Revenue increased by 107% year-over-year to
The Company is transitioning its year-end from
Announced revenue guidance of
Conference call at
“Fiscal 2026 was a year of meaningful transition for
“We are encouraged by the market interest in the second-generation LungFit PH system, which is currently under FDA review,” continued
Recent Financial and Operating Highlights:
- Revenue increased 107% to
$7.7 million for the fiscal year endedMarch 31, 2026 , compared with$3.7 million for the fiscal year endedMarch 31, 2025 . The growth was driven by increased demand for LungFit PH in both theU.S . and international markets. - Revenue increased 66% to
$1.9 million for the fiscal quarter endedMarch 31, 2026 , compared with$1.2 million for the same period last year. - Awarded a national group purchasing agreement for inhaled nitric oxide therapy with a leading
U.S . group purchasing organization (GPO), marking the third majorU.S . GPO to engageBeyond Air and significantly expanding the Company’s access to a broad network of healthcare providers. - Expanded the global distribution network for LungFit PH throughout fiscal year 2026, which now covers more than 45 countries positioning the Company for continued international commercial expansion, subject to applicable regulatory approvals.
Robert Goodman was appointed as Chief Executive Officer inMarch 2026 and will continue to serve on the Company’s board of directors.Mr. Goodman is a seasoned healthcare executive and board member with a distinguished track record of leadership across the life sciences industry.Dan Moorhead was appointed as Chief Financial Officer inJanuary 2026 .Mr. Moorhead has more than 20 years of finance leadership experience across both public and private companies.Bob Carey assumed the role of Chairman of the Board, reflecting the Board's continued focus on strengthening governance and supporting the Company's next phase of commercial and strategic growth.- Nasdaq granted the Company’s request to continue listing on
The Nasdaq Stock Market , subject to regaining compliance with Nasdaq Stock Market LLC’s Listing Rule 5550(a)(2) (the “Bid Price Rule”) byJuly 31, 2026 . Following stockholder approval at the Company’sJune 18 special meeting, the Board approved a 1-for-20 reverse stock split, which is expected to enable the Company to regain compliance ahead of the deadline.
Pending Regulatory Milestones
- Awaiting approval of the PMA supplement for the second-generation LungFit PH, which was submitted to the
U.S . FDA inJune 2025 .- With a broader label, including use during patient transport by air and ground, the second-generation system is expected to increase the total addressable U.S. market for the LungFit platform to approximately
$400 million and to more than$1 billion worldwide.
- With a broader label, including use during patient transport by air and ground, the second-generation system is expected to increase the total addressable U.S. market for the LungFit platform to approximately
- International submissions for LungFit PH remain on track with local partners.
Fiscal Quarter Ended
Revenues for the fiscal quarter ended
Research and development expenses for the fiscal quarter ended
Selling, general and administrative expenses for the fiscal quarter ended
Other expense for the quarter ended
Net loss attributed to common stockholders of
Net cash burn, excluding inflows from financing activities, was
Fiscal Year Ended
Revenues for the fiscal year ended
Research and development expenses for the fiscal year ended
Selling, general and administrative expenses for the fiscal years ended
Other expense for the fiscal year ended
Net loss attributed to common stockholders of
Net cash burn, excluding inflows from financing activities, was
As of
Total long-term debt outstanding was
The Company is transitioning its fiscal year-end from
Financial Guidance for Full Calendar Years 2026 and 2027
The Company announced revenue guidance of
| Conference Call & Webcast | |
| Domestic: | 1-877-407-0784 |
| International: | 1-201-689-8560 |
| Conference ID: | 13761239 |
| Webcast: | A webcast of the live conference call can be accessed by visiting the Events section of the Company’s website (click here) or directly (click here). An online replay will be available on the Company’s website or via the direct link an hour after the call. |
About
About LungFit *
LungFit can also deliver NO at concentrations at or above 80 ppm for potentially treating severe acute lung infections in the hospital setting (e.g., COVID-19, bronchiolitis) and chronic, refractory lung infections in the home setting (e.g., NTM). With the elimination of cylinders,
*
About Nitric Oxide
Nitric Oxide (NO) is a potent molecule, naturally synthesized in the human body, proven to play a critical role in a broad array of biological functions. In the airways, NO targets the vascular smooth muscle cells that surround the small resistance arteries in the lungs. Currently, exogenous inhaled NO is used in adult respiratory distress syndrome, post certain cardiac surgeries and persistent pulmonary hypertension of the newborn to treat hypoxemia. Additionally, NO is believed to play a key role in the innate immune system and in vitro studies suggest that NO possesses anti-microbial activity not only against common bacteria, including both gram-positive and gram-negative, but also against other diverse pathogens.
