Beyond Air (XAIR) 10-Q 6 Aug 24 2024 Q1 Quarterly report Financial data

Cover

Cover - $ / shares	3 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q1
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		46,520,515
Entity Listing, Par Value Per Share	$ 0.0001

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Current Assets
Cash and cash equivalents	$ 4,161	$ 11,378
Marketable securities	17,213	23,090
Restricted cash	229	230
Accounts receivable	475	319
Inventory	2,391	2,127
Other current assets and prepaid expenses	6,405	6,792
Total current assets	30,874	43,936
Licensed right to use technology	1,376	1,427
Right-of-use lease assets	2,021	2,121
Property and equipment, net	12,117	9,364
Other assets	112	113
TOTAL ASSETS	46,500	56,961
Current liabilities
Accounts payable	3,114	1,948
Accrued expenses and other current liabilities	7,674	8,402
Operating lease liability, current portion	429	418
Loans payable, current portion	536	800
Total current liabilities	11,753	11,567
Operating lease liability, net	1,790	1,898
Long-term debt, net	14,946	14,721
Warrant liability	56	275
Derivative liability	256	1,314
Total liabilities	28,801	29,775
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, 45,900,821 shares issued and outstanding as of June 30, 2024 and March 31, 2024, respectively	5	5
Treasury stock	(25)	(25)
Additional paid-in capital	267,960	264,780
Accumulated deficit	(251,898)	(239,697)
Accumulated other comprehensive income (loss)	88	(15)
Total stockholders’ equity attributable to Beyond Air, Inc.	16,130	25,048
Non-controlling interest	1,570	2,138
Total equity	17,699	27,186
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 46,500	$ 56,961

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Mar. 31, 2024
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	45,900,821	45,900,821
Common stock, shares outstanding	45,900,821	45,900,821

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 683	$ 59
Cost of revenues	(1,016)	(303)
Gross loss	(332)	(244)
Operating expenses:
Research and development	(6,009)	(4,695)
Selling, general and administrative	(7,239)	(10,936)
Total operating expenses	(13,247)	(15,631)
Loss from operations	(13,580)	(15,875)
Other income (expense)
Dividend and interest income	361	409
Interest and finance expense	(964)	(158)
Change in fair value of warrant liability	219	324
Change in fair value of derivative liability	1,058	512
Foreign exchange gain / (loss)	(146)	8
Estimated liability for contingent loss		(198)
Other income / (expense)	(2)	(77)
Total other income/(expense)	525	820
Net loss before income taxes	(13,055)	(15,055)
Provision for income taxes
Net loss	(13,055)	(15,055)
Less : net loss attributable to non-controlling interest	(854)	(960)
Net loss attributable to Beyond Air, Inc.	(12,201)	(14,095)
Foreign currency translation gain	103	25
Comprehensive loss attributable to Beyond Air, Inc.	$ (12,098)	$ (14,070)
Net basic loss per share attributable to Beyond Air, Inc.	$ (0.27)	$ (0.45)
Net diluted loss per share attributable to Beyond Air, Inc.	$ (0.27)	$ (0.45)
Weighted average number of shares, outstanding basic	45,900,821	31,382,986
Weighted average number of shares, outstanding diluted	45,900,821	31,382,986

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, 2023	$ 3	$ (25)	$ 217,339	$ (179,455)	$ 53	$ 4,113	$ 42,028
Balance, shares at Mar. 31, 2023	30,738,585
Stock-based compensation			5,580			535	6,115
Other comprehensive income					25		25
Net loss				(14,095)		(960)	(15,055)
Issuance of common stock upon exercise of options			217				217
Issuance of common stock upon exercise of options, shares	42,500
At the market equity offering stock issuance of common stock, net			5,813				5,813
At the market equity offering stock issuance of common stock, net, shares	930,232
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, 2024	$ 5	(25)	264,780	(239,697)	(15)	2,138	27,186
Balance, shares at Mar. 31, 2024	45,900,821
Issuance of common stock warrants			86				86
Stock-based compensation			3,093			285	3,379
Other comprehensive income					103		103
Net loss				(12,201)		(854)	(13,055)
Balance at Jun. 30, 2024	$ 5	$ (25)	$ 267,960	$ (251,898)	$ 88	$ 1,570	$ 17,699
Balance, shares at Jun. 30, 2024	45,900,821

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Cash flows from operating activities
Net loss	$ (13,055)	$ (15,055)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	685	309
Amortization of licensed right to use technology	51	52
Stock-based compensation	3,379	6,115
Amortization of debt discount	409	57
Change in fair value of warrant liability	(219)	(324)
Change in fair value of derivative liability	(1,058)	(512)
Amortization of operating lease assets	94	90
Un-realized gain in marketable securities	90	(75)	$ 123
Foreign currency adjustments		(8)
Changes in:
Grant receivable		(5)
Inventory	(338)	(209)
Accounts receivable	(156)	(44)
Other current assets and prepaid expenses	391	74
Accounts payable	491	(306)
Accrued expenses	(848)	(7,228)
Operating lease liabilities	(97)	(84)
Net cash used in operating activities	(10,180)	(17,153)
Cash flows from investing activities
Purchase of marketable securities	(14,574)	(9,744)
Proceeds from sale of marketable securities	20,361	886
Purchase of property and equipment	(2,673)	(795)
Net cash provided by and (used in) investing activities	3,114	(9,653)
Cash flows from financing activities
Proceeds from issuance of common stock through at the market offerings		5,814
Proceeds from issuance of common stock through exercise of stock options		217
Proceeds from loan		15,817
Payment of loan	(264)	(280)
Net cash (used in) and provided by financing activities	(264)	21,567
Effect of exchange rate changes on cash and cash equivalents	111	40
Decrease in cash, cash equivalents and restricted cash	(7,218)	(5,199)
Cash, cash equivalents and restricted cash at beginning of period	11,608	36,768	36,768
Cash, cash equivalents and restricted cash at end of period	4,390	31,569	$ 11,608
Supplemental disclosure of non-cash investing and financing activities
Debt discount	621	4,541
End of term loan liability	(438)	(613)
Warrant liability		(885)
Derivative liability		(1,361)
Fixed assets recorded in accounts payable and accrued assets	749
Supplemental disclosure of cash flow items:
Interest paid	556	289
Income taxes paid

