Beyond Air (XAIR)
Market Price (10/11/2026): $2.23 | Market Cap: $80,427Sector: Health Care | Industry: Life Sciences Tools & Services
Beyond Air (XAIR)
Market Price (10/11/2026): $2.23Market Cap: $80,427Sector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 61% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -80% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D. | Weak multi-year price returns2Y Excs Rtn is -109%, 3Y Excs Rtn is -178% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -28 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -365% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 16989% Stock price has recently run up significantly6M Rtn6 month market price return is 186% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 62% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -241%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -255% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -41278% High stock price volatilityVol 12M is 2002% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 174% Key risksXAIR key risks include [1] severe financial distress characterized by a high cash burn rate and expensive debt, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 61% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -80% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D. |
| Weak multi-year price returns2Y Excs Rtn is -109%, 3Y Excs Rtn is -178% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -28 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -365% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 16989% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 186% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 62% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -241%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -255% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -41278% |
| High stock price volatilityVol 12M is 2002% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 174% |
| Key risksXAIR key risks include [1] severe financial distress characterized by a high cash burn rate and expensive debt, Show more. |
Qualitative Assessment
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Updated on 10/9/2026
Beyond Air (XAIR) stock has gained about 405% since 6/30/2026 because of the following key factors:
1. FDA Breakthrough Device Designation for LungFit® GO. Beyond Air received FDA Breakthrough Device Designation for LungFit® GO on August 31, 2026, for the treatment of Nontuberculous Mycobacterial Pulmonary Disease (NTM-PD). This designation highlights a significant unmet medical need and could expedite the regulatory pathway for future commercialization in this new indication.
2. Strong Preliminary Revenue for fiscal Q2 2027 and Reaffirmed Robust Guidance. On October 8, 2026, Beyond Air pre-announced preliminary, unaudited revenue of approximately $2.3 million for its fiscal second quarter, which ended September 30, 2026. This figure represents the highest quarterly revenue reported by the company to date, an approximate 30% sequential increase from the prior quarter (fiscal Q1 2027 ended June 30, 2026) and a 27% increase year-over-year. The company also reaffirmed its calendar year 2026 revenue guidance of $8 million (excluding LungFit Generation 2 revenue) and a more substantial guidance of $16 million to $18 million for calendar year 2027, which includes anticipated revenue from the second-generation LungFit PH system, pending FDA approval.
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Beyond Air (XAIR) stock has gained about 405% since 6/30/2026 because of the following key factors:
1. FDA Breakthrough Device Designation for LungFit® GO. Beyond Air received FDA Breakthrough Device Designation for LungFit® GO on August 31, 2026, for the treatment of Nontuberculous Mycobacterial Pulmonary Disease (NTM-PD). This designation highlights a significant unmet medical need and could expedite the regulatory pathway for future commercialization in this new indication.
2. Strong Preliminary Revenue for fiscal Q2 2027 and Reaffirmed Robust Guidance. On October 8, 2026, Beyond Air pre-announced preliminary, unaudited revenue of approximately $2.3 million for its fiscal second quarter, which ended September 30, 2026. This figure represents the highest quarterly revenue reported by the company to date, an approximate 30% sequential increase from the prior quarter (fiscal Q1 2027 ended June 30, 2026) and a 27% increase year-over-year. The company also reaffirmed its calendar year 2026 revenue guidance of $8 million (excluding LungFit Generation 2 revenue) and a more substantial guidance of $16 million to $18 million for calendar year 2027, which includes anticipated revenue from the second-generation LungFit PH system, pending FDA approval.
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Updated on 10/9/2026
Beyond Air (XAIR) stock has gained about 405% since 6/30/2026 because of the following key factors:
1. FDA Breakthrough Device Designation for LungFit® GO. Beyond Air received FDA Breakthrough Device Designation for LungFit® GO on August 31, 2026, for the treatment of Nontuberculous Mycobacterial Pulmonary Disease (NTM-PD). This designation highlights a significant unmet medical need and could expedite the regulatory pathway for future commercialization in this new indication.
2. Strong Preliminary Revenue for fiscal Q2 2027 and Reaffirmed Robust Guidance. On October 8, 2026, Beyond Air pre-announced preliminary, unaudited revenue of approximately $2.3 million for its fiscal second quarter, which ended September 30, 2026. This figure represents the highest quarterly revenue reported by the company to date, an approximate 30% sequential increase from the prior quarter (fiscal Q1 2027 ended June 30, 2026) and a 27% increase year-over-year. The company also reaffirmed its calendar year 2026 revenue guidance of $8 million (excluding LungFit Generation 2 revenue) and a more substantial guidance of $16 million to $18 million for calendar year 2027, which includes anticipated revenue from the second-generation LungFit PH system, pending FDA approval.
