring Inc.—basic and diluted $ (60,973 ) $ (64,179 ) $ (33,279 ) Denominator: Weighted average number of ordinary shares outstanding—basic and diluted 29,984,284 39,023,643 39,093,246 Net loss per share —basic and diluted $ (2.03 ) $ (1.64 ) $ (0.85 ) The effects of all share options and unvested restricted shares were excluded from the calculation of diluted loss per share as their effect would have been anti-dilutive during the years ended December 31, 2020, 2021, 2022. |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 10. Share-based compensation General On February 24, 2017, 2017 “2017 March 9, 2017, 2017 2017 1 2 2017 Restricted shares The following table summarizes the Company’s employee restricted share activities under the 2017 Number of shares Weighted average grant date fair value $ Outstanding at December 31, 2019 154,575 17.19 Granted 14,394 12.82 Vested (38,023 ) 15.19 Outstanding at December 31, 2020 130,946 17.30 Granted 15,164 14.64 Vested (22,683 ) 14.78 Forfeited (40,679 ) 14.00 Outstanding at December 31, 2021 82,748 19.12 Granted 1,359 2.85 Vested (6,216 ) 11.10 Forfeited (907 ) 11.03 Outstanding at December 31, 2022 76,984 19.57 Expected to vest at December 31, 2022 1,984 11.03 As of December 31, 2022, may The total fair value of restricted shares vested during the years ended December 31, 2020, 2021 2022 Share options The following table summarizes the Company’s share option activities under the 2017 Weighted Weighted average Number average exercise Weighted average grant remaining contractual Aggregate intrinsic of options price date fair value term value $ $ Years $ Outstanding at December 31, 2019 149,700 23.61 8.69 Granted 1,791,943 13.32 8.21 Forfeited (2,594 ) 13.83 8.64 Outstanding at December 31, 2020 1,939,049 14.12 9.38 Granted 1,134,672 11.24 8.19 Exercised (98,500 ) 16.13 9.66 473 Forfeited (307,883 ) 14.52 9.06 Outstanding at December 31, 2021 2,667,338 12.77 8.82 Granted 615,407 3.94 2.98 Canceled (60,000 ) 10.81 7.81 Forfeited (1,212,306 ) 12.93 8.54 Outstanding at December 31, 2022 2,010,439 10.03 7.84 15 Exercisable as of December 31,2022 877,152 11.13 7.67 - Vested and expected to vest at December 31, 2022 1,464,059 9.80 7.79 15 As of December 31, 2022, may December 31, 2022 2022 The total fair value of share options vested during the years ended December 31, 2020, 2021 2022 Fair value of options The Black-Scholes-Merton formula was applied in determining the estimated fair value of the share options granted without market conditions. The model requires the input of highly subjective assumptions including the estimated expected share price volatility and the expected terms of awards. These estimates involve inherent risk and uncertainties and the application of management’s judgment. The Company historically has limited available historical data to demonstrate consistent early exercise behavior. To determine the expected term of the awards, the Company applied a simplified method considering factors including the timing of achieving various performance conditions and their respective probabilities as well as the contractual life of the options. The risk-free interest rates for the periods within the expected term of the option are based on the U.S. Treasury rate. The volatility assumption was estimated based on historical volatility of the Company’s share price. The Company’s management was ultimately responsible for the determination of the estimated fair value of its share options. The following table presents the assumptions used in Black-Scholes-Merton formula to estimate the fair values of the share options granted in the years presented: For the year ended December 31, 2020 2021 2022 Fair value of ordinary share 10.37 ~ 17.94 9.48 ~ 31.31 1.14 ~ 3.48 Risk-free interest rate 0.11% ~ 1.64% 0.37% ~ 1.47% 1.23% ~ 3.16% Expected term (years) 5.0 ~ 10.0 5.0 ~ 7.49 3.05 ~ 6.00 Expected volatility 70% ~ 75% 75% ~ 90% 100% ~ 115% Expected dividend yield 0% 0% 0% Contractual life (years) 10 10 5 ~ 10 Monte Carlo Simulation model was applied in determining the estimated fair value of share options that are subject to market conditions. This model incorporates six 1 2 3 4 5 6 A total of 370,000 share options granted in May 2021 2022. For the year ended December 31, 2021 Exercise price 10.18 Fair value of ordinary share 10.71 Risk-free interest rate 1.63 % Contractual term (years) 10 Expected volatility 75 % Expected dividend yield 0 % Long-term incentives During 2021, The long-term incentive awards are classified as liability awards. As of December 31, 2022, December 31, 2021 2022 December 31, 2022, may The following table summarizes total share-based compensation expense recognized for the years ended December 31, 2020, 2021 2022: Year ended December 31, 2020 2021 2022 $ $ $ Research and development 4,124 901 859 General and administrative 4,070 2,251 725 Total 8,194 3,152 1,584 Subsidiaries In 2022, one four five December 31, 2022, |
Note 11 - Employee Defined Cont
Note 11 - Employee Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 11. Employee defined contribution plan Full time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing funds and other welfare benefits are provided to employees. Chinese labor regulations require that the Company’s PRC subsidiaries make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company has no December 31, 2020, 2021 2022, |
Note 12 - Restricted Net Assets
Note 12 - Restricted Net Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | 12. Restricted net assets The Company’s ability to pay dividends may In accordance with the PRC Regulations on Enterprises with Foreign Investment and their articles of association, a foreign invested enterprise established in the PRC is required to provide certain statutory reserves, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign invested enterprise is required to allocate at least 10% 50% not Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide a statutory common reserve of at least 10% 50% not Foreign exchange and other regulations in the PRC further restrict the Company’s PRC subsidiaries from transferring funds to the Company in the form of loans, advances or cash dividends. As of December 31, 2021 2022, nil nil, |
Note 13 - Leases
Note 13 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 13. Leases The Company has operating leases for offices and a laboratory in the U.S. Total expenses incurred under the operating leases for the years ended December 31, 2020, 2021 2022 December 31, 2020, 2021 2022 nil, December 31, 2022, one Maturities of operating lease liabilities as of December 31, 2022 $ Year ending December 31, 2023 1,165 Year ending December 31, 2024 785 Year ending December 31, 2025 804 Year ending December 31, 2026 824 Year ending December 31, 2027 521 Years ending December 31, 2028 and thereafter 1,563 Total lease payments 5,662 Less: imputed interest (701 ) Present value of lease liabilities 4,961 Other supplemental information related to leases is summarized below: Year ended December 31, 2021 2022 $ $ Operating cash flows used in operating lease 675 1,471 As of December 31, 2021 2022 Weighted average remaining lease term (years) 3.98 6.61 Weighted average discount rate 5.5 % 3.6 % |
Note 14 - Supplemental Balance
Note 14 - Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 14. Supplemental balance sheet information Other noncurrent assets consist of the following: December 31, 2021 2022 $ $ Prepayment of property and equipment 1,544 - Deductible input value-added tax 1,304 8 Others 271 339 Total 3,119 347 Other current liabilities consist of the following: December 31, 2021 2022 $ $ Compensation related 1,803 1,330 Professional services 6 6 Income tax payable 3,570 16 Other taxes payable 426 16 Others 360 116 Total 6,165 1,484 Other noncurrent liabilities consist of the following: December 31, 2021 2022 $ $ Compensation related 87 85 Income tax payable 622 3,240 Other taxes payable - 336 Total 709 3,661 |
Note 15 - Contingently Redeemab
Note 15 - Contingently Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 15. Contingently redeemable noncontrolling interests The main rights, preferences and privileges of Preferred Shares issued by SEED are as follows: Liquidation preferences In the event of any voluntary or involuntary liquidation, dissolution or winding up of SEED, or in a deemed liquidation event, the assets of SEED shall be distributed in the following order: ( 1 before any payment shall be made to the holders of Series A- 1 2 ( 2 after the payment in full of the amount distributable or payable on the Series A- 2 1 1 not 2 1 ( 3 after the payment in full of the amount distributable or payable on the Preferred Shares, the remaining assets of SEED available for distribution to the shareholders or, in the case of a deemed liquidation event, the consideration not may Redemption rights The Series A- 2 not sixty November 10, 2025 2 2 not Conversion rights Each Preferred Share shall be convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable ordinary shares as at an initial conversion ratio of 1:1 Each Preferred Shares shall automatically be converted into ordinary shares based on a one one 1933, x 2 Voting rights Each holder of outstanding Preferred Shares shall be entitled to cast the number of votes equal to the number of whole ordinary shares into which the Preferred Shares held by such holder are convertible as of the record date for determining shareholders entitled to vote on such matter. Accounting for the Series A- 2 The Company determined that Series A- 2 may 2 not The holder of the Series A- 2 2 ASU2020 22, 2 not not 2 not not no No 2 November 2020 third Since the fair value of the Series A- 2 December 31, 2020, December 31, 2020. On June 13, 2022, A2 2 2 2 third The contingently redeemable noncontrolling interests for the years ended December 31, 2021 2022 Contingently redeemable noncontrolling interests $ Balance as of December 31, 2019 - Issuance 5,196 Balance as of December 31, 2020 5,196 Accretion to redemption value 258 Balance as of December 31, 2021 5,454 Issuance 3,763 Accretion to redemption value 1,857 Balance as of December 31, 2022 11,074 |