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	3 Months Ended
	Jun. 30, 2024
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 the end of 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 ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES	3 Months Ended
	Jun. 30, 2024
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 June 30, 2024 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, 2024 (the “2024 Annual Report”), filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 24, 2024. 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 2024 Annual Report on Form 10-K. 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. Of the restricted cash originally recorded in the unaudited condensed consolidated statement of cash flows for the three months ended June 30, 2023, $ 2.5 Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could significantly differ from those estimates. On an ongoing basis, the Company evaluates its significant estimates and assumptions including expense recognition and accrual assumptions under consulting and clinical trial agreements, stock-based compensation, impairment assessments, accounting for licensed rights to use technologies and other long-lived assets, contingency recognition and accruals and the determination of valuation allowance requirements on deferred tax attributes. Going Concern, Liquidity and Other Uncertainties The Company used cash in operating activities of $ 10.2 251.9 21.4 The Company expects to incur net losses and have significant cash outflows for at least the next year, 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 the Company to meet its obligations. Management currently has various funding options in place to raise additional capital such as a debt line of $ 12.5 32.9 200,000,000 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. A combination study with anti-PD1 therapy is expected to begin before the end of calendar 2024. The Company’s future capital needs and the adequacy of its available funds will depend on many factors, including, but not necessarily limited to the success and costs of commercialization of the Company’s approved product and the actual cost and time necessary for current and anticipated preclinical studies, clinical trials and other actions needed to obtain certification or regulatory approval of the Company’s product candidates. The Company will be required to raise additional funds through equity or debt securities offerings or strategic collaboration and/or licensing agreements in order to fund operations if it is unable to generate enough product or royalty revenues, if any. Such financing may not be available on acceptable terms, or at all, and the Company’s failure to raise capital when needed could have a material adverse effect on its strategic objectives, results of operations and financial condition. The accompanying unaudited 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 ITS 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 ® Lease Revenue Recognition The Company generates revenue from the leases of its LungFit® PH devices to its customers under fixed fee arrangements over periods of up to three years. The fixed fee is typically broken down into ratable monthly payments over the term of the arrangement. The Company’s customers include hospitals and medical facilities. The Company’s LungFit® PH leases include filters, calibration gas, bagging kits, cables, adapters, and other components and accessories required to use the LungFit® PH device (the “Consumables”). The Consumables’ quantities are varied and may be supplied upon demand of the customers and are unlimited, or the arrangement may provide for the maximum quantities available to the customer over the term of the arrangement. The Company’s LungFit® PH leases also include maintenance and training required to use the LungFit® PH device, as well as device back-up services (the “Services”), which are recorded in cost of revenue. The Company accounts for its rental arrangements of LungFit® PH devices in accordance with Accounting Standards Codification 842, Leases (“ASC 842”). Under ASC 842, leases may be classified as either financing, sales-type, or operating, and the Company is required to disclose key information about leasing arrangements. The classification determines the pattern of revenue recognition and classification within the statement of operations and comprehensive loss. The Company typically classifies the rental arrangement of its LungFit® PH contracts as operating leases. The Company’s leases do not contain any restrictive covenants or any material residual value guarantees. The Company’s equipment leases may contain renewal options which range from one month two years The Company elected the practical expedient applied to operating leases not to separate lease and non-lease components as long as the lease and at non-lease components have the same timing and pattern of transfer. As such, the non-lease components, including the Consumables and Services, are combined with the predominant lease component. The total fixed fees that the Company is reasonably certain to collect are recognized on a straight line basis over the term of the arrangement. Additionally, the Company made an accounting policy election to present LungFit® PH revenue net of sales and other similar taxes. Amounts billed in advance of performance obligations being satisfied are recognized as deferred revenue. At the lease commencement date, the Company will defer initial direct costs, including commission expense and the cost is recognized over the lease term on the same basis as lease income. The Company records the costs of shipping related to contract devices and consumables in cost of revenue in its consolidated statements of operations. See Note 12 to the unaudited condensed consolidated financial statements for more information regarding leasing arrangements. Fair Value Measurements As of June 30, 2024 and March 31, 2024, the Company’s financial instruments included restricted cash, marketable securities, accounts payable, long-term debt, liability classified warrants and derivative liabilities. The carrying amounts reported in the accompanying 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 ITS 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 at June 30, 2024 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 17,213 17,213 - - Mutual funds - - - - Total assets measured and recorded at fair value $ 17,213 $ 17,213 $ - $ - Liabilities : Warrant liability $ 56 $ - $ - $ 56 Derivative liability 256 - - 256 Total liabilities measured and recorded at fair value $ 312 $ 0 $ - $ 312 The fair value amounts at March 31, 2024 are: (in thousands) Total Level 1 Level 2 Level 3 Marketable securities : Corporate debt securities $ - $ - $ - $ - Government securities 16,388 16,388 - - Mutual funds 6,702 6,702 - - Total assets measured and recorded at fair value $ 23,090 $ 23,090 $ - $ - Liabilities : Warrant liability $ 275 $ - $ - $ 275 Derivative liability 1,314 - - 1,314 Total liabilities measured and recorded at fair value $ 1,589 $ - $ - $ 1,589 BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued) Level 3 Valuation The common stock warrants issued in connection with the Loan and Security Agreement in June 2023 (Note 11) are recorded as a warrant liability within the unaudited condensed consolidated balance sheet at June 30, 2024 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 At June 30, 2024 Warrants Derivative Expected term (in years) 4 3 Volatility 90 % 90 % Risk-free rate 4.24 % 4.52 % At March 31, 2024 Warrants Derivative Expected term (in years) 4.25 3.25 Volatility 88 % 86 % Risk-free rate 4.09 % 4.38 % 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 three months ended June 30, 2024 (in thousands): SCHEDULE OF CHANGES IN FAIR VALUE OF WARRANTS AND DERIVATIVES Warrants Derivative Balance at March 31,2024 $ 275 $ 1,314 Issuances - - Change in fair value (219 ) (1,058 ) Balance at June 30, 2024 $ 56 $ 256 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 investments 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 June 30, 2024 and March 31, 2024, restricted cash included approximately $ 0.2 0.2 BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times, may exceed the federal depository insurance coverage of $ 250,000 250,000 25,000 100,000 100,000 the Company had greater than $250,000 at United States financial institutions, greater than A$250,000 at Australian financial institutions, greater than €100,000 at Irish financial institutions and also has funds on deposit in Israel. 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, MARKETABLE SECURITIES AND RESTRICTED CASH (in thousands) June 30, 2024 March 31, 2024 Cash and cash equivalents $ 4,161 $ 11,378 Restricted cash 229 230 Total cash, cash equivalents and restricted cash $ 4,390 $ 11,608 Marketable securities: Marketable debt securities - - Corporate debt securities $ - $ - U.S. government securities 17,213 16,388 Mutual fund (ultra-short-term income) - 6,702 Total marketable securities $ 17,213 $ 23,090 Total cash, cash equivalents, marketable securities and restricted cash $ 21,603 $ 34,698 The following table summarizes our short-term marketable securities with unrealized gains and losses as of June 30, 2024, 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 17,213 90 Mutual fund (ultra-short-term income) - - Total short-term marketable securities $ 17,213 $ 90 The following table summarizes our short-term marketable securities with unrealized gains and losses as of March 31, 2024, aggregated by major security type: (in thousands) Fair Value Unrealized (Losses) Corporate debt securities $ - $ - U.S. government securities 16,388 117 Mutual fund (ultra-short-term income) 6,702 6 Total short-term marketable securities $ 23,090 $ 123 All marketable securities are A- or higher rated. No BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued) 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 June 30, 2024, Beyond Air, Inc. owns 80 The following table summarizes segment financial information by business segment at June 30, 2024: SCHEDULE OF SEGMENT FINANCIAL INFORMATION BY BUSINESS SEGMENT (in thousands) Beyond Air Beyond Cancer Total Cash, cash equivalents, marketable securities and certain restricted cash $ 13,371 $ 8,230 $ 21,603 All other assets 24,144 755 24,897 Total assets $ 37,515 $ 8,985 $ 46,500 Total liabilities $ (27,722 ) $ (1,078 ) $ (28,801 ) Net assets $ 9,793 $ 7,907 $ 17,699 Non-controlling interests $ - $ 1,570 $ 1,570 The following table summarizes segment financial information by business segment at March 31, 2024: (in thousands) Beyond Air Beyond Cancer Total Cash, cash equivalents, marketable securities and certain restricted cash $ 23,591 $ 10,877 $ 34,468 All other assets 21,747 746 22,493 Total assets $ 45,338 $ 11,623 $ 56,961 Total liabilities $ (28,810 ) $ (965 ) $ (29,775 ) Net assets $ 16,528 $ 10,658 $ 27,186 Non-controlling interests $ - $ 2,138 $ 2,138 The following table summarizes segment financial performance by business segment for the three months ended June 30, 2024: (in thousands) Beyond Air Beyond Cancer Total Revenue $ 683 $ - $ 683 Net loss for the three months ended June 30, 2024 $ (8,786 ) $ (4,269 ) $ (13,055 ) The following table summarizes segment financial performance by business segment for the three months ended June 30, 2023: (in thousands) Beyond Air Beyond Cancer Total Revenue $ 59 $ - $ 59 Net loss for the three months ended June 30, 2023 $ (10,256 ) $ (4,799 ) $ (15,055 ) BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued) Research and Development Research and development expenses are charged to the unaudited 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 June 30, 2024 and June 30, 2023, the Company did no Supplier Concentration The Company relies on third-party suppliers to provide materials for its devices and consumables. In the three months ended June 30, 2024, the Company purchased approximately 87 84 65 19 Leases Operating lease assets are included within operating lease right-of-use assets, and the corresponding operating lease obligation on the consolidated balance sheets as of June 30, 2024 and March 31, 2024 in accordance with ASC 842, Leases BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Jun. 30, 2024
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) June 30, 2024 March 31, Clinical and medical equipment $ 2,174 $ 2,174 Equipment deployable as part of a service offering 11,638 8,208 Computer equipment 855 860 Furniture and fixtures 534 534 Leasehold improvements 612 612 Property and equipment, gross 15,812 12,388 Accumulated depreciation (3,695 ) (3,024 ) Property and equipment, net $ 12,117 $ 9,364 Depreciation and amortization for the three months ended June 30, 2024 and June 30, 2023 was $ 0.7 0.3