3. Anticipation of FDA Approval for LungFit Generation 2. Beyond Air reiterated at the Cantor Global Healthcare Conference on September 10, 2026, its expectation for FDA approval of its LungFit Generation 2 system by the end of calendar year 2026. Management indicated that the final FDA review could take as little as "five or six days" after the completion of the last audit step, with potential approval timing ranging from late October to Thanksgiving or Christmas 2026. This next-generation system is positioned as a primary growth driver, with the potential to expand the company's addressable market to approximately $400 million in the U.S. and $1 billion globally.
4. Successful Private Placement Offering. On July 30, 2026, Beyond Air announced a private placement offering of up to $30.1 million. This capital infusion likely strengthened the company's financial position, providing essential funding for ongoing operations and product development, especially in light of prior concerns regarding debt levels and negative cash flow.
Show less
Beyond Air (XAIR) stock has gained about 405% since 6/30/2026 because of the following key factors:
1. FDA Breakthrough Device Designation for LungFit® GO. Beyond Air received FDA Breakthrough Device Designation for LungFit® GO on August 31, 2026, for the treatment of Nontuberculous Mycobacterial Pulmonary Disease (NTM-PD). This designation highlights a significant unmet medical need and could expedite the regulatory pathway for future commercialization in this new indication.
2. Strong Preliminary Revenue for fiscal Q2 2027 and Reaffirmed Robust Guidance. On October 8, 2026, Beyond Air pre-announced preliminary, unaudited revenue of approximately $2.3 million for its fiscal second quarter, which ended September 30, 2026. This figure represents the highest quarterly revenue reported by the company to date, an approximate 30% sequential increase from the prior quarter (fiscal Q1 2027 ended June 30, 2026) and a 27% increase year-over-year. The company also reaffirmed its calendar year 2026 revenue guidance of $8 million (excluding LungFit Generation 2 revenue) and a more substantial guidance of $16 million to $18 million for calendar year 2027, which includes anticipated revenue from the second-generation LungFit PH system, pending FDA approval.
3. Anticipation of FDA Approval for LungFit Generation 2. Beyond Air reiterated at the Cantor Global Healthcare Conference on September 10, 2026, its expectation for FDA approval of its LungFit Generation 2 system by the end of calendar year 2026. Management indicated that the final FDA review could take as little as "five or six days" after the completion of the last audit step, with potential approval timing ranging from late October to Thanksgiving or Christmas 2026. This next-generation system is positioned as a primary growth driver, with the potential to expand the company's addressable market to approximately $400 million in the U.S. and $1 billion globally.
4. Successful Private Placement Offering. On July 30, 2026, Beyond Air announced a private placement offering of up to $30.1 million. This capital infusion likely strengthened the company's financial position, providing essential funding for ongoing operations and product development, especially in light of prior concerns regarding debt levels and negative cash flow.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 404.6% change in XAIR stock from 6/30/2026 to 10/10/2026 was primarily driven by a 1534.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302026 | 10102026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.45 | 2.25 | 404.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8 | 8 | 0.1% |
| P/S Multiple | 0.0 | 0.0 | -69.2% |
| Shares Outstanding (Mil) | 1 | 0 | 1534.9% |
| Cumulative Contribution | 404.6% |
Market Drivers
6/30/2026 to 10/10/2026| Return | Correlation | |
|---|---|---|
| XAIR | 404.6% | |
| Market (SPY) | 4.3% | -2.9% |
| Sector (XLV) | 7.7% | 4.9% |
Fundamental Drivers
The 226.0% change in XAIR stock from 3/31/2026 to 10/10/2026 was primarily driven by a 1094.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312026 | 10102026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.69 | 2.25 | 226.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7 | 8 | 11.0% |
| P/S Multiple | 0.0 | 0.0 | -75.4% |
| Shares Outstanding (Mil) | 0 | 0 | 1094.6% |
| Cumulative Contribution | 226.0% |
Market Drivers
3/31/2026 to 10/10/2026| Return | Correlation | |
|---|---|---|
| XAIR | 226.0% | |
| Market (SPY) | 20.0% | -2.8% |
| Sector (XLV) | 17.0% | 3.9% |
