Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 1682

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 5
Chunk 1682
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 (418)
  
    Present value of lease liabilities 
    $1,882 

    F-26

BEYOND AIR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 8 BASIC AND DILUTED NET LOSS PER SHARE OF
COMMON STOCK

In accordance with ASC 260, Earnings Per Share,
warrants that are accounted for as liabilities which are potentially dilutive have not been included in diluted earnings per share as
they would have been anti-dilutive during the year ended March 31, 2025.

The following potentially dilutive securities were
not included in the calculation of diluted net loss per share attributable to common stockholders of Beyond Air, Inc. because their effect
would have been anti-dilutive for the periods presented:

 SCHEDULE
OF POTENTIAL ANTI-DILUTIVE SECURITIES

    March 31, 2025  
    March 31, 2024 

    Common stock warrants 
     65,098,984  
     10,124,586 
  
    Common stock options 
     14,783,973  
     11,283,469 
  
    Restricted shares 
     365,300  
     618,900 
  
    Loan and Security Agreement conversion feature (Note 10) 
     -  
     1,390,176 
  
    Total 
     80,248,257  
     23,417,131 
  
    Anti-dilutive
    securities 
     80,248,257  
     23,417,131 

NOTE 9 CIRCASSIA AGREEMENT

On January 23, 2019, the Company entered into an agreement
for commercial rights (the “Circassia Agreement”) with Circassia Limited and its affiliates (collectively, “Circassia”)
for PPHN and future related indications at concentrations of < 80 ppm in the hospital setting in the United States and China. On December
18, 2019, the Company terminated the Circassia Agreement.

On May 25, 2021, the Company
and Circassia entered into a settlement agreement (the “Settlement Agreement”) resolving all claims by and between both parties
and mutually terminating the Circassia Agreement. Pursuant to the terms of the Settlement Agreement, the Company agreed to pay Circassia