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	3 Months Ended
	Jun. 30, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 4 STOCKHOLDERS’ EQUITY On February 4, 2022, the Company entered into an At-The-Market Equity Offering Sales Agreement with Truist Securities, Inc (the “2022 ATM”), allowing the Company to sell its common stock for aggregate sales proceeds of up to $ 50 3 During the three months ended June 30, 2024, the Company received net proceeds of $ 0.0 million from the sale shares of common stock through the 2022 ATM. During the three months ended June 30, 2023, the Company received net proceeds of $ 5.8 million from the sale of 930,232 shares of common stock. As of June 30, 2024, there were $ 32.9 million in funds available under the 2022 ATM. On March 20, 2024, the Company, entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain institutional and accredited investors, including certain directors and officers of the Company, (the “Purchasers”) pursuant to which the Company sold, in a registered direct offering, an aggregate of (i) 9,638,556 9,638,556 9,638,556 16 1.2 4.5 1.66 2.25 three years 14.6 1.1 0.3 On March 20, 2024, the Company also entered into a placement agency agreement (the “Placement Agency Agreement”) with Roth Capital Partners, LLC and Laidlaw & Company (UK) Ltd. (the “Co-Placement Agents”) as the co-placement agents in connection with the March 20, 2024 offering. Pursuant to the terms of the Placement Agency Agreement, the Co-Placement Agents agreed to use their reasonable best efforts to arrange for the sale of the securities in the offering. As compensation to the Co-Placement Agents, the Company paid the Co-Placement Agents a cash fee of 7 In addition, under the Securities Purchase Agreement, until 90 days after March 22, 2024, subject to certain exceptions, neither the Company nor any of its subsidiaries were allowed to (i) issue, enter into any agreement to issue or announce the issuance or proposed issuance of any common stock or common stock equivalents or (ii) file any registration statement or amendment or supplement thereto. In addition, from the date of the Securities Purchase Agreement, the Company has agreed not to enter into variable rate transactions (as defined in the Securities Purchase Agreement) for a period of six (6) months from the closing of the offering, subject to certain exceptions. Stock Option Plans The Company’s Sixth 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 10, 2024, 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 13,600,000 421,558 BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 4 STOCKHOLDERS’ EQUITY (continued) 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 three months ended June 30, 2024 is as follows: SCHEDULE OF RESTRICTED STOCK AWARDS Number Of Shares Weighted Average Grant Date Fair Value Unvested as of April 1, 2024 618,900 $ 6.98 Granted - - Vested - - Forfeited (6,000 ) 14.36 Unvested as of June 30, 2024 612,900 $ 6.91 Stock-based compensation expense related to these grants for the three months ended June 30, 2024 and June 30, 2023 was $ 0.3 0.7 As of June 30, 2024, the Company had unrecognized stock-based compensation expense for the restricted stock unit awards in the 2013 BA Plan of approximately $ 1.6 1.6 A summary of the change in options for the three months ended June 30, 2024 is as follows: SCHEDULE OF 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, 2024 11,283,469 $ 4.45 8.0 $ 760 Granted 27,500 4.25 - - Exercised - - - - Forfeited (144,125 ) 4.94 - - Outstanding as of June 30, 2024 11,166,844 $ 4.41 7.76 $ 0 Exercisable as of June 30, 2024 4,758,469 $ 5.44 5.95 $ 0 BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 4 STOCKHOLDERS’ EQUITY (continued) The Company’s 2021 Beyond Cancer Ltd Equity Incentive Plan (the “2021 BC Plan”) allows for awards to officers, directors, employees, and consultants of stock options, restricted stock units and restricted shares of Beyond Cancer Ltd.’s common stock. The vesting terms of the options issued under the 2021 BC Plan are generally four years and they expire ten years 2,000,000 4,000,000 243,250 SCHEDULE OF 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, 2024 3,819,000 $ 5.50 8.3 $ - Granted - - - - Exercised - - - - Forfeited (62,250 ) 5.50 - - Outstanding as of June 30, 2024 3,756,750 $ 5.50 8.0 $ 0 Exercisable as of June 30, 2024 1,354,000 $ 5.50 7.8 $ 0 As of June 30, 2024, the Company had unrecognized stock-based compensation expense in the 2013 BA Plan of approximately $ 9.0 million which is expected to be expensed over the weighted average remaining service period of 1.8 years As of June 30, 2024, the Company had unrecognized stock-based compensation expense in the 2021 BC Plan of approximately $ 7.6 1.4 The following was utilized to calculate the fair value of options on the date of grant: SCHEDULE OF FAIR VALUE OF OPTION June 30, 2024 June 30, 2023 Risk-free interest rate 4.3 4.5 % 3.5 3.9 % Expected volatility (Beyond Air) 83.5 83.8 % 81.6 82.7 % 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 months ended June 30, 2024 and June 30, 2023: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE 2024 2023 Three Months Ended (in thousands) June 30, 2024 2023 Research and development $ 629 $ 1,206 General and administrative 2,750 4,911 Total stock-based compensation expense $ 3,379 $ 6,115 BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 4 STOCKHOLDERS’ EQUITY (continued) Warrants A summary of the Company’s outstanding warrants as of June 30, 2024 is as follows: SUMMARY OF COMPANY’S OUTSTANDING WARRANTS Warrant Holders Number of Warrants Exercise Price Intrinsic Value (in thousands) Date of Expiration March 2020 loan 172,187 $ 7.26 $ - March 2025 NitricGen agreement 80,000 $ 6.90 - January 2028 Avenue agreement 233,843 $ 1.66 - June 2028 March 2024 Roth/Laidlaw raise 9,638,556 $ 2.25 - March 2027 Avenue extension agreement 100,000 $ 1.28 - June 2029 Total 10,224,586 $ 2.35 $ - On June 21, 2024, warrants to purchase up to an aggregate of 100,000

OTHER CURRENT ASSETS AND PREPAI

OTHER CURRENT ASSETS AND PREPAID EXPENSES	3 Months Ended
	Jun. 30, 2024
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 is as follows (in thousands): SCHEDULE OF CURRENT ASSETS AND PREPAID EXPENSES June 30, 2024 March 31, 2024 Prepaid research and development $ 148 $ 104 Prepaid insurance 605 886 Prepaid rents and tenant improvements 48 49 Value added tax receivable 179 229 Deposits to secure manufacturing materials 5,019 5,019 Demonstration materials 145 228 Other 261 277 Total $ 6,405 $ 6,792 P repaid expenses $ 6,405 $ 6,792

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE 6 ACCRUED EXPENSES A summary of the accrued expenses as of June 30, 2024 and March 31, 2024 is as follows (in thousands): SUMMARY OF ACCRUED EXPENSES June 30, 2024 March 31, 2024 Research and development $ 848 $ 965 Professional fees 575 466 Employee salaries and benefits 1,280 1,302 Contingent litigation and settlements (Note 10) 200 400 Circassia settlement – current portion (Note 8) 4,500 4,500 Deferred revenue - 138 Goods received not invoiced 130 356 Other 141 275 Total short-term accrued expenses $ 7,674 $ 8,402 BEYOND AIR, INC. AND ITS 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	3 Months Ended
	Jun. 30, 2024
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 In accordance with ASC 260, Earnings Per Share, 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 June 30, 2024 June 30, 2023 Common stock warrants 10,224,586 694,363 Common stock options 11,166,844 8,132,952 Restricted shares 612,900 1,095,300 Loan and Security – conversion feature (note 11) 1,390,176 392,465 Total 23,394,506 10,315,080 A nti-dilutive 23,394,506 10,315,080

CIRCASSIA AGREEMENT

CIRCASSIA AGREEMENT	3 Months Ended
	Jun. 30, 2024
Circassia Agreement
CIRCASSIA AGREEMENT	NOTE 8 CIRCASSIA AGREEMENT On January 23, 2019, the Company entered into an agreement for commercial rights (the “Circassia Agreement”) with Circassia Limited and its affiliates (collectively, “Circassia”) for PPHN and future related indications at concentrations of < 80 ppm in the hospital setting in the United States and China. On December 18, 2019, the Company terminated the Circassia Agreement. On May 25, 2021, the Company and Circassia entered into a settlement agreement (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 million in three installments. The first payment of $ 2.5 million was triggered upon FDA approval for the LungFit ® 3.5 million to Circassia on the first anniversary of the Initial Payment Due Date and $ 4.5 million on the second anniversary of the Initial Payment Due Date. Additionally, beginning in year three post-approval, Circassia will receive a quarterly royalty payment equal to 5 % of LungFit ® 6.0 million As of June 30, 2024 and March 31, 2024 $ 4.5 million is included in accrued liabilities and is payable in the second fiscal quarter of 2025.

GRANT COLLABORATION AGREEMENT

GRANT COLLABORATION AGREEMENT	3 Months Ended
	Jun. 30, 2024
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 0 5 1.7 1.7 BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2024
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 $ 0.5 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 ® 0.1 0.1 1.5 ® 100,000 0.3 0.3 Supply Agreement and Purchase Order In August 2020, the Company entered into a supply agreement with an initial expiration date of 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. As of the date of this report, the Company has not provided such notice. The Company has opened several non-cancellable purchase orders and the outstanding amount remaining under the purchase order as of June 30, 2024 was approximately $ 1.4 5.0 Contingencies In April 2023, the Company paid a total of $ 7.6 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 From time to time, we are involved in various legal matters arising in the normal course of business. We do not expect the outcome of such proceedings, either individually or in the aggregate, to have a material effect on our financial position, cash flows or results of operations. BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

LOANS

LOANS	3 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
LOANS	NOTE 11 LOANS LOAN AND SECURITY AGREEMENT On June 15, 2023 (the “Closing Date”), Beyond Air, Inc. and its wholly-owned subsidiary, Beyond Air Ltd., 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 0.6 0 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 1,390,176 2.158 On June 21, 2024, the Company, in return for extending the interest-only period for an additional 6 months on the Loan and Security Agreement with Avenue Capital, entered into an agreement to issue warrants to purchase up to 100,000 1.28 87,500 Upon consummation offering contemplated by the the lenders 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. The agreement contains an end of term liability of $ 1.1 3.5 0.1 BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 11 LOANS (continued) The Company received $ 15.8 SCHEDULE OF MATURITY OF LONG TERM LOAN Maturity of Long-Term Loan (in thousands) June 30 2025 - 2026 8,750 2027 8,750 Total $ 17,500 Components of Loan and Security Agreement SCHEDULE OF LOAN AND SECURITY AGREEMENT June 30, 2024 March 31, 2024 Amount outstanding $ 17,500 $ 17,500 Debt discount (5,163 ) (4,541 ) Amortization of debt discount 1,559 1,149 Final payment liability 1,050 613 Total $ 14,946 $ 14,721

LEASE REVENUES

LEASE REVENUES	3 Months Ended
	Jun. 30, 2024
Lease Revenues
LEASE REVENUES	NOTE 12 – LEASE REVENUES The Company leases the LungFit® PH device to customers and receives a fixed rental fee over the term of the arrangement. Contract terms (generally one three years The Company recognized $ 0.6 0.1 0.4 0 0.1 0 The following schedule presents the minimum future lease payments under the LungFit® PH lease arrangements that were in place as of June 30, 2024 (in thousands): SCHEDULE OF MATURITY OF FUTURE LEASE PAYMENTS Future lease payments under the LungFit® PH lease arrangements June 30 2025 $ 2,155 2026 1,975 2027 997 2028 29 Total $ 5,156 The LungFit® PH devices are included in Property and Equipment (Note 3) and have the useful life of five years 0.5 0.2 Capitalized sales commissions Sales commissions related to obtaining LungFit® PH lease agreements are accounted for as initial direct costs and are capitalized and amortized on a straight-line basis over the lease term. Total capitalized costs for the three months ended June 30, 2024 and 2023 were immaterial.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 13 – SUBSEQUENT EVENTS On July 8, 2024 David Webster joined the company as Chief Commercial Officer (CCO). In connection with his appointment, the Company granted an inducement stock option award (the “Inducement Option”) to Mr. Webster upon his entering into employment with the Company in accordance with Nasdaq Stock Market Listing Rule 5635(c)(4) (the “Inducement Award”). The Inducement Option is being granted effective as of July 8, 2024 and is exercisable for the purchase of 125,000 The Inducement Option has a ten-year term and will vest over a four-year period, with 25