Fundamental Drivers
The -2.6% change in XAIR stock from 9/30/2025 to 10/10/2026 was primarily driven by a -65.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302025 | 10102026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.31 | 2.25 | -2.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5 | 8 | 60.7% |
| P/S Multiple | 0.0 | 0.0 | 74.3% |
| Shares Outstanding (Mil) | 0 | 0 | -65.2% |
| Cumulative Contribution | -2.6% |
Market Drivers
9/30/2025 to 10/10/2026| Return | Correlation | |
|---|---|---|
| XAIR | -2.6% | |
| Market (SPY) | 17.8% | -1.2% |
| Sector (XLV) | 24.3% | 3.1% |
Fundamental Drivers
The -95.1% change in XAIR stock from 9/30/2023 to 10/10/2026 was primarily driven by a -100.0% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10102026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.20 | 2.25 | -95.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 8 | 12928.8% |
| P/S Multiple | 61.4 | 0.0 | -100.0% |
| Shares Outstanding (Mil) | 0 | 0 | 117.5% |
| Cumulative Contribution | -95.1% |
Market Drivers
9/30/2023 to 10/10/2026| Return | Correlation | |
|---|---|---|
| XAIR | -95.1% | |
| Market (SPY) | 88.4% | 0.2% |
| Sector (XLV) | 38.9% | 2.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| XAIR Return | 79% | -31% | -70% | -82% | -90% | 218% | -98% |
| Peers Return | 14% | -10% | -18% | 21% | -16% | -3% | -18% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| XAIR Win Rate | 67% | 42% | 33% | 33% | 25% | 20% | |
| Peers Win Rate | 55% | 47% | 52% | 53% | 45% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| XAIR Max Drawdown | -46% | -52% | -81% | -86% | -92% | -84% | |
| Peers Max Drawdown | -29% | -34% | -43% | -28% | -38% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LIN, APD, RMD, INSP, INGN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/9/2026 (YTD)
How Low Can It Go
| Event | XAIR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -53.1% | -18.8% |
| % Gain to Breakeven | 113.3% | 23.1% |
| Time to Breakeven | 383 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -37.1% | -7.8% |
| % Gain to Breakeven | 59.0% | 8.5% |
| Time to Breakeven | 103 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.0% | -24.5% |
| % Gain to Breakeven | 92.1% | 32.4% |
| Time to Breakeven | 56 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.1% | -33.7% |
| % Gain to Breakeven | 47.2% | 50.9% |
| Time to Breakeven | 5 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.3% | -19.2% |
| % Gain to Breakeven | 39.4% | 23.8% |
| Time to Breakeven | 45 days | 105 days |
In The Past
Beyond Air's stock fell -53.1% during the 2025 US Tariff Shock. Such a loss loss requires a 113.3% gain to breakeven.
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Asset Allocation
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| Event | XAIR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -53.1% | -18.8% |
| % Gain to Breakeven | 113.3% | 23.1% |
| Time to Breakeven | 383 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -37.1% | -7.8% |
| % Gain to Breakeven | 59.0% | 8.5% |
| Time to Breakeven | 103 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.0% | -24.5% |
| % Gain to Breakeven | 92.1% | 32.4% |
| Time to Breakeven | 56 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.1% | -33.7% |
| % Gain to Breakeven | 47.2% | 50.9% |
| Time to Breakeven | 5 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.3% | -19.2% |
| % Gain to Breakeven | 39.4% | 23.8% |
| Time to Breakeven | 45 days | 105 days |
In The Past
Beyond Air's stock fell -53.1% during the 2025 US Tariff Shock. Such a loss loss requires a 113.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Beyond Air (XAIR)
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Beyond Air (XAIR) is a clinical-stage medical device and biopharmaceutical company focused on developing advanced nitric oxide (NO) generator and delivery systems. The company's core mission is to harness the therapeutic potential of nitric oxide for a range of medical conditions, positioning itself as an innovator in the intersection of medical technology and drug development.
The company's primary product is the LungFit system, a proprietary device engineered to generate and deliver precise doses of nitric oxide directly to patients. This system is currently undergoing clinical trials for several significant indications. These include the treatment of persistent pulmonary hypertension of the newborn (PPHN), acute viral pneumonia (such as COVID-19 and bronchiolitis), and lung infections caused by nontuberculous mycobacteria.