Note 16 - Forward Contract
Note 16 - Forward Contract | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Forward Liability [Text Block] | 16. Forward contract In connection with the issuance of Series A- 2 November 12, 2020, 2 November 12, 2022, A2 The Forward is a freestanding instrument that represents a contingent obligation of SEED to sell Series A- 2 480, Distinguishing Liabilities from Equity 2 no no November 12, 2020, As of December 31, 2021, June 13, 2022, 2 December 31, 2022. June 2022, December 31, 2022. third |
Note 17 - Accumulated Other Com
Note 17 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 17. Accumulated other comprehensive income (loss) The movement of accumulated other comprehensive income (loss) was as follows: Foreign currency translation adjustments Unrealized gain (loss) on available-for-sale securities Total $ $ $ December 31, 2019 140 - 140 Current period other comprehensive loss (437 ) - (437 ) December 31, 2020 (297 ) - (297 ) Current period other comprehensive (loss) income (231 ) 5 (226 ) December 31, 2021 (528 ) 5 (523 ) Current period other comprehensive income (loss) 964 (5 ) 959 December 31, 2022 436 - 436 |
Note 18 - Commitments and Conti
Note 18 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 18. Commitments and contingencies Legal proceedings From time to time, we may not |
Note 19 - Segment Reporting and
Note 19 - Segment Reporting and Geographic Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19. Segment reporting and geographic information The Company’s operations are organized into two The Company presents segment information after elimination of inter-company transactions. In general, revenues and operating expenses are directly attributable, or are allocated, to each segment. The Company allocates operating expenses that are not not not The table below provides a summary of the Company's segment revenue, operating expenses and operating loss, which are considered as segment operating measures for the year ended December 31, 2020: Year ended December 31, 2020 Plinabulin pipeline TPD platform Intersegment eliminations Consolidated $ $ $ $ Revenue - 180 - 180 Operating expenses Research and development (41,169 ) (629 ) 5 (41,793 ) General and administrative (21,534 ) (1,091 ) 27 (22,598 ) Loss from operations (62,703 ) (1,540 ) 32 (64,211 ) The table below provides a summary of the Company's segment revenue, operating expenses and operating loss, which are considered as segment operating measures for the year ended December 31, 2021: Year ended December 31, 2021 Plinabulin pipeline TPD platform Intersegment eliminations Consolidated $ $ $ $ Revenue - 1,351 - 1,351 Operating expenses Research and development (32,077 ) (4,851 ) 40 (36,888 ) General and administrative (29,737 ) (1,166 ) 200 (30,703 ) Loss from operations (61,814 ) (4,666 ) 240 (66,240 ) The table below provides a summary of the Company's segment revenue, operating expenses and operating loss, which are considered as segment operating measures for the year ended December 31, 2022: Year ended December 31, 2022 Plinabulin pipeline TPD platform Intersegment eliminations Consolidated $ $ $ $ Revenue - 1,351 - 1,351 Operating expenses Research and development (18,180 ) (7,442 ) 40 (25,582 ) General and administrative (11,346 ) (1,862 ) 200 (13,008 ) Loss from operations (29,526 ) (7,953 ) 240 (37,239 ) Total other income (expenses), net 400 962 (240 ) 1,122 Loss before income tax (29,126 ) (6,991 ) - (36,117 ) Income tax expenses (227 ) 64 - (163 ) Net loss (29,353 ) (6,927 ) - (36,280 ) Less: Net loss attributable to noncontrolling interests (3,001 ) - - (3,001 ) Net loss attributable to BeyondSpring Inc. (26,352 ) (6,927 ) - (33,279 ) For the years ended December 31, 2020, 2021 2022, December 31, 2020, 2021 2022. December 31, 2021 2022 $ $ Property and equipment, net: PRC 98 90 U.S. 1,324 1,778 Total 1,422 1,868 |
Note 20 - Fair Value Measuremen
Note 20 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 20. Fair value measurements Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 2022 Fair value measurement Recurring fair value measurement Total fair value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) $ $ $ $ As of December 31, 2021 Assets: Available-for-sale debt securities Financial products issued by commercial banks 1,574 - 1,574 - Trading debt securities Financial products issued by commercial banks 13,169 - 13,169 - Forward contract (Note 16) 166 - - 166 Total assets measured at fair value 14,909 - 14,743 166 As of December 31, 2022 Assets: Trading debt securities Financial products issued by commercial banks 2,872 - 2,872 - Total assets measured at fair value 2,872 - 2,872 - The fair value of the forward contract is estimated using a formulaic valuation approach which combines the discounted cash flow to first 2021 The following table represents the significant unobservable inputs used to estimate the fair value of the Forward contract at December 31, 2021 June 13, 2022: Valuation technique Unobservable inputs Range as of December 31, 2021 June 13, 2022 Forward contract Discounted cash flow Discount for lack of marketability 10% 10% Volatility 85% 85% Weighted average cost of capital 14.50% 17.10% Probability-based valuation approach Probability of achieving contingent target 90% 100% The following table presents a reconciliation of the forward contract measured at fair value on a recurring basis using significant unobservable inputs (Level 3 Forward contract $ Balance as of December 31, 2019 - Recognized during the year (278 ) Gains or losses from changes in fair value - Balance as of December 31, 2020 (liability) (278 ) Gains from changes in fair value 444 Balance as of December 31, 2021 (asset) 166 Gains from changes in fair value 1,071 Settlement during the year (1,237 ) Balance as of December 31, 2022 - |
Note 21 - Subsequent Events
Note 21 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 21. Subsequent events On February 8, 2023, Effective on March 16, 2023, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). |
Going Concern, Policy [Policy Text Block] | Going concern The Company has not 2022 December 31, 2022. December 31, 2022, The Company is implementing a cost reduction plan, which includes the deferral of certain research, development and clinical projects and reduction of operating expenses until it obtains regulatory approvals for its product candidates. If the Company is unable to successfully implement the cost reduction plan and obtain the regulatory approval timely, the business and future success will be adversely affected including eliminating its research and development programs or suspension of business operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements have been prepared in accordance with U.S. GAAP, on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. These financial statements do not |
Consolidation, Policy [Policy Text Block] | Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period. Areas where management uses subjective judgment include, but are not |
Research and Development Expense, Policy [Policy Text Block] | Research and development ( R&D ) costs The Company accounts for R&D costs in accordance with ASC 730, Research and Development Costs incurred related to nonrefundable advance payments for goods or services that will be used in future research and development activities are deferred and capitalized. The capitalized amounts are expensed as R&D costs when the related goods are delivered or the services are performed, or when the Company does not |
Research Contract Costs and Accruals [Policy Text Block] | Research contract costs and accruals The Company has entered into various research and development contracts with research institutions and other companies primarily in the PRC, the U.S., Ukraine and Australia. Related payments are recorded as research and development expenses and are expensed as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation and transactions Functional currency The Company currently uses the U.S. dollar as the functional currency for all its entities, except for entities in the PRC, which adopt the RMB as their functional currency, and BeyondSpring Australia, which adopts the Australian dollar as the functional currency. The determination of the respective functional currency is based on the criteria of ASC 830, Foreign Currency Matters Functional currency translation For subsidiaries whose functional currencies are not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and bank deposits, and highly liquid investments with an original maturity date of three |
