Beyond Air (XAIR) 10-Q 12 Feb 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2023	Feb. 12, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
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 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 Common Stock, Shares Outstanding		36,039,056

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Current assets
Cash and cash equivalents	$ 7,971	$ 29,158
Marketable securities	23,292	16,724
Restricted cash	231	7,610
Accounts receivable	294
Inventory, net	1,533	1,129
Grant receivable		420
Other current assets and prepaid expenses	6,118	4,369
Total current assets	39,439	59,410
Licensed right to use technology	1,478	1,632
Right-of-use lease assets	2,229	2,493
Property and equipment, net	8,551	5,003
Other assets	213	212
TOTAL ASSETS	51,911	68,749
Current liabilities
Accounts payable	3,220	2,016
Accrued expenses	7,882	16,613
Operating lease liability, current portion	408	376
Loans payable, current portion	130	775
Total current liabilities	11,641	19,780
Operating lease liability, net	2,012	2,321
Long-term debt	14,380	120
Warrant liability	192
Derivative liability	214
Other long-term liabilities		4,500
Total liabilities	28,440	26,721
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, 35,478,123 and 30,738,585 shares issued and outstanding as of December 31, 2023 and March 31, 2023, respectively	4	3
Treasury stock	(25)	(25)
Additional paid-in capital	246,792	217,339
Accumulated deficit	(225,990)	(179,455)
Accumulated other comprehensive income	34	53
Total stockholders’ equity attributable to Beyond Air, Inc	20,814	37,915
Non-controlling interest	2,657	4,113
Total equity	23,471	42,028
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 51,911	$ 68,749

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Mar. 31, 2023
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	35,478,123	30,738,585
Common stock, shares outstanding	35,478,123	30,738,585

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 391		$ 689
Cost of revenue	748	68	1,483	247
Gross loss	(356)	(68)	(794)	(247)
Operating expenses:
Research and development	(6,838)	(5,000)	(18,664)	(12,679)
General and administrative	(9,768)	(8,941)	(30,915)	(25,144)
Operating expenses	(16,606)	(13,941)	(49,578)	(37,823)
Operating loss	(16,963)	(14,010)	(50,372)	(38,070)
Other income (expense)
Dividend/interest income and gains on marketable securities	388	271	1,438	388
Interest expense	(919)	(46)	(1,991)	(142)
Change in fair value of warrant liability	46		693
Change in fair value of derivative liability	135		1,147
Foreign exchange gain and loss	31	286	(3)	(108)
Estimated liability for contingent loss	(11)	(248)	(609)	(248)
Other income/ (expense)	35	(52)	(42)	(71)
Total other income (expense)	(294)	211	633	(180)
Benefit from income taxes
Net loss	(17,258)	(13,798)	(49,739)	(38,250)
Less : net loss attributable to non-controlling interest	(1,038)	(1,051)	(3,204)	(2,601)
Net loss attributable to Beyond Air, Inc.	(16,220)	(12,747)	(46,535)	(35,649)
Foreign currency translation gain /(loss)	(9)	(184)	(19)	159
Comprehensive loss attributable to Beyond Air, Inc.	$ (16,229)	$ (12,931)	$ (46,554)	$ (35,490)
Net basic loss per share attributable to Beyond Air, Inc.	$ (0.50)	$ (0.43)	$ (1.46)	$ (1.19)
Net diluted loss per share attributable to Beyond Air, Inc.	$ (0.50)	$ (0.43)	$ (1.46)	$ (1.19)
Weighted average number of shares, outstanding basic	32,462,476	29,921,254	31,883,799	29,902,694
Weighted average number of shares, outstanding diluted	32,462,476	29,921,254	31,883,799	29,902,694

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
Balance at Mar. 31, 2022	$ 3	$ (25)	$ 196,269	$ (123,639)	$ 96	$ 5,505	$ 78,209
Balance, shares at Mar. 31, 2022	29,886,173
Issuance of common stock upon vesting of restricted shares
Issuance of common stock upon exercise of options - cashless, shares	1,831
Stock-based compensation			4,178			445	4,624
Other comprehensive income (loss)					172		172
Net loss				(10,934)		(720)	(11,654)
Balance at Jun. 30, 2022	$ 3	(25)	200,448	(134,573)	268	5,230	71,351
Balance, shares at Jun. 30, 2022	29,888,004
Balance at Mar. 31, 2022	$ 3	(25)	196,269	(123,639)	96	5,505	78,209
Balance, shares at Mar. 31, 2022	29,886,173
Net loss							(38,250)
Balance at Dec. 31, 2022	$ 3	(25)	210,097	(159,288)	159	4,495	55,440
Balance, shares at Dec. 31, 2022	30,013,907
Balance at Jun. 30, 2022	$ 3	(25)	200,448	(134,573)	268	5,230	71,351
Balance, shares at Jun. 30, 2022	29,888,004
Issuance of common stock upon vesting of restricted shares
Issuance of common stock upon exercise of options - cashless, shares	3,903
At the market issuance of common stock, net			214				214
At the market issuance of common stock, net, shares	19,300
Stock-based compensation			4,268			446	4,714
Other comprehensive income (loss)					171		171
Net loss				(11,968)		(830)	(12,797)
Balance at Sep. 30, 2022	$ 3	(25)	204,930	(146,541)	438	4,847	63,652
Balance, shares at Sep. 30, 2022	29,911,207
Issuance of common stock upon vesting of restricted shares
Stock-based compensation			5,167			699	5,866
Other comprehensive income (loss)					(280)		(280)
Net loss				(12,747)		(1,051)	(13,798)
Balance at Dec. 31, 2022	$ 3	(25)	210,097	(159,288)	159	4,495	55,440
Balance, shares at Dec. 31, 2022	30,013,907
Balance at Mar. 31, 2023	$ 3	(25)	217,339	(179,455)	53	4,113	42,028
Balance, shares at Mar. 31, 2023	30,738,585
Issuance of common stock upon vesting of restricted shares			217				217
Issuance of common stock upon exercise of options - cashless, shares	42,500
At the market issuance of common stock, net			5,813				5,813
At the market issuance of common stock, net, shares	930,232
Stock-based compensation			5,580			535	6,115
Other comprehensive income (loss)					25		25
Net loss				(14,095)		(960)	(15,055)
Balance at Jun. 30, 2023	$ 3	(25)	228,949	(193,550)	78	3,688	39,143
Balance, shares at Jun. 30, 2023	31,711,317
Balance at Mar. 31, 2023	$ 3	(25)	217,339	(179,455)	53	4,113	42,028
Balance, shares at Mar. 31, 2023	30,738,585
Issuance of common stock upon vesting of restricted shares							$ 200
Issuance of common stock upon exercise of options - cashless, shares							42,500
Net loss							$ (49,739)
Balance at Dec. 31, 2023	$ 4	(25)	246,792	(225,990)	34	2,657	23,471
Balance, shares at Dec. 31, 2023	35,478,123
Balance at Jun. 30, 2023	$ 3	(25)	228,949	(193,550)	78	3,688	39,143
Balance, shares at Jun. 30, 2023	31,711,317
At the market issuance of common stock, net			688				688
At the market issuance of common stock, net, shares	261,117
Stock-based compensation			5,858			603	6,460
Other comprehensive income (loss)					(35)		(35)
Net loss				(16,220)		(1,205)	(17,426)
Balance at Sep. 30, 2023	$ 3	(25)	235,495	(209,770)	43	3,085	28,831
Balance, shares at Sep. 30, 2023	31,972,434
At the market issuance of common stock, net	$ 1		5,472				5,473
At the market issuance of common stock, net, shares	3,158,789
Stock-based compensation			5,825			610	6,435
Other comprehensive income (loss)					(9)		(9)
Net loss				(16,220)		(1,038)	(17,258)
Issuance of common stock upon vesting of restricted shares
Issuance of common stock upon vesting of restricted shares, shares	346,900
Balance at Dec. 31, 2023	$ 4	$ (25)	$ 246,792	$ (225,990)	$ 34	$ 2,657	$ 23,471
Balance, shares at Dec. 31, 2023	35,478,123

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (17,258)	$ (15,055)	$ (13,798)	$ (11,654)	$ (49,739)	$ (38,250)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	500		200		1,185	439
Amortization of licensed right to use technology					154	154
Stock-based compensation	6,435		5,866		19,010	15,204
Amortization of debt discount and accretion of debt issuance costs					779
Change in fair value of warrant liability	(46)				(693)
Change in fair value of derivative liability	(135)				(1,147)
Amortization of operating lease assets					276	237
Foreign currency adjustments					(13)	144
Write-off of assets no longer used						235
Unrealized gain/(loss) in marketable securities					99	(38)
Provision for inventory losses						49
Changes in:
Grant receivable					420	(33)
Inventory					(404)	(607)
Accounts receivable					(294)
Other current assets and prepaid expenses					(1,749)	491
Accounts payable					340	(338)
Accrued expenses					(13,237)	(2,256)
Operating lease liability					(276)
Net cash used in operating activities					(45,289)	(24,569)
Cash flows from investing activities
Purchase of marketable securities					(74,470)	(32,777)
Proceeds from sale of marketable securities					67,716	5,188
Security deposits made on operating leases						(4)
Purchase of property and equipment					(3,814)	(1,855)
Net cash used in investing activities					(10,568)	(29,447)
Cash flows from financing activities
Proceeds from issuance of common stock through at the market offerings					11,973	214
Proceeds from issuance of common stock through exercise of stock options					217
Proceeds from loan					15,818
Payment of loan					(735)	(927)
Net cash provided by and (used in) financing activities					27,274	(713)
Effect of exchange rate changes on cash and cash equivalents					18	63
Decrease in cash, cash equivalents and restricted cash					(28,565)	(54,667)
Cash, cash equivalents and restricted cash at beginning of period		$ 36,768		$ 87,711	36,768	87,711	$ 87,711
Cash, cash equivalents and restricted cash at end of period	$ 8,202		$ 33,044		8,202	33,044	$ 36,768
Supplemental disclosure of non-cash investing and financing activities
Debt discount					4,541
End of term loan liability					(613)
Warrant liability					(885)
Derivative liability					(1,361)
Right-of-use assets						466
Operating lease liability						466
Fixed Assets included in Accounts Payable and accrued expenses					927
Supplemental disclosure of cash flow items:
Interest paid					1,195	25
Income taxes paid						$ 87

