Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Entity Registrant Name | BeyondSpring Inc. |
Entity Central Index Key | 0001677940 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding (in shares) | 39,141,913 |
Entity Shell Company | false |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 109,537 | $ 35,933 |
Advances to suppliers | 3,505 | 4,519 |
Prepaid expenses and other current assets | 358 | 410 |
Total current assets | 113,400 | 40,862 |
Noncurrent assets: | ||
Property and equipment, net | 184 | 209 |
Operating lease right-of-use assets | 2,174 | 2,538 |
Other noncurrent assets | 1,280 | 946 |
Total noncurrent assets | 3,638 | 3,693 |
Total assets | 117,038 | 44,555 |
Current liabilities: | ||
Accounts payable | 2,216 | 2,537 |
Accrued expenses | 5,607 | 5,861 |
Due to related parties | 29 | |
Current portion of operating lease liabilities | 787 | 537 |
Deferred revenue | 1,350 | |
Other current liabilities | 3,806 | 1,089 |
Total current liabilities | 13,766 | 10,053 |
Noncurrent liabilities: | ||
Long-term loans | 2,167 | 1,436 |
Operating lease liabilities | 1,359 | 1,935 |
Deferred revenue | 7,925 | |
Total noncurrent liabilities | 11,451 | 3,371 |
Total liabilities | 25,217 | 13,424 |
Commitments and contingencies | ||
Mezzanine Equity | ||
Contingently redeemable noncontrolling interests | 5,196 | |
Equity | ||
Ordinary shares ($0.0001 par value; 500,000,000 shares authorized; 27,885,613 and 39,141,913 shares issued and outstanding as of December 31, 2019 and 2020, respectively) | 4 | 3 |
Additional paid-in capital | 366,451 | 246,979 |
Accumulated deficit | (277,818) | (216,845) |
Accumulated other comprehensive income (loss) | (297) | 140 |
Total BeyondSpring Inc.’s shareholders’ equity | 88,340 | 30,277 |
Noncontrolling interests | (1,715) | 854 |
Total equity | 86,625 | 31,131 |
Total liabilities, mezzanine equity and equity | $ 117,038 | $ 44,555 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 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) | 39,141,913 | 27,885,613 |
Ordinary shares, outstanding (in shares) | 39,141,913 | 27,885,613 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 180 | $ 0 | $ 0 |
Operating expenses | |||
Research and development | (41,793) | (31,342) | (51,618) |
General and administrative | (22,598) | (8,965) | (5,927) |
Loss from operations | (64,211) | (40,307) | (57,545) |
Foreign exchange (loss) gain, net | 355 | (4) | (455) |
Interest expense | (85) | (206) | |
Interest income | 116 | 184 | 211 |
Other income | 4 | 315 | |
Loss before income tax | (63,821) | (40,333) | (57,474) |
Income tax benefit | |||
Net loss | (63,821) | (40,333) | (57,474) |
Less: Net loss attributable to noncontrolling interests | (2,848) | (2,248) | (2,605) |
Net loss attributable to BeyondSpring Inc. | $ (60,973) | $ (38,085) | $ (54,869) |
Net loss per share | |||
Basic and diluted (in dollars per share) | $ (2.03) | $ (1.55) | $ (2.42) |
Weighted average shares outstanding | |||
Basic and diluted (in shares) | 29,984,284 | 24,645,714 | 22,665,265 |
Other comprehensive loss, net of tax of nil: | |||
Foreign currency translation adjustment gain (loss) | $ (530) | $ 96 | $ 251 |
Comprehensive loss | (64,351) | (40,237) | (57,223) |
Less: Comprehensive loss attributable to noncontrolling interests | (2,941) | (2,250) | (2,578) |
Comprehensive loss attributable to BeyondSpring Inc. | $ (61,410) | $ (37,987) | $ (54,645) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 22,530,702 | ||||||
Balance at Dec. 31, 2017 | $ 2 | $ 151,147 | $ (123,891) | $ (182) | $ 27,076 | $ 960 | $ 28,036 |
Issuance of ordinary shares (in shares) | 739,095 | ||||||
Issuance of ordinary shares | 13,245 | 13,245 | 13,245 | ||||
Share-based compensation (Note 9) (in shares) | (85,185) | ||||||
Share-based compensation (Note 9) | 6,558 | 6,558 | 2 | 6,560 | |||
Foreign currency translation adjustment gain (loss) | 224 | 224 | 27 | 251 | |||
Net loss | (54,869) | (54,869) | (2,605) | (57,474) | |||
Balance (in shares) at Dec. 31, 2018 | 23,184,612 | ||||||
Balance at Dec. 31, 2018 | $ 2 | 170,950 | (178,760) | 42 | (7,766) | (1,616) | (9,382) |
Issuance of ordinary shares (in shares) | 4,588,574 | ||||||
Issuance of ordinary shares | $ 1 | 68,565 | 68,566 | 68,566 | |||
Share-based compensation (Note 9) (in shares) | 112,427 | ||||||
Share-based compensation (Note 9) | 2,101 | 2,101 | 2,101 | ||||
Foreign currency translation adjustment gain (loss) | 98 | 98 | (2) | 96 | |||
Net loss | (38,085) | (38,085) | (2,248) | (40,333) | |||
Capital contribution from noncontrolling interests | 5,941 | 5,941 | 4,142 | 10,083 | |||
Capital contribution shared by noncontrolling interests | (578) | (578) | 578 | ||||
Balance (in shares) at Dec. 31, 2019 | 27,885,613 | ||||||
Balance at Dec. 31, 2019 | $ 3 | 246,979 | (216,845) | 140 | 30,277 | 854 | 31,131 |
Issuance of ordinary shares (in shares) | 11,238,590 | ||||||
Issuance of ordinary shares | $ 1 | 111,593 | 111,594 | 111,594 | |||
Share-based compensation (Note 9) (in shares) | 17,710 | ||||||
Share-based compensation (Note 9) | 7,946 | 7,946 | 225 | 8,171 | |||
Foreign currency translation adjustment gain (loss) | (437) | (437) | (93) | (530) | |||
Net loss | (60,973) | (60,973) | (2,848) | (63,821) | |||
Capital contribution from noncontrolling interests | 80 | 80 | |||||
Capital contribution shared by noncontrolling interests | (67) | (67) | 67 | ||||
Balance (in shares) at Dec. 31, 2020 | 39,141,913 | ||||||
Balance at Dec. 31, 2020 | $ 4 | $ 366,451 | $ (277,818) | $ (297) | $ 88,340 | $ (1,715) | $ 86,625 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net loss | $ (63,821) | $ (40,333) | $ (57,474) |
Adjustments to reconcile net loss to cash used in operating activities: | |||
Depreciation expenses | 77 | 77 | 48 |
Share-based compensation | 8,194 | 2,101 | 6,560 |
Non-cash operating lease expense | 659 | 650 | |
Other income from government grant | (307) | ||
Changes in assets and liabilities: | |||
Advances to suppliers | 1,014 | (3,310) | 316 |
Due from related parties | 481 | (481) | |
Prepaid expenses and other current assets | 52 | (137) | (28) |
Other noncurrent assets | (334) | (36) | (549) |
Accounts payable | (321) | (7,049) | 6,207 |
Accrued expenses | (291) | 366 | 4,688 |
Operating lease liabilities | (621) | (697) | |
Other current liabilities | 2,372 | (275) | 1,065 |
Deferred revenue | 9,275 | ||
Net cash used in operating activities | (43,745) | (48,162) | (39,955) |
Cash flows from investing activities: | |||
Acquisitions of property and equipment | (52) | (4) | (207) |
Proceeds from maturity of short-term investments | 3,074 | ||
Net cash provided by (used in) investing activities | (52) | (4) | 2,867 |
Cash flows from financing activities: | |||
Proceeds from issuance of ordinary shares, net of underwriting discounts and commissions | 112,577 | 69,454 | 14,000 |
Proceeds from issuance of redeemable noncontrolling interests, net of issuance cost | 5,233 | ||
Capital contribution from noncontrolling interests | 80 | 10,083 | |
Proceeds from Forward | 278 | ||
Payments of offering costs | (939) | (888) | (755) |
Proceeds from loans | 635 | 2,986 | |
Proceeds from related party borrowings | 35 | 5,894 | |
Repayments of loans | (1,493) | ||
Repayments of related party borrowings | (64) | (5,865) | |
Net cash provided by financing activities | 117,835 | 80,171 | 13,245 |
Effect of foreign exchange rate changes | (434) | 39 | 251 |
Net (decrease) increase in cash and cash equivalents | 73,604 | 32,044 | (23,592) |
Cash and cash equivalents at beginning of year | 35,933 | 3,889 | 27,481 |
Cash and cash equivalents at end of year | 109,537 | 35,933 | 3,889 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 85 | 202 | |
Interest received | 166 | 131 | 234 |
Non-cash activities: | |||
Operating right-of-use assets obtained in exchange for operating lease liabilities | $ 295 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Nature of the business BeyondSpring Inc. (the “Company”) was incorporated in the Cayman Islands on November 21, 2014. On March 14, 2017, In May 2018, third 739,095 $0.0001 $20,000 $27.06 $14,000 $13,245 On May 21, 2018, On May 21, 2019, December 31, 2020, $13,185 630,228 On June 14, 2019 July 3, 2019, 9th $14,537 RMB100,000 4.76% $10,083 RMB70,000 December 31, 2020. On June 25, 2019, In July 2019, 2,058,825 $17.00 $35,000. In October November 2019, 1,908,996 $13.50 $25,771. On December 9, 2019, In June 2020, 2,219,500 $13.00 $28,854. On June 18, 2020, 384,615 $13.00 $5,000 July 2020. In November 2020, 8,625,000 $10.00 $86,250. On November 25, 2020, As at December 31, 2020, Name of company Place of incorporation Date of incorporation Percentage of ownership by the Company Principal activities BeyondSpring Pharmaceuticals Inc. (“BeyondSpring US”) Delaware, U.S. June 18, 2013 100% Clinical trial activities BeyondSpring Ltd. 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 (Shenzhen) Ltd. (“Wanchun Shenzhen”) PRC April 23, 2015 100% Holding company Dalian Wanchunbulin Pharmaceuticals Ltd. (“Wanchunbulin”) PRC May 6, 2015 57.97% Clinical trial activities BeyondSpring Pharmaceuticals Australia PTY Ltd. (“BeyondSpring Australia”) Australia March 3, 2016 100% Clinical trial activities Beijing Wanchun Pharmaceutical Technology Ltd. (“Beijing Wanchun”) PRC May 21, 2018 57.97% Holding company Name of company Place of incorporation Date of incorporation Percentage of ownership by the Company Principal activities SEED Therapeutics Inc. Pre-clinical development (“SEED”) BVI June 25, 2019 58.97% activities SEED Technology Limited (“SEED Technology”) BVI December 9, 2019 57.97% Holding company SEED Therapeutics US, Inc. Pre-clinical development (“SEED US”) Delaware, U.S. November 25, 2020 58.97% activities |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Going concern According to Accounting Standards Codification (“ASC”) 205 40, Presentation of Financial Statements - Going Concern 205 40” one not not 1 one 2 one The Company has incurred operating losses and negative cash flows from operations since inception. To date, the Company has no $63,821 2020 $277,818 December 31, 2020. $43,745 2020. December 31, 2020, $99,634 $109,537 Based on the Company's cash and cash equivalents on hand on December 31, 2020, not one Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation. Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period. Areas where management uses subjective judgment include, but are not Research and development (“R&D”) costs The Company accounts for R&D costs in accordance with ASC 730, Research and Development Costs incurred related to nonrefundable advance payments for goods or services that will be used in future research and development activities are deferred and capitalized. The capitalized amounts are expensed as R&D costs when the related goods are delivered or the services are performed, or when the Company does not Research contract costs and accruals The Company has entered into various research and development contracts with research institutions and other companies primarily in the PRC, the U.S., Ukraine and Australia. Related payments are recorded as research and development expenses and are expensed as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company's estimates. The Company's historical accrual estimates have not Foreign currency translation and transactions Functional currency The Company currently uses the U.S. dollar as the functional currency for all its entities, except for entities in the PRC, which adopt the RMB as their functional currency, and BeyondSpring Australia, which adopts the Australian dollar as the functional currency. The determination of the respective functional currency is based on the criteria of ASC 830, Foreign Currency Matters Functional currency translation For subsidiaries whose functional currencies are not Cash and cash equivalents Cash and cash equivalents consist of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. The Company considers all highly liquid investments with an original maturity date of three Advances to suppliers Advances to suppliers consist of cash to contractors and vendors for services and materials that have not December 31, 2019, 2020, no Leases Effective January 1, 2019, 842, Leases “ASC842” not 842 20 25. December 31, 2020. not At the commencement date of a lease, the Company determines the classification of the lease based on the relevant factors present and records right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are calculated as the present value of the lease payments not not not may Operating leases are included in operating lease right-of-use assets and lease liabilities on the consolidated balance sheets. Lease liabilities that become due within one Leases with an initial lease term of 12 not Government grants Government grants relating to assets are recognized in the consolidated balance sheets upon receipt and amortized as other income over the weighted average useful life of the related assets. Government grants relating to income that involves no Property and equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets as follows: Category Estimated useful life Office equipment (years) 5 Laboratory equipment (years) 2 - 5 Motor vehicles (years) 10 Leasehold improvements Lower of lease term or economic life Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterment that extends the useful lives of plant and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the assets and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. Impairment of long-lived assets Long-lived assets are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances, which indicate that their carrying value may not December 31, 2018, 2019 2020, not Fair value measurements The Company applies ASC 820, Fair Value Measurements and Disclosures 820” 820 ASC 820 three • Level 1—Observable • Level 2—Other • Level 3—Unobservable no ASC 820 three 1 2 3 Financial instruments of the Company primarily include cash and cash equivalents, due to related parties, accounts payable, redeemable noncontrolling interests, forward liability and long-term loans. The redeemable noncontrolling interests were initially recorded at issuance price net of issuance costs. The Company recognizes changes in the redemption value immediately as they occur and adjusts the carrying value of the redeemable noncontrolling interests to equal the redemption value at the end of each reporting period. The Company measures its forward liability at fair value on a recurring basis. Except for 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 2020. As of December 31, 2019 2020, $1,436 $2,167, $1,373 $2,136, 2 Liabilities measured at fair value on a recurring basis as of December 31, 2020 Fair value measurement at December 31, 2020 using Recurring fair value measurement Total Fair Quoted prices Significant Significant $ $ $ $ Forward liability (Note 15) 278 - - 278 The fair value of the forward liability is estimated by a discounted cash flow model considering the fair value of the underlying security at December 31, 2020 Valuation technique Unobservable inputs Range Forward liability Discounted cash flow Fair value of underlying security 2.65 The following table presents a reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3 Forward liability $ Balance as of December 31, 2019 - Recognized during the year 278 Gains or losses from changes in fair value - Balance as of December 31, 2020 278 Segment and geographical information The Company's chief operating decision maker, the Chief Executive Officer, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole and hence in accordance with ASC 280, Segment Reporting one not The Company had no December 31, 2018 2019. December 31, 2020. December 31, 2019 2020 Property and equipment, net: $ $ PRC 52 45 U.S. 157 139 Total 209 184 Revenue recognition Effective January 1, 2018, 606, Revenue from Contracts with Customers 606” 606, 606, five five Once a contract is determined to be within the scope of ASC 606 The Company recognizes a contract asset or a contract liability in the consolidated balance sheets, depending on the relationship between the entity's performance and the customer's payment. Contract liabilities represent the excess of payments received as compared to the consideration, which are recorded as “Deferred revenue” on the consolidated balance sheets. The Company had no Collaboration revenue At contract inception, the Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements 808” 808 first 808 606. 808, In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under each of the agreements, the Company performs the five 606 The c ollaborative arrangements may one not Research and Development Service: Milestone Payments: not not Royalties: Comprehensive loss Comprehensive loss is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. For each of the periods presented, the Company's comprehensive loss includes net loss and foreign currency translation adjustments. Income taxes The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using enacted tax rates that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not not In accordance with Accounting Standards Update (“ASU”) No. 2015 17, Income Taxes 740 The Company evaluates its uncertain tax positions using the provisions of ASC 740, Income Taxes, not” fifty Share-based compensation Awards granted to employees The Company applies ASC 718, Compensation—Stock Compensation 718” 718, Awards granted to non-employees Prior to January 1, 2019, 718 505, Equity no 505 50, Equity-based Payments to Non-Employees Effective January 1, 2019, No. 2018 07, Compensation—Stock Based Compensation (Topic 718 2018 07” 718. 2018 07 not Modification, replacements or cancellation of awards A change in the terms or conditions of the awards is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Company recognizes over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Company recognizes is the cost of the original award. Cancellation of an award accompanied by the concurrent grant of (or offer to grant) a replacement award or other valuable consideration shall be accounted for as a modification of the terms of the cancelled award. Cancellation of an award without the concurrent grant or offer of a replacement award is treated as a settlement for no no nil, 335,900 nil December 31, 2018, 2019 2020, Loss per share Loss per share is calculated in accordance with ASC 260, Earnings per Share Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the share options and the vesting of restricted shares, using the treasury stock method. Ordinary share equivalents are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. Basic and diluted loss per ordinary share is presented in the Company's consolidated statements of comprehensive loss. Concentration of risks Concentration of credit risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company's cash and cash equivalents is held at financial institutions that management believes to be of high credit quality. As of December 31, 2019 2020, not not Business, customer, political, social and economic risks The Company participates in a dynamic high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Company's future financial position, results of operations or cash flows: changes in the overall demand for services and products; competitive pressures due to new entrants; advances and new trends in new technologies and industry standards; changes in clinical research organizations; changes in certain strategic relationships or customer relationships; regulatory considerations; copyright regulations; and risks associated with the Company's ability to attract and retain employees necessary to support its growth. The Company's operations could be also adversely affected by significant political, economic and social uncertainties in the PRC. Business risk The Company relies on third third not may not Currency convertibility risk The Company incurs portions of expenses in currencies other than the U.S. dollars, in particular, the RMB. On January 1, 1994, not may Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. Foreign currency exchange rate risk From July 21, 2005, 5.7% December 31, 2018, 1.3% December 31, 2019, 6.3% December 31, 2020, may To the extent that the Company needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of the RMB against the U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into U.S. dollars for the purpose of making payments for dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of the U.S. dollar against the RMB would have a negative effect on the U.S. dollar amount available to the Company. In addition, a significant depreciation of the RMB against the U.S. dollar may Impact of COVID- 19 During the year ended December 31, 2020, 19 There are still uncertainties of COVID- 19's 19, 19 Recent accounting pronouncements New accounting standards which have been adopted In June 2016, 2016 13, Financial Instruments—Credit Losses. January 1, 2020. no In August 2018, 2018 13, Fair Value Measurement 820 Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement January 1, 2020. no New accounting standards have not In December 2019, 2019 12, Income Taxes 740 Simplifying the Accounting for Income Taxes 740, December 15, 2020, |
