Beyond Air, Inc. (XAIR): History, Ownership, Mission, How It Works & Makes Money

When you look at Beyond Air, Inc. (XAIR), are you seeing a small-cap medical device company that grew revenue by 220% in fiscal year 2025, or a niche player still navigating a complex path to profitability?

The reality is a bit of both: they are a commercial-stage firm whose flagship LungFit PH system, which delivers cylinder-free nitric oxide, brought in $3.7 million in revenue for FY2025, but management is projecting a massive leap to a $12 million to $16 million range for FY2026, so the question is how defintely they can close that gap.

To understand that potential, you have to look past the current $10.49 million market capitalization and analyze the strategic moves, like the recent securing of up to $32 million in financing and the fact their system is now in regular use at over 45 hospitals nationwide.

Beyond Air, Inc. (XAIR) History

You're looking for the origin story of Beyond Air, Inc., and how a medical device company focused on nitric oxide (NO) therapy carved out its niche. The journey from a single idea to a commercial-stage entity with a global footprint is never a straight line, but for Beyond Air, it's a story of regulatory validation and strategic commercial pivot.

The core of the company's evolution is its proprietary LungFit® system, which generates NO on demand from ambient air, eliminating the need for bulky gas cylinders. That cylinder-free approach is the defintely the game-changer here.

Given Company's Founding Timeline

Year established

The company was established in 2011.

Original location

The original location of the company was in Jericho, NY, before its corporate office moved to Garden City, NY.

Founding team members

Key figures in the company's founding and early development include Dr. Ronen Rubinfeld, who is cited as the founder, and Amir Avniel, who is also cited as a founder and currently serves as Co-Founder & COO.

Initial capital/funding

The specific amount of the initial capital or seed funding is not publicly disclosed. However, the company has since raised an undisclosed amount across four funding rounds, with its first funding round occurring in February 2021.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's history is defined by its shift from a development-stage entity to a commercial one, driven by regulatory success and a focused market strategy. The biggest moment was the 2019 FDA approval for LungFit PH, which immediately opened the door to the U.S. market for persistent pulmonary hypertension of the newborn (PPHN).

The fiscal year 2025 performance showed a significant inflection point in commercial execution. Here's the quick math: a 220% revenue increase to $3.7 million for the year ended March 31, 2025, is a clear signal that hospitals are adopting the cylinder-free system. What this estimate hides is the significant investment required; the company still reported a net loss of $46.6 million for FY2025, though that was an improvement from the prior year.

• Regulatory Validation: The FDA approval in 2019 was the single most important event, validating the core technology and allowing the commercial launch a year later.
• Financial Stability in Late 2025: The November 2025 financing deal for up to $32 million, including a $12 million promissory note, provided the necessary capital to push aggressive commercial expansion and advance the second-generation device.
• Global Expansion: By Q2 FY2026 (ended September 30, 2025), the strategic expansion of the LungFit PH distribution network to 35 countries, covering a population of 2.8 billion people, marked a true global pivot beyond the U.S. market.

You can read more about the company's long-term strategy here: Mission Statement, Vision, & Core Values of Beyond Air, Inc. (XAIR).

Beyond Air, Inc. (XAIR) Ownership Structure

Beyond Air, Inc. (XAIR) is a publicly traded, clinical-stage medical device company, meaning its ownership is distributed among a mix of institutional investors, company insiders, and the general public. This structure results in a high degree of transparency and regulatory oversight from the Securities and Exchange Commission (SEC), but it also means the stock is subject to the volatility of public markets.

Beyond Air, Inc.'s Current Status

The company is listed on the Nasdaq Capital Market (NasdaqCM) under the ticker symbol XAIR. As of late November 2025, the stock price was trading around the $1.31 to $1.35 per share range. For the 2025 fiscal year, the company reported an annual revenue of approximately $3.70 million and a net loss of around $46.62 million, underscoring its status as a growth-focused biotech firm with a significant burn rate. This means operational decisions are defintely scrutinized by shareholders looking for a clearer path to profitability. If you want to dive deeper into these figures, check out Breaking Down Beyond Air, Inc. (XAIR) Financial Health: Key Insights for Investors.

