Beyond Air Reports Financial Results for Fourth Fiscal Quarter and Year-End 2022 LungFit PH received FDA approval for the treatment of term and near-term neonates with hypoxic respiratory failure on

Air Reports Financial Results for Fourth Fiscal Quarter and Year-End 2022

PH received FDA approval for the treatment of term and near-term neonates with hypoxic respiratory failure on June 28, 2022 and

the first phase of U.S. commercial launch has begun

positive data for high-concentration nitric oxide (NO) with LungFit PRO in hospitalized patients with community-acquired

viral pneumonia, including covid-19, at ECCMID 2022

positive long-term safety data for high-concentration NO at PAS 2022 in infants hospitalized with bronchiolitis

positive updated interim data from the ongoing at-home LungFit GO pilot study for nontuberculous mycobacterial lung disease

screening has begun for the Phase I trial of ultra-high concentration gaseous NO (UNO) being conducted by the Company's oncology

affiliate, Beyond Cancer

call scheduled for 4:30 p.m. ET today, June 28th

City, NY, June 28, 2022 - Beyond Air, Inc. (NASDAQ: XAIR), a clinical-stage medical device and biopharmaceutical

company focused on developing inhaled nitric oxide (NO) for the treatment of patients with respiratory conditions, including serious

lung infections and pulmonary hypertension and, through its affiliate Beyond Cancer, ultra-high concentration nitric oxide (UNO) for

the treatment of solid tumors, today announced financial results for its fiscal fourth quarter and year ended March 31, 2022.

hard work and dedication, we have achieved the goal of FDA approval for our first LungFit system," commented Steve

Lisi, Chairman and Chief Executive Officer of Beyond Air. "We believe the introduction of this groundbreaking system, LungFit PH,

will transform the way nitric oxide is used by hospital staff and provide numerous benefits related to safety and cost. In addition,

we are on track to receive CE Mark for LungFit PH in Europe during the second half of calendar year 2022. Looking beyond LungFit PH,

we believe receiving this initial regulatory approval in the U.S. validates our patented Ionizer technology and creates a path

forward for the other devices in the LungFit platform, including LungFit PRO and LungFit GO, to address other respiratory indications

with even larger patient populations with unmet medical needs."

Lisi added, "Over the past few months we have taken significant strides in our other clinical programs, presenting new data at

four medical conferences. This includes positive safety and efficacy data for high-concentration NO with LungFit PRO in patients hospitalized

with community-acquired viral pneumonia at ECCMID 2022 and positive long-term safety data in infants hospitalized with bronchiolitis

at PAS 2022, strengthening our previously reported strong data. Additionally, at the ATS 2022 conference we presented positive interim

data from our NTM pilot study using the LungFit GO to deliver up to 250 ppm NO in the home setting.

at AACR 2022 our oncology affiliate, Beyond Cancer, presented positive new preclinical data for its ultra-high concentration gaseous

NO (UNO) therapy for solid tumors. Beyond Cancer's Phase I first-in-human study for UNO therapy in solid tumors is open for enrollment.

We continue to be excited by the progress this talented team is making as they advance the development of UNO therapy to treat solid

tumors," concluded Mr. Lisi.

Highlights and Upcoming Milestones

Viral Pneumonia (CAVP) Data (including COVID-19)

results for the fiscal year ended March 31, 2022

for the fiscal year ended March 31, 2022 was $0 as compared to $0.9 million for the fiscal year ended March 31, 2021, all of which was

and development expenses for the fiscal year ended March 31, 2022 were $11.8 million, compared to $12.6 million for the fiscal year ended

and administrative expenses for the fiscal year ended March 31, 2022 increased to $18.4 million, from $10.5 million for the fiscal year

ended March 31, 2021, mainly due to the structural investments required to prepare the Company for commercial launch in the U.S.

operating expenses for the fiscal year ended March 31, 2022 were $10.5 million, entirely related to the contingent liability in the settlement

agreement with Circassia which was recognized in the fourth quarter of fiscal 2022 in accordance with GAAP. $2.5 million of this liability

is due within the next 12 months.

income and expense for the fiscal year ended March 31, 2022 was a loss of $3.4 million compared to $0.7 million for the fiscal year ended

March 31, 2021. In the fiscal year ended March 31, 2022, the Company recorded an estimated liability for contingent loss related to a

lawsuit for $2.4 million.

the fiscal year ended March 31, 2022, the Company had a net loss of $44.1 million of which $43.2m or ($1.68) per share was attributable

to the shareholders of Beyond Air, compared to a net loss of $22.9 million, or ($1.27) per share for the fiscal year ended March 31,

of March 31, 2022, the Company had cash and cash equivalents of $80.2 million.

