Beyond Air, Inc.
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 13, 2026
XAIR$2.16-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-12-31; filed 2026-02-13.
0001493152-26-006688
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001493152-26-037781
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 111 previous paragraphs and 103 current paragraphs.
61 unchanged; 30 reworded; 10 added; 18 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
A PMA supplement to the US FDA for the expansion of the label to include certain cardiac surgeries was withdrawn in favor of our submission of our second generation LungFit® PH II. The LungFit® PH II PMA supplement was submitted to the FDA in June 2025. LungFit® PH II is smaller, lighter, and fully transport-ready. The ability of the device to be used in air and ground transportation significantly increases our addressable market compared to our first generation product. We believe the estimated total addressable market for inhaled NO in the U.S. is approximately $350 million and worldwide to be approximately $700 million or greater. We believe the approval and subsequent launch of the LungFit® PH II will equip our commercial organization to become the market leader in the U.S. in the near-term.
Current report
In April 2025, the FDA granted Orphan Drug Designation (“ODD”) to NeuroNos’ investigational therapy, BA-102, for the treatment of Phelan-McDermid Syndrome (“PMS”), a syndrome associated with ASD. PMS is a rare genetic disorder most commonly caused by deletions or mutations affecting the SHANK3 gene leading to a range of symptoms, including global developmental delay, intellectual disability, severe speech impairments, and in many cases features of ASD.
Current report
In September 2025, the FDA granted ODD to NeuroNos’ investigational therapy, BA-101, for the treatment of Glioblastoma (“GBM”). GBM is an aggressive primary brain tumor with limited treatment options and poor prognosis under current standard-of-care approaches.
Current report
Other Recent Developments
Current report
On April 7, 2026, the Company received notice from Nasdaq that it was not in compliance with the $1.00 minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) and that, because the Company had effected a reverse stock split during the preceding one-year period, it was not eligible for the customary compliance period. The Company timely requested a hearing before the Nasdaq Hearings Panel, which stayed any suspension or delisting action pending the Panel’s decision.
Current report
Following a hearing on May 14, 2026, the Panel granted the Company a brief exception for continued listing, subject to the Company demonstrating compliance with the minimum bid price requirement by July 31, 2026. The Panel also determined that the Company would be subject to a one-year Discretionary Panel Monitor beginning on the date it regains compliance.
Current report
The Company’s compliance plan contemplated a reverse stock split. On June 18, 2026, the Company’s stockholders authorized the Company to effect a reverse stock split at a ratio ranging from 1-for-2 to 1-for-20, and the Board approved a 1-for-20 ratio. The Company filed the related certificate of amendment on July 9, 2026, and the reverse stock split became effective at 12:01 a.m. Eastern Time on July 13, 2026. The common stock began trading on Nasdaq on a split-adjusted basis that same day.
Current report
On August 6, 2026 the Company received written confirmation from Nasdaq that it had regained compliance with Nasdaq Listing Rule 5550(a)(2).
Current report
Selling, general and administrative expenses for the three months ended June 30, 2026 were $4.9 million as compared to $4.7 million for the three months ended June 30, 2025.
Current report
Other expense for the three months ended June 30, 2026 were $1.5 million as compared to other expense of $0.5 million for the three months ended June 30, 2025. The increase in expense of $1.0 million was attributed primarily to an increase in the Company’s outstanding debt and related interest expense.
Removed paragraphs (18)
Previous report
(in thousands, except share data)
Previous report
Revenues continue to expand as we continue to sign new hospital contracts and begin selling into international markets. The increase in gross profit is primarily associated with sales growth, partially offset by one-time costs required to upgrade our existing fleet of devices and provisions for excess inventory.
Previous report
Research and development expenses for the nine months ended December 31, 2025 were $8.0 million as compared to $13.6 million for the nine months ended December 31, 2024. The decrease of $5.6 million was attributed primarily to decreases in salaries of $2.4 million ($1.0 million in Beyond Air and $1.5 million in Beyond Cancer, offset by increase of $0.1 million in NeuroNos), pre-clinical expenses $0.7 million ($0.3 million in Beyond Cancer and $0.4 million in NeuroNos), professional fees $0.5 million ($0.4 million in Beyond Air and $0.3 million in Beyond Cancer, partially offset by increase of $0.2 million in NeuroNos), and a reduction in Gen II device development costs of $2.3 million, partially offset by increased stock-based compensation costs $0.7 million ($1.4 million in Beyond Cancer partially offset by decrease of $0.7 million in Beyond Air)
Previous report
Selling, general and administrative expenses for the three months ended December 31, 2025 were $4.5 million as compared to $7.7 million for the three months ended December 31, 2024. The decrease of $3.3 million was attributed primarily to decreases in salaries $0.6 million ($0.4 million in Beyond Air and $0.2 million in Beyond Cancer), stock-based compensation costs $2.1 million ($1.5 million in Beyond Air and $0.7 million in Beyond Cancer), professional fees $0.2 million, and legal fees $0.2 million, partially offset by an increase of $0.1 million in royalties.