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	9 Months Ended
	Dec. 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 ® ® 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 UNO for the treatment of solid tumors now reside with Beyond Cancer. Beyond Air has 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. (the “University”) to acquire the commercial rights for nNOS inhibitors being developed for the treatment of 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 three-year period from the date of the agreement 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 preclinical to a phase 1 first-in-human clinical trial by 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 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES	9 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES	NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and with the instructions to the Form 10-Q. Accordingly, they do not include all the information and footnotes required to be presented for complete financial statements. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring items) which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The accompanying unaudited condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023 (the “2023 Annual Report”), filed with the U.S. Securities and Exchange Commission on June 22, 2023. The unaudited condensed consolidated financial statements and related disclosures should be read in conjunction with the Company’s audited consolidated financial statements and the related notes thereto included in the 2023 Annual Report. Principles of Consolidation These unaudited condensed 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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its significant estimates including accruals for expenses under consulting, licensing agreements, and clinical trials, stock-based compensation, contingency recognition and the determination of deferred tax attributes and the valuation allowance thereon. Liquidity Risks and Uncertainties The Company used cash in operating activities of $ 45.3 226.0 31.3 5.2 The Company expects to incur net losses and have significant cash outflows for at least the next eighteen months, including making significant investments in research and development. Management believes these factors raise substantial doubt about the Company’s ability to meet its obligations with cash on hand and concluded that the Company will require additional funding within one year from the date these financial statements are issued. Management is confident that the efforts to arrange financing as described below, while not assured, will enable them to meet the Company’s obligations. Management currently has various funding options in place to raise additional capital such as a debt line of $ 22.5 34.3 200,000,000 With respect to Beyond Cancer, discussions are underway with investment banks to raise capital based on their most recent top line data from the phase 1a, first-in-human trial which was successful in the first 6 patients with no dose limiting toxicities at the first dose. Treatment in the next dosing cohort has begun. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue operating as a going concern. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business. BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued) 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 ® Conditions in Israel may materially and adversely affect the Company’s business. In October 2023, Hamas conducted several terrorist attacks in Israel resulting in ongoing war across the country, forcing the closure of the Company’s offices in Israel for several days. Any armed conflicts, terrorist activities or political instability involving Israel or other countries in the region could adversely affect the Company’s business. Moreover, the Company has a significant number of employees located in Israel. The Company’s operations could also be disrupted by the absence for significant periods of one or more key employees or a significant number of other employees because of military service. While there are business continuity plans in place to address the military call-ups, any of these circumstances could have a material adverse effect on the Company’s business. Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures Level 1—inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. Level 2—inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. As of December 31, 2023 and March 31, 2023, the Company’s financial instruments included cash and cash equivalents, restricted cash, marketable securities, accounts payable, long-term debt, liability classified warrants and derivative liabilities. The carrying amounts reported in the accompanying unaudited condensed consolidated financial statements for cash and cash equivalents, restricted cash and marketable securities approximate their respective fair values because of the short-term nature of these accounts. The carrying value of the Company’s long-term debt approximates fair value based on current interest rates for similar types of borrowings and is in Level 3 of the fair value hierarchy. The liability classified warrants and derivative liabilities are each recorded at their fair value and are Level 3 of the fair value hierarchy. BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued) The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s assets and liabilities that are measured at fair value on a recurring basis: The fair value amounts as of December 31, 2023 are: SCHEDULE OF FAIR VALUE ON A RECURRING BASIS (in thousands) Total Level 1 Level 2 Level 3 Marketable securities : Corporate debt securities $ - $ - $ - $ - Government securities 12,903 12,903 - - Mutual funds 10,388 10,338 - - Total assets measured and recorded at fair value $ 23,292 $ 23,292 $ - $ - Liabilities : Warrant liability $ 192 $ - $ - $ 192 Derivative liability 214 - - 214 Total liabilities measured and recorded at fair value $ 406 $ - $ - $ 406 The fair value amounts as of March 31, 2023 are: (in thousands) Total Level 1 Level 2 Level 3 Marketable securities : Corporate debt securities $ 1,597 $ 1,597 $ - $ - Government securities 1,013 1,013 - - Mutual funds 14,114 14,114 - - Total assets measured and recorded at fair value $ 16,724 $ 16,724 $ - $ - Liabilities : Warrant liability $ - $ - $ - $ - Derivative liability - - - - Total liabilities measured and recorded at fair value $ - $ - $ - $ - Level 3 Valuation The common stock warrants issued in connection with the Loan and Security Agreement (as defined below) in June 2023 (Note 10) are recorded as a warrant liability within the unaudited condensed consolidated balance sheet as of December 31, 2023 as the warrants contain certain settlement features that are not indexed to the Company’s own stock. In addition, the conversion feature embedded within the long-term debt required bifurcation as certain adjustments to the conversion price were not indexed to the Company’s own stock and recorded as a derivative liability. The warrants and derivative liability are remeasured each reporting period with the change in fair value recorded to other income (expense) in the condensed consolidated statement of operations and comprehensive loss until the warrants and derivative are exercised, expired, reclassified or otherwise settled. The significant assumptions used in valuing the warrants and derivative were as follows: SCHEDULE OF VALUING THE WARRANTS AND DERIVATIVES Warrants Derivative Expected term (in years) 4.5 3.5 Volatility 81 % 81 % Risk-free rate 3.88 % 3.97 % The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuation for the warrants and derivatives for the nine months ended December 31, 2023 (in thousands): SCHEDULE OF CHANGES IN FAIR VALUE OF WARRANTS AND DERIVATIVES Warrants Derivative Issuances $ 885 $ 1,361 Change in fair value (693 ) (1,147 ) Balance at December 31, 2023 $ 192 $ 214 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued) Warrant Liability The Company classifies warrants as equity any contracts that (i) require physical settlement or net-share settlement or (ii) gives the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies warrants as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the Company) or (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). Such warrants are subject to remeasurement at each condensed consolidated balance sheet date and any change in fair value is recognized as a component of other expense on the condensed consolidated statements of operations and comprehensive loss. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of such warrants. At that time, the portion of the warrant liability related to warrants will be reclassified to additional paid-in capital. Derivative Liability The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815, Derivatives and Hedging. For derivative financial instruments that are accounted for as assets or liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the condensed consolidated statements of operations and comprehensive loss. The classification of derivative instruments, including whether such instruments should be recorded as assets or liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities classified in the condensed consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. 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 December 31, 2023 and March 31, 2023, restricted cash included approximately $ 0.2 million and $ 7.6 million, respectively. Restricted cash declined by $ 7.4 million from March 31, 2023 to December 31, 2023, as a $ 7.4 million supersedeas bond held as collateral pending the outcome of the appeal on Empery Asset Master, Ltd., et. al. vs. AIT Therapeutics, Inc. 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 condensed consolidated statements of cash flows for: SCHEDULE OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (in thousands) December 31, 2023 March 31, 2023 Cash and cash equivalents $ 7,971 $ 29,158 Restricted cash 231 7,610 Total cash, cash equivalents and restricted cash $ 8,202 $ 36,768 Marketable securities: Marketable debt securities - - Corporate debt securities $ - $ 1,597 U.S. government securities 12,903 1,013 Mutual fund (ultra-short-term income) 10,388 14,114 Total marketable securities $ 23,292 $ 16,724 Total cash, cash equivalents, marketable securities and restricted cash $ 31,494 $ 53,492 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued) The following table summarizes the Company’s short-term marketable securities with unrealized gains and losses as of December 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 $ - $ - U.S. government securities 12,903 79 Mutual fund (ultra-short-term income) 10,388 20 Total short-term marketable securities $ 23,292 $ 99 The following table summarizes the Company’s short-term marketable securities with unrealized gains and losses as of March 31, 2023, aggregated by major security type: (in thousands) Fair Value Unrealized (Losses) Corporate debt securities $ 1,597 $ 2 U.S. 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. 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. Segment Reporting Commencing with the creation of Beyond Cancer in November 2021, 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 December 31, 2023, Beyond Air, Inc. owns 80% of the common stock of Beyond Cancer. The segment reporting is based on the manner in which the Company’s CEO as chief operating decision maker assesses performance and allocates resources across the organization. The Beyond Air segment includes unallocated corporate expenses associated with the public company fees as well as all corporate related assets and liabilities. The following table summarizes segment financial information by business segment as of December 31, 2023: SCHEDULE OF SEGMENT FINANCIAL INFORMATION BY BUSINESS SEGMENT (in thousands) Beyond Air Beyond Cancer Total Cash, cash equivalents, marketable securities and restricted cash $ 18,081 $ 13,413 $ 31,494 All other assets 19,781 636 20,417 Total assets $ 37,862 $ 14,048 $ 51,911 Total liabilities $ (27,596 ) $ (844 ) $ (28,440 ) Net assets $ 10,266 $ 13,205 $ 23,471 Non-controlling interest $ - $ 2,657 $ 2,657 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued) The following table summarizes segment financial information by business segment as of March 31, 2023: (in thousands) Beyond Air Beyond Cancer Total Cash, cash equivalents, marketable securities and restricted cash $ 32,998 $ 20,494 $ 53,492 All other assets 14,700 557 15,257 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 interest $ - $ 4,113 $ 4,113 The following table summarizes segment financial performance by business segment for the nine months ended December 31, 2023: (in thousands) Beyond Air Beyond Cancer Total Revenue $ 689 $ - $ 689 Net loss for the nine months ended December 31, 2023 $ (33,721 ) $ (16,018 ) $ (49,739 ) The following table summarizes segment financial performance by business segment for the three months ended December 31, 2023: (in thousands) Beyond Air Beyond Cancer Total Revenue $ 391 $ - $ 391 Net loss for the three months ended December 31, 2023 $ (12,065 ) $ (5,193 ) $ (17,258 ) The following table summarizes segment financial performance by business segment for the nine months ended December 31, 2022: (in thousands) Beyond Air Beyond Cancer Total Revenue $ - $ - $ - Net loss for the nine months ended December 31, 2022 $ (25,246 ) $ (13,004 ) $ (38,250 ) The following table summarizes segment financial performance by business segment for the three months ended December 31, 2022: (in thousands) Beyond Air Beyond Cancer Total Revenue $ - $ - $ - Net loss for the three months ended December 31, 2022 $ (8,543 ) $ (5,255 ) $ (13,798 ) Research and Development Research and development expenses are charged to the condensed consolidated statements of operations and comprehensive loss 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. In the three months ended December 31, 2023 and December 31, 2022, the Company received $ 0 0 In the nine months ended 0 182 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued) 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 solely used its own historical volatility as the input for expected volatility, but due to 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. Supplier Concentration The Company relies on third-party suppliers to provide materials for its devices and consumables. In the three months ended December 31, 2023, the Company purchased approximately 92 87 5 87 76 11 In the nine months ended December 31, 2023, the Company purchased approximately 89 80 9 78 65 13 Recently Adopted Accounting Standards In August 2020, the FASB issued ASU 2020-06 (“ASU 2020-06”), Debt — Debt with Conversion and Other Options (“Subtopic 470-20”), to address the complexity associated with applying U.S.GAAP to certain financial instruments with characteristics of liabilities and equity, which the Company adopted on April 1, 2023. ASU 2020-06 eliminated the beneficial conversion (and cash conversion) accounting models in Subtopic 470-20 that require separate accounting for embedded conversion features, and simplified the settlement assessment to determine whether it qualifies for equity classification. In addition, the new guidance requires entities to use the if-converted method to calculate earnings per share for all convertible instruments and to include the effect of share settlement for instruments that may be settled in cash or shares. The Company adopted ASU 2020-06 using the modified retrospective approach and applied the guidance to all financial instruments that were outstanding as of the beginning of 2023. As the Company had not previously separated any financial instruments under the beneficial conversion or cash conversion accounting models, there was no cumulative effect adjustment to the opening balance of retained earnings as a result of adopting ASU 2020-06. Recently Issued Accounting Standards not yet Adopted In November 2023, the FASB issued ASU-2023-07, Improvements to Reportable Segment Disclosures (Topic 280), In December 2023, the FASB issued ASU 2023-09, Improvements to Tax Disclosures (Topic 740),

