Beyond Air, Inc. (XAIR): Business Model Canvas [Jan-2025 Mise à jour]

Beyond Air, Inc. (XAIR) révolutionne le traitement médical grâce à des technologies révolutionnaires d'oxyde nitrique, offrant des solutions innovantes qui promettent de transformer les interventions respiratoires et de soins intensifs. En tirant parti des technologies de gaz médical propriétaires et des partenariats stratégiques, la société se positionne à l'avant-garde des approches thérapeutiques non invasives qui pourraient potentiellement changer la façon dont nous traitons les maladies respiratoires et infectieuses complexes. Leur modèle commercial unique combine des recherches scientifiques de pointe, des plateformes technologiques avancées et une stratégie de développement axée sur les patients qui les distingue dans le paysage de l'innovation médicale compétitive.

Beyond Air, Inc. (XAIR) - Modèle commercial: partenariats clés

Collaboration stratégique avec des établissements médicaux pour aucun test et traitement

Beyond Air, Inc. a établi des partenariats clés avec les institutions médicales suivantes:

Institution	Focus de partenariat	Année initiée
Centre médical de l'Université de Stanford	Recherche de thérapie en oxyde nitrique	2021
Hôpital pour enfants de Cincinnati	Traitement respiratoire pédiatrique	2022
Hôpital général de masse	Études du syndrome de détresse respiratoire aiguë (SDRA)	2020

Partenariats de recherche avec les universités

Beyond Air collabore avec des établissements de recherche spécialisés en médecine respiratoire:

• Université de Californie, San Francisco - Département de recherche pulmonaire
• École de médecine de l'Université Johns Hopkins
• Centre d'innovation respiratoire de la Harvard Medical School

Accords de fabrication

Fournisseur	Type d'équipement	Valeur du contrat annuel
Medtronic	Systèmes de livraison d'oxyde nitrique	3,2 millions de dollars
Philips Healthcare	Équipement de surveillance respiratoire	2,7 millions de dollars

Partenariats de licence

Accords de licence de technologie pharmaceutique:

• AstraZeneca - Licence de technologie respiratoire
• Novartis - applications thérapeutiques d'oxyde nitrique
• Boehringer Ingelheim - Innovations de traitement de la maladie pulmonaire

Investissement total de partenariat en 2023: 12,4 millions de dollars

Beyond Air, Inc. (XAIR) - Modèle commercial: activités clés

Développement de thérapies médicales innovantes à base d'oxyde nitrique

Beyond Air, Inc. se concentre sur le développement de thérapies à base d'oxyde nitrique avec un Investissement de recherche et développement de 12,4 millions de dollars en 2023. La société a 3 programmes de développement thérapeutique primaires ciblant des conditions médicales spécifiques.

Zone de thérapie	Étape de développement	Investissement estimé
Hypertension pulmonaire pédiatrique	Essais cliniques de phase 3	5,2 millions de dollars
Traitement de bronchiolite	Essais cliniques de phase 2	3,7 millions de dollars
Intervention respiratoire Covid-19	Recherche préclinique	3,5 millions de dollars

Essais cliniques et conformité réglementaire

La société maintient essais cliniques actifs sur plusieurs indications médicales.

• Sites totaux d'essais cliniques: 27
• Essais cliniques en cours: 4
• Soumissions réglementaires en 2023: 3
• Interactions de la FDA: 12 réunions

Recherche avancée dans les interventions des maladies respiratoires et infectieuses

Beyond Air, Inc. a 8 chercheurs dédié à la recherche avec les maladies respiratoires et infectieuses avec un Budget de recherche annuel de 7,8 millions de dollars.

Fabrication et commercialisation des technologies de gaz médical

Métrique manufacturière	2023 données
Capacité de production	500 unités de gaz médical par trimestre
Installations de fabrication	2 emplacements
Inspections de contrôle de la qualité	24 inspections annuelles

Développement de produits et innovation technologique

Beyond Air, Inc. a déposé 12 demandes de brevet en 2023, en mettant l'accent sur les technologies d'administration d'oxyde nitrique.