Note 3 - Collaboration Revenue
Note 3 - Collaboration Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Collaboration Revenue Disclosure [Text Block | 3. Collaboration revenue On November 12, 2020, no three Under the Collaboration Agreement, Lilly paid SEED an upfront non-refundable fee of $10,000 November 2020. $780,000 808, 606. Under ASC 606, not three 7 not In connection with the Collaboration Agreement, the Company and SEED Technology (collectively, the “BYSI Entities”) transferred certain contracts, know-how, materials and equipment, and documents related to a proprietary technology platform to SEED for 9,631,941 1 1 1,194,030 1 1,990,000 2 2 1 $2.5125 2 14 “A2 1,990,000 2 $2.5125 November 12, 2022, A2 2 third 2 2 $5,267 $278, The total cash proceeds of $15,000 A2 2 December 31,2020 $ Collaboration arrangement 9,455 Fair value of Series A-2 Preferred Shares (Note 14) 5,267 Fair value of the Forward (Note 15) 278 Total cash proceeds 15,000 The Company recognized collaboration revenue of $180 December 31, 2020. |
Note 4 - Property and Equipment
Note 4 - Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property and equipment, net Property and equipment consisted of the following: December 31, 2019 2020 $ $ Office equipment 150 181 Laboratory equipment 114 121 Motor vehicles 23 24 Leasehold improvements 103 116 390 442 Less: accumulated depreciation (181 ) (258 ) Property and equipment, net 209 184 Depreciation expenses for the years ended December 31, 2018, 2019 2020 $48, $77 $77, |
Note 5 - Long-term Loans
Note 5 - Long-term Loans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 5. Long-term loans On March 28, 2019, three $1,493 RMB10,000 5.45% December 31, 2020. March 28, 2022. On May 3, 2020, two $635 1% May 3, 2022. The aggregate contractual maturities of all borrowings due subsequent to December 31, 2020 Maturity dates Amounts $ Year ending December 31, 2021 - Year ending December 31, 2022 2,167 Total 2,167 |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 6. Related party transactions The related party transactions for the years presented were as follows: Loan to a related party In December 2018, $481 $100 February 2019 April 2019. Loans from related parties In March 2019, $350 August 2019. In April 2019, $1,000, 15% August 2019. In July 2019, one $1,978 RMB13,600 August 2019. In October 2019, three $2,537 December 2019. In October December 2019, 60 $29 RMB200 August 2020 September 2020. In February, April June 2020, 60 $35 RMB230 . The loans were fully repaid in September 2020. |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. Income taxes Cayman Islands The Company is incorporated in the Cayman Islands, and is not BVI BeyondSpring Ltd., BVI Biotech, SEED and SEED Technology are all incorporated in the BVI and are not U.S. BeyondSpring US and SEED US are incorporated in Delaware, the U.S. They are subject to statutory U.S. Federal corporate income tax at a rate of 21% December 31, 2018, 2019 2020. Australia BeyondSpring Australia incorporated in Australia is subject to corporate income tax at a rate of 30%. no no Hong Kong BeyondSpring HK is incorporated in Hong Kong. Companies registered in Hong Kong are subject to Hong Kong Profits Tax on the taxable income as reported in their respective statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% no no PRC Wanchun Shenzhen, Wanchunbulin and Beijing Wanchun are subject to the statutory tax rate of 25% January 1, 2008. The components of loss (income) before income tax are as follows: Year Ended December 31, 2018 2019 2020 $ $ $ Cayman Islands 3,305 3,843 3,805 U.S. 23,347 17,251 33,266 PRC 6,742 5,586 5,912 BVI 22,979 13,568 20,873 Australia 1,101 85 (35 ) Loss before income taxes 57,474 40,333 63,821 There were no A reconciliation of the differences between income tax benefit and the amount computed by applying the U.S. Federal corporate income tax rate of 21% 2018, 2019 2020 Year Ended December 31, 2018 2019 2020 $ $ $ Loss before income tax 57,474 40,333 63,821 Expected income tax benefit 12,069 8,470 13,403 Tax rate difference (2,121 ) (3,425 ) (4,653 ) Non-deductible expenses (880 ) (5,228 ) (688 ) Research tax credits - 2,360 641 Non-taxable income 75 - 120 Others (143 ) (99 ) 68 Change in valuation allowance (9,000 ) (2,078 ) (8,891 ) Total income tax benefit - - - Net deferred tax assets as of December 31, 2019 2020 December 31, 2019 2020 $ $ Deferred tax assets: Net operating loss carryforward 14,345 18,034 Intangible asset 69 - Deferral of tax deduction of R&D expenses 4,149 5,674 Share based compensation 404 1,768 Research tax credits 2,360 3,002 Lease liability obligation 519 452 Accruals and reserves - 5 Total deferred tax assets 21,846 28,935 Deferred tax liabilities: Right-of-use lease assets (529 ) (473 ) Total deferred tax liabilities (529 ) (473 ) Total gross deferred tax assets 21,317 28,462 Less: valuation allowance (21,317 ) (28,462 ) Net deferred tax assets - - The Company operates through several subsidiaries and valuation allowances are considered for each of the subsidiaries on an individual basis. The Company recorded a valuation allowance against deferred tax assets of those subsidiaries that are individually in a three not December 31, 2019 2020. As of December 31, 2020, $83,049 $2,045, December 31, 2017, 80% 2017 not 20 5 $2,045 2025 not As of December 31, 2019 2020, $956 $730, $470 $244, $486 $486, The gross unrecognized tax benefits for the years ended December 31, 2018, 2019 2020 Year Ended December 31, 2018 2019 2020 $ $ $ Beginning balance, as of January 1 219 624 956 Additions based on tax positions related to prior tax years 405 332 - Reductions based on tax positions related to prior tax years - - (226 ) Ending balance, as of December 31 624 956 730 The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expenses. For the years ended December 31, 2018, 2019 2020, $203, nil nil $203 $203 December 31, 2019 2020, The Company does not 12 The Company's subsidiaries in the U.S., Australia and PRC filed income tax returns in the U.S., Australia and PRC, respectively. For the entities in the U.S., the tax returns are subject to U.S. federal and state income tax examination by tax authorities for tax years beginning in 2017 2017. 2015 |
Note 8 - Net Loss Per Share
Note 8 - Net Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. Net loss per share Basic and diluted net loss per share attributable to ordinary shareholders was calculated as follows: Year Ended December 31, 2018 2019 2020 Numerator: Net loss attributable to BeyondSpring Inc.—basic and diluted $ (54,869 ) $ (38,085 ) $ (60,973 ) Denominator: Weighted average number of ordinary shares outstanding—basic and diluted 22,665,265 24,645,714 29,984,284 Net loss per share —basic and diluted $ (2.42 ) $ (1.55 ) $ (2.03 ) The effects of all share options and unvested restricted shares were excluded from the calculation of diluted loss per share as their effect would have been anti-dilutive during the years ended December 31, 2018, 2019 2020. |
Note 9 - Share based Compensati
Note 9 - Share based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 9. Share based compensation General On February 24, 2017, 2017 “2017 March 9, 2017, 2017 5,277,197 Restricted shares The following table summarizes the Company's employee restricted share activities under the 2017 Numbers Weighted average of shares grant date fair value $ Outstanding at December 31, 2017 388,162 19.93 Granted 9,815 19.5 Vested (147,727 ) 19.88 Forfeited (95,000 ) 19.96 Outstanding at December 31, 2018 155,250 19.94 Granted 112,427 14.11 Vested (113,102 ) 17.9 Forfeited - - Outstanding at December 31, 2019 154,575 17.19 Granted 14,394 12.82 Vested (38,023 ) 15.19 Forfeited - - Outstanding at December 31, 2020 130,946 17.3 Expected to vest at December 31, 2020 88,446 16.91 As of December 31, 2020, $556 1.71 may The total fair value of restricted shares vested during the years ended December 31, 2018, 2019 2020 $968, $1,066, $396, Share options The following table summarizes the Company's share option activities under the 2017 Weighted Weighted average average Weighted remaining Aggregate Numbers exercise average grant contractual intrinsic of options price date fair value term value $ $ Years $ Outstanding at December 31, 2017 343,000 29.00 9.98 27 Granted 130,000 25.08 14.49 Forfeited (7,100 ) 29.00 19.91 Outstanding at December 31, 2018 465,900 27.91 9.12 - Granted 19,700 13.96 8.63 Canceled (335,900 ) 29.00 19.91 Outstanding at December 31, 2019 149,700 23.61 8.69 - Granted 1,791,943 13.32 8.21 Forfeited (2,594 ) 13.83 8.64 Outstanding at December 31, 2020 1,939,049 14.12 9.38 1,158 Exercisable as of December 31, 2020 631,950 16.54 9.07 201 Vested and expected to vest at December 31, 2020 1,842,891 14.02 9.38 1,142 As of December 31, 2020, $7,224 1.82 may The total fair value of share options vested during the years ended December 31, 2018, 2019 2020 $5,041, $331, $5,422, Fair value of options The Black-Scholes-Merton formula was applied in determining the estimated fair value of the options granted. The model requires the input of highly subjective assumptions including the estimated expected share price volatility and the expected terms of awards. These estimates involve inherent risk and uncertainties and the application of management's judgment. The Company historically has limited available historical data to demonstrate consistent early exercise behavior. To determine the expected term of the awards, the Company applied a simplified method considering factors including the timing of achieving various performance conditions and their respective probabilities as well as the contractual life of the options. The risk-free interest rates for the periods within the expected term of the option are based on the U.S. Treasury rate. The volatility assumption was estimated based on historical volatility of the Company's share price. The Company's management was ultimately responsible for the determination of the estimated fair value of its share options. The following table presents the assumptions used to estimate the fair values of the share options granted in the years presented: December 31, 2018 2019 2020 Fair value of ordinary share 24.87~26.09 13.96 10.37~17.94 Risk-free interest rate 2.73%~2.89% 1.62%~1.68% 0.11%~1.64% Expected term (years) 5.9~6.2 5.0~7.1 5.0~10.0 Expected volatility 60 % 70 % 70%~75% Expected dividend yield 0 % 0 % 0 % Contractual life (years) 10 10 10 The following table summarizes total share-based compensation expense recognized for the years ended December 31, 2018, 2019 2020: Year Ended December 31, 2018 2019 2020 $ $ $ Research and development 6,821 630 4,124 General and administrative (261 ) 1,471 4,070 Total 6,560 2,101 8,194 |