Beyond Air primarily targets patient populations within the medical and clinical fields, seeking to address conditions where inhaled nitric oxide therapy can offer new or improved treatment options. The company is also exploring its technology for solid tumors. As a clinical-stage company, its current focus is on advancing the LungFit system through clinical development, aiming to make these therapies available to healthcare providers and patients across its operational regions, which include Israel, Ireland, Australia, and the European Union.
```AI Analysis | Feedback
Here are 1-3 brief analogies for Beyond Air (XAIR):
- Like Inogen, but for therapeutic nitric oxide instead of oxygen.
- Like Moderna, but focused on a nitric oxide generation and delivery platform for various medical treatments, instead of mRNA.
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- LungFit system: A nitric oxide (NO) generator and delivery system currently in clinical trials for treating conditions such as persistent pulmonary hypertension of the newborn, acute viral pneumonia, bronchiolitis, nontuberculous mycobacteria lung infections, and solid tumors.
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Beyond Air, Inc. (XAIR) is a clinical-stage medical device and biopharmaceutical company. Its primary product, the LungFit system, is currently in clinical trials for various medical conditions.
As a clinical-stage company, Beyond Air, Inc. does not yet have commercialized products available for sale. Therefore, it does not currently have major customers, either companies or individuals, purchasing its products to generate revenue.
The company's current activities are focused on research, development, and conducting clinical trials, rather than commercial sales.
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Management Team
Steve Lisi, Chief Executive Officer and Board Director
Mr. Lisi has served on Beyond Air's Board since January 2017 and as CEO since June 2017. Previously, he was Senior Vice President of Business and Corporate Development at Avadel Pharmaceuticals (AVDL), where he was instrumental in restructuring the company, raising over $125 million, and transforming it from a $100 million enterprise value to $1 billion in three years. Prior to Avadel, Mr. Lisi spent 18 years investing in the global healthcare industry at firms such as Deerfield Management, Millennium Management, and SAC Capital. He is also the Chairman of the Board of Beyond Cancer, an immuno-oncology company focused on solid tumors.
Dan Moorhead, Chief Financial Officer
Mr. Moorhead was appointed Chief Financial Officer, effective January 5, 2026. He brings over 20 years of finance leadership experience across public and private companies. Prior to joining Beyond Air, Mr. Moorhead served as Chief Financial Officer of Zynex, Inc., a publicly traded medical device company, from June 2017 to August 2025. Before his time at Zynex, he spent ten years at Evolving Systems, Inc., where he eventually became CFO. Mr. Moorhead is a CPA and holds a B.B.A. in Accounting from the University of Northern Colorado.
Michael Gaul, Chief Operating Officer
Mr. Gaul serves as the Chief Operating Officer of Beyond Air.
Frederick Montgomery, PhD, Vice President, Medical Systems
Dr. Montgomery is the Vice President, Medical Systems at Beyond Air.
John Jett, PhD, Head of Research and Clinical Development
Dr. Jett serves as the Head of Research and Clinical Development for Beyond Air.
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The key risks to Beyond Air's business include its significant financial challenges and cash burn, the complexities of market adoption and intense competition, and the inherent uncertainties and potential delays in regulatory approvals for its products.
Key Risks to Beyond Air (XAIR)
- Financial Challenges and Cash Burn: Beyond Air faces significant financial hurdles, including substantial cash burn and recurring net losses. The company has burned through approximately $56 million in fiscal year 2024 and reported a net loss of $46.6 million in FY2025. This heavy cash consumption raises concerns about its ability to fund ongoing operations, product development, and commercialization efforts. Despite capital raises aimed at extending its cash runway, the company's financial health remains highly dependent on external funding and successful market penetration to achieve cash flow breakeven.
- Market Adoption and Competitive Pressures: The success of Beyond Air's LungFit system hinges on its acceptance by healthcare providers and its ability to compete effectively in a market dominated by established players. Mallinckrodt, for example, holds a significant market share (70%) in the nitric oxide delivery systems market. Beyond Air faces challenges in convincing customers to switch to its innovative system, and slow hospital onboarding can constrain revenue growth. This competitive landscape and the need for broad market adoption pose substantial risks to the company's commercial success.
- Regulatory Delays and Approval Uncertainties: As a medical device and biopharmaceutical company, Beyond Air's progress is highly dependent on obtaining and maintaining regulatory approvals for its products. Any setbacks, delays, or challenges in securing FDA approvals for next-generation LungFit systems or label expansions for new indications, as well as obtaining CE marking in Europe, could significantly delay market entry and impact revenue projections. The regulatory environment is complex and plays a crucial role in the company's future.