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (Policies)	3 Months Ended
	Jun. 30, 2024
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 June 30, 2024 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, 2024 (the “2024 Annual Report”), filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 24, 2024. 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 2024 Annual Report on Form 10-K.
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. Of the restricted cash originally recorded in the unaudited condensed consolidated statement of cash flows for the three months ended June 30, 2023, $ 2.5
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could significantly differ from those estimates. On an ongoing basis, the Company evaluates its significant estimates and assumptions including expense recognition and accrual assumptions under consulting and clinical trial agreements, stock-based compensation, impairment assessments, accounting for licensed rights to use technologies and other long-lived assets, contingency recognition and accruals and the determination of valuation allowance requirements on deferred tax attributes.
Going Concern, Liquidity and Other Uncertainties	Going Concern, Liquidity and Other Uncertainties The Company used cash in operating activities of $ 10.2 251.9 21.4 The Company expects to incur net losses and have significant cash outflows for at least the next year, 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 the Company to meet its obligations. Management currently has various funding options in place to raise additional capital such as a debt line of $ 12.5 32.9 200,000,000 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. A combination study with anti-PD1 therapy is expected to begin before the end of calendar 2024. The Company’s future capital needs and the adequacy of its available funds will depend on many factors, including, but not necessarily limited to the success and costs of commercialization of the Company’s approved product and the actual cost and time necessary for current and anticipated preclinical studies, clinical trials and other actions needed to obtain certification or regulatory approval of the Company’s product candidates. The Company will be required to raise additional funds through equity or debt securities offerings or strategic collaboration and/or licensing agreements in order to fund operations if it is unable to generate enough product or royalty revenues, if any. Such financing may not be available on acceptable terms, or at all, and the Company’s failure to raise capital when needed could have a material adverse effect on its strategic objectives, results of operations and financial condition. The accompanying unaudited 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 ITS 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 ®
Lease Revenue Recognition	Lease Revenue Recognition The Company generates revenue from the leases of its LungFit® PH devices to its customers under fixed fee arrangements over periods of up to three years. The fixed fee is typically broken down into ratable monthly payments over the term of the arrangement. The Company’s customers include hospitals and medical facilities. The Company’s LungFit® PH leases include filters, calibration gas, bagging kits, cables, adapters, and other components and accessories required to use the LungFit® PH device (the “Consumables”). The Consumables’ quantities are varied and may be supplied upon demand of the customers and are unlimited, or the arrangement may provide for the maximum quantities available to the customer over the term of the arrangement. The Company’s LungFit® PH leases also include maintenance and training required to use the LungFit® PH device, as well as device back-up services (the “Services”), which are recorded in cost of revenue. The Company accounts for its rental arrangements of LungFit® PH devices in accordance with Accounting Standards Codification 842, Leases (“ASC 842”). Under ASC 842, leases may be classified as either financing, sales-type, or operating, and the Company is required to disclose key information about leasing arrangements. The classification determines the pattern of revenue recognition and classification within the statement of operations and comprehensive loss. The Company typically classifies the rental arrangement of its LungFit® PH contracts as operating leases. The Company’s leases do not contain any restrictive covenants or any material residual value guarantees. The Company’s equipment leases may contain renewal options which range from one month two years The Company elected the practical expedient applied to operating leases not to separate lease and non-lease components as long as the lease and at non-lease components have the same timing and pattern of transfer. As such, the non-lease components, including the Consumables and Services, are combined with the predominant lease component. The total fixed fees that the Company is reasonably certain to collect are recognized on a straight line basis over the term of the arrangement. Additionally, the Company made an accounting policy election to present LungFit® PH revenue net of sales and other similar taxes. Amounts billed in advance of performance obligations being satisfied are recognized as deferred revenue. At the lease commencement date, the Company will defer initial direct costs, including commission expense and the cost is recognized over the lease term on the same basis as lease income. The Company records the costs of shipping related to contract devices and consumables in cost of revenue in its consolidated statements of operations. See Note 12 to the unaudited condensed consolidated financial statements for more information regarding leasing arrangements.
Fair Value Measurements	Fair Value Measurements As of June 30, 2024 and March 31, 2024, the Company’s financial instruments included restricted cash, marketable securities, accounts payable, long-term debt, liability classified warrants and derivative liabilities. The carrying amounts reported in the accompanying 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 ITS 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 at June 30, 2024 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 17,213 17,213 - - Mutual funds - - - - Total assets measured and recorded at fair value $ 17,213 $ 17,213 $ - $ - Liabilities : Warrant liability $ 56 $ - $ - $ 56 Derivative liability 256 - - 256 Total liabilities measured and recorded at fair value $ 312 $ 0 $ - $ 312 The fair value amounts at March 31, 2024 are: (in thousands) Total Level 1 Level 2 Level 3 Marketable securities : Corporate debt securities $ - $ - $ - $ - Government securities 16,388 16,388 - - Mutual funds 6,702 6,702 - - Total assets measured and recorded at fair value $ 23,090 $ 23,090 $ - $ - Liabilities : Warrant liability $ 275 $ - $ - $ 275 Derivative liability 1,314 - - 1,314 Total liabilities measured and recorded at fair value $ 1,589 $ - $ - $ 1,589 BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued) Level 3 Valuation The common stock warrants issued in connection with the Loan and Security Agreement in June 2023 (Note 11) are recorded as a warrant liability within the unaudited condensed consolidated balance sheet at June 30, 2024 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 At June 30, 2024 Warrants Derivative Expected term (in years) 4 3 Volatility 90 % 90 % Risk-free rate 4.24 % 4.52 % At March 31, 2024 Warrants Derivative Expected term (in years) 4.25 3.25 Volatility 88 % 86 % Risk-free rate 4.09 % 4.38 % 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 three months ended June 30, 2024 (in thousands): SCHEDULE OF CHANGES IN FAIR VALUE OF WARRANTS AND DERIVATIVES Warrants Derivative Balance at March 31,2024 $ 275 $ 1,314 Issuances - - Change in fair value (219 ) (1,058 ) Balance at June 30, 2024 $ 56 $ 256
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 investments 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 June 30, 2024 and March 31, 2024, restricted cash included approximately $ 0.2 0.2 BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued)
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times, may exceed the federal depository insurance coverage of $ 250,000 250,000 25,000 100,000 100,000 the Company had greater than $250,000 at United States financial institutions, greater than A$250,000 at Australian financial institutions, greater than €100,000 at Irish financial institutions and also has funds on deposit in Israel. 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, MARKETABLE SECURITIES AND RESTRICTED CASH (in thousands) June 30, 2024 March 31, 2024 Cash and cash equivalents $ 4,161 $ 11,378 Restricted cash 229 230 Total cash, cash equivalents and restricted cash $ 4,390 $ 11,608 Marketable securities: Marketable debt securities - - Corporate debt securities $ - $ - U.S. government securities 17,213 16,388 Mutual fund (ultra-short-term income) - 6,702 Total marketable securities $ 17,213 $ 23,090 Total cash, cash equivalents, marketable securities and restricted cash $ 21,603 $ 34,698 The following table summarizes our short-term marketable securities with unrealized gains and losses as of June 30, 2024, 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 17,213 90 Mutual fund (ultra-short-term income) - - Total short-term marketable securities $ 17,213 $ 90 The following table summarizes our short-term marketable securities with unrealized gains and losses as of March 31, 2024, aggregated by major security type: (in thousands) Fair Value Unrealized (Losses) Corporate debt securities $ - $ - U.S. government securities 16,388 117 Mutual fund (ultra-short-term income) 6,702 6 Total short-term marketable securities $ 23,090 $ 123 All marketable securities are A- or higher rated. No BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued)
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 June 30, 2024, Beyond Air, Inc. owns 80 The following table summarizes segment financial information by business segment at June 30, 2024: SCHEDULE OF SEGMENT FINANCIAL INFORMATION BY BUSINESS SEGMENT (in thousands) Beyond Air Beyond Cancer Total Cash, cash equivalents, marketable securities and certain restricted cash $ 13,371 $ 8,230 $ 21,603 All other assets 24,144 755 24,897 Total assets $ 37,515 $ 8,985 $ 46,500 Total liabilities $ (27,722 ) $ (1,078 ) $ (28,801 ) Net assets $ 9,793 $ 7,907 $ 17,699 Non-controlling interests $ - $ 1,570 $ 1,570 The following table summarizes segment financial information by business segment at March 31, 2024: (in thousands) Beyond Air Beyond Cancer Total Cash, cash equivalents, marketable securities and certain restricted cash $ 23,591 $ 10,877 $ 34,468 All other assets 21,747 746 22,493 Total assets $ 45,338 $ 11,623 $ 56,961 Total liabilities $ (28,810 ) $ (965 ) $ (29,775 ) Net assets $ 16,528 $ 10,658 $ 27,186 Non-controlling interests $ - $ 2,138 $ 2,138 The following table summarizes segment financial performance by business segment for the three months ended June 30, 2024: (in thousands) Beyond Air Beyond Cancer Total Revenue $ 683 $ - $ 683 Net loss for the three months ended June 30, 2024 $ (8,786 ) $ (4,269 ) $ (13,055 ) The following table summarizes segment financial performance by business segment for the three months ended June 30, 2023: (in thousands) Beyond Air Beyond Cancer Total Revenue $ 59 $ - $ 59 Net loss for the three months ended June 30, 2023 $ (10,256 ) $ (4,799 ) $ (15,055 ) BEYOND AIR, INC. AND ITS SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued)
Research and Development	Research and Development Research and development expenses are charged to the unaudited 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 June 30, 2024 and June 30, 2023, the Company did no
Supplier Concentration	Supplier Concentration The Company relies on third-party suppliers to provide materials for its devices and consumables. In the three months ended June 30, 2024, the Company purchased approximately 87 84 65 19
Leases	Leases Operating lease assets are included within operating lease right-of-use assets, and the corresponding operating lease obligation on the consolidated balance sheets as of June 30, 2024 and March 31, 2024 in accordance with ASC 842, Leases

