aibioBeyondSpring completes sale of subsidiary holding China unit Bulin for non-cash consideration
Tickers BYSI
BeyondSpring closed the sale of the holding company for its China unit, Bulin, on September 30, 2026. The buyer paid no cash at closing. It took on the China portion of the DUBLIN-4 Phase 3 trial in exchange, and BeyondSpring will receive the clinical data from that work.
Key facts
- Company
- BeyondSpring, Inc. (NASDAQ: BYSI)
- News type
- Mergers
- Primary source
- BeyondSpring Inc. Form 8-K filed October 6, 2026 (SEC EDGAR)
BeyondSpring Inc. (Nasdaq: BYSI) completed the sale of its BVI subsidiary, BeyondSpring Ltd., on September 30, 2026. That subsidiary indirectly holds the interests in Dalian Wanchunbulin Pharmaceuticals Ltd., known as Bulin, a Chinese company in which BeyondSpring holds a majority indirect stake. The company reports the closing under Item 2.01 of a Form 8-K signed by Chief Executive Officer Min Qiu on October 6, 2026.
The buyer and the agreement
The sale was made under a Share Purchase and Collaboration Agreement dated September 28, 2026, among BeyondSpring Inc., Bulin and Biolin Investment Limited, a Hong Kong company the filing calls the Investor. At closing, BeyondSpring sold and transferred the entire issued share capital of BeyondSpring Ltd. to the Investor. The 8-K says there is no material relationship between the parties or their affiliates, or any director or officer of BeyondSpring, other than through the agreement and BeyondSpring's indirect ownership of Bulin before the closing.
The agreement was filed as Exhibit 10.1 to an 8-K of September 29, 2026, with schedules and some terms omitted.
What BeyondSpring received
The price was not paid in cash. The 8-K says the Investor's obligation to conduct and complete the China portion of the Ongoing Trial, and to cause Bulin to take certain actions related to it, was the non-cash consideration for the sale. It also says no cash consideration was paid or payable by the Investor to BeyondSpring at the closing.
The Ongoing Trial is DUBLIN-4, a global Phase 3 study of Plinabulin in combination with docetaxel. It enrolls patients with advanced or metastatic non-squamous non-small cell lung cancer without actionable genomic alterations, whose disease progressed after prior anti-PD-(L)1 antibody therapy and platinum-based chemotherapy. The parties set up a strategic collaboration for the China portion, and BeyondSpring says it will receive access to the clinical data generated from it.
BeyondSpring gives up its ownership of the Chinese company and receives data access in place of a payment. The 8-K does not say how the China portion of the trial will be funded after the sale, or what Bulin contributed to BeyondSpring's results.
Pro forma figures
The 8-K is filed to provide unaudited pro forma financial information for the sale. Exhibit 99.1 includes a pro forma balance sheet as of June 30, 2026 and pro forma statements of operations for the six months ended June 30, 2026 and the years 2025 and 2024. The company cautions that actual results could differ materially.
The company's finances
The annual report filed March 25, 2026 shows research and development expense of $4.4 million for 2025, up from $2.6 million for 2024. The net loss was $1.0 million for 2025, against $11.1 million for 2024. Cash used in operations was $19.8 million in 2025, compared with $16.4 million in 2024.
Cash and cash equivalents were $7.8 million and short-term investments $4.8 million at December 31, 2025. By June 30, 2026, per the quarterly report, cash was $2.7 million and short-term investments $3.8 million. The sale brought in no cash. The company had 41,119,820 ordinary shares outstanding on February 27, 2026.
The drug and its record
The 10-K describes Plinabulin as the lead asset, given to over 700 cancer patients. The FDA issued a Complete Response Letter in November 2021 on the NDA for Plinabulin with G-CSF to prevent chemotherapy-induced neutropenia, and the company lists its ability to address that letter as a risk. The company says its earlier Phase 3 DUBLIN-3 study, with 559 patients at 58 sites, showed a statistically significant overall survival benefit for Plinabulin plus docetaxel over docetaxel alone, with an OS HR of 0.72 (p=0.0078) in non-squamous patients after additional follow-up. Those are company-reported results, and the sharper figure is from a subset. DUBLIN-4 is the confirmatory study.
Who is involved
BeyondSpring is a Cayman Islands company with principal executive offices in Florham Park, New Jersey. Bulin is a Chinese limited liability company, and BeyondSpring Ltd. is a BVI business company. The 8-K names no financial adviser or counsel.