Beyond Air, Inc.'s Ownership Breakdown

The company's ownership structure is characterized by a relatively high concentration of shares held by insiders, which can influence strategic direction and voting outcomes. Here's the quick math on who holds the shares, based on the most recent filings for the 2025 fiscal year:

While institutional ownership is at 10.53%, major individual insiders hold a substantial portion of the company. For example, Lead Independent Director Robert Carey is one of the largest individual shareholders, holding a significant number of shares. This concentration means insider sentiment and transactions are critical indicators for the stock's near-term direction.

Beyond Air, Inc.'s Leadership

The company is steered by an experienced management team, with an average tenure of 3.3 years, which is solid for a biotech firm. The leadership is focused on advancing the LungFit platform and its various applications.

• Steven Lisi: Serves as both Chief Executive Officer and Chairman of the Board. His total reported compensation for the 2025 period was approximately $821,140.
• Douglas Larson: Holds the position of Chief Financial Officer. His compensation for the period was around $405,280.
• Michael Gaul: Is the Chief Operating Officer. He received approximately $464,870 in total compensation.
• Robert Carey: Acts as the Lead Independent Director, providing critical oversight and holding a substantial personal investment in the company.

The dual role of Mr. Lisi as CEO and Chairman is a governance structure you see often in smaller, founder-led companies, but it's something I always flag for investors because it concentrates power. Still, the presence of a Lead Independent Director like Mr. Carey helps balance the board's independence.

Beyond Air, Inc. (XAIR) Mission and Values

Beyond Air, Inc.'s core purpose transcends its commercial-stage status, focusing on leveraging its proprietary nitric oxide (NO) technology to revolutionize respiratory care and improve patient outcomes across multiple disease areas, including neurological disorders and solid tumors.

This commitment is the cultural backbone of the company, especially as they navigate the financial reality of a $46.6 million net loss in fiscal year 2025, even with revenue surging 220% to $3.7 million compared to the prior year. They are betting their long-term value on this mission, not just the near-term financials.

Beyond Air, Inc.'s Core Purpose

Every company has a 'why' that drives the tough decisions, like managing a cash position of $6.9 million against a long-term debt of $12.2 million as of March 31, 2025. For Beyond Air, that 'why' is rooted in transforming how we treat serious illnesses with a simpler, more effective delivery system.

Official mission statement

The formal mission statement for Beyond Air is clear and action-oriented. It's about fundamental change in the standard of care, not just incremental improvement.

• To improve lives through innovative therapies and diagnostic tools for respiratory diseases, transforming the standard of care.

The mission is defintely focused, but the company's work extends beyond just respiratory conditions, which shows their ambition to take the nitric oxide platform (LungFit®) much further.

Vision statement

The vision is to establish Beyond Air as a leader in a field currently dominated by older, cylinder-based systems. This means winning in the market by setting new clinical and operational benchmarks.

• Set new standards: Aiming to transform the current approaches to treating respiratory diseases.
• Expand treatment options: Providing a broader range of effective therapies using nitric oxide.
• Advance diagnostic capabilities: Developing tools that allow for earlier and more accurate detection of respiratory conditions.

You can see the full breakdown of their guiding principles here: Mission Statement, Vision, & Core Values of Beyond Air, Inc. (XAIR).

Beyond Air, Inc. slogan/tagline

While the company doesn't use a single, fixed slogan in all communications, their messaging consistently centers on three key pillars that capture the essence of their technology and its impact.

• Innovation in respiratory care.
• Improving patient outcomes.
• Transforming respiratory treatment.

Their core values, which underpin these statements, center on improving patient outcomes and addressing unmet medical needs in the field of respiratory care. That's the real driver behind their push to get their LungFit® system into more than 45 U.S. hospitals. [cite: 3 from first search]

Beyond Air, Inc. (XAIR) How It Works

Beyond Air, Inc. operates by developing and commercializing a proprietary platform, LungFit, that generates nitric oxide (NO) gas from ambient air on-demand, moving away from the cumbersome, high-pressure gas cylinders that have been the industry standard for decades. This technology allows the company to deliver inhaled nitric oxide therapy for a range of pulmonary and, through its subsidiary NeuroNOS, neurological conditions, creating a more efficient and safer treatment option for hospitals and, eventually, home-use patients.

