Beyond Air, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company generated revenues of $798,000 for the three months ended September 30, 2024, a substantial increase from $239,000 in the same period of 2023. For the six months ended September 30, 2024, revenues reached $1.481 million, compared to $298,000 in the prior year. This growth is attributed to the leasing of its LungFit® PH device, which has been marketed since July 2022 for treating persistent pulmonary hypertension in neonates.
Operating expenses for the three months ended September 30, 2024, totaled $11.748 million, down from $17.342 million in the same quarter of 2023. For the six-month period, operating expenses decreased to $24.995 million from $32.972 million. The net loss for the three months ended September 30, 2024, was $14.029 million, a reduction from $17.426 million in the same quarter of the previous year. The net loss attributable to Beyond Air, Inc. for the same period was $13.358 million, compared to $16.220 million in 2023. The net basic and diluted loss per share improved to $(0.28) from $(0.51) year-over-year.
The company’s cash and cash equivalents increased significantly to $28.447 million as of September 30, 2024, up from $11.378 million at the end of March 2024. Total current liabilities also decreased to $6.599 million from $11.567 million during the same period. Total liabilities were reported at $23.716 million, down from $29.775 million. Total stockholders’ equity attributable to Beyond Air increased to $28.127 million from $25.048 million.
Strategically, Beyond Air has implemented a capital conservation strategy, which included reducing staffing levels by over 30% and placing its viral community-acquired pneumonia (VCAP) study on hold pending future funding. The company also entered into a secured loan agreement on September 27, 2024, for $11.5 million, with a 10-year term and 15% interest, alongside an 8% royalty on net sales starting July 2026. Additionally, Beyond Air extinguished a senior secured term loan with Avenue Capital for a one-time payment of $17.85 million, eliminating future debt payments of $12 million.
Overall, Beyond Air's financial performance reflects a strategic focus on reducing expenses while increasing revenue through its LungFit® product line, positioning the company for future growth in the medical device market.
About Beyond Air, Inc.
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