On February 13, 2026 Beyond Air, Inc. (NASDAQ: XAIR) ("Beyond Air" or the "Company"), a commercial stage medical device and biopharmaceutical company focused on harnessing the power of nitric oxide (NO) to improve the lives of patients, reported its financial results for the fiscal third quarter ended December 31, 2025, and provided a corporate update.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"We exceeded $2.0 million in quarterly revenue which marks an important milestone as we continue scaling our business and building awareness of the benefits our tankless NO system delivers in real-world settings," said Steve Lisi, Chief Executive Officer of Beyond Air. "Our commercial performance reflects steady momentum, with 21% sequential quarterly growth and a 105% increase over the same quarter last year. We will continue to grow our business with LungFit PH as we prepare for the FDA clearance of our second-generation LungFit PH system, which we expect to receive before the end of calendar 2026, subject to regulatory review. We believe the significant enhancements, including reduced weight and footprint, simplified operation, longer service interval, and full compatibility with both air and ground transport, will dramatically accelerate market share gains and position Beyond Air as a global leader in hospital-based NO delivery."
"We are excited that an abstract featuring Phase 1a data from Beyond Cancer’s UNO program in solid tumors was selected to be presented at the AACR (Free AACR Whitepaper) 2026 Annual Meeting in April. The team will present the latest exciting clinical data from this important trial," concluded Mr. Lisi.
The Company had a pro forma cash balance of approximately $22.3 million, which includes cash, cash equivalents, restricted cash and marketable securities of $17.8 million as of December 31, 2025, plus net proceeds of approximately $4.5 million from the Company’s previously announced private placement that closed on January 14, 2026, and assumes no other changes to cash, cash equivalents, restricted cash and marketable securities since December 31, 2025.
Commercial Execution, Recent Highlights and Upcoming Milestones
LungFit PH Commercial Execution
Revenue increased 105% to $2.2 million for the fiscal quarter ended December 31, 2025, compared to $1.1 million for the same period last year. Growth was driven by increased demand for LungFit PH in both the U.S. and international markets.
The Company completed its first sale of LungFit PH systems to a VA Medical Center during the fiscal third quarter of 2026, creating a potential pathway for future orders and broader adoption across the VA system. Engagement with VA centers provides access to the largest healthcare network in the U.S.
Expanded Global LungFit PH distribution network, including new agreements in Canada, Germany, Brazil, Austria, the Netherlands and Sri Lanka, bringing the total international coverage to 40 countries, representing a combined population of more than three billion people, nine times greater than the United States population.
Corporate Highlights
Appointed Dan Moorhead as Chief Financial Officer, effective January 5, 2026. Mr. Moorhead brings more than 20 years of finance leadership experience across both public and private companies.
Announced that Board member Bob Carey will assume the role of Chairman of the Board, reflecting the Board’s continued focus on strengthening governance and supporting the Company’s next phase of commercial and strategic growth. Mr. Carey’s experience and leadership are expected to provide valuable guidance as Beyond Air advances its regulatory, commercial, and strategic initiatives. Mr. Lisi will remain on the Board of Directors.
Strengthened the balance sheet with approximately $4.5 million in net proceeds from the private placement announced on January 14, 2026.
Pending Regulatory Milestones
Awaiting approval of the PMA supplement for the second-generation LungFit PH, which was submitted to U.S. FDA in June 2025.
International submissions for LungFit PH remain on track with local partners.
Beyond Cancer – Solid Tumor Program – clinical stage development of an intratumoral ultra-high concentration Nitric Oxide (UNO) technology as a gas delivery of NO at high concentrations to tumors to induce an immune response.
Clinical Development Execution
Phase 1a trial (monotherapy) – Part A of the trial evaluating UNO therapy in 10 subjects with advanced, relapsed or refractory unresectable, primary or metastatic cutaneous and subcutaneous solid tumors at a dose of 25,000 ppm has been completed.
An abstract featuring data from the study was selected for presentation at the 2026 AACR (Free AACR Whitepaper) Annual Meeting, which is taking place April 17-22, in San Diego, California.
Phase 1b trial (combination therapy) – Will assess the intratumoral administration of 25,000 ppm low volume (LV) Nitric Oxide (UNO) in subjects with unresectable cutaneous or subcutaneous histologically confirmed primary or metastatic lesions, who have shown disease progression or prolonged stable disease (12 weeks) after receiving a single agent anti-PD-1 containing treatment.
NeuroNOS – On January 13, 2026, XTL Biopharmaceuticals Ltd. announced a binding agreement to acquire 85% of NeuroNOS Ltd. for consideration, under which Beyond Air, for its approximately 85% ownership, will receive 19.9% of XTL’s issued share capital, $1.0 million in cash, and milestone-based contingent payments totaling up to $31.5 million.
Upon closing of the agreement, NeuroNOS will serve as XTL’s flagship platform for autism and neuro-oncology therapeutics.
Financial Results for the Fiscal Quarter Ended December 31, 2025
Revenues for the fiscal quarter ended December 31, 2025 increased 105% to $2.2 million, compared with $1.1 million for the fiscal quarter ended December 31, 2024. Gross profit increased to $0.3 million for the quarter ended December 31, 2025, compared with a gross loss of $0.2 million for the quarter ended December 31, 2024. The increase in gross profit was primarily attributed to sales growth.
Research and development expenses for the fiscal quarter ended December 31, 2025 decreased 19% to $2.4 million compared with $3.0 million for the fiscal quarter ended December 31, 2024.
Selling, general and administrative expenses for the quarters ended December 31, 2025 and 2024 were $4.5 million and $7.7 million, respectively. The decrease of 42% or $3.2 million was primarily attributed to a reduction in employee-related costs.
Other expense for the quarter ended December 31, 2025 was $1.0 million compared with other expense of $2.4 million for the quarter ended December 31, 2024. The decrease in expense of $1.4 million was primarily attributed to the prior period loss associated with the extinguishment of debt.
Net loss attributed to common stockholders of Beyond Air, Inc. for the quarter ended December 31, 2025 was ($7.3) million or a loss of ($0.85) per share, basic and diluted, compared to a net loss attributed to common stockholders of Beyond Air, Inc. for the fiscal quarter ended December 31, 2024 of ($13.0) million or a loss of ($2.96) per share, basic and diluted.
Net cash burn, excluding inflows from financing activities, in the fiscal quarter ended December 31, 2025 was $4.3 million.
As of December 31, 2025, the Company reported cash, cash equivalents, restricted cash and marketable securities of $17.8 million. Subsequent to the end of the fiscal third quarter, the Company completed a private placement for net proceeds of $4.5 million. The Company believes this provides a cash runway into calendar year 2027.
Total long-term debt outstanding was $22.0 million as of December 31, 2025. The Company has $18.8 million remaining through an equity line of credit. The $12 million promissory note announced in November 2025 bears a 15% interest rate and matures 24 months from the issuance date, with no payments due during the first 12 months.
(Press release, Beyond Air, FEB 13, 2026, View Source [SID1234662674])