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (Tables)	3 Months Ended
	Jun. 30, 2024
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 at June 30, 2024 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 17,213 17,213 - - Mutual funds - - - - Total assets measured and recorded at fair value $ 17,213 $ 17,213 $ - $ - Liabilities : Warrant liability $ 56 $ - $ - $ 56 Derivative liability 256 - - 256 Total liabilities measured and recorded at fair value $ 312 $ 0 $ - $ 312 The fair value amounts at March 31, 2024 are: (in thousands) Total Level 1 Level 2 Level 3 Marketable securities : Corporate debt securities $ - $ - $ - $ - Government securities 16,388 16,388 - - Mutual funds 6,702 6,702 - - Total assets measured and recorded at fair value $ 23,090 $ 23,090 $ - $ - Liabilities : Warrant liability $ 275 $ - $ - $ 275 Derivative liability 1,314 - - 1,314 Total liabilities measured and recorded at fair value $ 1,589 $ - $ - $ 1,589
SCHEDULE OF VALUING THE WARRANTS AND DERIVATIVES	SCHEDULE OF VALUING THE WARRANTS AND DERIVATIVES At June 30, 2024 Warrants Derivative Expected term (in years) 4 3 Volatility 90 % 90 % Risk-free rate 4.24 % 4.52 % At March 31, 2024 Warrants Derivative Expected term (in years) 4.25 3.25 Volatility 88 % 86 % Risk-free rate 4.09 % 4.38 %
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 three months ended June 30, 2024 (in thousands): SCHEDULE OF CHANGES IN FAIR VALUE OF WARRANTS AND DERIVATIVES Warrants Derivative Balance at March 31,2024 $ 275 $ 1,314 Issuances - - Change in fair value (219 ) (1,058 ) Balance at June 30, 2024 $ 56 $ 256
SCHEDULE OF CASH AND CASH EQUIVALENTS, MARKETABLE SECURITIES 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, MARKETABLE SECURITIES AND RESTRICTED CASH (in thousands) June 30, 2024 March 31, 2024 Cash and cash equivalents $ 4,161 $ 11,378 Restricted cash 229 230 Total cash, cash equivalents and restricted cash $ 4,390 $ 11,608 Marketable securities: Marketable debt securities - - Corporate debt securities $ - $ - U.S. government securities 17,213 16,388 Mutual fund (ultra-short-term income) - 6,702 Total marketable securities $ 17,213 $ 23,090 Total cash, cash equivalents, marketable securities and restricted cash $ 21,603 $ 34,698
SUMMARY OF SHORT-TERM MARKETABLE SECURITIES WITH UNREALIZED GAINS AND LOSSES	The following table summarizes our short-term marketable securities with unrealized gains and losses as of June 30, 2024, 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 17,213 90 Mutual fund (ultra-short-term income) - - Total short-term marketable securities $ 17,213 $ 90 The following table summarizes our short-term marketable securities with unrealized gains and losses as of March 31, 2024, aggregated by major security type: (in thousands) Fair Value Unrealized (Losses) Corporate debt securities $ - $ - U.S. government securities 16,388 117 Mutual fund (ultra-short-term income) 6,702 6 Total short-term marketable securities $ 23,090 $ 123
SCHEDULE OF SEGMENT FINANCIAL INFORMATION BY BUSINESS SEGMENT	The following table summarizes segment financial information by business segment at June 30, 2024: SCHEDULE OF SEGMENT FINANCIAL INFORMATION BY BUSINESS SEGMENT (in thousands) Beyond Air Beyond Cancer Total Cash, cash equivalents, marketable securities and certain restricted cash $ 13,371 $ 8,230 $ 21,603 All other assets 24,144 755 24,897 Total assets $ 37,515 $ 8,985 $ 46,500 Total liabilities $ (27,722 ) $ (1,078 ) $ (28,801 ) Net assets $ 9,793 $ 7,907 $ 17,699 Non-controlling interests $ - $ 1,570 $ 1,570 The following table summarizes segment financial information by business segment at March 31, 2024: (in thousands) Beyond Air Beyond Cancer Total Cash, cash equivalents, marketable securities and certain restricted cash $ 23,591 $ 10,877 $ 34,468 All other assets 21,747 746 22,493 Total assets $ 45,338 $ 11,623 $ 56,961 Total liabilities $ (28,810 ) $ (965 ) $ (29,775 ) Net assets $ 16,528 $ 10,658 $ 27,186 Non-controlling interests $ - $ 2,138 $ 2,138 The following table summarizes segment financial performance by business segment for the three months ended June 30, 2024: (in thousands) Beyond Air Beyond Cancer Total Revenue $ 683 $ - $ 683 Net loss for the three months ended June 30, 2024 $ (8,786 ) $ (4,269 ) $ (13,055 ) The following table summarizes segment financial performance by business segment for the three months ended June 30, 2023: (in thousands) Beyond Air Beyond Cancer Total Revenue $ 59 $ - $ 59 Net loss for the three months ended June 30, 2023 $ (10,256 ) $ (4,799 ) $ (15,055 )

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consist of the following: SCHEDULE OF PROPERTY AND EQUIPMENT (in thousands) June 30, 2024 March 31, Clinical and medical equipment $ 2,174 $ 2,174 Equipment deployable as part of a service offering 11,638 8,208 Computer equipment 855 860 Furniture and fixtures 534 534 Leasehold improvements 612 612 Property and equipment, gross 15,812 12,388 Accumulated depreciation (3,695 ) (3,024 ) Property and equipment, net $ 12,117 $ 9,364

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	3 Months Ended
	Jun. 30, 2024
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 three months ended June 30, 2024 is as follows: SCHEDULE OF RESTRICTED STOCK AWARDS Number Of Shares Weighted Average Grant Date Fair Value Unvested as of April 1, 2024 618,900 $ 6.98 Granted - - Vested - - Forfeited (6,000 ) 14.36 Unvested as of June 30, 2024 612,900 $ 6.91
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 June 30, 2024 June 30, 2023 Risk-free interest rate 4.3 4.5 % 3.5 3.9 % Expected volatility (Beyond Air) 83.5 83.8 % 81.6 82.7 % 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 months ended June 30, 2024 and June 30, 2023: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE 2024 2023 Three Months Ended (in thousands) June 30, 2024 2023 Research and development $ 629 $ 1,206 General and administrative 2,750 4,911 Total stock-based compensation expense $ 3,379 $ 6,115
SUMMARY OF COMPANY’S OUTSTANDING WARRANTS	A summary of the Company’s outstanding warrants as of June 30, 2024 is as follows: SUMMARY OF COMPANY’S OUTSTANDING WARRANTS Warrant Holders Number of Warrants Exercise Price Intrinsic Value (in thousands) Date of Expiration March 2020 loan 172,187 $ 7.26 $ - March 2025 NitricGen agreement 80,000 $ 6.90 - January 2028 Avenue agreement 233,843 $ 1.66 - June 2028 March 2024 Roth/Laidlaw raise 9,638,556 $ 2.25 - March 2027 Avenue extension agreement 100,000 $ 1.28 - June 2029 Total 10,224,586 $ 2.35 $ -
2013 Beyond Air Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
SCHEDULE OF OPTION ACTIVITY	A summary of the change in options for the three months ended June 30, 2024 is as follows: SCHEDULE OF 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, 2024 11,283,469 $ 4.45 8.0 $ 760 Granted 27,500 4.25 - - Exercised - - - - Forfeited (144,125 ) 4.94 - - Outstanding as of June 30, 2024 11,166,844 $ 4.41 7.76 $ 0 Exercisable as of June 30, 2024 4,758,469 $ 5.44 5.95 $ 0
2021 Beyond Cancer Ltd Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
SCHEDULE OF OPTION ACTIVITY	SCHEDULE OF 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, 2024 3,819,000 $ 5.50 8.3 $ - Granted - - - - Exercised - - - - Forfeited (62,250 ) 5.50 - - Outstanding as of June 30, 2024 3,756,750 $ 5.50 8.0 $ 0 Exercisable as of June 30, 2024 1,354,000 $ 5.50 7.8 $ 0

