Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 825

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 1A
Chunk 825
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performed and the associated cost incurred for the services when we have not yet been invoiced or otherwise notified of the actual cost.
Our vendors invoice us in various ways via advance payments, as contractual milestones are met, or monthly in arrears for services performed.

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We make estimates
of our accrued expenses as of each balance sheet date in our consolidated financial statements based on facts and circumstances known
to us at that time. We periodically confirm the accuracy of our estimates with the service providers and adjust if necessary. The significant
estimates in our accrued research and development expenses include the costs incurred for services performed by clinical and pre-clinical
vendors in connection with research and development activities for which we have not yet been invoiced.

We contract with these vendors
to conduct clinical and pre-clinical services on our behalf. We base our expenses on our estimates of the services received and efforts
expended pursuant to quotes and contracts with the research and development vendors. The financial terms of these agreements are subject
to negotiation, vary from contract to contract and may result in uneven payment flows. There may be instances in which payments made to
our vendors will exceed the level of services provided and result in a prepayment of the research and development expense. In accruing
service fees, we estimate the time period over which services will be performed and the level of effort to be expended in each period.
If the actual timing of the performance of services or the level of effort varies from our estimate, we adjust the accrual or amount of
prepaid expense accordingly. Non-refundable advance payments for goods and services that will be used in future research and development
activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made.

Although we do not expect our
estimates to be materially different from amounts actually incurred, our understanding of the status and timing of services performed
relative to the actual status and timing of services performed may vary and may result in us reporting amounts that are too high or too
low in any particular period. To date, there have been no material differences between our estimates of such expenses and the amounts
actually incurred.

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Results of Operations and Other Comprehensive Loss

    (in thousands, except number of shares and loss per share) 
    Year Ended March 31, 2025  
    Year Ended  March 31, 2024 

    Revenues 
    $3,705  
    $1,159