In This Story
Beyond Air, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenues of $798,000 for the quarter, with a cost of revenue at $1,882,000, resulting in a gross loss of $1,084,000. This reflects an increase in revenue compared to the same quarter in the previous year.
Research and development expenses decreased to $4,585,000 from $7,130,000 in the previous year. The decrease is attributed to reduced spending in salaries, stock-based compensation, and pre-clinical studies.
Selling, general, and administrative expenses were $7,163,000, down from $10,211,000 in the previous year. This reduction is primarily due to decreased stock-based compensation costs and other administrative expenses.
Net loss for the quarter was $14,029,000, compared to $17,426,000 in the previous year. The loss includes interest expenses of $927,000 and a loss on extinguishment of debt of $624,000.
Cash used in operating activities was $23,528,000 for the six months ended September 30, 2024. Cash provided by investing activities was $19,261,000, primarily from the redemption of marketable securities.
Cash provided by financing activities totaled $21,360,000, which includes proceeds from a securities purchase agreement and a loan agreement.
Beyond Air reported cash, cash equivalents, and marketable securities of $28,677,000 as of September 30, 2024. The company has implemented a strategy to increase revenues and decrease expenditures to improve cash flow.
The company continues to focus on commercializing its LungFit® PH system in the U.S. and plans to expand globally. It is also advancing its clinical trials for other indications and developing new programs in oncology and neurological conditions.
Beyond Air has entered into a loan and security agreement for $11,500,000 with certain lenders, including its CEO, with a 10-year term and interest payable in kind through July 2026.
The company acknowledges the risks associated with maintaining its Nasdaq listing and is taking steps to address compliance with the minimum bid price requirement.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Beyond Air Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.