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 3 PROPERTY AND EQUIPMENT Property and equipment consist of the following: SCHEDULE OF PROPERTY AND EQUIPMENT (in thousands) December 31, 2023 March 31, Clinical and medical equipment $ 2,041 $ 1,365 Equipment deployable as part of a service offering 6,938 3,027 Computer equipment 869 779 Furniture and fixtures 532 505 Leasehold improvements 617 581 Property and equipment, gross 10,997 6,256 Accumulated depreciation (2,446 ) (1,254 ) Property and equipment, net $ 8,551 $ 5,003 Depreciation and amortization for the three months ended December 31, 2023 and December 31, 2022 was $ 0.5 0.2 Depreciation and amortization for the nine months ended December 31, 2023 and December 31, 2022 was $ 1.2 0.4 0.4 0.1 0.2 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
	Dec. 31, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 4 STOCKHOLDERS’ EQUITY On February 4, 2022, the Company entered into the 2022 ATM, allowing the Company to sell its common stock for aggregate sales proceeds of up to $ 50.0 3 For the nine months ended December 31, 2023, the Company received net proceeds of $ 12.0 4,350,138 34.3 0.2 19,300 The Company received net proceeds of $ 0.2 42,500 346,900 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 10,600,000 567,308 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 quarterly period ended December 31, 2023 is as follows: SCHEDULE OF RESTRICTED STOCK AWARDS Number Of Shares Weighted Average Grant Date Fair Value Unvested as of April 1, 2023 1,101,100 $ 6.78 Granted 1,000 5.65 Vested (346,900 ) 6.49 Forfeited (6,800 ) 5.06 Unvested as of December 31, 2023 748,400 $ 6.92 Stock-based compensation expense related to these stock issuances for the three months ended December 31, 2023 and December 31, 2022 was $ 0.7 0.6 Stock-based compensation expense related to these stock issuances for the nine months ended December 31, 2023 and December 31, 2022 was $ 2.2 2.0 2.8 2 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 4 STOCKHOLDERS’ EQUITY (continued) A summary of the change in options for the nine months ended December 31, 2023,is as follows: SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted Average Exercise Price of Options Weighted Average Remaining Contractual Life of Options Aggregate Intrinsic Value (in thousands) Options outstanding as of April 1, 2023 8,198,881 $ 5.83 8.4 $ 8,306 Granted 132,500 3.95 - - Exercised (42,500 ) 5.10 - - Forfeited (310,787 ) 5.87 - - Outstanding as of December 31, 2023 7,978,094 $ 5.82 7.4 $ - Exercisable as of December 31, 2023 4,765,344 $ 5.46 6.4 $ - 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’s common shares. The vesting terms of the options issued under the 2021 BC Plan are generally four years and expire ten years 2,000,000 2,000,000 4,000,000 170,500 SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted Average Exercise Price of Options Weighted Average Remaining Contractual Life of Options Aggregate Intrinsic Value (thousands) Options outstanding as of April 1, 2023 3,817,000 $ 2.88 9.2 $ 23,486 Granted 155,000 5.50 - - Exercised - - - - Forfeited (142,500 ) 5.33 - - Outstanding as of December 31, 2023 3,829,500 $ 5.50 8.5 $ - Exercisable as of December 31, 2023 1,349,250 $ 5.50 8.3 $ - As of December 31, 2023, the Company had unrecognized stock-based compensation expense in the 2013 BA Plan of approximately $ 8.8 1.8 As of December 31, 2023, the Company had unrecognized stock-based compensation expense in the 2021 BC Plan of approximately $ 11.2 1.22 5.50 4.60 8.35 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 4 STOCKHOLDERS’ EQUITY (continued) The following was utilized to calculate the fair value of options on the date of grant: SCHEDULE OF FAIR VALUE OF OPTION December 31, December 31, Risk-free interest rate 4.3 4.9 % 2.5 4.3 % Expected volatility (Beyond Air) 81.4 81.7 % 87.4 89.2 % Expected volatility (Beyond Cancer) 104.3 106.2 % 104.7 109.1 % Dividend yield 0 % 0 % Expected terms (in years) 6.25 6.25 The following summarizes the components of stock-based compensation expense which included stock options and restricted stock units for the three and nine months ended December 31, 2023 and December 31, 2022: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE (in thousands) 2023 2022 2023 2022 Three Months Ended Nine Months Ended December 31, December 31, (in thousands) 2023 2022 2023 2022 Research and development $ 1,428 $ 1,290 $ 4,013 $ 3,247 General and administrative 5,007 4,576 14,997 11,957 Total stock-based compensation expense $ 6,435 $ 5,866 $ 19,010 $ 15,204 Warrants A summary of the Company’s outstanding warrants as of December 31, 2023 is as follows: SUMMARY OF COMPANY’S OUTSTANDING WARRANTS Warrant Holders Number of Warrants Exercise Price Intrinsic Value (in thousands) Date of Expiration Third-party license agreement 208,333 $ 4.80 $ - January 2024 March 2020 loan 172,187 $ 7.26 - March 2025 NitricGen agreement 80,000 $ 6.90 - January 2028 Avenue agreement 233,843 $ 5.88 - June 2028 Total 694,363 $ 6.02 $ - Warrants to purchase up to 233,843 zero BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

OTHER CURRENT ASSETS AND PREPAI

OTHER CURRENT ASSETS AND PREPAID EXPENSES	9 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER CURRENT ASSETS AND PREPAID EXPENSES	NOTE 5 OTHER CURRENT ASSETS AND PREPAID EXPENSES A summary of current assets and prepaid expenses as of December 31, 2023 and March 31, 2023 is as follows (in thousands): SCHEDULE OF CURRENT ASSETS AND PREPAID EXPENSES December 31, 2023 March 31, 2023 Research and development $ 119 $ 128 Insurance 216 908 Prepaid rents and tenant improvement 49 - Prepaid marketing materials 90 - Value added tax receivable 240 231 Demonstration materials 211 245 Deposits to secure manufacturing materials 5,019 2,519 Other 174 337 Total $ 6,118 $ 4,369

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE 6 ACCRUED EXPENSES A summary of the accrued expenses as of December 31, 2023 and March 31, 2023 is as follows (in thousands): SUMMARY OF ACCRUED EXPENSES December 31, 2023 March 31, 2023 Research and development $ 746 $ 426 Professional fees 619 1,221 Employee salaries and benefits 1,247 985 Contingent litigation and settlements (Note 10) 400 10,298 Circassia settlement – current portion (Note 8) 4,500 3,500 Goods received not invoiced 85 - Other 285 184 Total short-term accrued expenses $ 7,882 $ 16,613 Circassia settlement – long-term portion (Note 8) $ - $ 4,500 Total other long-term liabilities $ - $ 4,500 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

BASIC AND DILUTED NET INCOME (L

BASIC AND DILUTED NET INCOME (LOSS) PER SHARE OF COMMON STOCK	9 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE OF COMMON STOCK	NOTE 7 BASIC AND DILUTED NET INCOME (LOSS) PER SHARE OF COMMON STOCK The following potentially dilutive securities were not included in the calculation of diluted net income (loss) per share attributable to common stockholders of Beyond Air because their effect would have been anti-dilutive for the periods presented: SCHEDULE OF POTENTIAL ANTI-DILUTIVE SECURITIES December 31, 2023 December 31, 2022 Common stock warrants 694,363 460,520 Common stock options 7,978,094 5,645,131 Restricted shares 748,400 769,500 Loan and Security – conversion feature (Note 10) 392,465 - Total 9,813,322 6,875,151

