Company: XAIR
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001493152-25-021561
Chunk: 57

Company: Beyond Air, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 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.

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 was raised in the private placement offering during the third calendar quarter of 2025. In total, the investors
purchased a 14.3% equity ownership in NeuroNos, while Beyond Air maintained 85.7% 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.

Work
is currently being done by the University in a preclinical setting. We expect this program to progress from preclinical to a phase 1
first-in-human clinical trial by the end of 2026.

Critical
Accounting Estimates

A
summary of our critical accounting estimates is discussed in the section entitled “Critical Accounting Estimates” in Item
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 six months ended September 30, 2025.

29

Results
of Operations and Comprehensive Loss

Below
are the results of operations for the three and six months ended September 30, 2025 and September 30, 2024:

(in
thousands, except share data)

    For the Three Months Ended  
    For the Six Months Ended 

    September 30,  
    September 30, 

    2025  
    2024  
    2025  
    2024 

    Revenues 
    $1,818  
    $798  
    $3,578  
    $1,481