Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 471

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 8
Chunk 471
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 exercised in this period. All other warrants
outstanding are equity classified.

Upon completion of the
Securities Purchase Agreement II and in accordance with their original terms, the 233,843
liability classified warrants issued to Avenue in connection with a convertible debt issuance had their re-priced exercise price of
$1.66
per share repriced to $0.3793
per share. The previously issued warrants have been, and will continue to be, liability classified and remeasured at each reporting
period until they are exercised, expire, reclassified or otherwise settled. The adjustment in the consolidated statements of
operations for the exercise price has been recorded as a revaluation of warrants fair value.

ESPP

On March 4, 2021, the stockholders approved the 2021
Employee Stock Purchase Plan (“ESPP”). The purpose of the ESPP is to encourage and to enable eligible employees of the Company,
through after-tax payroll deductions, to acquire proprietary interests in the Company through the purchase and ownership of shares of
Stock. The ESPP is intended to benefit the Company and its stockholders by (a) incentivizing participants to contribute to the success
of the Company and to operate and manage the Company’s business in a manner that will provide for the Company’s long-term
growth and profitability and that will benefit its stockholders and other important stakeholders and (b) encouraging participants to remain
in the employ of the Company. As of March 31, 2025 and March 31, 2024, no shares were issued under the ESPP.

    F-24

BEYOND AIR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 5 OTHER CURRENT ASSETS AND PREPAID EXPENSES

A summary of prepaid expenses as of March 31, 2025
and March 31, 2024 is as follows (in thousands):

 SCHEDULE OF CURRENT ASSETS AND PREPAID EXPENSES

    March 31, 2025  
    March 31, 2024 
  
    Prepaid research and development 
    $108  
    $104 
  
    Prepaid insurance 
     817  
     886 
  
    Prepaid rents and tenant improvements 
     10  
     49 
  
    Value added tax receivable 
     150  
     229 
  
    Deposits to secure manufacturing materials 
     4,377