LICENSE AGREEMENT

LICENSE AGREEMENT	9 Months Ended
	Dec. 31, 2023
License Agreement
LICENSE AGREEMENT	NOTE 8 LICENSE 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 (the “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 ® 6.0 2.5 3.5 4.5 4.5 8.0

GRANT COLLABORATION AGREEMENT

GRANT COLLABORATION AGREEMENT	9 Months Ended
	Dec. 31, 2023
Grant Collaboration Agreement
GRANT COLLABORATION AGREEMENT	NOTE 9 GRANT COLLABORATION AGREEMENT On February 10, 2021, the Company received a grant for up to $ 2.2 ® 10 1.7 1.7 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 10 COMMITMENTS AND CONTINGENCIES License Agreements In August 2015, Beyond Air Ltd., a wholly-owned subsidiary of the Company (“BA Ltd.”) entered into an Option Agreement (the “Option Agreement”) with Pulmonox Technologies Corporation (“Pulmonox”) whereby BA Ltd. acquired the option (the “Option”) to purchase certain intellectual property assets and rights. On January 13, 2017, BA Ltd. exercised the Option and paid $ 500 87 83 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 0.3 million upon executing the NitricGen Agreement. As of December 31, 2023, the remaining future milestone payments total $ 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 12 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 December 31, 2023 was approximately $ 5.5 5.1 Contingencies In April 2023, the Company paid a total of $ 7.6 Empery Suit In December 2021, Hudson Bay Master Fund (“Hudson”) filed a lawsuit in the Supreme Court on the State of New York against the Company relating 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 3.1 0 2.7 From time to time, the Company is involved in various legal matters arising in the normal course of business. The Company does not expect the outcome of such proceedings, either individually or in aggregate, to have a material effect on its financial position, cash flows or results of operations. BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 10 COMMITMENTS AND CONTINGENCIES (continued) Loan and Security Agreement On June 15, 2023 (the “Closing Date”), the Company entered into a Loan and Security Agreement (the “Loan and Security Agreement”) with Avenue Capital Management II, L.P., as administrative agent and collateral agent (the “Agent”), and the Lenders. Also on June 15, 2023, the Company entered into a Supplement to the Loan and Security 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 $ 40.0 17.5 10.0 ® 85 12.5 June 1, 2027 additional 6 to 18 months 40.0 (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 $ 5.0 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 the Lenders warrants to purchase an aggregate of 233,843 5.88 The Company also granted the Lenders conversion rights for up to $ 3.0 130 392,465 7.644 The warrants are freestanding liability classified financial instruments to which a portion of the debt proceeds were allocated to warrants and based on the warrants estimated fair value at issuance. The remaining proceeds were allocated to the long-term debt. Costs allocated to the warrants were expensed immediately and costs allocated to the debt are recorded as a debt discount and are amortized into interest expense over the life of the debt using the effective interest method. The conversion feature was bifurcated from the debt and is accounted for as a derivative liability (Note 2). BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 10 COMMITMENTS AND CONTINGENCIES (continued) The Company received $ 15.8 SCHEDULE OF MATURITY OF LONG TERM LOAN Maturity of Long-Term Loan (in thousands) December 31, 2023 2025 $ 1,750 2026 7,000 2027 7,000 2028 1,750 Total $ 17,500 Components of Loan and Security Agreement SCHEDULE OF LOAN AND SECURITY AGREEMENT December 31, 2023 June 15, 2023 (Closing) Amount outstanding $ 17,500 $ 17,500 Debt discount (4,541 ) (4,541 ) Amortization of debt discount 779 - Final payment liability 613 613 Total $ 14,351 $ 13,572

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (Policies)	9 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and with the instructions to the Form 10-Q. Accordingly, they do not include all the information and footnotes required to be presented for complete financial statements. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring items) which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The accompanying unaudited condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023 (the “2023 Annual Report”), filed with the U.S. Securities and Exchange Commission on June 22, 2023. The unaudited condensed consolidated financial statements and related disclosures should be read in conjunction with the Company’s audited consolidated financial statements and the related notes thereto included in the 2023 Annual Report.
Principles of Consolidation	Principles of Consolidation These unaudited condensed 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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its significant estimates including accruals for expenses under consulting, licensing agreements, and clinical trials, stock-based compensation, contingency recognition and the determination of deferred tax attributes and the valuation allowance thereon.
Liquidity Risks and Uncertainties	Liquidity Risks and Uncertainties The Company used cash in operating activities of $ 45.3 226.0 31.3 5.2 The Company expects to incur net losses and have significant cash outflows for at least the next eighteen months, including making significant investments in research and development. Management believes these factors raise substantial doubt about the Company’s ability to meet its obligations with cash on hand and concluded that the Company will require additional funding within one year from the date these financial statements are issued. Management is confident that the efforts to arrange financing as described below, while not assured, will enable them to meet the Company’s obligations. Management currently has various funding options in place to raise additional capital such as a debt line of $ 22.5 34.3 200,000,000 With respect to Beyond Cancer, discussions are underway with investment banks to raise capital based on their most recent top line data from the phase 1a, first-in-human trial which was successful in the first 6 patients with no dose limiting toxicities at the first dose. Treatment in the next dosing cohort has begun. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue operating as a going concern. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business. BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued)
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 ® Conditions in Israel may materially and adversely affect the Company’s business. In October 2023, Hamas conducted several terrorist attacks in Israel resulting in ongoing war across the country, forcing the closure of the Company’s offices in Israel for several days. Any armed conflicts, terrorist activities or political instability involving Israel or other countries in the region could adversely affect the Company’s business. Moreover, the Company has a significant number of employees located in Israel. The Company’s operations could also be disrupted by the absence for significant periods of one or more key employees or a significant number of other employees because of military service. While there are business continuity plans in place to address the military call-ups, any of these circumstances could have a material adverse effect on the Company’s business.
Fair Value Measurements	Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures Level 1—inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. Level 2—inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. As of December 31, 2023 and March 31, 2023, the Company’s financial instruments included cash and cash equivalents, restricted cash, marketable securities, accounts payable, long-term debt, liability classified warrants and derivative liabilities. The carrying amounts reported in the accompanying unaudited condensed consolidated financial statements for cash and cash equivalents, restricted cash and marketable securities approximate their respective fair values because of the short-term nature of these accounts. The carrying value of the Company’s long-term debt approximates fair value based on current interest rates for similar types of borrowings and is in Level 3 of the fair value hierarchy. The liability classified warrants and derivative liabilities are each recorded at their fair value and are Level 3 of the fair value hierarchy. BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued) The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s assets and liabilities that are measured at fair value on a recurring basis: The fair value amounts as of December 31, 2023 are: SCHEDULE OF FAIR VALUE ON A RECURRING BASIS (in thousands) Total Level 1 Level 2 Level 3 Marketable securities : Corporate debt securities $ - $ - $ - $ - Government securities 12,903 12,903 - - Mutual funds 10,388 10,338 - - Total assets measured and recorded at fair value $ 23,292 $ 23,292 $ - $ - Liabilities : Warrant liability $ 192 $ - $ - $ 192 Derivative liability 214 - - 214 Total liabilities measured and recorded at fair value $ 406 $ - $ - $ 406 The fair value amounts as of March 31, 2023 are: (in thousands) Total Level 1 Level 2 Level 3 Marketable securities : Corporate debt securities $ 1,597 $ 1,597 $ - $ - Government securities 1,013 1,013 - - Mutual funds 14,114 14,114 - - Total assets measured and recorded at fair value $ 16,724 $ 16,724 $ - $ - Liabilities : Warrant liability $ - $ - $ - $ - Derivative liability - - - - Total liabilities measured and recorded at fair value $ - $ - $ - $ - Level 3 Valuation The common stock warrants issued in connection with the Loan and Security Agreement (as defined below) in June 2023 (Note 10) are recorded as a warrant liability within the unaudited condensed consolidated balance sheet as of December 31, 2023 as the warrants contain certain settlement features that are not indexed to the Company’s own stock. In addition, the conversion feature embedded within the long-term debt required bifurcation as certain adjustments to the conversion price were not indexed to the Company’s own stock and recorded as a derivative liability. The warrants and derivative liability are remeasured each reporting period with the change in fair value recorded to other income (expense) in the condensed consolidated statement of operations and comprehensive loss until the warrants and derivative are exercised, expired, reclassified or otherwise settled. The significant assumptions used in valuing the warrants and derivative were as follows: SCHEDULE OF VALUING THE WARRANTS AND DERIVATIVES Warrants Derivative Expected term (in years) 4.5 3.5 Volatility 81 % 81 % Risk-free rate 3.88 % 3.97 % The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuation for the warrants and derivatives for the nine months ended December 31, 2023 (in thousands): SCHEDULE OF CHANGES IN FAIR VALUE OF WARRANTS AND DERIVATIVES Warrants Derivative Issuances $ 885 $ 1,361 Change in fair value (693 ) (1,147 ) Balance at December 31, 2023 $ 192 $ 214 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued)
Warrant Liability	Warrant Liability The Company classifies warrants as equity any contracts that (i) require physical settlement or net-share settlement or (ii) gives the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies warrants as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the Company) or (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). Such warrants are subject to remeasurement at each condensed consolidated balance sheet date and any change in fair value is recognized as a component of other expense on the condensed consolidated statements of operations and comprehensive loss. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of such warrants. At that time, the portion of the warrant liability related to warrants will be reclassified to additional paid-in capital.
Derivative Liability	Derivative Liability The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815, Derivatives and Hedging. For derivative financial instruments that are accounted for as assets or liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the condensed consolidated statements of operations and comprehensive loss. The classification of derivative instruments, including whether such instruments should be recorded as assets or liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities classified in the condensed consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.
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 December 31, 2023 and March 31, 2023, restricted cash included approximately $ 0.2 million and $ 7.6 million, respectively. Restricted cash declined by $ 7.4 million from March 31, 2023 to December 31, 2023, as a $ 7.4 million supersedeas bond held as collateral pending the outcome of the appeal on Empery Asset Master, Ltd., et. al. vs. AIT Therapeutics, Inc. 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 condensed consolidated statements of cash flows for: SCHEDULE OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (in thousands) December 31, 2023 March 31, 2023 Cash and cash equivalents $ 7,971 $ 29,158 Restricted cash 231 7,610 Total cash, cash equivalents and restricted cash $ 8,202 $ 36,768 Marketable securities: Marketable debt securities - - Corporate debt securities $ - $ 1,597 U.S. government securities 12,903 1,013 Mutual fund (ultra-short-term income) 10,388 14,114 Total marketable securities $ 23,292 $ 16,724 Total cash, cash equivalents, marketable securities and restricted cash $ 31,494 $ 53,492 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued) The following table summarizes the Company’s short-term marketable securities with unrealized gains and losses as of December 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 $ - $ - U.S. government securities 12,903 79 Mutual fund (ultra-short-term income) 10,388 20 Total short-term marketable securities $ 23,292 $ 99 The following table summarizes the Company’s short-term marketable securities with unrealized gains and losses as of March 31, 2023, aggregated by major security type: (in thousands) Fair Value Unrealized (Losses) Corporate debt securities $ 1,597 $ 2 U.S. 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. 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.
Segment Reporting	Segment Reporting Commencing with the creation of Beyond Cancer in November 2021, 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 December 31, 2023, Beyond Air, Inc. owns 80% of the common stock of Beyond Cancer. The segment reporting is based on the manner in which the Company’s CEO as chief operating decision maker assesses performance and allocates resources across the organization. The Beyond Air segment includes unallocated corporate expenses associated with the public company fees as well as all corporate related assets and liabilities. The following table summarizes segment financial information by business segment as of December 31, 2023: SCHEDULE OF SEGMENT FINANCIAL INFORMATION BY BUSINESS SEGMENT (in thousands) Beyond Air Beyond Cancer Total Cash, cash equivalents, marketable securities and restricted cash $ 18,081 $ 13,413 $ 31,494 All other assets 19,781 636 20,417 Total assets $ 37,862 $ 14,048 $ 51,911 Total liabilities $ (27,596 ) $ (844 ) $ (28,440 ) Net assets $ 10,266 $ 13,205 $ 23,471 Non-controlling interest $ - $ 2,657 $ 2,657 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued) The following table summarizes segment financial information by business segment as of March 31, 2023: (in thousands) Beyond Air Beyond Cancer Total Cash, cash equivalents, marketable securities and restricted cash $ 32,998 $ 20,494 $ 53,492 All other assets 14,700 557 15,257 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 interest $ - $ 4,113 $ 4,113 The following table summarizes segment financial performance by business segment for the nine months ended December 31, 2023: (in thousands) Beyond Air Beyond Cancer Total Revenue $ 689 $ - $ 689 Net loss for the nine months ended December 31, 2023 $ (33,721 ) $ (16,018 ) $ (49,739 ) The following table summarizes segment financial performance by business segment for the three months ended December 31, 2023: (in thousands) Beyond Air Beyond Cancer Total Revenue $ 391 $ - $ 391 Net loss for the three months ended December 31, 2023 $ (12,065 ) $ (5,193 ) $ (17,258 ) The following table summarizes segment financial performance by business segment for the nine months ended December 31, 2022: (in thousands) Beyond Air Beyond Cancer Total Revenue $ - $ - $ - Net loss for the nine months ended December 31, 2022 $ (25,246 ) $ (13,004 ) $ (38,250 ) The following table summarizes segment financial performance by business segment for the three months ended December 31, 2022: (in thousands) Beyond Air Beyond Cancer Total Revenue $ - $ - $ - Net loss for the three months ended December 31, 2022 $ (8,543 ) $ (5,255 ) $ (13,798 )
Research and Development	Research and Development Research and development expenses are charged to the condensed consolidated statements of operations and comprehensive loss 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. In the three months ended December 31, 2023 and December 31, 2022, the Company received $ 0 0 In the nine months ended 0 182 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued)
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 solely used its own historical volatility as the input for expected volatility, but due to 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.
Supplier Concentration	Supplier Concentration The Company relies on third-party suppliers to provide materials for its devices and consumables. In the three months ended December 31, 2023, the Company purchased approximately 92 87 5 87 76 11 In the nine months ended December 31, 2023, the Company purchased approximately 89 80 9 78 65 13
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In August 2020, the FASB issued ASU 2020-06 (“ASU 2020-06”), Debt — Debt with Conversion and Other Options (“Subtopic 470-20”), to address the complexity associated with applying U.S.GAAP to certain financial instruments with characteristics of liabilities and equity, which the Company adopted on April 1, 2023. ASU 2020-06 eliminated the beneficial conversion (and cash conversion) accounting models in Subtopic 470-20 that require separate accounting for embedded conversion features, and simplified the settlement assessment to determine whether it qualifies for equity classification. In addition, the new guidance requires entities to use the if-converted method to calculate earnings per share for all convertible instruments and to include the effect of share settlement for instruments that may be settled in cash or shares. The Company adopted ASU 2020-06 using the modified retrospective approach and applied the guidance to all financial instruments that were outstanding as of the beginning of 2023. As the Company had not previously separated any financial instruments under the beneficial conversion or cash conversion accounting models, there was no cumulative effect adjustment to the opening balance of retained earnings as a result of adopting ASU 2020-06. Recently Issued Accounting Standards not yet Adopted In November 2023, the FASB issued ASU-2023-07, Improvements to Reportable Segment Disclosures (Topic 280), In December 2023, the FASB issued ASU 2023-09, Improvements to Tax Disclosures (Topic 740),

