Company: XAIR
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023243
Chunk: 26

Company: Beyond Air, Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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,487  
     2,252 
  
    Total marketable securities 
    $1,487  
    $2,252 

    Total cash, cash equivalents, marketable securities and restricted cash 
    $6,626  
    $7,148 

All
marketable securities are A- or higher rated. No marketable securities have maturities greater than 12 months. All investments are level
1 investments.

    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 three months ended June 30, 2025 and June 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.

For
the three months ended June 30, 2025, the Company purchased approximately 89% of its materials from two third-party vendors, with these
vendors representing 56% and 33%, respectively. For the three months ended June 30, 2024, the Company purchased approximately 87% of
its materials from one third-party vendor.

Leases

Operating
lease assets are included within operating lease right-of-use assets, and the corresponding operating lease obligation on the consolidated
balance sheets as of June 30, 2025 and March 31, 2025 in accordance with ASC 842, Leases. The Company has elected not to present
short-term leases as these leases have a lease term of 12 months or less at lease inception and do not contain purchase options or renewal
terms