OTHER CURRENT ASSETS AND PREP_2

OTHER CURRENT ASSETS AND PREPAID EXPENSES (Tables)	3 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
SCHEDULE OF CURRENT ASSETS AND PREPAID EXPENSES	A summary of current assets and prepaid expenses is as follows (in thousands): SCHEDULE OF CURRENT ASSETS AND PREPAID EXPENSES June 30, 2024 March 31, 2024 Prepaid research and development $ 148 $ 104 Prepaid insurance 605 886 Prepaid rents and tenant improvements 48 49 Value added tax receivable 179 229 Deposits to secure manufacturing materials 5,019 5,019 Demonstration materials 145 228 Other 261 277 Total $ 6,405 $ 6,792 P repaid expenses $ 6,405 $ 6,792

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
SUMMARY OF ACCRUED EXPENSES	A summary of the accrued expenses as of June 30, 2024 and March 31, 2024 is as follows (in thousands): SUMMARY OF ACCRUED EXPENSES June 30, 2024 March 31, 2024 Research and development $ 848 $ 965 Professional fees 575 466 Employee salaries and benefits 1,280 1,302 Contingent litigation and settlements (Note 10) 200 400 Circassia settlement – current portion (Note 8) 4,500 4,500 Deferred revenue - 138 Goods received not invoiced 130 356 Other 141 275 Total short-term accrued expenses $ 7,674 $ 8,402

BASIC AND DILUTED NET INCOME _2

BASIC AND DILUTED NET INCOME (LOSS) PER SHARE OF COMMON STOCK (Tables)	3 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
SCHEDULE OF POTENTIAL ANTI-DILUTIVE SECURITIES	SCHEDULE OF POTENTIAL ANTI-DILUTIVE SECURITIES June 30, 2024 June 30, 2023 Common stock warrants 10,224,586 694,363 Common stock options 11,166,844 8,132,952 Restricted shares 612,900 1,095,300 Loan and Security – conversion feature (note 11) 1,390,176 392,465 Total 23,394,506 10,315,080 A nti-dilutive 23,394,506 10,315,080

LOANS (Tables)

LOANS (Tables)	3 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
SCHEDULE OF MATURITY OF LONG TERM LOAN	SCHEDULE OF MATURITY OF LONG TERM LOAN Maturity of Long-Term Loan (in thousands) June 30 2025 - 2026 8,750 2027 8,750 Total $ 17,500
SCHEDULE OF LOAN AND SECURITY AGREEMENT	Components of Loan and Security Agreement SCHEDULE OF LOAN AND SECURITY AGREEMENT June 30, 2024 March 31, 2024 Amount outstanding $ 17,500 $ 17,500 Debt discount (5,163 ) (4,541 ) Amortization of debt discount 1,559 1,149 Final payment liability 1,050 613 Total $ 14,946 $ 14,721

LEASE REVENUES (Tables)

LEASE REVENUES (Tables)	3 Months Ended
	Jun. 30, 2024
LungFit® PH [Member]
SCHEDULE OF MATURITY OF FUTURE LEASE PAYMENTS	The following schedule presents the minimum future lease payments under the LungFit® PH lease arrangements that were in place as of June 30, 2024 (in thousands): SCHEDULE OF MATURITY OF FUTURE LEASE PAYMENTS Future lease payments under the LungFit® PH lease arrangements June 30 2025 $ 2,155 2026 1,975 2027 997 2028 29 Total $ 5,156

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details Narrative)	Jun. 30, 2024	Nov. 04, 2021
Beyond Cancer Ltd [Member]
Ownership percentage	80%	80%

SCHEDULE OF FAIR VALUE ON A REC

SCHEDULE OF FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Marketable securities :
Total assets measured and recorded at fair value	$ 17,213	$ 23,090
Liabilities :
Total liabilities measured and recorded at fair value	312	1,589
Fair Value, Inputs, Level 1 [Member]
Marketable securities :
Total assets measured and recorded at fair value	17,213	23,090
Liabilities :
Total liabilities measured and recorded at fair value	0
Fair Value, Inputs, Level 2 [Member]
Marketable securities :
Total assets measured and recorded at fair value
Liabilities :
Total liabilities measured and recorded at fair value
Fair Value, Inputs, Level 3 [Member]
Marketable securities :
Total assets measured and recorded at fair value
Liabilities :
Total liabilities measured and recorded at fair value	312	1,589
Corporate Debt Securities [Member]
Marketable securities :
Total assets measured and recorded at fair value
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Marketable securities :
Total assets measured and recorded at fair value
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Marketable securities :
Total assets measured and recorded at fair value
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Marketable securities :
Total assets measured and recorded at fair value
US Government Agencies Debt Securities [Member]
Marketable securities :
Total assets measured and recorded at fair value	17,213	16,388
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Marketable securities :
Total assets measured and recorded at fair value	17,213	16,388
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Marketable securities :
Total assets measured and recorded at fair value
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Marketable securities :
Total assets measured and recorded at fair value
Mutual Fund [Member]
Marketable securities :
Total assets measured and recorded at fair value		6,702
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member]
Marketable securities :
Total assets measured and recorded at fair value
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member]
Marketable securities :
Total assets measured and recorded at fair value
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member]
Marketable securities :
Total assets measured and recorded at fair value
Warrant [Member]
Liabilities :
Total liabilities measured and recorded at fair value	56	275
Warrant [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities :
Total liabilities measured and recorded at fair value
Warrant [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities :
Total liabilities measured and recorded at fair value
Warrant [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities :
Total liabilities measured and recorded at fair value	56	275
Derivative [Member]
Liabilities :
Total liabilities measured and recorded at fair value	256	1,314
Derivative [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities :
Total liabilities measured and recorded at fair value
Derivative [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities :
Total liabilities measured and recorded at fair value
Derivative [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities :
Total liabilities measured and recorded at fair value	$ 256	1,314
Mutual Funds [Member]
Marketable securities :
Total assets measured and recorded at fair value		6,702
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Marketable securities :
Total assets measured and recorded at fair value		6,702
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Marketable securities :
Total assets measured and recorded at fair value
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Marketable securities :
Total assets measured and recorded at fair value

SCHEDULE OF VALUING THE WARRANT

SCHEDULE OF VALUING THE WARRANTS AND DERIVATIVES (Details)	Jun. 30, 2024	Mar. 31, 2024
Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants risk free rate	4	4.25
Derivative risk free rate	3	3.25
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants risk free rate	90	88
Derivative risk free rate	90	86
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants risk free rate	4.24	4.09
Derivative risk free rate	4.52	4.38

SCHEDULE OF CHANGES IN FAIR VAL

SCHEDULE OF CHANGES IN FAIR VALUE OF WARRANTS AND DERIVATIVES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Warrants outstanding, beginning	$ 275
Derivative outstanding, beginning	1,314
Warrant issuance
Derivative issuance
Change in fair value of warrants	(219)	$ (324)
Change in fair value of derivatives	(1,058)	$ (512)
Warrants outstanding, ending	56
Derivative outstanding, ending	$ 256

SCHEDULE OF CASH AND CASH EQUIV

SCHEDULE OF CASH AND CASH EQUIVALENTS, MARKETABLE SECURITIES AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Cash and cash equivalents	$ 4,161	$ 11,378
Restricted cash	229	230
Total cash, cash equivalents and restricted cash	4,390	11,608
Marketable securities:
Total marketable securities	17,213	23,090
Total cash, cash equivalents, marketable securities and restricted cash	21,603	34,698
Marketable Debt Securities [Member]
Marketable securities:
Total marketable securities
Corporate Debt Securities [Member]
Marketable securities:
Total marketable securities
US Government Agencies Debt Securities [Member]
Marketable securities:
Total marketable securities	17,213	16,388
Mutual Fund [Member]
Marketable securities:
Total marketable securities		$ 6,702

SUMMARY OF SHORT-TERM MARKETABL

SUMMARY OF SHORT-TERM MARKETABLE SECURITIES WITH UNREALIZED GAINS AND LOSSES (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities	$ 17,213		$ 23,090
Total short-term marketable securities, Unrealized gains and (losses)	90	$ (75)	123
Corporate Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities
Total short-term marketable securities, Unrealized gains and (losses)
US Government Agencies Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities	17,213		16,388
Total short-term marketable securities, Unrealized gains and (losses)	90		117
Mutual Fund [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Marketable securities			6,702
Total short-term marketable securities, Unrealized gains and (losses)			$ 6

SCHEDULE OF SEGMENT FINANCIAL I

SCHEDULE OF SEGMENT FINANCIAL INFORMATION BY BUSINESS SEGMENT (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Cash, cash equivalents, marketable securities and certain restricted cash	$ 21,603		$ 34,698
Total assets	46,500		56,961
Non-controlling interests	1,570		2,138
Net loss for the three months ended June 30, 2023	(12,201)	$ (14,095)
Business Segment [Member]
Cash, cash equivalents, marketable securities and certain restricted cash	21,603		34,468
All other assets	24,897		22,493
Total assets	46,500		56,961
Total liabilities	(28,801)		(29,775)
Net assets	17,699		27,186
Non-controlling interests	1,570		2,138
Revenue	683	59
Net loss for the three months ended June 30, 2023	(13,055)	(15,055)
Business Segment [Member] | Beyond Air Inc. [Member]
Cash, cash equivalents, marketable securities and certain restricted cash	13,371		23,591
All other assets	24,144		21,747
Total assets	37,515		45,338
Total liabilities	(27,722)		(28,810)
Net assets	9,793		16,528
Non-controlling interests
Revenue	683	59
Net loss for the three months ended June 30, 2023	(8,786)	(10,256)
Business Segment [Member] | Beyond Cancer Ltd [Member]
Cash, cash equivalents, marketable securities and certain restricted cash	8,230		10,877
All other assets	755		746
Total assets	8,985		11,623
Total liabilities	(1,078)		(965)
Net assets	7,907		10,658
Non-controlling interests	1,570		$ 2,138
Revenue
Net loss for the three months ended June 30, 2023	$ (4,269)	$ (4,799)