June 28th @ 4:30 PM ET

https://viavid.webcasts.com/starthere.jsp?ei=1547908&tp_key=64be312891 or the

Events page of the Company's website (click here)

Air, Inc. is a clinical-stage medical device and biopharmaceutical company developing a revolutionary NO Generator and Delivery System,

LungFit , that uses NO generated from ambient air to deliver precise amounts of NO to the lungs for the potential treatment

of a variety of pulmonary diseases. The LungFit can generate up to 400 ppm of NO, for delivery either continuously or

for a fixed amount of time and has the ability to either titrate dose on demand or maintain a constant dose. The Company is currently

applying its therapeutic expertise to develop treatments for pulmonary hypertension in various settings, in addition to treatments for

respiratory tract infections that are not effectively addressed with current standards of care. Beyond Air is currently advancing its

revolutionary LungFit for clinical trials for the treatment of severe lung infections such as acute viral pneumonia (including

COVID-19) and nontuberculous mycobacteria (NTM). Additionally, Beyond Air is using ultra-high concentrations of NO with a proprietary

delivery system to target certain solid tumors in the pre-clinical setting. For more information, visit www.beyondair.net.

Oxide (NO) is a powerful molecule, naturally synthesized in the human body, proven to play a critical role in a broad array of biological

functions. In the airways, NO targets the vascular smooth muscle cells that surround the small resistance arteries in the lungs. Currently,

exogenous inhaled NO is used in adult respiratory distress syndrome, post certain cardiac surgeries, and persistent pulmonary hypertension

of the newborn to treat hypoxemia. Additionally, NO is believed to play a key role in the innate immune system and in vitro studies suggest

that NO possesses anti-microbial activity not only against common bacteria, including both gram-positive and gram-negative, but also

against other diverse pathogens, including mycobacteria, viruses, fungi, yeast, and parasites, and has the potential to eliminate multi-drug

Air's LungFit is a cylinder-free, phasic flow nitric oxide generator and delivery system and has been designated

as a medical device by the U.S. Food and Drug Administration (FDA). The ventilator compatible version of the device can generate NO from

ambient air on demand for delivery to the lungs at concentrations ranging from 1 part per million (ppm) to 80 ppm. The LungFit

system could potentially replace large, high-pressure NO cylinders providing significant advantages in the hospital setting, including

greatly reducing inventory and storage requirements, improving overall safety with the elimination of NO2 purging steps, and other benefits.

The LungFit can also deliver NO at concentrations at or above 80 ppm for potentially treating severe acute lung infections

in the hospital setting (e.g. COVID-19, bronchiolitis) and chronic, refractory lung infections in the home setting (e.g. NTM). With the

elimination of cylinders, Beyond Air intends to offer NO treatment in the home setting.

Beyond Air's LungFit is not approved for commercial use. Beyond Air's LungFit is for investigational

use only. Beyond Air is not suggesting NO use over 80 ppm or use at home.

pulmonary hypertension of the newborn (PPHN) is a lethal condition and secondary to failure of normal circulatory transition at birth.

It is a syndrome characterized by elevated pulmonary vascular resistance (PVR) that causes labile hypoxemia due to decreased pulmonary

blood flow and right-to-left shunting of blood. Its incidence has been reported as 1.9 per 1000 live births (0.4-6.8/1000 live

births) with mortality rate ranging between 4-33%. This syndrome complicates the course of about 10% of infants with respiratory

failure and remains a source of considerable morbidity and mortality. NO gas is a vasodilator, is approved in dozens of countries to

improve oxygenation and reduces the need for extracorporeal membrane oxygenation (ECMO) in term and near-term (>34 weeks gestation)

neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction

with ventilator support and other appropriate agents.

Community Acquired Viral Pneumonia

adults, viruses have been identified as the causative agents in approximately 100 million cases of community-acquired pneumonia per year.

While viral pneumonia in adults is most commonly caused by rhinovirus, respiratory syncytial virus (RSV) and influenza virus, newly emerging

viruses (including SARS-CoV-1, SARS-CoV-2, avian influenza A, and H1N1 viruses) have been identified as pathogens contributing to the

overall burden of adult viral pneumonia. Patients aged 65 years or older are at particular risk for death from the disease, as are patients

with other underlying health conditions or weakened immune systems. There is no consensus regarding the use of antiviral drugs to treat

viral pneumonia, and specific preventative measures are currently limited to the influenza vaccine. Given that current treatment recommendations

are largely limited to supportive care, there is an unmet medical need for effective treatment options.

mycobacteria (NTM) infection is a rare and serious bacterial infection in the lungs causing debilitating pulmonary disease associated

with high morbidity and mortality. NTM infection is acquired by inhaling aerosolized bacteria from the environment, and can lead to NTM

lung disease, a progressive and chronic condition. According to the Cystic Fibrosis Foundation, 13% of U.S. cystic fibrosis patients

had a positive culture for a NTM species in 2017. NTM is an emerging public health concern worldwide because of its multi-drug antibiotic

resistance. Current treatment guidelines suggest a combination of multiple antibiotics dosed chronically for as long as two years. These

complex, expensive and invasive regimens have a poor record in the treatment of Mycobacterium abscessus complex (MABSC) and refractory