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (Tables)	9 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SCHEDULE OF FAIR VALUE ON A RECURRING BASIS	The following table presents, for each of the fair value hierarchy levels required under ASC 820, the Company’s assets and liabilities that are measured at fair value on a recurring basis: The fair value amounts as of December 31, 2023 are: SCHEDULE OF FAIR VALUE ON A RECURRING BASIS (in thousands) Total Level 1 Level 2 Level 3 Marketable securities : Corporate debt securities $ - $ - $ - $ - Government securities 12,903 12,903 - - Mutual funds 10,388 10,338 - - Total assets measured and recorded at fair value $ 23,292 $ 23,292 $ - $ - Liabilities : Warrant liability $ 192 $ - $ - $ 192 Derivative liability 214 - - 214 Total liabilities measured and recorded at fair value $ 406 $ - $ - $ 406 The fair value amounts as of March 31, 2023 are: (in thousands) Total Level 1 Level 2 Level 3 Marketable securities : Corporate debt securities $ 1,597 $ 1,597 $ - $ - Government securities 1,013 1,013 - - Mutual funds 14,114 14,114 - - Total assets measured and recorded at fair value $ 16,724 $ 16,724 $ - $ - Liabilities : Warrant liability $ - $ - $ - $ - Derivative liability - - - - Total liabilities measured and recorded at fair value $ - $ - $ - $ -
SCHEDULE OF VALUING THE WARRANTS AND DERIVATIVES	SCHEDULE OF VALUING THE WARRANTS AND DERIVATIVES Warrants Derivative Expected term (in years) 4.5 3.5 Volatility 81 % 81 % Risk-free rate 3.88 % 3.97 %
SCHEDULE OF CHANGES IN FAIR VALUE OF WARRANTS AND DERIVATIVES	The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuation for the warrants and derivatives for the nine months ended December 31, 2023 (in thousands): SCHEDULE OF CHANGES IN FAIR VALUE OF WARRANTS AND DERIVATIVES Warrants Derivative Issuances $ 885 $ 1,361 Change in fair value (693 ) (1,147 ) Balance at December 31, 2023 $ 192 $ 214
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 condensed consolidated statements of cash flows for: SCHEDULE OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (in thousands) December 31, 2023 March 31, 2023 Cash and cash equivalents $ 7,971 $ 29,158 Restricted cash 231 7,610 Total cash, cash equivalents and restricted cash $ 8,202 $ 36,768 Marketable securities: Marketable debt securities - - Corporate debt securities $ - $ 1,597 U.S. government securities 12,903 1,013 Mutual fund (ultra-short-term income) 10,388 14,114 Total marketable securities $ 23,292 $ 16,724 Total cash, cash equivalents, marketable securities and restricted cash $ 31,494 $ 53,492
SUMMARY OF SHORT-TERM MARKETABLE SECURITIES WITH UNREALIZED GAINS AND LOSSES	The following table summarizes the Company’s short-term marketable securities with unrealized gains and losses as of December 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 $ - $ - U.S. government securities 12,903 79 Mutual fund (ultra-short-term income) 10,388 20 Total short-term marketable securities $ 23,292 $ 99 The following table summarizes the Company’s short-term marketable securities with unrealized gains and losses as of March 31, 2023, aggregated by major security type: (in thousands) Fair Value Unrealized (Losses) Corporate debt securities $ 1,597 $ 2 U.S. government securities 1,013 10 Mutual fund (ultra-short-term income) 14,114 - Total short-term marketable securities $ 16,724 $ 12
SCHEDULE OF SEGMENT FINANCIAL INFORMATION BY BUSINESS SEGMENT	The following table summarizes segment financial information by business segment as of December 31, 2023: SCHEDULE OF SEGMENT FINANCIAL INFORMATION BY BUSINESS SEGMENT (in thousands) Beyond Air Beyond Cancer Total Cash, cash equivalents, marketable securities and restricted cash $ 18,081 $ 13,413 $ 31,494 All other assets 19,781 636 20,417 Total assets $ 37,862 $ 14,048 $ 51,911 Total liabilities $ (27,596 ) $ (844 ) $ (28,440 ) Net assets $ 10,266 $ 13,205 $ 23,471 Non-controlling interest $ - $ 2,657 $ 2,657 BEYOND AIR, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued) The following table summarizes segment financial information by business segment as of March 31, 2023: (in thousands) Beyond Air Beyond Cancer Total Cash, cash equivalents, marketable securities and restricted cash $ 32,998 $ 20,494 $ 53,492 All other assets 14,700 557 15,257 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 interest $ - $ 4,113 $ 4,113 The following table summarizes segment financial performance by business segment for the nine months ended December 31, 2023: (in thousands) Beyond Air Beyond Cancer Total Revenue $ 689 $ - $ 689 Net loss for the nine months ended December 31, 2023 $ (33,721 ) $ (16,018 ) $ (49,739 ) The following table summarizes segment financial performance by business segment for the three months ended December 31, 2023: (in thousands) Beyond Air Beyond Cancer Total Revenue $ 391 $ - $ 391 Net loss for the three months ended December 31, 2023 $ (12,065 ) $ (5,193 ) $ (17,258 ) The following table summarizes segment financial performance by business segment for the nine months ended December 31, 2022: (in thousands) Beyond Air Beyond Cancer Total Revenue $ - $ - $ - Net loss for the nine months ended December 31, 2022 $ (25,246 ) $ (13,004 ) $ (38,250 ) The following table summarizes segment financial performance by business segment for the three months ended December 31, 2022: (in thousands) Beyond Air Beyond Cancer Total Revenue $ - $ - $ - Net loss for the three months ended December 31, 2022 $ (8,543 ) $ (5,255 ) $ (13,798 )