Investment, Policy [Policy Text Block] | Short-term investments Investments such as time deposits with original maturities of greater than three twelve twelve The Company accounts for its investments in debt securities in accordance with ASC 320 10, Investments Debt Securities: Overall 320 10” 320 10. Debt securities that the Company has positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost less allowance for credit losses. Debt securities that are bought and held primarily for the purpose of selling in the near term are classified as trading securities. Trading securities are recorded at fair value. Changes in unrealized gains and losses are recorded through earnings each period as part of other income or expenses. Trading debt securities include financial products issued by commercial banks. Debt securities not The Company regularly evaluates its investments in debt securities for impairment. The Company recognizes an allowance on available-for-sale debt securities when a portion of the unrealized loss is attributable to a credit loss and a corresponding credit loss in net loss. The Company did not |
Advances to Suppliers [Policy Text Block] | Advances to suppliers Advances to suppliers consist of cash to contractors and vendors for services and materials that have not December 31, 2021, 2022, no |
Lessee, Leases [Policy Text Block] | Leases The Company determines if an arrangement is a lease or contains a lease at lease inception. For leases with lease and non-lease components, the Company has elected to apply the practical expedient to not 842, Leases “ASC842” December 31, 2021 2022. not At the commencement date of a lease, the Company determines the classification of the lease based on the relevant factors present and records right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are calculated as the present value of the lease payments not not not may The Company reassesses whether a contract is or contains a lease whenever a substantive change is made to the terms and conditions of the contract. Such changes are not not not Operating leases are included in operating lease right-of-use assets and lease liabilities on the consolidated balance sheets. Lease liabilities that become due within one Leases with an initial lease term of 12 not |
Government Grants [Policy Text Block] | Government grants Government grants relating to assets are recognized in the consolidated balance sheets upon receipt and amortized as other income over the weighted average useful life of the related assets. Government grants relating to income that involves no |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets as follows: Category Estimated useful life Office equipment 5 years Laboratory equipment 3-8 years Motor vehicles 10 years Leasehold improvements Lower of lease term or economic life Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterment that extends the useful lives of plant and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the assets and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets The Company evaluates long-lived assets such as laboratory equipment for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not 360 10, Property, Plant and Equipment: Overall 360 10” December 31, 2020, 2021 2022, not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value measurements The Company applies ASC 820, Fair Value Measurements and Disclosures 820” 820 ASC 820 three • Level 1—Observable • Level 2—Other • Level 3—Unobservable no ASC 820 three 1 2 3 Financial instruments of the Company primarily include cash and cash equivalents, short-term investments, due to related parties, accounts payable, loans, contingently redeemable noncontrolling interests, and forward contract. The redeemable noncontrolling interests were initially recorded at issuance price net of issuance costs. The Company recognizes changes in the redemption value immediately as they occur and adjusts the carrying value of the redeemable noncontrolling interests to equal the redemption value at the end of each reporting period. The Company measures its financial products issued by commercial banks at fair value on a recurring basis based on quoted subscription/redemption price published by the relevant banks. The fair value of the forward contract is determined on recurring basis with the assistance of an independent third |
Segment Reporting, Policy [Policy Text Block] | Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Company’s chief operating decision maker (the “CODM”), which is the Chief Executive Officer. Starting from 2022, two first Accordingly, the financial statements include segment information which reflects the current composition of the reportable segments in accordance with ASC 280, Segment Reporting 19 |
Revenue [Policy Text Block] | Revenue recognition Under ASC 606, Revenue from Contracts with Customers 606” 606, five five Once a contract is determined to be within the scope of ASC 606 The Company recognizes a contract asset or a contract liability in the consolidated balance sheets, depending on the relationship between the entity’s performance and the customer’s payment. Contract liabilities represent the excess of payments received as compared to the consideration earned, and is recorded as deferred revenue in the consolidated balance sheets. The Company had no Collaboration revenue At contract inception, the Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements 808” 808 first 808 606. 808, In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under each of the agreements, the Company performs the five 606 The collaborative arrangements may one not Licenses of Intellectual Property not Research and Development Service: Milestone Payments: not not Royalties: |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income (loss) Comprehensive income (loss) is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. For each of the periods presented, the Company’s comprehensive income (loss) includes net loss, foreign currency translation adjustments and unrealized holding gains (loss) associated with available-for-sale debt securities, and is presented in the consolidated statements of comprehensive loss. |
Income Tax, Policy [Policy Text Block] | Income taxes The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using enacted tax rates that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not not The Company evaluates its uncertain tax positions using the provisions of ASC 740, Income Taxes, not” fifty |
Share-Based Payment Arrangement [Policy Text Block] | Share-based compensation The Company applies ASC 718, Compensation—Stock Compensation 718” 718, Modification, replacements or cancellation of awards A change in the terms or conditions of the awards is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Company recognizes over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Company recognizes is the cost of the original award. Cancellation of an award accompanied by the concurrent grant of (or offer to grant) a replacement award or other valuable consideration shall be accounted for as a modification of the terms of the cancelled award. Cancellation of an award without the concurrent grant or offer of a replacement award is treated as a settlement for no |
Earnings Per Share, Policy [Policy Text Block] | Loss per share Loss per share is calculated in accordance with ASC 260, Earnings per Share Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the share options and the vesting of restricted shares, using the treasury stock method. Ordinary share equivalents are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. Basic and diluted loss per ordinary share is presented in the Company’s consolidated statements of comprehensive loss. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of risks Concentration of credit risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and short-term investments. The Company’s cash and cash equivalents and short-term investments are held at financial institutions that management believes to be of high credit quality. As of December 31, 2021 2022, PRC state-owned banks, such as China Merchants Bank, Bank of China, are subject to a series of risk control regulatory standards, and PRC bank regulatory authorities are empowered to take over the operation and management when any of those banks faces a material credit crisis. The Company does not May 2015, RMB500. one may not not Business, customer, political, social and economic risks The Company participates in a dynamic biopharmaceutical industry and believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations, or cash flows: changes in the overall demand for services and products; competitive pressures due to existing competitors and new entrants; advances and new trends in new drugs and industry standards; changes in clinical research organizations and other key vendors; changes in certain strategic relationships or customer relationships; regulatory considerations; intellectual property considerations; and risks associated with the Company’s ability to attract and retain employees necessary to support its operations. The Company’s operations could be also adversely affected by significant political, economic and social uncertainties in the PRC and in relations between the PRC and United States. Business risk The Company relies on third third not may not Currency convertibility risk The Company incurs portions of expenses in currencies other than the U.S. dollars, in particular, the RMB. On January 1, 1994, not may Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. Foreign currency exchange rate risk From July 21, 2005, December 31, 2020, December 31, 2021, December 31, 2022. may To the extent that the Company needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of the RMB against the U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into U.S. dollars for the purpose of making payments for dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of the U.S. dollar against the RMB would have a negative effect on the U.S. dollar amount available to the Company. In addition, a significant depreciation of the RMB against the U.S. dollar may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements New accounting standards which have been adopted In November 2021, 2021 10, Government Assistance 832 Disclosures by Business Entities about Government Assistance December 15, 2021, January 1, 2022 no In August 2020, 2020 06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity 2020 06” 2020 06 2020 06 December 15, 2021, January 1, 2022 no New accounting standards have not From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that recently issued standards that are not not |
