UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of March, 2020
 
Commission File Number: 001-38024

BeyondSpring Inc.
 
BeyondSpring Inc.
28 Liberty Street, 39th Floor
New York, New York 10005
(Address of principal executive office)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F ☒ Form 40-F ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
 
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
 
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country“), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
 
On June 11, 2020, BeyondSpring Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information contained in this report, except the second and third paragraphs of Exhibit 99.1, which contain certain quotes by the Chairman and Chief Executive Officer of BeyondSpring Inc., is hereby incorporated by reference into the Registration Statements on Form F-3, File No. 333-224437 and File No. 333-234193, and the Registration Statement on Form S-8, File No. 333-216639.

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
BeyondSpring Inc.
   
 
By:
 /s/ Lan Huang
  
 
Name:
Lan Huang
 
Title:
Chairman and Chief Executive Officer
 
Date: June 11, 2020
 
EXHIBIT INDEX
 
Exhibit No.
Exhibit
  
     
99.1
Press release, dated June 11, 2020.
  


Exhibit 99.1

BeyondSpring Reports First-Quarter 2020 Financial Results and Operational Update
 
- PROTECTIVE-2 (Study 106) Phase 3 Interim Analysis This Month to Evaluate Superiority in CIN -

- PROTECTIVE-2 Phase 2 Shows Positive Results in Chemotherapy Optimization with Potentially Better Clinical Outcomes -

- DUBLIN-3 (Study 103 Phase 3) Second Interim Analysis for NSCLC Received DSMB’s Recommendation to Continue Without Modification -
 
NEW YORK, June 11, 2020 – BeyondSpring Inc. (the “Company” or “BeyondSpring”) (NASDAQ: BYSI), a global biopharmaceutical company focused on the development of innovative cancer therapies, announced today its financial results and provided an operational update for the three months ended March 31, 2020.
 
“During the first quarter, we continued to make progress in the two lead indications for Plinabulin for both the prevention of chemotherapy-induced neutropenia (CIN) and treatment of non-small cell lung cancer (NSCLC),” said Dr. Lan Huang, Co-Founder, Chairman and Chief Executive Officer. “Our recent data from PROTECTIVE-2 Phase 2 showed Plinabulin combined with G-CSF improves chemotherapy compliance compared to G-CSF alone, which potentially leads to better clinical outcomes. The Plinabulin-G-CSF combination’s potential to prevent infection and hospitalization becomes even more important to the physicians, patients and the healthcare system in the COVID-19 pandemic. We expect to reach the pre-specified interim analysis for PROTECTIVE-2 Phase 3 this month to evaluate superiority in CIN, which has the potential to mark the first significant enhancement in preventing neutropenia in 30 years.”
 
“With over 1,200 patients enrolled to date for Plinabulin clinical programs, we believe we are well-positioned to capitalize on our upcoming regulatory milestones with multiple New Drug Application (NDA) filings followed by near term commercial opportunities. Looking ahead, we continue to advance our clinical studies to support our view of Plinabulin as a ‘pipeline in a drug’ and believe its potential in improving standard of care in CIN prevention and cancer treatments will help many patients in need globally.”
 
Select First-Quarter 2020 and Recent Operational Highlights
 
Chemotherapy-Induced Neutropenia (CIN)
 
PROTECTIVE-2 Phase 2 for Chemotherapy-Induced Neutropenia Shows Positive Results in Chemotherapy Optimization with Potentially Better Clinical Outcomes
 
In June 2020, BeyondSpring announced that PROTECTIVE-2 Phase 2 superiority trial for CIN shows that Plinabulin in combination with Neulasta (pegfilgrastim), a long-lasting G-CSF, which is a predominant therapy to treat CIN, enables more cancer patients to receive the optimal chemotherapy dose and regimen, which potentially leads to better clinical outcomes.


 •
In breast cancer patients treated with docetaxel, doxorubicin and cyclophosphamide (TAC, a high-risk chemotherapy) with 20mg/m2 of Plinabulin combined with 6mg of Neulasta (n=16) compared with 6mg of Neulasta alone (n=22), Plinabulin + G-CSF improved compliance with targeted chemotherapy
 

 •
Dose reduction (over 15 percent): only 6.3 percent of patients in the Plinabulin-Neulasta combination arm versus 22.7 percent in Neulasta arm – a 72 percent improvement
 

 •
Downgraded regimen (from TAC, to docetaxel and cyclophosphamide, or TC): No (0 percent) patients in the Plinabulin + G-CSF arm downgraded chemotherapy from the TAC regimen to the TC regimen versus 18.2 percent in the Neulasta arm – p < 0.05
 
Plinabulin’s Mechanism of Action Complements Neulasta in Cancer Treatment
 
In May 2020, two Company abstracts were presented at this year’s American Society of Clinical Oncology (ASCO) Virtual Scientific Program, evaluating Plinabulin alongside Neulasta.
 

 •
BeyondSpring’s e-publication, titled, “Comparison of CD34+ mobilization effects of standard dose pegfilgrastim (Peg) versus low-dose peg combined with plinabulin (Plin),” demonstrates the efficacy of Plinabulin-Neulasta combination in increasing CD34+ counts for patients, with fewer adverse events
 
1

 •
Additionally, BeyondSpring’s poster presentation, titled, “Head-to-head comparison of the non-G-CSF small molecule single agent (SA) plinabulin with SA pegfilgrastim for the prevention of docetaxel chemotherapy (chemo)-induced neutropenia (CIN) in the protective-1 trial,” compares Plinabulin versus Neulasta as an effective monotherapy for CIN prevention
 
Non-Small Cell Lung Cancer (NSCLC)
 
DSMB Recommends DUBLIN-3 Phase 3 NSCLC to Continue Without Modification
 
In June 2020, BeyondSpring reported it had reached the pre-specified second interim analysis for DUBLIN-3 for NSCLC treatment with Plinabulin.
 

 •
Upon reviewing the efficacy and safety data of over 500 patients at an approximately 300-patient death event, DSMB advised BeyondSpring to continue the study without any modifications
 

 •
DUBLIN-3 is a global Phase 3 trial for Plinabulin, in combination with docetaxel versus docetaxel alone, for the treatment of second- / third-line EGFR wild-type NSCLC
 

 •
Thus far, over 600 cancer patients have been dosed with Plinabulin, which has demonstrated good tolerability and satisfies the safety database standard of both the U.S. Food and Drug Administration (FDA) and China’s National Medical Products Administration (NMPA)
 
Intellectual Properties
 
BeyondSpring Granted U.S. Patent for Plinabulin to Treat Severe CIN from Taxane in Cancer Patients
 

 •
In May 2020, the U.S. Patent and Trademark Office (USPTO) granted BeyondSpring a new patent for methods of treating severe CIN in cancer patients treated with taxane with protection through 2033. This patent establishes Plinabulin’s beneficial effects in reducing CIN associated with taxane, one of the most commonly used chemotherapies
 

 •
The Company currently owns 76 patents, including 17 issued U.S. patents, for Plinabulin and its analogs with protection through 2036
 
Financial Results for the Three Months Ended March 31, 2020
 
Research and development (“R&D”) expenses were $13.7 million for the quarter ended March 31, 2020, compared to $6.3 million for the quarter ended March 31, 2019. The $7.4 million increase was largely attributable to an increase of $4.4 million in clinical trial expenses and an increase of $3.0 million in non-cash share-based compensation.
 
Selling, general and administrative (“SG&A”) expenses were $2.9 million for the quarter ended March 31, 2020, compared to $1.6 million for the quarter ended March 31, 2019. The $1.3 million increase was mainly due to a $0.6 million increase in commercial and marketing expense, a $0.3 million increase in salary, wages and benefits expense, and a $0.4 million increase in other expenses.
 
