Beyond Air Inc. (XAIR) stock started the Monday, June 21, 2021, trading by losing 0.58% in the normal session and closed at %5.10 per share. Later in the after-hours session, XAIR shares gained 14.71% and closed at $5.85 per share. XAIR shares have fallen 31.82% over the last 12 months, and they have moved down 6.25% in the past week. Over the past three months, the stock has lost 9.73%, while over the past six months, it has shed 1.54%.
Let’s have a look at its recent developments.
Recent financial results announcement
On June 10, 2021, Beyond Air, Inc released its financial results for its fourth quarter and fiscal year ended March 31, 2021.
Financial highlights for the year ended March 31, 2021
- Beyond Air earned a revenue of $873 thousand for the fiscal year ended March 31, 2021, as compared to $1.4 million for the fiscal year ended March 31, 2020.
- Research and development expenses were $12.6 million for the fiscal year ended March 31, 2021, compared to $10.6 million for the fiscal year ended March 31, 2020.
- General and administrative expenses were $10.5 million for the fiscal year ended March 31, 2021, compared to $8.9 million for the fiscal year ended March 31, 2020.
- The company suffered a net loss of 22.9 million, or $1.27 per share for the fiscal year ended March 31, 2021, compared to a net loss of $20.5 million, or $1.78 per share for the fiscal year ended March 31, 2020.
- The Company had cash, cash equivalents, and restricted cash of $35.3 million on March 31, 2021.
Settlement Agreement with Circassia
On May 26, 2021, Beyond Air, Inc signed an agreement with former LungFit PH commercial licensee, Circassia Group plc. Under the terms of the agreement, Beyond Air now holds full global rights to LungFit PH, and Beyond Air retains the United States and China commercialization rights to LungFit PH in exchange for returning upfront and milestone payments received by the Company in 2019, along with capped future royalty payments.
New Appointments
On May 20, 2021, Beyond Air, Inc appointed Rebecca Van Doren as Head of Sales and Kori-Ann Taylor as Head of Marketing to strengthen its commercial leadership team.
Ms. Van Doren and Ms. Taylor each bring decades of healthcare industry leadership experience and in-depth knowledge of the nitric oxide market.
Earlier on May 03, 2021, Beyond Air, Inc appointed Peter Senior to Director of Business Development.
Presentation of LungFit® PRO Programs Data at ATS 2021
On May 13, 2021, Beyond Air, Inc presented the data at the American Thoracic Society (ATS) International Conference 2021, which held virtually from May 14 – May 19. The data from both LungFit® PRO programs, acute viral pneumonia (including COVID-19) and bronchiolitis, show a favorable safety profile and encouraging efficacy trends using high concentration inhaled NO for the treatment of acute viral lung infections in hospitalized patients.
Conclusion
As of this writing, there is no such news which could be the reason behind its rally in the after-hours on Monday. It is hard to predict for us how XAIR stock will perform in the coming days.
