Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 955

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 1B
Chunk 955
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 31, 2025 and March 31, 2024 respectively. Cost of revenue of
$5.4 million and gross losses of $1.7 million
were recognized for the year ended March 31, 2025 compared to a cost of revenue of $2.5 million and gross losses of $1.3 million for the
year ended March 31, 2024.

The increase in revenue was due
to additional hospital contracts in the United States market. Cost of revenue exceeded revenue primarily driven by costs of supply chain
infrastructure required to grow revenue in future periods and depreciation of additional LungFit® devices purchased in
the year.

Research and Development Expenses

Research and
development expenses for the year ended March 31, 2025 were $16.9 million, as compared
to $24.4 million for the year ended March 31, 2024. The decrease of $7.5 million was
primarily attributed to a decrease in spend in salaries $1.5 million in Beyond Air,
stock-based compensation $4.0 million ($0.7 million
in Beyond Air and $3.3 million in Beyond Cancer), pre-clinical studies $1.1 million reduced spend in Beyond
Cancer on device development costs, clinical studies $1.9 million ($1.5 million
in Beyond Air and $0.4 million in Beyond Cancer), professional fees $1.0 million
($0.6 million in Beyond Air and $0.4 million
in Beyond Cancer) and travel expenses $0.2 million.

Selling, General and Administrative Expenses

Selling, general
and administrative expenses for the year ended March 31, 2025 and March 31, 2024 were $26.0
million and $37.3 million, respectively. The decrease of $11.3 million was attributed primarily to a decrease in spend in salaries
$1.8 million ($2.7 million in Beyond Air offset by an increase of $0.9 million in Beyond Cancer), $8.3 million due to stock based
compensation cost ($2.3 million in Beyond Air and $6.0 million in Beyond Cancer),
$0.6 million professional fees ($0.8 million in Beyond Air offset by increased spend $0.1 million in Beyond Cancer and $0.1 million
in NeuroNos), $0.3 million marketing and advertising costs for Beyond Air, $0.4 million rent costs ($