Net loss attributable to the Company was $16.1 million for the quarter ended March 31, 2020, compared to $7.3 million for the quarter ended March 31, 2019.
 
As of March 31, 2020, the Company had a cash balance of $24.9 million. The Company believes currently available financial resources will be sufficient to support its clinical trials and submit NDAs in the U.S. and China for Plinabulin for the CIN and NSCLC indications, as well as to advance its immuno-oncology pipeline and ubiquitination protein degradation research platform.
 
Anticipated Milestones
 
The following outlines the Company’s anticipated upcoming milestones and projected timelines:
 

 •
Interim topline data readout for PROTECTIVE-2 Phase 3 for CIN – June 2020
 
2

 •
Final data readout for PROTECTIVE-2 Phase 3 for CIN – H2 2020
 

 •
Final data readout for PROTECTIVE-1 Phase 3 for CIN – H2 2020
 

 •
NDA submission for Plinabulin for CIN in the U.S. – H2 2020
 

 •
Final data readout for DUBLIN-3 for NSCLC – H2 2020
 

 •
NDA submission for Plinabulin for NSCLC in China – H2 2020
 

 •
NDA submission for Plinabulin for NSCLC in the U.S. – H1 2021
 
About BeyondSpring
 
BeyondSpring is a global clinical-stage biopharmaceutical company focused on the development of innovative immuno-oncology cancer therapies. BeyondSpring’s lead asset, first-in-class agent Plinabulin, is in a Phase 3 global clinical trial as a direct anticancer agent in the treatment of non-small cell lung cancer (NSCLC) and two Phase 3 clinical programs in the prevention of chemotherapy-induced neutropenia (CIN). BeyondSpring has strong R&D capabilities with a robust pipeline in addition to Plinabulin, including three immuno-oncology assets and a drug discovery platform using the ubiquitination degradation pathway. The Company also has a seasoned management team with many years of experience bringing drugs to the global market. BeyondSpring is headquartered in New York City.
 
Cautionary Note Regarding Forward-Looking Statements
 
This press release includes forward-looking statements that are not historical facts. Words such as "will," "expect," "anticipate," "plan," "believe," "design," "may," "future," "estimate," "predict," "objective," "goal," or variations thereof and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are based on BeyondSpring's current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to, difficulties raising the anticipated amount needed to finance the Company's future operations on terms acceptable to the Company, if at all, unexpected results of clinical trials, delays or denial in regulatory approval process, results that do not meet our expectations regarding the potential safety, the ultimate efficacy or clinical utility of our product candidates, increased competition in the market, the impact of widespread health developments, including the recent COVID-19 pandemic, and the responses thereto, which could materially and adversely affect, among other things, enrollment of patients in our clinical trials and our expected timeline for data readouts of our clinical trials and certain regulatory filings for our product candidates, unexpected changes to estimates of our expenses, future revenues and capital requirements, and other risks described in BeyondSpring’s most recent Form 20-F on file with the U.S. Securities and Exchange Commission. All forward-looking statements made herein speak only as of the date of this release and BeyondSpring undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.
 
Contacts
 
Scott Eckstein / Caitlin Kasunich
KCSA Strategic Communications
212.896.1210 / 212.896.1241
 
seckstein@kcsa.com / ckasunich@kcsa.com

3
BEYONDSPRING INC.
 
AUDITED CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2019 AND
 
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2020
 
(Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)

         
December 31,
    
March 31,
  
   
Note
    
2019
    
2020
  
         

$    

$  
                 
(Unaudited)
  
Assets
                      
                       
Current assets:
                      
Cash and cash equivalents
          
35,933
      
24,917
  
Advances to suppliers
          
4,519
      
4,384
  
Prepaid expenses and other current assets
          
410
      
452
  
Total current assets
          
40,862
      
29,753
  
                       
Noncurrent assets:
                      
Property and equipment, net
  
3
      
209
      
203
  
Operating lease right-of-use assets
          
2,538
      
2,607
  
Other noncurrent assets
          
946
      
941
  
Total noncurrent assets
          
3,693
      
3,751
  
                       
Total assets
          
44,555
      
33,504
  
   

   

         
Liabilities and equity
                      
                       
Current liabilities:
                      
Accounts payable
          
2,537
      
5,140
  
Accrued expenses
          
5,861
      
4,697
  
Due to related parties
  
5
      
29
      
42
  
Current portion of operating lease liabilities
          
537
      
643
  
Other current liabilities
  
11
      
1,089
      
1,685
  
Total current liabilities
          
10,053
      
12,207
  
                       
Noncurrent liabilities:
                      
Long-term loans
  
4
      
1,436
      
1,413
  
Operating lease liabilities
          
1,935
      
1,892
  
Total noncurrent liabilities
          
3,371
      
3,305
  
Total liabilities
          
13,424
      
15,512
  
                       
Equity:
                      
Ordinary shares ($0.0001 par value; 500,000,000 shares authorized; 27,885,613 shares and 27,888,906 shares issued and outstanding as of December 31, 2019 and March 31, 2020, respectively)
  
7
      
3
      
3
  
Additional paid-in capital
  
7
      
246,979
      
250,417
  
Accumulated deficit
  
7
      
(216,845
)
    
(232,929
)
Accumulated other comprehensive income
  
7
      
140
      
197
  
   

                 
Total BeyondSpring Inc.’s shareholder’s equity
          
30,277
      
17,688
  
Noncontrolling interests
  
7
      
854
      
304
  
Total equity
          
31,131
      
17,992
  
                       
Total liabilities and equity
          
44,555
      
33,504
  

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

4
BEYONDSPRING INC.
 
 UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
 
COMPREHENSIVE LOSS FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2020
 
 (Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data)
 
(Unaudited)

         
Three months ended March 31,
  
   
Note
    
2019
    
2020
  
         

$    

$  
                       
Revenue
          
-
      
-
  
                       
Operating expenses:
                      
Research and development
          
(6,330
)
    
(13,704
)
Selling, general and administrative
          
(1,639
)
    
(2,928
)
                       
Loss from operations
          
(7,969
)
    
(16,632
)
Foreign exchange gain (loss), net
          
173
      
(74
)
Interest income
          
6
      
64
  
Interest expense
          
(37
)
    
(21
)
Other income
          
-
      
1
  
                       
Loss before income tax
          
(7,827
)
    
(16,662
)
Income tax benefit
  
6
      
-
      
-
  
                       
Net loss
          
(7,827
)
    
(16,662
)
Less: Net loss attributable to noncontrolling interests
          
(534
)
    
(578
)
Net loss attributable to BeyondSpring Inc.
          
(7,293
)
    
(16,084
)
                       
Net loss per share
                      
Basic and diluted
  
10
      
(0.32
)
    
(0.58
)
Weighted-average shares outstanding Basic and diluted
  
10
      
23,029,362
      
27,732,449
  
   

   

         
Other comprehensive loss
                      
Foreign currency translation adjustment (loss) gain
          
(194
)
    
53
  
Comprehensive loss
          
(8,021
)
    
(16,609
)
Less: Comprehensive loss attributable to noncontrolling interests
          
(575
)
    
(582
)
Comprehensive loss attributable to BeyondSpring Inc.
          