Note 1 - Nature of the Busine_2
Note 1 - Nature of the Business (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Subsidiaries [Table Text Block] | Name of company Place of incorporation Date of incorporation Percentage of ownership by the Company Principal activities BeyondSpring Pharmaceuticals Inc. (“BeyondSpring US”) Delaware, U.S. June 18, 2013 100% Clinical trial activities BeyondSpring Ltd. The British Virgin Islands (“BVI”) December 3, 2014 100% Holding company BeyondSpring (HK) Limited (“BeyondSpring HK”) Hong Kong January 13, 2015 100% Holding company Wanchun Biotechnology Limited (“BVI Biotech”) BVI April 1, 2015 100% Holding company Wanchun Biotechnology (Dalian) Ltd. (“Wanchun Dalian”) PRC April 23, 2015 100% Holding company Dalian Wanchunbulin Pharmaceuticals Ltd. (“Wanchunbulin”) PRC May 6, 2015 57.97% Clinical trial activities BeyondSpring Pharmaceuticals Australia PTY Ltd. (“BeyondSpring Australia”) Australia March 3, 2016 100% Clinical trial activities Beijing Wanchun Pharmaceutical Technology Ltd. (“Beijing Wanchun”) PRC May 21, 2018 57.97% Holding company SEED Therapeutics Inc. (“SEED”) BVI June 25, 2019 55.05% Pre-clinical development activities SEED Technology Limited (“SEED Technology”) BVI December 9, 2019 57.97% Holding company SEED Therapeutics US, Inc. (“SEED US”) Delaware, U.S. November 25, 2020 55.05% Pre-clinical development activities Wanchun Hongji (Dalian) Pharmaceuticals Ltd. (“Wanchun Hongji”) PRC March 22, 2022 55.05% Pre-clinical development activities |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant, and Equipment, Useful Life [Table Text Block] | Category Estimated useful life Office equipment 5 years Laboratory equipment 3-8 years Motor vehicles 10 years Leasehold improvements Lower of lease term or economic life |
Note 3 - Short-term Investmen_2
Note 3 - Short-term Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Investment [Table Text Block] | Amortized cost Gross unrealized gains Gross unrealized losses Fair value (Net carrying amount) $ $ $ $ As of December 31, 2021 Trading debt securities Financial products issued by commercial banks 13,025 144 - 13,169 Available-for-sale debt securities Time deposits 16,000 - - 16,000 Financial products issued by commercial banks 1,569 5 - 1,574 Total at December 31, 2021 30,594 149 - 30,743 As of December 31, 2022 Trading debt securities Financial products issued by commercial banks 2,853 19 - 2,872 Total at December 31, 2022 2,853 19 - 2,872 |
Note 4 - Collaboration Revenue
Note 4 - Collaboration Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Collaboration Revenue [Table Text Block] | November 20, 2020 $ Collaboration arrangement 9,455 Fair value of Series A-2 Preferred Shares (Note 15) 5,267 Fair value of the Forward (Note 16) 278 Total cash proceeds 15,000 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 2022 $ $ Office equipment 350 549 Laboratory equipment 1,009 1,499 Motor vehicles 108 99 Leasehold improvements 274 272 1,741 2,419 Less: accumulated depreciation (319 ) (551 ) Property and equipment, net 1,422 1,868 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2020 2021 2022 $ $ $ Cayman Islands 3,805 5,652 3,522 U.S. 33,266 34,318 13,144 PRC 5,912 6,368 7,253 BVI 20,873 18,336 12,831 Australia (35 ) (36 ) (633 ) Loss before income tax 63,821 64,638 36,117 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2020 2021 2022 $ $ $ Current income tax - 3,570 163 Deferred income tax - - - Income tax expenses - 3,570 163 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2020 2021 2022 $ $ $ Loss before income tax 63,821 64,638 36,117 Expected income tax benefit 13,403 13,574 7,585 Tax rate difference (4,653 ) (3,796 ) (2,253 ) Non-deductible expenses (688 ) (788 ) 812 Research tax credits 641 1,096 1,437 Non-taxable income 120 21 - Tax preference - 3,755 (667 ) Others 68 (262 ) (216 ) Current and deferred tax rate differences - - 672 R&D super deduction - - 389 Interest expenses - - (315 ) Change in valuation allowance (8,891 ) (17,170 ) (7,607 ) Total income tax expenses - (3,570 ) (163 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 2022 $ $ Deferred tax assets: Net operating loss carryforward 24,211 26,571 Deferral of tax deduction of R&D expenses 6,757 6,857 Mandatory R&D Capitalization - 3,819 Share-based compensation 1,482 1,591 Deferred revenue 9,510 8,630 Research tax credits 4,063 5,295 Operating lease liabilities 422 1,043 Accruals and reserves 11 21 Total deferred tax assets 46,456 53,827 Deferred tax liabilities: Unrealized gain (37 ) (41 ) Depreciation (254 ) (346 ) Operating lease right-of-use assets (420 ) (1,153 ) Total deferred tax liabilities (711 ) (1,540 ) Total gross deferred tax assets 45,745 52,287 Less: valuation allowance (45,745 ) (52,287 ) Net deferred tax assets - - |
Summary of Income Tax Contingencies [Table Text Block] | Year Ended December 31, 2020 2021 2022 $ $ $ Beginning balance, as of January 1 956 730 1,065 Additions based on tax positions related to prior tax years - 283 3,099 Reductions based on tax positions related to prior tax years (226 ) - (608 ) Additions based on tax positions related to current tax year - 52 78 Ending balance, as of December 31 730 1,065 3,634 |
Note 9 - Net Loss Per Share (Ta
Note 9 - Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2020 2021 2022 Numerator: Net loss attributable to BeyondSpring Inc.—basic and diluted $ (60,973 ) $ (64,179 ) $ (33,279 ) Denominator: Weighted average number of ordinary shares outstanding—basic and diluted 29,984,284 39,023,643 39,093,246 Net loss per share —basic and diluted $ (2.03 ) $ (1.64 ) $ (0.85 ) |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of shares Weighted average grant date fair value $ Outstanding at December 31, 2019 154,575 17.19 Granted 14,394 12.82 Vested (38,023 ) 15.19 Outstanding at December 31, 2020 130,946 17.30 Granted 15,164 14.64 Vested (22,683 ) 14.78 Forfeited (40,679 ) 14.00 Outstanding at December 31, 2021 82,748 19.12 Granted 1,359 2.85 Vested (6,216 ) 11.10 Forfeited (907 ) 11.03 Outstanding at December 31, 2022 76,984 19.57 Expected to vest at December 31, 2022 1,984 11.03 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted average Number average exercise Weighted average grant remaining contractual Aggregate intrinsic of options price date fair value term value $ $ Years $ Outstanding at December 31, 2019 149,700 23.61 8.69 Granted 1,791,943 13.32 8.21 Forfeited (2,594 ) 13.83 8.64 Outstanding at December 31, 2020 1,939,049 14.12 9.38 Granted 1,134,672 11.24 8.19 Exercised (98,500 ) 16.13 9.66 473 Forfeited (307,883 ) 14.52 9.06 Outstanding at December 31, 2021 2,667,338 12.77 8.82 Granted 615,407 3.94 2.98 Canceled (60,000 ) 10.81 7.81 Forfeited (1,212,306 ) 12.93 8.54 Outstanding at December 31, 2022 2,010,439 10.03 7.84 15 Exercisable as of December 31,2022 877,152 11.13 7.67 - Vested and expected to vest at December 31, 2022 1,464,059 9.80 7.79 15 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the year ended December 31, 2020 2021 2022 Fair value of ordinary share 10.37 ~ 17.94 9.48 ~ 31.31 1.14 ~ 3.48 Risk-free interest rate 0.11% ~ 1.64% 0.37% ~ 1.47% 1.23% ~ 3.16% Expected term (years) 5.0 ~ 10.0 5.0 ~ 7.49 3.05 ~ 6.00 Expected volatility 70% ~ 75% 75% ~ 90% 100% ~ 115% Expected dividend yield 0% 0% 0% Contractual life (years) 10 10 5 ~ 10 For the year ended December 31, 2021 Exercise price 10.18 Fair value of ordinary share 10.71 Risk-free interest rate 1.63 % Contractual term (years) 10 Expected volatility 75 % Expected dividend yield 0 % |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year ended December 31, 2020 2021 2022 $ $ $ Research and development 4,124 901 859 General and administrative 4,070 2,251 725 Total 8,194 3,152 1,584 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | $ Year ending December 31, 2023 1,165 Year ending December 31, 2024 785 Year ending December 31, 2025 804 Year ending December 31, 2026 824 Year ending December 31, 2027 521 Years ending December 31, 2028 and thereafter 1,563 Total lease payments 5,662 Less: imputed interest (701 ) Present value of lease liabilities 4,961 |
Lease, Cost [Table Text Block] | Year ended December 31, 2021 2022 $ $ Operating cash flows used in operating lease 675 1,471 As of December 31, 2021 2022 Weighted average remaining lease term (years) 3.98 6.61 Weighted average discount rate 5.5 % 3.6 % |
Note 14 - Supplemental Balanc_2
Note 14 - Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31, 2021 2022 $ $ Prepayment of property and equipment 1,544 - Deductible input value-added tax 1,304 8 Others 271 339 Total 3,119 347 |
Other Current Liabilities [Table Text Block] | December 31, 2021 2022 $ $ Compensation related 1,803 1,330 Professional services 6 6 Income tax payable 3,570 16 Other taxes payable 426 16 Others 360 116 Total 6,165 1,484 |
