The following is a summary of the Beyond Air, Inc. (XAIR) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Beyond Air reported a significant Q3 revenue increase of over 60% from the previous quarter, reaching $0.4 million.

• Gross margin remains negative due to software upgrade costs, idle equipment depreciation, and inefficiencies related to early-stage growth.

• R&D expenses rose to $6.8 million due to rising costs associated with device development and increased salaries for R&D teams.

• SG&A expenses increased to $9.8 million, mainly due to stock-based compensation and increased salaries.

• The company reported a net loss of $17.1 million for the quarter, with $16.1 million attributable to shareholders.

• Net cash used totaled $12.7 million, with cash and cash equivalents standing at $31.4 million as of December 31, 2023.

Business Progress:

• A recent software upgrade was approved by the FDA and has generated increased demand for product evaluations.

• The company secured three multiyear contracts after showcasing the upgraded system at the American Academy of Respiratory Care in November.

• Beyond Air was granted an innovative technology contract award from Vizient, extending their business reach.

• The company's Phase 1 study evaluating ultra-high concentration nitric oxide (UNO) showed no dose-limiting toxicities at 25,000 ppm single-dose UNO.

• CE Mark is expected to be obtained in the first half of 2024, which will result in a milestone payment from partner Getz Healthcare.

• FDA approval is anticipated by the end of 2024 for the expansion of current nitric oxide-based treatment to include cardiac surgery.

• Significant progress has been made in updating the LungFit device software and the development of the company's pipeline, despite depreciation and refitting costs.

More details: Beyond Air IR

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