(7,446
)
    
(16,027
)

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

5
BEYONDSPRING INC.
 
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2020
 
 (Amounts in thousands of U.S. Dollars (“$”))
 
(Unaudited)
 
         
Three months ended March 31,
  
   
Note
    
2019
    
2020
  
         

$    

$  
Operating activities:
                      
Net loss
          
(7,827
)
    
(16,662
)
Adjustments to reconcile net loss to net cash from operating activities:
                      
Share-based compensation
  
12
      
371
      
3,470
  
Depreciation expenses
          
23
      
15
  
Changes in operating assets and liabilities:
                      
Advances to suppliers
          
143
      
135
  
Due from related parties
  
5
      
100
      
-
  
Prepaid expenses and other current assets
          
123
      
(42
)
Operating lease right-of-use assets
          
134
      
(69
)
Other noncurrent assets
          
(60
)
    
5
  
Accounts payable
          
(620
)
    
2,603
  
Accrued expenses
          
2,377
      
(1,164
)
Operating lease liabilities
          
(56
)
    
63
  
Other current liabilities
          
232
      
596
  
Net cash used in operating activities
          
(5,060
)
    
(11,050
)
   

   

         
Investing activities:
                      
Acquisitions of property and equipment
          
(4
)
    
(9
)
Net cash used in investing activities
          
(4
)
    
(9
)
                       
Financing activities:
                      
Proceeds from loans
  
4
      
2,986
      
-
  
Loans from related parties
  
5
      
350
      
14
  
Net cash provided by financing activities
          
3,336
      
14
  
                       
Effect of foreign exchange rate changes, net
          
(200
)
    
29
  
                       
Net decrease in cash and cash equivalents
          
(1,928
)
    
(11,016
)
Cash at beginning of period
          
3,889
      
35,933
  
                       
Cash at end of period
          
1,961
      
24,917
  

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

6
BEYONDSPRING INC.
 
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands of U.S. Dollars (“$”) and Renminbi (“RMB”), except for number of shares and per share data)
 
1.
Nature of the business and basis of preparation
 
BeyondSpring Inc. (the “Company”) was incorporated in the Cayman Islands on November 21, 2014. The Company and its subsidiaries (collectively, the “Group”) are principally engaged in clinical stage biopharmaceutical activities focusing on the development of innovative cancer therapies. The Company is under the control of Mr. Linqing Jia and Dr. Lan Huang as a couple (collectively, the “Founders”) since its incorporation.

As of March 31, 2020, the subsidiaries of the Company are as follows:
 
Name of company
Place of incorporation
Date of
incorporation
Percentage of
ownership by the
Company
Principal
activities
         
BeyondSpring
Delaware,
      
Pharmaceuticals Inc.
United States of America (“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
Hong Kong
January 13, 2015
100%
Holding company
         
Wanchun Biotechnology
        
Limited
BVI
April 1, 2015
100%
Holding company
         
Wanchun Biotechnology
The People’s Republic of China
      
(Shenzhen) Ltd.
(“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%
Clinical trial activities
         
SEED Therapeutics Inc.
        
(“SEED”)
BVI
June 25, 2019
100%
Holding company
         
SEED Technology Limited
        
(“SEED Technology”)
BVI
December 9, 2019
57.97%
Holding company

The accompanying unaudited interim condensed consolidated balance sheet as of March 31, 2020, the unaudited interim condensed consolidated statements of comprehensive loss for the three months ended March 31, 2019 and 2020, the cash flows for the three months ended March 31, 2019 and 2020, and the related footnote disclosures are unaudited. These unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP for interim financial information using accounting policies that are consistent with those used in the preparation of the Company’s audited consolidated financial statements for the year ended December 31, 2019. Accordingly, these unaudited interim condensed consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for annual financial statements.
 
7
BEYONDSPRING INC.
 
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands of U.S. Dollars (“$”) and Renminbi (“RMB”), except for number of shares and per share data)
 
1.
Nature of the business and basis of preparation (continued)

In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, operating results and cash flows of the Group for each of the periods presented. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of results to be expected for any other interim period or for the full year of 2020. The consolidated balance sheet as of December 31, 2019 was derived from the audited consolidated financial statements at that date but does not include all of the disclosures required by U.S. GAAP for annual financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2019.
 
2.
Summary of significant accounting policies
 
Basis of consolidation
 
The unaudited interim condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.
 
Going concern
 
According to Accounting Standards Codification (“ASC”) 205-40, Presentation of Financial Statements - Going Concern (“ASC 205-40”), management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued.

The Company has incurred operating losses and negative cash flows from operations since inception. To date, the Company has no product revenue and management expects operating losses to continue for the foreseeable future, and has primarily funded these losses through equity financings. The Company incurred a net loss of $16,662 during the three months ended March 31, 2020 and has an accumulated deficit of $232,929 as of March 31, 2020. Net cash used in operations was approximately $11,050 for the three months ended March 31, 2020. As of March 31, 2020, the Company had $17,546 net current assets and $24,917 of cash and cash equivalents on hand.
 
The Company is implementing a cost reduction plan, which includes the deferral of certain research, development and clinical projects and reduction of administrative expenses until it obtains additional financings. With the implementation of cost reduction plan, the Company anticipates that its current financial resources will enable it to meet its operational expenses and capital expenditures into the second quarter of year 2021.
 
Therefore, the management believes that the substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued has been alleviated. The accompanying unaudited interim condensed consolidated financial statements have been prepared on a going concern basis.
 
8
BEYONDSPRING INC.
 
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands of U.S. Dollars (“$”) and Renminbi (“RMB”), except for number of shares and per share data)
 
2.
Summary of significant accounting policies (continued)
 
Use of estimates
 
The preparation of financial statements in conformity with U.S. 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 reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to share-based compensation, clinical trial accrual, valuation allowance for deferred tax assets, estimating uncertain tax position, measurement of right of use assets and lease liabilities and estimating of useful life for property and equipment. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.
 
Fair value measurements
 
The Company measures certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows:
 

 •
Level 1— Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
 

 •
Level 2— Other inputs that are directly or indirectly observable in the marketplace.
 

 •
Level 3— Unobservable inputs which are supported by little or no market activity.
 
ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.
 
Financial instruments of the Company primarily include cash and cash equivalents, due from related parties, due to related parties, accounts payable and long-term loans. Except for the long-term loans, the carrying values of these financial instruments approximated their fair value due to their short term nature as of December 31, 2019 and March 31, 2020.
 
As of December 31, 2019 and March 31, 2020, the total carrying amount of long-term loans was $1,436 and $1,413, compared with an estimated fair value of $1,373 and $1,214, respectively. The fair value of the long-term loans is estimated by discounting cash flows using interest rates currently available for debts with similar terms and maturities (Level 2 fair value measurement).
 
Recent accounting pronouncements
 
New accounting standard have not yet been adopted
 
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This update simplifies the accounting for income taxes as part of the FASB’s overall initiative to reduce complexity in accounting standards. The amendments include removal of certain exceptions to the general principles of ASC 740, and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. The update is effective in fiscal years beginning after December 15, 2020, and interim periods therein, and early adoption is permitted. Certain amendments in this update should be applied retrospectively or modified retrospectively, all other amendments should be applied prospectively. The Company is currently evaluating the impact on its financial statements of adopting this guidance.
 
9
BEYONDSPRING INC.
 
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands of U.S. Dollars (“$”) and Renminbi (“RMB”), except for number of shares and per share data)
 
3.
Property and equipment, net
 
Property and equipment consist of the following:
 
   
December 31,
2019
    
March 31,
2020
  
   

$
    

$  
           
(Unaudited)
  
                 
Office equipment
    
150
      
161
  
Laboratory equipment
    
114
      
113
  
Motor vehicles
    
23
      
22
  
Leasehold improvements
    
103
      
103
  
                 
     
390
      
399
  
Less: accumulated depreciation
    
(181
)
    
(196
)
                 
Property and equipment, net
    
209
      
203
  

Depreciation expenses for the three months ended March 31, 2019 and 2020 were $23 and $15, respectively.
 
4.
Long-term loans
 
On March 28, 2019, the Company borrowed a three-year term loan with a principal amount of $1,493 (RMB10,000) from China Construction Bank, which bears an annual interest rate of 120.0% of the three-year loan interest rate quoted by the People’s Bank of China. The loan is guaranteed by the shareholder of the Company, Shenzhen Sangel Capital Management Limited Company (“Shenzhen Sangel”) and Mr. Mulong Liu, a shareholder of Shenzhen Sangel. The maturity date of the loan is March 28, 2022.