Forward Looking Statements
This press release contains “forward-looking statements” concerning the potential safety and efficacy of inhaled nitric oxide and the ultra-high concentration nitric oxide product candidate, as well as its therapeutic potential in a number of indications; and the potential impact on patients and anticipated benefits associated with inhaled nitric oxide and the ultra-high concentration nitric oxide product candidate. Forward-looking statements include statements about expectations, beliefs, or intentions regarding product offerings, business, results of operations, strategies or prospects. You can identify such forward-looking statements by the words “appears,” “expects,” “plans,” “anticipates,” “believes” “expects,” “intends,” “looks,” “projects,” “goal,” “assumes,” “targets” and similar expressions and/or the use of future tense or conditional constructions (such as “will,” “may,” “could,” “should” and the like) and by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from any future results expressed or implied by the forward-looking statements. These forward-looking statements are only predictions and reflect views as of the date they are made with respect to future events and financial performance. Many factors could cause actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including risks related to the ability to raise additional capital; the timing and results of future pre-clinical studies and clinical trials; the potential that regulatory authorities, including the FDA and comparable non-U.S. regulatory authorities, may not grant or may delay approval for our product candidates; the approach to discover and develop novel drugs, which is unproven and may never lead to efficacious or marketable products; the ability to fund and the results of further pre-clinical studies and clinical trials of our product candidates; obtaining, maintaining and protecting intellectual property utilized by products; obtaining regulatory approval for products; competition from others using similar technology and others developing products for similar uses; dependence on collaborators; and other risks, which may, in part, be identified and described in the “Risk Factors” section of Beyond Air’s most recent Annual Report on Form 10-K and other of its filings with the Securities and Exchange Commission, all of which are available on Beyond Air’s website. Beyond Air undertake no obligation to update, and have no policy of updating or revising, these forward-looking statements, except as required by applicable law.
CONTACTS:
Investor Relations contacts
Corey Davis, Ph.D.
