Beyond Air (XAIR) 10-Q 12 Nov 20 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2020	Nov. 06, 2020
Document And Entity Information
Entity Registrant Name	Beyond Air, Inc.
Entity Central Index Key	0001641631
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,343,761
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Current assets
Cash and cash equivalents	$ 21,716,778	$ 19,829,275
Restricted cash	636,444	5,635,836
Other current assets and prepaid expenses	438,910	1,149,806
Total current assets	22,792,132	26,614,917
Licensed right to use technology	393,725	412,763
Right-of-use lease assets	378,188	195,727
Property and equipment, net	868,868	211,337
Other assets	38,880
TOTAL ASSETS	24,471,793	27,434,744
Current liabilities
Accounts payable	1,825,767	2,256,229
Accrued expenses	1,347,505	1,097,534
Deferred revenue	294,422	873,190
Stock to be issued to a vendor		240,000
Operating lease liability	82,003	69,342
Loan payable	84,280	335,358
Total current liabilities	3,633,977	4,871,653
Long-term liabilities
Operating lease liability	301,664	131,581
Facility agreement loan, net	4,405,815	4,339,065
Total liabilities	8,341,456	9,342,299
Commitments and contingencies
Shareholders' equity
Preferred stock, $0.0001 par value per share: 10,000,000 shares authorized, 0 shares issued and outstanding of September 30, 2020 and March 31, 2020, respectively
Common stock, $0.0001 par value per share: 100,000,000 shares authorized, 17,152,414 and 16,056,360 shares issued and outstanding as	1,715	1,606
Treasury stock	(25,000)	(25,000)
Additional paid-in capital	85,614,292	75,702,915
Accumulated deficit	(69,460,670)	(57,587,076)
Total shareholders' equity	16,130,337	18,092,445
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 24,471,793	$ 27,434,744

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Mar. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	17,152,414	16,056,360
Common stock, shares outstanding	17,152,414	16,056,360

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
License revenues	$ 349,607	$ 645,602	$ 578,768	$ 1,273,071
Operating expenses:
Research and development	3,147,276	2,849,990	7,479,090	5,173,503
General and administrative	2,169,011	2,064,872	4,663,025	4,247,430
Operating expenses	5,316,287	4,914,862	12,142,115	9,420,933
Operating loss	(4,966,680)	(4,269,260)	(11,563,347)	(8,147,862)
Other income (loss)
Realized and unrealized gain (loss) from marketable securities		142,806		(2,164,513)
Dividend and interest income	878	30,691	15,863	34,067
Interest expense	(159,034)		(322,274)
Foreign exchange loss	(6,954)	(1,977)	(5,679)	(253)
Other income			1,843
Total other income (loss)	(165,110)	171,520	(310,247)	(2,130,699)
Net loss	$ (5,131,790)	$ (4,097,740)	$ (11,873,594)	$ (10,278,561)
Net basic and diluted loss per share	$ (0.3)	$ (0.38)	$ (0.71)	$ (1.03)
Weighted average number of shares of common stock used in computing basic and diluted net loss per share	17,120,801	10,699,370	16,826,712	9,935,444

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Mar. 31, 2019	$ 871	$ (25,000)	$ 41,693,578	$ (37,644,572)	$ 4,024,877
Balance, shares at Mar. 31, 2019	8,714,815
At the market stock issuance of common stock, net	$ 25		1,173,785		1,173,810
At the market stock issuance of common stock, net, shares	250,000
Issuance of common stock upon the exercise of warrants	$ 3		83,854		83,857
Issuance of common stock upon the exercise of warrants, shares	32,122
Issuance of common stock pursuant to a private placement, net of offering cost	$ 159		7,839,336		7,839,495
Issuance of common stock pursuant to a private placement, net of offering cost, shares	1,583,743
Stock-based compensation			919,037		919,037
Net loss				(6,180,821)	(6,180,821)
Balance at Jun. 30, 2019	$ 1,058	(25,000)	51,709,590	(43,825,393)	7,860,255
Balance, shares at Jun. 30, 2019	10,580,680
Balance at Mar. 31, 2019	$ 871	(25,000)	41,693,578	(37,644,572)	4,024,877
Balance, shares at Mar. 31, 2019	8,714,815
Net loss					(10,278,561)
Balance at Sep. 30, 2019	$ 1,075	(25,000)	53,466,679	(47,923,133)	5,519,621
Balance, shares at Sep. 30, 2019	10,746,780
Balance at Jun. 30, 2019	$ 1,058	(25,000)	51,709,590	(43,825,393)	7,860,255
Balance, shares at Jun. 30, 2019	10,580,680
Issuance of common stock upon exercise of options	$ 1		25,924		25,925
Issuance of common stock upon exercise of options, shares	6,100
Issuance of common stock pursuant to Purchase Agreement, net	$ 16		808,168		808,184
Issuance of common stock pursuant to Purchase Agreement, net, shares	160,000
Stock-based compensation			922,997		922,997
Net loss				(4,097,740)	(4,097,740)
Balance at Sep. 30, 2019	$ 1,075	(25,000)	53,466,679	(47,923,133)	5,519,621
Balance, shares at Sep. 30, 2019	10,746,780
Balance at Mar. 31, 2020	$ 1,606	(25,000)	75,702,915	(57,587,076)	18,092,445
Balance, shares at Mar. 31, 2020	16,056,360
At the market stock issuance of common stock, net	$ 11		899,529		899,540
At the market stock issuance of common stock, net, shares	113,712
Issuance of common stock upon the exercise of warrants	$ 7		293,104		293,111
Issuance of common stock upon the exercise of warrants, shares	70,538
Issuance of common stock upon exercise of options			545		545
Issuance of common stock upon exercise of options, shares	2,340
Issuance of common stock pursuant to a private placement, net of offering cost	$ 57		3,641,623		3,641,680
Issuance of common stock pursuant to a private placement, net of offering cost, shares	568,605
Issuance of common stock to investor relations firm	$ 3		242,097		242,100
Issuance of common stock to investor relations firm, shares	30,000
Stock-based compensation			1,813,654		1,813,654
Net loss				(6,741,804)	(6,741,804)
Balance at Jun. 30, 2020	$ 1,684	(25,000)	82,593,467	(64,328,880)	18,241,271
Balance, shares at Jun. 30, 2020	16,841,555
Balance at Mar. 31, 2020	$ 1,606	(25,000)	75,702,915	(57,587,076)	$ 18,092,445
Balance, shares at Mar. 31, 2020	16,056,360
Issuance of common stock upon exercise of options, shares					2,340
Net loss					$ (11,873,594)
Balance at Sep. 30, 2020	$ 1,715	(25,000)	85,614,292	(69,460,670)	16,130,337
Balance, shares at Sep. 30, 2020	17,152,414
Balance at Jun. 30, 2020	$ 1,684	(25,000)	82,593,467	(64,328,880)	18,241,271
Balance, shares at Jun. 30, 2020	16,841,555
At the market stock issuance of common stock, net	$ 23		1,536,224		1,536,247
At the market stock issuance of common stock, net, shares	227,527
Issuance of common stock upon the exercise of warrants	$ 8		304,987		304,995
Issuance of common stock upon the exercise of warrants, shares	83,332
Stock-based compensation			1,179,614		1,179,614
Net loss				(5,131,790)	(5,131,790)
Balance at Sep. 30, 2020	$ 1,715	$ (25,000)	$ 85,614,292	$ (69,460,670)	$ 16,130,337
Balance, shares at Sep. 30, 2020	17,152,414

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net loss	$ (11,873,594)	$ (10,278,561)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	73,608	33,819
Amortization of licensed right to use technology	19,038	63,199
Stock-based compensation	2,995,268	1,836,034
Deferred revenue	(578,768)	(1,273,071)
Amortization of debt discount and accretion of debt issuance costs	66,750
Amortization of operating lease assets	36,427	30,578
Gain on cancellation of operating lease	(1,843)
Realized and unrealized loss on marketable equity securities		2,164,513
Foreign currency adjustments	5,679	253
Changes in:
Other current assets and prepaid expenses	672,014	374,374
Accounts payable	(436,141)	939,651
Accrued expenses	249,971	500,610
Lease payments	(34,301)	(24,508)
Net cash used in operating activities	(8,805,792)	(5,633,362)
Cash flows from investing activities
Investment in marketable equity securities		(11,856,706)
Proceeds from redemption of marketable securities		8,749,041
Purchase of property and equipment	(731,138)	(17,736)
Net cash used in investing activities	(731,138)	(3,125,401)
Cash flows from financing activities
Issuance of common stock in connection with a Purchase Agreement with Lincoln Park, At the Market Offerings, private placement, net, exercise of warrants and stock options	6,676,119	9,931,271
Payment of loan	(251,078)	(175,022)
Net cash provided by financing activities	6,425,041	9,756,249
(Decrease) increase in cash, cash equivalents and restricted cash	(3,111,889)	997,486
Cash, cash equivalents and restricted cash at beginning of period	25,465,111	1,357,137
Cash, cash equivalents and restricted cash at end of period	22,353,222	2,354,623
Supplemental disclosure of non-cash investing and financing activities
Right-of-use assets	236,700	258,605
Operating lease liability	236,700	266,570
Disposition of right-of-use asset	(17,486)
Disposition of operating lease liability	19,329
Stock issued to investor relations firm	242,100
Supplemental disclosure of cash flow items:
Interest paid	$ 80,853	$ 3,082