10
BEYONDSPRING INC.
 
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands of U.S. Dollars (“$”) and Renminbi (“RMB”), except for number of shares and per share data)
 
5.
Related party transactions
 
Loan from related parties
 
In October and December 2019, the Company borrowed 60-day interest-free loans totaling of $29 (RMB200) from Dalian Wanchun Biotechnology Co., Ltd. (“Wanchun Biotech”). In February 2020, the Company borrowed 60-day interest-free loans totaling of $14 (RMB100) from Wanchun Biotech. The maturity of the above loans was extended to June 2020.
 
6.
Income taxes
 
There is no provision for income taxes because the Company and its subsidiaries were in a cumulative loss position for the three months ended March 31, 2019 and 2020.
 
The Company recorded a full valuation allowance against deferred tax assets for all periods presented. There were no material changes in unrecognized tax benefits and related interest and penalties for the three months ended March 31, 2020. The Company does not anticipate that the amount of existing unrecognized tax benefits will significantly change within the next 12 months.
 
7.
Equity
 
The movement of equity is as follows:

   
BeyondSpring Inc.’s shareholders
              
   

   
   
   

   
Accumulated
    

   
   

 
               
Additional
          
other
          
Non
    
Total
  
   
Ordinary share
    
paid-in
     Accumulated    
comprehensive
     Subtotal    
controlling
    
equity
  
   
Shares
    
Amount
    
capital
    
deficit
    
(loss) gain
    
   
interests
    
(deficit)
  
         

$    

$    

$    

$    

$    

$    

$  
                                                               
Balances at January 1, 2020 (audited)
    
27,885,613
      
3
      
246,979
      
(216,845
)
    
140
      
30,277
      
854
      
31,131
  
Share-based compensation
    
3,293
      
-
      
3,438
      
-
      
-
      
3,438
      
32
      
3,470
  
Foreign currency translation adjustment (loss) gain
    
-
      
-
      
-
      
-
      
57
      
57
      
(4
)
    
53
  
Net loss
    
-
      
-
      
-
      
(16,084
)
    
-
      
(16,084
)
    
(578
)
    
(16,662
)
                                                                 
Balances at March 31, 2020 (unaudited)
    
27,888,906
      
3
      
250,417
      
(232,929
)
    
197
      
17,688
      
304
      
17,992
  
                                                                 
Balances at January 1, 2019 (audited)
    
23,184,612
      
2
      
170,950
      
(178,760
)
    
42
      
(7,766
)
    
(1,616
)
    
(9,382
)
Share-based compensation
    
-
      
-
      
371
      
-
      
-
      
371
      
-
      
371
  
Foreign currency translation adjustment loss
    
-
      
-
      
-
      
-
      
(153
)
    
(153
)
    
(41
)
    
(194
)
Net loss
    
-
      
-
      
-
      
(7,293
)
    
-
      
(7,293
)
    
(534
)
    
(7,827
)
                                                                 
Balances at March 31, 2019 (unaudited)
    
23,184,612
      
2
      
171,321
      
(186,053
)
    
(111
)
    
(14,841
)
    
(2,191
)
    
(17,032
)

8.
Restricted net assets
 
As a result of PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. As of December 31, 2019 and March 31, 2020, amounts restricted were the net assets of the Company’s PRC subsidiaries, which amounted to $2,032 and $329, respectively.
 
11
BEYONDSPRING INC.
 
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands of U.S. Dollars (“$”) and Renminbi (“RMB”), except for number of shares and per share data)
 
9.
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 fund 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 legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits, which were expensed as incurred, were $15 and $26 for the three months ended March 31, 2019 and 2020, respectively.

10.
Net loss per share

Basic and diluted net loss per share attributable to ordinary shareholders was calculated as follows:
 

  
Three months ended March 31,
  
   
2019
    
2020
  
   
(Unaudited)
    
(Unaudited)
  
Numerator:
            
Net loss attributable to BeyondSpring Inc.—basic and diluted

$
(7,293
 )
  
$
 (16,084
)
   

           
Denominator:
                
Weighted average number of ordinary shares outstanding—basic and diluted
    
23,029,362
      
27,732,449
  
   

           
Net loss per share —basic and diluted
  
$
(0.32
)
   $  (0.58)  

The effects of restricted shares and share options were excluded from the calculation of diluted loss per share as their effect would have been anti-dilutive during the three months ended March 31, 2019 and 2020.

11.
Supplemental balance sheet information
 
Other current liabilities consist of the following:
 
   
As of December 31,
    
As of March 31,
  
   
2019
    
2020
  
   

$    

$  
           

(Unaudited)
  
                 
Compensation related
    
226
      
207
  
Professional services
    
-
      
543
  
Other taxes related
    
798
      
810
  
Other
    
65
      
125
  
   

           
Total
    
1,089
      
1,685
  

12
BEYONDSPRING INC.
 
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands of U.S. Dollars (“$”) and Renminbi (“RMB”), except for number of shares and per share data)
 
12.
Share-based compensation
 
During the three months ended March 31, 2020, the Company granted a total of 381,301 share options and 3,293 restricted shares, respectively.
 
The following table summarizes total share-based compensation expense recognized for the three months ended March 31, 2019 and 2020:
 
   
Three months ended March 31,
  
   
2019
     2020  
   

$    

$  
   

(Unaudited)
    

(Unaudited)
  
                 
Research and development
    
156
      
3,183
  
Selling, general and administrative
    
215
      
287
  
                 
Total
    
371
      
3,470
  


13
v3.20.1
Note 12 - Share-based Compensation (Details Textual)
 3 Months Ended
Mar. 31, 2020
shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) 381,301
Restricted Stock [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) 3,293
v3.20.1
Note 8 - Restricted Net Assets (Details Textual) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Restricted Net Assets $ 329 $ 2,032
v3.20.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
Basis of consolidation
 
The unaudited interim condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.
Going Concern, Policy [Policy Text Block}
Going concern
 
According to Accounting Standards Codification (“ASC”)
205
-
40,
Presentation of Financial Statements - Going Concern
(“ASC
205
-
40”
), management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within
one
year after the date that the financial statements are issued. This evaluation initially does
not
take into consideration the potential mitigating effect of management’s plans that have
not
been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (
1
) it is probable that the plans will be effectively implemented within
one
year after the date that the financial statements are issued, and (
2
) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within
one
year after the date that the financial statements are issued.
 
The Company has incurred operating losses and negative cash flows from operations since inception. To date, the Company has
no
product revenue and management expects operating losses to continue for the foreseeable future, and has primarily funded these losses through equity financings. The Company incurred a net loss of
$16,662
during the
three
months ended
March 31, 2020
and has an accumulated deficit of
$232,929
as of
March 31, 2020.
Net cash used in operations was approximately
$11,050
for the
three
months ended
March 31, 2020.
As of
March 31, 2020,
the Company had
$17,546
net current assets and
$24,917
of cash and cash equivalents on hand.
 
The Company is implementing a cost reduction plan, which includes the deferral of certain research, development and clinical projects and reduction of administrative expenses until it obtains additional financings. With the implementation of cost reduction plan, the Company anticipates that its current financial resources will enable it to meet its operational expenses and capital expenditures into the
second
quarter of year
2021.
 
Therefore, the management believes that the substantial doubt about the Company’s ability to continue as a going concern within
one
year after the date the financial statements are issued has been alleviated. The accompanying unaudited interim condensed consolidated financial statements have been prepared on a going concern basis.
Use of Estimates, Policy [Policy Text Block]
Use of estimates
 
The preparation of financial statements in conformity with U.S. 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 reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are
not
limited to share-based compensation, clinical trial accrual, valuation allowance for deferred tax assets, estimating uncertain tax position, measurement of right of use assets and lease liabilities and estimating of useful life for property and equipment. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.
Fair Value of Financial Instruments, Policy [Policy Text Block]
Fair value measurements
 
The Company measures certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a
three
-level hierarchy, as follows:
 
• Level
1—
Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
 
• Level
2—
Other inputs that are directly or indirectly observable in the marketplace.
 