LifeSci Advisors, LLC
Cdavis@lifesciadvisors.com
(212) 915-2577
CONSOLIDATED BALANCE SHEETS (in thousands) | ||||||||
2026 | 2025 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 6,740 | $ | 4,665 | ||||
| Marketable securities | 4,901 | 2,252 | ||||||
| Restricted cash | 5,622 | 231 | ||||||
| Accounts receivable, net | 1,086 | 710 | ||||||
| Inventory, net | 1,406 | 2,417 | ||||||
| Other current assets and prepaid expenses | 5,012 | 5,743 | ||||||
| Total current assets | 24,767 | 16,018 | ||||||
| Licensed right to use technology | 1,018 | 1,222 | ||||||
| Right-of-use lease assets | 1,193 | 1,706 | ||||||
| Property and equipment, net | 8,249 | 11,013 | ||||||
| Other assets | 158 | 103 | ||||||
| TOTAL ASSETS | $ | 35,385 | $ | 30,062 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,417 | $ | 1,950 | ||||
| Accrued expenses and other current liabilities | 3,372 | 2,045 | ||||||
| Operating lease liabilities, current portion | 321 | 396 | ||||||
| Loans payable, current portion | 401 | 609 | ||||||
| Total current liabilities | 6,511 | 5,000 | ||||||
| Operating lease liabilities, net | 1,023 | 1,486 | ||||||
| Long-term debt, net | 21,639 | 9,197 | ||||||
| Warrant liability | 2 | 38 | ||||||
| Total liabilities | 29,175 | 15,721 | ||||||
| Stockholders’ equity | ||||||||
| Preferred Stock | - | - | ||||||
| Common Stock | 1 | - | ||||||
| (25 | ) | (25 | ) | |||||
| Additional paid-in capital | 325,587 | 299,990 | ||||||
| Accumulated deficit | (319,571 | ) | (286,322 | ) | ||||
| Accumulated other comprehensive income/(loss) | 134 | (60 | ) | |||||
| Total stockholders’ equity attributable to | 6,126 | 13,583 | ||||||
| Non-controlling interest | 84 | 758 | ||||||
| Total stockholders’ equity | 6,210 | 14,341 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 35,385 | $ | 30,062 | ||||
.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (amounts in thousands, except share and per share data) | ||||||||||||||||
| For the Three Months ended | For the year ended | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue | $ | 1,907 | $ | 1,152 | $ | 7,679 | $ | 3,705 | ||||||||
| Cost of revenue | 1,813 | 1,184 | 7,427 | 5,368 | ||||||||||||
| Gross profit (loss) | 94 | (32) | 252 | (1,663) | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 2,276 | 3,258 | 10,241 | 16,857 | ||||||||||||
| General and administrative | 4,988 | 3,884 | 19,055 | 26,017 | ||||||||||||
| Total operating expenses | 7,264 | 7,142 | 29,296 | 42,874 | ||||||||||||
| Loss from operations | (7,170) | (7,174) | (29,044) | (44,537) | ||||||||||||
| Other income (expense) | ||||||||||||||||
| Dividend/Interest income | 114 | 68 | 303 | 705 | ||||||||||||
| Interest and finance expense | (1,240) | (580) | (3,515) | (3,019) | ||||||||||||
| Change in fair value of warrant liability | (1) | 18 | 35 | 237 | ||||||||||||
| Change in fair value of derivative liability | (1,878) | - | (1,395) | 1,314 | ||||||||||||
| Foreign exchange loss | (19) | 23 | (108) | (3) | ||||||||||||
| Loss on extinguishment of debt | (165) | 87 | (165) | (2,447) | ||||||||||||
| Loss on disposal/impairment of fixed assets | (15) | (505) | (431) | (738) | ||||||||||||
| Other income / (expense) | 6 | (2) | (14) | 9 | ||||||||||||
| Total other income (expense) | (3,198) | (891) | (5,290) | (3,942) | ||||||||||||
| Net loss | $ | (10,368) | $ | (8,065) | $ | (34,334) | $ | (48,479) | ||||||||
| Less: Net loss attributable to non-controlling interest | (86) | (29) | (1,085) | (1,854) | ||||||||||||
| Net loss attributable to | $ | (10,282) | $ | (8,036) | $ | (33,249) | $ | (46,625) | ||||||||
| Other comprehensive income/loss, net of tax: | ||||||||||||||||
| Foreign currency translation adjustment | 24 | (8) | 194 | (45) | ||||||||||||
| Comprehensive loss attributable to | $ | (10,258) | $ | (8,044) | $ | (33,055) | $ | (46,670) | ||||||||
| Net basic and diluted loss per share attributable to | $ | (0.77) | $ | (1.79) | $ | (4.01) | $ | (13.77) | ||||||||
| Weighted average number of shares outstanding, basic and diluted1 | 13,288,011 | 4,498,971 | 8,300,916 | 3,385,327 | ||||||||||||
(1) Prior period results have been adjusted to reflect the one-for-twenty stock split in | ||||||||||||||||
