Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 34

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 12
Chunk 34
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 neurological conditions. The first target indication is autism spectrum disorder (“ASD”). On June 15, 2023, the
Company announced that it has entered into an agreement with Yissum Research Development Company of the Hebrew University of Jerusalem,
LTD. (the “University”) to acquire the commercial rights for nNOS inhibitors being developed for the treatment of ASD and
other neurological conditions. Currently, there are no FDA-approved therapies specifically for the treatment of ASD. Under the terms
of the agreement, Beyond Air will make payments to the University over the three-year period from the date of the agreement for pre-clinical
work. Also, the Company will pay a low single-digit royalty on net sales and certain one-time payments based on clinical, regulatory
and sales milestones. The Company expects this program to progress from preclinical to a phase 1 first-in-human clinical trial by the
end of 2026.

On
March 24, 2025, Beyond Air reorganized its neurology business into a new private company called NeuroNOS. Beyond Air’s infrastructure,
for example regulatory, quality, legal, etc, will continue to  support the NeruoNOS team. Beyond Air has 88.2% ownership in NeuroNOS.

The
Company’s current product candidates will be subject to premarket reviews and approvals by the FDA, certification through the conduct
of a conformity assessment by a notified body in the European Union (the “EU”), as well as comparable foreign regulatory
authorities’ reviews or approvals in other countries or regions.

    F-9

BEYOND
AIR, INC. AND SUBSIDIARIES

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE
2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES

Basis
of Presentation and Principles of Consolidation

These
consolidated financial statements include the accounts of the Company and the accounts of all of the Company’s subsidiaries
and a variable interest entity (“VIE”) for which the Company is the primary beneficiary. As the Company has both the
power to direct activities of Beyond Cancer Ltd. and its affiliates (“Beyond Cancer”) that most significantly impact
Beyond Cancer’s economic performance and the right to receive benefits and losses that may potentially be significant, these
financial statements are fully consolidated with those of the Company. The non-controlling owners’ 20%
interest in Beyond Cancer’s net assets and result of operations and the 11.