• Level
3—
Unobservable inputs which are supported by little or
no
market activity.
 
ASC
820,
Fair Value Measurements and Disclosures
(“ASC
820”
) describes
three
main approaches to measuring the fair value of assets and liabilities: (
1
) market approach; (
2
) income approach and (
3
) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.
 
Financial instruments of the Company primarily include cash and cash equivalents, due from related parties, due to related parties, accounts payable and long-term loans. Except for the long-term loans, the carrying values of these financial instruments approximated their fair value due to their short term nature as of
December 31, 2019
and
March 31, 2020.
 
As of
December 31, 2019
and
March 31, 2020,
the total carrying amount of long-term loans was
$1,436
and
$1,413,
compared with an estimated fair value of
$1,373
and
$1,214,
respectively. The fair value of the long-term loans is estimated by discounting cash flows using interest rates currently available for debts with similar terms and maturities (Level
2
fair value measurement).
New Accounting Pronouncements, Policy [Policy Text Block]
Recent accounting pronouncements
 
New accounting standard have
not
yet been adopted
 
In
December 2019,
the FASB issued ASU
2019
-
12,
 Income Taxes (Topic
740
): Simplifying the Accounting for Income Taxes. This update simplifies the accounting for income taxes as part of the FASB’s overall initiative to reduce complexity in accounting standards. The amendments include removal of certain exceptions to the general principles of ASC
740,
and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. The update is effective in fiscal years beginning after
December 15, 2020,
and interim periods therein, and early adoption is permitted. Certain amendments in this update should be applied retrospectively or modified retrospectively, all other amendments should be applied prospectively. The Company is currently evaluating the impact on its financial statements of adopting this guidance.
v3.20.1
Note 5 - Related Party Transactions
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
5.
Related party transactions
 
Loan from related parties
 
In
October
and
December 2019,
the Company borrowed
60
-day interest-free loans totaling of
$29
(
RMB200
) from Dalian Wanchun Biotechnology Co., Ltd. (“Wanchun Biotech”). In
February 2020,
the Company borrowed
60
-day interest-free loans totaling of
$14
(
RMB100
) from Wanchun Biotech. The maturity of the above loans was extended to
June 2020.
v3.20.1
Note 9 - Employee Defined Contribution Plan
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Compensation and Employee Benefit Plans [Text Block]
9.
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 fund 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
legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits, which were expensed as incurred, were
$15
and
$26
for the
three
months ended
March 31, 2019
and
2020,
respectively.
v3.20.1
Audited Consolidated Balance Sheet as of December 31, 2019 and Unaudited Interim Condensed Consolidated Balance Sheet as of March 31, 2020 (Parentheticals) - $ / shares
Mar. 31, 2020
Dec. 31, 2019
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) 27,888,906 27,885,613
Ordinary shares, outstanding (in shares) 27,888,906 27,885,613
v3.20.1
Note 2 - Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Significant Accounting Policies [Text Block]
2.
Summary of significant accounting policies
 
Basis of consolidation
 
The unaudited interim condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.
 
Going concern
 
According to Accounting Standards Codification (“ASC”)
205
-
40,
Presentation of Financial Statements - Going Concern
(“ASC
205
-
40”
), management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within
one
year after the date that the financial statements are issued. This evaluation initially does
not
take into consideration the potential mitigating effect of management’s plans that have
not
been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (
1
) it is probable that the plans will be effectively implemented within
one
year after the date that the financial statements are issued, and (
2
) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within
one
year after the date that the financial statements are issued.
 
The Company has incurred operating losses and negative cash flows from operations since inception. To date, the Company has
no
product revenue and management expects operating losses to continue for the foreseeable future, and has primarily funded these losses through equity financings. The Company incurred a net loss of
$16,662
during the
three
months ended
March 31, 2020
and has an accumulated deficit of
$232,929
as of
March 31, 2020.
Net cash used in operations was approximately
$11,050
for the
three
months ended
March 31, 2020.
As of
March 31, 2020,
the Company had
$17,546
net current assets and
$24,917
of cash and cash equivalents on hand.
 
The Company is implementing a cost reduction plan, which includes the deferral of certain research, development and clinical projects and reduction of administrative expenses until it obtains additional financings. With the implementation of cost reduction plan, the Company anticipates that its current financial resources will enable it to meet its operational expenses and capital expenditures into the
second
quarter of year
2021.
 
Therefore, the management believes that the substantial doubt about the Company’s ability to continue as a going concern within
one
year after the date the financial statements are issued has been alleviated. The accompanying unaudited interim condensed consolidated financial statements have been prepared on a going concern basis.
 
Use of estimates
 
The preparation of financial statements in conformity with U.S. 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 reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are
not
limited to share-based compensation, clinical trial accrual, valuation allowance for deferred tax assets, estimating uncertain tax position, measurement of right of use assets and lease liabilities and estimating of useful life for property and equipment. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.
 
Fair value measurements
 
The Company measures certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a
three
-level hierarchy, as follows:
 
• Level
1—
Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
 
• Level
2—
Other inputs that are directly or indirectly observable in the marketplace.
 
• Level
3—
Unobservable inputs which are supported by little or
no
market activity.
 
ASC
820,
Fair Value Measurements and Disclosures
(“ASC
820”
) describes
three
main approaches to measuring the fair value of assets and liabilities: (
1
) market approach; (
2
) income approach and (
3
) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.
 
Financial instruments of the Company primarily include cash and cash equivalents, due from related parties, due to related parties, accounts payable and long-term loans. Except for the long-term loans, the carrying values of these financial instruments approximated their fair value due to their short term nature as of
December 31, 2019
and
March 31, 2020.
 
As of
December 31, 2019
and
March 31, 2020,
the total carrying amount of long-term loans was
$1,436
and
$1,413,
compared with an estimated fair value of
$1,373
and
$1,214,
respectively. The fair value of the long-term loans is estimated by discounting cash flows using interest rates currently available for debts with similar terms and maturities (Level
2
fair value measurement).
 
Recent accounting pronouncements
 
New accounting standard have
not
yet been adopted
 
In
December 2019,
the FASB issued ASU
2019
-
12,
 Income Taxes (Topic
740
): Simplifying the Accounting for Income Taxes. This update simplifies the accounting for income taxes as part of the FASB’s overall initiative to reduce complexity in accounting standards. The amendments include removal of certain exceptions to the general principles of ASC
740,
and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. The update is effective in fiscal years beginning after
December 15, 2020,
and interim periods therein, and early adoption is permitted. Certain amendments in this update should be applied retrospectively or modified retrospectively, all other amendments should be applied prospectively. The Company is currently evaluating the impact on its financial statements of adopting this guidance.
v3.20.1
Note 10 - Net Loss Per Share (Tables)
 3 Months Ended
Mar. 31, 2020
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
    Three months ended March 31,  
    2019     2020  
    (Unaudited)     (Unaudited)  
Numerator:                
Net loss attributable to BeyondSpring Inc.—basic and diluted   $
(7,293
 )   $
(16,084
 )
Denominator:                
Weighted average number of ordinary shares outstanding—basic and diluted    
23,029,362
      