Organization and Business

Organization and Business	6 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	NOTE 1 ORGANIZATION AND BUSINESS Beyond Air, Inc. (“Beyond Air” or the “Company”) was incorporated on April 24, 2015. On June 25, 2019, the Company’s name was changed to Beyond Air, Inc. from AIT Therapeutics, Inc. The Company has the following wholly-owned subsidiaries: Beyond Air, Ltd. (“BA Ltd.), incorporated in Israel on May 1, 2011. Advanced Inhalation Therapies (AIT), a wholly owned subsidiary of Beyond Air, Ltd., incorporated on August 29, 2014, in Delaware. Beyond Air Australia Pty Ltd., incorporated on December 17, 2019 in Australia. Beyond Air Ireland Limited, incorporated on March 5, 2020 in Ireland. The Company is a clinical-stage medical device and biopharmaceutical company focused on developing inhaled Nitric Oxide (NO) for the treatment of patients with respiratory conditions, including serious lung infections and pulmonary hypertension, and gaseous NO (gNO) for the treatment of solid tumors. Since its inception, the Company has devoted substantially all of its efforts to research and development. The Company is developing a nitric oxide generator and delivery system (the “LungFit ™ ™ Liquidity Risks and Uncertainties The Company has incurred cash used in operating activities of $8.8 million for the six months ended September 30, 2020 and has accumulated losses of $69.5 million. The Company has cash, cash equivalents and restricted cash of $22.4 million as of September 30, 2020. Based on management’s current business plan, the Company estimates its current cash and equivalents are sufficient to finance its operations for at least one year from the date of filing these financial statements. The Company’s future capital needs and the adequacy of its available funds beyond one year will depend on many factors, including, but not necessarily limited to, the cost and time necessary for the development, clinical studies and regulatory approval of our other medical device, indications as well as the commercial success of our first product for PPHN, assuming PMA approval. The Company expects to raise additional funds through sale of equity or debt securities or through strategic collaboration and/or licensing agreements, in order to fund operations and clinical trials until we are able to generate enough product or royalty revenues, if any. Such financing or collaborations may not be available on acceptable terms, or at all, which could have a material adverse effect on our growth plans, our results of operations and our financial condition. However, the Company’s future liquidity includes access to the following: a) On April 2, 2020, Beyond Air, Inc. entered into an At The Market Equity Offering (“ATM”) for $50 million, see Note 5. b) On March 17, 2020, the Company entered into a $25 million unsecured loan facility agreement (the “Facility Agreement”) with certain lenders. The Company has drawn down the first of five tranches of $5 million and has the ability to drawn down on an additional $5 million tranche at any time prior March 17, 2022 as well as the ability to draw down the remaining $15 million after the FDA approval of the LungFit™ PH product, see Note 11. c) On May 14, 2020, the Company entered into a $40 million stock purchase agreement (“New Stock Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“LPC”), that replaced the former $20 million purchase agreement. The New Stock Purchase Agreement provides for issuances through May 2023 at the Company’s discretion, see Note 5.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 2 SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required to be presented for complete financial statements. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring items) which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The accompanying unaudited condensed consolidated Balance Sheet as of March 31, 2020 has been derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2020. The unaudited condensed consolidated financial statements and related disclosures have been prepared with the assumption that users of the interim financial information have read or have access to the audited consolidated financial statements and the related notes thereto included in the Annual Report on Form 10-K for the year ended March 31,2020 which was filed with the United States Securities and Exchange Commission, (“SEC”), on June 23, 2020. Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and the accounts of all subsidiaries. All intercompany balances and transactions have been eliminated in the accompanying financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its significant estimates including accruals for expenses under consulting, licensing agreements, and clinical trials, stock-based compensation, warrant fair value, assumptions associated with revenue recognition, and the determination of deferred tax attributes and the valuation allowance thereon. Other Risks and Uncertainties The Company is subject to risks common to medical device companies including, but not limited to, new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, product liability, uncertainty of market acceptance of products and the potential need to obtain additional financing. The Company is dependent on third party suppliers, in some cases single-source suppliers. There can be no assurance that the Company’s product will be accepted in the marketplace, nor can there be any assurance that any future products can be developed or manufactured at an acceptable cost and with appropriate performance characteristics, or that such products will be successfully marketed, if at all. The Company’s products require approval or clearance from the U.S. Food and Drug Administration prior to commencing commercial sales in the United States. There can be no assurance that the Company’s products will receive all of the required approvals or clearances. Approvals or clearances are also required in foreign jurisdictions in which the Company may license or sell its products. If the Company is denied such approvals or clearances or such approvals or clearances are delayed, it may have a material adverse impact on the Company’s results of operations, financial position and liquidity. The development of our product candidates could be further disrupted and adversely affected by COVID-19. The spread of SARS CoV-2 from China to other countries has resulted in the Director General of the World Health Organization declaring COVID-19 a pandemic on March 11, 2020. We have assessed the impact COVID-19 may have on our business plans and our ability to conduct the preclinical studies and clinical trials as well as on our reliance on third-party manufacturing and our supply chain. However, there can be no assurance that this analysis will enable us to avoid part or all of any impact from COVID-19 or its consequences. The extent to which the COVID-19 pandemic and global efforts to contain its spread will impact our operations will depend on future developments, which are still uncertain and cannot be predicted at this time. Concentrations The Company’s license revenue was from milestone payments from a terminated license, see Note 10. The Company is reliant on two vendors for commercial manufacturing of the LungFit™ generator and delivery systems and nitrogen dioxide filters for both clinical studies and commercial supply if regulatory approval is received. Financial Instruments Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains its cash and cash equivalents in bank deposit and other interest-bearing accounts in major banks in Israel, Ireland and the U.S., the balances of which, at times, may exceed federally insured limits. The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. As of September 30, 2020 and March 31, 2020, restricted cash includes $619,000 of cash that is designated for a contract manufacturer. This cash is expected be used for material and parts that require a long lead time. Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition. The following table is the reconciliation of the presentation and disclosure of financial instruments as shown on the Company’s consolidated statements of cash flows: September 30, 2020 September 30, 2019 Cash and cash equivalents $ 21,716,778 $ 1,895,389 Restricted cash 636,444 459,234 Cash and cash equivalents and restricted cash $ 22,353,222 $ 2,354,623 Revenue Recognition The Company recognizes revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) we satisfy the performance obligation(s). At contract inception, we assess the goods or services promised within each contract, assess whether each promised good or service is distinct and identify those that are performance obligations. The Company uses judgment to determine: a) the number of performance obligations based on the determination under step (ii) above and whether those performance obligations are distinct from other performance obligations in the contract; b) the transaction price under step (iii) above; and c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price. The transaction price is allocated to each performance obligation on an estimated stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied, see, Note 10. Where a portion of non-refundable up-front fees or other payments received are allocated to continuing performance obligations under the terms of a license arrangement, they are recorded as contract liabilities and recognized as revenue when (or as) the underlying performance obligation is satisfied. Segment reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. To date, we have viewed our operations and managed our business as one segment. Research and Development Research and development expenses are charged to the statement of operations as incurred. Research and development expenses include salaries, benefits, stock-based compensation and costs incurred by outside laboratories, manufacturers, consultants, accredited facilities in connection with clinical trials and preclinical studies. Research and development projects that have no alternative uses have been expensed as incurred. Foreign Exchange Transactions The Company’s subsidiaries have operations in Israel, Ireland, and in Australia. Beyond Air’s operations are in the United States and the U.S. dollar is the currency of the primary economic environment in which the Company operates and expects to continue to operate in the foreseeable future. Thus, the functional and reporting currency of the Company is the U.S. dollar. The Company translated its non-U.S. operations’ assets and liabilities denominated in foreign currencies into U.S. dollars at current rates of exchange as of the balance sheet date and income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations as of September 30, 2020 were not material. Gains or losses from foreign currency transactions are included in other income (loss) apart of the statement of operations. foreign currency exchange gains/(losses). Stock-Based Compensation The Company measures the cost of employee and non-employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Fair value for restricted stock awards is valued using the closing price of the Company’s stock on the date of grant. The grant date fair value is recognized over the period during which an employee and non-employee is required to provide service in exchange for the award - the requisite service period. The grant-date fair value of employee share options is estimated using the Black-Scholes option pricing model. The risk-free interest rate assumptions were based upon the observed interest rates appropriate for the expected term of the equity instruments. The expected dividend yield was assumed to be zero as the Company has not paid any dividends since its inception and does not anticipate paying dividends in the foreseeable future. Due to the Company’s limited trading history, the Company utilizes an implied volatility based on an aggregate of guideline companies. In 2020, the Company began to incorporate and weight its historical volatility with the peer group in order to obtain expected volatility. The peer companies selected have similar characteristics, including industry and market capitalization. The Company routinely reviews its calculation of volatility based on, the Company’s life cycle, its peer group, and other factors. The Company uses the simplified method to estimate the expected term. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and accumulated amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful life of the assets as follows: Computers equipment Three years Furniture and fixtures Seven years Clinical and medical equipment Five or Fifteen years Leasehold improvements Shorter of term of lease or estimated useful life of the asset Licensed Right to Use Technology Licensed right to use technology that is considered platform technology with alternative future uses is recorded as an intangible asset and is being amortized on a straight-line method over its estimated useful life, determined to be thirteen years. See Note 13. Long Lived Assets The Company assess the impairment of long-lived assets on an ongoing basis and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors we consider that could trigger an impairment review include the following: ● significant underperformance relative to expected historical or projected future operating results, ● significant changes in the manner of our use of the acquired assets or the strategy for our overall business, ● significant negative regulatory or economic trends, and ● significant technological changes, which would render equipment and manufacturing processes obsolete. Recoverability of assets that will continue to be used in our operations is measured by comparing the carrying value to the future net undiscounted cash flows expected to be generated by the asset or asset group. Future undiscounted cash flows include estimates of future revenues, driven by market growth rates, and estimated future costs. There were no events during the reporting periods that were deemed to be a triggering event that would require an impairment assessment. Income Taxes The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain. As of September 30, 2020, and March 31, 2020, the Company recorded a valuation allowance to the full extent of our net deferred tax assets since the likelihood of realization of the benefit does not meet the more likely than not threshold. The Company files a U.S. Federal, various state, and International income tax returns. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances. Such adjustment is reflected in the tax provision when appropriate . Net Income (Loss) Per Share Basic and diluted net loss per share attributable to common stockholders is computed by dividing the net loss by the weighted average number of common shares outstanding for the period. The dilutive effect of outstanding options, warrants, restricted stock and other stock-based compensation awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) attributed to common shareholders per share excludes all anti-dilutive common shares. For periods in which the Company has reported net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because such common shares are not assumed to have been issued if their effect is anti-dilutive, see Note 9. Recently Issued Accounting Standards Not Yet Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” as part of its initiative to reduce complexity in the accounting standards. The standard eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies and simplifies other aspects of the accounting for income taxes. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company does not anticipate the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. In August 2020, the FASB issued Accounting Standard Updates “ASU” ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. The ASU is effective for the Company on December 1, 2022, Early adoption is permitted, but no earlier than December 1, 2021. The Company is currently evaluating the impact of this standard on its condensed consolidated financial statements and related disclosures.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement	NOTE 3 FAIR VALUE MEASUREMENT The Company’s financial instruments primarily include cash, cash equivalents, restricted cash, accounts payable, loan payable and credit facility loan. Due to the short-term nature of cash and accounts payable, the carrying amounts of these assets and liabilities approximate their fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 - quoted prices in active markets for identical assets or liabilities; Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Property and Equipment

Property and Equipment	6 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment	NOTE 4 PROPERTY AND EQUIPMENT Property and equipment consist of the following as of September 30, 2020 and March 31, 2020, respectively: September 30, 2020 March 31, 2020 Clinical and medical equipment $ 989,716 $ 357,795 Computer equipment 122,670 73,982 Furniture and fixtures 87,921 53,895 Leasehold improvements 21,840 5,336 1,222,147 491,008 Accumulated depreciation and amortization (353,279 ) (279,671 ) $ 868,868 $ 211,337 Depreciation and amortization expense related to fixed assets for the three months ended September 30, 2020 and September 30, 2019 was $39,958 and $15,917, respectively. Depreciation and amortization expense related to fixed assets for the six months ended September 30, 2020 and September 30, 2019 was $73,608 and $33,819, respectively.

Shareholder's Equity

Shareholder's Equity	6 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Shareholder's Equity	NOTE 5 SHAREHOLDERS’ EQUITY On May 14, 2020, the Company entered into a $40 million New Stock Purchase Agreement with LPC, that replaced the former $20 million purchase agreement. Under the former purchase agreement, for the three months ended June 30, 2020, the Company received net proceeds of $1,958,845 from the sale of 243,605 shares of common stock. The New Stock Purchase Agreement provides for the issuance of up to $40 million of the Company’s common stock which the Company may sell from time to time in its sole discretion to LPC over 36 months, provided that the closing price is not below $0.25 per share and subject to conditions and limitations in the New Stock Purchase Agreement. Pursuant to the New Stock Purchase Agreement, the Company received net proceeds of $1,682,835 from the sale of 325,000 shares of common stock. Under these agreements, for the six months ended September 30, 2020, the Company received net proceeds of $3,641,680 from the sale of 568,605 shares of common stock. As of September 30, 2020, there is a balance of $37,211,500 available. On April 2, 2020, the Company entered into an ATM for $50 million utilizing the Company’s shelf registration statement and filed on Form S-3. The Company may sell shares of our common stock having aggregate sales proceeds of up to $50,000,000 from time to time, subject to the conditions and limitations in the agreement. If shares are sold, there is a three percent fee paid to the sales agent. For the three and six months ended September 30, 2020, the Company received net proceeds of $1,536,247 and $2,435,787 from the sale of 227,527 and 341,239 shares of the Company’s stock, respectively. As of September 30, 2020, there is a balance of $47,434,213 available under the ATM. On June 3, 2019, the Company entered into a Stock Purchase Agreement with investors for the issuance of 1,583,743 shares of common stock. The Company raised net proceeds was $7,839,495. The Company’s CEO participated in this offering and invested $300,000 and received 58,253 shares of common stock, or $5.15 per share. In addition, certain directors and employees invested $610,000 for an aggregate of 118,254 shares of common stock, at a purchase price of $5.15 per share. Stock to be Issued to a Vendor As of March 31, 2020, the Company was obligated to issue 30,000 shares to a vendor for services related to investor relations. The fair value of the liability as of March 31, 2020 was $240,000. In May 2020, 30,000 shares were issued at the fair value of $242,100. Such amount was transferred to shareholders’ equity. Issuance of Restricted Shares Restricted stock was issued to officers, employees and consultants. The fair value for the restricted stock awards was valued at the closing price of the Company’s stock on the date of grant. Restricted stock vests annually over five years. Number Of Shares Weighted Average Grant Date Fair Value Unvested as of April 1, 2020 646,800 $ 4.99 Granted 62,000 5.81 Unvested as of September 30, 2020 708,800 $ 5.06 Stock-based compensation expense related to restricted stock awards was $377,315 and $219,269 for the three months ended September 30, 2020 and September 30, 2019, respectively. Stock-based compensation expense related to restricted stock awards was $771,176 and $348,279 for the six months ended September 30, 2020 and September 30, 2019, respectively. Stock Option Plan The Company’s amended and restated Equity Incentive Option Plan (the “2013 Plan”), allows for awards to officers, directors, employees, and non-employees of stock options, restricted stock units and restricted shares of the Company’s common stock. The vesting terms of the options issued under the 2013 Plan are generally between two to four years and expire up to ten years after the grant date. The 2013 Plan has 4,100,000 shares authorized for issuance. As of September 30, 2020, there are 7,059 shares available under the 2013 Plan. A summary of the change in options for the six months ended September 30, 2020, is as follows: Number Of Options Weighted Weighted Aggregate Options outstanding as of April 1, 2020 3,053,589 $ 4.77 8.4 $ 9,878,264 Granted 142,000 5.55 9.6 13,000 Exercised (2,340 ) 0.1 - (18,386 ) Outstanding as of September 30, 2020 3,193,249 $ 4.80 8.3 $ 1,585,844 Exercisable as of September 30, 2020 1,311,874 $ 4.44 7.5 $ 1,004,432 As of September 30, 2020, the Company has unrecognized stock-based compensation expense of approximately $3,407,300 related to unvested stock options and is expected to be expensed over the weighted average remaining service period of 1.5 years. For the six months ended September 30, 2020 and September 30, 2019, the weighted average fair value of options granted was $5.13 and $3.49 per share. The following was utilized to calculate the fair value of options on the date of grant: September 30, 2020 September 30, 2019 Risk -free interest rate 0.5-.07 % 1.4 -2.3 % Expected volatility 87.8-92.54 % 82.3 -83.4 % Dividend yield 0 % 0 % Expected terms (in years) 5.18 -6.25 6.25 The following summarizes the components of stock-based compensation expense which includes stock options and restricted stock for the three and six months ended September 30, 2020 and September 30, 2019, respectively Three Months Ended Six Months Ended September 30, September 30, 2020 2019 2020 2019 Research and development $ 451,500 $ 183,766 $ 1,288,949 $ 333,688 General and administrative 728,114 739,231 1,706,319 1,508,346 Total stock-based compensation expense $ 1,179,614 $ 922,997 $ 2,995,268 $ 1,842,034 Warrants A summary of the Company’s outstanding warrants as of September 30, 2020 are as follows: Warrant Holders Number Of Warrants Exercise Price Date of Expiration January 2017 offering - investors 2,977,232 $ 3.66 January 2022 (a) March 2017 offering - investors 68,330 $ 3.66 March 2022 (a) March 2017 offering - placement agent 7,541 $ 3.66 March 2022 (a) March 2018 offering - investors 1,586,231 $ 4.25 March 2021 Third-party license agreement 208,333 $ 4.80 January 2024 March 2020 loan (see Note 11) 172,187 $ 7.26 March 2025 Total 5,019,854 (a) These warrants have down round protection. For the three and six months ended September 30, 2020, there were 83,332 and 153,870 warrants exercised for $304,995 and $598,106, respectively. There were 83,332 and 153,870 shares of common stock issued for the three and six months ended September 30, 2020, respectively. For the six months ended September 30, 2019, no warrants were exercised.

Other Current Assets Prepaid Ex

Other Current Assets Prepaid Expenses	6 Months Ended
	Sep. 30, 2020
Tranche B Warrants [Member]
Other Current Assets Prepaid Expenses	NOTE 6 OTHER CURRENT ASSETS PREPAID EXPENSES A summary of current assets and prepaid expenses as of September 30, 2020 and March 31, 2020 is as follows: September 30, 2020 March 31, 2020 Research and development $ 109,622 $ 266,510 Insurance 205,832 471,182 Professional 25,000 156,259 Value added tax receivable 46,729 124,127 Other 51,727 131,728 $ 438,910 $ 1,149,806

Accrued Expenses

Accrued Expenses	6 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Accrued Expenses	NOTE 7 ACCRUED EXPENSES A summary of the accrued expenses as of September 30, 2020 and March 31, 2020 is as follows: September 30, 2020 March 31, 2020 Vendors – research and development $ 404,596 $ 484,756 Professional fees 315,879 476,638 Employee salaries and benefits 273,864 71,066 Interest expense 193,298 - Other 159,868 65,074 Total $ 1,347,505 $ 1,097,534

Leases

Leases	6 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	NOTE 8 LEASES On April 1, 2019, the Company early adopted Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), as amended, which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. In June 2020, the Company entered into a new lease and cancelled a lease, which resulted in the recognition of operating lease liabilities and right-of-use assets of approximately of $236,700 and $236,900, respectively. The cancellation of the lease resulted in a derecognition of operating lease liabilities and right-of-use assets of $19,329 and $17,486, respectively. As a result of the cancellation, the Company recorded a gain of $1,843. The right-of use assets and operating lease liability is as follows as of September 30, 2020 and March 31, 2020. September 30, 2020 March 31, 2020 Right-of-use assets $ 378,188 $ 195,727 Operating lease liability short-term $ 82,003 $ 69,342 Operating lease liability long-term 301,664 131,581 $ 383,667 $ 200,923 Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as prepaid or accrued rent. The interest rate implicit in our leases is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. As of September 30, 2020, and March 31,2020, the weighted average discount rate and remaining term on lease obligation is approximately 8.3%, 8.3%, 4.5 and 3.0 years, respectively. Operating lease expense is recognized on a straight-line basis over the lease term and is included in general and administrative expenses.

Basic and Diluted Net Income (L

Basic and Diluted Net Income (Loss) Per Common Share	6 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Basic and Diluted Net Income (Loss) Per Common Share	NOTE 9 BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE The following potentially dilutive securities were not included in the calculation of diluted net income (loss) per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented: September 30, 2020 September 30, 2019 Common stock warrants 5,019,854 6,143,405 Common stock options 3,193,249 2,353,115 Restricted shares 708,800 335,000 Total 8,921,903 8,831,520

License Agreement

License Agreement	6 Months Ended
	Sep. 30, 2020
License Agreement
License Agreement	NOTE 10 LICENSE AGREEMENT On January 23, 2019, the Company entered into an agreement for commercial rights (the “License Agreement”) with Circassia Limited and its affiliates (collectively, “Circassia”) for persistent pulmonary hypertension of the newborn (“PPHN”) and future related indications at concentrations of < This contract was evaluated under Accounting Standards Codification (“ASC”) 606 and it was determined that the contract consisted of five performance obligations with only the following two obligations required prior to the termination of the License Agreement. ● Performance Obligation 1: non-exclusive transfer of functional intellectual property rights to Circassia, which includes: ○ the consummation of the License Agreement, which included significant pre-agreement negotiation, product specification, and ○ the successful completion of the pre-submission meeting with the FDA. At this meeting, the FDA reinforced their assessment of the LungFit™ PH as a medical device and the requirements for approval. ● Performance Obligation 2: ongoing support associated with the PMA submission and regulatory approval by the FDA. This also includes development activities including manufacturing readiness process ahead of the approval. In consideration of the rights and licenses granted to Circassia by the Company, five milestones were included. The Company received the first two milestone payments in ordinary shares of Circassia ● $7.35 million or 12,300,971 ordinary shares of Circassia upon signing (received in quarter four of fiscal year ended March 31, 2019); ● $3.15 million or 5,271,844 ordinary shares of Circassia payable within five (5) business days following the successful completion of a Food and Drug Administration (the “FDA”) pre-submission meeting (received in quarter four of fiscal year ended March 31, 2019); During the three months ended March 31, 2019, the Company met the first two milestones under the license agreement and received 17,572,815 ordinary shares valued at $9,987,295. This consideration was allocated to the first two performance obligations; one being the transfer of the intellectual property to Circassia, which was recognized at a point in time and was valued at $7,116,232 and the other being the ongoing support associated with the PMA submission and regulatory approval by the FDA, which was valued at $2,871,063 and was recorded as deferred revenue. This is being recognized over a period of time from the commencement of the agreement to when management expects to submit the PMA. License revenue of $349,607 and $645,602 associated with this second performance obligation has been recognized for the three months ended September 30, 2020 and September 30, 2019, respectively. License revenue of $579,768 and $1,273,071 associated with this second performance obligation has been recognized for the six months ended September 30, 2020 and September 30, 2019, respectively. As of September 30, 2020, and March 31, 2020, deferred revenue was $294,422 and $873,190, respectively.

Facility Agreement Loan

Facility Agreement Loan	6 Months Ended
	Sep. 30, 2020
Facility Agreement Loan
Facility Agreement Loan	NOTE 11 FACILITY AGREEMENT LOAN On March 17, 2020, the Company entered into a facility agreement with certain lenders pursuant to which the lenders shall loan to up to $25,000,000 in five tranches of $5,000,000 per tranche at the option of the Company (“Tranches”), provided however that the Company may only utilize tranches three through five following FDA approval of our the LungFit™ PH product. The loan(s) are unsecured with interest at 10% per year which is to be paid quarterly. The loans may be prepaid with certain prepayment penalties. The effective interest rate for this loan is 13.3% per year. Each tranche shall be repaid in installments commencing June 15, 2023 with all amounts outstanding under any tranche due on March 17, 2025. A lender who is over a five percent shareholder, loaned the Company $3,160,000 and interest expense associated with this debt for the three and six months ended September 30, 2020 was $79,000 and $158,000 (not including amortization of debt discount and deferred offering costs), respectively. In connection with the first tranche, the Company issued, in March 2020, warrants to the lenders for the purchase of 172,826 shares of the Company’s common stock at $7.26 per share. The warrants expire in five years. There are additional warrant issuances associated with each tranche. If the second tranche of $5 million is utilized by the Company, the warrants that will be issued is up to twenty five percent of its commitment value divided by the five day volume weighed average price “(VWAP”) prior to utilization date. For tranches three to five, if any of these tranches are divided by the five day VWAP. The Black-Scholes pricing model was used with the following assumptions: Expected term in years 5.0 Volatility 87.5 % Dividend yield 0.0 % Risk-free interest rate 0.7 % A summary of the facility agreement loan balance as of September 30, 2020 and March 31, 2020 is as follows: September 30, 2020 March 31, 2020 Face value of loan $ 5,000,000 $ 5,000,000 Debt discount (594,979 ) (594,979 ) Accretion of interest expense 71,312 4,562 Debt offering costs (70,518 ) (70,518 ) Facility agreement loan balance $ 4,405,815 $ 4,339,065 Maturity of Facility Agreement Loan September 30, 2020 2021 $ - 2022 - 2023 1,500,000 2024 2,750,000 2025 750,000 Total $ 5,000,000

Loan Payable

Loan Payable	6 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Loan Payable	NOTE 12 LOAN PAYABLE As of September 30, 2020, and March 31, 2020, in connection with the Company’s insurance policy, a loan was used to finance part of the premium. The loan is due within the year with monthly payments of $42,366 bearing interest at 4.3%. The outstanding balance as of September 30, 2020 and March 31, 2020 was $84,280 and $335,358, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 13 COMMITMENTS AND CONTINGENCIES License Agreements On October 22, 2013, the Company entered into a patent license agreement with CareFusion, pursuant to which it agreed to pay to the third party a non-refundable upfront fee of $150,000 and is obligated to pay 5% royalties of any licensed product net sales, but at least $50,000 per annum through the term of the agreement and the advance is credited against future royalties payments. As of September 30, 2020, the Company did not pay any royalties since the Company did not have any revenues from the technology associated with this license. The term of the agreement extends through the life of applicable patents and may be terminated by either party with 60 days’ prior written notice in the event of a breach of the agreement, and may be terminated unilaterally by CareFusion with 30 days’ prior written notice in the event that we do not meet certain milestones. In August 2015, BA Ltd. entered into an Option Agreement (the “Option Agreement”) with Pulmonox whereby BA Ltd. acquired the option to purchase certain intellectual property assets and rights (the “Option”) on September 7, 2016 for $25,000. On January 13, 2017, the Company exercised the Option and paid $500,000. The Company becomes obligated to make certain one-time development and sales milestone payments to Pulmonox, commencing with the date on which we receive regulatory approval for the commercial sale of the first product candidate qualifying under the agreement. These milestone payments are capped at a total of $87 million across three separate and distinct indications that fall under the agreement, with the majority of them, approximately $83 million, being sales related based on cumulative sales milestones for each of the three products. On January 31, 2018 the Company entered into an agreement (“Agreement”) with NitricGen, Inc. (“NitricGen”) to acquire a global, exclusive, transferable license and associated assets including intellectual property, know-how, trade secrets and confidential information from NitricGen related to the LungFit™. The Company acquired the licensing right to use the technology and agreed to pay NitricGen a total of $2,000,000 in future payments based upon achieving certain milestones, as defined in the Agreement, and royalties on sales of LungFit™. The Company paid NitricGen $100,000 upon the execution of the Agreement, $100,000 upon achieving the next milestone and issued 100,000 options to purchase the Company’s stock valued at $295,000 upon executing the Agreement. The remaining future milestone payments are $1,800,000 of which $1,500,000 is due after six months after the first approval of the LungFit™ by the Food and Drug Administration or the European Medicine Evaluation Agency. Employment Agreements Certain officer agreements contain a change of control provision for payment of severance arrangements. Supply Agreement and Purchase Order In August 2020, the Company entered into a supply agreement expiring on December 31, 2024. The agreement will renew automatically for successive three-year periods unless and until the Company provides twelve months’ notice of intent not to renew. In July 2020, the Company placed a non-cancellable purchase order for approximately $1,300,000 with this supplier. Operating Leases The Company cancelled a lease in May 2020 for its location in Madison, Wisconsin. In June 2020, the Company entered into a lease for office space and research facility in Madison, Wisconsin. The lease agreement expires in May 2026. In May 2018, the Company entered into an operating lease for its corporate office in Garden City, New York. In August 2020, the Company entered into an operating lease to move its corporate office to another location in Garden City, New York. It is expected that Beyond Air will move into this space in the beginning of January 2021. The Company has other operating lease agreements with commitments of less than one year or that are not significant. The Company elected the practical expedient option and as such these lease payments are expensed as incurred. Included in the maturity of lease liabilities below is the aforementioned new operating lease in the amount of $2,035,601, which upon commencement, the Company will record the operating lease liabilities and corresponding right-of-use assets on the balance sheet pursuant to ASC 842, as amended. Other Information For The Six Months Ended September 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Cash paid $ 47,625 Right-of-use assets obtained in exchange for new operating lease liabilities: - Weighted-average remaining lease term — operating leases 4.5 years Weighted-average discount rate — operating leases 8.3 % Maturity of Lease Liabilities Operating Leases Payments remaining for the year ended March 31,: 2021(excluding the six months ended September 30, 2020) $ 68,408 2022 278,214 2023 285,868 2024 243,596 2025 233,632 Thereafter 1,385,499 Total lease payments 2,495,217 Less: interest (75,949 ) Present value of lease liabilities $ 2,419,268 Contingencies On March 16, 2018, Empery Asset Master, Ltd., Empery Tax Efficient, LP and Empery Tax Efficient II, LP, (collectively, “Empery”), filed a complaint in the Supreme Court of the State of New York, relating to the notice of adjustment of both the exercise price of and the number of warrant shares issuable under warrants issued to Empery in January 2017. The Empery Suit alleges that, as a result of certain circumstances in connection with our February 2018 offering, the 166,672 warrants issued to Empery in January 2017 provide for adjustments to both the exercise price of the warrants and the number of warrant shares issuable upon such exercise. Empery seeks monetary damages and declaratory relief under theories of breach of contract or contract reformation predicated on mutual mistake. While the Company believes that it has complied with the applicable protective features of the 2017 Warrants and properly adjusted the exercise price, if Empery were to prevail on all claims, the new adjusted total number of warrant shares could be as follows: 319,967 warrant shares for Empery Master, 159,869 warrant shares for Empery I and 252,672 warrant shares for Empery II and the exercise price could be reduced from $3.66 to $1.57 per share. While the Company has several meritorious defenses against the claims, the ultimate resolution of the matter, if unfavorable, could result in a material loss. On March 9, 2020, we filed a motion for summary judgment, which was denied by order of the Court entered on August 20, 2020, except for the second claim for relief for declaratory judgment which was dismissed as moot. On October 1, 2020, we filed a motion seeking leave to reargue, and upon reargument, requesting that the Court grant summary judgment dismissing claims for breach of section 3(b) and reformation. On December 18, 2019, the Company terminated the License Agreement with Circassia pursuant to which the Company had granted Circassia an exclusive royalty-bearing license to distribute, market and sell the Company’s nitric oxide generator and delivery system in the United States and China. As previously described in Note 9, Circassia had agreed to pay the Company certain milestone and royalty payments, with the remaining milestone and royalty payments payable in cash or ordinary shares of Circassia at Circassia’s option. The Company terminated the Agreement pursuant to section 13.3(b) of the Agreement, which provides for termination by either party upon the other party’s material breach or default. In connection with the termination of the license with Circassia, we may be subject to a variety of claims. Adverse outcomes in some or all of these claims, if filed, may adversely affect our ability to conduct business and our financial condition and results of operations.

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 14 SUBSEQUENT EVENTS The PMA for the LungFit ™

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required to be presented for complete financial statements. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring items) which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The accompanying unaudited condensed consolidated Balance Sheet as of March 31, 2020 has been derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2020. The unaudited condensed consolidated financial statements and related disclosures have been prepared with the assumption that users of the interim financial information have read or have access to the audited consolidated financial statements and the related notes thereto included in the Annual Report on Form 10-K for the year ended March 31,2020 which was filed with the United States Securities and Exchange Commission, (“SEC”), on June 23, 2020.
Principles of Consolidation	Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and the accounts of all subsidiaries. All intercompany balances and transactions have been eliminated in the accompanying financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its significant estimates including accruals for expenses under consulting, licensing agreements, and clinical trials, stock-based compensation, warrant fair value, assumptions associated with revenue recognition, and the determination of deferred tax attributes and the valuation allowance thereon.
Other Risks and Uncertainties	Other Risks and Uncertainties The Company is subject to risks common to medical device companies including, but not limited to, new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, product liability, uncertainty of market acceptance of products and the potential need to obtain additional financing. The Company is dependent on third party suppliers, in some cases single-source suppliers. There can be no assurance that the Company’s product will be accepted in the marketplace, nor can there be any assurance that any future products can be developed or manufactured at an acceptable cost and with appropriate performance characteristics, or that such products will be successfully marketed, if at all. The Company’s products require approval or clearance from the U.S. Food and Drug Administration prior to commencing commercial sales in the United States. There can be no assurance that the Company’s products will receive all of the required approvals or clearances. Approvals or clearances are also required in foreign jurisdictions in which the Company may license or sell its products. If the Company is denied such approvals or clearances or such approvals or clearances are delayed, it may have a material adverse impact on the Company’s results of operations, financial position and liquidity. The development of our product candidates could be further disrupted and adversely affected by the recent outbreak of COVID-19. The spread of SARS CoV-2 from China to other countries has resulted in the Director General of the World Health Organization declaring COVID-19 a pandemic on March 11, 2020. We have assessed the impact COVID-19 may have on our business plans and our ability to conduct the preclinical studies and clinical trials as well as on our reliance on third-party manufacturing and our supply chain. However, there can be no assurance that this analysis will enable us to avoid part or all of any impact from the spread of COVID-19 or its consequences. The extent to which the COVID-19 pandemic and global efforts to contain its spread will impact our operations will depend on future developments, which are still uncertain and cannot be predicted at this time.
Concentrations	Concentrations The Company’s license revenue was from two milestone payments from a terminated license see Note 10. The Company is reliant on two vendors for commercial manufacturing of the LungFit™ generator and delivery systems and nitrogen dioxide filters for both clinical studies and commercial supply, if regulatory approval is received.
Financial Instruments	Financial Instruments Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains its cash and cash equivalents in bank deposit and other interest-bearing accounts in major banks in Israel, Ireland and the U.S., the balances of which, at times, may exceed federally insured limits. The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements.
Restricted Cash	Restricted Cash As of September 30, 2020 and March 31, 2020, restricted cash includes $619,000 of cash that is designated for a contract manufacturer. This cash is expected be used for material and parts that require a long lead time. Included in restricted cash is collateral for vehicle leases. Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition. The following table is the reconciliation of the presentation and disclosure of financial instruments as shown on the Company’s consolidated statements of cash flows: September 30, 2020 September 30, 2019 Cash and cash equivalents $ 21,716,778 $ 1,895,389 Restricted cash 636,444 459,234 Cash and cash equivalents and restricted cash $ 22,353,222 $ 2,354,623
Revenue	Revenue The Company recognizes revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) we satisfy the performance obligation(s). At contract inception, we assess the goods or services promised within each contract, assess whether each promised good or service is distinct and identify those that are performance obligations. The Company must use judgment to determine: a) the number of performance obligations based on the determination under step (ii) above and whether those performance obligations are distinct from other performance obligations in the contract; b) the transaction price under step (iii) above; and c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price. The transaction price is allocated to each performance obligation on an estimated stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied, see, Note 10. Where a portion of non-refundable up-front fees or other payments received are allocated to continuing performance obligations under the terms of a license arrangement, they are recorded as contract liabilities and recognized as revenue when (or as) the underlying performance obligation is satisfied.
Segment Reporting	Segment reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. To date, we have viewed our operations and managed our business as one segment.
Research and Development	Research and Development Research and development expenses are charged to the statement of operations as incurred. Research and development expenses include salaries, costs incurred by outside laboratories, manufacturers, consultants, accredited facilities in connection with clinical trials and preclinical studies and stock based-compensation. Research and development projects that have no alternative uses have been expensed as incurred.
Foreign Exchange Transactions	Foreign Exchange Transactions The Company’s subsidiaries have operations in Israel, Ireland, and in Australia. Beyond Air’s operations are in the United States and the U.S. dollar is the currency of the primary economic environment in which the Company operates and expects to continue to operate in the foreseeable future. Thus, the functional and reporting currency of the Company is the U.S. dollar. The Company translated its non-U.S. operations’ assets and liabilities denominated in foreign currencies into U.S. dollars at current rates of exchange as of the balance sheet date and income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations as of September 30, 2020 were not material. Gains or losses from foreign currency transactions are included in other income (loss) apart of the statement of operations. foreign currency exchange gains/(losses).
Stock-Based Compensation	Stock-Based Compensation The Company measures the cost of employee and non-employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Fair value for restricted stock awards is valued using the closing price of the Company’s stock on the date of grant. That cost is recognized over the period during which an employee is required to provide service in exchange for the award - the requisite service period. The grant-date fair value of employee share options is estimated using the Black-Scholes option pricing model. The risk-free interest rate assumptions were based upon the observed interest rates appropriate for the expected term of the equity instruments. The expected dividend yield was assumed to be zero as the Company has not paid any dividends since its inception and does not anticipate paying dividends in the foreseeable future. Due to the Company’s limited trading history, the Company utilizes an implied volatility based on an aggregate of guideline companies. In 2020, the Company began to blend its historical volatility with the peer group in order to obtain expected volatility. The peer companies that the Company selected have similar characteristics, such as industry and market capitalization. The Company routinely reviews its calculation of volatility based on, the Company’s life cycle, its peer group, and other factors. The Company uses the simplified method for share-based compensation to estimate the expected term. Compensation expense for options and warrants granted to non-employees is determined by the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured, and is recognized over the service period. The expense was previously adjusted to fair value at the end of each reporting period until such awards vested, and the fair value of such instruments, as adjusted, was expensed over the related vesting period. Adjustments to fair value at each reporting date resulted in income or expense, depending upon the estimate of fair value and the amount of expense recorded prior to the adjustment. In June 2018, the FASB issued ASU No. 2018-07, Stock-based Compensation: Improvements to Nonemployee Share-based Payment Accounting, which amends the existing accounting standards for share-based payments to nonemployees. This ASU aligns much of the guidance on measuring and classifying nonemployee awards with that of awards to employees. Under the new guidance, the measurement of nonemployee equity awards is fixed on the grant date. The fair value of all non-employee awards became fixed at the start of the fourth quarter of 2019.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation and accumulated amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful life of the assets as follows: Computers equipment Three years Furniture and fixtures Seven years Clinical and medical equipment Five or Fifteen years Leasehold improvements Shorter of term of lease or estimated useful life of the asset
Licensed Right to Use Technology	Licensed Right to Use Technology Licensed right to use technology that is considered platform technology with alternative future uses is recorded as an intangible asset and is being amortized on a straight-line method over its estimated useful life, determined to be thirteen years. See Note 13.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain. As of September 30, 2020, and March 31, 2020, the Company recorded a valuation allowance to the full extent of our net deferred tax assets since the likelihood of realization of the benefit does not meet the more likely than not threshold. The Company files a U.S. Federal, various state, and International income tax returns. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances. Such adjustment is reflected in the tax provision when appropriate .
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic and diluted net loss per share attributable to common stockholders is computed by dividing the net loss and a deemed dividend from a warrant modification attributable to common stockholders by the weighted average number of common shares outstanding for the period. The dilutive effect of outstanding options, warrants, restricted stock and other stock-based compensation awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) attributed to common shareholders per share excludes all anti-dilutive common shares. For periods in which the Company has reported net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because such common shares are not assumed to have been issued if their effect is anti-dilutive, see Note 9.
New Accounting Standards	New Accounting Standards There are no recently issued accounting standards that have been adopted in the current period or will be adopted in future periods that have had or are expected to have a material impact on our consolidated financial position or results of operations.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” as part of its initiative to reduce complexity in the accounting standards. The standard eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies and simplifies other aspects of the accounting for income taxes. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company does not anticipate the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. In August 2020, the FASB issued Accounting Standard Updates “ASU” ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. The ASU is effective for the Company on December 1, 2022, Early adoption is permitted, but no earlier than December 1, 2021. The Company is currently evaluating the impact of this standard on its condensed consolidated financial statements and related disclosures.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents and Restricted Cash	The following table is the reconciliation of the presentation and disclosure of financial instruments as shown on the Company’s consolidated statements of cash flows: September 30, 2020 September 30, 2019 Cash and cash equivalents $ 21,716,778 $ 1,895,389 Restricted cash 636,444 459,234 Cash and cash equivalents and restricted cash $ 22,353,222 $ 2,354,623
Schedule of Useful Life of Assets	Depreciation and amortization is calculated using the straight-line method over the estimated useful life of the assets as follows: Computers equipment Three years Furniture and fixtures Seven years Clinical and medical equipment Five or Fifteen years Leasehold improvements Shorter of term of lease or estimated useful life of the asset
Schedule of Future Expected Amortization Expense	The expected amortization expense for the next five years and thereafter is as follows for the year ended March 31: Remainder of 2021 $ 19,039 2022 38,077 2023 38,077 2024 38,077 2025 38,077 Thereafter 222,378 Total $ 393,725

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following as of September 30, 2020 and March 31, 2020, respectively: September 30, 2020 March 31, 2020 Clinical and medical equipment $ 989,716 $ 357,795 Computer equipment 122,670 73,982 Furniture and fixtures 87,921 53,895 Leasehold improvements 21,840 5,336 1,222,147 491,008 Accumulated depreciation and amortization (353,279 ) (279,671 ) $ 868,868 $ 211,337

Shareholder's Equity (Tables)

Shareholder's Equity (Tables)	6 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Restricted Shares Activity	Number Of Shares Weighted Average Grant Date Fair Value Unvested as of April 1, 2020 646,800 $ 4.95 Granted 62,000 5.81 Outstanding as of September 30, 2020 708,800 $ 5.06
Schedule of Option Activity	A summary of the change in options for the six months ended September 30, 2020, is as follows: Number Of Options Weighted Weighted Aggregate Options outstanding as of April 1, 2020 3,053,589 $ 4.48 8.4 $ 1,571,766 Granted 142,000 5.49 9.6 13,000 Exercised (2,340 ) 0.1 - (11,957 ) Outstanding as of September 30, 2020 3,193,249 $ 4.72 8.0 $ 1,572,809 Exercisable as of September 30, 2020 1,311,374 $ 4.48 7.5 $ 983,273
Schedule of Assumption of Black-Scholes Option Pricing Model	The following was utilized to calculate the fair value of options on the date of grant: September 30, 2020 September 30, 2019 Risk -free interest rate 0.5-.07 % 1.4 -2.3 % Expected volatility 87.8-92.54 % 82.3 -83.4 % Dividend yield 0 % 0 % Expected terms (in years) 5.18 -6.25 6.25
Schedule of Stock-based Compensation Expense	The following summarizes the components of stock-based compensation expense which includes stock options and restricted stock for the three and six months ended September 30, 2020 and September 30, 2019, respectively Three Months Ended Six Months Ended September 30, September 30, 2020 2019 2020 2019 Research and development $ 451,500 $ 183,766 $ 1,288,949 $ 333,688 General and administrative 728,114 739,231 1,706,319 1,508,346 Total stock-based compensation expense $ 1,179,614 $ 922,997 $ 2,995,268 $ 1,842,034
Summary of Company's Outstanding Warrants	A summary of the Company’s outstanding warrants as of September 30, 2020 are as follows: Warrant Holders Number Of Warrants Exercise Price Date of Expiration January 2017 offering - investors 2,977,232 $ 3.66 January 2022 (a) March 2017 offering - investors 68,330 $ 3.66 March 2022 (a) March 2017 offering - placement agent 7,541 $ 3.66 March 2022 (a) March 2018 offering - investors 1,586,231 $ 4.25 March 2021 Third-party license agreement 208,333 $ 4.80 January 2024 March 2020 loan (see Note 11) 172,187 $ 7.26 March 2025 Total 5,019,854 (a) These warrants have down round protection.

Other Current Assets Prepaid _2

Other Current Assets Prepaid Expenses (Tables)	6 Months Ended
	Sep. 30, 2020
Tranche B Warrants [Member]
Schedule of Current Assets and Prepaid Expenses	A summary of current assets and prepaid expenses as of September 30, 2020 and March 31, 2020 is as follows: September 30, 2020 March 31, 2020 Research and development $ 109,622 $ 266,510 Insurance 205,832 471,182 Professional 25,000 156,259 Value added tax receivable 46,729 124,127 Other 51,727 131,728 $ 438,910 $ 1,149,806

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Summary of Accrued Expenses	A summary of the accrued expenses as of September 30, 2020 and March 31, 2020 is as follows: September 30, 2020 March 31, 2020 Vendors – research and development $ 404,596 $ 484,756 Professional fees 315,879 476,638 Employee salaries and benefits 273,864 71,066 Interest expense 193,298 - Other 159,868 65,074 Total $ 1,347,505 $ 1,097,534

Leases (Tables)

Leases (Tables)	6 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of Operating Lease Liability	The right-of use assets and operating lease liability is as follows as of September 30, 2020 and March 31, 2020. September 30, 2020 March 31, 2020 Right- of- use assets $ 378,188 $ 195,727 Operating lease liability short-term $ 82,003 $ 69,342 Operating lease liability long-term 301,664 131,581 $ 383,667 $ 200,923

Basic and Diluted Net Income _2

Basic and Diluted Net Income (Loss) Per Common Share (Tables)	6 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Potential Anti-Dilutive Securities	The following potentially dilutive securities were not included in the calculation of diluted net income (loss) per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented: September 30, 2020 September 30, 2019 Common stock warrants 5,019,854 6,143,405 Common stock options 3,193,249 2,353,115 Restricted shares 708,800 335,000 Total 8,921,903 8,831,520

Facility Agreement Loan (Tables

Facility Agreement Loan (Tables)	6 Months Ended
	Sep. 30, 2020
Facility Agreement Loan
Schedule of Black-Scholes Model Assumption of Warrants	The Black-Scholes pricing model was used with the following assumptions: Expected term in years 5.0 Volatility 87.5 % Dividend yield 0.0 % Risk-free interest rate 0.7 %
Schedule of Facility Agreement Loan	A summary of the facility agreement loan balance as of September 30, 2020 and March 31, 2020 is as follows: September 30, 2020 March 31, 2020 Face value of loan $ 5,000,000 $ 5,000,000 Debt discount (594,979 ) (594,979 ) Accretion of interest expense 71,312 4,562 Debt offering costs (70,518 ) (70,518 ) Facility agreement loan balance $ 4,405,815 $ 4,339,065
Schedule of Maturity of Facility Agreement Loan	Maturity of Facility Agreement Loan September 30, 2020 2021 $ - 2022 - 2023 1,500,000 2024 2,750,000 2025 750,000 Total $ 5,000,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Other Information	Other Information For The Six Months Ended September 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Cash paid $ 47,625 Right-of-use assets obtained in exchange for new operating lease liabilities: - Weighted-average remaining lease term — operating leases 4.5 years Weighted-average discount rate — operating leases 8.3 %
Schedule of Maturity of Lease Liabilities	Maturity of Lease Liabilities Operating Leases Payments remaining for the year ended March 31,: 2021(excluding the six months ended September 30, 2020) $ 68,408 2022 278,214 2023 285,868 2024 243,596 2025 233,632 Thereafter 1,385,499 Total lease payments 2,495,217 Less: interest (75,949 ) Present value of lease liabilities $ 2,419,268

Organization and Business (Deta

Organization and Business (Details Narrative) - USD ($)	May 14, 2020	May 13, 2020	Apr. 02, 2020	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020	Mar. 17, 2020
Cash used in operating activities				$ (8,805,792)	$ (5,633,362)
Accumulated losses				(69,460,670)		$ (57,587,076)
Cash equivalents and restricted cash				$ 22,353,222	$ 2,354,623
Proceeds from issuance of equity			$ 50,000,000
Facility Agreement [Member]
Unsecured loan							$ 25,000,000
Facility Agreement [Member] | After PMA Filing [Member]
Unsecured loan							15,000,000
Facility Agreement [Member] | Five Tranche [Member]
Unsecured loan							5,000,000
Facility Agreement [Member] | Tranche [Member]
Unsecured loan							$ 5,000,000
New Purchase Agreement [Member] | Lincoln Park Capital Fund, LLC [Member]
Proceeds from issuance of common stock	$ 40,000,000	$ 20,000,000
Purchase agreement, description	The Company entered into a $40 million purchase agreement ("New Purchase Agreement") with Lincoln Park Capital Fund, LLC ("LPC"), that replaces the existing $20 million purchase agreement. The New Purchase Agreement provides for the issuance of up to $40 million of the Company's common stock through May 2023 at the Company's discretion.

Significant Accounting Polici_4

Significant Accounting Policies (Details Narrative)	6 Months Ended
	Sep. 30, 2020USD ($)Number	Mar. 31, 2020USD ($)
Number of operating segment | Number	1
Intangible assets milestone payments	$ 1,800,000
Intangible asset useful life	13 years
Contract Manufacturer [Member]
Restricted cash	$ 619,000	$ 619,000

Significant Accounting Polici_5

Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 21,716,778	$ 19,829,275	$ 1,895,389
Restricted cash	636,444	$ 5,635,836	459,234
Cash and cash equivalents and restricted cash	$ 22,353,222		$ 2,354,623

Significant Accounting Polici_6

Significant Accounting Policies - Schedule of Useful Life of Assets (Details)	6 Months Ended
	Sep. 30, 2020
Computers Equipment [Member]
Estimated useful life of assets	3 years
Furniture and Fixtures [Member]
Estimated useful life of assets	7 years
Clinical and Medical Equipment [Member]
Estimated useful life of assets, description	Five or Fifteen years
Clinical and Medical Equipment [Member] | Minimum [Member]
Estimated useful life of assets	5 years
Clinical and Medical Equipment [Member] | Maximum [Member]
Estimated useful life of assets	15 years
Leasehold Improvements [Member]
Estimated useful life of assets, description	Shorter of term of lease or estimated useful life of the asset

Significant Accounting Polici_7

Significant Accounting Policies - Schedule of Future Expected Amortization Expense (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Accounting Policies [Abstract]
Remainder of 2021	$ 19,039
2022	38,077
2023	38,077
2024	38,077
2025	38,077
Thereafter	222,378
Total	$ 393,725	$ 412,763

Property and Equipment (Details

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 39,958	$ 15,917	$ 73,608	$ 33,819

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Property and equipment, gross	$ 1,222,147	$ 491,008
Accumulated depreciation and amortization	(353,279)	(279,671)
Property and equipment, net	868,868	211,337
Clinical and Medical Equipment [Member]
Property and equipment, gross	989,716	357,795
Computer Equipment [Member]
Property and equipment, gross	122,670	73,982
Furniture and Fixtures [Member]
Property and equipment, gross	87,921	53,895
Leasehold Improvements [Member]
Property and equipment, gross	$ 21,840	$ 5,336

Shareholder's Equity (Details N

Shareholder's Equity (Details Narrative) - USD ($)

May 14, 2020

Apr. 02, 2020

Jun. 03, 2019

Dec. 26, 2018

May 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Sep. 30, 2019

Jun. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Mar. 31, 2020

Jul. 02, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of common stock issued, value

$ 1,536,247

$ 899,540

$ 1,173,810

Sale of equity securities

$ 100,000,000

Stock-based compensation

$ 1,179,614

$ 922,997

$ 2,995,268

$ 1,842,034

Weighted average remaining service period

8 years

Weighted average fair value of options granted

$ 5.49

2013 Incentive Option Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options vesting terms, description

The vesting terms of the options issued under the 2013 Plan are generally between two to four years and expire up to ten years after the grant date.

Common stock, shares available for future issuance

4,100,000

4,100,000

Available shares

Restricted Shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based compensation

$ 377,315

$ 219,269

$ 771,716

$ 348,279

Unvested Stock Options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized stock based compensation expense

$ 3,407,300

$ 3,407,300

Weighted average remaining service period

1 year 9 months 18 days

Weighted average fair value of options granted

$ 5.49

$ 3.49

Warrants [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of common stock issued

83,332

153,870

Warrants exercised

83,332

153,870

Proceeds from warrants exercise

$ 83,332

$ 153,870

Vendor [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock shares issued services

30,000

30,000

Fair value of liability

$ 242,100

$ 240,000

Officers, Employees and Consultants [Member] | Restricted Shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options vesting terms

5 years

CEO [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of common stock issued

58,253

Number of common stock issued, value

$ 300,000

Shares issued price per share

$ 5.15

Directors and Employees [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of common stock issued

118,254

Number of common stock issued, value

$ 610,000

Shares issued price per share

$ 5.15

Minimum [Member] | 2013 Incentive Option Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options vesting terms

2 years

Maximum [Member] | 2013 Incentive Option Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options vesting terms

4 years

New Stock Purchase Agreement [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Purchase shares of common stock

$ 40,000,000

Stock issuance period, term

36 months

Sale of stock price per share

$ 0.25

Proceeds from issuance of stock

$ 2,788,500

Sale of stock

325,000

Shares available under agreement, value

$ 37,211,500

Purchase Agreement [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Purchase shares of common stock

$ 20,000,000

Sale of stock price per share

$ 8.58

Purchase Agreement [Member] | Investors [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Proceeds from issuance of stock

$ 7,839,495

Number of common stock issued

1,583,743

At-The-Market Equity Offering [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Purchase shares of common stock

$ 50,000,000

Proceeds from issuance of stock

$ 50,000,000

$ 1,536,247

$ 2,435,787

Sale of stock

227,527

341,239

Shares available under agreement, value

$ 47,434,213

Sale of stock percentage

3.00%

Shareholder's Equity - Schedule

Shareholder's Equity - Schedule of Restricted Shares Acitivity (Details)	6 Months Ended
	Sep. 30, 2020$ / sharesshares
Equity [Abstract]
Unvested Number of Shares, Beginning balance | shares	646,800
Number of Shares, Granted | shares	62,000
Unvested Number of Shares, Ending balance | shares	708,800
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 4.95
Weighted Average Grant Date Fair Value, Granted | $ / shares	5.81
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 5.06

Shareholder's Equity - Schedu_2

Shareholder's Equity - Schedule of Option Activity (Details)	6 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares
Equity [Abstract]
Number of Options, Outstanding at beginning of period | shares	3,053,589
Number of Options, Granted | shares	142,000
Number of Options, Exercised | shares	(2,340)
Number of Options, Outstanding at end of period | shares	3,193,249
Number of Options, Exercisable at end of period | shares	1,311,374
Weighted Average Exercise Price - Options, Outstanding at beginning of period | $ / shares	$ 4.48
Weighted Average Exercise Price - Options, Granted | $ / shares	5.49
Weighted Average Exercise Price - Options, Exercised | $ / shares	0.1
Weighted Average Exercise Price - Options, Outstanding at end of period | $ / shares	4.72
Weighted Average Exercise Price - Options, Exercisable at end of period | $ / shares	$ 4.48
Weighted Average Remaining Contractual Life - Options, Outstanding at beginning of period	8 years 4 months 24 days
Weighted Average Remaining Contractual Life - Options, Granted	9 years 22 days
Weighted Average Remaining Contractual Life - Options, Outstanding at end of period	8 years
Weighted Average Remaining Contractual Life - Options, Exercisable at end of period	7 years 6 months
Aggregate Intrinsic Value, Outstanding at beginning of period | $	$ 1,571,766
Aggregate Intrinsic Value, Granted | $	13,000
Aggregate Intrinsic Value, Exercised | $	(11,957)
Aggregate Intrinsic Value, Outstanding at end of period | $	1,572,809
Aggregate Intrinsic Value, Exercisable at end of period | $	$ 983,273

Shareholder's Equity - Schedu_3

Shareholder's Equity - Schedule of Assumption of Black-Scholes Option Pricing Model (Details)	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Dividend yield	0.00%	0.00%
Expected term (in years)		6 years 2 months 30 days
Minimum [Member]
Risk-free interest rate	0.50%	1.40%
Expected volatility	87.80%	82.30%
Expected term (in years)	5 years 2 months 5 days
Maximum [Member]
Risk-free interest rate	0.07%	2.30%
Expected volatility	92.54%	83.40%
Expected term (in years)	6 years 2 months 30 days

Shareholder's Equity - Schedu_4

Shareholder's Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based compensation expense	$ 1,179,614	$ 922,997	$ 2,995,268	$ 1,842,034
Research and Development [Member]
Share-based compensation expense	451,500	183,766	1,288,949	333,688
General and Administrative [Member]
Share-based compensation expense	$ 728,114	$ 739,231	$ 1,706,319	$ 1,508,346

Shareholder's Equity - Summary

Shareholder's Equity - Summary of Company's Outstanding Warrants (Details)	6 Months Ended
	Sep. 30, 2020$ / sharesshares
Number of Warrants	5,019,854
Third Party License Agreement [Member]
Number of Warrants	208,333
Exercise Price | $ / shares	$ 4.80
Date of Expiration	January 2024
January 2017 [Member] | Investors [Member]
Number of Warrants	2,977,232
Exercise Price | $ / shares	$ 3.66
Date of Expiration	January 2022	[1]
March 2017 [Member] | Investors [Member]
Number of Warrants	68,330
Exercise Price | $ / shares	$ 3.66
Date of Expiration	March 2022	[1]
March 2017 [Member] | Placement Agent [Member]
Number of Warrants	7,541
Exercise Price | $ / shares	$ 3.66
Date of Expiration	March 2022	[1]
March 2018 [Member] | Investors [Member]
Number of Warrants	1,586,231
Exercise Price | $ / shares	$ 4.25
Date of Expiration	March 2021
March 2020 [Member] | Loan [Member]
Number of Warrants	172,187
Exercise Price | $ / shares	$ 7.26
Date of Expiration	March 2025
[1]	These warrants have down round protection.

Other Current Assets Prepaid _3

Other Current Assets Prepaid Expenses - Schedule of Current Assets and Prepaid Expenses (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Prepaid expenses	$ 438,910	$ 1,149,806
Research and Development [Member]
Prepaid expenses	109,622	266,510
Insurance [Member]
Prepaid expenses	205,832	471,182
Professional [Member]
Prepaid expenses	25,000	156,259
Value Added Tax Teceivable [Member]
Prepaid expenses	46,729	124,127
Other [Member]
Prepaid expenses	$ 51,727	$ 131,728

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Payables and Accruals [Abstract]
Vendors - research and development	$ 404,596	$ 484,756
Professional fees	315,879	476,638
Employee salaries and benefits	273,864	71,066
Interest expense	193,298
Other	159,868	65,074
Total	$ 1,347,505	$ 1,097,534

Leases (Details Narrative)

Leases (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
Operating lease liabilities	$ 383,667	$ 200,923
Operating lease right-of-use assets	378,188	$ 195,727
Gain on lease	$ 1,843
Weighted average discount rate	8.30%	8.30%
Weighted average remaining term	4 years 6 months	3 years
New Lease and Cancelled Lease [Member]
Operating lease liabilities	$ 236,700
Operating lease right-of-use assets	236,900
Cancellation of Lease [Member]
Operating lease liabilities	19,329
Operating lease right-of-use assets	$ 17,486

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Liability (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Leases [Abstract]
Right- of- use assets	$ 378,188	$ 195,727
Operating lease liability short-term	82,003	69,342
Operating lease liability long-term	301,664	131,581
Total operating lease liability	$ 383,667	$ 200,923

Basic and Diluted Net Income _3

Basic and Diluted Net Income (Loss) Per Common Share - Schedule of Potential Anti-Dilutive Securities (Details) - shares	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Total	8,921,903	8,831,520
Common Stock Warrants [Member]
Total	5,019,854	6,143,405
Common Stock Options [Member]
Total	3,193,249	2,353,115
Restricted Shares [Member]
Total	708,800	335,000

License Agreement (Details Narr

License Agreement (Details Narrative) - USD ($)	Dec. 18, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Deferred revenue		$ 294,422			$ 294,422		$ 873,190
License revenues		349,607	$ 645,602		578,768	$ 1,273,071
License Agreement [Member]
Regulatory milestone amount	$ 31,500,000
Payments in cash discounted, percentage	5.00%
First two milestone ordinary shares				17,572,815
First two milestone ordinary shares, value				$ 9,987,295
Deferred revenue		$ 294,422			$ 294,422
License Agreement [Member] | Second Obligation [Member]
Deferred revenue				2,871,063
License Agreement [Member] | Intellectual Property [Member] | First Obligation [Member]
Revenue allocated to performance obligations				$ 7,116,232
License Agreement [Member] | Circassia Pharmaceuticals PLC [Member]
Payment of milestone ordinary shares, value	$ 3,150,000
Payment of milestone ordinary shares	5,271,844
License Agreement [Member] | Circassia Pharmaceuticals PLC [Member] | Food and Drug Administration [Member]
Payment of milestone ordinary shares, value	$ 7,350,000
Payment of milestone ordinary shares	12,300,971
License Agreement [Member] | Maximum [Member]
Milestones payment	$ 32,550,000

Facility Agreement Loan (Detail

Facility Agreement Loan (Details Narrative) - USD ($)	Mar. 17, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Debt instrument, interest rate, stated percentage		4.30%	4.30%
Interest expenses		$ 159,034	$ 322,274
Facility Agreement [Member] | Lenders [Member]
Proceeds from loan			3,160,000
Interest expenses		$ 79,000	158,000
Facility Agreement [Member] | Lenders [Member] | Warrant [Member]
Warrants to purchase					172,826
Warrants excersice price					$ 7.26
Warrants expire term					5 years
Fair value of warrant			$ 594,979
Facility Agreement [Member] | Lenders [Member] | Five Tranches [Member]
Loan	$ 25,000,000
Debt instrument, interest rate, stated percentage	10.00%
Debt instrument, interest rate, effective percentage	13.30%
Debt instrument, maturity date, description	Each tranche shall be repaid in installments commencing June 15, 2023 with all amounts outstanding under any tranche due on March 17, 2025.
Facility Agreement [Member] | Lenders [Member] | Tranches [Member]
Loan	$ 5,000,000
Facility Agreement [Member] | Lenders [Member] | Second Tranche [Member]
Loan	$ 5,000,000
Warrants description	The warrants that will be issued is up to twenty five percentage of its commitment value divided by the five day the volume weighed average price "(VWAP") prior to utilization date. For tranches three to five, if any of these tranches are utilized by the Company, the warrants that will be issued is up to ten percentage of its commitment value divided by the five day the VWAP.

Facility Agreement Loan - Sched

Facility Agreement Loan - Schedule of Black-Scholes Model Assumption of Warrants (Details)	Sep. 30, 2020
Expected Term [Member]
Warrants outstanding, term	5 years
Volatility [Member]
Warrants outstanding, measurement input	87.5
Dividend Yield [Member]
Warrants outstanding, measurement input	0
Risk Free Interest Rate [Member]
Warrants outstanding, measurement input	0.7

Facility Agreement Loan - Sch_2

Facility Agreement Loan - Schedule of Facility Agreement Loan (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Facility Agreement Loan
Face value of loan	$ 5,000,000	$ 5,000,000
Debt discount	(594,979)	(594,979)
Accretion of interest expense	71,312	4,562
Deferred offering costs	(70,518)	(70,518)
Facility agreement loan balance	$ 4,405,815	$ 4,339,065

Facility Agreement Loan - Sch_3

Facility Agreement Loan - Schedule of Maturity of Facility Agreement Loan (Details)	Sep. 30, 2020USD ($)
Facility Agreement Loan
2021
2022
2023	1,500,000
2024	2,750,000
2025	750,000
Total	$ 5,000,000

Loan Payable (Details Narrative

Loan Payable (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
Debt Disclosure [Abstract]
Monthly payments	$ 42,366
Debt interest rate	4.30%
Outstanding balance	$ 84,280	$ 335,358

Commitments and Contingencies_2

Commitments and Contingencies (Details Narrative)	Jan. 31, 2018USD ($)shares	Jan. 13, 2017USD ($)	Sep. 07, 2016USD ($)	Oct. 22, 2013USD ($)	Aug. 31, 2020USD ($)	Jun. 30, 2020	Sep. 30, 2020USD ($)	Jul. 31, 2020USD ($)	Mar. 16, 2018$ / sharesshares
Operating lease agreement expire date description						The lease agreement expires in May 2026.
Operating lease					$ 2,035,601		$ 47,625
Warrant [Member]
Warrants issued | shares									166,672
2017 Warrants [Member] | Minimum [Member]
Warrants excersice price | $ / shares									$ 3.66
2017 Warrants [Member] | Maximum [Member]
Warrants excersice price | $ / shares									$ 1.57
Suplier [Member]
Purchase payable, commitments								$ 1,300,000
NitricGen, Inc [Member
Future payments based on certain milestones	$ 2,000,000
Empery Asset Master, Ltd [Member] | 2017 Warrants [Member]
Warrants excersiced | shares									319,967
Empery Tax Efficient, LP [Member] | 2017 Warrants [Member]
Warrants excersiced | shares									159,869
Empery Tax Efficient II, LP [Member] | 2017 Warrants [Member]
Warrants excersiced | shares									252,672
Patent License Agreement [Member] | CareFusion [Member]
Non-refundable upfront fee				$ 150,000
Royalty percentage				0.05
Payment to royalties				$ 50,000
Option Agreement [Member]
Acquisition cost to purchase intellectual property assets and rights			$ 25,000
Payments for development and milestone payment		$ 500,000
Milestone payments		87,000,000
Sales related milestones payments		$ 83,000,000
Execution Agreement [Member]
Future payments based on certain milestones	1,800,000
Execution Agreement [Member] | After Six Months [Member]
Future payments based on certain milestones	1,500,000
Execution Agreement [Member] | NitricGen, Inc [Member
Payment to royalties	100,000
Future payments based on certain milestones	$ 100,000
Options to purchase common stock | shares	100,000
Options to purchase common stock, value	$ 295,000
Supply Agreement [Member]
Agreement expiring date					Dec. 31, 2024
Agreement renewal term					3 years

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Lease Other Information (Details) - USD ($)	1 Months Ended	6 Months Ended
	Aug. 31, 2020	Sep. 30, 2020	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Cash paid	$ 2,035,601	$ 47,625
Weighted-average remaining lease term - operating leases		4 years 6 months	3 years
Weighted-average discount rate - operating leases		8.30%	8.30%

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Maturity of Lease Liabilities (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Present value of lease liabilities	$ 383,667	$ 200,923
Maturity of Lease Liabilities [Member]
2021(excluding the six months ended September 30, 2020)	68,408
2022	278,214
2023	285,686
2024	243,596
2025	233,632
Thereafter	1,385,499
Total lease payments	2,495,217
Less: interest	(75,949)
Present value of lease liabilities	$ 2,419,268