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Dec. 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) December 31, 2023 March 31, Clinical and medical equipment $ 2,041 $ 1,365 Equipment deployable as part of a service offering 6,938 3,027 Computer equipment 869 779 Furniture and fixtures 532 505 Leasehold improvements 617 581 Property and equipment, gross 10,997 6,256 Accumulated depreciation (2,446 ) (1,254 ) Property and equipment, net $ 8,551 $ 5,003

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	9 Months Ended
	Dec. 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 quarterly period ended December 31, 2023 is as follows: SCHEDULE OF RESTRICTED STOCK AWARDS Number Of Shares Weighted Average Grant Date Fair Value Unvested as of April 1, 2023 1,101,100 $ 6.78 Granted 1,000 5.65 Vested (346,900 ) 6.49 Forfeited (6,800 ) 5.06 Unvested as of December 31, 2023 748,400 $ 6.92
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 December 31, December 31, Risk-free interest rate 4.3 4.9 % 2.5 4.3 % Expected volatility (Beyond Air) 81.4 81.7 % 87.4 89.2 % Expected volatility (Beyond Cancer) 104.3 106.2 % 104.7 109.1 % 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 units for the three and nine months ended December 31, 2023 and December 31, 2022: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE (in thousands) 2023 2022 2023 2022 Three Months Ended Nine Months Ended December 31, December 31, (in thousands) 2023 2022 2023 2022 Research and development $ 1,428 $ 1,290 $ 4,013 $ 3,247 General and administrative 5,007 4,576 14,997 11,957 Total stock-based compensation expense $ 6,435 $ 5,866 $ 19,010 $ 15,204
SUMMARY OF COMPANY’S OUTSTANDING WARRANTS	A summary of the Company’s outstanding warrants as of December 31, 2023 is as follows: SUMMARY OF COMPANY’S OUTSTANDING WARRANTS Warrant Holders Number of Warrants Exercise Price Intrinsic Value (in thousands) Date of Expiration Third-party license agreement 208,333 $ 4.80 $ - January 2024 March 2020 loan 172,187 $ 7.26 - March 2025 NitricGen agreement 80,000 $ 6.90 - January 2028 Avenue agreement 233,843 $ 5.88 - June 2028 Total 694,363 $ 6.02 $ -
2013 Beyond Air Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
SCHEDULE OF STOCK OPTION ACTIVITY	A summary of the change in options for the nine months ended December 31, 2023,is as follows: SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted Average Exercise Price of Options Weighted Average Remaining Contractual Life of Options Aggregate Intrinsic Value (in thousands) Options outstanding as of April 1, 2023 8,198,881 $ 5.83 8.4 $ 8,306 Granted 132,500 3.95 - - Exercised (42,500 ) 5.10 - - Forfeited (310,787 ) 5.87 - - Outstanding as of December 31, 2023 7,978,094 $ 5.82 7.4 $ - Exercisable as of December 31, 2023 4,765,344 $ 5.46 6.4 $ -
2021 Beyond Cancer Ltd Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
SCHEDULE OF STOCK OPTION ACTIVITY	SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted Average Exercise Price of Options Weighted Average Remaining Contractual Life of Options Aggregate Intrinsic Value (thousands) Options outstanding as of April 1, 2023 3,817,000 $ 2.88 9.2 $ 23,486 Granted 155,000 5.50 - - Exercised - - - - Forfeited (142,500 ) 5.33 - - Outstanding as of December 31, 2023 3,829,500 $ 5.50 8.5 $ - Exercisable as of December 31, 2023 1,349,250 $ 5.50 8.3 $ -

OTHER CURRENT ASSETS AND PREP_2

OTHER CURRENT ASSETS AND PREPAID EXPENSES (Tables)	9 Months Ended
	Dec. 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 as of December 31, 2023 and March 31, 2023 is as follows (in thousands): SCHEDULE OF CURRENT ASSETS AND PREPAID EXPENSES December 31, 2023 March 31, 2023 Research and development $ 119 $ 128 Insurance 216 908 Prepaid rents and tenant improvement 49 - Prepaid marketing materials 90 - Value added tax receivable 240 231 Demonstration materials 211 245 Deposits to secure manufacturing materials 5,019 2,519 Other 174 337 Total $ 6,118 $ 4,369

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
SUMMARY OF ACCRUED EXPENSES	A summary of the accrued expenses as of December 31, 2023 and March 31, 2023 is as follows (in thousands): SUMMARY OF ACCRUED EXPENSES December 31, 2023 March 31, 2023 Research and development $ 746 $ 426 Professional fees 619 1,221 Employee salaries and benefits 1,247 985 Contingent litigation and settlements (Note 10) 400 10,298 Circassia settlement – current portion (Note 8) 4,500 3,500 Goods received not invoiced 85 - Other 285 184 Total short-term accrued expenses $ 7,882 $ 16,613 Circassia settlement – long-term portion (Note 8) $ - $ 4,500 Total other long-term liabilities $ - $ 4,500

BASIC AND DILUTED NET INCOME _2

BASIC AND DILUTED NET INCOME (LOSS) PER SHARE OF COMMON STOCK (Tables)	9 Months Ended
	Dec. 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 income (loss) per share attributable to common stockholders of Beyond Air because their effect would have been anti-dilutive for the periods presented: SCHEDULE OF POTENTIAL ANTI-DILUTIVE SECURITIES December 31, 2023 December 31, 2022 Common stock warrants 694,363 460,520 Common stock options 7,978,094 5,645,131 Restricted shares 748,400 769,500 Loan and Security – conversion feature (Note 10) 392,465 - Total 9,813,322 6,875,151

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
SCHEDULE OF MATURITY OF LONG TERM LOAN	The Company received $ 15.8 SCHEDULE OF MATURITY OF LONG TERM LOAN Maturity of Long-Term Loan (in thousands) December 31, 2023 2025 $ 1,750 2026 7,000 2027 7,000 2028 1,750 Total $ 17,500
SCHEDULE OF LOAN AND SECURITY AGREEMENT	Components of Loan and Security Agreement SCHEDULE OF LOAN AND SECURITY AGREEMENT December 31, 2023 June 15, 2023 (Closing) Amount outstanding $ 17,500 $ 17,500 Debt discount (4,541 ) (4,541 ) Amortization of debt discount 779 - Final payment liability 613 613 Total $ 14,351 $ 13,572

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details Narrative)	Nov. 04, 2021
Beyond Cancer Ltd [Member]
Ownership percentage	80%

SCHEDULE OF FAIR VALUE ON A REC

SCHEDULE OF FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value	$ 23,292	$ 16,724
Warrant liability	192
Derivative liability	214
Total liabilities measured and recorded at fair value	406
Fair Value, Inputs, Level 1 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value	23,292	16,724
Total liabilities measured and recorded at fair value
Fair Value, Inputs, Level 2 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value
Total liabilities measured and recorded at fair value
Fair Value, Inputs, Level 3 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value
Total liabilities measured and recorded at fair value	406
Corporate Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value		1,597
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value		1,597
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value
US Government Agencies Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value	12,903	1,013
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value	12,903	1,013
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value
Mutual Funds [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value	10,388	14,114
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value	10,338	14,114
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Total assets measured and recorded at fair value
Warrant Liability [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Warrant liability	192
Warrant Liability [Member] | Fair Value, Inputs, Level 1 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Warrant liability
Warrant Liability [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Warrant liability
Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Warrant liability	192
Derivative Liability [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Derivative liability	214
Derivative Liability [Member] | Fair Value, Inputs, Level 1 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Derivative liability
Derivative Liability [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Derivative liability
Derivative Liability [Member] | Fair Value, Inputs, Level 3 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Derivative liability	$ 214

SCHEDULE OF VALUING THE WARRANT

SCHEDULE OF VALUING THE WARRANTS AND DERIVATIVES (Details)	9 Months Ended
	Dec. 31, 2023
Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term warrants	4 years 6 months
Expected term derivatives	3 years 6 months
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants risk free rate	0.81
Derivative risk free rate	0.81
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants risk free rate	3.88
Derivative risk free rate	3.97

SCHEDULE OF CHANGES IN FAIR VAL

SCHEDULE OF CHANGES IN FAIR VALUE OF WARRANTS AND DERIVATIVES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Accounting Policies [Abstract]
Warrants issuance			$ 885
Derivative issuance			1,361
Change in fair value of warrants	$ (46)		(693)
Change in fair value of derivatives	(135)		(1,147)
Warrants	192		192
Derivative	$ 214		$ 214

