aibioBeyondSpring sets up at-the-market program for up to $11,942,800 in shares
Tickers BYSI
BeyondSpring has set up an at-the-market program through Citizens for up to 9,200,000 ordinary shares, capped at $11,942,800 by its public float limit. The prospectus supplement is dated September 29, 2026, and the same day the company agreed to sell its Chinese subsidiary to Biolin Investment Limited.
Key facts
- Company
- BeyondSpring, Inc. (NASDAQ: BYSI)
- News type
- Financings
- Primary source
- BeyondSpring, Inc. 424B5 (2026-09-29)
The program
BeyondSpring Inc. (Nasdaq: BYSI) filed a prospectus supplement dated September 29, 2026 for an at-the-market offering of up to 9,200,000 ordinary shares. The company entered into an Open Market Sale Agreement dated as of September 29, 2026 with Citizens JMP Securities, LLC, which acts as sales agent. Sales can be made at prevailing market prices, and Citizens is paid a commission of up to 3.0% of the gross sales price of each share sold. There is no escrow or trust arrangement for the funds.
The prospectus says that, because of the company's public float and the limits that apply to it, the company may offer shares with an aggregate offering price of up to $11,942,800. It puts the public float at approximately $41.8 million, based on 35,750,770 ordinary shares held by non-affiliates as of August 3, 2026 and a price of $1.17. If the float rises enough to allow more sales, the company says it will amend the supplement first. The last reported sale price on September 25, 2026 was $0.7772 per share, and at that price gross proceeds would be about $7.15 million.
In the 12 months before the supplement, the company sold 800,000 ordinary shares for gross proceeds of $2.0 million under a securities purchase agreement dated November 17, 2025 with Ray Beauty Group Limited. Its 2019 at-the-market agreement with Jefferies LLC, covering up to 2,202,080 shares, was terminated effective September 9, 2026, after 630,228 shares had been sold under it.
The advisers
Skadden, Arps, Slate, Meagher & Flom LLP of New York passes on U.S. legal matters for the company, and Maples and Calder (Hong Kong) LLP passes on Cayman Islands law. Ellenoff Grossman & Schole LLP of New York is U.S. counsel to Citizens. The company agreed to reimburse Citizens' counsel fees up to $50,000, and estimates other offering expenses at approximately $50,000.
A Nasdaq warning and thin cash
On September 17, 2026 the company received written notice from Nasdaq that its shares had closed below the $1.00 minimum bid price for 30 consecutive business days. It has 180 calendar days, until March 16, 2027, to regain compliance, with a possible second 180-day period. If it fails, Nasdaq will notify it of a delisting determination, which it may appeal to a hearing panel. The prospectus's list of forward-looking topics includes the company's ability to continue as a going concern.
Its 10-K for 2025 reported a net loss of $1.0 million and cash used in operations of $19.8 million. At June 30, 2026, its 10-Q showed cash and cash equivalents of $2.7 million and short-term investments of $3.8 million. The prospectus warns purchasers of immediate dilution in book value per share. The company says it will use net proceeds for research and development and general corporate purposes, which may include acquisitions, debt repayment and refinancing, working capital, clinical trial costs, commercial costs and capital expenditures.
The China sale
On September 28, 2026 the company signed a share purchase and collaboration agreement with Biolin Investment Limited, a Hong Kong company, and with Dalian Wanchunbulin Pharmaceuticals Ltd., its majority-owned indirect subsidiary. The company agreed to transfer the entire share capital of BeyondSpring Ltd., a British Virgin Islands company that indirectly holds its interest in Dalian Wanchunbulin, to Biolin. In return, Biolin will conduct and complete the China portion of DUBLIN-4, a global Phase 3 trial of plinabulin with docetaxel in non-squamous non-small cell lung cancer. The company's release says that portion is expected to enroll approximately 221 of the planned 442 patients, and that the deal should substantially reduce its cash requirements for the trial. The deal also reduces its indirect equity interest in SEED.
The same day the company announced FDA Fast Track designation for plinabulin with docetaxel in this setting. The release describes DUBLIN-4 as randomized 1:1 against docetaxel alone, with overall survival as the primary endpoint and an interim analysis at 221 progression-free survival events. The Fast Track designation and the expected savings are the company's statements, and no DUBLIN-4 results are reported.
The prospectus does not say how much of the program the company expects to use, or how quickly.