Greetings and welcome to the Beyond Air Financial Results for the quarter ending June 30, 2026. At this time, participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. And now, I would like to turn the call over to Corey Davis, LifeSci Advisors. Please go ahead.

Thank you, Operator. Good morning, everyone, and thank you for joining us. Earlier today, we issued a press release announcing the operational highlights and financial results for Beyond Air's quarter ended June 30, 2026. A copy of this press release can be found on our website, beyondair.net, under the News and Events section. Before we begin, I'd like to remind everyone that we will be making comments and various remarks about future expectations, plans, and prospects. Thank you for joining us. with the SEC, including, without limitation, the company's most recent Form 10-K and Form 10-Q, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Additionally, this conference call is being recorded and will be available for audio rebroadcast on our website, beyondair.net. Furthermore, the content of this call contains time-sensitive information that is accurate only if as of the date of the live broadcast, August 13th, 2026. Beyond Air undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this call. With that, I'll turn the call over to Robert Goodman, Chief Executive Officer of Beyond Air.

Bob, the floor is yours. Thanks, Corey, and good morning, everyone. With me today is Dan Moorhead, our Chief Financial Officer. As we just had our last quarterly call a few weeks ago, I'll keep my prepared remarks fairly brief. Over the past few months, we've been focused on positioning Beyond Air for its next phase of growth. We strengthened our balance sheet through an up to $30 million financing, regained compliance with NASDAQ's listing requirements, and continue to expand the commercial foundation supporting OneFitPH. Collectively, these actions have strengthened the company's financial position, increased our commercial reach, and enhanced our ability to execute on what we believe is a significant opportunity ahead of us. As we prepare for the planned commercial launch of our second-generation LungFit pH system, pending FDA approval, our priorities are focused on continuing to expand market access, deepen relationships with hospitals and health systems, grow our commercial population, For adoption of the LungFit PH while creating a stronger platform for long-term growth. Turning to the financial results, revenue for the quarter ended June 30, 2026, was $1.8 million, which is effectively flat from the March 26 quarter. While revenue remained relatively consistent, we made meaningful progress advancing the commercial and operational initiatives that we believe will support stronger growth as we move through the remainder of the year and prepare for the planned launch of our second-generation OneFitPH system. We continue to execute against several initiatives designed to expand market access and increase commercial adoption. During the quarter, we entered into a national group purchasing agreement with a leading U.S. GPO, becoming the third major national GPO to partner with Beyond Air. Together with our existing agreements with Premier and Vizion, these relationships provide access to a substantial portion of U.S. hospitals and health systems and represent an important component to our commercial strategy. We also continue to expand our global distribution network through new and existing commercial partnerships, further extending LungFit PH's reach into the international markets. Another growth center for the company will be the expansion of our international distribution. We have a number of partnerships already in place that cover more than 40 countries. As a result of our strengthened financial position following the recent equity raise, we're in a better position to support our partners' efforts to bring LungFit PH to market in many of these areas. We look forward to providing updates on these programs as appropriate. As it relates to the Gen 2 LungFit system in the U.S., which remains under review at the FDA, we continue to believe this to be the most important near-term catalyst for the company. We submitted our PMA supplement to the FDA in June of 2025, and based off of our interactions with the FDA to date, we continue to believe we are on track for a potential approval in the second half of this calendar year, although the timing and outcome of the review remain subject to the FDA approval process. We are maintaining a disciplined and focused approach to capital allocation. We continue to dedicate our resources predominantly to LungFit PH. In our press release issued earlier today, we reaffirmed our previously issued revenue guidance of $8 million for calendar 2026, representing approximately 15% growth over calendar year 2025. I think it is worth noting that we're not including any revenue from the second generation LungFit PH. for 2026. We also reaffirm our previously issued 2027 revenue guidance of $16 to $18 million, representing more than 110% growth at the midpoint compared with our 2026 guidance. The guidance for 2027 does include revenue from the potential commercial launch for the second-generation LungFit pH system subject to FDA approval. Looking forward, Beyond Air is approaching an important inflection point. With continued international expansion and planned commercial launch of our second-generation lung-fix systems pending approval, we have established a stronger foundation to accelerate commercial execution and drive meaningful revenue over the coming years. With that, I'll turn the call over to Dan for a review of our financial results. Dan?

Thanks, Bob, and good morning, everyone. I'll walk through our financial results for the quarter ended June 30th, 2026. Revenue for the quarters ended June 30th, 2026 and 2025 was $1.8 million. Gross margin for the quarter ended June 30th, 2026 was 13% compared with gross margin of 9% for the same period last year. This marks our third consecutive quarter of positive gross profit. Research and development expenses for the quarters ended June 30, 2026 were $2 million compared with $3.1 million for the same period last year. Selling, general, and administrative expenses for the quarter ended June 30, 2026 were $4.9 million compared with $4.7 million for the same period last year. Other expense for the quarter ended June 30, 2026 was $1.5 million, compared with $500,000 for the same period last year. Net loss attributable to common stockholders of Beyond Air for the quarter ended June 30, 2026 was $7.9 million, or a loss of $11 per basic and diluted share. compared with a net loss of $7.7 million or $30.67 per share for the same period last year. As of June 30th, 2026, we reported cash, cash equivalents, restricted cash, and marketable securities of $15.2 million. Please note, this cash total does not include our recent financing. As Bob previously mentioned, We recently announced a financing for up to $30 million, which provided $10 million in upfront gross proceeds and the potential for up to an additional $20 million upon the exercise of short and long-term warrants. This financing provides us with the financial flexibility to execute the planned commercial launch of our second-generation LungFit pH in the U.S., pending FDA approval. as well as the international commercial expansion subject to applicable regulatory approvals. On our last quarterly call, we announced the change in our fiscal year end from March 31st to December 31st. While we are referring to calendar year goals, you may notice our SEC filing will still be on our March 31st fiscal year end. We will move to calendar year reporting with the SEC subsequent to our December 31, 2026 filing. With that, we will now open the call for questions.

