Company Overview - DoorDash was founded in 2013 by Tony Xu and three fellow Stanford students and has become the clear market leader in the U.S. restaurant delivery sector, controlling approximately 60% of the market, which is more than double that of its closest competitor, Uber Eats [1][2]. Business Strategy - The company is expanding into new retail categories and geographies, utilizing in-house mapping technology to optimize delivery logistics, which provides a competitive edge in the delivery-app market [3]. - DoorDash aims to build a comprehensive catalog of the physical world, leveraging data that is not available on platforms like Google Maps or ChatGPT [4]. Leadership and Innovation - Tony Xu's leadership style is gaining attention from peers in the tech industry, including Meta CEO Mark Zuckerberg, highlighting his influence and strategic vision [4]. - The company has developed a highly efficient logistics engine powered by machine learning, which has been in place for the past decade [6]. AI and Data Utilization - DoorDash is strategically positioned to maintain its dominance in the AI-driven local commerce sector, supported by a vast proprietary dataset and a robust AI infrastructure designed for rapid iteration [7]. - The company integrates AI across all operations, enhancing its service delivery and operational efficiency [7]. Financial Performance - DoorDash has seen significant growth, ranking No. 394 on the Fortune 500 list, having debuted at No. 443 in 2024 [6].

Group 1 - Chagee Holdings Ltd. (NASDAQ:CHA) is expected to report quarterly earnings of 40 cents per share on revenue of $458.31 million [2] - Tilray Brands Inc. (NASDAQ:TLRY) announced a 1-for-10 reverse stock split, resulting in a 16% decline in shares to $0.86 in after-hours trading [2] - Analysts predict Globus Maritime Ltd. (NASDAQ:GLBS) will post a quarterly loss of 12 cents per share on revenue of $10.50 million, with shares rising 1.5% to $1.36 in after-hours trading [2] - Post Holdings Inc. (NYSE:POST) has authorized a $500 million share buyback program, leading to a 1.8% increase in shares to close at $102.82 [2] - Beyond Air Inc. (NASDAQ:XAIR) announced the resignation of CFO Doug Larson and appointed Duke Drewell as interim CFO, with shares rising 1.5% to $1.35 in after-hours trading [2]

Core Points - Doug Larson has resigned as Chief Financial Officer of Beyond Air, Inc. to pursue another opportunity, with an interim CFO to be appointed [1][4] - Larson's leadership was crucial in transitioning Beyond Air to a commercial business, particularly with the launch of LungFit PH and clinical research subsidiaries [2] - Beyond Air is actively searching for a permanent successor for the CFO position [1] Company Overview - Beyond Air, Inc. is a commercial-stage medical device and biopharmaceutical company focused on using nitric oxide to treat respiratory illnesses, neurological disorders, and solid tumors [5] - The company has received FDA approval and CE Mark for its LungFit PH system, aimed at treating neonates with hypoxic respiratory failure [5][9] - Beyond Air is advancing other LungFit systems in clinical trials for severe lung infections, including COVID-19 [5][8] Product Details - LungFit is a cylinder-free, phasic flow generator that delivers nitric oxide at concentrations from 1 ppm to 80 ppm, offering operational advantages in hospital settings [7] - The system is designed to replace high-pressure nitric oxide cylinders, improving safety and reducing storage requirements [7] - Beyond Air aims to provide nitric oxide treatment in home settings, particularly for chronic lung infections [8] Research and Development - Beyond Air has partnered with The Hebrew University of Jerusalem to develop treatments for autism spectrum disorder and other neurological disorders [6] - Beyond Cancer, an affiliate of Beyond Air, is investigating the use of ultra-high concentrations of nitric oxide for targeting solid tumors [12] - NeuroNOS, another affiliate, focuses on therapies for neurodevelopmental and neurodegenerative disorders by regulating nitric oxide levels in the brain [13]

Washington, D.C. 20549 _________________________________ As filed with the Securities and Exchange Commission on November 21, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM S-1 REGISTRATION STATEMENT Under The Securities Act of 1933 _________________________________ Beyond Air, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 3841 47-38 ...