Note 10 - Employee Defined Cont
Note 10 - Employee Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 10. Employee defined contribution plan Full time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing funds and other welfare benefits are provided to employees. Chinese labor regulations require that the Company's PRC subsidiaries make contributions to the government for these benefits based on certain percentages of the employees' salaries. The Company has no $54, $82 $130 December 31, 2018, 2019 2020, |
Note 11 - Restricted Net Assets
Note 11 - Restricted Net Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | 11. Restricted net assets The Company's ability to pay dividends may In accordance with the PRC Regulations on Enterprises with Foreign Investment and their articles of association, a foreign invested enterprise established in the PRC is required to provide certain statutory reserves, namely a general reserve fund, the enterprise expansion fund and staff welfare and bonus funds which are appropriated from net profit as reported in the enterprise's PRC statutory accounts. A foreign invested enterprise is required to allocate at least 10% 50% not Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide a statutory common reserve of at least 10% 50% not Foreign exchange and other regulations in the PRC further restrict the Company's PRC subsidiaries from transferring funds to the Company in the form of loans, advances or cash dividends. As of December 31, 2019 2020, $2,032 $nil, |
Note 12 - Lease
Note 12 - Lease | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 12. Lease The Company has operating leases for offices in the U.S. and China with remaining lease terms of approximately 3 1.36 December 31, 2018, 2019 2020 $548, $816 $878, Supplemental balance sheet information related to leases was as follows: As of December 31, 2019 2020 $ $ Operating lease right-of-use assets 2,538 2,174 Current portion of operating lease liabilities 537 787 Operating lease liabilities 1,935 1,359 Total lease liabilities 2,472 2,146 Maturities of operating lease liabilities are as follows: $ Year ending December 31, 2021 972 Year ending December 31, 2022 792 Year ending December 31, 2023 708 Total lease payment 2,472 Less imputed interest (326 ) Present value of lease liabilities 2,146 Other supplemental information related to leases is summarized below: Year ended December 31, 2019 2020 $ $ Operating cash flows used in operating lease 863 840 As of December 31, 2019 2020 Weighted average remaining lease term (years) 4.00 2.87 Weighted average discount rate 8.4 % 8.9 % |
Note 13 - Supplemental Balance
Note 13 - Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 13. Supplemental balance sheet information Other current liabilities consist of the following: December 31, 2019 2020 $ $ Compensation related 226 2,222 Professional services - 373 Other taxes related 798 857 Forward liability - 278 Others 65 76 Total 1,089 3,806 |
Note 14 - Contingently Redeemab
Note 14 - Contingently Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 14. Contingently redeemable noncontrolling interests The main rights, preferences and privileges of Preferred Shares issued by SEED are as follows: Liquidation preferences In the event of any voluntary or involuntary liquidation, dissolution or winding up of SEED, or in a deemed liquidation event, the assets of SEED shall be distributed in the following order: ( 1 before any payment shall be made to the holders of Series A- 1 2 ( 2 after the payment in full of the amount distributable or payable on the Series A- 2 1 1 not 2 1 ( 3 after the payment in full of the amount distributable or payable on the Preferred Shares, the remaining assets of SEED available for distribution to the shareholders or, in the case of a deemed liquidation event, the consideration not may Redemption rights The Series A- 2 8% three not sixty November 10, 2025 2 2 not Conversion rights Each Preferred Share shall be convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable ordinary shares as at an initial conversion ratio of 1: 1 Each Preferred Share shall automatically be converted into ordinary shares based on a one one 1933, $7.5375 $50,000 x 2 Voting rights Each holder of outstanding Preferred Shares shall be entitled to cast the number of votes equal to the number of whole ordinary shares into which the Preferred Shares held by such holder are convertible as of the record date for determining shareholders entitled to vote on such matter. Accounting for the Series A- 2 The Company determined that Series A- 2 may 2 not The holder of the Series A- 2 2 2 not not 2 not not no No 2 $0.50 $2.5125. third Since the fair value of the Series A- 2 December 31, 2020, no December 31, 2020. The redeemable noncontrolling interests for the year ended December 31, 2020 $ Balance at December 31, 2019 - Issuance 5,196 Balance at December 31, 2020 5,196 |
Note 15 - Forward Liability
Note 15 - Forward Liability | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Forward Liability [Text Block] | 15. Forward liability In connection with the issuance of Series A- 2 November 12, 2020, 1,990,000 2 $2.5125 November 12, 2022, A2 The Forward is a freestanding instrument that represents an obligation of SEED to sell Series A- 2 480, Distinguishing Liabilities from Equity 2 no no $278, December 31, 2020, not third |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. Commitments and contingencies Legal Proceedings From time to time, we may not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). |
Going Concern, Policy [Policy Text Block} | Going concern According to Accounting Standards Codification (“ASC”) 205 40, Presentation of Financial Statements - Going Concern 205 40” one not not 1 one 2 one The Company has incurred operating losses and negative cash flows from operations since inception. To date, the Company has no $63,821 2020 $277,818 December 31, 2020. $43,745 2020. December 31, 2020, $99,634 $109,537 Based on the Company's cash and cash equivalents on hand on December 31, 2020, not one |
Consolidation, Policy [Policy Text Block] | Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period. Areas where management uses subjective judgment include, but are not |
Research and Development Expense, Policy [Policy Text Block] | Research and development (“R&D”) costs The Company accounts for R&D costs in accordance with ASC 730, Research and Development Costs incurred related to nonrefundable advance payments for goods or services that will be used in future research and development activities are deferred and capitalized. The capitalized amounts are expensed as R&D costs when the related goods are delivered or the services are performed, or when the Company does not |
Research Contract Costs and Accruals [Policy Text Block] | Research contract costs and accruals The Company has entered into various research and development contracts with research institutions and other companies primarily in the PRC, the U.S., Ukraine and Australia. Related payments are recorded as research and development expenses and are expensed as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company's estimates. The Company's historical accrual estimates have not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation and transactions Functional currency The Company currently uses the U.S. dollar as the functional currency for all its entities, except for entities in the PRC, which adopt the RMB as their functional currency, and BeyondSpring Australia, which adopts the Australian dollar as the functional currency. The determination of the respective functional currency is based on the criteria of ASC 830, Foreign Currency Matters Functional currency translation For subsidiaries whose functional currencies are not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. The Company considers all highly liquid investments with an original maturity date of three |
Advances to Suppliers [Policy Text Block] | Advances to suppliers Advances to suppliers consist of cash to contractors and vendors for services and materials that have not December 31, 2019, 2020, no |
Lessee, Leases [Policy Text Block] | Leases Effective January 1, 2019, 842, Leases “ASC842” not 842 20 25. December 31, 2020. not At the commencement date of a lease, the Company determines the classification of the lease based on the relevant factors present and records right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are calculated as the present value of the lease payments not not not may Operating leases are included in operating lease right-of-use assets and lease liabilities on the consolidated balance sheets. Lease liabilities that become due within one Leases with an initial lease term of 12 not |