27,732,449
  
                 
Net loss per share —basic and diluted   $
(0.32
 )   $
(0.58
 )
v3.20.1
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Revenue from Contract with Customer, Including Assessed Tax $ 0  
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total (16,662) (7,827)    
Retained Earnings (Accumulated Deficit), Ending Balance (232,929)   (216,845)  
Net Cash Provided by (Used in) Operating Activities, Total (11,050) (5,060)    
Net Current Assets 17,546      
Cash and Cash Equivalents, at Carrying Value, Ending Balance 24,917 $ 1,961 35,933 $ 3,889
Long-term Debt, Total 1,413   1,436  
Long-term Debt, Fair Value $ 1,214   $ 1,373  
v3.20.1
Audited Consolidated Balance Sheet as of December 31, 2019 and Unaudited Interim Condensed Consolidated Balance Sheet as of March 31, 2020 - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 24,917 $ 35,933
Advances to suppliers 4,384 4,519
Prepaid expenses and other current assets 452 410
Total current assets 29,753 40,862
Noncurrent assets:    
Property and equipment, net 203 209
Operating lease right-of-use assets 2,607 2,538
Other noncurrent assets 941 946
Total noncurrent assets 3,751 3,693
Total assets 33,504 44,555
Current liabilities:    
Accounts payable 5,140 2,537
Accrued expenses 4,697 5,861
Due to related parties 42 29
Current portion of operating lease liabilities 643 537
Other current liabilities 1,685 1,089
Total current liabilities 12,207 10,053
Noncurrent liabilities:    
Long-term loans 1,413 1,436
Operating lease liabilities 1,892 1,935
Total noncurrent liabilities 3,305 3,371
Total liabilities 15,512 13,424
Equity:    
Ordinary shares ($0.0001 par value; 500,000,000 shares authorized; 27,885,613 shares and 27,888,906 shares issued and outstanding as of December 31, 2019 and March 31, 2020, respectively) 3 3
Additional paid-in capital 250,417 246,979
Accumulated deficit (232,929) (216,845)
Accumulated other comprehensive income 197 140
Total BeyondSpring Inc.’s shareholder’s equity 17,688 30,277
Noncontrolling interests 304 854
Total equity 17,992 31,131
Total liabilities and equity $ 33,504 $ 44,555
v3.20.1
Note 1 - Nature of the Business and Basis of Preparation
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Nature of Operations [Text Block]
1.
Nature of the business and basis of preparation
 
BeyondSpring Inc. (the “Company”) was incorporated in the Cayman Islands on
November 21, 2014.
The Company and its subsidiaries (collectively, the “Group”) are principally engaged in clinical stage biopharmaceutical activities focusing on the development of innovative cancer therapies. The Company is under the control of Mr. Linqing Jia and Dr. Lan Huang as a couple (collectively, the “Founders”) since its incorporation.
 
As of
March 31, 2020,
the subsidiaries of the Company are as follows:
 
Name of company
  
Place of incorporation
  
Date of
incorporation
  
Percentage of
ownership by the
Company
  
Principal activities
                 
BeyondSpring  
Delaware,
  
 
  
 
  
 
Pharmaceuticals Inc.  
United States of America (“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  
Hong Kong
  
January 13, 2015
  
100%
  
Holding company
                 
Wanchun Biotechnology                
Limited  
BVI
  
April 1, 2015
  
100%
  
Holding company
                 
Wanchun Biotechnology  
The People’s Republic of China
  
 
  
 
  
 
(Shenzhen) Ltd.  
(“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%
  
Clinical trial activities
                 
SEED Therapeutics Inc.                
(“SEED”)  
BVI
  
June 25, 2019
  
100%
  
Holding company
                 
SEED Technology Limited                
(“SEED Technology”)  
BVI
  
December 9, 2019
  
57.97%
  
Holding company
 
The accompanying unaudited interim condensed consolidated balance sheet as of
March 31, 2020,
the unaudited interim condensed consolidated statements of comprehensive loss for the
three
months ended
March 31, 2019
and
2020,
the cash flows for the
three
months ended
March 31, 2019
and
2020,
and the related footnote disclosures are unaudited. These unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP for interim financial information using accounting policies that are consistent with those used in the preparation of the Company’s audited consolidated financial statements for the year ended
December 31, 2019.
Accordingly, these unaudited interim condensed consolidated financial statements do
not
include all of the information and footnotes required by U.S. GAAP for annual financial statements.
 
In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position, operating results and cash flows of the Group for each of the periods presented. The results of operations for the
three
months ended
March 31, 2020
are
not
necessarily indicative of results to be expected for any other interim period or for the full year of
2020.
The consolidated balance sheet as of
December 31, 2019
was derived from the audited consolidated financial statements at that date but does
not
include all of the disclosures required by U.S. GAAP for annual financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended
December 31, 2019.
v3.20.1
Note 11 - Supplemental Balance Sheet Information (Tables)
 3 Months Ended
Mar. 31, 2020
Notes Tables  
Other Current Liabilities [Table Text Block]
    As of December 31,     As of March 31,  
    2019     2020  
    $     $  
         
(Unaudited)
  
                 
Compensation related    
226
      
207
  
Professional services    
-
      
543
  
Other taxes related    
798
      
810
  
Other    
65
      
125
  
                 
Total    
1,089
      
1,685
  
v3.20.1
Note 3 - Property and Equipment, Net (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Depreciation, Total $ 15 $ 23
v3.20.1
Note 11 - Supplemental Balance Sheet Information - Other Current Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Compensation related $ 207 $ 226
Professional services 543
Other taxes related 810 798
Other 125 65
Total $ 1,685 $ 1,089
v3.20.1
Note 7 - Equity - Schedule of Stockholders' Equity (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Balances $ 31,131 $ (9,382)
Share-based compensation 3,470  
Foreign currency translation adjustment (loss) gain 53 (194)
Net loss (16,662) (7,827)
Share-based compensation   371
Balances $ 17,992 $ (17,032)
Common Stock [Member]    
Balances (in shares) 27,885,613 23,184,612
Balances $ 3 $ 2
Share-based compensation (in shares) 3,293  
Share-based compensation  
Foreign currency translation adjustment (loss) gain
Net loss
Share-based compensation  
Balances (in shares) 27,888,906 23,184,612
Balances $ 3 $ 2
Additional Paid-in Capital [Member]    
Balances 246,979 170,950
Share-based compensation 3,438  
Foreign currency translation adjustment (loss) gain
Net loss
Share-based compensation   371
Balances 250,417 171,321
Retained Earnings [Member]    
Balances (216,845) (178,760)
Share-based compensation  
Foreign currency translation adjustment (loss) gain
Net loss (16,084) (7,293)
Share-based compensation  
Balances (232,929) (186,053)
AOCI Attributable to Parent [Member]    
Balances 140 42
Share-based compensation  
Foreign currency translation adjustment (loss) gain 57 (153)
Net loss
Share-based compensation  
Balances 197 (111)
Parent [Member]    
Balances 30,277 (7,766)
Share-based compensation 3,438  
Foreign currency translation adjustment (loss) gain 57 (153)
Net loss (16,084) (7,293)
Share-based compensation   371
Balances 17,688 (14,841)
Noncontrolling Interest [Member]    
Balances 854 (1,616)
Share-based compensation 32  
Foreign currency translation adjustment (loss) gain (4) (41)
Net loss (578) (534)
Share-based compensation  
Balances $ 304 $ (2,191)
v3.20.1
Note 6 - Income Taxes
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
6.
Income taxes
 
There is
no
provision for income taxes because the Company and its subsidiaries were in a cumulative loss position for the
three
months ended
March 31, 2019
and
2020.
 
