Beyond Air Reports Financial Results for Fourth Quarter and Fiscal Year-End 2023 Successfully completed phase 1 of U.S. commercial launch, with multiple hospitals contracted, and have initiated phase 2 of launch for Lung

Air Reports Financial Results

Fourth Quarter and Fiscal Year-End 2023

completed phase 1 of U.S. commercial launch, with multiple hospitals contracted, and have initiated phase 2 of launch for LungFit

PH for the treatment of term and near-term neonates with hypoxic respiratory failure

positive preclinical data for ultra-high concentration nitric oxide (UNO) therapy in solid tumors during the American Association for

Cancer Research (AACR) 2023 annual meeting

commercial rights to selective neuronal nitric oxide synthase (nNOS) inhibitors for the treatment of autism spectrum disorder and other

indications from Hebrew University of Jerusalem

up to $40 million debt financing

call scheduled for 4:30 p.m. ET today, June 22nd

City, NY, June 22, 2023 - Beyond Air, Inc. (NASDAQ: XAIR) ("Beyond Air" or the "Company") a

commercial stage medical device and biopharmaceutical company focused on harnessing the power of endogenous and exogenous nitric oxide

(NO) to improve the lives of patients suffering from respiratory illnesses, neurological disorders and solid tumors (through its affiliate

Beyond Cancer, Ltd.), today announced financial results for its fiscal fourth quarter and year ended March 31, 2023.

successfully completed our phase 1 limited commercial launch of LungFit PH in the United States signing multiple hospitals to contracts.

We are pleased with the hard work and dedication demonstrated by our commercial team, and as planned, we have shifted into phase two

where we are making significant progress in our efforts to expand the team and our geographic reach." said Steve Lisi, Chairman

and Chief Executive Officer of Beyond Air.

are the leader in nitric oxide research as evidenced from our robust pipeline of revolutionary LungFit systems, the development of ultra-high

concentration NO to treat solid tumors, and now the development of nNOS inhibitors to treat autism and potentially other neurological

conditions," continued Mr. Lisi.

Highlights and Upcoming Milestones

Results for the Fiscal Year Ended March 31, 2023

and development expenses for the fiscal year ended March 31, 2023 were $16.8 million, compared with $11.8 million for the fiscal year

ended March 31, 2022. The increase of $5.0 million was attributed primarily to an increase in development costs in Cancer, Autism and

preparing for the approval of PPHN, partially offset in a decrease in spend on NTM and bronchiolitis (BRO).

general and administrative expenses for the fiscal year ended March 31, 2023, increased to $34.7 million, compared with $18.4 million

for the fiscal year ended March 31, 2022. The increase was due to a $9.2 million structural investment in Beyond Cancer, with the remaining

$7.1 million driven primarily by the US commercial launch of LungFit PH.

operating expenses for the fiscal year ended March 31, 2023, were zero, compared with $10.5 million which were entirely related to the

contingent liability for the Circassia settlement from May of 2021. As a reminder, the Company paid $2.5 million to Circassia in the

2nd fiscal quarter of 2023, we have another $3.5 million to pay in the 2nd fiscal quarter of 2024 with the final $4.5 million not due

until the 2nd quarter of fiscal 2025.

income and expense was a $7.3 million loss for the fiscal year ended March 31, 2023, compared with a $3.4 million loss for the fiscal

year ended March 31, 2022. The increase of $3.9 million was primarily due to a non-product related legal matter that was resolved in

the fourth fiscal quarter of 2023.

the fiscal year ending March 31, 2023, the Company had a GAAP net loss of $59.4 million, of which $55.8 million, or ($1.86) per share,

was attributable to the shareholders of Beyond Air, Inc., compared with a net loss of $43.2 million, or ($1.68) per share, for the fiscal

year ended March 31, 2022.

of March 31, 2023, the Company reported cash, cash equivalents, and marketable securities of $45.9 million. Additionally, the Company

recently secured $17.5 million, before fees, through an agreement with Avenue Capital, increasing its cash balance.

June 22nd @ 4:30 PM ET

Air is a commercial stage medical device and biopharmaceutical company dedicated to harnessing the power of nitric oxide through its

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 has received FDA approval for its first system, LungFit PH for persistent pulmonary hypertension of the newborn. Beyond Air is

currently advancing its other revolutionary LungFit systems in clinical trials for the treatment of severe lung infections such as viral

community-acquired pneumonia (including COVID-19), NTM and severe lung infections in other settings. Additionally, Beyond Cancer, an

affiliate of Beyond Air, is investigating 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 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 resistant strains.

Air's LungFit is a cylinder-free, phasic flow 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 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 PH is approved for commercial use only in the United States of America to treat term and near-term neonates

with hypoxic respiratory failure. Beyond Air's other LungFit systems are not approved for commercial use and are 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.

Viral Community-Acquired Pneumonia (VCAP)

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. NO may prove to be a treatment

as the impact on the lung should result in bronchodilation, reduction in inflammation and inhibition of the viral replication process.

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 considered 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 Mycobacterium avium

complex (MAC) and have the potential to cause severe adverse events. Beyond Air's system is designed to deliver 150 - 400

ppm NO to the lungs, and early data, including from the pilot study of the LungFit GO, indicate that this range of NO concentrations