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Beyond Air Inc. (XAIR+5.37%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports revenues of $1.1 million for the quarter, compared to $0.4 million in the same quarter the previous year. The increase in revenue is attributed to an expansion in hospital contracts.
Cost of revenue for the quarter was $1.3 million, resulting in a gross loss of $0.2 million. This was due to one-time costs for device upgrades and provisions for excess inventory.
Research and development expenses decreased to $3.0 million from $6.8 million in the previous year, primarily due to reduced spending in salaries, stock-based compensation, and clinical studies.
Selling, general, and administrative expenses were $7.7 million, down from $9.8 million in the previous year. The decrease was mainly due to reduced stock-based compensation and marketing costs.
The company reported an operating loss of $11.0 million for the quarter, compared to $17.0 million in the previous year.
Net loss attributable to Beyond Air, Inc. was $13.0 million, or $0.15 per share, compared to $16.2 million, or $0.50 per share, in the previous year.
Cash used in operating activities was $31.3 million for the nine months ended December 31, 2024, with an accumulated deficit of $278.3 million.
Beyond Air reported cash, cash equivalents, and marketable securities of $10.9 million as of December 31, 2024.
The company has implemented a capital conservation strategy, including staff reductions and production adjustments, to address liquidity concerns.
Beyond Air's future capital needs will depend on the success of its LungFit® PH commercialization and potential financing activities.
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 February 10, 2025. To report an error, please email earnings@qz.com.