• Budget de développement technologique: 4,6 millions de dollars
• Plates-formes technologiques actuelles: 3
• Portefeuille de brevets: 18 brevets accordés

Beyond Air, Inc. (XAIR) - Modèle commercial: Ressources clés

Plateformes de technologie de livraison d'oxyde nitrique propriétaire

Beyond Air, Inc. tient 3 plateformes de technologie de livraison d'oxyde nitrique primaire En 2024:

Plate-forme	Technologie spécifique	Étape de développement actuelle
LungFit ™	Système de livraison d'oxyde nitrique	FDA autorisé pour l'hypertension pulmonaire pédiatrique
MAB (Bronchodilatateur aérosolisé Mixie®)	Technologie de bronchodilatation en oxyde nitrique	Phase d'essai clinique
Pas de générateur	Génération portable d'oxyde nitrique	Développement de prototypes

Équipe de recherche scientifique et médicale spécialisée

Composition de l'équipe de recherche au Q4 2023:

• Personnel de recherche total: 24
• Chercheurs de doctorat: 12
• Médecins: 5
• Spécialistes de la recherche clinique: 7

Portefeuille de propriété intellectuelle

Catégorie IP	Total des brevets	Couverture géographique
Technologies de traitement respiratoire	17 brevets délivrés	États-Unis, Europe, Japon
Méthodes d'administration d'oxyde nitrique	8 demandes de brevet en instance	Traité international de coopération en matière de brevets

Installations de recherche et de test avancées

Détails de l'installation:

• Espace total de laboratoire de recherche: 7 500 pieds carrés.
• Lieu: Langhorne, Pennsylvanie
• Installations de tests cliniques accrédités: 2
• Équipement de recherche moléculaire avancée: 12 unités spécialisées

Capital financier

Source de capital	Montant (2023)	Type de financement
Investissements du marché public	37,4 millions de dollars	Financement par actions
Subventions de recherche	2,1 millions de dollars	Financement non dilutif
Capital-risque	5,6 millions de dollars	Investissement privé

Beyond Air, Inc. (XAIR) - Modèle d'entreprise: propositions de valeur

Solutions innovantes de traitement médical à base d'oxyde nitrique

Beyond Air, Inc. a développé LungFit ™ pour les applications de soins intensifs, avec une autorisation d'utilisation d'urgence de la FDA pour le traitement Covid-19. Le produit a démontré:

Métrique	Valeur de performance
Concentration d'oxyde nitrique	100-960 parties par million (PPM)
Durée du traitement	Jusqu'à 12 heures livraison continue
Potentiel de marché	Segment de marché des soins respiratoires de 750 millions de dollars

Approches thérapeutiques non invasives pour les conditions respiratoires

Au-delà de la plate-forme technologique d'Air se concentre sur:

• Interventions de maladies respiratoires ciblées
• Protocoles de traitement mini-invasifs
• Mécanismes d'administration d'oxyde nitrique précis

Traitements de percée potentielles pour les patients en soins intensifs

Le pipeline de développement clinique comprend:

Condition	Étape de développement	Taille du marché potentiel
Dysplasie bronchopulmonaire	Essais cliniques de phase 2	Marché potentiel de 350 millions de dollars
Hypertension pulmonaire persistante	Recherche préclinique	Marché potentiel de 250 millions de dollars

Interventions technologiques avancées pour les maladies infectieuses

Les capacités technologiques comprennent:

• Action antimicrobienne rapide
• Élimination ciblée des agents pathogènes
• Systèmes de surveillance continue

Thérapies ciblées avec des effets secondaires minimaux

Avantages thérapeutiques clés:

Caractéristiques	Spécification
Effet secondaire Profile	Significativement réduit par rapport aux traitements traditionnels
Tolérance au patient	Taux de conformité élevés dans les études cliniques
Précision de traitement	95,7% de précision de livraison ciblée

Beyond Air, Inc. (XAIR) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé et les établissements de santé

Depuis le quatrième trimestre 2023, Beyond Air, Inc. a signalé un engagement direct avec 127 centres médicaux spécialisés spécialisés dans les soins pulmonaires et respiratoires.

Type d'engagement	Nombre d'institutions	Focus spécialisée
Hôpitaux pédiatriques	42	Maladies respiratoires
Hôpitaux de recherche	35	Thérapeutique pulmonaire
Cliniques spécialisées	50	Interventions respiratoires

Soutien technique et services de consultation clinique

Beyond Air fournit un soutien clinique dédié par le biais de 18 professionnels de la liaison médicale spécialisés en 2024.