Other Noncurrent Liabilities [Table Text Block] | December 31, 2021 2022 $ $ Compensation related 87 85 Income tax payable 622 3,240 Other taxes payable - 336 Total 709 3,661 |
Note 15 - Contingently Redeem_2
Note 15 - Contingently Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | Contingently redeemable noncontrolling interests $ Balance as of December 31, 2019 - Issuance 5,196 Balance as of December 31, 2020 5,196 Accretion to redemption value 258 Balance as of December 31, 2021 5,454 Issuance 3,763 Accretion to redemption value 1,857 Balance as of December 31, 2022 11,074 |
Note 17 - Accumulated Other C_2
Note 17 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign currency translation adjustments Unrealized gain (loss) on available-for-sale securities Total $ $ $ December 31, 2019 140 - 140 Current period other comprehensive loss (437 ) - (437 ) December 31, 2020 (297 ) - (297 ) Current period other comprehensive (loss) income (231 ) 5 (226 ) December 31, 2021 (528 ) 5 (523 ) Current period other comprehensive income (loss) 964 (5 ) 959 December 31, 2022 436 - 436 |
Note 19 - Segment Reporting a_2
Note 19 - Segment Reporting and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year ended December 31, 2020 Plinabulin pipeline TPD platform Intersegment eliminations Consolidated $ $ $ $ Revenue - 180 - 180 Operating expenses Research and development (41,169 ) (629 ) 5 (41,793 ) General and administrative (21,534 ) (1,091 ) 27 (22,598 ) Loss from operations (62,703 ) (1,540 ) 32 (64,211 ) Year ended December 31, 2021 Plinabulin pipeline TPD platform Intersegment eliminations Consolidated $ $ $ $ Revenue - 1,351 - 1,351 Operating expenses Research and development (32,077 ) (4,851 ) 40 (36,888 ) General and administrative (29,737 ) (1,166 ) 200 (30,703 ) Loss from operations (61,814 ) (4,666 ) 240 (66,240 ) Year ended December 31, 2022 Plinabulin pipeline TPD platform Intersegment eliminations Consolidated $ $ $ $ Revenue - 1,351 - 1,351 Operating expenses Research and development (18,180 ) (7,442 ) 40 (25,582 ) General and administrative (11,346 ) (1,862 ) 200 (13,008 ) Loss from operations (29,526 ) (7,953 ) 240 (37,239 ) Total other income (expenses), net 400 962 (240 ) 1,122 Loss before income tax (29,126 ) (6,991 ) - (36,117 ) Income tax expenses (227 ) 64 - (163 ) Net loss (29,353 ) (6,927 ) - (36,280 ) Less: Net loss attributable to noncontrolling interests (3,001 ) - - (3,001 ) Net loss attributable to BeyondSpring Inc. (26,352 ) (6,927 ) - (33,279 ) |
Long-Lived Assets by Geographic Areas [Table Text Block] | December 31, 2021 2022 $ $ Property and equipment, net: PRC 98 90 U.S. 1,324 1,778 Total 1,422 1,868 |
Note 20 - Fair Value Measurem_2
Note 20 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair value measurement Recurring fair value measurement Total fair value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) $ $ $ $ As of December 31, 2021 Assets: Available-for-sale debt securities Financial products issued by commercial banks 1,574 - 1,574 - Trading debt securities Financial products issued by commercial banks 13,169 - 13,169 - Forward contract (Note 16) 166 - - 166 Total assets measured at fair value 14,909 - 14,743 166 As of December 31, 2022 Assets: Trading debt securities Financial products issued by commercial banks 2,872 - 2,872 - Total assets measured at fair value 2,872 - 2,872 - |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Valuation technique Unobservable inputs Range as of December 31, 2021 June 13, 2022 Forward contract Discounted cash flow Discount for lack of marketability 10% 10% Volatility 85% 85% Weighted average cost of capital 14.50% 17.10% Probability-based valuation approach Probability of achieving contingent target 90% 100% |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Forward contract $ Balance as of December 31, 2019 - Recognized during the year (278 ) Gains or losses from changes in fair value - Balance as of December 31, 2020 (liability) (278 ) Gains from changes in fair value 444 Balance as of December 31, 2021 (asset) 166 Gains from changes in fair value 1,071 Settlement during the year (1,237 ) Balance as of December 31, 2022 - |
Note 1 - Nature of the Busine_3
Note 1 - Nature of the Business (Details Textual) $ / shares in Units, $ in Thousands, ¥ in Millions | 1 Months Ended | 2 Months Ended | 12 Months Ended | 43 Months Ended | ||||||||
Jun. 18, 2020 $ / shares shares | Nov. 30, 2020 USD ($) $ / shares shares | Jul. 31, 2020 USD ($) | Jun. 30, 2020 USD ($) $ / shares shares | Jul. 31, 2019 USD ($) $ / shares shares | Jul. 03, 2019 USD ($) | Jul. 03, 2019 CNY (¥) | Nov. 30, 2019 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) shares | |
Proceeds from Issuance of Common Stock | $ 0 | $ 0 | $ 112,577 | |||||||||
Proceeds from Noncontrolling Interests | $ 0 | $ 0 | $ 80 | |||||||||
Public Offering [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 8,625,000 | 2,219,500 | 2,058,825 | 1,908,996 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 10 | $ 13 | $ 17 | $ 13.50 | ||||||||
Proceeds from Issuance of Common Stock, Net | $ 86,250 | $ 28,854 | $ 35,000 | $ 25,771 | ||||||||
Private Placement [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 384,615 | |||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 13 | |||||||||||
Proceeds from Issuance of Common Stock, Net | $ 5,000 | |||||||||||
Wanchunbulin [Member] | ||||||||||||
Investment Agreement Amount | $ 14,537 | ¥ 100 | ||||||||||
Proceeds From Noncontrolling Interest, Percent | 4.76% | 4.76% | ||||||||||
Proceeds from Noncontrolling Interests | $ 10,083 | ¥ 70 | ||||||||||
Jefferies [Member] | ||||||||||||
Proceeds from Issuance of Common Stock | $ 13,185 | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 630,228 |
Note 1 - Nature of the Busine_4
Note 1 - Nature of the Business - Schedule of Subsidiaries (Details) | Dec. 31, 2022 |
BeyondSpring Pharmaceuticals Inc. [Member] | |
Equity method investment, ownership percentage | 100% |
BeyondSpring Ltd. [Member] | |
Equity method investment, ownership percentage | 100% |
BeyondSpring HK [Member] | |
Equity method investment, ownership percentage | 100% |
Wanchun Biotechnology Limited [Member] | |
Equity method investment, ownership percentage | 100% |
Wanchun Biotechnology (Shenzhen) Ltd. [Member] | |
Equity method investment, ownership percentage | 100% |
Dalian Wanchunbulin Pharmaceuticals Ltd. (“Wanchunbulin”) [Member] | |
Equity method investment, ownership percentage | 57.97% |
BeyondSpring Pharmaceuticals Australia PTY Ltd. (“BeyondSpring Australia”) [Member] | |
Equity method investment, ownership percentage | 100% |
Beijing Wanchun Pharmaceutical Technology Ltd. [Member] | |
Equity method investment, ownership percentage | 57.97% |
SEED Therapeutics Inc. [Member] | |
Equity method investment, ownership percentage | 55.05% |
SEED Technology Limited [Member] | |
Equity method investment, ownership percentage | 57.97% |
SEED Therapeutics US, Inc. [Member] | |
Equity method investment, ownership percentage | 55.05% |
Wanchun Hongji (Dalian) Pharmaceuticals Ltd. [Member] | |
Equity method investment, ownership percentage | 55.05% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ (36,280) | $ (68,208) | $ (63,821) |
Retained Earnings (Accumulated Deficit), Total | (375,276) | (341,997) | |
Net Current Assets | 31,171 | ||
Cash, Cash Equivalents, and Short-Term Investments, Total | 37,268 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Ending Balance | 0 | ||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 0 | 0 | |
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 0 | $ 0 |
Number of Reportable Segments | 2 | ||
Depreciation of RMB Against U.S. Dollar, Percent | 8.20% | 2.30% | 6.30% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Useful Life of Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Office Equipment [Member] | |
Property, plant, and equipment, useful life (Year) | 5 years |
Laboratory Equipment [Member] | Minimum [Member] | |
Property, plant, and equipment, useful life (Year) | 3 years |
Laboratory Equipment [Member] | Maximum [Member] | |
Property, plant, and equipment, useful life (Year) | 8 years |
Automobiles [Member] | |
Property, plant, and equipment, useful life (Year) | 10 years |
Note 3 - Short-term Investmen_3
Note 3 - Short-term Investments - Short-term Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Total, amortized cost | $ 2,853 | $ 30,594 |
Total, gross unrealized gains | 19 | 149 |
Total, gross unrealized losses | 0 | 0 |
Total, fair value | 2,872 | 30,743 |
Trading Debt Securities [Member] | ||
Trading debt securities, amortized cost | 2,853 | 13,025 |
Trading debt securities, gross unrealized gains | 19 | 144 |
Trading debt securities, gross unrealized losses | 0 | 0 |
Trading debt securities, fair value | $ 2,872 | 13,169 |
Time Deposits [Member] | ||
Available-for-sale debt securities, amortized cost | 16,000 | |
Available-for-sale debt securities, gross unrealized gains | 0 | |
Available-for-sale debt securities, gross unrealized losses | 0 | |
Available-for-sale debt securities, fair value | 16,000 | |
Available-for-sale, Wealth Management [Member] | ||
Available-for-sale debt securities, amortized cost | 1,569 | |
Available-for-sale debt securities, gross unrealized gains | 5 | |
Available-for-sale debt securities, gross unrealized losses | 0 | |
Available-for-sale debt securities, fair value | $ 1,574 |
Note 4 - Collaboration Revenu_2
Note 4 - Collaboration Revenue (Details Textual) $ / shares in Units, ¥ in Billions | 1 Months Ended | 12 Months Ended | 31 Months Ended | |||||||
