Beyond Air, Inc. XAIR
are a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide ("NO") generators
and delivery systems (the "LungFit® platform") capable of generating NO from ambient air. The Company's
first device, LungFit® PH received premarket approval ("PMA") from the FDA in June 2022. The NO generated
by the LungFit® PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation
Last close
3.53
2026-09-04
Market cap
$3.4M
2026-06-30 share count
52-week range
3.50 - 95.60
Valuation FY2025 figures against the last close
P/S0.4x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-4.01
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.7M | $3.7M | $1.2M | — | — | $873.0K | $1.4M | $7.7M | — | — |
| Cost of revenue | $7.4M | $5.4M | $2.5M | $555.0K | — | — | — | — | — | — |
| Gross profit | $252.0K | -$1.7M | -$1.3M | -$555.0K | — | — | — | — | — | — |
| R&D | $10.2M | $16.9M | $24.4M | $16.8M | $11.8M | $12.6M | $10.6M | $3.9M | $4.4M | -$673.0K |
| SG&A | $19.1M | $26.0M | $37.3M | $34.7M | $18.4M | $10.5M | $8.9M | $6.9M | $6.6M | -$1.0M |
| Total operating expenses | $29.3M | $42.9M | $61.7M | $51.5M | $40.7M | — | — | — | — | $67.1K |
| Operating income | -$29.0M | -$44.5M | -$63.0M | -$52.1M | -$40.7M | -$22.2M | -$18.1M | -$3.1M | -$11.1M | $2.3M |
| Interest expense | $3.5M | $3.0M | $2.9M | $30.0K | $775.0K | $642.0K | $30.5K | $1.5K | $7.0M | $1.4M |
| Pre-tax income | -$34.3M | -$48.5M | -$64.3M | -$59.4M | -$44.1M | -$22.9M | -$20.1M | -$6.6M | $18.0M | $3.7M |
| Income tax | — | — | — | — | — | — | $154.3K | — | — | $27.0K |
| Net income | -$33.2M | -$46.6M | -$60.2M | -$55.8M | -$43.2M | -$22.9M | -$19.9M | -$6.6M | -$18.0M | -$3.7M |
| EPS, basic | -4.01 | -13.77 | -1.82 | -1.86 | -1.68 | -1.27 | — | -0.77 | -3.01 | -2.69 |
| EPS, diluted | -4.01 | -13.77 | -1.82 | -1.86 | — | -1.27 | -1.78 | -0.77 | -3.01 | -2.69 |
| Shares, diluted (wtd. avg.) | $8.3M | $3.4M | $33.2M | $30.0M | $25.7M | $18.01B | — | $8.5M | $6.0M | $1.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $6.7M | $4.7M | $11.4M | $29.2M | $80.2M | $34.6M | $19.8M | $1.3M | $1.2M | $7.2K |
| Short-term investments | $4.9M | $2.3M | $23.1M | $16.7M | — | — | — | $6.5M | $8.3M | — |
| Receivables | $1.1M | $710.0K | $319.0K | $420.0K | $322.0K | $425.0K | — | — | — | — |
| Inventory | $1.4M | $2.4M | $2.1M | $1.1M | $350.0K | — | — | — | — | — |
| Total current assets | $24.8M | $16.0M | $43.9M | $59.4M | $92.9M | $37.2M | $26.7M | $8.7M | $9.1M | $85.0K |
| Property, plant and equipment | $8.2M | $11.0M | $9.4M | $5.0M | $2.0M | $929.0K | $211.3K | $244.9K | $253.2K | $61.0K |
| Other intangibles | $1.0M | $1.2M | $1.4M | $1.6M | $1.8M | $374.7K | — | — | — | — |
| Total assets | $35.4M | $30.1M | $57.0M | $68.7M | $99.2M | $40.5M | $27.4M | $9.4M | $9.4M | $236.0K |
| Accounts payable | $2.4M | $1.9M | $1.9M | $2.0M | $1.1M | $1.3M | $2.3M | $1.2M | $842.0K | $41.7K |
| Short-term debt | — | — | — | — | — | — | — | — | — | $39.0K |
| Total current liabilities | $6.5M | $5.0M | $11.6M | $19.8M | $10.7M | $3.8M | $4.9M | $5.4M | $2.1M | $2.0M |
| Long-term debt | — | — | $17.5M | $200.0K | $200.0K | $5.0M | — | — | — | — |
| Total liabilities | $29.2M | $15.7M | $29.8M | $26.7M | $21.0M | $10.1M | $9.3M | $5.4M | $5.7M | $4.9M |
| Retained earnings | -$319.6M | -$286.3M | -$239.7M | -$179.5M | -$123.6M | -$80.5M | -$57.6M | -$37.6M | $516.4K | -$13.6M |
| Total equity | $6.1M | $13.6M | $27.2M | $42.0M | $78.2M | $30.5M | $18.1M | $4.0M | $1.5M | -$4.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18.1M | -$38.2M | -$56.0M | -$33.0M | -$23.1M | -$19.6M | -$15.3M | $1.3M | -$7.1M | -$692.0K |
| Depreciation and amortisation | $3.0M | $3.0M | $1.8M | $634.0K | $314.0K | $173.0K | $77.2K | $64.8K | $38.1K | $25.0K |
| Stock-based compensation | $100.0K | $9.1M | $21.3M | $19.6M | $7.8M | $4.9M | $3.6M | $2.4M | $4.4M | $365.0K |
| Capital expenditure | $1.0M | $5.9M | $5.7M | $3.9M | $1.4M | $890.0K | $43.6K | $56.5K | $244.5K | $2.0K |
| Investing cash flow | -$3.7M | $14.9M | -$12.2M | -$20.6M | -$1.4M | -$890.0K | $4.4M | -$1.8M | -$1.1M | $14.0K |
| Financing cash flow | $29.1M | $16.6M | $43.2M | $2.7M | $79.5M | $30.3M | $34.9M | $1.1M | $9.5M | $556.0K |
| Buybacks | — | — | — | — | — | — | — | — | $25.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-030287.
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