Government Grants [Policy Text Block] | Government grants Government grants relating to assets are recognized in the consolidated balance sheets upon receipt and amortized as other income over the weighted average useful life of the related assets. Government grants relating to income that involves no |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets as follows: Category Estimated useful life Office equipment (years) 5 Laboratory equipment (years) 2 - 5 Motor vehicles (years) 10 Leasehold improvements Lower of lease term or economic life Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterment that extends the useful lives of plant and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the assets and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets Long-lived assets are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances, which indicate that their carrying value may not December 31, 2018, 2019 2020, not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value measurements The Company applies ASC 820, Fair Value Measurements and Disclosures 820” 820 ASC 820 three • Level 1—Observable • Level 2—Other • Level 3—Unobservable no ASC 820 three 1 2 3 Financial instruments of the Company primarily include cash and cash equivalents, due to related parties, accounts payable, redeemable noncontrolling interests, forward liability and long-term loans. The redeemable noncontrolling interests were initially recorded at issuance price net of issuance costs. The Company recognizes changes in the redemption value immediately as they occur and adjusts the carrying value of the redeemable noncontrolling interests to equal the redemption value at the end of each reporting period. The Company measures its forward liability at fair value on a recurring basis. Except for 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 2020. As of December 31, 2019 2020, $1,436 $2,167, $1,373 $2,136, 2 Liabilities measured at fair value on a recurring basis as of December 31, 2020 Fair value measurement at December 31, 2020 using Recurring fair value measurement Total Fair Quoted prices Significant Significant $ $ $ $ Forward liability (Note 15) 278 - - 278 The fair value of the forward liability is estimated by a discounted cash flow model considering the fair value of the underlying security at December 31, 2020 Valuation technique Unobservable inputs Range Forward liability Discounted cash flow Fair value of underlying security 2.65 The following table presents a reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3 Forward liability $ Balance as of December 31, 2019 - Recognized during the year 278 Gains or losses from changes in fair value - Balance as of December 31, 2020 278 |
Segment Reporting, Policy [Policy Text Block] | Segment and geographical information The Company's chief operating decision maker, the Chief Executive Officer, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole and hence in accordance with ASC 280, Segment Reporting one not The Company had no December 31, 2018 2019. December 31, 2020. December 31, 2019 2020 Property and equipment, net: $ $ PRC 52 45 U.S. 157 139 Total 209 184 |
Revenue [Policy Text Block] | Revenue recognition Effective January 1, 2018, 606, Revenue from Contracts with Customers 606” 606, 606, five five Once a contract is determined to be within the scope of ASC 606 The Company recognizes a contract asset or a contract liability in the consolidated balance sheets, depending on the relationship between the entity's performance and the customer's payment. Contract liabilities represent the excess of payments received as compared to the consideration, which are recorded as “Deferred revenue” on the consolidated balance sheets. The Company had no Collaboration revenue At contract inception, the Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements 808” 808 first 808 606. 808, In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under each of the agreements, the Company performs the five 606 The c ollaborative arrangements may one not Research and Development Service: Milestone Payments: not not Royalties: |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive loss Comprehensive loss is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. For each of the periods presented, the Company's comprehensive loss includes net loss and foreign currency translation adjustments. |
Income Tax, Policy [Policy Text Block] | Income taxes The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using enacted tax rates that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not not In accordance with Accounting Standards Update (“ASU”) No. 2015 17, Income Taxes 740 The Company evaluates its uncertain tax positions using the provisions of ASC 740, Income Taxes, not” fifty |
Share-based Payment Arrangement [Policy Text Block] | Share-based compensation Awards granted to employees The Company applies ASC 718, Compensation—Stock Compensation 718” 718, Awards granted to non-employees Prior to January 1, 2019, 718 505, Equity no 505 50, Equity-based Payments to Non-Employees Effective January 1, 2019, No. 2018 07, Compensation—Stock Based Compensation (Topic 718 2018 07” 718. 2018 07 not Modification, replacements or cancellation of awards A change in the terms or conditions of the awards is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Company recognizes over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Company recognizes is the cost of the original award. Cancellation of an award accompanied by the concurrent grant of (or offer to grant) a replacement award or other valuable consideration shall be accounted for as a modification of the terms of the cancelled award. Cancellation of an award without the concurrent grant or offer of a replacement award is treated as a settlement for no no nil, 335,900 nil December 31, 2018, 2019 2020, |
Earnings Per Share, Policy [Policy Text Block] | Loss per share Loss per share is calculated in accordance with ASC 260, Earnings per Share Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the share options and the vesting of restricted shares, using the treasury stock method. Ordinary share equivalents are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. Basic and diluted loss per ordinary share is presented in the Company's consolidated statements of comprehensive loss. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of risks Concentration of credit risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company's cash and cash equivalents is held at financial institutions that management believes to be of high credit quality. As of December 31, 2019 2020, not not Business, customer, political, social and economic risks The Company participates in a dynamic high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Company's future financial position, results of operations or cash flows: changes in the overall demand for services and products; competitive pressures due to new entrants; advances and new trends in new technologies and industry standards; changes in clinical research organizations; changes in certain strategic relationships or customer relationships; regulatory considerations; copyright regulations; and risks associated with the Company's ability to attract and retain employees necessary to support its growth. The Company's operations could be also adversely affected by significant political, economic and social uncertainties in the PRC. Business risk The Company relies on third third not may not Currency convertibility risk The Company incurs portions of expenses in currencies other than the U.S. dollars, in particular, the RMB. On January 1, 1994, not may Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. Foreign currency exchange rate risk From July 21, 2005, 5.7% December 31, 2018, 1.3% December 31, 2019, 6.3% December 31, 2020, may To the extent that the Company needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of the RMB against the U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into U.S. dollars for the purpose of making payments for dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of the U.S. dollar against the RMB would have a negative effect on the U.S. dollar amount available to the Company. In addition, a significant depreciation of the RMB against the U.S. dollar may |
Impact of COVID-19 [Policy Text Block] | Impact of COVID- 19 During the year ended December 31, 2020, 19 There are still uncertainties of COVID- 19's 19, 19 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements New accounting standards which have been adopted In June 2016, 2016 13, Financial Instruments—Credit Losses. January 1, 2020. no In August 2018, 2018 13, Fair Value Measurement 820 Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement January 1, 2020. no New accounting standards have not In December 2019, 2019 12, Income Taxes 740 Simplifying the Accounting for Income Taxes 740, December 15, 2020, |
Note 1 - Nature of the Busine_2
Note 1 - Nature of the Business (Tables) | 12 Months Ended |
Dec. 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 Pharmaceuticals Inc. (“BeyondSpring US”) Delaware, U.S. June 18, 2013 100% Clinical trial activities BeyondSpring Ltd. 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 (Shenzhen) Ltd. (“Wanchun Shenzhen”) PRC April 23, 2015 100% Holding company Dalian Wanchunbulin Pharmaceuticals Ltd. (“Wanchunbulin”) PRC May 6, 2015 57.97% Clinical trial activities BeyondSpring Pharmaceuticals Australia PTY Ltd. (“BeyondSpring Australia”) Australia March 3, 2016 100% Clinical trial activities Beijing Wanchun Pharmaceutical Technology Ltd. (“Beijing Wanchun”) PRC May 21, 2018 57.97% Holding company Name of company Place of incorporation Date of incorporation Percentage of ownership by the Company Principal activities SEED Therapeutics Inc. Pre-clinical development (“SEED”) BVI June 25, 2019 58.97% activities SEED Technology Limited (“SEED Technology”) BVI December 9, 2019 57.97% Holding company SEED Therapeutics US, Inc. Pre-clinical development (“SEED US”) Delaware, U.S. November 25, 2020 58.97% activities |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant, and Equipment, Useful Life [Table Text Block] | Category Estimated useful life Office equipment (years) 5 Laboratory equipment (years) 2 - 5 Motor vehicles (years) 10 Leasehold improvements Lower of lease term or economic life |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair value measurement at December 31, 2020 using Recurring fair value measurement Total Fair Quoted prices Significant Significant $ $ $ $ Forward liability (Note 15) 278 - - 278 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Valuation technique Unobservable inputs Range Forward liability Discounted cash flow Fair value of underlying security 2.65 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Forward liability $ Balance as of December 31, 2019 - Recognized during the year 278 Gains or losses from changes in fair value - Balance as of December 31, 2020 278 |
