Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 598

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 1
Chunk 598
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 license under the applicable patents, or until such patents expire or are finally
determined to be invalid or unenforceable.

Similarly, if any third-party
patents were held by a court of competent jurisdiction to cover aspects of our formulations, processes for manufacture or methods of use,
the holders of any such patents may be able to block our ability to develop and commercialize our approved product or the applicable product
candidate unless we obtained a license or until such patent expires or is finally determined to be invalid or unenforceable. In either
case, such a license may not be available on commercially reasonable terms or at all.

Parties making claims against
us may obtain injunctive or other equitable relief, which could effectively block our ability to further develop and further commercialize
our approved product or one or more of our product candidates. Defense of these claims, regardless of their merit, would involve substantial
litigation expense and would be a substantial diversion of employee resources from our business. In the event of a successful claim of
infringement against us, we may have to pay substantial damages, including treble damages and attorneys’ fees for willful infringement,
pay royalties, redesign our “infringing” products or obtain one or more licenses from third parties, which may be impossible
or require substantial time and monetary expenditure.

62

We may not be successful in obtaining or maintaining
necessary rights to our approved product or product candidates through acquisitions and in-licenses.

We currently own and have in-licensed
rights to intellectual property through licenses from third parties and under patents that we own, to develop our approved product and
product candidates. Because our programs may require the use of proprietary rights held by third parties, the growth of our business will
likely depend in part on our ability to acquire, in-license or use these proprietary rights. In addition, our approved product or product
candidates may require specific formulations to work effectively and efficiently and the rights to these formulations may be held by others.
We may be unable to acquire or in-license any compositions, methods of use, processes or other third-party intellectual property rights
from third parties that we identify as necessary for our approved product or product candidates. The licensing and acquisition of third-party
intellectual property rights is a competitive area, and a number of more established companies are also pursuing strategies to license
or acquire third-party intellectual property rights that we may consider attractive. These established companies may have a competitive
advantage over us due to their size, cash resources and greater