SCHEDULE OF CASH AND CASH EQUIV

SCHEDULE OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Cash and cash equivalents	$ 7,971	$ 29,158
Restricted cash	231	7,610
Total cash, cash equivalents and restricted cash	8,202	36,768
Marketable securities:
Total marketable securities	23,292	16,724
Total cash, cash equivalents, marketable securities and restricted cash	31,494	53,492
Marketable Debt Securities [Member]
Marketable securities:
Total marketable securities
Corporate Debt Securities [Member]
Marketable securities:
Total marketable securities		1,597
US Government Agencies Debt Securities [Member]
Marketable securities:
Total marketable securities	12,903	1,013
Mutual Fund [Member]
Marketable securities:
Total marketable securities	$ 10,388	$ 14,114

SUMMARY OF SHORT-TERM MARKETABL

SUMMARY OF SHORT-TERM MARKETABLE SECURITIES WITH UNREALIZED GAINS AND LOSSES (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities	$ 23,292		$ 16,724
Total short-term marketable securities, Unrealized gains and (losses)	(99)	$ 38
Short-Term Debt [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities	23,292		16,724
Total short-term marketable securities, Unrealized gains and (losses)	99		12
Corporate Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities			1,597
Corporate Debt Securities [Member] | Short-Term Debt [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities			1,597
Total short-term marketable securities, Unrealized gains and (losses)			2
US Government Agencies Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities	12,903		1,013
US Government Agencies Debt Securities [Member] | Short-Term Debt [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities	12,903		1,013
Total short-term marketable securities, Unrealized gains and (losses)	79		10
Mutual Fund [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities	10,388		14,114
Mutual Fund [Member] | Short-Term Debt [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities	10,388		14,114
Total short-term marketable securities, Unrealized gains and (losses)	$ 20

SCHEDULE OF SEGMENT FINANCIAL I

SCHEDULE OF SEGMENT FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Cash, cash equivalents, marketable securities and restricted cash	$ 31,494		$ 31,494		$ 53,492
Total assets	51,911		51,911		68,749
Total liabilities	(28,440)		(28,440)		(26,721)
Non-controlling interest	2,657		2,657		4,113
Net loss for the three months ended December 31, 2022	(16,220)	$ (12,747)	(46,535)	$ (35,649)
Business Segment [Member]
Cash, cash equivalents, marketable securities and restricted cash	31,494		31,494		53,492
All other assets	20,417		20,417		15,257
Total assets	51,911		51,911		68,749
Total liabilities	(28,440)		(28,440)		(26,721)
Net assets	23,471		23,471		42,028
Non-controlling interest	2,657		2,657		4,113
Revenue	391		689
Net loss for the three months ended December 31, 2022	(17,258)	(13,798)	(49,739)	(38,250)
Business Segment [Member] | Beyond Air [Member]
Cash, cash equivalents, marketable securities and restricted cash	18,081		18,081		32,998
All other assets	19,781		19,781		14,700
Total assets	37,862		37,862		47,699
Total liabilities	(27,596)		(27,596)		(26,201)
Net assets	10,266		10,266		21,498
Non-controlling interest
Revenue	391		689
Net loss for the three months ended December 31, 2022	(12,065)	(8,543)	(33,721)	(25,246)
Business Segment [Member] | Beyond Cancer [Member]
Cash, cash equivalents, marketable securities and restricted cash	13,413		13,413		20,494
All other assets	636		636		557
Total assets	14,048		14,048		21,051
Total liabilities	(844)		(844)		(520)
Net assets	13,205		13,205		20,530
Non-controlling interest	2,657		2,657		$ 4,113
Revenue
Net loss for the three months ended December 31, 2022	$ (5,193)	$ (5,255)	$ (16,018)	$ (13,004)

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 04, 2022	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Product Information [Line Items]
Net cash used in operating activities					$ 45,289,000	$ 24,569,000
Accumulated deficit			$ 225,990,000		225,990,000		$ 179,455,000
Cash equivalents			31,300,000		31,300,000
Cash deposit			5,200,000		5,200,000
Restricted cash declined					7,400,000
Marketable securities non-current			$ 0		$ 0
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Two Third-party Vendors [Member]
Product Information [Line Items]
Concentration risk percentage			92%	87%	89%	78%
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Third-Party Vendor One [Member]
Product Information [Line Items]
Concentration risk percentage			87%	76%	80%	65%
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Third-Party Vendor Two [Member]
Product Information [Line Items]
Concentration risk percentage			5%	11%	9%	13%
Australian Taxation Office [Member]
Product Information [Line Items]
Tax Rebate				$ 0		$ 182,000
Empery Asset Master Ltd [Member]
Product Information [Line Items]
Restricted cash declined					7,400,000
Contract Manufacturer [Member]
Product Information [Line Items]
Restricted cash			200,000		200,000		$ 7,600,000
Maximum [Member]
Product Information [Line Items]
Proceeds from issuance or sale of equity		$ 200,000,000
At-The-Market Equity Offering Sales Agreement [Member]
Product Information [Line Items]
Proceeds from issuance or sale of equity	$ 50,000,000				34,300,000
Loan and Security Agreement [Member] | Avenue Capital Management I I L P [Member]
Product Information [Line Items]
Line of credit			$ 22,500,000		$ 22,500,000
Beyond Cancer Ltd [Member]
Product Information [Line Items]
Non-controlling owners interest			20%		20%

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 10,997	$ 6,256
Accumulated depreciation	(2,446)	(1,254)
Property and equipment, net	8,551	5,003
Clinical and Medical Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,041	1,365
Equipment Deployable as Part of Service Offering [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,938	3,027
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	869	779
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	532	505
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 617	$ 581

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 500	$ 200	$ 1,185	$ 439
Research and Development expense	$ 6,838	5,000	$ 18,664	12,679
Research and Development Expense [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation		100		100	$ 100
Clinical and Medical Equipment [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation		$ 400		$ 400	400
Research and Development expense					$ 200

SCHEDULE OF RESTRICTED STOCK AW

SCHEDULE OF RESTRICTED STOCK AWARDS (Details) - $ / shares	3 Months Ended	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Equity [Abstract]
Unvested number of shares, beginning balance		1,101,100
Weighted average grant date fair value, beginning balance		$ 6.78
Number of shares, granted		1,000
Weighted average grant date fair value, granted		$ 5.65
Number of shares, vested	(346,900)	(346,900)
Weighted average grant date fair value, vested		$ 6.49
Number of shares, forfeited		(6,800)
Unvested number of shares, ending balance	748,400	748,400
Weighted average grant date fair value, ending balance	$ 6.92	$ 6.92

SCHEDULE OF STOCK OPTION ACTIVI

SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023
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	8,198,881
Weighted Average Exercise Price - Options, Outstanding at beginning of period	$ 5.83
Weighted average remaining contractual life - options, outstanding at end of period	7 years 4 months 24 days	8 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding at beginning of period	$ 8,306
Number of Options Outstanding, Granted	132,500
Weighted Average Exercise Price - Options, Granted	$ 3.95
Number of Options Outstanding, Exercised	(42,500)
Weighted Average Exercise Price - Options, Exercised	$ 5.10
Number of Options Outstanding, Forfeited	(310,787)
Weighted Average Exercise Price - Options, Forfeited	$ 5.87
Number of options outstanding at ending of period	7,978,094	8,198,881
Weighted Average Exercise Price - Options, Outstanding at ending of period	$ 5.82	$ 5.83
Aggregate Intrinsic Value, Outstanding at end of period		$ 8,306
Number of Options Outstanding, Exercisable	4,765,344
Weighted Average Exercise Price - Options, Exercisable	$ 5.46
Weighted average remaining contractual life - options, exercisable	6 years 4 months 24 days
Aggregate Intrinsic Value, Exercisable
2021 Beyond Cancer Ltd Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding at beginning of period	3,817,000
Weighted Average Exercise Price - Options, Outstanding at beginning of period	$ 2.88
Weighted average remaining contractual life - options, outstanding at end of period	8 years 6 months	9 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding at beginning of period	$ 23,486
Number of Options Outstanding, Granted	155,000
Weighted Average Exercise Price - Options, Granted	$ 5.50
Number of Options Outstanding, Exercised
Weighted Average Exercise Price - Options, Exercised
Number of Options Outstanding, Forfeited	(142,500)
Weighted Average Exercise Price - Options, Forfeited	$ 5.33
Number of options outstanding at ending of period	3,829,500	3,817,000
Weighted Average Exercise Price - Options, Outstanding at ending of period	$ 5.50	$ 2.88
Aggregate Intrinsic Value, Outstanding at end of period		$ 23,486
Number of Options Outstanding, Exercisable	1,349,250
Weighted Average Exercise Price - Options, Exercisable	$ 5.50
Weighted average remaining contractual life - options, exercisable	8 years 3 months 18 days
Aggregate Intrinsic Value, Exercisable

SCHEDULE OF FAIR VALUE OF OPTIO

SCHEDULE OF FAIR VALUE OF OPTION (Details)	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Dividend yield	0%	0%
Expected term (in years)	6 years 3 months	6 years 3 months
Minimum [Member]
Risk-free interest rate	4.30%	2.50%
Minimum [Member] | Beyond Air [Member]
Expected volatility	81.40%	87.40%
Minimum [Member] | Beyond Cancer Ltd [Member]
Expected volatility	104.30%	104.70%
Maximum [Member]
Risk-free interest rate	4.90%	4.30%
Maximum [Member] | Beyond Air [Member]
Expected volatility	81.70%	89.20%
Maximum [Member] | Beyond Cancer Ltd [Member]
Expected volatility	106.20%	109.10%

SCHEDULE OF STOCK-BASED COMPENS

SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Total stock-based compensation expense	$ 6,435	$ 5,866	$ 19,010	$ 15,204
Research and Development Expense [Member]
Total stock-based compensation expense	1,428	1,290	4,013	3,247
General and Administrative Expense [Member]
Total stock-based compensation expense	$ 5,007	$ 4,576	$ 14,997	$ 11,957