The Company recorded a full valuation allowance against deferred tax assets for all periods presented. There were
no
material changes in unrecognized tax benefits and related interest and penalties for the
three
months ended
March 31, 2020.
The Company does
not
anticipate that the amount of existing unrecognized tax benefits will significantly change within the next
12
months.
v3.20.1
Note 10 - Net Loss Per Share
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Earnings Per Share [Text Block]
10.
Net loss per share
 
Basic and diluted net loss per share attributable to ordinary shareholders was calculated as follows:
 
    Three months ended March 31,  
    2019     2020  
    (Unaudited)     (Unaudited)  
Numerator:                
Net loss attributable to BeyondSpring Inc.—basic and diluted   $
(7,293
 )   $
(16,084
 )
Denominator:                
Weighted average number of ordinary shares outstanding—basic and diluted    
23,029,362
      
27,732,449
  
                 
Net loss per share —basic and diluted   $
(0.32
 )   $
(0.58
 )
 
The effects of restricted shares and share options were excluded from the calculation of diluted loss per share as their effect would have been anti-dilutive during the
three
months ended
March 31, 2019
and
2020.
v3.20.1
Note 1 - Nature of the Business and Basis of Preparation (Tables)
 3 Months Ended
Mar. 31, 2020
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  
Delaware,
  
 
  
 
  
 
Pharmaceuticals Inc.  
United States of America (“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  
Hong Kong
  
January 13, 2015
  
100%
  
Holding company
                 
Wanchun Biotechnology                
Limited  
BVI
  
April 1, 2015
  
100%
  
Holding company
                 
Wanchun Biotechnology  
The People’s Republic of China
  
 
  
 
  
 
(Shenzhen) Ltd.  
(“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%
  
Clinical trial activities
                 
SEED Therapeutics Inc.                
(“SEED”)  
BVI
  
June 25, 2019
  
100%
  
Holding company
                 
SEED Technology Limited                
(“SEED Technology”)  
BVI
  
December 9, 2019
  
57.97%
  
Holding company
v3.20.1
Note 3 - Property and Equipment, Net
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]
3.
Property and equipment, net
 
Property and equipment consist of the following:
 
    December 31,     March 31,  
    2019     2020  
    $     $  
          (Unaudited)  
             
Office equipment    
150
      
161
  
Laboratory equipment    
114
      
113
  
Motor vehicles    
23
      
22
  
Leasehold improvements    
103
      
103
  
                 
     
390
      
399
  
Less: accumulated depreciation    
(181
 )    
(196
 )
                 
Property and equipment, net    
209
      
203
  
 
Depreciation expenses for the
three
months ended
March 31, 2019
and
2020
were
$23
and
$15,
respectively.
v3.20.1
Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2019 and 2020 - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenue
Operating expenses:    
Research and development (13,704) (6,330)
Selling, general and administrative (2,928) (1,639)
Loss from operations (16,632) (7,969)
Foreign exchange gain (loss), net (74) 173
Interest income 64 6
Interest expense (21) (37)
Other income 1
Loss before income tax (16,662) (7,827)
Income tax benefit 0 0
Net loss (16,662) (7,827)
Less: Net loss attributable to noncontrolling interests (578) (534)
Net loss attributable to BeyondSpring Inc. $ (16,084) $ (7,293)
Net loss per share    
Basic and diluted (in dollars per share) $ (0.58) $ (0.32)
Weighted-average shares outstanding    
Basic and diluted (in shares) 27,732,449 23,029,362
Other comprehensive loss    
Foreign currency translation adjustment (loss) gain $ 53 $ (194)
Comprehensive loss (16,609) (8,021)
Less: Comprehensive loss attributable to noncontrolling interests (582) (575)
Comprehensive loss attributable to BeyondSpring Inc. $ (16,027) $ (7,446)
v3.20.1
Note 4 - Long-term Loans (Details Textual)
$ in Thousands, ¥ in Millions
Mar. 28, 2019
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Mar. 28, 2019
CNY (¥)
Long-term Debt, Total   $ 1,413 $ 1,436  
Term Loan [Member] | China Construction Bank [Member]        
Debt Instrument, Term (Year) 3 years      
Long-term Debt, Total $ 1,493     ¥ 10
Term Loan [Member] | China Construction Bank [Member] | Three Yearr Loan Interest Rate Quoted by People's Bank of China [Member]        
Debt Instrument, Annual Interest Rate Based on Variable Rate 120.00%      
v3.20.1
Note 7 - Equity (Tables)
 3 Months Ended
Mar. 31, 2020
Notes Tables  
Schedule of Stockholders Equity [Table Text Block]
    BeyondSpring Inc.’s shareholders            
                           
Accumulated
                    
   
 
    
 
    
Additional
    
 
    
other
    
 
    
Non
    
Total
  
   
Ordinary share
    
paid-in
    
Accumulated
    
comprehensive
    
Subtotal
    
controlling
    
equity
  
   
Shares
    
Amount
    
capital
    
deficit
    
(loss) gain
    
 
    
interests
    
(deficit)
  
          $     $     $     $     $     $    
$
  
                                                 
Balances at January 1, 2020 (audited)    
27,885,613
      
3
      
246,979
      
(216,845
 )    
140
      
30,277
      
854
      
31,131
  
Share-based compensation    
3,293
      
-
      
3,438
      
-
      
-
      
3,438
      
32
      
3,470
  
Foreign currency translation adjustment (loss) gain    
-
      
-
      
-
      
-
      
57
      
57
      
(4
 )    
53
  
Net loss    
-
      
-
      
-
      
(16,084
 )    
-
      
(16,084
 )    
(578
 )    
(16,662
 )
                                                                 
Balances at March 31, 2020 (unaudited)    
27,888,906
      
3
      
250,417
      
(232,929
 )    
197
      
17,688
      
304
      
17,992
  
                                                                 
Balances at January 1, 2019 (audited)    
23,184,612
      
2
      
170,950
      
(178,760
 )    
42
      
(7,766
 )    
(1,616
 )    
(9,382
 )
Share-based compensation    
-
      
-
      
371
      
-
      
-
      
371
      
-
      
371
  
Foreign currency translation adjustment loss    
-
      
-
      
-
      
-
      
(153
 )    
(153
 )    
(41
 )    
(194
 )
Net loss    
-
      
-
      
-
      
(7,293
 )    
-
      
(7,293
 )    
(534
 )    
(7,827
 )
                                                                 
Balances at March 31, 2019 (unaudited)    
23,184,612
      
2
      
171,321
      
(186,053
 )    
(111
 )    
(14,841
 )    
(2,191
 )    
(17,032
 )
v3.20.1
Note 1 - Nature of the Business and Basis of Preparation - Schedule of Subsidiaries (Details)
Mar. 31, 2020
BeyondSpring Pharmaceuticals Inc. [Member]  
Equity method investment, ownership percentage 100.00%
BeyondSpring Ltd. [Member]  
Equity method investment, ownership percentage 100.00%
BeyondSpring HK [Member]  
Equity method investment, ownership percentage 100.00%
Wanchun Biotechnology Limited [Member]  
Equity method investment, ownership percentage 100.00%
Wanchun Biotechnology (Shenzhen) Ltd. [Member]  
Equity method investment, ownership percentage 100.00%
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 100.00%
Beijing Wanchun Pharmaceutical Technology Ltd. [Member]  
Equity method investment, ownership percentage 57.97%
SEED Therapuetics Inc. [Member]  
Equity method investment, ownership percentage 100.00%
SEED Technology Limited [Member]  
Equity method investment, ownership percentage 57.97%
v3.20.1
Note 8 - Restricted Net Assets
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Restricted Assets Disclosure [Text Block]
8.
Restricted net assets
 
As a result of PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. As of
December 31, 2019
and
March 31, 2020,
amounts restricted were the net assets of the Company’s PRC subsidiaries, which amounted to
$2,032
and
$329,
respectively.
v3.20.1
Note 12 - Share-based Compensation
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
12.
Share-based compensation
 
During the
three
months ended
March 31, 2020,
the Company granted a total of
381,301
share options and
3,293
restricted shares, respectively.
 