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Addressable Markets for Beyond Air (XAIR) Products and Services
- LungFit system for Persistent Pulmonary Hypertension of the Newborn (PPHN): The global addressable market for PPHN is estimated to be a $700 million opportunity.
- LungFit system for Acute Viral Pneumonia (including COVID-19): The global acute respiratory infection market, which encompasses acute viral pneumonia, was valued at approximately USD 17.8 billion in 2023 and is projected to grow to around USD 20.3 billion by 2032.
- LungFit system for Bronchiolitis: The global bronchiolitis drugs market was valued at USD 58.62 million in 2021 and is expected to reach USD 83.37 million by 2029.
- LungFit system for Nontuberculous Mycobacteria (NTM) Lung Infections: The global nontuberculous mycobacterium treatment market size was valued at USD 9.8 billion in 2025 and is projected to reach USD 12.8 billion by the end of 2035. The NTM market across the seven major markets (US, France, Germany, Italy, Spain, UK, and Japan) is forecast to grow from $2.0 billion in 2023 to $4.6 billion in 2033.
- LungFit system for Solid Tumors: The global solid tumors market size was valued at USD 362.21 billion in 2024 and is projected to reach USD 1557.42 billion by 2032.
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Expected Drivers of Future Revenue Growth for Beyond Air (XAIR)
Beyond Air (NASDAQ: XAIR) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives focused on its LungFit system.
- Increased Adoption and Commercialization of LungFit PH System: Beyond Air expects continued revenue growth from the increasing adoption and commercialization of its LungFit PH system. The company has reported sequential revenue growth and a significant increase in hospital clients, driven by enhanced marketing and customer education programs. An upgraded LungFit PH system, including a key software update, is also expected to meet accelerating demand.
- FDA Approval and Launch of the Next-Generation LungFit PH II System: The anticipated FDA approval of the second-generation LungFit PH II system is a significant driver. This new system is designed to be smaller, lighter, and fully transport-ready, addressing a primary limitation of the first-generation device. This improvement is expected to open up the entire nitric oxide (NO) market and boost the company's market presence upon its expected approval by year-end (calendar year 2026).
- Expansion of LungFit PH Label to Include Cardiac Surgery: Beyond Air has submitted a PMA supplement to the FDA for the expansion of the LungFit PH label to include cardiac surgery. The acceptance and substantive review of this supplement are expected to positively impact revenues, broadening the addressable market for the LungFit PH system. This impact is anticipated in the latter half of fiscal year 2025 and beyond.
- International Expansion of LungFit PH: The company is actively pursuing international expansion for its LungFit PH system. Beyond Air is expanding its global footprint with partnerships in 40 countries and aims to generate revenue in 12 countries by the end of calendar year 2026. Recent distribution agreements include key markets such as Germany, Brazil, Austria, the Netherlands, and Sri Lanka.
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Share Issuance
- In January 2026, Beyond Air entered a private placement to sell 3,930,818 shares of common stock (or pre-funded warrants) and warrants for approximately $5.0 million in gross proceeds.
- In November 2025, the company secured an Equity Line of Credit (ELOC) agreement with Streeterville Capital, allowing them to sell up to $20 million of newly issued common stock over a 24-month period.
- In July 2025, Beyond Air implemented a 1-for-20 reverse stock split to raise its per-share bid price above $1.00 and regain compliance with Nasdaq listing rules.
Inbound Investments
- In November 2025, Beyond Air issued a $12.0 million promissory note to Streeterville Capital, bearing a 15% annual interest rate.
- In January 2026, Beyond Air announced a binding agreement to sell 85% of its NeuroNOS subsidiary to XTL Biopharmaceuticals Ltd., expecting to receive $1 million in cash and up to $31.5 million in milestone-based contingent payments.
- Subsequent to December 31, 2025, the company completed an additional $4.5 million equity financing.
Capital Expenditures
- Capital expenditures were reported as -$1.98 million in the last 12 months.
- Investing cash flow (capital expenditures) was reported as ($2.48 million) over the last twelve months.
- The primary focus of capital expenditures is on the development and commercialization of its LungFit PH system, including the anticipated launch of its second-generation LungFit PH prior to the end of calendar 2026.