Revenue Performance - Revenue increased by 128% year over year to $1.8 million for the fiscal quarter ended September 30, 2025, compared to $0.8 million for the same period last year[8] - Revenues for the three months ended September 30, 2025, were $1,818,000, compared to $798,000 for the same period in 2024, representing a 128% increase[32] - Updated fiscal year 2026 revenue guidance to $8 - $10 million[19] Expenses and Losses - Gross loss decreased to $0.3 million for the quarter ended September 30, 2025, compared to a gross loss of $1.1 million for the same period last year[11] - Research and development expenses decreased to $2.5 million for the quarter ended September 30, 2025, from $4.6 million for the same period last year[12] - Selling, general and administrative expenses decreased to $4.9 million for the quarter ended September 30, 2025, compared to $7.2 million for the same period last year[13] - Net loss attributed to common stockholders was ($7.9) million or a loss of ($1.25) per share for the quarter ended September 30, 2025, compared to a net loss of ($13.4) million or ($5.67) per share for the same period last year[15] - The net loss attributable to Beyond Air, Inc. for the three months ended September 30, 2025, was $7,940,000, compared to $13,358,000 for the same period in 2024, reflecting a 41% decrease[32] Cash and Assets - Proforma cash, cash equivalents, restricted cash, and marketable securities totaled $22.9 million as of September 30, 2025[1] - Cash and cash equivalents increased to $9,699,000 as of September 30, 2025, from $4,665,000 as of March 31, 2025[33] - Total assets as of September 30, 2025, were $30,965,000, compared to $30,062,000 as of March 31, 2025, showing a growth of 3%[33] Operating Expenses - Total operating expenses for the three months ended September 30, 2025, were $7,363,000, down from $11,748,000 in the same period of 2024, indicating a 37% reduction[32] - Research and development expenses for the six months ended September 30, 2025, were $5,536,000, down from $10,594,000 in the same period of 2024, a reduction of 48%[32] Distribution and Designation - The company expanded its global LungFit PH distribution network to 35 countries, covering a combined population of 2.8 billion people[8] - The U.S. FDA granted Orphan Drug Designation to investigational therapies BA-101 and BA-102 for the treatment of Glioblastoma and Phelan-McDermid Syndrome, respectively[16] Other Financial Metrics - Net cash burn for the quarter ended September 30, 2025, was $4.7 million[17] - The weighted average number of shares outstanding for the three months ended September 30, 2025, was 6,356,573, compared to 2,355,927 for the same period in 2024, indicating a significant increase in shares[32] - The total liabilities as of September 30, 2025, were $17,870,000, an increase from $15,721,000 as of March 31, 2025[33] - The company reported a foreign currency translation loss of $18,000 for the three months ended September 30, 2025[32]

Financial Data and Key Metrics Changes - Revenue for the fiscal second quarter increased by 128% year-over-year, reaching $1.8 million, up from $0.8 million in the same period last year [4][15] - The company reported a gross loss of $0.3 million for the fiscal second quarter, an improvement from a loss of $1.1 million for the same period last year [16] - Net loss attributed to common stockholders was $7.9 million, or a loss of $1.25 per share, compared to a net loss of $13.4 million, or a loss of $5.67 per share, for the same quarter last year [18] Business Line Data and Key Metrics Changes - The company introduced a capital purchase sales model in the U.S. and had its first hospital purchase of LungFit PH [6] - The sales pipeline remains robust, with substantial opportunities across the U.S. as awareness of LungFit PH builds [4] Market Data and Key Metrics Changes - The company added new distribution partnerships in Japan, South Korea, Mexico, Costa Rica, Guatemala, Panama, and El Salvador, expanding its international coverage to 35 countries [10][11] - The company anticipates reaching its goal of 60 countries under partnership by calendar 2026 [11] Company Strategy and Development Direction - The company is preparing for the launch of its second-generation LungFit system, expected in late calendar 2026, pending FDA approval [8] - A national group purchasing agreement for therapeutic gases with Premier has been awarded, providing access to nearly 3,000 hospitals [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of growth post-launch of the second-generation LungFit PH, anticipating a steeper growth curve [23] - The company is navigating complexities in hospital sales cycles, with expectations for sequential growth to resume in upcoming quarters [4] Other Important Information - The company raised $12 million in debt and plans to file a registration statement for an additional $20 million through an equity line of credit [5] - The company reported a 37% reduction in total operating expenses year-over-year, down to just above $7.4 million from $11.7 million [16] Q&A Session Summary Question: Expected growth drivers leading into the potential approval of the second-generation LungFit PH - Management believes the trajectory post-launch will be significantly steeper, with international expansion and the introduction of a capital purchase model as key growth drivers [23][24] Question: Comments on timing for commercialization of the second-gen LungFit PH - Management indicated that FDA timing is not the limiting factor, but supply chain issues are affecting the timeline [26] Question: Comparison between the new model and prior ones - The second-generation machine will be about 60% the size of the original, with improved user interface and longer maintenance intervals [28][29] Question: Insights on international deals and pricing models - The international model involves selling to distributors who then use various models, including capital equipment purchases and disposables [33] Question: Update on the updated guidance of $8 million-$10 million - Management noted that the transition in leadership may cause some disruption, but the revenue target is achievable based on current performance [35][36]