Jun. 13, 2022 USD ($) shares | Nov. 12, 2020 $ / shares shares | Jun. 30, 2022 USD ($) shares | Nov. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Nov. 12, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) | Sep. 30, 2021 CNY (¥) | |
Stock Issued During Period, Value, New Issues | $ 111,594,000 | |||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,351,000 | $ 1,351,000 | 180,000 | |||||||
Dalian Wanchunbulin Pharmaceuticals Ltd. (“Wanchunbulin”) [Member] | Jiangsu Hengrui Pharmaceuticals Co., Ltd. [Member] | ||||||||||
Collaboration Agreement, Upfront Cash Payment | $ 31,039,000 | ¥ 0.2 | ||||||||
Research Collaboration and License Agreement with Eli Lilly [Member] | Series A-2 Preferred Shares [Member] | ||||||||||
Redeemable Noncontrolling Interest, Equity, Preferred, Fair Value | $ 3,763,000 | 5,267,000 | ||||||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | ||||||||||
Collaborative Arrangement, Upfront Cash Payment | $ 10,000,000 | 9,455,000 | ||||||||
Derivative Liability, Total | $ 1,237,000 | 278,000 | ||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 15,000,000 | |||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,351,000 | 1,351,000 | ||||||||
Collaboration Agreement,, Maximum Regulatory Development Milestones to be Received | 108,638,000 | 0.7 | ||||||||
Collaboration Agreement, Maximum Commercial Milestones to be Received | $ 62,079,000 | ¥ 0.4 | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 0 | ||||||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Series A-1 Convertible Preferred Shares [Member] | ||||||||||
Stock Issued for Transfer of Assets, Shares (in shares) | shares | 9,631,941 | |||||||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Series A-1 Preferred Shares [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 1,194,030 | |||||||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Series A-2 Preferred Shares [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 1,990,000 | 1,990,000 | 1,990,000 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 2.5125 | |||||||||
Stock Issued During Period, Value, New Issues | $ 5,000,000 | $ 5,000,000 | ||||||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Additional Series A-2 Preferred Shares [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 1,990,000 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 2.5125 | |||||||||
Stock Issued During Period, Value, New Issues | $ 1,990,000 | |||||||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Maximum [Member] | ||||||||||
Collaborative Arrangement, Equity Investment | $ 780,000,000 |
Note 4 - Collaboration Revenu_3
Note 4 - Collaboration Revenue - Schedule of Collaboration Revenue (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair value of Series A-2 Preferred Shares (Note 15) | $ 5,000 | $ 0 | $ 5,233 | |
SEED Therapeutics Inc. [Member] | Research Collaboration and License Agreement with Eli Lilly [Member] | ||||
Collaboration arrangement | $ 10,000 | 9,455 | ||
Fair value of Series A-2 Preferred Shares (Note 15) | 5,267 | |||
Fair value of the Forward (Note 16) | 278 | |||
Total cash proceeds | $ 15,000 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 232 | $ 61 | $ 77 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, plant, and equipment, gross | $ 2,419 | $ 1,741 |
Less: accumulated depreciation | (551) | (319) |
Property and equipment, net | 1,868 | 1,422 |
Office Equipment [Member] | ||
Property, plant, and equipment, gross | 549 | 350 |
Laboratory Equipment [Member] | ||
Property, plant, and equipment, gross | 1,499 | 1,009 |
Automobiles [Member] | ||
Property, plant, and equipment, gross | 99 | 108 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | $ 272 | $ 274 |
Note 6 - Long-term Loans (Detai
Note 6 - Long-term Loans (Details Textual) $ in Thousands, ¥ in Millions | 1 Months Ended | 12 Months Ended | |||||||
May 03, 2020 USD ($) | Mar. 28, 2019 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 CNY (¥) | Jul. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 28, 2019 CNY (¥) | |
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | $ 635 | $ 0 | ||||||
Term Loan [Member] | China Construction Bank [Member] | |||||||||
Debt Instrument, Term (Year) | 3 years | ||||||||
Long-term Debt, Total | $ 1,493 | ¥ 10 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||||||
Repayments of Long-Term Debt, Total | $ 1,569 | ¥ 10 | |||||||
Paycheck Protection Program CARES Act [Member] | |||||||||
Debt Instrument, Term (Year) | 2 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1% | ||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 635 | ||||||||
Paycheck Protection Program CARES Act [Member] | Other Nonoperating Income (Expense) [Member] | |||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 635 |
Note 7 - Related Party Transa_2
Note 7 - Related Party Transactions (Details Textual) ¥ in Thousands, $ in Thousands | 3 Months Ended | 5 Months Ended | ||
Dec. 31, 2019 USD ($) | Dec. 31, 2019 CNY (¥) | Jun. 30, 2020 USD ($) | Jun. 30, 2020 CNY (¥) | |
Wanchun Biotechnology (Shenzhen) Ltd. [Member] | ||||
Proceeds from Short-term Debt, Total | $ 29 | ¥ 200 | ||
Dalian Wanchun Biotechnology Co., Ltd. [Member] | ||||
Proceeds from Short-term Debt, Total | $ 35 | ¥ 230 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |||
Income Tax Expense (Benefit), Total | $ 163 | $ 3,570 | $ 0 | |
Current Income Tax Expense (Benefit), Total | 163 | 3,570 | 0 | |
Unrecognized Tax Benefits, Ending Balance | 3,634 | 1,065 | 730 | $ 956 |
Deferred Tax Assets, Unrecognized Tax Benefit | 1,391 | 427 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,243 | 638 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 315 | 0 | $ 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 518 | $ 203 | ||
Foreign Tax Authority [Member] | Australian Taxation Office [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent, Foreign | 30% | |||
Income Tax Expense (Benefit), Total | $ 0 | |||
Open Tax Year | 2019 2020 2021 2022 | |||
Foreign Tax Authority [Member] | Inland Revenue, Hong Kong [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent, Foreign | 16.50% | |||
Income Tax Expense (Benefit), Total | $ 0 | |||
Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent, Foreign | 25% | |||
Effective Income Tax Rate Reconciliation, at Preferential Income Tax Rate, Percent, Foreign | 15% | |||
Effective Income Tax Rate Reconciliation, at Preferential Income Tax Rate, Duration, Foreign (Year) | 3 years | |||
Operating Loss Carryforwards | $ 1,524 | |||
Operating Loss Carryforwards, Term (Year) | 10 years | |||
Operating Loss Carryforwards, Subject to Expiration | $ 1,524 | |||
Open Tax Year | 2017 2018 2019 2020 2021 2022 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards | $ 25,048 | |||
Operating Loss Carryforwards, Term (Year) | 20 years | |||
Open Tax Year | 2019 2020 2021 2022 | |||
State and Local Jurisdiction [Member] | ||||
Open Tax Year | 2019 2020 2021 2022 |
Note 8 - Income Taxes - Compone
Note 8 - Income Taxes - Components of Losses Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss before income tax | $ 36,117 | $ 64,638 | $ 63,821 |
CAYMAN ISLANDS | |||
Net loss before income taxes | 3,522 | 5,652 | 3,805 |
UNITED STATES | |||
Net loss before income taxes | 13,144 | 34,318 | 33,266 |
CHINA | |||
Net loss before income taxes | 7,253 | 6,368 | 5,912 |
VIRGIN ISLANDS, BRITISH | |||
Net loss before income taxes | 12,831 | 18,336 | 20,873 |
AUSTRALIA | |||
Net loss before income taxes | $ (633) | $ (36) | $ (35) |
Note 8 - Income Taxes - Provisi
Note 8 - Income Taxes - Provision for Income Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current income tax | $ 163 | $ 3,570 | $ 0 |
Deferred income tax | 0 | 0 | 0 |
Income tax expenses | $ 163 | $ 3,570 | $ 0 |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Income Tax Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss before income tax | $ 36,117 | $ 64,638 | $ 63,821 |
Expected income tax benefit | 7,585 | 13,574 | 13,403 |
Tax rate difference | (2,253) | (3,796) | (4,653) |
Non-deductible expenses | 812 | (788) | (688) |
Research tax credits | 1,437 | 1,096 | 641 |
Non-taxable income | 0 | 21 | 120 |
Tax preference | (667) | 3,755 | 0 |
Others | (216) | (262) | 68 |
Current and deferred tax rate differences | 672 | 0 | 0 |
R&D super deduction | 389 | 0 | 0 |
Interest expenses | (315) | 0 | 0 |
Change in valuation allowance | (7,607) | (17,170) | (8,891) |
Total income tax expenses | $ (163) | $ (3,570) | $ 0 |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Net operating loss carryforward | $ 26,571 | $ 24,211 |
Deferral of tax deduction of R&D expenses | 6,857 | 6,757 |
Mandatory R&D Capitalization | 3,819 | 0 |
Share-based compensation | 1,591 | 1,482 |
Deferred revenue | 8,630 | 9,510 |
Research tax credits | 5,295 | 4,063 |
Operating lease liabilities | 1,043 | 422 |
Accruals and reserves | 21 | 11 |
Total deferred tax assets | 53,827 | 46,456 |
Unrealized gain | (41) | (37) |
Depreciation | (346) | (254) |
Operating lease right-of-use assets | (1,153) | (420) |
Total deferred tax liabilities | (1,540) | (711) |
Total gross deferred tax assets | 52,287 | 45,745 |
Less: valuation allowance | (52,287) | (45,745) |
Net deferred tax assets | $ 0 | $ 0 |
Note 8 - Income Taxes - Unrecog
Note 8 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning balance | $ 1,065 | $ 730 | $ 956 |
Additions based on tax positions related to prior tax years | 3,099 | 283 | 0 |
Reductions based on tax positions related to prior tax years | (608) | 0 | (226) |
Additions based on tax positions related to current tax year | 78 | 52 | 0 |