Previous report
Selling, general and administrative expenses for the nine months ended December 31, 2025 were $14.1 million as compared to $22.1 million for the nine months ended December 31, 2024. The decrease of $8.0 million was attributed primarily to decreases in salaries $2.0 million ($1.5 million in Beyond Air and $0.5 million in Beyond Cancer), stock-based compensation costs $4.9 million ($2.8 million in Beyond Air and $2.2 million in Beyond Cancer, partially offset by increase of $0.1 million in NeuroNos), $0.6 million of legal fees, $0.3 million travel expenses, and $0.2 million of facility expenses, partially offset by an increase of $0.3 million in royalties.
Previous report
Other expense for the three months ended December 31, 2025 were $1.0 million as compared to other expense of $2.4 million for the three months ended December 31, 2024. The decrease in expense of $1.4 million was attributed primarily to the prior period loss associated with the partial extinguishment of debt of $1.9 million. The derivative liability on the Note was remeasured resulting in a gain of $0.5 million, while there was no fair value measurement of such instrument that occurred during the prior period. The reduction in expenses were partially offset by increase in interest expense of $0.6 million due to the Company’s current debt facilities compared to the debt outstanding in the comparative period. Additionally, the Company recognized $0.3 million more loss on disposal of fixed assets compared to the prior period.
Previous report
Other expense for the nine months ended December 31, 2025 were $2.1 million as compared to other expense of $3.1 million for the nine months ended December 31, 2024. The decrease in expense of $1.2 million was attributed primarily to the prior period loss associated with the extinguishment of debt of $2.5 million. This was partially offset by the change in fair value of the prior year derivative liability of $1.3 million gain compared to the gain of $0.5 million associated with the remeasurement of the Note derivative liability that occurred during the current period.
Previous report
For the nine months ended December 31, 2024, the net cash used in operating activities was $31.2 million which was primarily due to our net loss of $40.4 million, which includes $9.0 million of stock-based compensation, $2.5 million costs related to the extinguishment of the Loan and Security agreement with Avenue Capital Management II, L.P., as administrative agent and collateral agent, Avenue Venture Opportunities Fund, L.P. and Avenue Venture Opportunities Fund II, L.P. $2.2 million of depreciation and amortization, $1.6 million in prepayments and other assets, $0.9 million in amortization of debt discount, offset by $ 4.5 million of accrued expenses (which included ($4.5) million of the payment of the final tranche with Circassia Limited and its affiliates and ($2.9) million for the Hudson settlement and ($7.6) million attributable to the resolution of Empery Asset Master, Ltd. Et AL, vs AIT Therapeutics Inc.), and $1.6 million change in the fair value of the warrant and derivative liabilities.
Previous report
Net cash provided by financing activities for the nine months ended December 31, 2024 was $12.1 million, mainly from the issuance of securities through securities purchase agreements which the net proceeds were $18.8 million, $11.3 million payment received on the loan agreement, and the issuance of common stock in connection with the At-The-Market Offering Sales Agreement with Truist Securities, Inc (the “2022 ATM”) of $0.6 million partially offset by $18.7 million from the payment of short-term loans, including a $17.5 million repayment to Avenue Capital.
Previous report
On November 1, 2024, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) for a secured loan with certain lenders, including its Chief Executive Officer Steven Lisi and director Robert Carey, for an aggregate principal amount of $11.5 million. The Loan Agreement was approved by each of the Company’s independent and disinterested directors, following the receipt of a recommendation from an independent investment bank. The Loan Agreement provides for the following terms: (i) principal amount of $11,500,000; (ii) ten-year term; (iii) interest of 15% per annum, of which 3% shall be payable in cash and 12% payable in kind through June 30, 2026 and thereafter all in cash; (iv) a royalty interest of 8% of the Company’s net sales on a quarterly basis from July 2026 until the facility is repaid in full; (v) the Company’s obligations will be secured by substantially all of the Company’s assets and (vi) the Company issued the lenders warrants to purchase shares of the Company’s common stock at an exercise price, adjusted for the 2025 Reverse Stock Split, of $7.586 per share.
Previous report
On June 2, 2025, the Company received $2.0 million of advanced financing from a director that is also an existing lender under its Loan Agreement. On November 3, 2025, the Company amended and restated the original Loan Agreement (as amended, the “Amended Loan Agreement”) to provide for and finalize the terms of the $2.0 million Additional Loans and the issuance of new five-year warrants to purchase up to 512,821 shares of the Company’s common stock (the “Supplemental Warrants”) with an exercise price of $1.95 per share and subject to the same terms and conditions applicable to the existing warrants issued under the original Loan Agreement (the “2024 Debt Warrants”). Concurrently, the parties entered into a waiver agreement pursuant to which the Lender consented to the Company’s issuance of the Note in exchange for reducing the exercise price of the 2024 Debt Warrants from $7.59 per share to $1.95 per share.