Product Approvals and Market Potential - The LungFit PH system received FDA premarket approval in June 2022 and is indicated for improving oxygenation in neonates with hypoxic respiratory failure, with the ability to deliver NO up to 400 ppm [118]. - The company expects U.S. sales potential for LungFit PH to be approximately $350 million and worldwide sales potential to exceed $700 million [131]. - The company received European CE mark approval for LungFit PH on November 26, 2024, and has since received regulatory approvals in multiple countries including Australia and New Zealand [130]. - The LungFit PRO system is being piloted for treating viral pneumonia, with a U.S. market potential exceeding $1.5 billion and worldwide potential over $3 billion [132]. - The U.S. market potential for bronchiolitis is estimated to exceed $500 million, while the worldwide market potential is over $1.2 billion [137]. - The U.S. sales potential for NTM lung infections is projected to be greater than $1 billion, with worldwide sales potential exceeding $2.5 billion [143]. Clinical Trials and Research Findings - In a pilot clinical trial for LungFit PRO, inhaled NO treatment showed a trend of shortening length of stay by a factor of 1.8 compared to standard treatment [134]. - The clinical trial for bronchiolitis showed that 150 ppm NO significantly reduced hospital length of stay and accelerated time to stable oxygen saturation compared to control [138]. - The long-term safety data indicated a favorable re-hospitalization rate for the inhaled NO group, with no serious adverse events reported [140]. - A clinical trial for NTM lung disease received a grant of up to $2.17 million from the Cystic Fibrosis Foundation to advance inhaled NO treatment [144]. - Positive interim data from the NTM clinical trial showed high treatment compliance (>90%) and improvement in quality-of-life domains [146]. Corporate Developments and Financial Performance - The company has reorganized its oncology business into a new private company, Beyond Cancer, with an 80% ownership stake [121]. - Beyond Cancer raised $30 million in a private placement to accelerate preclinical work and clinical trials for UNO therapy [149]. - Revenues for the three months ended September 30, 2025, were $1.8 million, up from $0.8 million in the same period in 2024, representing a 125% increase [166]. - For the six months ended September 30, 2025, revenues were $3.6 million, compared to $1.5 million for the same period in 2024, indicating a 140% increase [167]. - Research and development expenses decreased to $2.5 million for the three months ended September 30, 2025, from $4.6 million in 2024, a reduction of 46% [169]. - Selling, general and administrative expenses for the three months ended September 30, 2025, were $4.9 million, down from $7.2 million in 2024, a decrease of 32% [171]. - The comprehensive loss attributable to Beyond Air, Inc. for the six months ended September 30, 2025, was $15.5 million, compared to $25.5 million in 2024 [178]. Funding and Financial Outlook - The company expects to incur net losses and cash outflows for at least the next twelve months, indicating a need for additional funding [188]. - The company is required to raise additional funds through equity or debt securities to finance operations until generating sufficient product or royalty revenues [198]. - On November 1, 2024, the company entered into a Loan and Security Agreement for a secured loan with an aggregate principal balance of $11.5 million [190]. - On November 4, 2025, the company entered into a note purchase agreement for a secured promissory note in the principal amount of $12.0 million [194]. - The company has experienced an accumulated loss of $302.0 million since inception through September 30, 2025 [187]. - The net cash used in operating activities for the six months ended September 30, 2025, was $9.0 million, primarily due to a net loss of $16.3 million [180].

