Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 1309

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 2
Chunk 1309
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ITIES

    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
$10.5
million in three installments, which have all been paid as of March 31, 2025. As of March 31, 2025 and March 31, 2024 $0.0
million and $4.5 million is included in accrued liabilities and $4.5 million was paid to Circassia as the final settlement payment in
September 2024. Additionally, beginning in year three post-approval, Circassia will receive
a quarterly royalty payment equal to 5%
of LungFit® PH net sales in the U.S. This royalty will terminate once the aggregate payment reaches $6.0
million. As of March 31, 2025, less than $0.1
million of royalty has been paid.

    F-27

BEYOND AIR, INC. AND SUBSIDIARIES

NOTES TO CONSOLID