Previous report
On February 10, 2025, we entered into the At-The Market Offering Sales Agreement with BTIG, Inc. (the “2025 ATM”). Under the 2025 ATM, we may sell shares of our common stock having aggregate sales proceeds of up to $35.0 million, from time to time and at various prices. Pursuant to the “baby shelf rules” promulgated by the SEC, if our public float is less than $75.0 million as of specified measurement periods, the number of shares of common stock that may be offered and sold by us under a Form S-3 registration statement, including pursuant to the 2025 ATM, in any twelve-month period is limited to an aggregate amount that does not exceed one-third of our public float. As of December 31, 2025, due to the SEC’s “baby shelf rules,” we are permitted to sell up to $0 million of shares of common stock pursuant to the 2025 ATM. We will remain subject to the “baby shelf rules” under the Form S-3 registration statement until such time as our public float exceeds $75.0 million. If shares of our common stock are sold, there is a 2.5% fee paid to the sales agent.
Previous report
On September 8, 2025, we entered into an inducement offer letter agreement (“Inducement Letter”) with certain holders of our existing common stock purchase warrants (“Existing Warrants”). Pursuant to the Inducement Letter, such holders immediately exercised some or all of their respective outstanding Existing Warrants to purchase up to an aggregate of 1,439,128 shares of common stock at a reduced exercise price of $2.21. The proceeds to the Company from the exercise of the Existing Warrants were approximately $2.9 million, net of placement agent fees and other offering expenses of $0.2 million and $0.1 million, respectively. In consideration of the inducement offer, the Company issued new common stock warrants to purchase up to 719,562 shares of common stock for a purchase price of $0.125 per share of common stock underlying the new warrant. The new warrants have an exercise price of $2.21 per share and are immediately exercisable, with a term of five years from the issuance date.
Previous report
On November 4, 2025, the Company entered into and closed on a note purchase agreement (the “Note Purchase Agreement”) with Streeterville Capital LLC (“Streeterville” or “Investor”), which provided for the issuance of a secured promissory note in the principal amount of $12.0 million (the “Note”). The principal amount of the Note is due 24 months following the date of issuance. Interest will accrue at the rate of 15% per annum, with no interest accruing for the first 12 months following issuance; provided however, that Streeterville is guaranteed 12 months of interest, of $1.8 million even if the Note is redeemed or prepaid prior to the maturity date. Of the total $12.0 million Note, $6.0 million will be placed in a restricted account and will be accessible by the Company as the first $6.0 million is repaid.
Previous report
Also on November 4, 2025, the Company entered into an equity purchase agreement (the “Purchase Agreement”) with Streeterville for the purchase of up to $20.0 million of the Company’s shares of common stock. In connection with the Purchase Agreement, the Company and Streeterville entered into a registration rights agreement (the “Registration Rights Agreement”), pursuant to which the Company agreed to file with the Securities and Exchange Commission a registration statement (the “Registration Statement”) covering the resale of the shares by November 24, 2025. Pursuant to the Purchase Agreement, upon effectiveness of the Registration Statement and so long as there is no balance outstanding on the Note, the Company shall have the right, but not the obligation, to direct Streeterville, by its delivery to Streeterville of a put notice from time to time during a period of up to two years, to purchase newly issued shares of the Company’s common stock, subject to customary limitations.
Previous report
On January 14, 2026, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with an institutional investor. Pursuant to the Purchase Agreement, the Company sold to the investor, and the investor purchased from the Company, in a private placement offering, an aggregate of (i) 524,990 shares (the “Shares”) of the Company’s common stock, at a purchase price of $1.272 per Share, (ii) pre-funded warrants to purchase up to 3,405,828 shares of Common Stock (the “Pre-funded Warrants”) at a purchase price of $1.2719 per Pre-funded Warrant and (iii) warrants to purchase up to 3,930,818 shares of Common Stock (the “Common Warrants”, and together with the Pre-funded Warrants the “Warrants”), for aggregate gross proceeds under the Purchase Agreement of $5,000,000. The Pre-funded Warrants have an exercise price of $0.0001 per share, and the Common Warrants have an exercise price of $1.147 per share. The offering closed on January 16, 2026, on satisfaction of customary closing conditions.
Previous report
With respect to Beyond Cancer, discussions with investors continue in parallel to the advancement to a phase 1b combination study of UNO with anti-PD1 therapy.
Previous report
The recent $2.7 million funding for NeuroNOS is closed at this time.
Reworded paragraphs (30)
Previous wording
On November 26, 2024, the Company received European CE mark approval of the LungFit PH® system for the following:
Current wording
In November 2024, the Company received European CE mark approval of the LungFit PH® system for the following:
Previous wording
With Beyond Air’s focus on NO and its effect on the human condition, there are two additional programs that do not utilize our LungFit®system. Through our majority-owned affiliate Beyond Cancer, Ltd. (“Beyond Cancer”), NO is used to target solid tumors. The LungFit®platform is not utilized for the solid tumor indication due to the need for ultra-high concentrations of gaseous nitric oxide (“UNO”). A proprietary delivery system has been developed that is designed to safely deliver UNO in excess of 10,000 ppm directly to a solid tumor. This program is currently in phase 1 human clinical trial.
Current wording
With Beyond Air’s focus on NO and its effect on the human condition, there are two additional programs that do not utilize our LungFit®system. Through our majority-owned affiliate Beyond Cancer, Ltd. (“Beyond Cancer”), NO is used to target solid tumors. The LungFit®platform is not utilized for the solid tumor indication due to the need for ultra-high concentrations of gaseous nitric oxide (“UNO”). A proprietary delivery system has been developed that is designed to safely deliver UNO in excess of 10,000 ppm directly to a solid tumor. This program recently completed a phase 1 human clinical trial.