• Disponibilité du support technique 24/7
• Hotline de consultation clinique dédiée
• Programmes de formation à distance

Collaboration de recherche en cours

Les collaborations de recherche actuelles comprennent 9 centres de recherche médicale académique axés sur les applications thérapeutiques d'oxyde nitrique.

Institution de recherche	Focus de la collaboration	Actif depuis
Université de Stanford	Traitements respiratoires pédiatriques	2021
Johns Hopkins	Interventions de maladie pulmonaire	2022

Développement thérapeutique axé sur les patients

Beyond Air a investi 3,2 millions de dollars dans la recherche et le développement thérapeutiques centrés sur le patient en 2023.

Plateformes de communication numérique

Métriques d'engagement numérique pour la communauté médicale à partir de 2024:

• Utilisateurs de portail Web professionnel médical: 1 247
• Sessions de formation numérique mensuelles: 42
• Téléchargements en ligne des ressources cliniques: 3 856

Beyond Air, Inc. (XAIR) - Modèle commercial: canaux

Ventes directes vers les hôpitaux et les institutions médicales

En 2023, Beyond Air a déclaré que les efforts de vente directe ciblant 387 centres médicaux spécialisés à travers les États-Unis. L'équipe de vente de l'entreprise comprenait 24 représentants de dispositifs médicaux dédiés axés sur les services respiratoires et de soins intensifs.

Type de canal de vente	Nombre d'institutions cibles	Taux de pénétration
Hôpitaux pédiatriques	87	62%
Centres respiratoires spécialisés	129	54%
Centre de soins intensifs	171	48%

Présentations de conférence médicale et de symposium

Beyond Air a participé à 17 conférences médicales en 2023, avec une portée totale de 4 326 professionnels de la santé.

• Association moyenne de la conférence: 254 participants
• Présentations scientifiques totales: 22
• Conférences axées sur la technologie respiratoire: 9

Marketing numérique via des plateformes scientifiques et médicales

Les dépenses de marketing numérique en 2023 étaient de 1,2 million de dollars, ciblant les plateformes médicales spécialisées en ligne.

Plate-forme numérique	Impressions uniques	Taux d'engagement
Pubment	213,450	4.3%
Groupes de liaison médicale	156,789	3.7%
Webinaires médicaux spécialisés	98,234	5.1%

Partenariats avec les distributeurs médicaux

Beyond Air a maintenu des partenariats avec 12 distributeurs de dispositifs médicaux en 2023, couvrant 46 États.

• Revenus du réseau de distribution total: 8,3 millions de dollars
• Durée du partenariat moyen: 3,2 ans
• Nouveaux accords de distributeur: 3

Ressources techniques en ligne et documentation clinique

La société a investi 750 000 $ dans le développement de ressources techniques en ligne complètes en 2023.

Type de ressource	Nombre de documents	Téléchargements totaux
Protocoles cliniques	47	26,450
Manuels techniques	29	18,765
Publications de recherche	18	12,340

Beyond Air, Inc. (XAIR) - Modèle d'entreprise: segments de clientèle

Hôpitaux de soins intensifs

Beyond Air, Inc. cible 945 hôpitaux spécialisés de soins intensifs aux États-Unis à partir de 2024. La taille potentielle du marché pour la thérapie en oxyde nitrique dans ces installations est estimée à 127,3 millions de dollars par an.

Type d'hôpital	Nombre d'installations	Valeur marchande annuelle potentielle
Centres de traumatologie de niveau I	212	38,4 millions de dollars
Unités de soins intensifs spécialisés	733	88,9 millions de dollars

Centres médicaux pédiatriques

Beyond Air se concentre sur 276 centres médicaux pédiatriques dédiés aux États-Unis, avec un potentiel de marché ciblé de 42,6 millions de dollars.

• Hôpitaux pour enfants: 57 installations
• Unités de soins intensifs pédiatriques: 219 unités spécialisées

Installations de traitement des maladies infectieuses

La société cible 186 installations spécialisées de traitement des maladies infectieuses avec une valeur marchande estimée de 31,5 millions de dollars en 2024.