Ending balance | $ 3,634 | $ 1,065 | $ 730 |
Note 9 - Net Loss Per Share - B
Note 9 - Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net loss attributable to ordinary shareholders | $ (33,279) | $ (64,179) | $ (60,973) |
Weighted average number of ordinary shares outstanding—basic and diluted (in shares) | 39,093,246 | 39,023,643 | 29,984,284 |
Net loss per share —basic and diluted (in dollars per share) | $ (0.85) | $ (1.64) | $ (2.03) |
Note 10 - Share-based Compens_3
Note 10 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
May 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 09, 2017 | |
Share-Based Payment Arrangement, Expense | $ 1,584 | $ 3,152 | $ 8,194 | ||
Long-term Incentive Awards [Member] | Senior Management [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 64 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 3 months 3 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 37 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Aggregate Value, Granted | $ 79,225 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Settled in Shares, Percentage | 25% | ||||
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Settled In Cash Or Shares, Percentage | 75% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 3,486 | ||||
Share-Based Payment Arrangement, Expense | $ 32 | $ 204 | |||
The 2017 Omnibus Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,277,197 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding and Exercisable, Intrinsic Value | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 615,407 | 1,134,672 | 1,791,943 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 1,212,306 | 307,883 | 2,594 | ||
The 2017 Omnibus Incentive Plan [Member] | Options Granted in May 2021 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 370,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 170,000 | ||||
The 2017 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 6 months 29 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 24 | $ 273 | $ 396 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 6,216 | 22,683 | 38,023 | ||
The 2017 Omnibus Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,086 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 29 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 906 | $ 2,158 | $ 5,422 | ||
Subsidiary Share Plan [Member] | Minimum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | ||||
Subsidiary Share Plan [Member] | Maximum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years |
Note 10 - Share-based Compens_4
Note 10 - Share-based Compensation - Restricted Share Activities (Details) - Restricted Stock [Member] - The 2017 Omnibus Incentive Plan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding, number of shares (in shares) | 82,748 | 130,946 | 154,575 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 19.12 | $ 17.30 | $ 17.19 |
Granted, number of shares (in shares) | 1,359 | 15,164 | 14,394 |
Granted, weighted average grant date fair value (in dollars per share) | $ 2.85 | $ 14.64 | $ 12.82 |
Vested, number of shares (in shares) | (6,216) | (22,683) | (38,023) |
Vested, weighted average grant date fair value (in dollars per share) | $ 11.10 | $ 14.78 | $ 15.19 |
Forfeited, number of shares (in shares) | (907) | (40,679) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 11.03 | $ 14 | |
Outstanding, number of shares (in shares) | 76,984 | 82,748 | 130,946 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 19.57 | $ 19.12 | $ 17.30 |
Expected to vest, number of shares (in shares) | 1,984 | ||
Expected to vest, weighted average grant date fair value (in dollars per share) | $ 11.03 |
Note 10 - Share-based Compens_5
Note 10 - Share-based Compensation - Options Activities (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 8.54 | |||
The 2017 Omnibus Incentive Plan [Member] | ||||
Outstanding, number of options (in shares) | 2,667,338 | 1,939,049 | 149,700 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 12.77 | $ 14.12 | $ 23.61 | |
Outstanding, weighted average remaining contractual term (Year) | 7 years 10 months 2 days | 8 years 9 months 25 days | 9 years 4 months 17 days | 8 years 8 months 8 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 615,407 | 1,134,672 | 1,791,943 | |
Granted, weighted average exercise price (in dollars per share) | $ 3.94 | $ 11.24 | $ 13.32 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 2.98 | $ 8.19 | $ 8.21 | |
Forfeited, number of options (in shares) | (1,212,306) | (307,883) | (2,594) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 12.93 | $ 14.52 | $ 13.83 | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 9.06 | 8.64 | ||
Exercised, number of options (in shares) | (98,500) | |||
Exercised, weighted average exercise price (in dollars per share) | $ 16.13 | |||
Exercised, weighted average grant date fair value (in dollars per share) | $ 9.66 | |||
Exercised, average intrinsic value | $ 473 | |||
Canceled, number of options (in shares) | (60,000) | |||
Canceled, weighted average exercise price (in dollars per share) | $ 10.81 | |||
Canceled, weighted average grant date fair value (in dollars per share) | 7.81 | |||
Forfeited, weighted average exercise price (in dollars per share) | $ 12.93 | $ 14.52 | $ 13.83 | |
Outstanding, number of options (in shares) | 2,010,439 | 2,667,338 | 1,939,049 | 149,700 |
Outstanding, weighted average exercise price (in dollars per share) | $ 10.03 | $ 12.77 | $ 14.12 | $ 23.61 |
Outstanding, average intrinsic value | $ 15 | |||
Exercisable, number of options (in shares) | 877,152 | |||
Exercisable, weighted average exercise price (in dollars per share) | $ 11.13 | |||
Exercisable, weighted average remaining contractual term (Year) | 7 years 8 months 1 day | |||
Vested and expected to vest, number of options (in shares) | 1,464,059 | |||
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 9.80 | |||
Vested and expected to vest, weighted average remaining contractual term (Year) | 7 years 9 months 14 days | |||
Vested and expected to vest, average intrinsic value | $ 15 |
Note 10 - Share-based Compens_6
Note 10 - Share-based Compensation - Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement, Option [Member] | |||
Expected dividend yield | 0% | 0% | 0% |
Contractual life (years) (Year) | 10 years | 10 years | |
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | |||
Fair value of ordinary share (in dollars per share) | $ 1.14 | $ 9.48 | $ 10.37 |
Risk-free interest rate | 1.23% | 0.37% | 0.11% |
Expected term (years) (Year) | 3 years 18 days | 5 years | 5 years |
Expected volatility | 100% | 75% | 70% |
Contractual life (years) (Year) | 5 years | ||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | |||
Fair value of ordinary share (in dollars per share) | $ 3.48 | $ 31.31 | $ 17.94 |
Risk-free interest rate | 3.16% | 1.47% | 1.64% |
Expected term (years) (Year) | 6 years | 7 years 5 months 26 days | 10 years |
Expected volatility | 115% | 90% | 75% |
Contractual life (years) (Year) | 10 years | ||
Options Granted in May 2021 [Member] | |||
Fair value of ordinary share (in dollars per share) | $ 10.71 | ||
Risk-free interest rate | 1.63% | ||
Expected term (years) (Year) | 10 years | ||
Expected volatility | 75% | ||
Expected dividend yield | 0% | ||
Exercise price (in dollars per share) | $ 10.18 |
Note 10 - Share-based Compens_7
Note 10 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allocated Share-based Compensation Expense | $ 1,584 | $ 3,152 | $ 8,194 |
Research and Development Expense [Member] | |||
Allocated Share-based Compensation Expense | 859 | 901 | 4,124 |
General and Administrative Expense [Member] | |||
Allocated Share-based Compensation Expense | $ 725 | $ 2,251 | $ 4,070 |
Note 11 - Employee Defined Co_2
Note 11 - Employee Defined Contribution Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan, Cost | $ 236 | $ 303 | $ 130 |
Note 12 - Restricted Net Asse_2
Note 12 - Restricted Net Assets (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Restricted Net Assets | $ 0 | $ 0 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Lease, Expense | $ 1,107 | $ 725 | $ 878 | |
Short-term Lease, Cost | 116 | $ 20 | $ 0 | |
Short-Term Lease Commitment, Amount | $ 54 |
Note 13 - Lease - Maturities of
Note 13 - Lease - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Year ending December 31, 2023 | $ 1,165 |
Year ending December 31, 2024 | 785 |
Year ending December 31, 2025 | 804 |
Year ending December 31, 2026 | 824 |
Year ending December 31, 2027 | 521 |
Years ending December 31, 2028 and thereafter | 1,563 |
Total lease payments | 5,662 |
Less: imputed interest | (701) |
Present value of lease liabilities | $ 4,961 |
Note 13 - Lease - Operating Lea
Note 13 - Lease - Operating Lease Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating cash flows used in operating lease | $ 1,471 | $ 675 |
Weighted average remaining lease term (Year) | 6 years 7 months 9 days | 3 years 11 months 23 days |
Weighted average discount rate | 3.60% | 5.50% |
Note 14 - Supplemental Balanc_3
Note 14 - Supplemental Balance Sheet Information - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Prepayment of property and equipment | $ 0 | $ 1,544 |
Deductible input value-added tax | 8 | 1,304 |
Others | 339 | 271 |
Total | $ 347 | $ 3,119 |
Note 14 - Supplemental Balanc_4
Note 14 - Supplemental Balance Sheet Information - Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Compensation related | $ 1,330 | $ 1,803 |
Professional services | 6 | 6 |
Income tax payable | 16 | 3,570 |
Other taxes payable | 16 | 426 |