Previous wording
The second program, which does not utilize the LungFit® platform, partially inhibits neuronal nitric oxide synthase (“nNOS”) in the brain to treat neurological conditions. The first target indication is autism spectrum disorder (“ASD”). On June 15, 2023, the Company announced that it has entered into an agreement with Yissum Research Development Company of the Hebrew University of Jerusalem, LTD. (the “University”) to acquire the commercial rights for nNOS inhibitors being developed for the treatment of ASD and other neurological conditions. Currently, there are no FDA-approved therapies specifically for the treatment of ASD. Under the terms of the agreement, Beyond Air shall pay to the University compensation for pre-clinical work over the three-year period from the date of the agreement. Also, the Company will pay to the University a low single-digit royalty on net sales and certain one-time payments based on clinical, regulatory and sales milestones. Development timing is under review pending a proposed sale to XTL Biopharmaceutical Ltd.
Current wording
The second program, which does not utilize the LungFit® platform, partially inhibits neuronal nitric oxide synthase (“nNOS”) in the brain to treat neurological and neuro-oncology conditions. The first target indication is autism spectrum disorder (“ASD”). On June 15, 2023, the Company announced that it has entered into an agreement with Yissum Research Development Company of the Hebrew University of Jerusalem, LTD. (the “University”) to acquire the commercial rights for nNOS inhibitors being developed for the treatment of ASD and other neurological conditions. Currently, there are no FDA-approved therapies specifically for the treatment of ASD. Under the terms of the agreement, Beyond Air shall pay to the University compensation for pre-clinical work over the three-year period from the date of the agreement. Also, the Company will pay to the University a low single-digit royalty on net sales and certain one-time payments based on clinical, regulatory and sales milestones.
Previous wording
On March 24, 2025, Beyond Air reorganized its neurology business into a new private company called NeuroNOS Limited (“NeuroNOS”). Beyond Air’s infrastructure, for example regulatory, quality, legal, etc, is currently supporting the NeruoNOS team. Beyond Air has 84.75% ownership in NeuroNOS.
Current wording
On March 24, 2025, Beyond Air reorganized its neurology business into a new private company called NeuroNOS Limited (“NeuroNOS”). Beyond Air’s infrastructure, for example regulatory, quality, legal, etc, is currently supporting the NeuroNOS team. Beyond Air currently has 71.6% ownership in NeuroNOS.
Previous wording
On November 26, 2024, the company received European CE mark approval of the LungFit PH® system for the following:
Current wording
In November 2024, the company received European CE mark approval of the LungFit PH® system for the following:
Previous wording
We submitted a PMA supplement to the FDA in November 2023 for the expansion of the label to include certain cardiac surgeries. The submission has been withdrawn in favor of our submission of our second generation LungFit PH. According to the most recent year-end report from Mallinckrodt Pharmaceuticals (“Mallinckrodt”), sales of NO were $261.4 million in 2024 (down from $303.2 million in 2023) for the United States, Canada, Japan, Mexico and Australia, with ~90% in the United States. Outside of the U.S. there are multiple market participants which translates to considerably lower relative sales than in the U.S. We believe the U.S. sales potential of LungFit®PH to be approximately $350 million and worldwide sales potential to be approximately $700 million or greater. We initiated the first phase of our commercial launch in July 2022 (the limited launch phase to introduce Lungfit® PH and Beyond Air to hospitals), and entered into phase 2 (target initial market share gains in certain geographies) with an expanded commercial presence during the spring of 2023 in the U.S. We recently entered the final phase of our launch process where we will equip our commercial organization to become the market leader in the U.S. in a few years. Since receiving CE Mark in late November, 2024, we have received regulatory approvals in more than 10 other countries outside of the United States and EU. Additionally, we have signed distribution agreements covering 40 countries outside of the United States. We anticipate significant contribution to revenues in fiscal 2026 and beyond from these and future partnerships.
Current wording
We initiated the first phase of our commercial launch in July 2022 (the limited launch phase to introduce Lungfit® PH and Beyond Air to hospitals), and entered into phase 2 (target initial market share gains in certain geographies) with an expanded commercial presence during the spring of 2023 in the U.S. Since receiving CE Mark in late November 2024, we have received regulatory approvals in more than 27 other countries outside of the United States and EU. Additionally, we have signed distribution agreements covering over 40 countries outside of the United States. We anticipate significant contribution to revenues in fiscal 2027 and beyond from these and future partnerships.
Previous wording
Viral pneumonia in adults is most commonly caused by rhinovirus, respiratory syncytial virus (“RSV”) and influenza virus. However, newly emerging viruses (including SARS-CoV-1, SARS-CoV-2, avian influenza A, and H1N1 viruses) have been identified as pathogens contributing to the overall burden of adult viral pneumonia. COVID-19 is an infectious disease caused by SARS-CoV-2, that resulted in a global pandemic, causing millions of hospitalizations and over 7 million deaths worldwide reported as of January 2024, according to the World Health Organization. Excluding the pandemic, there are approximately 350,000 annual viral pneumonia hospitalizations in the U.S., and up to 16 million annual viral pneumonia hospitalizations globally. For the broader annual viral pneumonia hospitalizations, we believe U.S. market potential to be greater than $1.5 billion and worldwide market potential to be greater than $3 billion.