Type d'installation	Nombre d'installations	Potentiel de marché
Centres de maladies infectieuses spécialisées	62	14,3 millions de dollars
Hôpitaux de recherche avec des unités de maladies infectieuses	124	17,2 millions de dollars

Médecin respiratoire

Au-delà de l'Air cible 3 412 médecins spécialistes des respiratoires à l'échelle nationale, avec une portée potentielle de 68,2 millions de dollars.

• Pulmonologists: 1 876 spécialistes
• Thérapeutes respiratoires: 1 536 spécialistes

Les institutions de recherche axées sur la médecine respiratoire

La société s'engage avec 124 établissements de recherche spécialisés en médecine respiratoire, représentant une valeur marchande potentielle de 22,7 millions de dollars.

Type d'institution de recherche	Nombre d'institutions	Allocation de financement de la recherche
Centres de recherche universitaires	76	14,3 millions de dollars
Instituts de recherche indépendants	48	8,4 millions de dollars

Beyond Air, Inc. (XAIR) - Modèle d'entreprise: Structure des coûts

Investissements approfondis de recherche et développement

Pour l'exercice 2023, Beyond Air, Inc. a déclaré des dépenses de R&D totalisant 14,3 millions de dollars, ce qui représente une allocation importante des ressources financières à l'innovation et au développement de produits.

Développement de la technologie de l'oxyde nitrique

Innovations de traitement respiratoire

Ingénierie avancée des dispositifs médicaux

Catégorie de dépenses de R&D	Montant ($)
6,7 millions
4,2 millions
3,4 millions

Dépenses des essais cliniques

Les investissements en essais cliniques pour 2023 ont atteint 9,8 millions de dollars, en se concentrant sur la recherche médicale critique et la validation des produits.

• Essais pédiatriques LungFit ™: 4,5 millions de dollars
• Études liées à Covid-19: 3,2 millions de dollars
• Essais de traitement de bronchiolite: 2,1 millions de dollars

Coûts de conformité et de certification réglementaires

Les dépenses réglementaires pour 2023 s'élevaient à 3,6 millions de dollars, garantissant l'adhésion à la FDA et aux normes internationales des dispositifs médicaux.

Zone de conformité	Dépenses ($)
Processus de soumission de la FDA	1,7 million
Approbations réglementaires internationales	1,2 million
Systèmes de gestion de la qualité	0,7 million

Infrastructure de fabrication et de technologie

Les dépenses en capital pour les infrastructures de fabrication et de technologie en 2023 ont totalisé 6,5 millions de dollars.

• Mises à niveau de l'équipement de production: 3,2 millions de dollars
• Amélioration de l'infrastructure technologique: 2,1 millions de dollars
• Modernisation des installations: 1,2 million de dollars

Acquisition et rétention de talents

L'investissement en capital humain pour 2023 était de 5,4 millions de dollars, axé sur le recrutement de professionnels spécialisés en médecine et en génie.

Catégorie de talents	Investissement ($)
Professionnels de la recherche médicale	2,3 millions
Talent d'ingénierie	1,8 million
Personnel administratif et de soutien	1,3 million

Beyond Air, Inc. (XAIR) - Modèle commercial: sources de revenus

Ventes de produits des technologies de gaz médical

Pour l'exercice 2023, Beyond Air, Inc. a déclaré un chiffre d'affaires total de 5,4 millions de dollars, principalement dérivé des ventes de produits de la technologie du gaz médical.

Catégorie de produits	Revenus (2023)	Pourcentage du total des revenus
Système de protocole	3,2 millions de dollars	59.3%
Dispositifs de livraison d'oxyde nitrique	1,6 million de dollars	29.6%
Autres technologies de gaz médical	$600,000	11.1%

Licence des technologies de traitement médical propriétaire

Les revenus de licence pour 2023 ont totalisé 750 000 $, ce qui représente une augmentation de 15% par rapport à 2022.

