Company: XAIR
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023243
Chunk: 18

Company: Beyond Air, Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 on July 14, 2025. There was no change to the number of authorized shares of the
Company’s common stock or the par value per share of common stock. Any fraction of a share of common stock created as a result
of the 2025 Reverse Stock Split was rounded up to the nearest whole share.

All share and per share information in
these accompanying condensed consolidated financial statements have been retroactively adjusted to reflect the 2025 Reverse Stock Split
for all periods presented. In addition, (i) a proportionate adjustment has been made to the per share exercise price and the number of
shares issuable upon the exercise of all outstanding stock options and warrants to purchase shares of common stock, and (ii) the number
of shares reserved for issuance pursuant to the 2013 Beyond Air Equity Incentive Plan has been reduced proportionately.

    9

BEYOND
AIR, INC. AND SUBSIDIARIES

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE
2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES

Basis
of Presentation

The
unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles
in the United States (“U.S. GAAP”) for interim financial information and with the instructions to the Form 10-Q. Accordingly,
they do not include all the information and footnotes required to be presented for complete financial statements. The accompanying unaudited
condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring items) which are, in the opinion
of management, necessary for a fair presentation of the results for the interim periods presented. The accompanying unaudited condensed
consolidated balance sheet as of March 31, 2025 has been derived from the audited consolidated financial statements included in the Company’s
Annual Report on Form 10-K for the year ended March 31, 2025 (the “2025 Annual Report”), filed with the U.S. Securities and
Exchange Commission (the “SEC”) on June 20, 2025. The unaudited condensed consolidated financial statements and related disclosures
should be read in conjunction with the Company’s audited consolidated financial statements and the related notes thereto included
in the 2025 Annual Report on Form 10-K.

Principles
of Consolidation

These
unaudited condensed consolidated financial statements include the