Current wording
Viral pneumonia in adults is most commonly caused by rhinovirus, respiratory syncytial virus (“RSV”) and influenza virus. However, newly emerging viruses (including SARS-CoV-1, SARS-CoV-2, avian influenza A, and H1N1 viruses) have been identified as pathogens contributing to the overall burden of adult viral pneumonia. COVID-19 is an infectious disease caused by SARS-CoV-2, that resulted in a global pandemic, causing millions of hospitalizations and over 7.1 million deaths worldwide reported as of March 2026, according to the World Health Organization. Excluding the pandemic, there are approximately 350,000 annual viral pneumonia hospitalizations in the U.S., and up to 16 million annual viral pneumonia hospitalizations globally. For the broader annual viral pneumonia hospitalizations, we believe U.S. market potential to be greater than $1.5 billion and worldwide market potential to be greater than $3 billion.
Previous wording
Following completion of the clinical trial and the 180-day follow-up period, incremental data were provided in a poster presentation at IDWeek 2022. In addition to the positive clinical results provided at ECCMID 2022, the poster showed a larger decline in c-reactive protein (“CRP”) from baseline for patients treated with NO + SST compared to the control group. Analysis of the data provides compelling evidence that high concentration NO delivery with the LungFit® PRO generator and delivery system can be a powerful tool against any type of pneumonia, especially COVID-19. The Company commenced a clinical trial in the second half of calendar 2023 in the United States and made the decision to pause this study pending future funding.
Current wording
Following completion of the clinical trial and the 180-day follow-up period, incremental data were provided in a poster presentation at IDWeek 2022. In addition to the positive clinical results provided at ECCMID 2022, the poster showed a larger decline in c-reactive protein (“CRP”) from baseline for patients treated with NO + SST compared to the control group. Analysis of the data provides compelling evidence that high concentration NO delivery with the LungFit® PRO generator and delivery system can be a powerful tool against any type of pneumonia, especially COVID-19. The Company commenced a clinical trial in the second half of calendar 2023 in the United States and made the decision to terminate this study.
Previous wording
In December 2020 we began a 12-week, multi-center, open-label clinical trial in Australia intended to enroll approximately 20 adult patients with chronic refractory NTM lung disease. We received a grant of up to $2.17 million from the Cystic Fibrosis Foundation (“CFF”) to fund this clinical trial and advance the clinical development of inhaled NO to treat NTM pulmonary disease. The trial enrolled both cystic fibrosis (“CF”) and non-CF patients infected with MAC,M. abscessusor any strain of NTM. The clinical trial consisted of a run-in period followed by two treatment phases. The run-in period provided a baseline for the efficacy endpoints. The first treatment phase took place over a two-week period and began in the hospital setting where patients were titrated from 150 ppm NO up to 250 ppm NO over several days. During this phase patients received NO for 40 minutes, four times per day while Methemoglobin (“MetHb”) levels were monitored. Patients were also trained to use LungFit® GO and subsequently discharged to complete the remaining portion of the two-week treatment period at their home at the highest tolerated NO concentration. For the second treatment phase, a 10-week maintenance phase, the administration was twice daily. The clinical trial evaluated safety, quality of life, physical function, and bacterial load among other parameters.
Current wording
In December 2020 we began a 12-week, multi-center, open-label clinical trial in Australia intended to enroll approximately 20 adult patients with chronic refractory NTM lung disease. We received a grant of up to $2.17 million from the Cystic Fibrosis Foundation (“CFF”) to fund this clinical trial and advance the clinical development of inhaled NO to treat NTM pulmonary disease. The trial enrolled both cystic fibrosis (“CF”) and non-CF patients infected with MAC,M. abscessusor any strain of NTM. The clinical trial consisted of a run-in period followed by two treatment phases. The run-in period provided a baseline for the efficacy endpoints. The first treatment phase took place over a two-week period and began in the hospital setting where patients were titrated from 150 ppm NO up to 250 ppm NO over several days. During this phase patients received NO for 40 minutes, four times per day while Methemoglobin (“MetHb”) levels were monitored. Patients were also trained to use LungFit® GO and subsequently discharged to complete the remaining portion of the two-week treatment period at their home at the highest tolerated NO concentration. For the second treatment phase, a 10-week maintenance phase, the administration was twice daily at 250 ppm NO. The clinical trial evaluated safety, quality of life, physical function, and bacterial load among other parameters.
Previous wording
At the American Thoracic Society International Conference 2022 (ATS 2022), we presented positive interim data from the ongoing clinical trial. At the time of data cutoff on April 4, 2022, a total of 15 patients were enrolled in the pilot clinical trial. The mean age of patients was 62.1 years (range: 22 – 82 years) with the majority female (80%), a distribution consistent with real-world NTM disease. All 15 patients were successfully titrated to 250 ppm NO in the hospital setting, and no patients required dose reductions during the subsequent at-home portion of the clinical trial. Patients were followed up for 12 weeks after the 12-week treatment period was completed.