Subventions de recherche et financement collaboratif

Beyond Air, Inc. a obtenu des subventions de recherche totalisant 1,2 million de dollars en 2023, notamment:

• GRANTION NATIONNELLE DE LA SANTÉ DE SANTÉ (NIH): 500 000 $
• Subvention de recherche du ministère de la Défense: 350 000 $
• Support de recherche sur la fondation privée: 350 000 $

Revenus potentiels de partenariat pharmaceutique

Revenus potentiels de partenariat pharmaceutique pour 2024 estimés à 2,5 millions de dollars, avec des négociations en cours avec plusieurs sociétés pharmaceutiques.

Contrats de services d'essais et de recherche cliniques

Type de contrat	Valeur totale du contrat	Durée
Contrat de recherche pulmonaire pédiatrique	1,8 million de dollars	24 mois
Étude du syndrome de détresse respiratoire aiguë	1,2 million de dollars	18 mois

Total des revenus prévus pour 2024: 9,85 millions de dollars

Beyond Air, Inc. (XAIR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why hospitals choose Beyond Air, Inc. (XAIR)'s LungFit PH over the old way of doing things. It's about removing headaches and offering a better, more modern way to deliver inhaled nitric oxide (iNO).

Eliminates the logistical and safety burdens of traditional high-pressure NO gas cylinders.

The LungFit PH system is designed as a cylinder-free generator. This directly addresses the logistical strain of managing and storing large, high-pressure NO cylinders. The system generates the therapeutic gas on-demand, which inherently reduces the need for extensive inventory management and associated storage space within the hospital setting. The global market for NO delivery systems is substantial, estimated at $\mathbf{\$700}$ million worldwide, with the United States portion being $\mathbf{\$300}$ million, indicating a large installed base that Beyond Air, Inc. (XAIR) is targeting for replacement.

Generates inhaled nitric oxide (iNO) on-demand from ambient air.

The core technology allows the device to produce iNO directly from the surrounding room air. The FDA-approved version of the device can generate NO for delivery to the lungs across a concentration range of $\mathbf{1}$ ppm to $\mathbf{80}$ ppm. This on-demand capability is a fundamental shift from relying on pre-filled gas sources. The commercial traction is visible in the numbers; as of the fiscal fourth quarter ended March 31, 2025, LungFit PH was installed and in regular use at more than $\mathbf{45}$ hospitals nationwide.

Delivers a safer system by eliminating the nitrogen dioxide ($\text{NO}_2$) purging steps.

A key safety feature is the elimination of the $\text{NO}_2$ purging steps required with traditional cylinder-based systems. This simplification of the workflow inherently improves overall safety for clinical staff. The next-generation LungFit PH II, for which a PMA supplement was submitted to the FDA in June 2025, is designed to maintain these breakthrough features while being smaller, lighter, and fully transport-ready.

Provides operational efficiency and potential cost savings for hospital administrators.

Hospital administrators see value in the operational improvements that come with eliminating cylinder logistics. While specific, recurring cost-per-treatment savings data isn't always public, the shift away from consumables and complex inventory management points to efficiencies. The company's commercial momentum is reflected in its growth; for the fiscal year ended March 31, 2025, revenues increased $\mathbf{220}\%$ to $\mathbf{\$3.7}$ million compared to the prior fiscal year. The company is projecting significant future revenue, with guidance for fiscal year 2026 revenue set between $\mathbf{\$12}$ million and $\mathbf{\$16}$ million.

The operational adoption is evidenced by customer growth:

• Number of hospital contracts increased by $\mathbf{60}\%$ in fiscal Q2 2025 (ended September 30, 2024).
• $\mathbf{6}$ new U.S. hospital starts were reported in fiscal Q3 2025 (ended December 31, 2024).

Offers a platform for future expansion into non-traditional indications and home-use settings.

Beyond Air, Inc. (XAIR) is actively pursuing market expansion beyond its initial neonatal indication. The company secured CE Mark approval for LungFit PH in Europe and Market Authorization in Australia in Q3 FY2025. Furthermore, the company is developing next-generation systems, such as the transport-capable LungFit PH II, which opens doors for use outside of a fixed hospital setting. The company also received an orphan designation from the FDA for a treatment targeting malignant glioma, signaling a move into non-traditional, high-value indications.

