Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 1210

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 2
Chunk 1210
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 was paid on October 4, 2024. Avenue Capital invested $3.35 million in the
Securities Purchase Agreement II at the same terms and conditions as all other investors.

With respect to Beyond Cancer,
discussions with investors continue in parallel to the advancement to a phase 1b combination study of UNO with anti-PD1 therapy. Current
cash on hand is expected to be sufficient to complete the phase 1b study.

The recent $2.0 million funding
for NeuroNOS is still open as fundraising will continue for a period of time not to extend beyond the end of calendar 2025.

The accompanying consolidated
financial statements have been prepared assuming that the Company will continue operating as a going concern. This basis of accounting
contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business.

Our future capital needs and the
adequacy of our available funds will depend on many factors, including, but not necessarily limited to, the cost and time necessary for
the development, preclinical studies, clinical trials and certification or regulatory approval of our other medical devices, indications
as well as the commercial success of our approved product and any product candidates that receive marketing approval by the FDA. We may
be required to raise additional funds through sale of equity or debt securities or through strategic collaborations and/or licensing agreements
in order to fund operations until we are able to generate enough product or royalty revenues, if any. Financing may not be available on
acceptable terms, or at all, and our failure to raise capital when needed could have a material adverse effect on our strategic objectives,
results of operations and financial condition.

On May 25, 2021, the Company and
Circassia entered into a settlement agreement (“the Settlement Agreement”) resolving all claims by and between the parties
and mutually terminating the agreement with Circassia disclosed in Note 9 to our financial statements for the fiscal year ended March
31, 2025. Pursuant to the terms of the Settlement Agreement, the Company agreed to pay Circassia $10.5 million in three installments,
all of which has been paid. Additionally, beginning in the third fiscal quarter of 2025, Circassia will receive a quarterly royalty payment
equal to 5% of LungFit® PH net sales in the U.S. until the final $6.0 million has been paid. As of March 31, 2025, less
than $0.1 million of