SUMMARY OF COMPANY_S OUTSTANDIN

SUMMARY OF COMPANY’S OUTSTANDING WARRANTS (Details) - USD ($)	9 Months Ended
	Dec. 31, 2023	Jun. 15, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Warrants	694,363	233,843
Exercise Price	$ 6.02	$ 5.88
Intrinsic Value
Third Party License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Warrants	208,333
Exercise Price	$ 4.80
Intrinsic Value
Date of Expiration	January 2024
March 2020 loan [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Warrants	172,187
Exercise Price	$ 7.26
Intrinsic Value
Date of Expiration	March 2025
NitricGen Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Warrants	80,000
Exercise Price	$ 6.90
Intrinsic Value
Date of Expiration	January 2028
Avenue Capital [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Warrants	233,843
Exercise Price	$ 5.88
Intrinsic Value
Date of Expiration	June 2028

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended					9 Months Ended
	Feb. 04, 2022	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Sep. 07, 2023	Mar. 31, 2023	Nov. 03, 2022	Dec. 01, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net proceeds from sale of commom stock							$ 11,973	$ 214
Proceeds from common stock			$ 217				$ 200
Exercise of stock options							42,500
Restricted stock units, vested		346,900					346,900
Shares authorized for issuance		100,000,000					100,000,000			100,000,000
Employee benefits and share based compensation		$ 700		$ 600			$ 2,200	$ 2,000
Unrecognized stock-based compensation expense		$ 2,800					$ 2,800
Weighted average remaining service period							2 years
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants exercised
Beyond Air Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock options excercised		3,000,000					3,000,000
Two Thousand Thirteen BA Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares authorized for issuance		10,600,000					10,600,000
Common stock shares available		567,308					567,308
2021 Beyond Cancer Ltd Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock options excercised		1,349,250					1,349,250
Unrecognized stock-based compensation expense		$ 11,200					$ 11,200
Weighted average remaining service period							1 year 2 months 19 days
Stock option vesting term, description							The vesting terms of the options issued under the 2021 BC Plan are generally four years and expire ten years from the grant date.
Stock option vesting term							10 years
Stock option shares authorized for issuance		4,000,000					4,000,000				2,000,000	2,000,000
Number of shares available for grant		170,500					170,500
Weighted average exercise price options		$ 5.50					$ 5.50		$ 5.50	$ 2.88
Share based compensation arrangements by share based payment award options grants in period weighted average exercise price							$ 5.50
Number of warrants exercised
2013 BA Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized stock-based compensation expense		$ 8,800					$ 8,800
Weighted average remaining service period							1 year 9 months 18 days
2021 BC 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							$ 4.60
2013 Beyond Air Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock options excercised		4,765,344					4,765,344
Weighted average exercise price options		$ 5.82					$ 5.82			$ 5.83
Share based compensation arrangements by share based payment award options grants in period weighted average exercise price							$ 3.95
Number of warrants exercised							42,500
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								$ 8.35
At-The-Market Equity Offering Sales Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Funds available under ATM	$ 50,000						$ 34,300
Fees paid percentage	3%
Net proceeds from sale of commom stock							$ 12,000
Number of shares sold							4,350,138
2020 ATM [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares sold								19,300
Net proceeds from sale of commom stock								$ 200
Avenue Capital [Member] | Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants issued		233,843					233,843

SCHEDULE OF CURRENT ASSETS AND

SCHEDULE OF CURRENT ASSETS AND PREPAID EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Total	$ 6,118	$ 4,369
Research and Development Expense [Member]
Total	119	128
Insurance [Member]
Total	216	908
Prepaid Rents and Tenant Improvement [Member]
Total	49
Prepaid Marketing Materials [Member]
Total	90
Value Added Tax Receivable [Member]
Total	240	231
Demonstration Materials [Member]
Total	211	245
Other [Member]
Total	$ 5,019	$ 2,519

SUMMARY OF ACCRUED EXPENSES (De

SUMMARY OF ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Payables and Accruals [Abstract]
Research and development	$ 746	$ 426
Professional fees	619	1,221
Employee salaries and benefits	1,247	985
Contingent litigation and settlements (Note 10)	400	10,298
Circassia settlement – current portion (Note 8)	4,500	3,500
Goods received not invoiced	85
Other	285	184
Total short-term accrued expenses	7,882	16,613
Circassia settlement – long-term portion (Note 8)		4,500
Total other long-term liabilities		$ 4,500

SCHEDULE OF POTENTIAL ANTI-DILU

SCHEDULE OF POTENTIAL ANTI-DILUTIVE SECURITIES (Details) - shares	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	9,813,322	6,875,151
Loan and Security – conversion feature (Note 10)	392,465
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	694,363	460,520
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	7,978,094	5,645,131
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	748,400	769,500

LICENSE AGREEMENT (Details Narr

LICENSE AGREEMENT (Details Narrative) - USD ($)			1 Months Ended		3 Months Ended
	May 25, 2021	May 25, 2021	Aug. 31, 2023	Jul. 31, 2022	Sep. 30, 2025	Dec. 31, 2023	Mar. 31, 2023
Loss Contingency Accrual, Payments				$ 2,500,000
Accrued Liabilities						$ 4,500,000	$ 8,000,000
Settlement Agreement [Member]
Litigation Settlement, Amount Awarded to Other Party			$ 3,500,000
Royalty payment percentage	5%
Settlement Agreement [Member] | Forecast [Member]
Litigation Settlement, Amount Awarded to Other Party					$ 4,500,000
Settlement Agreement [Member] | Cricassia Limited [Member]
Payments for royalties		$ 6
Three Installments [Member] | Settlement Agreement [Member]
Litigation Settlement, Amount Awarded to Other Party	$ 10,500,000
First Payment [Member] | Settlement Agreement [Member]
Litigation Settlement, Amount Awarded to Other Party	2,500,000
First Anniversary [Member] | Settlement Agreement [Member]
Litigation Settlement, Amount Awarded to Other Party	3,500,000
Second Anniversary [Member] | Settlement Agreement [Member]
Litigation Settlement, Amount Awarded to Other Party	$ 4,500,000

GRANT COLLABORATION AGREEMENT (

GRANT COLLABORATION AGREEMENT (Details Narrative) - USD ($) $ in Thousands		9 Months Ended
	Feb. 10, 2021	Dec. 31, 2023	Mar. 31, 2023
Product Information [Line Items]
Grants Receivable			$ 420
Cystic Fibrosis Foundation [Member]
Product Information [Line Items]
Grants Receivable	$ 2,200
Grants reduction expenses		1,700
Payments for royalties		$ 1,700
Cystic Fibrosis Foundation [Member] | 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) - USD ($) $ in Thousands	Jun. 15, 2023	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Interest, net proceeds	$ 15,800
2025		$ 1,750
2026		7,000
2027		7,000
2028		1,750
Total		$ 17,500

SCHEDULE OF LOAN AND SECURITY A

SCHEDULE OF LOAN AND SECURITY AGREEMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 15, 2023
Commitments and Contingencies Disclosure [Abstract]
Amount outstanding	$ 17,500	$ 17,500
Debt discount	(4,541)	(4,541)
Amortization of debt discount	779
Final payment liability	613	613
Total	$ 14,351	$ 13,572

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)						1 Months Ended	9 Months Ended
	Dec. 31, 2023	Jun. 15, 2023	Apr. 12, 2023	Jan. 31, 2018	Jan. 13, 2017	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023	Dec. 28, 2021
Loss Contingencies [Line Items]
Cash deposits	$ 5,200,000						$ 5,200,000
Loss Contingency, Damages Paid, Value			$ 7,600,000
Accrued Liabilities	$ 4,500,000						$ 4,500,000		$ 8,000,000
Class of Warrant or Right, Outstanding	694,363	233,843					694,363
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 6.02	$ 5.88					$ 6.02
Conversion of shares							392,465
Loan and Security Agreement [Member]
Loss Contingencies [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
Loan and Security Agreement [Member] | Tranche 1 [Member]
Loss Contingencies [Line Items]
Secured debt		$ 17,500,000
Loan and Security Agreement [Member] | Tranche 2 [Member]
Loss Contingencies [Line Items]
Principal payment term		additional 6 to 18 months
Revenues		$ 40,000,000
Loan and Security Agreement [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Secured debt		40,000,000
Loan and Security Agreement [Member] | Maximum [Member] | Tranche 2 [Member]
Loss Contingencies [Line Items]
Secured debt		$ 10,000,000
Product revenue percentage		85%
Loan and Security Agreement [Member] | Maximum [Member] | Tranche 3 [Member]
Loss Contingencies [Line Items]
Secured debt		$ 12,500,000
Hudson Bay Master Fund [Member]
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 3,100,000						$ 3,100,000
Accrued Liabilities	0						0		$ 2,700,000
January 2017 Offering [Member] | Hudson Bay Master Fund [Member]
Loss Contingencies [Line Items]
Warrants to purchase common stock										83,334
Supplier Concentration Risk [Member] | Supplier [Member]
Loss Contingencies [Line Items]
Outstanding amount under purchase	5,500,000						5,500,000
Supplier Concentration Risk [Member] | Supplier [Member] | Cost of Goods and Service Benchmark [Member]
Loss Contingencies [Line Items]
Cash deposits	5,100,000						5,100,000
Avenue Capital Group [Member]
Loss Contingencies [Line Items]
Conversion principal amount							$ 3,000,000
Conversion stock price							130%
Avenue Capital Group [Member] | Common Stock [Member]
Loss Contingencies [Line Items]
Conversion of shares							392,465
Conversion amount							$ 7.644
Option Agreement [Member]
Loss Contingencies [Line Items]
Payments for stock option exercised					$ 500,000
Milestone payments					87,000,000
Sales related milestones payments					$ 83,000,000
NitricGen Agreement [Member]
Loss Contingencies [Line Items]
Milestone payments	$ 300,000
Class of Warrant or Right, Outstanding	80,000						80,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 6.90						$ 6.90
NitricGen Agreement [Member] | NitricGen, Inc [Member]
Loss Contingencies [Line Items]
Milestone payments				$ 2,000,000
Future payments based on certain milestones				$ 100,000		$ 1,500,000
Warrants to purchase common stock				100,000
NitricGen Agreement [Member] | NitricGen, Inc [Member] | Next Milestones [Member]
Loss Contingencies [Line Items]
Future payments based on certain milestones				$ 100,000