Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 77

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 12
Chunk 77
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the “2021 Offering”). The 2021 Offering consisted of an
aggregate of 3
million common shares of Beyond Cancer at a purchase price of $10.00
per share. On November 18, 2021, the Company announced that the maximum amount of shares offered had been purchased for a total of
$30
million (including $4.8
million from the terminated Loan Facility and $1.1
million from related parties) for 20%
of the equity in Beyond Cancer. The Company retained 80%
ownership of Beyond Cancer, which will have exclusive right to the intellectual property portfolio utilizing UNO for the treatment
of solid tumors. Beyond Cancer will pay Beyond Air a single digit royalty on all future revenues.

Members of the Board
of Directors of Beyond Air who are also members of the Board of Directors of Beyond Cancer, and their families, are considered
related parties to the 2021 Offering. Related parties invested $1.1
million in the 2021 Offering.

The carrying amount of
Beyond Cancer’s net assets included in the consolidated financial statements, after the elimination of intercompany
balances and transactions, was $2.6
million at March 31, 2025, compared with $10.7
million at March 31, 2024. Beyond Cancer generated $9.1
million of losses (before elimination of intercompany amounts) for the year ended March 31, 2025 compared with $20.2
million of losses (before elimination of intercompany amounts) for the year ended March 31, 2024. The Company’s attributed
losses as the primary beneficiary was proportional to its equity interest in Beyond Cancer (80%)
for the year ended March 31, 2025.

On March 24, 2025, the
Company announced that Beyond Air and NeuroNos Limited agreed to terms to which the Company, through its subsidiaries would be
licensing certain intellectual property and other assets related to, or necessary for the development, commercialization,
manufacture and distribution of certain neurological treatment products and/or technologies to a subsidiary of the Company (the
“2025 Transaction”). In connection and concurrently with the closing of the 2025 Transaction, NeuroNos issued and sold
common shares, par value $0.001
to certain investors pursuant to a subscription agreement (the “2025 Offering”). The 2025 Offering consisted of an
aggregate of 666,667
common shares of NeuroNos at a