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (Details Narrative) shares in Millions			1 Months Ended	3 Months Ended
	Jun. 30, 2024 USD ($) shares	Feb. 04, 2022 USD ($)	Jan. 31, 2022 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 EUR (€) shares	Jun. 30, 2024 AUD ($) shares	Jun. 30, 2024 BMD ($) shares	Mar. 31, 2024 USD ($) shares	Nov. 04, 2021
Prepaid assets					$ 2,500,000
Net cash used in operating activities				$ (10,180,000)	$ (17,153,000)
Accumulated deficit	$ (251,898,000)			(251,898,000)					$ (239,697,000)
Cash, cash equivalents and marketable securities	$ 21,400,000			21,400,000
Concentration risk benchmark description	the Company had greater than $250,000 at United States financial institutions, greater than A$250,000 at Australian financial institutions, greater than €100,000 at Irish financial institutions and also has funds on deposit in Israel.
Marketable securities non-current	$ 0			$ 0
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Two Third-party Vendors [Member]
Concentration Risk, Percentage				87%	84%
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Third-Party Vendor One [Member]
Concentration Risk, Percentage					65%
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Third-Party Vendor Two [Member]
Concentration Risk, Percentage					19%
Australian Taxation Office [Member]
Tax Rebate				$ 0	$ 0
Beyond Cancer Ltd [Member]
Equity method ownership percentage	80%			80%		80%	80%	80%		80%
UNITED STATES
Cash FDIC insured amount	$ 250,000			$ 250,000
AUSTRALIA
Cash FDIC insured amount							$ 250,000
BERMUDA
Cash FDIC insured amount								$ 25,000
IRELAND
Cash FDIC insured amount | €						€ 100,000
CYPRUS
Cash FDIC insured amount | €						€ 100,000
Contract Manufacturer [Member]
Restricted Cash	$ 200,000			$ 200,000					$ 200,000
Maximum [Member]
Proceeds from issuance or sale of equity			$ 200,000,000
Lessee finance lease renewal term	2 years			2 years		2 years	2 years	2 years
Minimum [Member]
Lessee finance lease renewal term	1 month			1 month		1 month	1 month	1 month
2022 ATM [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | shares	32.9			32.9		32.9	32.9	32.9	32.9
Proceeds from issuance or sale of equity		$ 50,000,000
Loan and Security Agreement [Member] | Avenue Capital Management II LP [Member]
Line of credit	$ 12,500,000			$ 12,500,000
Beyond Cancer Ltd [Member]
Non-controlling owners interest	20%			20%		20%	20%	20%

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 15,812	$ 12,388
Accumulated depreciation	(3,695)	(3,024)
Property and equipment, net	12,117	9,364
Clinical and Medical Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,174	2,174
Equipment Deployable as Part of Service Offering [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,638	8,208
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	855	860
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	534	534
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 612	$ 612

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 685	$ 309

SCHEDULE OF RESTRICTED STOCK AW

SCHEDULE OF RESTRICTED STOCK AWARDS (Details) - Restricted Stock [Member]	3 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested Number of Shares, Beginning balance | shares	618,900
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 6.98
Number of Shares, Granted | shares
Weighted Average Grant Date Fair Value, Granted | $ / shares
Number of Shares, Vested | shares
Weighted Average Grant Date Fair Value, Vested | $ / shares
Number of Shares, Forfeited | shares	(6,000)
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	$ 14.36
Unvested Number of Shares, Ending balance | shares	612,900
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 6.91

SCHEDULE OF OPTION ACTIVITY (De

SCHEDULE OF OPTION ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted Average Remaining Contractual Life - Options		8 years 3 months 18 days
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	11,283,469
Weighted Average Exercise Price - Options, Outstanding at beginning of period	$ 4.45
Weighted Average Remaining Contractual Life - Options	7 years 9 months 3 days	8 years
Aggregate Intrinsic Value, Outstanding at beginning of period	$ 760
Number of Options Outstanding, Granted	27,500
Weighted Average Exercise Price - Options, Granted	$ 4.25
Aggregate Intrinsic Value, Granted
Number of Options Outstanding, Exercised
Weighted Average Exercise Price - Options, Exercised
Aggregate Intrinsic Value, Exercised
Number of Options Outstanding, Forfeited	(144,125)
Weighted Average Exercise Price - Options, Forfeited	$ 4.94
Aggregate Intrinsic Value, Forfeited
Number of Options, Outstanding at ending of period	11,166,844	11,283,469
Weighted Average Exercise Price - Options, Outstanding at ending of period	$ 4.41	$ 4.45
Aggregate Intrinsic Value, Outstanding at ending of period	$ 0	$ 760
Number of Options Outstanding, Exercisable	4,758,469
Weighted Average Exercise Price - Options, Exercisable	$ 5.44
Weighted average remaining contractual life - options, exercisable	5 years 11 months 12 days
Aggregate Intrinsic Value, Exercisable	$ 0
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	3,819,000
Weighted Average Exercise Price - Options, Outstanding at beginning of period	$ 5.50
Weighted Average Remaining Contractual Life - Options	8 years
Aggregate Intrinsic Value, Outstanding at beginning of period
Number of Options Outstanding, Granted
Weighted Average Exercise Price - Options, Granted
Aggregate Intrinsic Value, Granted
Number of Options Outstanding, Exercised
Weighted Average Exercise Price - Options, Exercised
Aggregate Intrinsic Value, Exercised
Number of Options Outstanding, Forfeited	(62,250)
Weighted Average Exercise Price - Options, Forfeited	$ 5.50
Aggregate Intrinsic Value, Forfeited
Number of Options, Outstanding at ending of period	3,756,750	3,819,000
Weighted Average Exercise Price - Options, Outstanding at ending of period	$ 5.50	$ 5.50
Aggregate Intrinsic Value, Outstanding at ending of period	$ 0
Number of Options Outstanding, Exercisable	1,354,000
Weighted Average Exercise Price - Options, Exercisable	$ 5.50
Weighted average remaining contractual life - options, exercisable	7 years 9 months 18 days
Aggregate Intrinsic Value, Exercisable	$ 0

SCHEDULE OF FAIR VALUE OF OPTIO

SCHEDULE OF FAIR VALUE OF OPTION (Details)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Risk-free interest rate minimum	4.30%	3.50%
Risk-free interest rate maximum	4.50%	3.90%
Dividend yield	0%	0%
Expected term (in years)	6 years 3 months	6 years 3 months
Beyond Air Inc. [Member]
Expected volatility minimum	83.50%	81.60%
Expected volatility maximum	83.80%	82.70%

SCHEDULE OF STOCK-BASED COMPENS

SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Total stock-based compensation expense	$ 3,379	$ 6,115
Research and Development Expense [Member]
Total stock-based compensation expense	629	1,206
General and Administrative Expense [Member]
Total stock-based compensation expense	$ 2,750	$ 4,911

SUMMARY OF COMPANY_S OUTSTANDIN

SUMMARY OF COMPANY’S OUTSTANDING WARRANTS (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 21, 2024	Jun. 15, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Warrants	10,224,586		233,843
Exercise Price	$ 2.35	$ 1.28	$ 5.88
Intrinsic Value
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 Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Warrants	233,843
Exercise Price	$ 1.66
Intrinsic Value
Date of Expiration	June 2028
March 2024 Roth Laidlaw Raise [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Warrants	9,638,556
Exercise Price	$ 2.25
Intrinsic Value
Date of Expiration	March 2027
Avenue Extension Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Warrants	100,000
Exercise Price	$ 1.28
Intrinsic Value
Date of Expiration	June 2029

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended		12 Months Ended
	Mar. 22, 2024	Mar. 20, 2024	Feb. 04, 2022	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Jun. 21, 2024	Jan. 10, 2024	Jun. 15, 2023	Nov. 03, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price				$ 2.35			$ 1.28		$ 5.88
Employee benefits and share based compensation				$ 0.3	$ 0.7
Weighted average remaining contractual term						8 years 3 months 18 days
Number of warrants issued							100,000
2013 Beyond Air Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares available for grant				421,558
Stock option shares authorized for issuance				13,600,000				3,000,000
Weighted average remaining contractual term				7 years 9 months 3 days		8 years
2013 Beyond Air Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized stock-based compensation expense				$ 1.6
Weighted average remaining contractual term				1 year 7 months 6 days
2021 Beyond Cancer Ltd Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares available for grant				243,250
Stock option shares authorized for issuance				4,000,000						2,000,000
Stock option vesting term, description				The vesting terms of the options issued under the 2021 BC Plan are generally four years and they expire ten years from the grant date
Stock option vesting term				10 years
Weighted average remaining contractual term				8 years
2013 BA Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized stock-based compensation expense				$ 9
Weighted average remaining contractual term				1 year 9 months 18 days
2021 BC Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized stock-based compensation expense				$ 7.6
Weighted average remaining contractual term				1 year 4 months 24 days
2022 ATM [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net proceeds from equity			$ 50
Fees paid percentage			3%
Gross proceeds				$ 0	$ 5.8
Sale of stock					930,232
Number of shares available for grant				32,900,000		32,900,000
Securities Purchase Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net proceeds from equity	$ 14.6
Gross proceeds		$ 16
Agent commissions	1.1
Other offering costs	$ 0.3
Securities Purchase Agreement [Member] | Related Party [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross proceeds		1.2
Proceeds from warrants		$ 4.5
Securities Purchase Agreement [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock		9,638,556
Securities Purchase Agreement [Member] | Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock		9,638,556
Securities Purchase Agreement [Member] | Common Stock Warrant Shares [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock		9,638,556
Price per share		$ 1.66
Warrant exercise price		$ 2.25
Warrant expiry term		3 years
Placement Agency Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fees paid percentage		7%
Avenue Venture Opportunities Fund L.P [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants issued							100,000