Current wording
At the American Thoracic Society International Conference 2022 (ATS 2022), we presented positive interim data from the aforementioned clinical trial. At the time of data cutoff on April 4, 2022, a total of 15 patients were enrolled in the pilot clinical trial. The mean age of patients was 62.1 years (range: 22 – 82 years) with the majority female (80%), a distribution consistent with real-world NTM disease. All 15 patients were successfully titrated to 250 ppm NO in the hospital setting, and no patients required dose reductions during the subsequent at-home portion of the clinical trial. Patients were followed up for 12 weeks after the 12-week treatment period was completed.
Previous wording
In the fourth calendar quarter of 2021, Beyond Cancer, our majority-owned affiliate, raised $30.0 million in a private placement of common shares. The investors purchased a 20% equity ownership in Beyond Cancer, while Beyond Air maintained 80% equity ownership. The funding is being used to accelerate ongoing preclinical work, including the completion of IND-enabling studies, completion of a Phase 1 human clinical trial, expansion of preclinical programs for combination studies, hiring of additional Beyond Cancer team members, and optimization of the delivery system, as well as for general corporate purposes.
Current wording
In the fourth calendar quarter of 2021, Beyond Cancer, our majority-owned subsidiary, raised $30.0 million in a private placement of common shares. The investors purchased a 20% equity ownership in Beyond Cancer, while Beyond Air maintained 80% equity ownership. The funding is being used to accelerate ongoing preclinical work, including the completion of IND-enabling studies, completion of a Phase 1 human clinical trial, expansion of preclinical programs for combination studies, hiring of additional Beyond Cancer team members, and optimization of the delivery system, as well as for general corporate purposes.
Previous wording
Beyond Cancer will benefit from Beyond Air’s NO expertise, IP portfolio, preclinical oncology team, and regulatory progress, and will pay Beyond Air a single-digit royalty on all future revenues. Beyond Cancer is being led by a seasoned leadership team with experience in emerging healthcare companies and clinical oncology.
Current wording
Beyond Cancer will benefit from Beyond Air’s NO expertise, IP portfolio, and regulatory progress, and will pay Beyond Air a single-digit royalty on all future revenues.
Previous wording
A Phase 1b trial protocol was approved by the Israeli Ministry of Health (IMOH) in December 2024. This trial will enroll up to 15 subjects with prior exposure to anti-PD-1 antibody that have either progressed, not achieved a response, or have prolonged stable disease (12 weeks) on single agent anti-PD-1 without radiographic evidence of continued tumor reduction. Subjects enrolled in the Phase 1b trial will be treated with the UNO + anti-PD-1 combination. Both safety and efficacy will be evaluated. Timing of the initiation of the study is under review.
Current wording
A Phase 1b trial protocol was approved by the Israeli Ministry of Health (IMOH) in December 2024. The initiation of the study is pending future funding.
Previous wording
On June 15, 2023, we announced that we had entered into an agreement with Yissum Research Development Company of the Hebrew University of Jerusalem, LTD. (the “University”) to acquire the commercial rights for neuronal nitric oxide synthase (nNOS) inhibitors being developed for the treatment of autism spectrum disorder (“ASD”) and other neurological conditions. Currently, there are no FDA-approved therapies utilizing nNOS inhibitors specifically for the treatment of ASD. Under the terms of the agreement, Beyond Air shall pay to the University compensation for pre-clinical work over the two-year period from the date of the agreement. Also, we will pay a low single-digit royalty on net sales and certain one-time payments based on clinical, regulatory and sales milestones.
Current wording
On June 15, 2023, we announced that we had entered into an agreement with Yissum Research Development Company of the Hebrew University of Jerusalem, LTD. (the “University”) to acquire the commercial rights for neuronal nitric oxide synthase (nNOS) inhibitors being developed for the treatment of autism spectrum disorder (“ASD”) and other neurological conditions. Currently, there are no FDA-approved therapies utilizing nNOS inhibitors specifically for the treatment of ASD. Under the terms of the agreement, Beyond Air shall pay to the University compensation for pre-clinical work over the three-year period from the date of the agreement. Also, we will pay a low single-digit royalty on net sales and certain one-time payments based on clinical, regulatory and sales milestones.
Previous wording
In the first calendar quarter of 2025, NeuroNos, our majority-owned affiliate, raised $2.0 million in a private placement of common shares. An additional $0.5 million and $0.2 million was raised in the private placement offering during the third and fourth calendar quarter of 2025, respectively. In total, the investors purchased a 15.25% equity ownership in NeuroNos, while Beyond Air maintained 84.75% equity ownership. The private placement is closed to investment at this time. The funding is being used to accelerate ongoing preclinical work, including IND-enabling studies as well as for general corporate purposes.
Current wording
In the first calendar quarter of 2025, NeuroNos, our majority-owned affiliate, raised $2.0 million in a private placement of common shares. An additional $3.9 million has been raised in the private placement offering. In total, the investors purchased a 28.4% equity ownership in NeuroNos, while Beyond Air maintained 71.6% equity ownership. The funding is being used to accelerate ongoing preclinical work, including IND-enabling studies as well as for general corporate purposes.