Core Insights - Beyond Air, Inc. reported a significant revenue increase of 128% year over year, reaching $1.8 million for the fiscal quarter ended September 30, 2025, compared to $0.8 million for the same period last year [5][10] - The company appointed Bob Goodman as Interim Chief Commercial Officer to lead its commercial strategy following the departure of David Webster [3][5] - Beyond Air raised $12 million in debt financing, resulting in a proforma cash balance of $22.9 million as of September 30, 2025, which is expected to support operations into calendar 2027 [9][16] - The company updated its fiscal year 2026 revenue guidance to a range of $8 million to $10 million [17] Financial Performance - Revenue for the fiscal quarter ended September 30, 2025, was $1.8 million, a 128% increase from $0.8 million in the same quarter of 2024 [10] - Gross loss decreased to $0.3 million for the quarter, down from a gross loss of $1.1 million in the prior year, attributed to sales growth and one-time costs [10][15] - Research and development expenses were $2.5 million, down from $4.6 million in the same quarter of 2024, primarily due to reduced salaries and development costs [11] - Selling, general, and administrative expenses decreased to $4.9 million from $7.2 million year-over-year, reflecting cost management efforts [12] Commercial Strategy and Developments - The company is expanding its global distribution network for LungFit PH, now covering 35 countries with a combined population of 2.8 billion [5] - Beyond Air achieved certification for the Medical Device Single Audit Program (MDSAP), enhancing its compliance across multiple international markets [5] - The U.S. Patent and Trademark Office granted a design patent allowance for the second-generation LungFit PH, extending protection through 2040 [5] Regulatory and Clinical Updates - The company is preparing for regulatory approvals outside the U.S. and anticipates FDA approval for its second-generation LungFit PH by the end of calendar 2026 [4] - The PMA supplement for the second-generation LungFit PH was submitted to the U.S. FDA in June 2025 [14] - The company is advancing clinical trials for its investigational therapies, including BA-101 for Glioblastoma and BA-102 for Phelan-McDermid Syndrome, both of which received Orphan Drug Designation from the FDA [14] Upcoming Events - Beyond Air will participate in the AARC Annual Congress from December 6 to 8, 2025, in Phoenix, AZ [5]

Core Viewpoint - Beyond Air, Inc. has secured financing agreements with Streeterville Capital, providing up to $32 million to support its commercial expansion and potential profitability [2][3]. Financing Agreements - The company entered into a $12 million promissory note with a 15% annual interest rate, maturing in 24 months, with no payments due in the first year [3]. - Additionally, a $20 million Equity Line of Credit (ELOC) allows the company to sell newly issued shares over 24 months, with proceeds designated for various corporate purposes [4]. Financial Position - As of September 30, 2025, Beyond Air reported proforma cash and equivalents totaling $22.9 million, which includes the $12 million from the promissory note [1]. Strategic Goals - The financing is aimed at accelerating the commercial expansion of LungFit PH, with expectations of driving sales growth and achieving profitability by the anticipated launch of a second-generation product by the end of 2026 [3]. Company Overview - Beyond Air is focused on developing medical devices and biopharmaceuticals utilizing nitric oxide to treat respiratory illnesses and other conditions [6]. - The company has received FDA approval for its LungFit PH system, which is designed for treating neonates with hypoxic respiratory failure [6][10].

Core Insights - Beyond Air, Inc. will report its financial results for the second fiscal quarter ended September 30, 2025, on November 10, 2025, with a conference call scheduled for 4:30 PM ET on the same day [1] Company Overview - Beyond Air is a commercial-stage medical device and biopharmaceutical company focused on utilizing nitric oxide (NO) to enhance the lives of patients with respiratory illnesses, neurological disorders, and solid tumors [3] - The company has received FDA approval and CE Mark for its first system, LungFit PH, aimed at treating term and near-term neonates with hypoxic respiratory failure [3] - Beyond Air is advancing other LungFit systems in clinical trials for severe lung infections, including viral community-acquired pneumonia and nontuberculous mycobacteria [3] Partnerships and Research Initiatives - The company has partnered with The Hebrew University of Jerusalem to develop a pre-clinical program for treating autism spectrum disorder and other neurological disorders [4] - Beyond Cancer, Ltd., an affiliate of Beyond Air, is exploring ultra-high concentrations of NO with a proprietary delivery system targeting specific solid tumors in pre-clinical studies [4]