Peer Outperformance in Life Sciences Tools & Services
XAIR has trailed 87% of its 108 Life Sciences Tools & Services peers over 5Y. Life Sciences Tools & Services ranks 8th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Life Sciences Tools & Services constituents that XAIR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
48%
of 126 industry peers · -11.4% return
3Y
14%
of 116 industry peers · -94.9% return
5Y
13%
of 108 industry peers · -99.0% return
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Median price return by industry across the Health Care sector, ranked by 5Y. Life Sciences Tools & Services is XAIR's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 13.0% | 45.5% | 92.4% | CAH 440% · MCK 377% · COR 179% |
| Health Care Services | 20 | 22.6% | 34.2% | 13.0% | HIMS 313% · RDNT 161% · DGX 81% |
| Managed Health Care | 8 | 37.5% | -6.1% | 6.4% | OSCR 136% · HQY 43% · ELV 17% |
| Health Care Facilities | 24 | 1.7% | 8.7% | 5.4% | THC 325% · NHC 277% · ENSG 143% |
| Health Care Equipment | 50 | -2.8% | 0.5% | -15.7% | POCI 11350% · UFPT 359% · GKOS 271% |
| Pharmaceuticals | 62 | -7.3% | -3.2% | -29.4% | INDV 1102% · ETON 1009% · LQDA 792% |
| Health Care Supplies | 12 | 30.5% | -8.0% | -35.0% | LNTH 332% · HAE 78% · MMSI 22% |
| Life Sciences Tools & Services ← | 109 | -8.6% | -10.1% | -63.2% | SNWV 2194% · NTRA 259% · MEDP 232% |
| Biotechnology | 364 | -17.4% | -25.3% | -79.7% | DNTH 1102% · CELZ 1098% · ELVN 953% |
| Health Care Technology | 21 | -27.9% | -59.5% | -82.0% | SPOK 78% · HSTM 19% · VEEV 4% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Beyond Air Earnings Notes | 12/16/2025 | |
| With Beyond Air Stock Sliding, Have You Assessed The Risk? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 149.45 |
| Mkt Cap | 17.6 |
| Rev LTM | 3,276 |
| Op Inc LTM | 981 |
| FCF LTM | 54 |
| FCF 3Y Avg | 23 |
| CFO LTM | 981 |
| CFO 3Y Avg | 877 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.6% |
| Rev Chg 3Y Avg | 6.3% |
| Rev Chg Q | 3.8% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Inc Chg LTM | 10.4% |
| Op Inc Chg 3Y Avg | 13.8% |
| Op Mgn LTM | 15.4% |
| Op Mgn 3Y Avg | 13.6% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 23.5% |
| CFO/Rev 3Y Avg | 20.4% |
| FCF/Rev LTM | 5.3% |
| FCF/Rev 3Y Avg | 1.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2021 | 2020 |
|---|---|---|---|---|---|
| Beyond Air | 4 | 1 | 0 | ||
| Beyond Cancer | 0 | 0 | 0 | ||
| NeuroNos | 0 | 0 | |||
| License revenue | 1 | 1 | |||
| Total | 4 | 1 | 0 | 1 | 1 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| NeuroNos | -0 | 0 |
| Beyond Cancer | -9 | -21 |
| Beyond Air | -35 | -42 |
| Total | -45 | -63 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| NeuroNos | -0 | 0 | ||
| Beyond Cancer | -9 | -20 | -18 | -5 |
| Beyond Air | -39 | -44 | -41 | -39 |
| Total | -48 | -64 | -59 | -44 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Beyond Air | 25 | 45 | 48 | 71 | |
| Beyond Cancer | 3 | 12 | 21 | 28 | |
| NeuroNos | 2 | 0 | |||
| License revenue | 41 | ||||
| Total | 30 | 57 | 69 | 99 | 41 |
Price Behavior
Price Behavior
| Market Price | $2.25 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 03/16/2018 | |
| Distance from 52W High | -76.0% | |
| 50 Days | 200 Days | |
| DMA Price | $4.10 | $2.24 |
| DMA Trend | up | down |
| Distance from DMA | -45.2% | 0.6% |
| 3M | 1YR | |
| Volatility | 114.0% | 2,009.9% |
| Downside Capture | 680.34 | -207.14 |
| Upside Capture | -106.22 | -174.16 |
| Correlation (SPY) | 22.8% | -1.0% |