Beyond Air, Inc.'s Product/Service Portfolio

Beyond Air, Inc.'s Operational Framework

The company's operational focus is split between commercial execution for its approved device and disciplined clinical development for its pipeline. Honestly, it's a tightrope walk between generating sales and funding R&D, but they've been clear about the strategy.

• Commercializing LungFit PH: The primary revenue driver is the placement of LungFit PH systems in hospitals, which stood at over 45 U.S. hospitals by the end of fiscal year 2025. Revenue for FY 2025 was $3.7 million, a 220% increase from the prior year.
• Global Distribution: They are expanding their reach through international distribution partnerships, which now cover markets representing over 2 billion lives. Active shipments are going to Europe, Australia, and the Middle East, following regulatory wins like the Australian TGA market authorization in January 2025.
• R&D and Pipeline Management: The company maintains an active clinical pipeline for both pulmonary and neurological indications, including the submission of a PMA supplement for a second-generation LungFit PH device. They are keeping a lid on spending, reducing R&D expenses by $7.5 million in FY 2025.
• Capital Conservation: A key operational move in 2025 was implementing a capital conservation strategy, which included a headcount reduction of over 25% since January 2024, to extend the cash runway. This is defintely a necessary move when you are an emerging commercial-stage company.

Beyond Air, Inc.'s Strategic Advantages

Beyond Air's main advantage is a technological leap that fundamentally changes the delivery of nitric oxide therapy, plus they are strategically building a diverse pipeline to use the same core technology in new, high-value markets.

• Cylinder-Free Technology: The LungFit platform eliminates the need for bulky, high-pressure NO gas cylinders, which reduces hospital inventory and storage requirements, and significantly improves safety by removing the need for nitrogen dioxide (NO2) purging steps. This is a massive operational benefit for hospitals.
• On-Demand, Ambient Air Generation: Generating NO from ambient air means the therapy is always available and can be delivered on-demand, unlike legacy systems that rely on managing gas cylinder supply chains. This translates directly to improved workflow and reduced risk of treatment interruption.
• Pipeline Diversification: The company is leveraging its nitric oxide expertise beyond PPHN into severe lung infections and, through NeuroNOS, into high-unmet-need areas like Glioblastoma and Phelan-McDermid Syndrome, both of which have received Orphan Drug Designation in 2025. This gives them multiple shots on goal.

To be fair, the company is still in a high-growth, high-burn phase, reporting a net loss of $46.6 million in FY 2025. You can dive deeper into the financial mechanics of this transition here: Breaking Down Beyond Air, Inc. (XAIR) Financial Health: Key Insights for Investors

Beyond Air, Inc. (XAIR) How It Makes Money

Beyond Air, Inc. generates revenue primarily through the commercialization of its flagship medical device, the LungFit® PH system, which delivers inhaled nitric oxide (iNO) to patients, and the recurring sale of its proprietary disposable consumables required for the system's operation.

The company operates on a razor/razor blade model: the LungFit PH device is the razor placed in hospitals, and the high-volume, disposable components-like the NO2 Smart Filters-are the recurring, high-margin blades that drive long-term revenue growth.

Beyond Air's Revenue Breakdown

While Beyond Air's financial reporting does not explicitly segment revenue into device versus consumables, the cost structure provides a clear picture of the economic drivers. For the fiscal year ended March 31, 2025, the company reported total revenue of $3.7 million. The table below reflects the primary commercial streams for the LungFit PH system, with the 'Consumables & Service' stream being the intended long-term growth engine.

Business Economics

Beyond Air's economic model is built on disrupting the traditional inhaled nitric oxide (iNO) market, which relies on heavy, high-pressure gas cylinders. The LungFit PH system generates iNO from ambient air on demand, eliminating the logistical and safety burdens of cylinders.