Others | 116 | 360 |
Total | $ 1,484 | $ 6,165 |
Note 14 - Supplemental Balanc_5
Note 14 - Supplemental Balance Sheet Information - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Compensation related | $ 85 | $ 87 |
Income tax payable | 3,240 | 622 |
Other taxes payable | 336 | 0 |
Total | $ 3,661 | $ 709 |
Note 15 - Contingently Redeem_3
Note 15 - Contingently Redeemable Noncontrolling Interests (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 13, 2022 | Nov. 12, 2020 | Jun. 30, 2022 | Dec. 31, 2020 | |
Stock Issued During Period, Value, New Issues | $ 111,594 | |||
SEED Therapeutics Inc. [Member] | ||||
Share Price (in dollars per share) | $ 7.5375 | |||
Proceeds from Issuance Initial Public Offering | $ 50,000 | |||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | ||||
Derivative Liability, Total | $ 1,237 | 278 | ||
Series A-2 Preferred Shares [Member] | Research Collaboration and License Agreement with Eli Lilly [Member] | ||||
Redeemable Noncontrolling Interest, Equity, Preferred, Fair Value | 3,763 | 5,267 | ||
Series A-2 Preferred Shares [Member] | Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | ||||
Annual Return, Percentage | 8% | |||
Number of Annual Redemption Installments | 3 | |||
Share Price (in dollars per share) | $ 0.50 | |||
Temporary Equity, Stock Issued During Period, Value, New Issues | 0 | |||
Convertible Instrument, Conversion Price (in dollars per share) | $ 2.5125 | |||
Preferred Stock, Accretion of Redemption Discount | $ 0 | |||
Stock Issued During Period, Value, New Issues | $ 5,000 | $ 5,000 | ||
Stock Issued During Period, Shares, New Issues (in shares) | 1,990,000 | 1,990,000 | 1,990,000 |
Note 15 - Contingently Redeem_4
Note 15 - Contingently Redeemable Noncontrolling Interests - Redeemable Noncontrolling Interests, Net of Issuance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 5,454 | $ 5,196 | $ 0 |
Issuance | 3,763 | 5,196 | |
Accretion to redemption value | 1,857 | 258 | |
Balance | $ 11,074 | $ 5,454 | $ 5,196 |
Note 16 - Forward Contract (Det
Note 16 - Forward Contract (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | 31 Months Ended | ||||
Jun. 13, 2022 | Nov. 12, 2020 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 12, 2022 | |
Stock Issued During Period, Value, New Issues | $ 111,594,000 | ||||||
Unrealized Gain (Loss) on Derivatives | $ 1,071,000 | $ 444,000 | 0 | ||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | |||||||
Derivative Liability, Total | $ 1,237,000 | $ 278,000 | |||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Forward Liability [Member] | |||||||
Derivative Liability, Total | $ 278,000 | ||||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Forward Contract [Member] | |||||||
Derivative Asset, Total | 1,237,000 | 0 | 166,000 | ||||
Unrealized Gain (Loss) on Derivatives | $ 444,000 | ||||||
Gain (Loss) on Sale of Derivatives | $ 1,071,000 | ||||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Additional Series A-2 Preferred Shares [Member] | |||||||
Stock Issued During Period, Value, New Issues | $ 1,990,000 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.5125 | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,990,000 | ||||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Series A-2 Preferred Shares [Member] | |||||||
Stock Issued During Period, Value, New Issues | $ 5,000,000 | $ 5,000,000 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.5125 | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,990,000 | 1,990,000 | 1,990,000 |
Note 17 - Accumulated Other C_3
Note 17 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOIC balance | $ (523) | $ (297) | $ 140 |
Current period other comprehensive (loss) income | 959 | (226) | (437) |
AOIC balance | 436 | (523) | (297) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
AOIC balance | (528) | (297) | 140 |
Current period other comprehensive (loss) income | 964 | (231) | (437) |
AOIC balance | 436 | (528) | (297) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
AOIC balance | 5 | 0 | 0 |
Current period other comprehensive (loss) income | (5) | 5 | 0 |
AOIC balance | $ 0 | $ 5 | $ 0 |
Note 19 - Segment Reporting a_3
Note 19 - Segment Reporting and Geographic Information (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Number of Reportable Segments | 2 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,351 | $ 1,351 | $ 180 |
Note 19 - Segment Reporting a_4
Note 19 - Segment Reporting and Geographic Information - Operating Information by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 1,351 | $ 1,351 | $ 180 |
Research and development | (25,582) | (36,888) | (41,793) |
General and administrative | (13,008) | (30,703) | (22,598) |
Loss from operations | (37,239) | (66,240) | (64,211) |
Total other income (expenses), net | 1,122 | ||
Loss before income tax | (36,117) | (64,638) | (63,821) |
Income tax expenses | (163) | (3,570) | 0 |
Net loss | (36,280) | (68,208) | (63,821) |
Less: Net loss attributable to noncontrolling interests | (3,001) | (4,029) | (2,848) |
Net loss attributable to BeyondSpring Inc. | (33,279) | (64,179) | (60,973) |
Segment Reconciling Items [Member] | |||
Revenue | 0 | 0 | 0 |
Research and development | 40 | 40 | 5 |
General and administrative | 200 | 200 | 27 |
Loss from operations | 240 | 240 | 32 |
Total other income (expenses), net | (240) | ||
Loss before income tax | 0 | ||
Income tax expenses | 0 | ||
Net loss | 0 | ||
Less: Net loss attributable to noncontrolling interests | 0 | ||
Net loss attributable to BeyondSpring Inc. | 0 | ||
Plinabulin Pipeline [Member] | Operating Segments [Member] | |||
Revenue | 0 | 0 | |
Research and development | (18,180) | (41,169) | |
General and administrative | (11,346) | (21,534) | |
Loss from operations | (29,526) | (62,703) | |
Total other income (expenses), net | 400 | ||
Loss before income tax | (29,126) | ||
Income tax expenses | (227) | ||
Net loss | (29,353) | ||
Less: Net loss attributable to noncontrolling interests | (3,001) | ||
Net loss attributable to BeyondSpring Inc. | (26,352) | ||
Plinabulin Pipeline [Member] | Segment Reconciling Items [Member] | |||
Revenue | 0 | ||
Research and development | (32,077) | ||
General and administrative | (29,737) | ||
Loss from operations | (61,814) | ||
TPD Platform [Member] | Operating Segments [Member] | |||
Revenue | 1,351 | 1,351 | 180 |
Research and development | (7,442) | (4,851) | (629) |
General and administrative | (1,862) | (1,166) | (1,091) |
Loss from operations | (7,953) | $ (4,666) | $ (1,540) |
Total other income (expenses), net | 962 | ||
Loss before income tax | (6,991) | ||
Income tax expenses | 64 | ||
Net loss | (6,927) | ||
Less: Net loss attributable to noncontrolling interests | 0 | ||
Net loss attributable to BeyondSpring Inc. | $ (6,927) |
Note 19 - Segment Reporting a_5
Note 19 - Segment Reporting and Geographic Information - Long Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property and equipment, net | $ 1,868 | $ 1,422 |
CHINA | ||
Property and equipment, net | 90 | 98 |
UNITED STATES | ||
Property and equipment, net | $ 1,778 | $ 1,324 |
Note 20 - Fair Value Measurem_3
Note 20 - Fair Value Measurements - Recurring Fair Value Measurement (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Asset, Total | $ 166 | |
Total assets measured at fair value | $ 2,872 | 14,909 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative Asset, Total | 0 | |
Total assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative Asset, Total | 0 | |
Total assets measured at fair value | 2,872 | 14,743 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative Asset, Total | 166 | |
Total assets measured at fair value | 0 | 166 |
Debt Security, Corporate, US [Member] | ||
Available-for-sale debt securities | 1,574 | |
Trading debt securities | 2,872 | 13,169 |
Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale debt securities | 0 | |
Trading debt securities | 0 | 0 |
Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale debt securities | 1,574 | |
Trading debt securities | 2,872 | 13,169 |
Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale debt securities | 0 | |
Trading debt securities | $ 0 | $ 0 |
Note 20 - Fair Value Measurem_4
Note 20 - Fair Value Measurements - Significant Unobservable Inputs on Fair Value (Details) | Jun. 13, 2022 | Dec. 31, 2021 |
Measurement Input, Discount for Lack of Marketability [Member] | ||
Derivative Measurement Input | 0.10 | 0.10 |
Measurement Input, Price Volatility [Member] | ||
Derivative Measurement Input | 0.85 | 0.85 |
Weighted Average Cost of Capital [Member] | ||
Derivative Measurement Input | 0.1710 | 0.1450 |
Probability of Achieving Contingent Target [Member] | ||
Derivative Measurement Input | 1 | 0.90 |
Note 20 - Fair Value Measurem_5
Note 20 - Fair Value Measurements - Derivatives Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 166 | $ (278) | $ 0 |
Recognized during the year | (278) | ||
Gains or losses from changes in fair value | 1,071 | 444 | 0 |
Settlement during the year | (1,237) | ||
Balance | $ 0 | $ 166 | $ (278) |
Note 21 - Subsequent Events (De
Note 21 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 08, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 1,351 | $ 1,351 | $ 180 | |
SEED Therapeutics Inc. [Member] | Research Collaboration and License Agreement with Eli Lilly [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,351 | $ 1,351 | ||
SEED Therapeutics Inc. [Member] | Research Collaboration and License Agreement with Eli Lilly [Member] | Subsequent Event [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,000 |