Company: XAIR
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001493152-25-021561
Chunk: 19

Company: Beyond Air, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 Marketable securities: 

    Mutual
    funds 
     996  
     2,252 
  
    Total marketable securities 
    $996  
    $2,252 

    Total cash, cash equivalents,
    marketable securities and restricted cash 
    $10,858  
    $7,148 

    13

BEYOND
AIR, INC. AND SUBSIDIARIES

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE
2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued)

Research
and Development

Research
and development expenses are charged to the unaudited condensed consolidated statements of operations and comprehensive loss as incurred.
Research and development expenses include salaries, benefits, stock-based compensation and costs incurred by outside laboratories, manufacturers,
clinical research organizations, consultants, and accredited facilities in connection with preclinical studies and clinical trials. Research
and development expenses are partially offset by the benefit of tax incentive payments for qualified research and development expenditures
from the Australian tax authority (“AU Tax Rebates”). The Company does not record AU Tax Rebates until payment is received
due to the uncertainty of receipt. For the six months ended September 30, 2025 and September 30, 2024, the Company received $0.1 million
and $0, respectively, in AU Tax Rebates.

Supplier
Concentration

The
Company relies on third-party suppliers to provide materials for its devices and consumables.

In
the three months ended September 30, 2025, the Company purchased approximately 90% of its materials from two third-party vendors, with
these vendors representing 71% and 19%, respectively. In the three months ended September 30, 2024, the Company purchased approximately
86% of its materials from two third-party vendors, with these vendors representing 76% and 10%, respectively.

In
the six months ended September 30, 2025, the Company purchased approximately 90% of its materials from two third-party vendors, with
these vendors representing 66% and 24%, respectively. In the six months ended September 30, 2024, the Company purchased approximately
90% of its materials from two third-party vendors, with these vendors representing 84% and 6%, respectively.

Leases

Operating
lease assets are included within operating lease right-of-use assets, and