• Value Proposition: The core value is operational efficiency and cost savings for hospitals. The system removes the need for cylinder inventory management, storage space, and the safety risks associated with high-pressure gas and nitrogen dioxide ($\text{NO}_2$) purging steps.
• Pricing Strategy: The company utilizes a mix of device sales or leases (Product Revenue) and mandatory, recurring sales of disposable components (Consumables & Service Revenue). Securing a national group purchasing agreement (GPO) with Premier, Inc., effective July 2025, grants over 4,350 member hospitals access to special pricing for the LungFit PH system and its disposable filters, which should accelerate adoption.
• High Initial Cost: The high initial cost of deploying the LungFit PH devices, including depreciation and one-time upgrade costs, is a major headwind right now. This is why the Cost of Revenue ($5.4 million) for FY2025 exceeded the total revenue, resulting in a gross loss of $1.7 million. The long-term profitability hinges on the recurring, higher-margin consumable revenue stream.

The real financial win comes from the recurring revenue, not the initial device placement.

Beyond Air's Financial Performance

The company is in a commercial-stage growth phase, which means significant investment in sales, R&D, and device deployment, resulting in net losses despite strong revenue growth.

• Revenue Growth: For the fiscal year ended March 31, 2025, total revenue was $3.7 million, representing a 220% increase from the prior fiscal year. This demonstrates strong commercial traction for the LungFit PH system.
• Net Loss: The net loss attributable to common stockholders for FY2025 was $46.6 million, an improvement from the $60.2 million net loss in FY2024. The company is defintely focused on cost control.
• Operating Expenses: Operating expenses saw a significant reduction in FY2025, with Research and Development (R&D) expenses decreasing to $16.9 million (from $24.4 million in FY2024) and Selling, General, and Administrative (SG&A) expenses dropping to $26 million (from $37.3 million in FY2024). This reduction was largely due to cost-cutting measures, including staff reductions and office closures.
• Cash Position: As of March 31, 2025, the company held $6.9 million in cash, cash equivalents, and marketable securities, with $12.2 million in long-term debt. Management is focused on extending the cash runway, with an expectation to achieve cash flow breakeven in the fourth fiscal quarter of 2026.

To understand the full strategic context of these numbers, you should review the Mission Statement, Vision, & Core Values of Beyond Air, Inc. (XAIR).

Beyond Air, Inc. (XAIR) Market Position & Future Outlook

Beyond Air, Inc. is a small-cap disruptor in the inhaled nitric oxide (iNO) market, leveraging its cylinder-free LungFit platform to challenge the established, cylinder-based incumbents. The company's future hinges on accelerating the commercial adoption of LungFit PH, which generated revenue of just $3.7 million in fiscal year 2025, while simultaneously advancing its pipeline of non-traditional nitric oxide therapies for viral lung infections and oncology.

Competitive Landscape

The inhaled nitric oxide market is highly concentrated, but Beyond Air, Inc. is carving out a niche with its generator-based technology. The traditional market leaders, like Mallinckrodt, control the vast majority of the revenue with their legacy compressed gas cylinders.

Here's the quick math: with the global inhaled nitric oxide market valued at around $1.02 billion in 2025, Beyond Air, Inc.'s FY2025 revenue of $3.7 million translates to a sub-one percent share, but that small slice represents the high-growth generator segment.

Opportunities & Challenges

You're looking at a company with a compelling technology but a demanding cash burn. The next 18 months are defintely critical for execution.

Industry Position

Beyond Air, Inc. is positioned as the primary technological innovator in the inhaled nitric oxide space, moving the industry away from cumbersome, high-pressure gas cylinders toward on-demand generation. This is a crucial shift because the tankless system eliminates major logistical and safety headaches for hospitals. It's a classic disruptive play.

• The core value proposition is operational: LungFit PH is installed in over 45 U.S. hospitals, which value the elimination of cylinder storage, transport, and inventory management.
• The company's technology is a direct threat to the 72.0% market share held by traditional NO gas cylinders in 2024, as generator and delivery systems are forecast to expand at a 10.4% CAGR through 2030.
• Analyst consensus, though varied, leans toward a 'Moderate Buy' rating, suggesting Wall Street sees significant upside potential (predicted upside of over 700% by some analysts) if the commercial execution and pipeline progress materialize.

To really understand the financial runway and capital structure supporting this growth, you should read Breaking Down Beyond Air, Inc. (XAIR) Financial Health: Key Insights for Investors. Finance: track Q3 FY2026 gross margin improvement against the $12-$16 million revenue guidance for FY2026 by the next earnings call.