Beyond Air, Inc. (XAIR) stock surged 8.49% in the after-market trading session at the price of $14.70 despite no fundamental reason. Beyond Air, Inc. is a clinical-stage biopharmaceutical firm that develops a novel NO Generator and Delivery System. LungFit uses NO from ambient air to deliver NO to the patient’s lungs to treat pulmonary diseases.
XAIR Announced $30 Million of Committed Capital in Private Placement
On 18th November 2021, XAIR published that it had secured $30 million in commitments in a private placement for its private subsidiary, Beyond Cancer. The investors will receive a 20% equity ownership from the private placement of common shares. The company will use funds to complete Phase-I human study, optimize the delivery system, develop its preclinical programs, and appoint new team members. The common shares in the private placement have been offered only to certified investors under the Securities Act of 1933. The transaction will close later this quarter.
XAIR First Fiscal Quarter 2022 Financial Results
On 11th November 2021, XAIR published its financial results for the first fiscal quarter ended 30th September 2021 and provided corporate updates.
Financial Highlights
XAIR reported revenue of $0 for the fiscal quarter ended 30th September 2021. Revenue was $350,000 for the fiscal quarter ended 30th September 2020. Net loss was $8.7 million, or per share of ($0.36), for the fiscal quarter ended 30th September 2021. For the fiscal quarter ended 30th September 2020, the company reported a net loss of $5.1 million, or per share of ($0.30). As of 30th September 2021, cash, cash equivalents, and restricted cash totaled $48.7 million.
For the fiscal quarter ended 30th September 2021, XAIR reported $2.8 million in research and development expenses. Research and development expenses were $3.1 million for the fiscal quarter ended 30th September 2020. General and administrative expenses totaled $3.4 million for the fiscal quarter ended 30th September 2021. For the fiscal quarter ended 30th September 2020, general and administrative costs were $2.2 million. Other income and expenses were a loss of $2.5 million for the fiscal quarter ended 30th September 2021.
