Company: XAIR
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023243
Chunk: 57

Company: Beyond Air, Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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The investors purchased a 11.8% equity ownership in NeuroNos, while Beyond Air maintained 88.2% equity ownership. The private placement
remains open to investment at this time. The funding is being used to accelerate ongoing preclinical work, including IND-enabling studies
as well as for general corporate purposes.

Work
is currently being done by the University in a preclinical setting. We expect this program to progress from preclinical to a phase 1
first-in-human clinical trial by the end of 2026.

Critical
Accounting Estimates

A
summary of our critical accounting estimates is discussed in the section entitled “Critical Accounting Estimates” in Item
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K. There were no material
changes to our critical accounting estimates for the three months ended June 30, 2025.

28

Results
of Operations and Comprehensive Loss

Below
are the results of operations for the three months ended June 30, 2025 and June 30, 2024:

(in
thousands)

    For the Three Months Ended 

    June 30, 

    2025  
    2024 

    Revenues 
    $1,760  
    $683 

    Cost of revenues 
     (1,604) 
     (1,016)

    Gross profit/(loss) 
     156  
     (332)

    Research and development 
     (3,086) 
     (6,009)
  
    Selling, general and administrative 
     (4,687) 
     (7,239)
  
    Operating expenses 
     (7,773) 
     (13,247)

    Operating loss 
     (7,617) 
     (13,580)

    Other income (loss) 

    Dividend /interest income and gains on marketable securities 
     28  
     361 
  
    Interest Expense 
     (548) 
     (964)
  
    Change in fair value of warrant liability 
     17  
     219 
  
    Change in fair value of derivative liability 
     -  
     1,058 
  
    Foreign Exchange gain/loss 
     (41) 
     (146)
  
    Loss on disposal of fixed assets 
     (11) 
     -