SCHEDULE OF CURRENT ASSETS AND

SCHEDULE OF CURRENT ASSETS AND PREPAID EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Prepaid expenses and other current assets	$ 6,405	$ 6,792
Prepaid Research and Development Expense [Member]
Prepaid expenses and other current assets	148	104
Prepaid Insurance [Member]
Prepaid expenses and other current assets	605	886
Prepaid Rents and Tenant Improvement [Member]
Prepaid expenses and other current assets	48	49
Value Added Tax Receivable [Member]
Prepaid expenses and other current assets	179	229
Deposits to Secure Manufacturing Materials [Member]
Prepaid expenses and other current assets	5,019	5,019
Demonstration Materials [Member]
Prepaid expenses and other current assets	145	228
Other [Member]
Prepaid expenses and other current assets	$ 261	$ 277

SUMMARY OF ACCRUED EXPENSES (De

SUMMARY OF ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Payables and Accruals [Abstract]
Research and development	$ 848	$ 965
Professional fees	575	466
Employee salaries and benefits	1,280	1,302
Contingent litigation and settlements (Note 10)	200	400
Circassia settlement – current portion (Note 8)	4,500	4,500
Deferred revenue		138
Goods received not invoiced	130	356
Other	141	275
Total short-term accrued expenses	$ 7,674	$ 8,402

SCHEDULE OF POTENTIAL ANTI-DILU

SCHEDULE OF POTENTIAL ANTI-DILUTIVE SECURITIES (Details) - shares	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	23,394,506	10,315,080
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	10,224,586	694,363
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	11,166,844	8,132,952
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	612,900	1,095,300
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	1,390,176	392,465

CIRCASSIA AGREEMENT (Details Na

CIRCASSIA AGREEMENT (Details Narrative) - USD ($) $ in Millions	May 25, 2021	Jun. 30, 2024	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued liabilities and payable		$ 4.5	$ 4.5
Three Installments [Member] | Settlement Agreement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Litigation settlement, amount awarded to other party	$ 10.5
Royalty payment percentage	5%
Payments for royalties	$ 6
First Payment [Member] | Settlement Agreement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Litigation settlement, amount awarded to other party	2.5
First Anniversary [Member] | Settlement Agreement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Litigation settlement, amount awarded to other party	3.5
Second Anniversary [Member] | Settlement Agreement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Litigation settlement, amount awarded to other party	$ 4.5

GRANT COLLABORATION AGREEMENT (

GRANT COLLABORATION AGREEMENT (Details Narrative) - Cystic Fibrosis Foundation [Member] - USD ($) $ in Thousands		3 Months Ended
	Feb. 10, 2021	Jun. 30, 2024	Jun. 30, 2023
Product Information [Line Items]
Grants receivable	$ 2,200
Grants reduction expense		$ 0	$ 5
Research and development expenses		1,700
Payments for royalties		$ 1,700
Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk percentage	10%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) $ in Millions			1 Months Ended	3 Months Ended
	Jan. 31, 2018	Jan. 13, 2017	Apr. 30, 2023	Jun. 30, 2024	Sep. 30, 2023	Dec. 28, 2021
Loss Contingencies [Line Items]
Loss contingency, damages paid, value			$ 7.6
Hudson Bay Master Fund [Member]
Loss Contingencies [Line Items]
Loss contingency accrual					$ 3.1
January 2017 Offering [Member] | Hudson Bay Master Fund [Member]
Loss Contingencies [Line Items]
Warrants to purchase common stock						83,334
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier [Member]
Loss Contingencies [Line Items]
Outstanding amount under purchase				$ 1.4
Cash deposits				5
Option Agreement [Member]
Loss Contingencies [Line Items]
Payments for development and milestone payment		$ 0.5
Remaining future milestone payments		87
Sales related milestones payments		$ 83
NitricGen Agreement [Member]
Loss Contingencies [Line Items]
Remaining future milestone payments				$ 0.3
NitricGen Agreement [Member] | NitricGen, Inc [Member]
Loss Contingencies [Line Items]
Remaining future milestone payments	$ 2
Future payments based on certain milestones	$ 0.1
Warrants to purchase common stock	100,000
Warrants to purchase common stock, value	$ 0.3
NitricGen Agreement [Member] | NitricGen, Inc [Member] | Next Milestones [Member]
Loss Contingencies [Line Items]
Future payments based on certain milestones	0.1
NitricGen Agreement [Member] | NitricGen, Inc [Member] | After Six Months [Member]
Loss Contingencies [Line Items]
Future payments based on certain milestones	$ 1.5

SCHEDULE OF MATURITY OF LONG TE

SCHEDULE OF MATURITY OF LONG TERM LOAN (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2025
2026	8,750
2027	8,750
Total	$ 17,500

SCHEDULE OF LOAN AND SECURITY A

SCHEDULE OF LOAN AND SECURITY AGREEMENT (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Debt Disclosure [Abstract]
Amount outstanding	$ 17,500	$ 17,500
Debt discount	(5,163)	(4,541)
Amortization of debt discount	1,559	1,149
Final payment liability	1,050	613
Total	$ 14,946	$ 14,721

LOANS (Details Narrative)

LOANS (Details Narrative) - USD ($)			3 Months Ended
	Jun. 21, 2024	Jun. 15, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Interest paid			$ 600,000	$ 0
Class of warrant or right, outstanding		233,843	10,224,586
Additional warrants price	$ 1.28	$ 5.88	$ 2.35
Additional warrants issued	100,000
Debt term payment	$ 87,500
Term liability			$ 1,100,000
Principal reimbursed percent			3.50%
Term payment			$ 100,000
Interest, net proceeds		$ 15,800,000
Securities Purchase Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument, Convertible, Terms of Conversion Feature			Upon
Avenue Capital Group [Member]
Debt Instrument [Line Items]
Conversion principal amount			$ 3,000,000
Conversion stock price			130%
Avenue Capital Group [Member] | Common Stock [Member]
Debt Instrument [Line Items]
Conversion of shares			1,390,176
Conversion amount			$ 2.158
Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Loan, maturity date		Jun. 01, 2027
Interest rate terms		(i) the prime rate, as published by the Wall Street Journal from time to time, plus 3.75% and (ii) 12.00%. The Company may, subject to certain parameters, voluntarily prepay the Loans, in whole or in part, at any time. If prepayment occurs on or before the one-year anniversary of the Closing Date, the Company is required to pay a fee equal to the principal amount of the Loans prepaid multiplied by 3.00%; if prepayment occurs after the one-year anniversary of the Closing Date and on or before the two-year anniversary of the Closing Date, the Company is required to pay a fee equal to the principal amount of the Loans prepaid multiplied by 2.00%; if prepayment occurs after the two-year anniversary and on or before the three-year anniversary of the Closing Date, the Company is required to pay a fee equal to the principal amount of the Loans prepaid multiplied by 1.50%; and if prepayment occurs after the three-year anniversary of the Closing Date and before the Maturity Date, the Company is required to pay a fee equal to the principal amount of the Loans prepaid multiplied by 1.00%.
Debt interest rate, stated percentage		3.50%
Unrestricted cash		$ 5,000,000
Loan and Security Agreement [Member] | Tranche 1 [Member]
Debt Instrument [Line Items]
Secured debt		$ 17,500,000
Loan and Security Agreement [Member] | Tranche 2 [Member]
Debt Instrument [Line Items]
Principal payment term		additional 6 to 18 months
Revenues		$ 40,000,000
Loan and Security Agreement [Member] | Tranche 2 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Secured debt		$ 10,000,000
Product revenue percentage		85%
Loan and Security Agreement [Member] | Tranche 3 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Secured debt		$ 12,500,000
Hudson Bay Master Fund [Member]
Debt Instrument [Line Items]
Accrued liabilities		$ 40,000,000

SCHEDULE OF MATURITY OF FUTURE

SCHEDULE OF MATURITY OF FUTURE LEASE PAYMENTS (Details) - LungFit® PH [Member] $ in Thousands	Jun. 30, 2024 USD ($)
2025	$ 2,155
2026	1,975
2027	997
2028	29
Total	$ 5,156

LEASE REVENUES (Details Narrati

LEASE REVENUES (Details Narrative) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Deferred revenue	$ 0.1	$ 0
Lung Fit PH [Member]
Useful Life	5 years
Depreciation expense	$ 0.5	0.2
Lung Fit PH [Member]
Lease revenue	0.6	0.1
Cash	$ 0.4	$ 0
Minimum [Member]
Contract term	1 year
Maximum [Member]
Contract term	3 years

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member]	Jul. 08, 2024 shares
Subsequent Event [Line Items]
Exercisable shares	125,000
Vesting description	The Inducement Option has a ten-year term and will vest over a four-year period, with 25% of the shares underlying the stock option award vesting on the first anniversary of the date of grant and annually thereafter in three equal installments, subject to Mr. Webster’s continued service with the Company through the applicable vesting dates.
Vesting percentage	25%