Property, Plant and Equipment, Location [Table Text Block] | December 31, 2019 2020 Property and equipment, net: $ $ PRC 52 45 U.S. 157 139 Total 209 184 |
Note 3 - Collaboration Revenue
Note 3 - Collaboration Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Collaboration Revenue [Table Text Block] | December 31,2020 $ Collaboration arrangement 9,455 Fair value of Series A-2 Preferred Shares (Note 14) 5,267 Fair value of the Forward (Note 15) 278 Total cash proceeds 15,000 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2019 2020 $ $ Office equipment 150 181 Laboratory equipment 114 121 Motor vehicles 23 24 Leasehold improvements 103 116 390 442 Less: accumulated depreciation (181 ) (258 ) Property and equipment, net 209 184 |
Note 5 - Long-term Loans (Table
Note 5 - Long-term Loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Maturity dates Amounts $ Year ending December 31, 2021 - Year ending December 31, 2022 2,167 Total 2,167 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2018 2019 2020 $ $ $ Cayman Islands 3,305 3,843 3,805 U.S. 23,347 17,251 33,266 PRC 6,742 5,586 5,912 BVI 22,979 13,568 20,873 Australia 1,101 85 (35 ) Loss before income taxes 57,474 40,333 63,821 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2018 2019 2020 $ $ $ Loss before income tax 57,474 40,333 63,821 Expected income tax benefit 12,069 8,470 13,403 Tax rate difference (2,121 ) (3,425 ) (4,653 ) Non-deductible expenses (880 ) (5,228 ) (688 ) Research tax credits - 2,360 641 Non-taxable income 75 - 120 Others (143 ) (99 ) 68 Change in valuation allowance (9,000 ) (2,078 ) (8,891 ) Total income tax benefit - - - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2019 2020 $ $ Deferred tax assets: Net operating loss carryforward 14,345 18,034 Intangible asset 69 - Deferral of tax deduction of R&D expenses 4,149 5,674 Share based compensation 404 1,768 Research tax credits 2,360 3,002 Lease liability obligation 519 452 Accruals and reserves - 5 Total deferred tax assets 21,846 28,935 Deferred tax liabilities: Right-of-use lease assets (529 ) (473 ) Total deferred tax liabilities (529 ) (473 ) Total gross deferred tax assets 21,317 28,462 Less: valuation allowance (21,317 ) (28,462 ) Net deferred tax assets - - |
Summary of Income Tax Contingencies [Table Text Block] | Year Ended December 31, 2018 2019 2020 $ $ $ Beginning balance, as of January 1 219 624 956 Additions based on tax positions related to prior tax years 405 332 - Reductions based on tax positions related to prior tax years - - (226 ) Ending balance, as of December 31 624 956 730 |
Note 8 - Net Loss Per Share (Ta
Note 8 - Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2018 2019 2020 Numerator: Net loss attributable to BeyondSpring Inc.—basic and diluted $ (54,869 ) $ (38,085 ) $ (60,973 ) Denominator: Weighted average number of ordinary shares outstanding—basic and diluted 22,665,265 24,645,714 29,984,284 Net loss per share —basic and diluted $ (2.42 ) $ (1.55 ) $ (2.03 ) |
Note 9 - Share based Compensa_2
Note 9 - Share based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Numbers Weighted average of shares grant date fair value $ Outstanding at December 31, 2017 388,162 19.93 Granted 9,815 19.5 Vested (147,727 ) 19.88 Forfeited (95,000 ) 19.96 Outstanding at December 31, 2018 155,250 19.94 Granted 112,427 14.11 Vested (113,102 ) 17.9 Forfeited - - Outstanding at December 31, 2019 154,575 17.19 Granted 14,394 12.82 Vested (38,023 ) 15.19 Forfeited - - Outstanding at December 31, 2020 130,946 17.3 Expected to vest at December 31, 2020 88,446 16.91 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted average average Weighted remaining Aggregate Numbers exercise average grant contractual intrinsic of options price date fair value term value $ $ Years $ Outstanding at December 31, 2017 343,000 29.00 9.98 27 Granted 130,000 25.08 14.49 Forfeited (7,100 ) 29.00 19.91 Outstanding at December 31, 2018 465,900 27.91 9.12 - Granted 19,700 13.96 8.63 Canceled (335,900 ) 29.00 19.91 Outstanding at December 31, 2019 149,700 23.61 8.69 - Granted 1,791,943 13.32 8.21 Forfeited (2,594 ) 13.83 8.64 Outstanding at December 31, 2020 1,939,049 14.12 9.38 1,158 Exercisable as of December 31, 2020 631,950 16.54 9.07 201 Vested and expected to vest at December 31, 2020 1,842,891 14.02 9.38 1,142 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | December 31, 2018 2019 2020 Fair value of ordinary share 24.87~26.09 13.96 10.37~17.94 Risk-free interest rate 2.73%~2.89% 1.62%~1.68% 0.11%~1.64% Expected term (years) 5.9~6.2 5.0~7.1 5.0~10.0 Expected volatility 60 % 70 % 70%~75% Expected dividend yield 0 % 0 % 0 % Contractual life (years) 10 10 10 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2018 2019 2020 $ $ $ Research and development 6,821 630 4,124 General and administrative (261 ) 1,471 4,070 Total 6,560 2,101 8,194 |
Note 12 - Lease (Tables)
Note 12 - Lease (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Operating Lease, Supplement Balance Sheet Information [Table Text Block] | As of December 31, 2019 2020 $ $ Operating lease right-of-use assets 2,538 2,174 Current portion of operating lease liabilities 537 787 Operating lease liabilities 1,935 1,359 Total lease liabilities 2,472 2,146 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | $ Year ending December 31, 2021 972 Year ending December 31, 2022 792 Year ending December 31, 2023 708 Total lease payment 2,472 Less imputed interest (326 ) Present value of lease liabilities 2,146 |
Lease, Cost [Table Text Block] | Year ended December 31, 2019 2020 $ $ Operating cash flows used in operating lease 863 840 As of December 31, 2019 2020 Weighted average remaining lease term (years) 4.00 2.87 Weighted average discount rate 8.4 % 8.9 % |
Note 13 - Supplemental Balanc_2
Note 13 - Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | December 31, 2019 2020 $ $ Compensation related 226 2,222 Professional services - 373 Other taxes related 798 857 Forward liability - 278 Others 65 76 Total 1,089 3,806 |
Note 14 - Contingently Redeem_2
Note 14 - Contingently Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | $ Balance at December 31, 2019 - Issuance 5,196 Balance at December 31, 2020 5,196 |
Note 1 - Nature of the Busine_3
Note 1 - Nature of the Business (Details Textual) $ / shares in Units, ¥ in Millions | Jun. 18, 2020$ / sharesshares | Nov. 30, 2020USD ($)$ / sharesshares | Jul. 31, 2020USD ($) | Jun. 30, 2020USD ($)$ / sharesshares | Jul. 31, 2019USD ($)$ / sharesshares | Jul. 03, 2019USD ($) | Jul. 03, 2019CNY (¥) | May 31, 2018USD ($)$ / sharesshares | Nov. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)$ / sharesshares |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Proceeds from Issuance of Common Stock | $ 112,577,000 | $ 69,454,000 | $ 14,000,000 | ||||||||||
Investment Agreement Amount | ¥ | ¥ 100 | ||||||||||||
Proceeds from Noncontrolling Interests | $ 80,000 | $ 10,083,000 | |||||||||||
Wanchunbulin [Member] | |||||||||||||
Investment Agreement Amount | $ 14,537 | ||||||||||||
Proceeds From Noncontrolling Interest, Percent | 4.76% | 4.76% | |||||||||||
Proceeds from Noncontrolling Interests | $ 10,083,000 | ¥ 70 | |||||||||||
Jefferies [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 630,228 | ||||||||||||
Proceeds from Issuance of Common Stock | $ 13,185,000 | ||||||||||||
Private Placement [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 384,615 | 739,095 | |||||||||||
Proceeds from Issuance of Common Stock | $ 20,000,000 | ||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 13 | $ 27.06 | |||||||||||
Proceeds from Issuance of Common Stock, Net | $ 5,000,000 | ||||||||||||
Public Offering [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 8,625,000 | 2,219,500 | 2,058,825 | 1,908,996 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 10 | $ 13 | $ 17 | $ 13.50 | |||||||||
Proceeds from Issuance of Common Stock, Net | $ 86,250,000 | $ 28,854,000 | $ 35,000,000 | ||||||||||
Proceeds From Noncontrolling Interest | $ 25,771,000 |
Note 1 - Nature of the Busine_4
Note 1 - Nature of the Business - Schedule of Subsidiaries (Details) | Dec. 31, 2020 |
BeyondSpring Pharmaceuticals Inc. [Member] | |
Equity method investment, ownership percentage | 100.00% |
SEED Therapeutics Inc. [Member] | |
Equity method investment, ownership percentage | 58.97% |
BeyondSpring Ltd. [Member] | |
Equity method investment, ownership percentage | 100.00% |
SEED Technology Limited [Member] | |
Equity method investment, ownership percentage | 57.97% |
BeyondSpring HK [Member] | |
Equity method investment, ownership percentage | 100.00% |
Wanchun Biotechnology Limited [Member] | |
Equity method investment, ownership percentage | 100.00% |
SEED Therapeutics US, Inc. [Member] | |
Equity method investment, ownership percentage | 58.97% |
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% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ (63,821) | $ (40,333) | $ (57,474) |
Retained Earnings (Accumulated Deficit), Ending Balance | (277,818) | (216,845) | |
Net Cash Provided by (Used in) Operating Activities, Total | (43,745) | (48,162) | (39,955) |
Net Current Assets | 99,634 | ||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 109,537 | 35,933 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 0 | 0 | |