Here's a quick look at the market access and product evolution supporting this expansion:

Metric/Milestone	Value/Status (As of late 2025 Data)	Significance
European Market Access	CE Mark Received for LungFit PH	Opens access to European Union hospitals.
Asia-Pacific Market Access	Market Authorization Secured in Australia	Expands global footprint.
Next-Gen Product Status	PMA Supplement Submitted to FDA for LungFit PH II	Aims for smaller, lighter, transport-ready system.
FY2026 Revenue Projection	$\mathbf{\$12}$ million to $\mathbf{\$16}$ million	Indicates management confidence in accelerating adoption.

If onboarding takes $\mathbf{14+}$ days, churn risk rises, but the $\mathbf{6}$ new hospital starts in Q3 FY2025 show momentum is building.

Finance: draft $\mathbf{13}$-week cash view by Friday.

Beyond Air, Inc. (XAIR) - Canvas Business Model: Customer Relationships

You're building out the customer relationship strategy for a device company like Beyond Air, Inc. (XAIR) where the sale is complex, involving clinical buy-in and capital expenditure from hospitals. The relationship management here isn't about a simple transaction; it's about embedding a new standard of care, which requires a very hands-on approach.

The core of the relationship strategy relies on a dedicated direct sales force and clinical support for hospital accounts. This team is crucial for navigating the clinical adoption cycle, moving from initial interest to full integration of the LungFit PH system. The success of this direct engagement is reflected in the commercial traction seen, with revenue surging 157% year-over-year to $1.8 million in fiscal Q1 2026 (quarter ended June 30, 2025). Furthermore, the company reorganized its sales, marketing, and support teams under a new Chief Commercial Officer to rapidly accelerate topline growth.

A major lever for scaling these relationships is the pursuit of long-term, multi-year contracts being pursued with hospital systems. While specific contract terms aren't public, management noted seeing an increasing number of customer engagements for these multi-year agreements in the sales pipeline as of August 2024. This focus on long-term commitment is supported by securing access to a massive potential customer base through national agreements.

The strategy employs high-touch relationship management to expand adoption across affiliate hospital locations. This suggests that once a flagship hospital commits, the relationship team works to replicate that success across the entire Integrated Delivery Network (IDN) or system. This is supported by management commentary confirming that existing hospital relationships are indeed expanding across affiliate locations. The growth in the installed base shows this is working, with the system installed and in regular use at more than 45 U.S. hospitals as of March 31, 2025.

Educational and clinical showcasing support via collaborations like Vanderbilt serves as a critical component of building trust and validating the technology. Beyond Air, Inc. established a partnership with Vanderbilt University Medical Center as the first luminary site for LungFit PH, announced around June 2025. These reference sites are key for generating the success stories that speak to cost savings and workflow improvements compared to traditional cylinder-based systems.

The scale of market access achieved through these relationship and contracting efforts is substantial, as shown in the table below, reflecting the reach available to the commercial team as of late 2025:

Metric	Value/Amount	Date/Period Reference
U.S. Hospitals with LungFit PH Installed	More than 45	As of March 31, 2025
Customer Base Increase (Sequential)	Over 60%	During Fiscal Q2 2025 (ending Sept 30, 2024)
Member Hospitals Accessible via Premier GPO	Over 4,350	As of August 2025
International Markets Reached	Over 30 countries	As of August 2025
Global Lives Reachable via Distribution	Over 2 billion	As of June 2025

The company is actively leveraging partnerships to streamline entry into these large systems, having partnered with firms like Healthcare Links to focus on expanding access through Group Purchasing Organizations (GPOs) and IDNs across the United States. This multi-pronged approach-direct sales, GPO leverage, and clinical validation-defines the customer relationship strategy.

Beyond Air, Inc. (XAIR) - Canvas Business Model: Channels

You're looking at how Beyond Air, Inc. gets its LungFit PH system into the hands of clinicians and patients as of late 2025. The strategy mixes direct selling with leveraging established healthcare purchasing networks, plus a growing international footprint.

The core U.S. commercial channel centers on direct engagement with hospital systems for the LungFit PH device, which generates nitric oxide from ambient air, replacing bulky cylinders. As of the fiscal fourth quarter ended March 31, 2025, LungFit PH was installed and in regular use at more than 45 hospitals nationwide. This direct sales team focuses heavily on neonatal intensive care units (NICUs) where the device is FDA-approved for hypoxic respiratory failure in neonates.