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Our first question comes from Michael King with Rodman & Renshaw. Please proceed with your question.

Hi everyone. This is Jillian Weiss on the line for Michael King from Rodman & Renshaw. So you mentioned the financing will support the Gen 2 LongFit PH launch and commercial holdout. Can you give us a little more detail on what the capital will actually be used for and where you expect to see the biggest investment over the next several quarters?

Sure, I can take that.

It really is a lot for operations. So what we have going right now is we have the pilots which are being built on the Gen 2 device in the near term. And then upon FDA clearance, we'd be building a lot more devices and gaining commercial steam for 2027 and beyond. So it's really an operations function, but a lot of it is on the device. And then we are obviously in a cash burn position right now, so it'll absorb some of that burn during that period as well.

Okay, great. And are things starting to pick up on the contracting side? And do you think hospitals may be more willing to spend remaining budgets heading into year end?

Yeah, we've noticed a lot of pickup with contracting. Actually, our commercial functions really picked up a lot of that pace with a number of different new opportunities in front of us. Pipelines actually doubled over the last five or six months. So, as you know, long sales cycle there, yet a lot of this has picked up. So, yeah.

Okay, great. Thanks for taking my questions and congrats on the quarter.

Thank you. Thanks.

Our next question comes from Yael Jen with Laidlaw & Co.

Please proceed with your question.

Good morning and thanks for taking the questions. My first question is that any update or in terms of the supplement PMA applications, What I meant is that any interaction with the FDA and any other related stuff. Then I have to follow up.

Yeah, let me take that one, Dan. So yeah, we've had a lot of activity and a lot of progress with the PMA supplement. So we've begun to submit paperwork to the FDA. They're already reviewing the paperwork, as Dan touched on. We're doing a couple of things with our contract manufacturer, finishing up our engineering build and our pilot build. and so on. is getting to them on time. We're getting really good communication back and forth. I think I mentioned on the last call, but this is a really good team over at the FDA, very communicative. They get back to us within minutes or hours, sometimes days if it would typically take weeks, but they're really quick, and we're really positive on the way the process has been going.

So at this point, would that still be... You know, things to be submitted or basically everything is pretty much done except waiting for their decisions.

Now, it's less of the decision piece and more of setting up. So the next phase that we're in, and we're in this now, is that it's the audit phase. As they're reviewing the paperwork, they'll decide when the audits, you know, take place. And there's... A few different audits, and we're already ready for a couple of those. And once our final pilot builds are done, which are happening now, we're doing that, then that part of the process will be dropped into their audit queue, and their teams will come in and do their audits with us. But yeah, we're where we should be, and they've received pretty much everything they need to receive. There's always a little back and forth, but not a back and forth. It's setting us back. It's more of a, hey, you know, Can you furnish us this? Oh, yeah, that was in Document A. So, yeah, everything's where it should be.

Okay, maybe just follow up on that, which is that given we are already in the midst of the third quarter right now, so should we really expect the potential decision likely be in the fourth quarter?

Yeah, you know, I mean, what we're trying not to do is pinpoint an exact date, and only Yale. The only reason for that, as you know, is it's not like with where you have a PDUFA date. Since it's a medical device, we have to give a range. And yes, to your point, yeah, we're now a month into Q3, so likely that would be a Q4 period. We're still in H2, and yeah, if you were to want to try to figure out would it be in Q3 or Q4, that's up to the FDA and how they're processing everything so I guess let me step back and just say it's still going to be in H2 but we're only a month and a half away from Q4.

Okay, great. Maybe a last question which is slightly different from the earlier one which is that given that the guidance you have 8 to 10 million revenues for this year, calendar 26. So a majority of them will come from the second half, which is starting this quarter. And just curious, what are the confidence at this point to support you feel that the second half will be ever greater revenue growth versus the first quarter? have. Thanks for taking the questions.

Yeah, so a couple of pieces on that, and Dan can definitely weigh in as well. But no, not an 8 to 10. The guidance was $8 million for this year. And so... Yeah, yeah. So, I mean, really, it's, you know, if we could... and many, many more. Thank you for joining us. We have our hands firmly around. We've already won a number of opportunities within this quarter that we know will be seeing that bump up as well. We're reaffirming certainly the $8 million, and we're also firmly standing behind our 2027 guidance. I hope that answers that.

Okay, great. That's very helpful.

I appreciate it, and best of luck going forward.

Thanks. Yeah, great. Thanks, y'all.

We have reached the end of our question and answer session. I would now like to turn the floor back over to Robert Goodman for closing comments.

I just want to thank everybody for joining the call this morning and for all your support, and we look forward to continuing to provide feedback and updates and look forward to our next call together. Have a great day.

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.