XAIR Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.64 | 4.45 | -9.07 | -6.05 | -1.73 | 0.16 |
| Up Beta | 5.77 | 4.13 | 3.77 | 1.68 | 1.94 | 0.94 |
| Down Beta | 15.19 | 5.07 | 148.18 | 55.71 | 26.25 | 7.21 |
| Up Capture | -121% | 225% | -102% | -79% | -53% | -6% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 6 | 13 | 21 | 48 | 94 | 315 |
| Down Capture | 544% | 632% | -4518% | -2480% | -607% | 69% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 15 | 28 | 41 | 75 | 152 | 408 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XAIR | |
|---|---|---|---|---|
| XAIR | -15.1% | 2,001.9% | 0.89 | - |
| Sector ETF (XLV) | 19.8% | 15.8% | 0.94 | 3.2% |
| Equity (SPY) | 16.7% | 13.0% | 0.91 | -1.2% |
| Gold (GLD) | 3.3% | 29.5% | 0.11 | 2.3% |
| Commodities (DBC) | 45.0% | 20.9% | 1.67 | -5.0% |
| Real Estate (VNQ) | 4.8% | 13.8% | 0.09 | 3.3% |
| Bitcoin (BTCUSD) | -33.2% | 44.2% | -0.79 | 7.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XAIR | |
|---|---|---|---|---|
| XAIR | -59.7% | 899.9% | 0.34 | - |
| Sector ETF (XLV) | 7.7% | 15.2% | 0.31 | 2.7% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 1.3% |
| Gold (GLD) | 18.5% | 18.9% | 0.79 | 1.9% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | -1.9% |
| Real Estate (VNQ) | 1.3% | 18.8% | -0.04 | 2.6% |
| Bitcoin (BTCUSD) | 11.4% | 52.0% | 0.39 | 4.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with XAIR | |
|---|---|---|---|---|
| XAIR | -42.8% | 638.8% | 0.26 | - |
| Sector ETF (XLV) | 11.0% | 16.7% | 0.53 | 2.1% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 1.4% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 2.0% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | -1.0% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 1.8% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 3.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/8/2026 | -9.1% | ||
| 8/18/2026 | -9.1% | -13.1% | -46.2% |
| 6/26/2026 | -6.1% | 1,673.7% | 1,003.0% |
| 2/13/2026 | 2.9% | -3.8% | -23.3% |
| 11/14/2025 | -2.9% | -5.1% | -31.8% |
| 8/18/2025 | -4.6% | -5.0% | -5.0% |
| 6/18/2025 | 14.6% | -19.3% | -16.0% |
| 2/14/2025 | -6.7% | -16.5% | -27.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 8 | 6 |
| # Negative | 15 | 14 | 16 |
| Median Positive | 4.1% | 9.7% | 25.8% |
| Median Negative | -5.3% | -10.4% | -16.1% |
| Max Positive | 14.6% | 1,673.7% | 1,003.0% |
| Max Negative | -9.1% | -20.2% | -46.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/8/2026 | -9.1% | ||
| 8/18/2026 | -9.1% | -13.1% | -46.2% |
| 6/26/2026 | -6.1% | 1,673.7% | 1,003.0% |
| 2/13/2026 | 2.9% | -3.8% | -23.3% |
| 11/14/2025 | -2.9% | -5.1% | -31.8% |
| 8/18/2025 | -4.6% | -5.0% | -5.0% |
| 6/18/2025 | 14.6% | -19.3% | -16.0% |
| 2/14/2025 | -6.7% | -16.5% | -27.1% |
| 11/18/2024 | 3.1% | 7.3% | -15.4% |
| 8/9/2024 | 2.0% | 12.1% | -7.1% |
| 2/16/2024 | 2.6% | -6.7% | -21.1% |
| 11/17/2023 | 6.0% | 5.3% | 13.3% |
| 8/15/2023 | -8.0% | -18.7% | -3.7% |
| 6/23/2023 | -2.6% | -8.0% | -24.6% |
| 2/13/2023 | -7.7% | -12.8% | -3.6% |
| 11/14/2022 | 5.1% | 3.1% | 9.8% |
| 8/15/2022 | -8.3% | -20.2% | -13.9% |
| 6/30/2022 | 10.9% | 63.8% | 33.8% |
| 2/14/2022 | -1.4% | -2.4% | -16.2% |
| 11/15/2021 | -0.1% | -17.6% | -33.7% |
| 8/11/2021 | -3.1% | 4.2% | 28.8% |
| 6/16/2021 | -1.5% | 14.5% | 22.8% |
| 2/11/2021 | -5.3% | -6.5% | -9.6% |
| SUMMARY STATS | |||
| # Positive | 8 | 8 | 6 |
| # Negative | 15 | 14 | 16 |
| Median Positive | 4.1% | 9.7% | 25.8% |
| Median Negative | -5.3% | -10.4% | -16.1% |
| Max Positive | 14.6% | 1,673.7% | 1,003.0% |