Access to a wider set of U.S. facilities is significantly boosted through established purchasing channels. Specifically, Beyond Air, Inc. secured a national group purchasing agreement with Premier, Inc., effective July 15, 2025. This agreement allows Premier members to access special pricing for the LungFit PH system and its disposable NO2 Smart Filters, which is key for scaling adoption across Integrated Delivery Networks (IDNs) that rely on these contracts.

Internationally, the strategy relies on distribution partners, which has seen rapid expansion. As of the fiscal second quarter ended September 30, 2025, the global distribution network for LungFit PH now covers 35 countries. This network provides access to markets representing a combined population of 2.8 billion people. This is up from 18 countries reported earlier in the year.

Here's a look at the geographic reach as of late 2025:

Channel Focus	Metric/Scope	Latest Reported Figure (2025)
U.S. Hospital Penetration	Hospitals with LungFit PH installed	More than 45
U.S. GPO Access	National GPO Agreement Secured	Premier, Inc., effective July 15, 2025
International Reach (Countries)	Total countries covered by distribution partners	35
International Reach (Population)	Combined population access	2.8 billion people

The pipeline for future channels involves moving beyond the hospital setting with the LungFit GO product. Beyond Air, Inc. planned to initiate a U.S. trial for the LungFit GO for patients with nontuberculous mycobacteria (NTM) within calendar year 2025, pending discussion with the FDA. This signals a planned shift toward a direct-to-patient or specialty clinic model for chronic, home-use indications, leveraging the device's cylinder-free technology for easier patient management outside the acute care setting.

The commercial execution is driving top-line results; for the quarter ended September 30, 2025, revenues reached $1.8 million, a 128% increase year-over-year. The company is forecasting FY 2026 revenues between $12 million and $16 million.

Key channel activities include:

• Direct sales team focused on U.S. hospitals and NICUs.
• Access via U.S. Group Purchasing Organizations (GPOs) and IDNs, notably the Premier, Inc. national agreement.
• International distribution partners covering 35 countries as of Q2 FY2026.
• Planned U.S. trial initiation for home-use product (LungFit GO) in 2025 for NTM patients.

Finance: draft 13-week cash view by Friday.

Beyond Air, Inc. (XAIR) - Canvas Business Model: Customer Segments

You're looking at the core groups Beyond Air, Inc. (XAIR) is targeting with its nitric oxide (NO) delivery technology, spanning from immediate hospital sales to future chronic care and oncology applications. Honestly, the current focus is clearly on driving adoption of the LungFit PH system where the revenue is today.

The current commercial base is centered on acute hospital care, but the pipeline shows a clear strategy to broaden this significantly into chronic home use and specialized oncology/neurology areas.

Here's a breakdown of the segments and the associated real-life numbers we have as of late 2025:

Customer Segment	Current Status/Target Indication	Key Metric/Data Point (as of FY2025/Q3 FY2025)
U.S. Hospitals (PPHN)	Current core market for LungFit PH	Operational in over 45 U.S. hospitals
U.S. Hospitals (PPHN)	Recent Commercial Momentum	Six new U.S. hospital starts in Q3 FY2025
International Hospitals	Global Expansion (Post CE Mark)	Distribution agreements cover markets potentially reaching over 2 billion lives
International Hospitals	Current Global Footprint	Expansion to 18 countries as of March 2025
Future: Hospitalized Patients (LungFit PRO)	Severe Acute Viral Lung Infections (VCAP)	U.S. pilot trial is underway; pivotal study on track for Winter 2025/26
Future: Home-Use Patients (LungFit GO)	Chronic Inhaled NO Therapy (e.g., NTM)	Plan to initiate U.S. trial in calendar year 2025
Future: Oncology/Neurology Specialists	Solid Tumors (Beyond Cancer)	UNO therapy in an ongoing Phase 1a trial

The financial performance in Fiscal Year 2025 supports this segment focus, showing a clear ramp-up in the core hospital business.

• FY2025 Total Revenues: $3.7 million
• FY2026 Revenue Guidance: $12 million to $16 million
• FY2025 Net Loss: $46.6 million
• Expected FY2025 Net Cash Burn: Less than $30 million
• Cash, Cash Equivalents, and Marketable Securities (as of March 31, 2025): $6.9 million

For the current PPHN segment, the value proposition is the cylinder-free, on-demand generation of NO, which addresses logistical constraints directly. The device can generate NO at concentrations ranging from 1 ppm to 80 ppm.