Previous wording
A summary of our critical accounting estimates is discussed in the section entitled “Critical Accounting Estimates” inItem 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K. There were no material changes to our critical accounting estimates for the nine months ended December 31, 2025.
Current wording
A summary of our critical accounting estimates is discussed in the section entitled “Critical Accounting Estimates” inItem 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K. There were no material changes to our critical accounting estimates for the three months ended June 30, 2026.
Previous wording
Below are the results of operations for the three and nine months ended December 31, 2025 and December 31, 2024:
Current wording
Below are the results of operations for the three months ended June 30, 2026 and June 30, 2025:
Previous wording
Comparison of Three and Nine Months Ended December 31, 2025 with the Three and Nine Months Ended December 31, 2024
Current wording
Comparison of Three Months Ended June 30, 2026 with the Three Months Ended June 30, 2025
Previous wording
Revenue was $2.2 million and $1.1 million for the three months ended December 31, 2025 and December 31, 2024, respectively. Cost of revenue of $1.9 million and gross profit of $0.3 million were recognized for the three months ended December 31, 2025, compared to a cost of revenue of $1.3 million and gross losses of $0.2 million for the three months ended December 31, 2024.
Current wording
Revenue was $1.8 million during each of the three months ended June 30, 2026 and June 30, 2025. Cost of revenue of $1.5 million and gross profit of $0.2 million were recognized for the three months ended June 30, 2026, compared to a cost of revenue of $1.6 million and gross profit of $0.2 million for the three months ended June 30, 2025.
Previous wording
Research and development expenses for the three months ended December 31, 2025 were $2.4 million as compared to $3.0 million for the three months ended December 31, 2024. The decrease of $0.6 million was primarily attributed to decreases in salaries of $0.4 million ($0.2 million in Beyond Air and $0.3 million in Beyond Cancer, partially offset by increase of $0.1 million in NeuroNos), and a reduction in Gen II device development costs of $1.1 million, partially offset by increased stock-based compensation costs $1.2 million ($1.6 million in Beyond Cancer partially offset by decrease of $0.4 million in Beyond Air).
Current wording
Research and development expenses for the three months ended June 30, 2026 were $2.0 million as compared to $3.1 million for the three months ended June 30, 2025. The decrease of $1.1 million was primarily attributed to a decrease in spend in salaries $0.3 million ($0.2 million in Beyond Air and $0.1 million in Beyond Cancer), stock-based compensation costs $0.2 million in Beyond Air, pre-clinical studies $0.2 million in NeuroNos, clinical studies $0.2 million in Beyond Air, and a reduction in Gen II device development costs of $0.2 million in Beyond Air.
Previous wording
Net loss attributed to non-controlling interests for the three months ended December 31, 2025, was $0.3 million, compared to $0.3 million for the three months ended December 31, 2024. Net loss attributed to non-controlling interests for the nine months ended December 31, 2025, was $1.0 million, compared to $1.8 million for the nine months ended December 31, 2024. Non-controlling interests represent 20% of the net loss of our Beyond Cancer subsidiary and the applicable ownership structure during each quarterly reporting period of the net loss of our NeuroNos subsidiary.
Current wording
Net loss attributed to non-controlling interests for the three months ended June 30, 2026, was $0.2 million, compared to $0.4 million for the three months ended June 30, 2025. Non-controlling interests represent the minority interest percentage of our Beyond Cancer and NeuroNos subsidiaries at the applicable ownership structure during the quarterly reporting period.
Previous wording
Net loss attributed to common stockholders of Beyond Air, Inc for the three months ended December 31, 2025, was $7.3 million or a loss of $0.85 per share, basic and diluted. Our net loss attributed to common stockholders of Beyond Air, Inc for the three months ended December 31, 2024 was $13.0 million or a loss of $2.96 per share, basic and diluted.
Current wording
Net loss attributed to common stockholders of Beyond Air, Inc for the three months ended June 30, 2026, was $7.9 million or a loss of $11.00 per share, basic and diluted. Our net loss attributed to common stockholders of Beyond Air, Inc for the three months ended June 30, 2025 was $7.7 million or a loss of $30.67 per share, basic and diluted.
Previous wording
Below is a summary of our cash flows activities for the nine months ended December 31, 2025 and December 31, 2024:
Current wording
Below is a summary of our cash flows activities for the three months ended June 30, 2026 and June 30, 2025:
Previous wording
For the nine months ended December 31, 2025 the net cash used in operating activities was $13.2 million which was primarily due to our net loss of $23.9 million, which includes $4.9 million of stock-based compensation, $2.4 million of depreciation and amortization, and $1.3 million of paid in kind interest associated with the Loan Agreement, $0.5 million provision for inventory losses, and $0.4 million loss on disposal of fixed assets, in addition to $0.9 million in prepayments and other assets.
Current wording
For the three months ended June 30, 2025, the net cash used in operating activities was $4.5 million which was primarily due to our net loss of $8.1 million, which includes $1.6 million of stock-based compensation, $0.8 million of depreciation and amortization, $0.6 million in prepayments and other assets, and $0.4 million of paid in kind interest and amortization of debt discount associated with the Loan Agreement.
