Company: XAIR
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0001493152-25-005678
Chunk: 14

Company: Beyond Air, Inc.
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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other neurological conditions. Currently, there are no FDA-approved therapies specifically for the treatment of ASD. Under the terms
of the agreement, Beyond Air will make payments to the University over the three-year period from the date of the agreement for pre-clinical
work. Also, the Company will pay a low single-digit royalty on net sales and certain one-time payments based on clinical, regulatory
and sales milestones. The Company expects this program to progress from preclinical to a phase 1 first-in-human clinical trial by the
end of 2026.

The
Company’s current product candidates will be subject to premarket reviews and approvals by the FDA, certification through the conduct
of a conformity assessment by a notified body in the European Union (the “EU”), as well as comparable foreign regulatory
authorities’ reviews or approvals in other countries or regions.

     9 

BEYOND
AIR, INC. AND SUBSIDIARIES

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE
2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES

Basis
of Presentation

The
unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles
in the United States (“U.S. GAAP”) for interim financial information and with the instructions to the Form 10-Q. Accordingly,
they do not include all the information and footnotes required to be presented for complete financial statements. The accompanying unaudited
condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring items) which are, in the opinion
of management, necessary for a fair presentation of the results for the interim periods presented. The accompanying unaudited condensed
consolidated balance sheet as of December 31, 2024 has been derived from the audited consolidated financial statements included in the
Company’s Annual Report on Form 10-K for the year ended March 31, 2024 (the “2024 Annual Report”), filed with the U.S.
Securities and Exchange Commission (the “SEC”) on June 24, 2024. The unaudited condensed consolidated financial statements
and related disclosures should be read in conjunction with the Company’s audited consolidated financial statements and the related
notes thereto included in the 2024 Annual Report on Form 10-K.

Principles
of Consolidation

These
unaudited condensed consolidated financial statements include the accounts