The following table summarizes total share-based compensation expense recognized for the
three
months ended
March 31, 2019
and
2020:
 
    Three months ended March 31,  
    2019     2020  
    $     $  
    (Unaudited)     (Unaudited)  
             
Research and development    
156
      
3,183
  
Selling, general and administrative    
215
      
287
  
                 
Total    
371
      
3,470
  
v3.20.1
Note 9 - Employee Defined Contribution Plan (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Defined Contribution Plan, Cost $ 26 $ 15
v3.20.1
Note 5 - Related Party Transactions (Details Textual)
$ in Thousands, ¥ in Millions
 1 Months Ended 3 Months Ended
Feb. 28, 2020
USD ($)
Feb. 28, 2020
CNY (¥)
Dec. 31, 2019
USD ($)
Dec. 31, 2019
CNY (¥)
Dalian Wanchun Biotechnology Co., Ltd. [Member]        
Proceeds from Short-term Debt, Total $ 14 ¥ 0.1 $ 29 ¥ 0.2
v3.20.1
Note 12 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Allocated Share-based Compensation Expense $ 3,470 $ 371
Research and Development Expense [Member]    
Allocated Share-based Compensation Expense 3,183 156
General and Administrative Expense [Member]    
Allocated Share-based Compensation Expense $ 287 $ 215
v3.20.1
Note 7 - Equity
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
7.
Equity
 
The movement of equity is as follows
:
 
    BeyondSpring Inc.’s shareholders            
                           
Accumulated
                    
   
 
    
 
    
Additional
    
 
    
other
    
 
    
Non
    
Total
  
   
Ordinary share
    
paid-in
    
Accumulated
    
comprehensive
    
Subtotal
    
controlling
    
equity
  
   
Shares
    
Amount
    
capital
    
deficit
    
(loss) gain
    
 
    
interests
    
(deficit)
  
          $     $     $     $     $     $    
$
  
                                                 
Balances at January 1, 2020 (audited)    
27,885,613
      
3
      
246,979
      
(216,845
 )    
140
      
30,277
      
854
      
31,131
  
Share-based compensation    
3,293
      
-
      
3,438
      
-
      
-
      
3,438
      
32
      
3,470
  
Foreign currency translation adjustment (loss) gain    
-
      
-
      
-
      
-
      
57
      
57
      
(4
 )    
53
  
Net loss    
-
      
-
      
-
      
(16,084
 )    
-
      
(16,084
 )    
(578
 )    
(16,662
 )
                                                                 
Balances at March 31, 2020 (unaudited)    
27,888,906
      
3
      
250,417
      
(232,929
 )    
197
      
17,688
      
304
      
17,992
  
                                                                 
Balances at January 1, 2019 (audited)    
23,184,612
      
2
      
170,950
      
(178,760
 )    
42
      
(7,766
 )    
(1,616
 )    
(9,382
 )
Share-based compensation    
-
      
-
      
371
      
-
      
-
      
371
      
-
      
371
  
Foreign currency translation adjustment loss    
-
      
-
      
-
      
-
      
(153
 )    
(153
 )    
(41
 )    
(194
 )
Net loss    
-
      
-
      
-
      
(7,293
 )    
-
      
(7,293
 )    
(534
 )    
(7,827
 )
                                                                 
Balances at March 31, 2019 (unaudited)    
23,184,612
      
2
      
171,321
      
(186,053
 )    
(111
 )    
(14,841
 )    
(2,191
 )    
(17,032
 )
v3.20.1
Note 11 - Supplemental Balance Sheet Information
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Supplemental Balance Sheet Disclosures [Text Block]
11.
Supplemental balance sheet information
 
Other current liabilities consist of the following:
 
    As of December 31,     As of March 31,  
    2019     2020  
    $     $  
         
(Unaudited)
  
                 
Compensation related    
226
      
207
  
Professional services    
-
      
543
  
Other taxes related    
798
      
810
  
Other    
65
      
125
  
                 
Total    
1,089
      
1,685
  
v3.20.1
Note 10 - Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Net loss attributable to BeyondSpring Inc.—basic and diluted $ (16,084) $ (7,293)
Weighted average number of ordinary shares outstanding—basic and diluted (in shares) 27,732,449 23,029,362
Net loss per share —basic and diluted (in dollars per share) $ (0.58) $ (0.32)
v3.20.1
Note 6 - Income Taxes (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Income Tax Expense (Benefit), Total $ 0 $ 0
v3.20.1
Document And Entity Information
 3 Months Ended
Mar. 31, 2020
Document Information [Line Items]  
Entity Registrant Name BeyondSpring Inc.
Entity Central Index Key 0001677940
Current Fiscal Year End Date --12-31
Document Type 6-K
Document Period End Date Mar. 31, 2020
Document Fiscal Year Focus 2020
Document Fiscal Period Focus Q1
Amendment Flag false
v3.20.1
Unaudited Interim Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2019 and 2020 - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net loss $ (16,662) $ (7,827)
Adjustments to reconcile net loss to net cash from operating activities:    
Share-based compensation 3,470 371
Depreciation expenses 15 23
Changes in operating assets and liabilities:    
Advances to suppliers 135 143
Due from related parties 100
Prepaid expenses and other current assets (42) 123
Operating lease right-of-use assets (69) 134
Other noncurrent assets 5 (60)
Accounts payable 2,603 (620)
Accrued expenses (1,164) 2,377
Operating lease liabilities 63 (56)
Other current liabilities 596 232
Net cash used in operating activities (11,050) (5,060)
Investing activities:    
Acquisitions of property and equipment (9) (4)
Net cash used in investing activities (9) (4)
Financing activities:    
Proceeds from loans 2,986
Loans from related parties 14 350
Net cash provided by financing activities 14 3,336
Effect of foreign exchange rate changes, net 29 (200)
Net decrease in cash and cash equivalents (11,016) (1,928)
Cash at beginning of period 35,933 3,889
Cash at end of period $ 24,917 $ 1,961
v3.20.1
Note 4 - Long-term Loans
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Long-term Debt [Text Block]
4.
Long-term loans
 
On
March 28, 2019,
the Company borrowed a
three
-year term loan with a principal amount of
$1,493
(
RMB10,000
) from China Construction Bank, which bears an annual interest rate of
120.0%
of the
three
-year loan interest rate quoted by the People’s Bank of China. The loan is guaranteed by the shareholder of the Company, Shenzhen Sangel Capital Management Limited Company (“Shenzhen Sangel”) and Mr. Mulong Liu, a shareholder of Shenzhen Sangel. The maturity date of the loan is
March 28, 2022.
v3.20.1
Note 3 - Property and Equipment, Net (Tables)
 3 Months Ended
Mar. 31, 2020
Notes Tables  
Property, Plant and Equipment [Table Text Block]
    December 31,     March 31,  
    2019     2020  
    $     $  
          (Unaudited)  
             
Office equipment    
150
      
161
  
Laboratory equipment    
114
      
113
  
Motor vehicles    
23
      
22
  
Leasehold improvements    
103
      
103
  
                 
     
390
      
399
  
Less: accumulated depreciation    
(181
 )    
(196
 )
                 
Property and equipment, net    
209
      
203
  
v3.20.1
Note 12 - Share-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2020
Notes Tables  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]
    Three months ended March 31,  
    2019     2020  
    $     $  
    (Unaudited)     (Unaudited)  
             
Research and development    
156
      
3,183
  
Selling, general and administrative    
215
      
287
  
                 
Total    
371
      
3,470
  
v3.20.1
Note 3 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Property, plant, and equipment, gross $ 399 $ 390
Less: accumulated depreciation (196) (181)
Property and equipment, net 203 209
Office Equipment [Member]    
Property, plant, and equipment, gross 161 150
Laboratory Equipment [Member]    
Property, plant, and equipment, gross 113 114
Automobiles [Member]    
Property, plant, and equipment, gross 22 23
Leasehold Improvements [Member]    
Property, plant, and equipment, gross $ 103 $ 103