Previous wording
For the nine months ended December 31, 2025, net cash used in investing activities was $3.2 million which was mainly attributable to a net purchase of investments in marketable securities of $2.7 million and invested $0.5 million for the purchase of property and equipment, mainly LungFit PH devices.
Current wording
For the three months ended June 30, 2026, net cash provided by investing activities was $0.5 million. In the three months ended June 30, 2026, the Company redeemed a net $0.6 million of excess cash in high quality, short term, U.S. dollar denominated marketable equities with high liquidity and invested $0.2 million for the purchase of property and equipment, mainly LungFit PH devices.
Previous wording
For the nine months ended December 31, 2024, net cash provided by investing activities was $12.3 million which was mainly attributable to a net redemption of investments in marketable securities of $16.7 million and invested $4.4 million for the purchase of property and equipment, mainly LungFit PH devices.
Current wording
For the three months ended June 30, 2025, net cash provided by investing activities was $0.6 million. In the three months ended June 30, 2025, the Company redeemed a net $0.8 million of excess cash in high quality, short term, U.S. dollar denominated marketable equities with high liquidity and invested $0.2 million for the purchase of property and equipment, mainly LungFit PH devices.
Previous wording
Net cash provided by financing activities for the nine months ended December 31, 2025 was $24.2 million, mainly from the issuance of common stock in connection with the At-The-Market Offering Sales Agreement with BTIG, Inc (the “2025 ATM”) of $8.1 million in addition to $3.0 million from the issuance of common stock in connection with the warrant inducement and issuance of additional warrants. Additionally, the Company received $2.0 million of Additional Loans from a related party, a director of the Company who is also an existing lender under its Loan Agreement. Further, the Company entered into the Note Purchase Agreement with Streeterville, which provided for the issuance of the Note in the principal amount of $12.0 million, partially offset by $1.0 million of fees paid at closing.
Current wording
Net cash provided by financing activities for the three months ended June 30, 2025 was $4.1 million, mainly from the issuance of common stock in connection with the At-The-Market Offering Sales Agreement with BTIG, Inc (the “2025 ATM”) of $2.4 million in addition to $2.0 million of advanced financing to the Company from a related party, a director of the Company who is also an existing lender under its Loan Agreement.
Previous wording
We have generated revenue of $10.7 million from the sale of products to date. We had an operating cash flow decrease of $13.2 million for the nine months ended December 31, 2025 and we have experienced an accumulated loss of $309.3 million since inception through December 31, 2025. As of December 31, 2025, we had cash, cash equivalents and marketable securities of $11.7 million and $6.2 million in restricted cash.
Current wording
We had an operating cash flow decrease of $4.9 million for the three months ended June 30, 2026 and we have experienced an accumulated loss of $327.5 million since inception through June 30, 2026. As of June 30, 2026, we had cash, cash equivalents and marketable securities of $9.8 million and $5.4 million in restricted cash.
Previous wording
Management is confident that the efforts to arrange financing as described below, while not assured, will enable them to meet the Company’s obligations.
Current wording
Management is confident that the efforts to arrange financing, while not assured, will enable them to meet the Company’s obligations.
Previous wording
Our ability to continue to operate beyond the fourth fiscal quarter of 2027 will be largely dependent upon the successful commercial launch of LungFit® PH, obtaining partners in other parts of the world, the timing of the FDA approval for LungFit PH 2 and possibly raising additional funds to finance our activities until we are generating cash flow from operations. Further, there are no assurances that we will be successful in obtaining an adequate level of financing for the development and commercialization of our other product candidates.
Current wording
Our ability to continue to operate beyond the first fiscal quarter of 2028 will be largely dependent upon the successful commercial launch of LungFit® PH, obtaining partners in other parts of the world, the timing of the FDA approval for LungFit PH 2 and possibly raising additional funds to finance our activities until we are generating cash flow from operations. Further, there are no assurances that we will be successful in obtaining an adequate level of financing for the development and commercialization of our other product candidates.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For the three months ended June 30, 2026, the net cash used in operating activities was $4.9 million which was primarily due to our net loss of $8.2 million, which includes $1.1 million of stock-based compensation, $0.8 million of depreciation and amortization, and $0.5 million of paid in kind interest and amortization of debt discount associated with the Loan Agreement.
Current report — wording carried from elsewhere
Net cash provided by financing activities for the three months ended June 30, 2026 was $3.1 million, mainly from the issuance of NeuroNos common stock.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Revenue was $5.8 million and $2.6 million for the nine months ended December 31, 2025 and December 31, 2024, respectively. Cost of revenue of $5.6 million and gross profit of $0.2 million were recognized for the nine months ended December 31, 2025, compared to a cost of revenue of $4.2 million and gross losses of $1.6 million for the nine months ended December 31, 2024.
Previous report — wording carried elsewhere
Net loss attributed to common stockholders of Beyond Air, Inc for the nine months ended December 31, 2025, was $23.0 million or a loss of $3.44 per share, basic and diluted. Our net loss attributed to common stockholders of Beyond Air, Inc for the nine months ended December 31, 2024 was $38.6 million or a loss of $12.77 per share, basic and diluted.