v3.26.1
SEGMENTS
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENTS

NOTE 13 SEGMENTS

 

On November 4, 2021, the Company announced that Beyond Air and Beyond Cancer, Ltd agreed to terms to which the Company, through its subsidiaries would be licensing certain intellectual property and other assets related to, or necessary for the development, commercialization, manufacture and distribution of certain cancer treatment products and/or technologies to a subsidiary of the Company (the “2021 Transaction”). In connection and concurrently with the closing of the 2021 Transaction, Beyond Cancer issued and sold common shares, par value $1.00 to certain investors pursuant to a subscription agreement (the “2021 Offering”). The 2021 Offering consisted of an aggregate of 3 million common shares of Beyond Cancer at a purchase price of $10.00 per share. On November 18, 2021, the Company announced that the maximum amount of shares offered had been purchased for a total of $30 million (including $4.8 million from the terminated Loan Facility and $1.1 million from related parties) for 20% of the equity in Beyond Cancer. The Company retained 80% ownership of Beyond Cancer, which will have exclusive right to the intellectual property portfolio utilizing UNO for the treatment of solid tumors. Beyond Cancer will pay Beyond Air a single digit royalty on all future revenues.

 

Members of the Board of Directors of Beyond Air who are also members of the Board of Directors of Beyond Cancer, and their families, are considered related parties to the 2021 Offering. Related parties invested $1.1 million in the 2021 Offering.

 

On March 24, 2025, the Company announced that Beyond Air and NeuroNos Limited agreed to terms to which the Company, through its subsidiaries would be licensing certain intellectual property and other assets related to, or necessary for the development, commercialization, manufacture and distribution of certain neurological treatment products and/or technologies to a subsidiary of the Company (the “2025 Transaction”). In connection and concurrently with the closing of the 2025 Transaction, NeuroNos issued and sold common shares, par value $0.001 to certain investors pursuant to a subscription agreement (the “2025 Offering”). The 2025 Offering consisted of an aggregate of 666,667 common shares of NeuroNos at a purchase price of $3.00 per share. On March 31, 2025, the offered shares had been purchased for a total of $2.0 million for 11.76% of the equity in NeuroNos. During the year ended March 31, 2026, an additional 233,333 common shares of NeuroNos were issued and sold to certain investors at a purchase price of $3.00 per share. As of March 31, 2026, 15.25% of the equity in NeuroNos was held by non-controlling interests. Beyond Air retained 84.75% ownership of NeuroNos and will have exclusive right to the intellectual property portfolio for the regulation of nitric oxide as it relates to neurological therapies. NeuroNos will pay Beyond Air a single digit royalty on all future revenues.

 

 

BEYOND AIR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 13 SEGMENTS (continued)

 

The following table summarizes segment financial information by business segment for the year ended and at March 31, 2026:

 

(in thousands)  Beyond Air   Beyond Cancer  

 

NeuroNos

   Total 
Capital expenditures  $1,024   $-   $2   $1,026 
                     
Revenues  $7,679   $-   $-   $7,679 
Cost of revenues   (7,427)   -    -    (7,427)
Research and development   (7,677)   (1,170)   (1,394)   (10,241)
Selling, general, and administrative   (15,418)   (2,207)   (1,430)   (19,055)
Loss from operations   (22,843)   (3,377)   (2,824)   (29,044)
Interest and finance expense   (3,515)   -    -    (3,515)
Other non-operating income/(expense)   (1,668)   (323)   216    (1,775)
Net loss before income taxes  $(28,026)  $(3,700)  $(2,608)  $(34,334)
Operating activities included in net loss:                    
Depreciation and amortization  $3,228   $23   $-   $3,251 
Stock-based compensation expense  $3,813   $1,373   $96   $5,282 
                     
Cash used in operations  $(14,775)  $(1,314)  $(2,055)  $(18,144)
Cash used in (provided by) investing   (4,660)   988    (2)   (3,674)
Cash provided by financing   28,390    -    700    29,090 
Impact of exchange rates   228    164    (198)   194 
Net change for the year  $9,183   $(162)  $(1,555)  $7,466

 

The following table summarizes segment financial information by business segment for the year ended and at March 31, 2025:

 

(in thousands)  Beyond Air   Beyond Cancer  

 

NeuroNos

   Total 
Capital expenditures  $5,859   $24   $-   $5,883 
                     
Revenues  $3,705   $-   $-   $3,705 
Cost of revenues   (5,368)   -    -    (5,368)
Research and development   (13,780)   (3,062)   (15)   (16,857)
Selling, general, and administrative   (19,565)   (6,344)   (108)   (26,017)
Loss from operations   (35,008)   (9,406)   (123)   (44,537)
Interest and finance expense   (3,019)   -    -    (3,019)
Other non-operating income/(expense)   (1,132)   209    -    (923)
Net loss before income taxes  $(39,159)  $(9,197)  $(123)  $(48,479)
Operating activities included in net loss:                    
Depreciation and amortization  $3,143   $61   $-   $3,204 
Stock-based compensation expense  $7,920   $1,154   $72   $9,146 
                     
Cash used in operations  $(29,599)  $(8,619)  $-   $(38,218)
Cash provided by investing   11,844    3,061    -    14,905 
Cash provided by financing   14,646    -    2,000    16,646 
Impact of exchange rates   (39)   (6)   -    (45)
Net change for the year  $(3,148)  $(5,564)  $2,000   $(6,712)

 

The following table summarizes financial information by business segment at March 31, 2026:

 

(in thousands)  Beyond Air   Beyond Cancer   NeuroNos   Total 
Cash, cash equivalents and marketable securities  $10,140   $1,043   $458   $11,641 
All other assets   23,901    (219)   62    23,744 
Total assets  $34,041   $824   $520   $35,385 
Total liabilities   (28,224)   (378)   (573)   (29,175)
Net assets  $5,817   $446   $(53)  $6,210 
Non-controlling interest  $-   $64   $20   $84 

 

The following table summarizes financial information by business segment at March 31, 2025:

 

(in thousands)  Beyond Air   Beyond Cancer   NeuroNos   Total 
Cash, cash equivalents and marketable securities  $2,750   $2,167   $2,000   $6,917 
All other assets   22,116    1,029    -    23,145 
Total assets  $24,866   $3,196   $2,000   $30,062 
Total liabilities   (15,082)   (589)   (50)   (15,721)
Net assets  $9,784   $2,607   $1,950   $14,341 
Non-controlling interest  $-   $529   $229   $758 

 

 

BEYOND AIR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS