Beyond Air (XAIR) 10-K 22 Jun 23 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 22, 2023	Sep. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--03-31
Entity File Number	001-38892
Entity Registrant Name	BEYOND AIR, INC.
Entity Central Index Key	0001641631
Entity Tax Identification Number	47-3812456
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	900 Stewart Avenue
Entity Address, Address Line Two	Suite 301
Entity Address, City or Town	Garden City
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11530
City Area Code	516
Local Phone Number	665-8200
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	XAIR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float				$ 201.2
Entity Common Stock, Shares Outstanding			31,675,521
Documents Incorporated by Reference	None
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Name	Marcum LLP	Friedman LLP
Auditor Firm ID	688	711
Auditor Location	East Hanover, New Jersey	East Hanover, New Jersey

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Current assets
Cash and cash equivalents	$ 29,158	$ 80,242
Marketable securities	16,724
Restricted cash	10,129	9,988
Inventory, net	1,129	350
Grant receivable	420	322
Other current assets and prepaid expenses	1,850	2,044
Total current assets	59,410	92,945
Licensed right to use technology	1,632	1,837
Right-of-use lease assets	2,493	2,216
Property and equipment, net	5,003	1,995
Other assets	212	207
TOTAL ASSETS	68,749	99,199
Current liabilities
Accounts payable	2,016	1,129
Accrued expenses	16,613	8,374
Operating lease liability, current portion	376	281
Loans payable, current portion	775	927
Total current liabilities	19,780	10,712
Operating lease liability, net	2,321	2,079
Long-term debt, net	120	200
Other long-term liabilities	4,500	8,000
Total liabilities	26,721	20,990
Stockholders’ equity
Preferred Stock, $0.0001 par value per share: 10,000,000 shares authorized, 0 shares issued and outstanding
Common Stock, $0.0001 par value per share: 100,000,000 shares authorized, 30,738,585 and 29,886,173 shares issued and outstanding as of March 31, 2023 and 2022, respectively	3	3
Treasury stock	(25)	(25)
Additional paid-in capital	217,339	196,269
Accumulated deficit	(179,455)	(123,639)
Accumulated other comprehensive income	53	96
Total stockholders’ equity attributable to Beyond Air, Inc.	37,915	72,704
Non-Controlling Interests	4,113	5,505
Total equity	42,028	78,209
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 68,749	$ 99,199

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Mar. 31, 2022
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	30,738,585	29,886,173
Common stock, shares outstanding	30,738,585	29,886,173

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue
Cost of revenue	(555)
Gross loss	(555)
Operating expenses
Research and development	(16,810)	(11,802)
General and administrative	(34,694)	(18,408)
Milestone expenses incurred upon regulatory approval		(10,500)
Total operating expenses	(51,504)	(40,710)
Loss from operations	(52,059)	(40,710)
Other income (expense)
Estimated contingent loss	(7,863)	(2,435)
Dividend and interest income	656	4
Interest and finance expense	(30)	(775)
Foreign exchange loss	(105)	(144)
Total other loss / expense	(7,342)	(3,350)
Net loss before income taxes	(59,401)	(44,060)
Provision for income taxes
Net loss	(59,401)	(44,060)
Less: net loss attributable to non-controlling interests	(3,585)	(882)
Net loss attributable to Beyond Air, Inc.	(55,816)	(43,177)
Other comprehensive loss, net of tax:
Foreign currency translation gain (loss)	(43)	96
Comprehensive loss attributable to Beyond Air, Inc.	$ (55,859)	$ (43,081)
Net basic and diluted loss per share attributable to Beyond Air, Inc	$ (1.86)	$ (1.68)
Weighted average number of shares of common stock outstanding – basic and diluted	29,973,639	25,668,230

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common Stock [Member]
Statement [Line Items]
Balance, value	$ 3	$ 2
Balance, shares	29,886,173	21,828,244
Issuance of common stock – At The Market equity offering
Issuance of common stock - At The Market equity offering, shares	572,078	4,053,424
Issuance of common stock pursuant to a Purchase Agreement, net
Issuance of common stock pursuant to a Purchase Agreement, net, shares		1,100,000
Issuance of common stock upon the exercise of warrants – for cash
Issuance of common stock upon the exercise of warrants - for cash, shares		1,630,002
Issuance of common stock upon excise of warrants – cashless
Issuance of common stock upon excise of warrants - cashless, shares		894,823
Issuance of common stock upon exercise of options – for cash
Issuance of common stock upon exercise of options - for cash, shares		55,875
Issuance of common stock upon exercise of options – cashless
Issuance of common stock upon exercise of options - cashless, shares	5,734	121,205
Vested restricted stock
Vested restricted stock, shares	274,600	202,600
Net recovery of short swing profits
Stock-based compensation
Net loss
Balance, value	$ 3	$ 3
Balance, shares	30,738,585	29,886,173
Treasury Stock, Common [Member]
Statement [Line Items]
Balance, value	$ (25)	$ (25)
Issuance of common stock – At The Market equity offering
Issuance of common stock upon exercise of options – cashless
Vested restricted stock
Net loss
Balance, value	(25)	(25)
Additional Paid-in Capital [Member]
Statement [Line Items]
Balance, value	196,269	110,948
Issuance of common stock – At The Market equity offering	3,705	36,489
Issuance of common stock pursuant to a Purchase Agreement, net		11,138
Issuance of common stock upon the exercise of warrants – for cash		251
Issuance of common stock upon excise of warrants – cashless
Issuance of common stock upon exercise of options – for cash		5,966
Issuance of common stock upon exercise of options – cashless
Vested restricted stock
Beyond Cancer issuance of stock		24,000
Net recovery of short swing profits		33
Stock-based compensation	17,365	7,444
Net loss
Balance, value	217,339	196,269
Retained Earnings [Member]
Statement [Line Items]
Balance, value	(123,639)	(80,462)
Issuance of common stock upon exercise of options – cashless
Vested restricted stock
Stock-based compensation
Net loss		(43,177)
Balance, value	(179,455)	(123,639)
AOCI Attributable to Parent [Member]
Statement [Line Items]
Balance, value	96
Issuance of common stock upon exercise of options – cashless
Vested restricted stock
Stock-based compensation
Other comprehensive loss	(43)	96
Balance, value	53	96
Noncontrolling Interest [Member]
Statement [Line Items]
Balance, value	5,505
Issuance of common stock upon exercise of options – cashless
Vested restricted stock
Beyond Cancer issuance of stock		6,000
Stock-based compensation	2,194	387
Net loss		(882)
Balance, value	4,113	5,505
Balance, value	78,209	30,464
Issuance of common stock – At The Market equity offering	$ 3,705	36,489
Issuance of common stock pursuant to a Purchase Agreement, net		11,138
Issuance of common stock upon the exercise of warrants – for cash		251
Issuance of common stock upon excise of warrants – cashless
Issuance of common stock upon exercise of options – for cash		$ 5,966
Issuance of common stock upon exercise of options - for cash, shares	2,805,500	1,673,500
Issuance of common stock upon exercise of options – cashless
Vested restricted stock
Beyond Cancer issuance of stock		30,000
Net recovery of short swing profits		33
Stock-based compensation	19,559	7,831
Other comprehensive loss	(43)	96
Net loss	(59,401)	(44,060)
Balance, value	$ 42,028	$ 78,209

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (59,401)	$ (44,060)
Adjustments to reconcile net loss used in provided by operating activities
Depreciation	634	314
Stock-based compensation	19,558	7,831
Amortization of debt discount and accretion of debt issuance costs		528
Amortization of licensed right to use technology	205	38
Amortization of operating lease assets	331	236
Unrealized gain on marketable securities	(12)
Foreign currency adjustments		144
Disposal of clinical and medical equipment	235
Provision for inventory losses	49
Changes in:
Grant receivable	(98)	103
Inventory	(781)
Other current assets and prepaid expenses	918	(816)
Accounts payable	838	(327)
Accrued expenses	4,791	4,874
Operating lease liabilities	(275)
Long-term accrued liabilities		8,000
Net cash used in operating activities	(33,009)	(23,134)
Cash flows from investing activities
Purchase of marketable securities	(35,656)
Proceeds from sale of marketable securities	18,945
Security deposits made on operating leases	1	(69)
Purchase of property and equipment	(3,877)	(1,380)
Net cash used in investing activities	(20,587)	(1,450)
Cash flows from financing activities
Proceeds from issuance of common stock through at the market offerings	3,705	36,489
Proceeds from issuance of common stock through exercise of warrants		5,966
Proceeds from issuance of common stock through exercise of stock options		251
Proceeds from the sale of common stock of Beyond Cancer		25,200
Proceeds from issuance of common stock in connection with a purchase agreement		11,138
Proceeds from the net recovery of short-swing profits from related parties		33
Proceeds from loan		1,029
Payment of loan	(1,009)	(658)
Net cash provided by financing activities	2,696	79,450
Effect of exchange rate changes on cash and cash equivalents	(43)	96
Increase (decrease) in cash, cash equivalents and restricted cash	(50,944)	54,962
Cash, cash equivalents and restricted cash at beginning of year	90,230	35,268
Cash, cash equivalents and restricted cash at end of year	39,287	90,230
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use lease assets	609	693
Operating lease liability	609	693
Accelerated amortization of debt discount costs on retirement of debt		390
Increase in Licensed Right to Use Technology from NitricGen agreement		1,500
NitricGen accrued liability due to FDA approval		1,500
Supplemental disclosure of cash flow items:
Interest paid	36	340
Income taxes paid

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	12 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	NOTE 1 ORGANIZATION AND BUSINESS Beyond Air, Inc. (together with its subsidiaries, “Beyond Air” or the “Company”) was incorporated on April 28, 2015 under Delaware law. On June 25, 2019, the Company’s name was changed to Beyond Air, Inc. from AIT Therapeutics, Inc. The Company is a commercial stage medical device and biopharmaceutical company developing a platform of nitric oxide (“NO”) generators and delivery systems (the “LungFit ® ® ® ® ® ® LungFit ® ® ® With Beyond Air’s focus on NO and its effect on the human condition, the Company has two additional programs that do not utilize the LungFit ® Through the Company’s majority-owned affiliate Beyond Cancer, Ltd. (“Beyond Cancer”) NO is used to target solid tumors. The LungFit ® On November 4, 2021, Beyond Air reorganized its oncology business into a new private company called Beyond Cancer. Beyond Air’s preclinical oncology team and the exclusive right to the intellectual property portfolio utilizing ultra-high concentration of gaseous nitric oxide (“UNO”) for the treatment of solid tumors now reside with Beyond Cancer. The new subsidiary secured $ 30 4.8 20 80 The second program which does not utilize the LungFit® platform partially inhibits neuronal nitric oxide synthase (nNOS) in the brain to treat neurological conditions. The first target indication is autism spectrum disorder (ASD). On June 15, 2023, the Company announced that it has entered into an agreement with Yissum Research Development Company of the Hebrew University of Jerusalem, LTD. to acquire the commercial rights for neuronal nitric oxide synthase (nNOS) inhibitors being developed for the treatment of autism spectrum disorder (ASD) and other neurological conditions. Currently, there are no FDA approved therapies specifically for the treatment of ASD. Under the terms of the agreement, Beyond Air will make payments to the University over the next two years for pre-clinical work. Also, the Company will pay a low single digit royalty on net sales and certain one-time payments based on clinical, regulatory and sales milestones. The Company expects this program to progress from pre-clinical to phase 1 human study by early 2025. The Company’s current product candidates will be subject to premarket reviews and approvals by the FDA, certification through the conduct of a conformity assessment by a notified body in the European Union (the “EU”), as well as comparable foreign regulatory authorities’ reviews or approvals in other countries or regions. BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation These consolidated financial statements include the accounts of the Company and the accounts of all of the Company’s subsidiaries and a variable interest entity (“VIE”) for which the Company is the primary beneficiary. As the Company has both the power to direct activities of Beyond Cancer that most significantly impact Beyond Cancer’s economic performance and the right to receive benefits and losses that may potentially be significant, these financial statements are fully consolidated with those of the Company. The non-controlling owners’ 20 Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no effect on the reported results of operations. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“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 significantly differ from those estimates. On an ongoing basis, the Company evaluates its significant estimates and assumptions including expense recognition and accrual assumptions under consulting and clinical trial agreements, stock-based compensation, impairment assessments, accounting for licensed rights to use technologies and other long-lived assets, contingency recognition and accruals and the determination of valuation allowance requirements on deferred tax attributes. Liquidity Risks and Uncertainties The Company used cash in operating activities of $ 33.0 179.5 45.9 The Company’s future capital needs and the adequacy of its available funds will depend on many factors, including, but not necessarily limited to the success and costs of commercialization of the Company’s approved product and the actual cost and time necessary for current and anticipated preclinical studies, clinical trials and other actions needed to obtain certification or regulatory approval of the Company’s product candidates. The Company entered into an At-The-Market Offering Sales Agreement, dated February 4, 2022 (the “2022 ATM”) for $ 50 million (see Note 5). The Company has $ 46.3 million available under this agreement as of March 31, 2023. The Company may be required to raise additional funds through equity or debt securities offerings or strategic collaboration and/or licensing agreements in order to fund operations if it is unable to generate enough product or royalty revenues, if any. Such financing may not be available on acceptable terms, or at all, and the Company’s failure to raise capital when needed could have a material adverse effect on its strategic objectives, results of operations and financial condition. Other Risks and Uncertainties The Company is subject to risks common to development and early-stage medical device companies including, but not limited to, new technological innovations, certifications or regulatory approval, dependence on key personnel, protection of proprietary technology, compliance with government regulations, product liability, uncertainty of market acceptance of approved products and the potential need to obtain additional financing. The Company is also dependent on third-party suppliers and, in some cases single-source suppliers. The Company’s products require approval or clearance from the FDA prior to commencement of commercial sales in the United States. There can be no assurance that the Company’s products beyond LungFit ® BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 SIGNIFICANT ACCOUNTING POLICIES (continued) Cash and Cash Equivalents, Short-Term Investments and Restricted Cash The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase and an investment in a U.S. government money market fund to be cash equivalents. The Company maintains its cash and cash equivalents in highly rated financial institutions in Australia, Israel, Ireland and the U.S., the balances of which, at times, may exceed federally insured limits. Marketable securities include investment in fixed income bonds and U.S. Treasury securities that are considered to be highly liquid and easily tradeable. The marketable securities are considered trading securities and are measured at fair value and are accounted for in accordance with ASC 320. The marketable securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within the Company’s fair value hierarchy. As of March 31, 2023 and March 31, 2022, restricted cash included approximately $ 2.5 2.6 7.4 7.4 The following table is the reconciliation of the presentation and disclosure of cash, cash equivalents, marketable securities by major security type and restricted cash as shown on the Company’s consolidated statements of cash flows for: SCHEDULE OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (in thousands) March 31, 2023 March 31, 2022 Cash and cash equivalents $ 29,158 $ 80,242 Restricted cash 10,129 9,988 Total cash, cash equivalents and restricted cash $ 39,287 $ 90,230 Marketable securities: Marketable debt securities Corporate debt securities 1,597 - U.S. government securities 1,013 - Mutual fund (Ultra-Short-Term Income) 14,114 - Total marketable securities 16,724 - Total cash, cash equivalents, marketable securities and restricted cash $ 56,011 $ 90,230 The following table summarizes our short-term marketable securities with unrealized gains and losses as of March 31, 2023 aggregated by major security type: SUMMARY OF SHORT-TERM MARKETABLE SECURITIES WITH UNREALIZED GAINS AND LOSSES (in thousands) Fair Value Unrealized (Losses) Corporate debt securities 1,597 2 US government securities 1,013 10 Mutual fund (Ultra-Short-Term Income) 14,114 - Total short-term marketable securities $ 16,724 $ 12 All marketable securities are A- or higher rated. No Revenue Recognition The Company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers, the Company performs 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) the Company satisfies the performance obligation(s). At contract inception, the Company assesses the goods or services promised within each contract, assesses whether each promised good or service is distinct and identifies those promised goods or services that are performance obligations. BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 SIGNIFICANT ACCOUNTING POLICIES (continued) The Company will be required to 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 the transaction price in step (iv) above. The Company will also be required to use judgment to determine whether variable consideration 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 contract are satisfied. Inventories Raw materials, work in progress and finished goods are stated at the lower of cost or net realizable value. Cost comprises direct materials, third-party manufacturing costs and shipping costs incurred to deliver goods to the Company’s central warehouse location. Costs are assigned to individual items of inventory on the basis of weighted average costs. Inventory items are tracked by batch/lot number for specific identification whenever possible. The Company uses judgement to determine the proportion of inventory items held which will be provided to a hospital as part of its service delivery versus the inventory items that will be provided free of charge on hospital evaluations. Inventory items held for hospital evaluations have no realizable value. Leases Operating lease assets are included within operating lease right-of-use assets, and the corresponding operating lease obligation on the consolidated balance sheets as of March 31, 2023 and March 31, 2022 in accordance with ASC 842, Leases Grant receivable Under a collaboration arrangement with the Cystic Fibrosis Foundation (“CFF”), grant milestones are achieved subject to certain performance steps and requirements under a development program. Grant milestones are recorded as reimbursements against the applicable portion of the Company’s research and development expenses. Such reimbursements are reflected as a reduction of research and development expenses in the Company’s consolidated statements of operations and comprehensive income (loss), as the performance of research and development services for reimbursement is not considered to be an ongoing component or central to the Company’s operations. See Note 11. Segment Reporting Commencing with the creation of Beyond Cancer in November 2021 (see Note 16), the Company’s operations became classified into two segments, Beyond Air and Beyond Cancer. Each segment has its own Management team, Board of Directors, Corporate Officers and legal entities. As of March 31, 2023, Beyond Air, Inc. owns 80 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 SIGNIFICANT ACCOUNTING POLICIES (continued) Research and Development Research and development expenses are charged to the consolidated statements of operations as incurred. Research and development expenses include salaries, benefits, stock-based compensation and costs incurred by outside laboratories, manufacturers, clinical research organizations, consultants, and accredited facilities in connection with preclinical studies and clinical trials. Research and development expenses are partially offset by the benefit of tax incentive payments for qualified research and development expenditures from the Australian tax authority (“AU Tax Rebates”). The Company does not record AU Tax Rebates until payment is received due to the uncertainty of receipt. During the years ended March 31, 2023, and March 31, 2022, the Company received $ 0.5 0 Foreign Exchange Transactions The Company’s subsidiaries transact in U.S. dollars, Euros, New Israeli Shekels and Australian dollars. The Company’s main 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. 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. Gains or losses from foreign currency transactions are included in other income (expense) in the Consolidated Statements of operations as foreign currency exchange gain/(loss). In consolidating international subsidiaries, balance sheet currency effects are recorded as a component of accumulated other comprehensive income. The accumulated other comprehensive income account includes the cumulative results of translating certain balance sheet assets and liabilities at current exchange rates and some accounts at historical rates. For the year ended March 31, 2023, the Company recorded a loss of $ 43 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 unit awards is valued using the closing price of the Company’s common stock on the date of grant. The grant date fair value is recognized over the requisite service period during which an employee and non-employee is required to provide service in exchange for the award, using the accelerated method with each tranche being expensed over its vesting period. The grant date fair value of employee and non-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. Starting in 2023, Beyond Air used its own historical volatility as an input for expected volatility, but due to the Beyond Cancer’s lack of marketability, the Company utilizes the implied volatility based on an aggregate of guideline companies for expected volatility. 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 are calculated using the straight-line method over the estimated useful life of the assets as follows: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE OF ASSETS Computer equipment Three years Furniture and fixtures Five years Clinical and medical equipment Five years Equipment deployable as part of a service offering Five 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 amortized on a straight-line method over its estimated useful life, determined to be thirteen years (see Note 15). The expected amortization expense for the next five years and thereafter is as follows for the year ended March 31 (in thousands): SCHEDULE OF FUTURE EXPECTED AMORTIZATION EXPENSE 2024 $ 205 2025 205 2026 205 2027 205 2028 205 Thereafter 607 Total $ 1,632 Long-Lived Assets The Company assesses 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 that the Company considers as potential triggers of an impairment review include the following: ● significant underperformance relative to expected historical or projected future operating results, ● significant changes in the manner of the Company’s use of the acquired assets or the strategy for its overall business, ● significant negative regulatory or economic trends, and ● significant technological changes, which would render the platform technology, equipment, and manufacturing processes obsolete. BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 SIGNIFICANT ACCOUNTING POLICIES (continued) Recoverability of assets that will continue to be used in the Company’s 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 estimates of 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 March 31, 2023, the Company recorded a valuation allowance to the full extent of the Company’s net deferred tax assets since the likelihood of realization of the benefit does not meet the more-likely-than-not threshold. The Company’s reserves related to taxes are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. As of March 31, 2023, the Company had no unrecognized tax benefits or related interest and penalties accrued. The Company has not, as yet, conducted a study of research and development (R&D) credit carryforwards. This study may result in an adjustment to the Company’s R&D credit carryforwards; however, until a study is completed and any adjustment is known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the Company’s R&D credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the consolidated balance sheet, statement of operations or comprehensive loss if an adjustment were required. The Company would recognize both accrued interest and penalties related to unrecognized benefits in income tax expense. The Company’s uncertain tax positions are related to years that remain subject to examination by relevant tax authorities. Since the Company is in a loss carryforward position, the Company is generally subject to examination by the U.S. federal, state and local income tax authorities for all tax years in which a loss carryforward is available. Net Income (Loss) Per Share Basic and diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to Beyond Air, Inc., by the weighted average number of shares of common stock outstanding for the period. The dilutive effect of outstanding options, warrants, restricted stock and other stock-based compensation awards is reflected in diluted net loss per share by application of the treasury stock method. The calculation of diluted net loss attributed to common stockholders per share excludes all anti-dilutive shares of common stock. 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 shares of common stock are not assumed to have been issued if their effect is anti-dilutive, see Note 9. Recently Issued Accounting Standards Adopted In September 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)”. The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. In February 2020, the FASB issued ASU 2020-02, “Financial Instruments – Credit Losses (Topic 326)”, which amends the effective date of the original pronouncement for smaller reporting companies. ASU 2016-13 and its amendments became effective for the Company for interim and annual periods for the fiscal period ending December 31, 2022. ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements or disclosures. BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
	Mar. 31, 2023
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, and a short-term loan. Due to the short-term nature of these financial instruments, the carrying amounts of these assets and liabilities approximate their fair value. The long-term debt approximates fair value due to the prevailing market conditions for similar debt with remaining maturity and terms. 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 give 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	12 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4 PROPERTY AND EQUIPMENT Property and equipment consist of the following: SCHEDULE OF PROPERTY AND EQUIPMENT (in thousands) March 31, 2023 March 31, 2022 Clinical and medical equipment $ 1,365 $ 1,682 Equipment deployable as part of a service offering 3,027 - Computer equipment 779 364 Furniture and fixtures 505 311 Leasehold improvements 581 404 Property and Equipment, gross 6,256 2,762 Accumulated depreciation and amortization (1,254 ) (767 ) Property and equipment , net $ 5,003 $ 1,995 Depreciation and amortization expense for the years ended March 31, 2023 and March 31, 2022 was $ 634 314 382 147

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	12 Months Ended
	Mar. 31, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 5 STOCKHOLDERS’ EQUITY On April 2, 2020, the Company entered into an At-The-Market Equity Offering Sales Agreement (the “2020 ATM”), allowing the Company to sell its common stock for aggregate sales proceeds of up to $ 50 million from time to time and at various prices, subject to the conditions and limitations set forth in the sales agreement. When shares of the Company’s common stock were sold, there was a 3 % fee paid to the sales agent. For the year ended March 31, 2022, the Company received net proceeds of $ 36.5 million from the sale of 4,053,424 shares of the Company’s common stock. There were no remaining funds available under the 2020 ATM as of March 31, 2022. On May 14, 2020, the Company entered into the Stock Purchase Agreement with Lincoln Park Capital Fund, LLC (“LPC”) (the “New Stock Purchase Agreement”), which provides for the issuance of up to $ 40 0.25 11.1 1,100,000 No On February 4, 2022, the Company entered into a new At-The-Market Equity Offering Sales Agreement with Truist Securities, Inc. and Oppenheimer & Co, Inc. (the “2022 ATM”), allowing the Company to sell its common stock for aggregate sales proceeds of up to $ 50 3 For the twelve months ended March 31, 2023, the Company received net proceeds of $ 3.7 572,078 no 46.3 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 5 STOCKHOLDERS’ EQUITY (continued) Stock Option Plans The Company’s Fifth Amended and Restated 2013 Beyond Air Equity Incentive Plan (the “2013 BA Plan”) allows for awards to officers, directors, employees, and consultants of stock options, restricted stock units and restricted shares of the Company’s common stock. On January 9, 2023, the Company’s Board of Directors approved an amendment to the 2013 BA Plan to increase the number of shares in the 2013 BA Plan by 3,000,000 10,600,000 383,221 Restricted Stock Units The fair value for the restricted stock unit awards was valued at the closing price of the Company’s common stock on the date of grant. Restricted stock units vest annually over five years A summary of the Company’s restricted stock unit awards for the years ended March 31, 2023 and March 31, 2022 is as follows: SCHEDULE OF RESTRICTED STOCK AWARDS Number Of Weighted Unvested as of March 31, 2021 554,200 $ 5.07 Granted 615,000 8.37 Vested (202,600 ) 6.32 Forfeited (17,000 ) 5.23 Unvested as of March 31, 2022 949,600 $ 6.92 Granted 434,500 6.27 Vested (274,600 ) 6.50 Forfeited (8,400 ) 5.06 Unvested as of March 31, 2023 1,101,100 $ 6.78 Stock-based compensation expense related to these grants for the years ended March 31, 2023 and March 31, 2022 was $ 2.4 1.7 As of March 31, 2023, the Company had unrecognized stock-based compensation expense for the restricted stock unit awards in the 2013 BA Plan of approximately $ 5.0 2.1 6.27 8.37 As of March 31, 2023, all vested shares had been issued. Stock Options The vesting terms of the options issued under the 2013 BA Plan are generally four years and expire ten years from the grant date. A summary of the change in stock options for the years ended March 31, 2023 and March 31, 2022 is as follows: SCHEDULE OF OPTION ACTIVITY Number Of Weighted Weighted Aggregate (thousands) Options outstanding as of March 31, 2021 4,195,097 $ 4.91 8.4 $ 2,609 Granted 1,673,500 7.14 Exercise (259,904 ) 4.97 Forfeited (100,062 ) 5.11 Options outstanding as of March 31, 2022 5,508,631 $ 5.60 8.1 $ 6,831 Granted 2,805,500 6.32 Exercise (15,000 ) 5.21 Forfeited (100,250 ) 6.38 Outstanding as of March 31, 2023 8,198,881 $ 5.83 8.4 $ 8,306 Exercisable as of March 31, 2023 3,481,943 $ 5.85 6.4 $ 6,110 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 5 STOCKHOLDERS’ EQUITY (continued) The Company’s 2021 Beyond Cancer Ltd Equity Incentive Plan (the “2021 BC Plan”) allows for awards to officers, directors, employees, and consultants of stock options, restricted stock units and restricted shares of Beyond Cancer Ltd.’s common stock. The vesting terms of the options issued under the 2021 BC Plan are generally four years and they expire ten years 2,000,000 4,000,000 183,000 A summary of the change in stock options for Beyond Cancer for the years ended March 31, 2023 and March 31, 2022 is as follows: SCHEDULE OF OPTION ACTIVITY Number Of Weighted Weighted Aggregate (thousands) Options outstanding as of March 31, 2021 - $ - - $ - Granted 1,763,500 2.76 Options outstanding as of March 31, 2022 1,763,500 $ 2.76 9.3 $ 12,768 Granted 2,076,500 3.01 Exercised - - - Forfeited (23,000 ) 5.91 - Outstanding as of March 31, 2023 3,817,000 $ 2.88 9.2 $ 23,486 Exercisable as of March 31, 2023 457,375 $ 3.08 8.8 $ 2,728 As of March 31, 2023, the Company had unrecognized stock-based compensation expense for the stock options in the 2013 BA Plan of approximately $ 17.5 2.1 4.68 5.58 As of March 31, 2023, The Company had unrecognized stock-based compensation expense for the stock options in the 2021 BC Plan of approximately $ 20.2 2.0 8.32 9.08 The following was utilized to calculate the fair value of options on the date of grant: SCHEDULE OF FAIR VALUE OF OPTION March 31, 2023 March 31, 2022 Risk -free interest rate 2.5 4.3 0.9 2.2 Expected volatility (Beyond Air) 82.8 96.1 89.3 91.1 Expected volatility (Beyond Cancer) 103.0 107.9 101.8 103.1 Dividend yield 0 0 Expected terms (in years) 6.25 6.25 The Company determined the fair value per share of Beyond Cancer’s common stock to be $ 9.00 10.00 The following summarizes the components of stock-based compensation expense which included stock options and restricted stock for the years ended March 31, 2023 and March 31, 2022, in thousands: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE 2023 2022 Year Ended March 31, 2023 2022 Research and development $ 4,181 $ 1,820 General and administrative 15,378 6,011 Total stock-based compensation expense $ 19,558 $ 7,831 ESPP On March 4, 2021, the stockholders approved the 2021 Employee Stock Purchase Plan (“ESPP”). The purpose of the ESPP is to encourage and to enable eligible employees of the Company, through after-tax payroll deductions, to acquire proprietary interests in the Company through the purchase and ownership of shares of Stock. The ESPP is intended to benefit the Company and its stockholders by (a) incentivizing participants to contribute to the success of the Company and to operate and manage the Company’s business in a manner that will provide for the Company’s long-term growth and profitability and that will benefit its stockholders and other important stakeholders and (b) encouraging participants to remain in the employ of the Company. As of March 31, 2023 and March 31, 2022, no BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 5 STOCKHOLDERS’ EQUITY (continued) Warrants A summary of the Company’s outstanding warrants as of March 31, 2023 are as follows: SUMMARY OF COMPANY’S OUTSTANDING WARRANTS Warrant Holders Number Of Warrants Exercise Price Intrinsic Value Date of Expiration Third-party license agreement 208,333 $ 4.80 $ 406 January 2024 March 2020 loan (see Note 12) 172,187 $ 7.26 - March 2025 NitricGen Agreement 80,000 $ 6.90 - January 2028 Total 460,520 $ 6.08 $ 406 For the years ended March 31, 2023 and March 31, 2022, 0 1,630,002 0 6.0 0 1,358,896 0 894,823

OTHER CURRENT ASSETS AND PREPAI

OTHER CURRENT ASSETS AND PREPAID EXPENSES	12 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER CURRENT ASSETS AND PREPAID EXPENSES	NOTE 6 OTHER CURRENT ASSETS AND PREPAID EXPENSES A summary of current assets and prepaid expenses is as follows (in thousands): SCHEDULE OF CURRENT ASSETS AND PREPAID EXPENSES March 31, 2023 March 31, 2022 Research and development $ 128 $ 216 Insurance 908 1,037 Value added tax receivable 231 282 Demonstration materials 245 - Other 337 508 Total $ 1,850 $ 2,044

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE 7 ACCRUED EXPENSES A summary of the accrued expenses is as follows (in thousands): SUMMARY OF ACCRUED EXPENSES March 31, 2023 March 31, 2022 Research and development $ 426 $ 1,006 Professional fees 1,221 442 Employee salaries and benefits 985 409 Contingent litigation and settlements (Note 15) 10,298 2,435 Circassia settlement – current portion (Note 10) 3,500 2,500 NitricGen agreement (Note 15) - 1,500 Other 184 82 Total short-term accrued expenses $ 16,613 $ 8,374 Circassia settlement - long-term portion (Note 10) $ 4,500 $ 8,000 Total other long-term liabilities $ 4,500 $ 8,000 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

LEASES

LEASES	12 Months Ended
	Mar. 31, 2023
Leases
LEASES	NOTE 8 LEASES Lessees are required to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and provide disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. During the year ended March 31, 2023, the Company entered into one new lease and two lease extensions, which resulted in the recognition of operating lease liabilities and right-of-use assets of same amount of $ 609 SCHEDULE OF OPERATING LEASE LIABILITY March 31, 2023 March 31, 2022 Right-of-use assets $ 2,493 $ 2,216 Operating lease liability short-term $ 376 $ 281 Operating lease liability long-term 2,321 2,079 Total $ 2,697 $ 2,361 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 the Company’s 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. Operating lease expense is recognized on a straight-line basis over the lease term and is included in general and administrative and research development expenses. 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. For the year ended March 31, 2023, the Company recognized $ 0.5 0.1 0.5 0.1 SCHEDULE OF LEASE OTHER INFORMATION Other Information For The Year Ended March 31, 2023 Cash paid for amounts included in the measurement of lease liabilities: Cash paid $ 500 Right-of-use assets obtained in exchange for new operating lease liabilities: Weighted-average remaining lease term — operating leases 6.5 Weighted-average discount rate — operating leases 8.5 % SCHEDULE OF MATURITY OF LEASE LIABILITIES Maturity of Lease Liabilities Operating Leases Payments remaining for the year ended March 31: 2024 $ 582 2025 593 2026 551 2027 452 2028 404 Thereafter 916 Total lease payments 3,497 Less: interest (800 ) Present value of lease liabilities $ 2,697

BASIC AND DILUTED NET LOSS PER

BASIC AND DILUTED NET LOSS PER SHARE OF COMMON STOCK	12 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
BASIC AND DILUTED NET LOSS PER SHARE OF COMMON STOCK	NOTE 9 BASIC AND DILUTED NET LOSS PER SHARE OF COMMON STOCK The following potentially dilutive securities were not included in the calculation of diluted net loss per share attributable to common stockholders of Beyond Air, Inc. because their effect would have been anti-dilutive for the periods presented: SCHEDULE OF POTENTIAL ANTI-DILUTIVE SECURITIES March 31, 2023 March 31, 2022 Common stock warrants 460,520 460,520 Common stock options 8,198,881 5,508,631 Restricted shares 1,101,100 949,600 Total 9,760,501 6,918,751 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

CIRCASSIA AGREEMENT

CIRCASSIA AGREEMENT	12 Months Ended
	Mar. 31, 2023
Circassia Agreement
CIRCASSIA AGREEMENT	NOTE 10 CIRCASSIA AGREEMENT On January 23, 2019, the Company entered into an agreement for commercial rights (the “Circassia Agreement”) with Circassia Limited and its affiliates (collectively, “Circassia”) for PPHN and future related indications at concentrations of < 80 ppm in the hospital setting in the United States and China. On December 18, 2019, the Company terminated the Circassia Agreement. On May 25, 2021, the Company and Circassia entered into a Settlement Agreement resolving all claims by and between both parties and mutually terminating the Circassia Agreement. Pursuant to the terms of the Settlement Agreement, the Company agreed to pay Circassia $ 10.5 2.5 3.5 4.5 5 ® 6 2.5 8.0 3.5 4.5

GRANT COLLABORATON AGREEMENT

GRANT COLLABORATON AGREEMENT	12 Months Ended
	Mar. 31, 2023
Grant Collaboraton Agreement
GRANT COLLABORATON AGREEMENT	NOTE 11 GRANT COLLABORATON AGREEMENT On February 10, 2021, the Company received a grant for up to $ 2.2 million from the CFF to advance the clinical development of high concentration NO for the treatment of NTM pulmonary disease, which disproportionally affects Cystic Fibrosis patients. Under the terms of the agreement, the funding will be allocated to the ongoing LungFit ® 10 % of net sales. The royalties are capped at four times the grant actually paid to the Company. For the years ended March 31, 2023 and March 31, 2022, the Company recorded $ 0.5 0.7 1.7 million has been recognized as a reduction of R&D costs from this grant to date. Since the beginning of the pilot study, the Company has received milestone payments totaling $ 1.3 0.4

LONG-TERM LOAN

LONG-TERM LOAN	12 Months Ended
	Mar. 31, 2023
Long-Term Debt, Unclassified [Abstract]
LONG-TERM LOAN	NOTE 12 LONG-TERM LOAN On March 17, 2020, the Company entered into a Facility Agreement (the “Facility Agreement”) with certain lenders for up to $ 25.0 5.0 5.0 In connection with the first tranche, the Company issued, in March 2020, warrants to the lenders for the purchase of 172,826 7.26 five years 595 A lender who is an over 5 3.2 206 In connection with the termination of the Facility Agreement, on November 8, 2021, the Company entered into a modification of the Facility Agreement for one lender to allow for repayment of $ 200 10 March 17, 2025 SCHEDULE OF MATURITY OF LONG-TERM LOAN Maturity of Term Loan (thousands) March 31, 2023 2024 $ 80 2025 120 Total $ 200 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

LOAN PAYABLE

LOAN PAYABLE	12 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
LOAN PAYABLE	NOTE 13 LOAN PAYABLE As of March 31, 2023 and March 31, 2022 in connection with the Company’s insurance policy, a loan was used to finance part of the premium. The details concerning the loan are as follows: SCHEDULE OF LOAN PAYABLE March 31, 2023 March 31, 2022 Amount outstanding $ 695 $ 927 Monthly payments $ 88 $ 104 Number of monthly payments remaining 8 10 Interest rate 4.85 % 1.3 % Due date November 2023 December 2022

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 14 INCOME TAXES As of March 31, 2023, the Company has approximately $ 86.4 million, $ 18.1 million, $ 3.4 million and $ 0.9 million of net operating losses (NOL) carryforwards for U.S. federal, Israeli, Irish and Cypriot tax purposes, respectively. The U.S. federal NOL carryforwards of approximately $ 1.4 million, which were generated prior to March 2018 expire through 2037 . The NOL of approximately $ 85.0 million can be carried forward indefinitely but limited to offset 80 % of taxable income. The entire NOL for Israel, Ireland and Australia can be carried forward indefinitely. The Company also has state NOL carryforwards in the amount of approximately $ 82.3 million expiring during the years from 2036 to 2042 . The Tax Cuts and Jobs Act of 2017 (TCJA) has modified the IRC 174 expenses related to research and development for tax years beginning after December 31, 2021. Under the TCJA, the Company must now capitalize the expenditures related to research and development activities and amortize over five years for U.S. activities and 15 years for non-U.S. activities using a mid-year convention. Therefore, the capitalization of research and development costs in accordance with IRC 174 resulted in a gross deferred tax asset of $ 8.0 Pursuant to Section 382 of the Internal Revenue Code, changes in the Company’s ownership may limit the amount of its NOL carryforwards that could be utilized annually to offset future taxable income, if any. This limitation would generally apply in the event of a cumulative change in ownership of the Company of more than 50% within a three-year period The components of net loss before the provision for income taxes are as follows (in thousands): SCHEDULE OF PROFIT (LOSS) BEFORE TAXES For the Year Ended March 31, 2023 For the Year Ended March 31, 2022 Domestic $ (49,720 ) $ (39,148 ) Foreign (9,681 ) (4,912 ) Total $ (59,401 ) $ (44,060 ) BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 14 INCOME TAXES (continued) The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows (in thousands): SCHEDULE OF DEFERRED TAX ASSET/LIABILITY March 31, 2023 March 31, 2022 Net operating loss carryforward $ 28,240 $ 22,952 Research and development tax credits 1,624 1,226 Research and development tax credit capitalization 2,158 Other 23 (162 ) Depreciation (1,228 ) - Stock-based compensation 6,731 3,268 Capital loss carryforward 1,559 1,559 Reserves and Accruals 5,291 3,580 Right-of-use asset (484 ) (464 ) Lease liability 524 495 Net deferred tax 44,438 32,454 Valuation allowance (44,438 ) (32,454 ) Net deferred tax asset $ - $ - A reconciliation of income tax expense calculated at the federal enacted statutory rate of 21 SCHEDULE OF STATUTORY US FEDERAL EFFECTIVE RATE March 31, 2023 March 31, 2022 Federal income tax at statutory rate (21.00 )% (21.00 )% State income tax, net of federal benefit (4.35 ) (6.21 ) Permanent items 0.08 (0.86 ) Change in valuation allowance 20.17 29.31 Research and development tax credits (0.67 ) (0.65 ) Foreign tax rate differential 2.81 0.00 Other 2.96 (0.59 ) Effective income tax expense rate 0.00 % 0.00 %

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 15 COMMITMENTS AND CONTINGENCIES License Agreements In August 2015, BA Ltd. entered into an Option Agreement (the “Option Agreement”) with Pulmonox whereby BA Ltd. acquired the option (the “Option”) to purchase certain intellectual property assets and rights. On January 13, 2017, the Company exercised the Option and paid $ 500 87 83 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 15 COMMITMENTS AND CONTINGENCIES (continued) On January 31, 2018, the Company entered into an agreement (the “NitricGen 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 ® 2.0 ® 100 100 1.5 ® 100,000 295 0.3 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. The Company has opened several non-cancellable purchase orders and the outstanding amount remaining under the purchase order as of March 31, 2023 was approximately $ 4.8 Contingencies On March 23, 2023, the Supreme Court of the State of New York, Appellate Division, First Judicial Department (the “Appellate Court”), rendered its opinion in Empery Asset Master, Ltd., et. al. vs. AIT Therapeutics, Inc. The Appellate Court opinion affirmed the judgment by the Supreme Court of the State of New York against the Company. In connection with the appeal, the Company had used approximately $ 7.4 7.6 7.6 On December 28, 2021 Hudson Bay Master Fund (“Hudson”) filed a lawsuit against the Company related to the notice of adjustment of the exercise price of and the number of warrant shares issuable under warrants issued to Hudson in January 2017. Hudson received 83,334 2.6 2.7 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

BEYOND CANCER VARIABLE INTEREST

BEYOND CANCER VARIABLE INTEREST ENTITY	12 Months Ended
	Mar. 31, 2023
Beyond Cancer Variable Interest Entity
BEYOND CANCER VARIABLE INTEREST ENTITY	NOTE 16 BEYOND CANCER VARIABLE INTEREST ENTITY On November 4, 2021, the Company announced that Beyond Air and Beyond Cancer, Ltd agreed to terms to which the Company, through its subsidiaries would be licensing certain intellectual property and other assets related to, or necessary for the development, commercialization, manufacture and distribution of certain cancer treatment products and/or technologies to a subsidiary of the Company (the “Transaction”). In connection and concurrently with the closing of the Transaction, Beyond Cancer issued and sold common shares, par value $ 1.00 3 10.00 30 4.8 1.1 20 80 Members of the Board of Directors of Beyond Air who are also members of the Board of Directors of Beyond Cancer, and their families, are considered related parties to the Offering. Related parties invested $ 1.1 The carrying amount of net assets of the VIE included in the consolidated financial statements, after the elimination of intercompany balances and transactions, was $ 20.6 million (including $ 20.5 million of cash) at March 31, 2023, compared with $ 27.5 million (including $ 27.7 million of cash) at March 31, 2022. Beyond Cancer generated $ 17.9 million of losses (before elimination of intercompany amounts) for the year ended March 31, 2023. The Company’s attributed losses as the primary beneficiary was proportional to its equity interest in Beyond Cancer ( 80 %) for the year ended March 31, 2023. The following table summarizes segment financial information by business segment for the year ended and at March 31, 2023: SCHEDULE OF SEGMENT FINANCIAL INFORMATION BY BUSINESS SEGMENT (in thousands) Beyond Air Beyond Cancer Total Cash, cash equivalents and marketable securities $ 25,388 $ 20,494 $ 45,882 All other assets 22,310 557 22,867 Total assets $ 47,699 $ 21,051 $ 68,749 Total liabilities (26,201 ) (520 ) (26,721 ) Net assets $ 21,498 $ 20,530 $ 42,028 Non-controlling interests $ - $ 4,113 $ 4,113 (in thousands) Net loss for the year ended March 31, 2023 $ (41,475 ) $ (17,927 ) $ (59,401 ) Operating activities included in net loss: Depreciation and amortization $ 1,107 $ 63 $ 1,170 Stock-based compensation expense $ 8,590 $ 10,969 $ 19,559 Cash used in operations $ (25,864 ) $ (7,145 ) $ (33,009 ) Cash used in investing (20,482 ) (106 ) (20,587 ) Cash from financing 2,696 - 2,696 Impact of exchange rates (2 ) (42 ) (43 ) Net change for the period $ (43,651 ) $ (7,292 ) $ (50,944 ) The following table summarizes segment financial information by business segment for the year ended and at March 31, 2022: (in thousands) Beyond Air Beyond Cancer Total Cash and cash equivalents $ 52,515 $ 27,727 $ 80,242 All other assets 18,674 283 18,957 Total assets $ 71,189 $ 28,010 $ 99,199 Total liabilities (20,505 ) (485 ) (20,990 ) Net assets $ 50,684 $ 27,525 $ 78,209 Non-controlling interests $ - $ 5,505 $ 5,505 (in thousands) Net loss for the year ended March 31, 2022 $ (39,150 ) $ (4,910 ) $ (44,060 ) Operating activities included in net loss: Depreciation and amortization $ 312 $ 2 $ 314 Stock-based compensation expense $ 5,813 $ 2,018 $ 7,831 Cash used in operations $ (20,975 ) $ (2,159 ) $ (23,134 ) Cash used in investing (1,334 ) (116 ) (1,450 ) Cash from financing 49,450 30,000 79,450 Impact of exchange rates 96 - 96 Net change for the period $ 27,171 $ 27,792 $ 54,962 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 17 RELATED PARTY TRANSACTIONS In March 2020, as part of the first tranche of the Facility Agreement, a lender who is an over 5 3.2 0.2 Members of the Board of Directors of Beyond Air who are also members of the Board of Directors of Beyond Cancer, and their families, are considered related parties to this transaction. Related parties invested $ 1.1 In the fourth quarter of fiscal year 2022, the Company recorded approximately $ 37 4 33 There were no related party transactions in the fiscal year ended March 31, 2023.

SUBSEQENT EVENTS

SUBSEQENT EVENTS	12 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQENT EVENTS	NOTE 18 SUBSEQENT EVENTS On April 12, 2023 the Company paid $ 7.6 On June 15, 2023 (the “Closing Date”), The Company entered into a Loan and Security Agreement (the “Agreement”) with Avenue Capital Management II, L.P., as administrative agent and collateral agent (the “Agent”), Avenue Venture Opportunities Fund, L.P., a Delaware limited partnership (“Avenue”), and Avenue Venture Opportunities Fund II, L.P, a Delaware limited partnership (“Avenue 2” and, together with Avenue, the “Lenders”). Also on June 15, 2023, the Company entered into a Supplement to the Agreement (collectively with the Agreement, the “Loan Agreement”) with the Agent and the Lenders. The Loan Agreement provides for senior secured term loans (the “Loans”) in an aggregate principal amount up to $ 40 17.5 10 ® 85% 12.5 June 1, 2027 additional 6 to 18 months 40 (i) the prime rate, as published by the Wall Street Journal from time to time, plus 3.75% and (ii) 12.00%. The Company may, subject to certain parameters, voluntarily prepay the Loans, in whole or in part, at any time. If prepayment occurs on or before the one-year anniversary of the Closing Date, the Company is required to pay a fee equal to the principal amount of the Loans prepaid multiplied by 3.00%; if prepayment occurs after the one-year anniversary of the Closing Date and on or before the two-year anniversary of the Closing Date, the Company is required to pay a fee equal to the principal amount of the Loans prepaid multiplied by 2.00%; if prepayment occurs after the two-year anniversary and on or before the three-year anniversary of the Closing Date, the Company is required to pay a fee equal to the principal amount of the Loans prepaid multiplied by 1.50%; and if prepayment occurs after the three-year anniversary of the Closing Date and before the Maturity Date, the Company is required to pay a fee equal to the principal amount of the Loans prepaid multiplied by 1.00%. 3.50% Pursuant to the Loan Agreement, the Company is subject to a financial covenant requiring the Company to maintain at all times $ 5,000,000 The Loan Agreement also includes events of default customary for financings of this type, in certain cases subject to customary periods to cure, following which the Agent may accelerate all amounts outstanding under the Loans. The Company granted Avenue Capital Group warrants to purchase 233,843 shares of common stock at an exercise price of the lesser of $ 5.88 or the price per share of our next bona fide round of equity financing before June 30, 2024. The Company received $ 15.7

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation These consolidated financial statements include the accounts of the Company and the accounts of all of the Company’s subsidiaries and a variable interest entity (“VIE”) for which the Company is the primary beneficiary. As the Company has both the power to direct activities of Beyond Cancer that most significantly impact Beyond Cancer’s economic performance and the right to receive benefits and losses that may potentially be significant, these financial statements are fully consolidated with those of the Company. The non-controlling owners’ 20
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no effect on the reported results of operations.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“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 significantly differ from those estimates. On an ongoing basis, the Company evaluates its significant estimates and assumptions including expense recognition and accrual assumptions under consulting and clinical trial agreements, stock-based compensation, impairment assessments, accounting for licensed rights to use technologies and other long-lived assets, contingency recognition and accruals and the determination of valuation allowance requirements on deferred tax attributes.
Liquidity Risks and Uncertainties	Liquidity Risks and Uncertainties The Company used cash in operating activities of $ 33.0 179.5 45.9 The Company’s future capital needs and the adequacy of its available funds will depend on many factors, including, but not necessarily limited to the success and costs of commercialization of the Company’s approved product and the actual cost and time necessary for current and anticipated preclinical studies, clinical trials and other actions needed to obtain certification or regulatory approval of the Company’s product candidates. The Company entered into an At-The-Market Offering Sales Agreement, dated February 4, 2022 (the “2022 ATM”) for $ 50 million (see Note 5). The Company has $ 46.3 million available under this agreement as of March 31, 2023. The Company may be required to raise additional funds through equity or debt securities offerings or strategic collaboration and/or licensing agreements in order to fund operations if it is unable to generate enough product or royalty revenues, if any. Such financing may not be available on acceptable terms, or at all, and the Company’s failure to raise capital when needed could have a material adverse effect on its strategic objectives, results of operations and financial condition.
Other Risks and Uncertainties	Other Risks and Uncertainties The Company is subject to risks common to development and early-stage medical device companies including, but not limited to, new technological innovations, certifications or regulatory approval, dependence on key personnel, protection of proprietary technology, compliance with government regulations, product liability, uncertainty of market acceptance of approved products and the potential need to obtain additional financing. The Company is also dependent on third-party suppliers and, in some cases single-source suppliers. The Company’s products require approval or clearance from the FDA prior to commencement of commercial sales in the United States. There can be no assurance that the Company’s products beyond LungFit ® BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 SIGNIFICANT ACCOUNTING POLICIES (continued)
Cash and Cash Equivalents, Short-Term Investments and Restricted Cash	Cash and Cash Equivalents, Short-Term Investments and Restricted Cash The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase and an investment in a U.S. government money market fund to be cash equivalents. The Company maintains its cash and cash equivalents in highly rated financial institutions in Australia, Israel, Ireland and the U.S., the balances of which, at times, may exceed federally insured limits. Marketable securities include investment in fixed income bonds and U.S. Treasury securities that are considered to be highly liquid and easily tradeable. The marketable securities are considered trading securities and are measured at fair value and are accounted for in accordance with ASC 320. The marketable securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within the Company’s fair value hierarchy. As of March 31, 2023 and March 31, 2022, restricted cash included approximately $ 2.5 2.6 7.4 7.4 The following table is the reconciliation of the presentation and disclosure of cash, cash equivalents, marketable securities by major security type and restricted cash as shown on the Company’s consolidated statements of cash flows for: SCHEDULE OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (in thousands) March 31, 2023 March 31, 2022 Cash and cash equivalents $ 29,158 $ 80,242 Restricted cash 10,129 9,988 Total cash, cash equivalents and restricted cash $ 39,287 $ 90,230 Marketable securities: Marketable debt securities Corporate debt securities 1,597 - U.S. government securities 1,013 - Mutual fund (Ultra-Short-Term Income) 14,114 - Total marketable securities 16,724 - Total cash, cash equivalents, marketable securities and restricted cash $ 56,011 $ 90,230 The following table summarizes our short-term marketable securities with unrealized gains and losses as of March 31, 2023 aggregated by major security type: SUMMARY OF SHORT-TERM MARKETABLE SECURITIES WITH UNREALIZED GAINS AND LOSSES (in thousands) Fair Value Unrealized (Losses) Corporate debt securities 1,597 2 US government securities 1,013 10 Mutual fund (Ultra-Short-Term Income) 14,114 - Total short-term marketable securities $ 16,724 $ 12 All marketable securities are A- or higher rated. No
Revenue Recognition	Revenue Recognition The Company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers, the Company performs 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) the Company satisfies the performance obligation(s). At contract inception, the Company assesses the goods or services promised within each contract, assesses whether each promised good or service is distinct and identifies those promised goods or services that are performance obligations. BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 SIGNIFICANT ACCOUNTING POLICIES (continued) The Company will be required to 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 the transaction price in step (iv) above. The Company will also be required to use judgment to determine whether variable consideration 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 contract are satisfied.
Inventories	Inventories Raw materials, work in progress and finished goods are stated at the lower of cost or net realizable value. Cost comprises direct materials, third-party manufacturing costs and shipping costs incurred to deliver goods to the Company’s central warehouse location. Costs are assigned to individual items of inventory on the basis of weighted average costs. Inventory items are tracked by batch/lot number for specific identification whenever possible. The Company uses judgement to determine the proportion of inventory items held which will be provided to a hospital as part of its service delivery versus the inventory items that will be provided free of charge on hospital evaluations. Inventory items held for hospital evaluations have no realizable value.
Leases	Leases Operating lease assets are included within operating lease right-of-use assets, and the corresponding operating lease obligation on the consolidated balance sheets as of March 31, 2023 and March 31, 2022 in accordance with ASC 842, Leases
Grant receivable	Grant receivable Under a collaboration arrangement with the Cystic Fibrosis Foundation (“CFF”), grant milestones are achieved subject to certain performance steps and requirements under a development program. Grant milestones are recorded as reimbursements against the applicable portion of the Company’s research and development expenses. Such reimbursements are reflected as a reduction of research and development expenses in the Company’s consolidated statements of operations and comprehensive income (loss), as the performance of research and development services for reimbursement is not considered to be an ongoing component or central to the Company’s operations. See Note 11.
Segment Reporting	Segment Reporting Commencing with the creation of Beyond Cancer in November 2021 (see Note 16), the Company’s operations became classified into two segments, Beyond Air and Beyond Cancer. Each segment has its own Management team, Board of Directors, Corporate Officers and legal entities. As of March 31, 2023, Beyond Air, Inc. owns 80 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 SIGNIFICANT ACCOUNTING POLICIES (continued)
Research and Development	Research and Development Research and development expenses are charged to the consolidated statements of operations as incurred. Research and development expenses include salaries, benefits, stock-based compensation and costs incurred by outside laboratories, manufacturers, clinical research organizations, consultants, and accredited facilities in connection with preclinical studies and clinical trials. Research and development expenses are partially offset by the benefit of tax incentive payments for qualified research and development expenditures from the Australian tax authority (“AU Tax Rebates”). The Company does not record AU Tax Rebates until payment is received due to the uncertainty of receipt. During the years ended March 31, 2023, and March 31, 2022, the Company received $ 0.5 0
Foreign Exchange Transactions	Foreign Exchange Transactions The Company’s subsidiaries transact in U.S. dollars, Euros, New Israeli Shekels and Australian dollars. The Company’s main 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. 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. Gains or losses from foreign currency transactions are included in other income (expense) in the Consolidated Statements of operations as foreign currency exchange gain/(loss). In consolidating international subsidiaries, balance sheet currency effects are recorded as a component of accumulated other comprehensive income. The accumulated other comprehensive income account includes the cumulative results of translating certain balance sheet assets and liabilities at current exchange rates and some accounts at historical rates. For the year ended March 31, 2023, the Company recorded a loss of $ 43
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 unit awards is valued using the closing price of the Company’s common stock on the date of grant. The grant date fair value is recognized over the requisite service period during which an employee and non-employee is required to provide service in exchange for the award, using the accelerated method with each tranche being expensed over its vesting period. The grant date fair value of employee and non-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. Starting in 2023, Beyond Air used its own historical volatility as an input for expected volatility, but due to the Beyond Cancer’s lack of marketability, the Company utilizes the implied volatility based on an aggregate of guideline companies for expected volatility. The Company uses the simplified method to estimate the expected term.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation and accumulated amortization. Depreciation and amortization are calculated using the straight-line method over the estimated useful life of the assets as follows: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE OF ASSETS Computer equipment Three years Furniture and fixtures Five years Clinical and medical equipment Five years Equipment deployable as part of a service offering Five 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 amortized on a straight-line method over its estimated useful life, determined to be thirteen years (see Note 15). The expected amortization expense for the next five years and thereafter is as follows for the year ended March 31 (in thousands): SCHEDULE OF FUTURE EXPECTED AMORTIZATION EXPENSE 2024 $ 205 2025 205 2026 205 2027 205 2028 205 Thereafter 607 Total $ 1,632
Long-Lived Assets	Long-Lived Assets The Company assesses 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 that the Company considers as potential triggers of an impairment review include the following: ● significant underperformance relative to expected historical or projected future operating results, ● significant changes in the manner of the Company’s use of the acquired assets or the strategy for its overall business, ● significant negative regulatory or economic trends, and ● significant technological changes, which would render the platform technology, equipment, and manufacturing processes obsolete. BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 SIGNIFICANT ACCOUNTING POLICIES (continued) Recoverability of assets that will continue to be used in the Company’s 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 estimates of 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	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 March 31, 2023, the Company recorded a valuation allowance to the full extent of the Company’s net deferred tax assets since the likelihood of realization of the benefit does not meet the more-likely-than-not threshold. The Company’s reserves related to taxes are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. As of March 31, 2023, the Company had no unrecognized tax benefits or related interest and penalties accrued. The Company has not, as yet, conducted a study of research and development (R&D) credit carryforwards. This study may result in an adjustment to the Company’s R&D credit carryforwards; however, until a study is completed and any adjustment is known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the Company’s R&D credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the consolidated balance sheet, statement of operations or comprehensive loss if an adjustment were required. The Company would recognize both accrued interest and penalties related to unrecognized benefits in income tax expense. The Company’s uncertain tax positions are related to years that remain subject to examination by relevant tax authorities. Since the Company is in a loss carryforward position, the Company is generally subject to examination by the U.S. federal, state and local income tax authorities for all tax years in which a loss carryforward is available.
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 attributable to Beyond Air, Inc., by the weighted average number of shares of common stock outstanding for the period. The dilutive effect of outstanding options, warrants, restricted stock and other stock-based compensation awards is reflected in diluted net loss per share by application of the treasury stock method. The calculation of diluted net loss attributed to common stockholders per share excludes all anti-dilutive shares of common stock. 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 shares of common stock are not assumed to have been issued if their effect is anti-dilutive, see Note 9.
Recently Issued Accounting Standards Adopted	Recently Issued Accounting Standards Adopted In September 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)”. The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. In February 2020, the FASB issued ASU 2020-02, “Financial Instruments – Credit Losses (Topic 326)”, which amends the effective date of the original pronouncement for smaller reporting companies. ASU 2016-13 and its amendments became effective for the Company for interim and annual periods for the fiscal period ending December 31, 2022. ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements or disclosures.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SCHEDULE OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	The following table is the reconciliation of the presentation and disclosure of cash, cash equivalents, marketable securities by major security type and restricted cash as shown on the Company’s consolidated statements of cash flows for: SCHEDULE OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (in thousands) March 31, 2023 March 31, 2022 Cash and cash equivalents $ 29,158 $ 80,242 Restricted cash 10,129 9,988 Total cash, cash equivalents and restricted cash $ 39,287 $ 90,230 Marketable securities: Marketable debt securities Corporate debt securities 1,597 - U.S. government securities 1,013 - Mutual fund (Ultra-Short-Term Income) 14,114 - Total marketable securities 16,724 - Total cash, cash equivalents, marketable securities and restricted cash $ 56,011 $ 90,230
SUMMARY OF SHORT-TERM MARKETABLE SECURITIES WITH UNREALIZED GAINS AND LOSSES	The following table summarizes our short-term marketable securities with unrealized gains and losses as of March 31, 2023 aggregated by major security type: SUMMARY OF SHORT-TERM MARKETABLE SECURITIES WITH UNREALIZED GAINS AND LOSSES (in thousands) Fair Value Unrealized (Losses) Corporate debt securities 1,597 2 US government securities 1,013 10 Mutual fund (Ultra-Short-Term Income) 14,114 - Total short-term marketable securities $ 16,724 $ 12
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE OF ASSETS	Property and equipment are stated at cost less accumulated depreciation and accumulated amortization. Depreciation and amortization are calculated using the straight-line method over the estimated useful life of the assets as follows: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE OF ASSETS Computer equipment Three years Furniture and fixtures Five years Clinical and medical equipment Five years Equipment deployable as part of a service offering Five 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 (in thousands): SCHEDULE OF FUTURE EXPECTED AMORTIZATION EXPENSE 2024 $ 205 2025 205 2026 205 2027 205 2028 205 Thereafter 607 Total $ 1,632

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consist of the following: SCHEDULE OF PROPERTY AND EQUIPMENT (in thousands) March 31, 2023 March 31, 2022 Clinical and medical equipment $ 1,365 $ 1,682 Equipment deployable as part of a service offering 3,027 - Computer equipment 779 364 Furniture and fixtures 505 311 Leasehold improvements 581 404 Property and Equipment, gross 6,256 2,762 Accumulated depreciation and amortization (1,254 ) (767 ) Property and equipment , net $ 5,003 $ 1,995

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	12 Months Ended
	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
SCHEDULE OF RESTRICTED STOCK AWARDS	A summary of the Company’s restricted stock unit awards for the years ended March 31, 2023 and March 31, 2022 is as follows: SCHEDULE OF RESTRICTED STOCK AWARDS Number Of Weighted Unvested as of March 31, 2021 554,200 $ 5.07 Granted 615,000 8.37 Vested (202,600 ) 6.32 Forfeited (17,000 ) 5.23 Unvested as of March 31, 2022 949,600 $ 6.92 Granted 434,500 6.27 Vested (274,600 ) 6.50 Forfeited (8,400 ) 5.06 Unvested as of March 31, 2023 1,101,100 $ 6.78
SCHEDULE OF OPTION ACTIVITY	SCHEDULE OF OPTION ACTIVITY Number Of Weighted Weighted Aggregate (thousands) Options outstanding as of March 31, 2021 - $ - - $ - Granted 1,763,500 2.76 Options outstanding as of March 31, 2022 1,763,500 $ 2.76 9.3 $ 12,768 Granted 2,076,500 3.01 Exercised - - - Forfeited (23,000 ) 5.91 - Outstanding as of March 31, 2023 3,817,000 $ 2.88 9.2 $ 23,486 Exercisable as of March 31, 2023 457,375 $ 3.08 8.8 $ 2,728
SCHEDULE OF FAIR VALUE OF OPTION	The following was utilized to calculate the fair value of options on the date of grant: SCHEDULE OF FAIR VALUE OF OPTION March 31, 2023 March 31, 2022 Risk -free interest rate 2.5 4.3 0.9 2.2 Expected volatility (Beyond Air) 82.8 96.1 89.3 91.1 Expected volatility (Beyond Cancer) 103.0 107.9 101.8 103.1 Dividend yield 0 0 Expected terms (in years) 6.25 6.25
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE	The following summarizes the components of stock-based compensation expense which included stock options and restricted stock for the years ended March 31, 2023 and March 31, 2022, in thousands: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE 2023 2022 Year Ended March 31, 2023 2022 Research and development $ 4,181 $ 1,820 General and administrative 15,378 6,011 Total stock-based compensation expense $ 19,558 $ 7,831
SUMMARY OF COMPANY’S OUTSTANDING WARRANTS	A summary of the Company’s outstanding warrants as of March 31, 2023 are as follows: SUMMARY OF COMPANY’S OUTSTANDING WARRANTS Warrant Holders Number Of Warrants Exercise Price Intrinsic Value Date of Expiration Third-party license agreement 208,333 $ 4.80 $ 406 January 2024 March 2020 loan (see Note 12) 172,187 $ 7.26 - March 2025 NitricGen Agreement 80,000 $ 6.90 - January 2028 Total 460,520 $ 6.08 $ 406
2013 Beyond Air Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
SCHEDULE OF OPTION ACTIVITY	A summary of the change in stock options for the years ended March 31, 2023 and March 31, 2022 is as follows: SCHEDULE OF OPTION ACTIVITY Number Of Weighted Weighted Aggregate (thousands) Options outstanding as of March 31, 2021 4,195,097 $ 4.91 8.4 $ 2,609 Granted 1,673,500 7.14 Exercise (259,904 ) 4.97 Forfeited (100,062 ) 5.11 Options outstanding as of March 31, 2022 5,508,631 $ 5.60 8.1 $ 6,831 Granted 2,805,500 6.32 Exercise (15,000 ) 5.21 Forfeited (100,250 ) 6.38 Outstanding as of March 31, 2023 8,198,881 $ 5.83 8.4 $ 8,306 Exercisable as of March 31, 2023 3,481,943 $ 5.85 6.4 $ 6,110

OTHER CURRENT ASSETS AND PREP_2

OTHER CURRENT ASSETS AND PREPAID EXPENSES (Tables)	12 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
SCHEDULE OF CURRENT ASSETS AND PREPAID EXPENSES	A summary of current assets and prepaid expenses is as follows (in thousands): SCHEDULE OF CURRENT ASSETS AND PREPAID EXPENSES March 31, 2023 March 31, 2022 Research and development $ 128 $ 216 Insurance 908 1,037 Value added tax receivable 231 282 Demonstration materials 245 - Other 337 508 Total $ 1,850 $ 2,044

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
SUMMARY OF ACCRUED EXPENSES	A summary of the accrued expenses is as follows (in thousands): SUMMARY OF ACCRUED EXPENSES March 31, 2023 March 31, 2022 Research and development $ 426 $ 1,006 Professional fees 1,221 442 Employee salaries and benefits 985 409 Contingent litigation and settlements (Note 15) 10,298 2,435 Circassia settlement – current portion (Note 10) 3,500 2,500 NitricGen agreement (Note 15) - 1,500 Other 184 82 Total short-term accrued expenses $ 16,613 $ 8,374 Circassia settlement - long-term portion (Note 10) $ 4,500 $ 8,000 Total other long-term liabilities $ 4,500 $ 8,000

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Mar. 31, 2023
Leases
SCHEDULE OF OPERATING LEASE LIABILITY	SCHEDULE OF OPERATING LEASE LIABILITY March 31, 2023 March 31, 2022 Right-of-use assets $ 2,493 $ 2,216 Operating lease liability short-term $ 376 $ 281 Operating lease liability long-term 2,321 2,079 Total $ 2,697 $ 2,361
SCHEDULE OF LEASE OTHER INFORMATION	SCHEDULE OF LEASE OTHER INFORMATION Other Information For The Year Ended March 31, 2023 Cash paid for amounts included in the measurement of lease liabilities: Cash paid $ 500 Right-of-use assets obtained in exchange for new operating lease liabilities: Weighted-average remaining lease term — operating leases 6.5 Weighted-average discount rate — operating leases 8.5 %
SCHEDULE OF MATURITY OF LEASE LIABILITIES	SCHEDULE OF MATURITY OF LEASE LIABILITIES Maturity of Lease Liabilities Operating Leases Payments remaining for the year ended March 31: 2024 $ 582 2025 593 2026 551 2027 452 2028 404 Thereafter 916 Total lease payments 3,497 Less: interest (800 ) Present value of lease liabilities $ 2,697

BASIC AND DILUTED NET LOSS PE_2

BASIC AND DILUTED NET LOSS PER SHARE OF COMMON STOCK (Tables)	12 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
SCHEDULE OF POTENTIAL ANTI-DILUTIVE SECURITIES	The following potentially dilutive securities were not included in the calculation of diluted net loss per share attributable to common stockholders of Beyond Air, Inc. because their effect would have been anti-dilutive for the periods presented: SCHEDULE OF POTENTIAL ANTI-DILUTIVE SECURITIES March 31, 2023 March 31, 2022 Common stock warrants 460,520 460,520 Common stock options 8,198,881 5,508,631 Restricted shares 1,101,100 949,600 Total 9,760,501 6,918,751

LONG-TERM LOAN (Tables)

LONG-TERM LOAN (Tables)	12 Months Ended
	Mar. 31, 2023
Long-Term Debt, Unclassified [Abstract]
SCHEDULE OF MATURITY OF LONG-TERM LOAN	SCHEDULE OF MATURITY OF LONG-TERM LOAN Maturity of Term Loan (thousands) March 31, 2023 2024 $ 80 2025 120 Total $ 200

LOAN PAYABLE (Tables)

LOAN PAYABLE (Tables)	12 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
SCHEDULE OF LOAN PAYABLE	As of March 31, 2023 and March 31, 2022 in connection with the Company’s insurance policy, a loan was used to finance part of the premium. The details concerning the loan are as follows: SCHEDULE OF LOAN PAYABLE March 31, 2023 March 31, 2022 Amount outstanding $ 695 $ 927 Monthly payments $ 88 $ 104 Number of monthly payments remaining 8 10 Interest rate 4.85 % 1.3 % Due date November 2023 December 2022

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
SCHEDULE OF PROFIT (LOSS) BEFORE TAXES	The components of net loss before the provision for income taxes are as follows (in thousands): SCHEDULE OF PROFIT (LOSS) BEFORE TAXES For the Year Ended March 31, 2023 For the Year Ended March 31, 2022 Domestic $ (49,720 ) $ (39,148 ) Foreign (9,681 ) (4,912 ) Total $ (59,401 ) $ (44,060 )
SCHEDULE OF DEFERRED TAX ASSET/LIABILITY	The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows (in thousands): SCHEDULE OF DEFERRED TAX ASSET/LIABILITY March 31, 2023 March 31, 2022 Net operating loss carryforward $ 28,240 $ 22,952 Research and development tax credits 1,624 1,226 Research and development tax credit capitalization 2,158 Other 23 (162 ) Depreciation (1,228 ) - Stock-based compensation 6,731 3,268 Capital loss carryforward 1,559 1,559 Reserves and Accruals 5,291 3,580 Right-of-use asset (484 ) (464 ) Lease liability 524 495 Net deferred tax 44,438 32,454 Valuation allowance (44,438 ) (32,454 ) Net deferred tax asset $ - $ -
SCHEDULE OF STATUTORY US FEDERAL EFFECTIVE RATE	A reconciliation of income tax expense calculated at the federal enacted statutory rate of 21 SCHEDULE OF STATUTORY US FEDERAL EFFECTIVE RATE March 31, 2023 March 31, 2022 Federal income tax at statutory rate (21.00 )% (21.00 )% State income tax, net of federal benefit (4.35 ) (6.21 ) Permanent items 0.08 (0.86 ) Change in valuation allowance 20.17 29.31 Research and development tax credits (0.67 ) (0.65 ) Foreign tax rate differential 2.81 0.00 Other 2.96 (0.59 ) Effective income tax expense rate 0.00 % 0.00 %

BEYOND CANCER VARIABLE INTERE_2

BEYOND CANCER VARIABLE INTEREST ENTITY (Tables)	12 Months Ended
	Mar. 31, 2023
Beyond Cancer Variable Interest Entity
SCHEDULE OF SEGMENT FINANCIAL INFORMATION BY BUSINESS SEGMENT	The following table summarizes segment financial information by business segment for the year ended and at March 31, 2023: SCHEDULE OF SEGMENT FINANCIAL INFORMATION BY BUSINESS SEGMENT (in thousands) Beyond Air Beyond Cancer Total Cash, cash equivalents and marketable securities $ 25,388 $ 20,494 $ 45,882 All other assets 22,310 557 22,867 Total assets $ 47,699 $ 21,051 $ 68,749 Total liabilities (26,201 ) (520 ) (26,721 ) Net assets $ 21,498 $ 20,530 $ 42,028 Non-controlling interests $ - $ 4,113 $ 4,113 (in thousands) Net loss for the year ended March 31, 2023 $ (41,475 ) $ (17,927 ) $ (59,401 ) Operating activities included in net loss: Depreciation and amortization $ 1,107 $ 63 $ 1,170 Stock-based compensation expense $ 8,590 $ 10,969 $ 19,559 Cash used in operations $ (25,864 ) $ (7,145 ) $ (33,009 ) Cash used in investing (20,482 ) (106 ) (20,587 ) Cash from financing 2,696 - 2,696 Impact of exchange rates (2 ) (42 ) (43 ) Net change for the period $ (43,651 ) $ (7,292 ) $ (50,944 ) The following table summarizes segment financial information by business segment for the year ended and at March 31, 2022: (in thousands) Beyond Air Beyond Cancer Total Cash and cash equivalents $ 52,515 $ 27,727 $ 80,242 All other assets 18,674 283 18,957 Total assets $ 71,189 $ 28,010 $ 99,199 Total liabilities (20,505 ) (485 ) (20,990 ) Net assets $ 50,684 $ 27,525 $ 78,209 Non-controlling interests $ - $ 5,505 $ 5,505 (in thousands) Net loss for the year ended March 31, 2022 $ (39,150 ) $ (4,910 ) $ (44,060 ) Operating activities included in net loss: Depreciation and amortization $ 312 $ 2 $ 314 Stock-based compensation expense $ 5,813 $ 2,018 $ 7,831 Cash used in operations $ (20,975 ) $ (2,159 ) $ (23,134 ) Cash used in investing (1,334 ) (116 ) (1,450 ) Cash from financing 49,450 30,000 79,450 Impact of exchange rates 96 - 96 Net change for the period $ 27,171 $ 27,792 $ 54,962

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details Narrative) - USD ($) $ in Thousands		12 Months Ended
	Nov. 04, 2021	Mar. 31, 2023	Mar. 31, 2022
Statement [Line Items]
Proceeds from private placement		$ 3,705	$ 36,489
Beyond Cancer Ltd [Member]
Statement [Line Items]
Proceeds from private placement	$ 30,000
Retirement of long-term debt	$ 4,800
Equity, ownership percentage	80%	80%
Beyond Cancer Ltd [Member] | Investors [Member]
Statement [Line Items]
Equity, ownership percentage	20%

SCHEDULE OF CASH AND CASH EQUIV

SCHEDULE OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Cash and cash equivalents	$ 29,158	$ 80,242
Restricted cash	10,129	9,988
Total cash, cash equivalents and restricted cash	39,287	90,230
Marketable securities:
Total marketable securities	16,724
Total cash, cash equivalents, marketable securities and restricted cash	56,011	90,230
Corporate Debt Securities [Member]
Marketable securities:
Total marketable securities	1,597
US Government Agencies Debt Securities [Member]
Marketable securities:
Total marketable securities	1,013
Mutual Fund [Member]
Marketable securities:
Total marketable securities	$ 14,114

SUMMARY OF SHORT-TERM MARKETABL

SUMMARY OF SHORT-TERM MARKETABLE SECURITIES WITH UNREALIZED GAINS AND LOSSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total short-term marketable securities, fair value	$ 16,724
Total short-term marketable securities, unrealized loss	12
Corporate Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total short-term marketable securities, fair value	1,597
Total short-term marketable securities, unrealized loss	2
US Government Agencies Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total short-term marketable securities, fair value	1,013
Total short-term marketable securities, unrealized loss	10
Mutual Fund [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total short-term marketable securities, fair value	14,114
Total short-term marketable securities, unrealized loss

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE OF ASSETS (Details)	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Leasehold Improvements [Member]
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of assets	3 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of assets	5 years
Clinical and Medical Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of assets	5 years
Equipment Deployable As Part Of Service Offering [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of assets	5 years

SCHEDULE OF FUTURE EXPECTED AMO

SCHEDULE OF FUTURE EXPECTED AMORTIZATION EXPENSE (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Accounting Policies [Abstract]
2024	$ 205
2025	205
2026	205
2027	205
2028	205
Thereafter	607
Total	$ 1,632

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)		12 Months Ended
	Feb. 04, 2022	Mar. 31, 2023	Mar. 31, 2022	Nov. 04, 2021
Statement [Line Items]
Net cash used in operating activities		$ 33,009,000	$ 23,134,000
Accumulated losses		179,455,000	123,639,000
Cash and cash equivalents and marketable securities		45,900,000
Restricted cash		7,400,000	7,400,000
Marketable securities have maturities greater than 12 months		0
Accumulated other comprehensive income		43,000
AUSTRALIA
Statement [Line Items]
Tax rebate		$ 500,000	0
Beyond Cancer Ltd [Member]
Statement [Line Items]
Equity method ownership percentage		80%		80%
Contract Manufacturer [Member]
Statement [Line Items]
Restricted cash		$ 2,500,000	$ 2,600,000
At-The-Market Equity Offering Sales Agreement [Member]
Statement [Line Items]
Proceeds from issuance or sale of equity	$ 50,000,000	$ 46,300,000
Beyond Cancer Ltd [Member]
Statement [Line Items]
Non-controlling owners interest		20%

SCHEDULE OF PROPERTY AND EQUI_2

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 6,256	$ 2,762
Accumulated depreciation and amortization	(1,254)	(767)
Property and equipment , net	5,003	1,995
Clinical and Medical Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	1,365	1,682
Equipment Deployable As Part Of Service Offering [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	3,027
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	779	364
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	505	311
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 581	$ 404

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 634	$ 314
Clinical and Medical Equipment [Member] | Research and Development Expense [Member]
Property, Plant and Equipment [Line Items]
Property and equipment accumulated depreciation	$ 382	$ 147

SCHEDULE OF RESTRICTED STOCK AW

SCHEDULE OF RESTRICTED STOCK AWARDS (Details) - $ / shares	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Unvested Number of Shares, Ending balance	949,600	554,200
Weighted Average Grant Date Fair Value, Ending balance	$ 6.92	$ 5.07
Number of Shares, Granted	434,500	615,000
Weighted Average Grant Date Fair Value, Granted	$ 6.27	$ 8.37
Number of Shares, Vested	(274,600)	(202,600)
Weighted Average Grant Date Fair Value, Vested	$ 6.50	$ 6.32
Number of Shares, Forfeited	(8,400)	(17,000)
Weighted Average Grant Date Fair Value, Forfeited	$ 5.06	$ 5.23
Unvested Number of Shares, Ending balance	1,101,100	949,600
Weighted Average Grant Date Fair Value, Ending balance	$ 6.78	$ 6.92

SCHEDULE OF OPTION ACTIVITY (De

SCHEDULE OF OPTION ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding at beginning of period	5,508,631	4,195,097
Weighted Average Exercise Price - Options, Outstanding at beginning of period	$ 5.60	$ 4.91
Weighted average remaining contractual life - options, outstanding at end of period	8 years 1 month 6 days	8 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding at beginning of period	$ 6,831	$ 2,609
Number of Options Outstanding, Granted	2,805,500	1,673,500
Weighted Average Exercise Price - Options, Granted	$ 6.32	$ 7.14
Number of Options Outstanding, Exercised	(15,000)	(259,904)
Weighted Average Exercise Price - Options, Exercised	$ 5.21	$ 4.97
Number of Options Outstanding, Forfeited	(100,250)	(100,062)
Weighted Average Exercise Price - Options, Forfeited	$ 6.38	$ 5.11
Number of options outstanding at ending of period	8,198,881	5,508,631
Weighted Average Exercise Price - Options, Outstanding at ending of period	$ 5.83	$ 5.60
Weighted Average Remaining Contractual Life - Options, Outstanding at end of period	8 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding at end of period	$ 8,306	$ 6,831
Number of Options Outstanding, Exercisable	3,481,943
Weighted Average Exercise Price - Options, Exercisable	$ 5.85
Weighted average remaining contractual life - options, exercisable	6 years 4 months 24 days
Aggregate Intrinsic Value, Exercisable	$ 6,110
2013 Beyond Air Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding at beginning of period	1,763,500
Weighted Average Exercise Price - Options, Outstanding at beginning of period	$ 2.76
Weighted average remaining contractual life - options, outstanding at end of period	9 years 2 months 12 days	9 years 3 months 18 days
Aggregate Intrinsic Value, Outstanding at beginning of period	$ 12,768
Number of Options Outstanding, Granted	2,076,500
Weighted Average Exercise Price - Options, Granted	$ 3.01
Number of Options Outstanding, Exercised
Weighted Average Exercise Price - Options, Exercised
Number of Options Outstanding, Forfeited	(23,000)
Weighted Average Exercise Price - Options, Forfeited	$ 5.91
Number of options outstanding at ending of period	3,817,000	1,763,500
Weighted Average Exercise Price - Options, Outstanding at ending of period	$ 2.88	$ 2.76
Aggregate Intrinsic Value, Outstanding at end of period	$ 23,486	$ 12,768
Number of Options Outstanding, Exercisable	457,375
Weighted Average Exercise Price - Options, Exercisable	$ 3.08
Weighted average remaining contractual life - options, exercisable	8 years 9 months 18 days
Aggregate Intrinsic Value, Exercisable	$ 2,728
Share-Based Payment Arrangement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding at beginning of period
Weighted Average Exercise Price - Options, Outstanding at beginning of period
Weighted average remaining contractual life - options, outstanding at end of period
Aggregate Intrinsic Value, Outstanding at beginning of period
Number of Options Outstanding, Granted		1,763,500
Weighted Average Exercise Price - Options, Granted		$ 2.76

SCHEDULE OF FAIR VALUE OF OPTIO

SCHEDULE OF FAIR VALUE OF OPTION (Details)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement [Line Items]
Dividend yield	0%	0%
Expected term (in years)	6 years 3 months	6 years 3 months
Minimum [Member]
Statement [Line Items]
Risk-free interest rate	2.50%	0.90%
Minimum [Member] | Beyond Air Inc. [Member]
Statement [Line Items]
Expected volatility	82.80%	89.30%
Minimum [Member] | Beyond Cancer Ltd [Member]
Statement [Line Items]
Expected volatility	103%	101.80%
Maximum [Member]
Statement [Line Items]
Risk-free interest rate	4.30%	2.20%
Maximum [Member] | Beyond Air Inc. [Member]
Statement [Line Items]
Expected volatility	96.10%	91.10%
Maximum [Member] | Beyond Cancer Ltd [Member]
Statement [Line Items]
Expected volatility	107.90%	103.10%

SCHEDULE OF STOCK-BASED COMPENS

SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement [Line Items]
Total stock-based compensation expense	$ 19,558	$ 7,831
Research and Development Expense [Member]
Statement [Line Items]
Total stock-based compensation expense	4,181	1,820
General and Administrative Expense [Member]
Statement [Line Items]
Total stock-based compensation expense	$ 15,378	$ 6,011

SUMMARY OF COMPANY_S OUTSTANDIN

SUMMARY OF COMPANY’S OUTSTANDING WARRANTS (Details)	12 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Warrants | shares	460,520
Exercise Price | $ / shares	$ 6.08
Intrinsic Value | $	$ 406
Third Party License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Warrants | shares	208,333
Exercise Price | $ / shares	$ 4.80
Intrinsic Value | $	$ 406
Date of Expiration	January 2024
March 2020 loan [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Warrants | shares	172,187
Exercise Price | $ / shares	$ 7.26
Intrinsic Value | $
Date of Expiration	March 2025
NitricGen Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Warrants | shares	80,000
Exercise Price | $ / shares	$ 6.90
Intrinsic Value | $
Date of Expiration	January 2028

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)				12 Months Ended
	Feb. 04, 2022	May 14, 2020	Apr. 02, 2020	Mar. 31, 2023	Mar. 31, 2022	Jan. 09, 2023	Jan. 03, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Proceeds from issuance of common stock					$ 25,200,000
Employee benefits and share based compensation				$ 2,400,000	$ 1,700,000
Share based compensation arrangements by share based payment award options grants in period weighted average exercise price				$ 6.32	$ 7.14
Weighted average remaining contractual term				8 years 1 month 6 days	8 years 4 months 24 days
Number of shares issued				2,805,500	1,673,500
Excercised shares				15,000	259,904
Proceeds from Warrant Exercises					$ 5,966,000
Warrant Holders [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Excercised shares				0	1,358,896
Warrant shares on cashless basis for common stock				0	894,823
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share Price				$ 9	$ 10
Number of shares issued					55,875
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Excercised shares				0	1,630,002
Restricted Stock Units (RSUs) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock option vesting term				5 years
Unrecognized stock-based compensation expense				$ 5,000,000
Weighted average remaining service period				2 years 1 month 6 days
Weighted average fair value of options granted, per share				$ 6.27	$ 8.37
2013 BA Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares available for grant				383,221
Stock option shares authorized for issuance				4,000,000		3,000,000	2,000,000
Stock option vesting term				10 years
Unrecognized stock-based compensation expense				$ 17,500,000
Weighted average remaining service period				2 years 1 month 6 days
Share based compensation arrangements by share based payment award options grants in period weighted average exercise price				$ 4.68	$ 5.58
Two Thousand Thirteen B A Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock option shares authorized for issuance				10,600,000
2021 BC Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares available for grant				183,000
Unrecognized stock-based compensation expense				$ 20,200,000
Stock option vesting term, description				The vesting terms of the options issued under the 2021 BC Plan are generally four years and they expire ten years from the grant date
Share based compensation arrangements by share based payment award options grants in period weighted average exercise price				$ 8.32
Weighted average remaining contractual term				2 years
2013 Beyond Air Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share based compensation arrangements by share based payment award options grants in period weighted average exercise price				$ 3.01
Weighted average remaining contractual term				9 years 2 months 12 days	9 years 3 months 18 days
Number of shares issued				2,076,500
Excercised shares
2013 Beyond Air Equity Incentive Plan [Member] | Unvested Stock Options [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share based compensation arrangements by share based payment award options grants in period weighted average exercise price					$ 9.08
2021 Employee Stock Purchase Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares issued				0	0
2020 ATM [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Proceeds from issuance sale of equity			$ 50,000,000
Fees paid percentage			3%
Proceeds from issuance of common stock					$ 36,500,000
Sale of stock					4,053,424
Stock Purchase Agreement [Member] | LPC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Proceeds from issuance of common stock				$ 0	$ 11,100,000
Sale of stock					1,100,000
Issuance of stock consideration		$ 40,000,000
Sale of stock price per share		$ 0.25
2022 ATM [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Proceeds from issuance sale of equity	$ 50,000,000
Fees paid percentage	3%
Proceeds from issuance of common stock				$ 3,700,000	$ 0
Sale of stock				572,078
Number of shares available for grant				46,300,000

SCHEDULE OF CURRENT ASSETS AND

SCHEDULE OF CURRENT ASSETS AND PREPAID EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Statement [Line Items]
Total	$ 1,850	$ 2,044
Research and Development Expense [Member]
Statement [Line Items]
Total	128	216
Insurance [Member]
Statement [Line Items]
Total	908	1,037
Value Added Tax Receivable [Member]
Statement [Line Items]
Total	231	282
Demonstration Materials [Member]
Statement [Line Items]
Total	245
Other [Member]
Statement [Line Items]
Total	$ 337	$ 508

SUMMARY OF ACCRUED EXPENSES (De

SUMMARY OF ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Payables and Accruals [Abstract]
Research and development	$ 426	$ 1,006
Professional fees	1,221	442
Employee salaries and benefits	985	409
Contingent litigation and settlements (Note 15)	10,298	2,435
Circassia settlement – current portion (Note 10)	3,500	2,500
NitricGen agreement (Note 15)		1,500
Other	184	82
Total short-term accrued expenses	16,613	8,374
Circassia settlement - long-term portion (Note 10)	4,500	8,000
Total other long-term liabilities	$ 4,500	$ 8,000

SCHEDULE OF OPERATING LEASE LIA

SCHEDULE OF OPERATING LEASE LIABILITY (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Leases
Right-of-use assets	$ 2,493	$ 2,216
Operating lease liability short-term	376	281
Operating lease liability long-term	2,321	2,079
Total	$ 2,697	$ 2,361

SCHEDULE OF LEASE OTHER INFORMA

SCHEDULE OF LEASE OTHER INFORMATION (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($)
Leases
Cash paid	$ 500
Weighted Average Remaining Lease Term	6 years 6 months
Weighted-average discount rate - operating leases	8.50%

SCHEDULE OF MATURITY OF LEASE L

SCHEDULE OF MATURITY OF LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Leases
2024	$ 582
2025	593
2026	551
2027	452
2028	404
Thereafter	916
Total lease payments	3,497
Less: interest	(800)
Present value of lease liabilities	$ 2,697	$ 2,361

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement [Line Items]
Right-of-use asset valuation	$ 609
General and Administrative Expense [Member]
Statement [Line Items]
Lease expense	$ 500	$ 500
Research and Development Expense [Member]
Statement [Line Items]
Lease expense		$ 100

SCHEDULE OF POTENTIAL ANTI-DILU

SCHEDULE OF POTENTIAL ANTI-DILUTIVE SECURITIES (Details) - shares	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	9,760,501	6,918,751
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	460,520	460,520
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	8,198,881	5,508,631
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,101,100	949,600

CIRCASSIA AGREEMENT (Details Na

CIRCASSIA AGREEMENT (Details Narrative) - USD ($) $ in Millions	Jul. 31, 2024	Jul. 31, 2023	May 25, 2021	Mar. 31, 2023	Jul. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Loss contingency accrual payments liabilities				$ 8	$ 2.5
Settlement Agreement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Litigation settlement amount	$ 4.5	$ 3.5
Three Installments [Member] | Settlement Agreement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Litigation settlement amount			$ 10.5
Royalty payment percentage			5%
Royalty, aggregate payment			$ 6
First Payment [Member] | Settlement Agreement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Litigation settlement amount			2.5
First Anniversary [Member] | Settlement Agreement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Litigation settlement amount			3.5
Second Anniversary [Member] | Settlement Agreement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Litigation settlement amount			$ 4.5

GRANT COLLABORATON AGREEMENT (D

GRANT COLLABORATON AGREEMENT (Details Narrative) - Cystic Fibrosis Foundation [Member] - USD ($) $ in Millions		12 Months Ended
	Feb. 10, 2021	Mar. 31, 2023	Mar. 31, 2022
Product Information [Line Items]
Grants Receivable	$ 2.2
Grants reduction expense		$ 0.5	$ 0.7
Research and development expenses		1.7
Payments for royalties		1.3
Accrued additional royalties		$ 0.4
Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration Risk, Percentage	10%

SCHEDULE OF MATURITY OF LONG-TE

SCHEDULE OF MATURITY OF LONG-TERM LOAN (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Long-Term Debt, Unclassified [Abstract]
2024	$ 80
2025	120
Total	$ 200

LONG-TERM LOAN (Details Narrati

LONG-TERM LOAN (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Nov. 08, 2021	Nov. 08, 2021	Mar. 31, 2023	Mar. 31, 2022	Oct. 31, 2021	Mar. 31, 2020	Mar. 17, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Loans payable			$ 695	$ 927
Exercise price of warrants			$ 6.08
Interest expense related party			$ 30	$ 775
Debt instrument rate			4.85%	1.30%
Lenders [Member] | Facility Agreement [Member] | One Tranche [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Loans payable							$ 5,000
Lenders [Member] | Facility Agreement [Member] | First Tranches [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Loans payable					$ 5,000
Purchase of warrants						172,826
Exercise price of warrants						$ 7.26
Warrants term						5 years
Fair value adjustment of warrants			$ 595
Related party interest rate				5%
Loans payable				$ 3,200
Lenders [Member] | Facility Agreement [Member] | First Tranches [Member] | Related Party [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Interest expense related party				$ 206
One Lender [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Debt maturity date		Mar. 17, 2025
One Lender [Member] | Facility Agreement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Repayments of long term debt	$ 200
Debt instrument rate	10%	10%
Maximum [Member] | Lenders [Member] | Facility Agreement [Member] | Five Tranches [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Loans payable							$ 25,000

SCHEDULE OF LOAN PAYABLE (Detai

SCHEDULE OF LOAN PAYABLE (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($) Number	Mar. 31, 2022 USD ($) Number
Debt Disclosure [Abstract]
Amount outstanding	$ 695	$ 927
Amount outstanding	$ 88	$ 104
Amount outstanding | Number	8	10
Interest rate	4.85%	1.30%
Due date	November 2023	December 2022

SCHEDULE OF PROFIT (LOSS) BEFOR

SCHEDULE OF PROFIT (LOSS) BEFORE TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ (49,720)	$ (39,148)
Foreign	(9,681)	(4,912)
Net loss before income taxes	$ (59,401)	$ (44,060)

SCHEDULE OF DEFERRED TAX ASSET_

SCHEDULE OF DEFERRED TAX ASSET/LIABILITY (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Net operating loss carryforward	$ 28,240	$ 22,952
Research and development tax credits	1,624	1,226
Research and development tax credit capitalization	2,158
Other	23	(162)
Depreciation	(1,228)
Stock-based compensation	6,731	3,268
Capital loss carryforward	1,559	1,559
Reserves and Accruals	5,291	3,580
Right-of-use asset	(484)	(464)
Lease liability	524	495
Net deferred tax	44,438	32,454
Valuation allowance	(44,438)	(32,454)
Net deferred tax asset

SCHEDULE OF STATUTORY US FEDERA

SCHEDULE OF STATUTORY US FEDERAL EFFECTIVE RATE (Details)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Federal income tax at statutory rate	(21.00%)	(21.00%)
State income tax, net of federal benefit	(4.35%)	(6.21%)
Permanent items	0.08%	(0.86%)
Change in valuation allowance	20.17%	29.31%
Research and development tax credits	(0.67%)	(0.65%)
Foreign tax rate differential	2.81%	0%
Other	2.96%	(0.59%)
Effective income tax expense rate	0%	0%

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 1.4
Operating loss carryforward expire description	March 2018 expire through 2037
Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs	$ 8
Income tax limitation description	This limitation would generally apply in the event of a cumulative change in ownership of the Company of more than 50% within a three-year period
Federal income tax rate	21%	21%
No Expiration [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 85
Taxable income	80%
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 86.4
Israel Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	18.1
Revenue Commissioners, Ireland [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	3.4
Australian Taxation Office [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	0.9
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 82.3
Operating loss carryforward expire description	expiring during the years from 2036 to 2042

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) $ in Thousands					12 Months Ended
	Apr. 12, 2023	Dec. 28, 2021	Jan. 31, 2018	Jan. 13, 2017	Mar. 31, 2023	Mar. 31, 2022
Statement [Line Items]
Outstanding amount under purchase
Collateral amount					7,400
Contingent loss					7,600
Subsequent Event [Member]
Statement [Line Items]
Payments for accrued damages and interest	$ 7,600
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier [Member]
Statement [Line Items]
Outstanding amount under purchase					4,800
Hudson Bay Master Fund [Member]
Statement [Line Items]
Contingent loss					$ 2,700
Loss contingency damages sought value		$ 2,600
Hudson Bay Master Fund [Member] | January 2017 Offering [Member]
Statement [Line Items]
Warrants were received		83,334
Option Agreement [Member]
Statement [Line Items]
Payments for development and milestone payment				$ 500
Milestone payments				87,000
Sales related milestones payments				$ 83,000
NitricGen Agreement [Member]
Statement [Line Items]
Remaining future milestone payments			$ 300
NitricGen Agreement [Member] | NitricGen, Inc [Member]
Statement [Line Items]
Future payments based on certain milestones			2,000
Payment for Milestone method revenue recognized			$ 100
Warrants were received			100,000
Warrants to purchase common stock, value			$ 295
NitricGen Agreement [Member] | NitricGen, Inc [Member] | Next Milestones [Member]
Statement [Line Items]
Payment for Milestone method revenue recognized			100
NitricGen Agreement [Member] | NitricGen, Inc [Member] | After Six Months [Member]
Statement [Line Items]
Future payments based on certain milestones			$ 1,500

SCHEDULE OF SEGMENT FINANCIAL I

SCHEDULE OF SEGMENT FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement [Line Items]
Cash and cash equivalents	$ 29,158	$ 80,242
TOTAL ASSETS	68,749	99,199
Total liabilities	(26,721)	(20,990)
Non-controlling interests	4,113	5,505
Net loss	(55,816)	(43,177)
Depreciation and amortization	634	314
Stock-based compensation expense	19,558	7,831
Cash used in operations	(33,009)	(23,134)
Cash used in investing	(20,587)	(1,450)
Cash used in financing	2,696	79,450
Impact of exchange rates	(43)	96
Net change for the period	(50,944)	54,962
Business Segment [Member]
Statement [Line Items]
Cash and cash equivalents	45,882	80,242
All other assets	22,867	18,957
TOTAL ASSETS	68,749	99,199
Total liabilities	(26,721)	(20,990)
Net assets	42,028	78,209
Non-controlling interests	4,113	5,505
Net loss	(59,401)	(44,060)
Depreciation and amortization	1,170	314
Stock-based compensation expense	19,559	7,831
Cash used in operations	(33,009)	(23,134)
Cash used in investing	(20,587)	(1,450)
Cash used in financing	2,696	79,450
Impact of exchange rates	(43)	96
Net change for the period	(50,944)	54,962
Beyond Air [Member] | Business Segment [Member]
Statement [Line Items]
Cash and cash equivalents	25,388	52,515
All other assets	22,310	18,674
TOTAL ASSETS	47,699	71,189
Total liabilities	(26,201)	(20,505)
Net assets	21,498	50,684
Non-controlling interests
Net loss	(41,475)	(39,150)
Depreciation and amortization	1,107	312
Stock-based compensation expense	8,590	5,813
Cash used in operations	(25,864)	(20,975)
Cash used in investing	(20,482)	(1,334)
Cash used in financing	2,696	49,450
Impact of exchange rates	(2)	96
Net change for the period	(43,651)	27,171
Beyond Cancer Ltd [Member] | Business Segment [Member]
Statement [Line Items]
Cash and cash equivalents	20,494	27,727
All other assets	557	283
TOTAL ASSETS	21,051	28,010
Total liabilities	(520)	(485)
Net assets	20,530	27,525
Non-controlling interests	4,113	5,505
Net loss	(17,927)	(4,910)
Depreciation and amortization	63	2
Stock-based compensation expense	10,969	2,018
Cash used in operations	(7,145)	(2,159)
Cash used in investing	(106)	(116)
Cash used in financing		30,000
Impact of exchange rates	(42)
Net change for the period	$ (7,292)	$ 27,792

BEYOND CANCER VARIABLE INTERE_3

BEYOND CANCER VARIABLE INTEREST ENTITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions			5 Months Ended	12 Months Ended
	Nov. 18, 2021	Nov. 04, 2021	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Nov. 30, 2021
Statement [Line Items]
Common stock, par value			$ 0.0001	$ 0.0001	$ 0.0001
Proceeds from issuance of common stock					$ 25,200
Net Income (Loss) Attributable to Parent				(55,816)	(43,177)
Beyond Cancer Ltd [Member]
Statement [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net			$ 20,600	20,600	27,500
Cash			20,500	$ 20,500	$ 27,700
Net Income (Loss) Attributable to Parent			$ 17,900
Beyond Cancer Ltd [Member]
Statement [Line Items]
Equity, ownership percentage		80%	80%	80%
Investors [Member] | Beyond Cancer Ltd [Member]
Statement [Line Items]
Equity, ownership percentage		20%
Beyond Cancer Ltd [Member]
Statement [Line Items]
Number of shares issued		3
Shares issued price per share		$ 10
Proceeds from issuance of common stock	$ 30,000
Amount of terminated loan	4,800
Proceeds from related party debt	$ 1,100
Beyond Cancer Ltd [Member] | Related Party [Member]
Statement [Line Items]
Related party invested		$ 1,100				$ 1,100
Beyond Cancer Ltd [Member] | Certain Investors [Member]
Statement [Line Items]
Common stock, par value		$ 1

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Nov. 30, 2021	Nov. 04, 2021
Related Party Transaction [Line Items]
Interest expense related party	$ 30	$ 775
Legal fee		4
Cash proceeds	$ 2,696	79,450
Board of Directors Chairman [Member]
Related Party Transaction [Line Items]
Cash proceeds		33
Related Party [Member]
Related Party Transaction [Line Items]
Due to related parties		$ 37
Related Party [Member] | Beyond Cancer Ltd [Member]
Related Party Transaction [Line Items]
Related party invested			$ 1,100	$ 1,100
Lenders [Member] | First Tranches [Member] | Facility Agreement [Member]
Related Party Transaction [Line Items]
Related party interest rate		5%
Loans payable		$ 3,200
Lenders [Member] | First Tranches [Member] | Facility Agreement [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Interest expense related party		$ 206

SUBSEQENT EVENTS (Details Narra

SUBSEQENT EVENTS (Details Narrative) - USD ($)	Jun. 15, 2023	Apr. 12, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Debt interest rate, stated percentage			4.85%	1.30%
Class of Warrant or Right, Outstanding			460,520
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 6.08
Subsequent Event [Member]
Subsequent Event [Line Items]
Payments for accrued damages and interest		$ 7,600,000
Class of Warrant or Right, Outstanding	233,843
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 5.88
Interest, net proceeds	$ 15,700,000
Subsequent Event [Member] | Loan and Security Agreement [Member]
Subsequent Event [Line Items]
Loan, maturity date	Jun. 01, 2027
Interest rate terms	(i) the prime rate, as published by the Wall Street Journal from time to time, plus 3.75% and (ii) 12.00%. The Company may, subject to certain parameters, voluntarily prepay the Loans, in whole or in part, at any time. If prepayment occurs on or before the one-year anniversary of the Closing Date, the Company is required to pay a fee equal to the principal amount of the Loans prepaid multiplied by 3.00%; if prepayment occurs after the one-year anniversary of the Closing Date and on or before the two-year anniversary of the Closing Date, the Company is required to pay a fee equal to the principal amount of the Loans prepaid multiplied by 2.00%; if prepayment occurs after the two-year anniversary and on or before the three-year anniversary of the Closing Date, the Company is required to pay a fee equal to the principal amount of the Loans prepaid multiplied by 1.50%; and if prepayment occurs after the three-year anniversary of the Closing Date and before the Maturity Date, the Company is required to pay a fee equal to the principal amount of the Loans prepaid multiplied by 1.00%.
Debt interest rate, stated percentage	3.50%
Unrestricted cash	$ 5,000,000
Subsequent Event [Member] | Loan and Security Agreement [Member] | Tranche 1 [Member]
Subsequent Event [Line Items]
Secured debt	$ 17,500,000
Subsequent Event [Member] | Loan and Security Agreement [Member] | Tranche 2 [Member]
Subsequent Event [Line Items]
Principal payment term	additional 6 to 18 months
Revenues	$ 40,000,000
Subsequent Event [Member] | Loan and Security Agreement [Member] | Maximum [Member]
Subsequent Event [Line Items]
Secured debt	40,000,000
Subsequent Event [Member] | Loan and Security Agreement [Member] | Maximum [Member] | Tranche 2 [Member]
Subsequent Event [Line Items]
Secured debt	$ 10,000,000
Product revenue percentage	85%
Subsequent Event [Member] | Loan and Security Agreement [Member] | Maximum [Member] | Tranche 3 [Member]
Subsequent Event [Line Items]
Secured debt	$ 12,500,000