Business Description

1. Nature of the business 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 focused 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. On March 14, 2017, the Company completed its initial public offering (“IPO”) on the NASDAQ Capital Market. On June 14, 2019 and July 3, 2019, certain investors led by Shenzhen Efung 9th Venture Investment Center (Limited Partnership) (“Efung Capital”) entered into investment agreements with Dalian Wanchunbulin Pharmaceuticals Ltd. (“Wanchunbulin”), a subsidiary of the Company, to invest $14,537 (RMB100,000) for a total of 4.76% equity interest of Wanchunbulin. In 2019, the Company received aggregate gross proceeds of $10,083 (RMB70,000) from this equity financing. In August 2024, SEED Therapeutics Inc. (“SEED”) completed the first close of its Series A-3 financing, where SEED sold an aggregate of 5,647,059 of its Series A-3 Preferred Shares to Eisai Co., Ltd (“Eisai”) and certain other third-party investors, for an aggregate purchase price of $24,000, each at a cash purchase price of $4.25 per share. In January 2025, the Company entered into definitive agreements with three investors to sell a portion of Series A-1 Preferred Shares of SEED owned by the Company, for gross proceeds of approximately $35,418. Upon completion of the transactions, the Company and SEED Technology Limited (“SEED Technology”), a majority-owned indirect subsidiary of the Company (collectively, the “BYSI Entities”) are expected to retain approximately 13.62% of SEED’s outstanding shares. See Note 3 – Discontinued operations for further information. In September 2025, SEED entered into share purchase agreements with certain third-party investors and a related party (see Note 15 – Related Party Transactions) to sell an aggregate of 1,411,761 of its Series A-3 Preferred Shares for an aggregate purchase price of $6,000 at a cash purchase price of $4.25 per share. As of December 31, 2025, the BYSI Entities owns approximately 34.29% of the outstanding equity interest in SEED, calculated on an as-converted basis. SEED continues to be consolidated into the financial statements of the Company since the Company remains substantive control of SEED. As of December 31, 2025, the subsidiaries of the Company are as follows: Name of company Place of incorporation Date of incorporation Percentage of ownership by the Group Principal activities BeyondSpring Pharmaceuticals Inc. (“BeyondSpring US”) Delaware, U.S. June 18, 2013 100% Clinical trial activities BeyondSpring Ltd. The British Virgin Islands (“BVI”) December 3, 2014 100% Holding company BeyondSpring (HK) Limited (“BeyondSpring HK”) Hong Kong January 13, 2015 100% Holding company Wanchun Biotechnology Limited (“BVI Biotech”) BVI April 1, 2015 100% Holding company Wanchun Biotechnology (Dalian) Ltd. (“Wanchun Dalian”) People’s Republic of China (“PRC”) April 23, 2015 100% Holding company Dalian Wanchunbulin Pharmaceuticals Ltd. (“Wanchunbulin”) PRC May 6, 2015 57.97% Clinical trial activities Beijing Wanchun Pharmaceutical Technology Ltd. (“Beijing Wanchun”) PRC May 21, 2018 57.97% Holding company SEED Therapeutics Inc. (“SEED”) BVI June 25, 2019 36.61% Pre-clinical development activities SEED Technology Limited (“SEED Technology”) BVI December 9, 2019 57.97% Holding company SEED Therapeutics US, Inc. (“SEED US”) Delaware, U.S. November 25, 2020 36.61% Pre-clinical development activities Wanchun Hongji (Dalian) Pharmaceuticals Ltd. (“Wanchun Hongji”) PRC March 22, 2022 36.61% Pre-clinical development activities SEED LH Inc. BVI September 30, 2025 36.61% Holding company SEED LH MG Inc. Delaware, U.S. October 6, 2025 36.61% Product development activities