Company: XAIR
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0001493152-25-005678
Chunk: 64

Company: Beyond Air, Inc.
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 1
Chunk 64
---
 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 will make payments to the University over the two-year period from the date of the agreement for preclinical work. Also, we will
pay a low single-digit royalty on net sales and certain one-time payments based on clinical, regulatory and sales milestones.

Work
is currently being done by the University in a preclinical setting. We expect the program to progress into a phase 1 first-in-human clinical
trial prior to the end of calendar year 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 nine months ended December 31, 2024.

 32 

Results
of Operations and Comprehensive Loss

Below
are the results of operations for the three and nine months ended December 31, 2024 and December 31, 2023:

(in
thousands)

    For the Three Months Ended  
    For the Nine Months Ended 

    December 31,  
    December 31, 

    2024  
    2023  
    2024  
    2023 

    Revenue 
    $1,072  
    $391  
    $2,553  
    $689 

    Cost of revenue 
     1,287  
     748  
     4,184  
     1,483 

    Gross loss 
     (215) 
     (356) 
     (1,631) 
     (794)

    Research and development 
     (3,005) 
     (6,838) 
     (13,599) 
     (18,664)
  
    General and administrative 
     (7,732) 
     (9,768) 
     (22,133) 
     (30,915)
  
    Operating expenses 
     (10,737) 
     (16,606