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | 0 |
Long-term Debt, Total | 2,167 | 1,436 | |
Long-term Debt, Fair Value | 2,136 | 1,373 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 180 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period (in shares) | 0 | 335,900 | 0 |
Depreciation of RMB Against U.S. Dollar, Percent | 6.30% | 1.30% | 5.70% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Useful Life of Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Office Equipment [Member] | |
Property, plant, and equipment, useful life (Year) | 5 years |
Laboratory Equipment [Member] | Minimum [Member] | |
Property, plant, and equipment, useful life (Year) | 2 years |
Laboratory Equipment [Member] | Maximum [Member] | |
Property, plant, and equipment, useful life (Year) | 5 years |
Automobiles [Member] | |
Property, plant, and equipment, useful life (Year) | 10 years |
Leasehold Improvements [Member] | |
Property, plant, and equipment, useful life | Lower of lease term or economic life |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Schedule of Fair Value of Assets and Liabilities Measured On Recurring Basis (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |
Forward liability (Note 15) | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |
Forward liability (Note 15) | 278 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | |
Forward liability (Note 15) | 278 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |
Forward liability (Note 15) |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Assumptions used to estimate the fair value of the forward liability (Details) | Dec. 31, 2020 |
Fair Value of Underlying Security [Member] | Valuation, Income Approach [Member] | |
Forward liability | 2.65 |
Note 2 - Summary of Significa_7
Note 2 - Summary of Significant Accounting Policies - Reconciliation of Changes in Fair Value (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Balance | |
Recognized during the year | 278 |
Gains or losses from changes in fair value | |
Balance | $ 278 |
Note 2 - Summary of Significa_8
Note 2 - Summary of Significant Accounting Policies - Property and Equipment by Geographical Location (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property and Equipment | $ 184 | $ 209 |
CHINA | ||
Property and Equipment | 45 | 52 |
UNITED STATES | ||
Property and Equipment | $ 139 | $ 157 |
Note 3 - Collaboration Revenu_2
Note 3 - Collaboration Revenue (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 12, 2020 | Nov. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 12, 2022 |
Revenue from Contract with Customer, Including Assessed Tax | $ 180 | $ 0 | $ 0 | |||
Research Collaboration and License Agreement with Eli Lilly [Member] | Series A-2 Preferred Shares [Member] | ||||||
Redeemable Noncontrolling Interest, Equity, Preferred, Fair Value | 5,267 | |||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | ||||||
Collaborative Arrangement, Upfront Cash Payment | $ 10,000 | 9,455 | ||||
Derivative Liability, Total | 278 | |||||
Proceeds from Issuance or Sale of Equity, Total | 15,000 | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 180 | |||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Series A-1 Convertible Preferred Shares [Member] | ||||||
Stock Issued for Transfer of Assets, Shares (in shares) | 9,631,941 | |||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Series A-1 Preferred Shares [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,194,030 | |||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Series A-2 Preferred Shares [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,990,000 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.5125 | |||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Additional Series A-2 Preferred Shares [Member] | Forecast [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,990,000 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.5125 | |||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Maximum [Member] | ||||||
Collaborative Arrangement, Equity Investment | $ 780,000 |
Note 3 - Collaboration Revenu_3
Note 3 - Collaboration Revenue - Schedule of Collaboration Revenue (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds from issuance of redeemable noncontrolling interests, net of issuance cost | $ 5,233 | |||
SEED Therapeutics Inc. [Member] | Research Collaboration and License Agreement with Eli Lilly [Member] | ||||
Collaboration arrangement | $ 10,000 | 9,455 | ||
Proceeds from issuance of redeemable noncontrolling interests, net of issuance cost | 5,267 | |||
Fair value of the Forward (Note 15) | 278 | |||
Total cash proceeds | $ 15,000 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 77 | $ 77 | $ 48 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant, and equipment, gross | $ 442 | $ 390 |
Less: accumulated depreciation | (258) | (181) |
Property and equipment, net | 184 | 209 |
Office Equipment [Member] | ||
Property, plant, and equipment, gross | 181 | 150 |
Laboratory Equipment [Member] | ||
Property, plant, and equipment, gross | 121 | 114 |
Automobiles [Member] | ||
Property, plant, and equipment, gross | 24 | 23 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | $ 116 | $ 103 |
Note 5 - Long-term Loans (Detai
Note 5 - Long-term Loans (Details Textual) $ in Thousands, ¥ in Millions | May 03, 2020USD ($) | Mar. 28, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 28, 2019CNY (¥) |
Long-term Debt, Total | $ 2,167 | $ 1,436 | |||
Term Loan [Member] | China Construction Bank [Member] | |||||
Debt Instrument, Term (Year) | 3 years | ||||
Long-term Debt, Total | $ 1,493 | ¥ 10 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.45% | ||||
Paycheck Protection Program CARES Act [Member] | |||||
Debt Instrument, Term (Year) | 2 years | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||
Proceeds from Issuance of Long-term Debt, Total | $ 635 |
Note 5 - Long-term Loans - Sche
Note 5 - Long-term Loans - Schedule of Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Long term debt, 2021 | ||
Long term debt, 2022 | 2,167 | |
Total | $ 2,167 | $ 1,436 |
Note 6 - Related Party Transa_2
Note 6 - Related Party Transactions (Details Textual) ¥ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 5 Months Ended | ||||||||
Oct. 31, 2019USD ($) | Feb. 28, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Jun. 30, 2020USD ($) | Jun. 30, 2020CNY (¥) | Jul. 15, 2019USD ($) | Jul. 15, 2019CNY (¥) | Apr. 26, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Guaranteed by Founder [Member] | Shenzhen Sangel Zhichuang Investment Co Ltd [Member] | |||||||||||
Debt Instrument, Face Amount | $ 1,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | ||||||||||
Interest Free Loan [Member] | Wanchun Biotechnology (Shenzhen) Ltd. [Member] | |||||||||||
Financing Raised From Noncontrolling Shareholder | $ 1,978 | ¥ 13,600 | |||||||||
Wanchun Biotechnology (Shenzhen) Ltd. [Member] | |||||||||||
Proceeds from Short-term Debt, Total | $ 2,537 | $ 29 | ¥ 200 | ||||||||
Dalian Wanchun Biotechnology Co., Ltd. [Member] | |||||||||||
Proceeds from Short-term Debt, Total | $ 35 | ¥ 230 | |||||||||
Interest Free Loan [Member] | Chief Medical Officer [Member] | |||||||||||
Due from Related Parties, Total | $ 481 | ||||||||||
Proceeds from Collection of Notes Receivable | $ 100 | ||||||||||
Interest Free Loan [Member] | Chief Executive Officer, Chief Regulatory Officer, International Finance Manager [Member] | |||||||||||
Due to Related Parties, Total | $ 350 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | |
Income Tax Expense (Benefit), Total | ||||
Unrecognized Tax Benefits, Ending Balance | 730 | 956 | 624 | $ 219 |
Deferred Tax Assets, Unrecognized Tax Benefit | 244 | 470 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 486 | 486 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | 0 | $ 203 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 203 | $ 203 | ||
Foreign Tax Authority [Member] | Australian Taxation Office [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent, Foreign | 30.00% | |||
Income Tax Expense (Benefit), Total | $ 0 | |||
Open Tax Year | 2017 2018 2019 2020 | |||
Foreign Tax Authority [Member] | Inland Revenue, Hong Kong [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent, Foreign | 16.50% | |||
Income Tax Expense (Benefit), Total | $ 0 | |||
Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent, Foreign | 25.00% | |||
Operating Loss Carryforwards, Total | $ 2,045 | |||
Operating Loss Carryforwards, Term (Year) | 5 years | |||
Operating Loss Carryforwards, Subject to Expiration | $ 2,045 | |||
Open Tax Year | 2015 2016 2017 2018 2019 2020 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards, Total | $ 83,049 | |||
Operating Loss Carryforwards, Term (Year) | 20 years | |||
Open Tax Year | 2017 2018 2019 2020 | |||
State and Local Jurisdiction [Member] | ||||
Open Tax Year | 2017 2018 2019 2020 |
Note 7 - Income Taxes - Compone
Note 7 - Income Taxes - Components of Losses Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss before income tax | $ 63,821 | $ 40,333 | $ 57,474 |
CAYMAN ISLANDS | |||
Net loss before income taxes | 3,805 | 3,843 | 3,305 |
UNITED STATES | |||
Net loss before income taxes | 33,266 | 17,251 | 23,347 |
CHINA | |||
Net loss before income taxes | 5,912 | 5,586 | 6,742 |
VIRGIN ISLANDS, BRITISH | |||
Net loss before income taxes | 20,873 | 13,568 | 22,979 |
AUSTRALIA | |||
Net loss before income taxes | $ (35) | $ 85 | $ 1,101 |
Note 7 - Income Taxes - Reconci
Note 7 - Income Taxes - Reconciliation of Income Tax Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss before income tax | $ 63,821 | $ 40,333 | $ 57,474 |
Expected income tax benefit | 13,403 | 8,470 | 12,069 |
Tax rate difference | (4,653) | (3,425) | (2,121) |
Non-deductible expenses | (688) | (5,228) | (880) |
Research tax credits | 641 | 2,360 | |
Non-taxable income | 120 | 75 | |
Others | 68 | (99) | (143) |
Change in valuation allowance | (8,891) | (2,078) | (9,000) |
Total income tax benefit |
Note 7 - Income Taxes - Deferre
Note 7 - Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Net operating loss carryforward | $ 18,034 | $ 14,345 |
Intangible asset | 69 | |
