Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 154

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 13
Chunk 154
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5 million in January 2023, six months after approval of the LungFit® by the FDA,
and issued 100,000 warrants to purchase the Company’s common stock valued at $0.3 million upon executing the NitricGen Agreement.
As of March 31, 2025 the remaining future milestone payments total $0.3 million.

Supply Agreement and Purchase Order

In August 2020, the Company entered into a supply
agreement with an initial expiration date of December 31, 2024. The agreement will renew automatically for successive three-year periods
unless and until the Company provides 12 months’ notice of intent not to renew. As of the date of this report, the Company has not
provided such notice. The Company has opened several non-cancellable purchase orders and the outstanding amount remaining under the purchase
order as of March 31, 2025 was approximately $0.4 million with this supplier. This supplier holds $4.4 million of restricted cash to partially
secure materials on the Company’s behalf recorded in other current assets and prepaid expenses.

Contingencies

From time to time, we are involved in various legal
matters arising in the normal course of business. We do not expect the outcome of such proceedings, either individually or in the aggregate,
to have a material effect on our financial position, cash flows or results of operations.

    F-31

BEYOND AIR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 14 VARIABLE INTEREST ENTITIES

On November 4, 2021,
the Company announced that Beyond Air and Beyond Cancer, Ltd agreed to terms to which the Company, through its subsidiaries would be
licensing certain intellectual property and other assets related to, or necessary for the development, commercialization,
manufacture and distribution of certain cancer treatment products and/or technologies to a subsidiary of the Company (the
“2021 Transaction”). In connection and concurrently with the closing of the 2021 Transaction, Beyond Cancer issued and
sold common shares, par value $1.00
to certain investors pursuant to a subscription agreement (the “2021 Offering”). The 2021 Offering consisted of an
aggregate of 3
million common shares of Beyond Cancer at a purchase price of $10.00
per share. On November 18, 2021, the Company announced that the maximum amount of shares offered had been purchased for a total of
$30
million (including