| Max Negative | -9.1% | -20.2% | -46.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 06/26/2026 | 10-K |
| 12/31/2025 | 02/13/2026 | 10-Q |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 06/20/2025 | 10-K |
| 12/31/2024 | 02/10/2025 | 10-Q |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 06/24/2024 | 10-K |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 06/22/2023 | 10-K |
| 12/31/2022 | 02/10/2023 | 10-Q |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 06/26/2026 | 10-K |
| 12/31/2025 | 02/13/2026 | 10-Q |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 06/20/2025 | 10-K |
| 12/31/2024 | 02/10/2025 | 10-Q |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 06/24/2024 | 10-K |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 06/22/2023 | 10-K |
| 12/31/2022 | 02/10/2023 | 10-Q |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 06/29/2022 | 10-K |
| 12/31/2021 | 02/10/2022 | 10-Q |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/10/2021 | 10-Q |
| 03/31/2021 | 06/10/2021 | 10-K |
| 12/31/2020 | 02/09/2021 | 10-Q |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 06/23/2020 | 10-K |
| 12/31/2019 | 02/07/2020 | 10-Q |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 10/9/2026Latest: Q3 2026 Earnings Reported 10/8/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 8.00 Mil | 0 | Affirmed | Guidance: 8.00 Mil for 2026 | |||
| 2027 Revenue | Reported | 16.00 Mil | 17.00 Mil | 18.00 Mil | 0 | Affirmed | Guidance: 17.00 Mil for 2027 | |
Prior: Q2 2026 Earnings Reported 8/18/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 8.00 Mil | 0 | Affirmed | Guidance: 8.00 Mil for 2026 | |||
| 2027 Revenue | Reported | 16.00 Mil | 17.00 Mil | 18.00 Mil | 0 | Affirmed | Guidance: 17.00 Mil for 2027 | |
Q4 2026 Earnings Reported 6/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 8.00 Mil | -11.1% | Lowered | Guidance: 9.00 Mil for 2026 | |||
| 2027 Revenue | Reported | 16.00 Mil | 17.00 Mil | 18.00 Mil | ||||
Q3 2026 Earnings Reported 2/13/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 NeuroNOS Transaction Proceeds | Reported | 32.50 Mil | ||||||
| 2026 Revenue | Reported | 8.00 Mil | 9.00 Mil | 10.00 Mil | 0 | Affirmed | Guidance: 9.00 Mil for 2026 | |
Insider Activity
Updated 10/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lin, Yi-Chien | Direct | Buy | 10022026 | 2.80 | 15,393 | 43,100 | 407,100 | Form | |
| 2 | Lin, Yi-Chien | Direct | Buy | 10022026 | 2.71 | 2,000 | 5,420 | 352,300 | Form | |
| 3 | Lin, Yi-Chien | Direct | Buy | 10022026 | 2.69 | 3,000 | 8,070 | 344,320 | Form | |
| 4 | Goodman, Robert Scott | Chief Executive Officer | Direct | Buy | 7312026 | 5.76 | 34,722 | 199,999 | 200,575 | Form |
| 5 | Moorhead, Daniel J | Chief Financial Officer | Direct | Buy | 7312026 | 5.76 | 4,340 | 24,998 | 24,998 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lin, Yi-Chien | Direct | Buy | 10022026 | 2.80 | 15,393 | 43,100 | 407,100 | Form | |
| 2 | Lin, Yi-Chien | Direct | Buy | 10022026 | 2.71 | 2,000 | 5,420 | 352,300 | Form | |
| 3 | Lin, Yi-Chien | Direct | Buy | 10022026 | 2.69 | 3,000 | 8,070 | 344,320 | Form | |
| 4 | Goodman, Robert Scott | Chief Executive Officer | Direct | Buy | 7312026 | 5.76 | 34,722 | 199,999 | 200,575 | Form |
| 5 | Moorhead, Daniel J | Chief Financial Officer | Direct | Buy | 7312026 | 5.76 | 4,340 | 24,998 | 24,998 | Form |
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Life Sciences Tools & Services Resources |
| GenomeWeb |
| BioSpace |
| The Scientist |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/10/2026