Deferral of tax deduction of R&D expenses | 5,674 | 4,149 |
Share based compensation | 1,768 | 404 |
Research tax credits | 3,002 | 2,360 |
Lease liability obligation | 452 | 519 |
Accruals and reserves | 5 | |
Total deferred tax assets | 28,935 | 21,846 |
Right-of-use lease assets | (473) | (529) |
Total deferred tax liabilities | (473) | (529) |
Total gross deferred tax assets | 28,462 | 21,317 |
Less: valuation allowance | (28,462) | (21,317) |
Net deferred tax assets |
Note 7 - Income Taxes - Unrecog
Note 7 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance | $ 956 | $ 624 | $ 219 |
Additions based on tax positions related to prior tax years | 332 | 405 | |
Reductions based on tax positions related to prior tax years | (226) | ||
Ending balance | $ 730 | $ 956 | $ 624 |
Note 8 - Net Loss Per Share - B
Note 8 - Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net loss attributable to ordinary shareholders | $ (60,973) | $ (38,085) | $ (54,869) |
Weighted average number of ordinary shares outstanding—basic and diluted (in shares) | 29,984,284 | 24,645,714 | 22,665,265 |
Net loss per share —basic and diluted (in dollars per share) | $ (2.03) | $ (1.55) | $ (2.42) |
Note 9 - Share based Compensa_3
Note 9 - Share based Compensation (Details Textual) - The 2017 Omnibus Incentive Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 09, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,277,197 | |||
Restricted Stock [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 556 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 259 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 396 | $ 1,066 | $ 968 | |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 7,224 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 299 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 5,422 | $ 331 | $ 5,041 |
Note 9 - Share based Compensa_4
Note 9 - Share based Compensation - Restricted Share Activities (Details) - Restricted Stock [Member] - The 2017 Omnibus Incentive Plan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, number of shares (in shares) | 154,575 | 155,250 | 388,162 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 17.19 | $ 19.94 | $ 19.93 |
Granted, number of shares (in shares) | 14,394 | 112,427 | 9,815 |
Granted, weighted average grant date fair value (in dollars per share) | $ 12.82 | $ 14.11 | $ 19.50 |
Vested, number of shares (in shares) | (38,023) | (113,102) | (147,727) |
Vested, weighted average grant date fair value (in dollars per share) | $ 15.19 | $ 17.90 | $ 19.88 |
Forfeited, number of shares (in shares) | (95,000) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 19.96 | ||
Outstanding, number of shares (in shares) | 130,946 | 154,575 | 155,250 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 17.30 | $ 17.19 | $ 19.94 |
Expected to vest, number of shares (in shares) | 88,446 | ||
Expected to vest, weighted average grant date fair value (in dollars per share) | $ 16.91 |
Note 9 - Share based Compensa_5
Note 9 - Share based Compensation - Options Activities (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Outstanding, average intrinsic value | $ 1,158 | |||
Forfeited, number of options (in shares) | 0 | (335,900) | 0 | |
The 2017 Omnibus Incentive Plan [Member] | ||||
Outstanding, number of options (in shares) | 149,700 | 465,900 | 343,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 23.61 | $ 27.91 | $ 29 | |
Outstanding, weighted average remaining contractual term (Year) | 9 years 138 days | 8 years 251 days | 9 years 43 days | 9 years 357 days |
Outstanding, average intrinsic value | $ 27 | |||
Granted, number of options (in shares) | 1,791,943 | 19,700 | 130,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 13.32 | $ 13.96 | $ 25.08 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 8.21 | $ 8.63 | $ 14.49 | |
Forfeited, number of options (in shares) | (2,594) | (7,100) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 13,830 | $ 29 | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 8.64 | $ 19.91 | ||
Canceled, number of options (in shares) | (335,900) | |||
Canceled, weighted average exercise price (in dollars per share) | $ 29,000 | |||
Canceled, weighted average grant date fair value (in dollars per share) | $ 19.91 | |||
Outstanding, number of options (in shares) | 1,939,049 | 149,700 | 465,900 | 343,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.12 | $ 23.61 | $ 27.91 | $ 29 |
Exercisable, number of options (in shares) | 631,950 | |||
Exercisable, weighted average exercise price (in dollars per share) | $ 16.54 | |||
Exercisable, weighted average remaining contractual term (Year) | 9 years 25 days | |||
Exercisable, intrinsic value | $ 201 | |||
Vested and expected to vest, number of options (in shares) | 1,842,891 | |||
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 14.02 | |||
Vested and expected to vest, weighted average remaining contractual term (Year) | 9 years 138 days | |||
Vested and expected to vest, average intrinsic value | $ 1,142 |
Note 9 - Share based Compensa_6
Note 9 - Share based Compensation - Fair Value Assumptions (Details) - Share-based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value of ordinary share (in dollars per share) | $ 13.96 | ||
Expected volatility | 70.00% | 60.00% | |
Expected dividend yield | 0.00% | 0.00% | |
Contractual life (years) (Year) | 10 years | 10 years | |
Minimum [Member] | |||
Fair value of ordinary share (in dollars per share) | $ 10.37 | $ 24.87 | |
Risk-free interest rate | 0.11% | 1.62% | 2.73% |
Expected term (years) (Year) | 5 years | 5 years | 5 years 328 days |
Expected volatility | 70.00% | ||
Maximum [Member] | |||
Fair value of ordinary share (in dollars per share) | $ 17.94 | $ 26.09 | |
Risk-free interest rate | 1.64% | 1.68% | 2.89% |
Expected term (years) (Year) | 10 years | 7 years 36 days | 6 years 73 days |
Expected volatility | 75.00% | ||
Expected dividend yield | 0.00% |
Note 9 - Share based Compensa_7
Note 9 - Share based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allocated Share-based Compensation Expense | $ 8,194 | $ 2,101 | $ 6,560 |
Research and Development Expense [Member] | |||
Allocated Share-based Compensation Expense | 4,124 | 630 | 6,821 |
General and Administrative Expense [Member] | |||
Allocated Share-based Compensation Expense | $ 4,070 | $ 1,471 | $ (261) |
Note 10 - Employee Defined Co_2
Note 10 - Employee Defined Contribution Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Cost | $ 130 | $ 82 | $ 54 |
Note 11 - Restricted Net Asse_2
Note 11 - Restricted Net Assets (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Net Assets | $ 0 | $ 2,032 |
Note 12 - Lease (Details Textua
Note 12 - Lease (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Lease, Expense | $ 878 | $ 816 | $ 548 |
UNITED STATES | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 3 years | ||
CHINA | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year 131 days |
Note 12 - Lease - Supplement Ba
Note 12 - Lease - Supplement Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating lease right-of-use assets | $ 2,174 | $ 2,538 |
Current portion of operating lease liabilities | 787 | 537 |
Operating lease liabilities | 1,359 | 1,935 |
Total lease liabilities | $ 2,146 | $ 2,472 |
Note 12 - Lease - Maturities of
Note 12 - Lease - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Year ending December 31, 2021 | $ 972 | |
Year ending December 31, 2022 | 792 | |
Year ending December 31, 2023 | 708 | |
Total lease payment | 2,472 | |
Less imputed interest | (326) | |
Present value of lease liabilities | $ 2,146 | $ 2,472 |
Note 12 - Lease - Operating Lea
Note 12 - Lease - Operating Lease Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating cash flows used in operating lease | $ 840 | $ 863 |
Weighted average remaining lease term (Year) | 2 years 317 days | 4 years |
Weighted average discount rate | 8.90% | 8.40% |
Note 13 - Supplemental Balanc_3
Note 13 - Supplemental Balance Sheet Information - Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Compensation related | $ 2,222 | $ 226 |
Professional services | 373 | |
Other taxes related | 857 | 798 |
Forward liability | 278 | |
Others | 76 | 65 |
Total | $ 3,806 | $ 1,089 |
Note 14 - Contingently Redeem_3
Note 14 - Contingently Redeemable Noncontrolling Interests (Details Textual) - SEED Therapeutics Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | Nov. 12, 2020 | Dec. 31, 2020 |
Share Price (in dollars per share) | $ 7.5375 | |
Proceeds from Issuance Initial Public Offering | $ 50,000 | |
Series A-2 Preferred Shares [Member] | Research Collaboration and License Agreement with Eli Lilly [Member] | ||
Annual Return, Percentage | 8.00% | |
Number of Annual Redemption Installments | 3 | |
Share Price (in dollars per share) | $ 0.50 | |
Temporary Equity, Stock Issued During Period, Value, New Issues | $ 0 | |
Convertible Instrument, Conversion Price (in dollars per share) | $ 2.5125 | |
Preferred Stock, Accretion of Redemption Discount | $ 0 | |
Initial Conversion Ratio, Adjusted for Share Splits, Share Dividends, Recapitalization and Other | 1 |
Note 14 - Contingently Redeem_4
Note 14 - Contingently Redeemable Noncontrolling Interests - Redeemable Noncontrolling Interests, Net of Issuance Costs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Balance | |
Issuance | 5,196 |
Balance | $ 5,196 |
Note 15 - Forward Liability (De
Note 15 - Forward Liability (Details Textual) - USD ($) | 12 Months Ended | 31 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 12, 2022 | Nov. 12, 2020 | |
Stock Issued During Period, Value, New Issues | $ 111,594,000 | $ 68,566,000 | $ 13,245,000 | ||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | |||||
Derivative Liability, Total | $ 278,000 | ||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Forward Liability [Member] | |||||
Derivative Liability, Total | $ 278,000 | ||||
Research Collaboration and License Agreement with Eli Lilly [Member] | SEED Therapeutics Inc. [Member] | Additional Series A-2 Preferred Shares [Member] | Forecast [Member] | |||||
Stock Issued During Period, Value, New Issues | $ 1,990,000 | ||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.5125 |