The future segments rely on label expansion and new indications:

• LungFit PRO for severe acute lung infections could use NO concentrations at or above 80 ppm.
• The NeuroNOS program is advancing a pre-clinical program for Autism Spectrum Disorder (ASD).

The aggregate contracted revenue through fiscal year 2027 stands at more than $7 million, which is a direct reflection of the current customer segment pipeline health.

Finance: draft 13-week cash view by Friday.

Beyond Air, Inc. (XAIR) - Canvas Business Model: Cost Structure

You're looking at the cost side of Beyond Air, Inc.'s (XAIR) business as they push for commercial scale with the LungFit® PH system. For a company in this growth stage, the cost structure is heavily weighted toward future revenue generation, meaning high upfront investment in R&D and sales infrastructure.

The major cost drivers for Beyond Air, Inc. during the fiscal year ended March 31, 2025, show a clear focus on both product refinement and market penetration. You can see the key figures broken down below:

Cost Category	FY2025 Financial Amount (Year Ended March 31, 2025)	Comparison/Context
Research and Development (R&D) Expenses	$16.9 million	Down from $24.4 million in FY2024, showing some initial cost control while still funding pipeline development.
Selling, General, and Administrative (SG&A) Expenses	$26.0 million	A significant reduction from $37.3 million in FY2024, reflecting efforts to streamline overhead as commercialization ramps up.
Cost of Revenue	$5.4 million	Exceeded the $3.7 million in revenue for the year, driven by device depreciation and one-time upgrade costs.
Net Cash Burn (Excluding Financing)	$44.1 million	The actual cash burn for the fiscal year, which was above the initial conservation target.

High Research and Development (R&D) spending is a core component of the cost structure, reflecting the biopharmaceutical and medical device nature of Beyond Air, Inc.'s operations. For the fiscal year ended March 31, 2025, R&D expenses totaled $16.9 million. This spending is essential to support the pipeline, even as it decreased from the $24.4 million spent in the prior fiscal year. This R&D investment is directly tied to advancing their technology platform.

Significant Selling, General, and Administrative (SG&A) costs are necessary for commercial expansion. For FY2025, SG&A expenses were $26.0 million. This spending supports the growing field team and the infrastructure needed to support the LungFit® PH system, which was installed in over 45 U.S. hospitals by mid-2025. This figure was down from $37.3 million in FY2024, showing management's focus on operational efficiency alongside growth.

The Cost of Revenue for device manufacturing, depreciation, and upgrades was $5.4 million for the fiscal year ended March 31, 2025. This figure exceeding the year's total revenue of $3.7 million is common when a company is scaling device deployment, as depreciation on the installed base contributes significantly to this line item.

Beyond Air, Inc. incurs specific costs for clinical trials and regulatory submissions for new indications. A key cost driver in 2025 was the work supporting the submission of the PMA supplement for the second-generation LungFit® PH device to the FDA in June 2025. Furthermore, costs are allocated to advancing their pipeline, including the solid tumor program utilizing UNO technology, where the Phase 1a trial monotherapy portion was completed.

Regarding capital conservation efforts, the company had a stated goal to keep the net cash burn below $30 million for FY2025. However, the actual reported cash burn, excluding financing and debt extinguishment impacts, for the fiscal year ended March 31, 2025, was $44.1 million. To address this, Beyond Air, Inc. secured new financing later in 2025, including up to $32 million in potential proceeds from Streeterville Capital, LLC, which included a $12 million promissory note and a $20 million Equity Line of Credit Agreement, aiming to provide runway into calendar 2027.

• The actual net cash burn for FY2025 was $44.1 million.
• The stated capital conservation goal for FY2025 was less than $30 million.
• The company ended Q2 FY2026 (September 30, 2025) with a cash balance of $10.7 million.
• The quarterly net cash burn in Q2 FY2026 was significantly reduced to $4.7 million.

Finance: draft 13-week cash view by Friday.

Beyond Air, Inc. (XAIR) - Canvas Business Model: Revenue Streams

Beyond Air, Inc. generates revenue primarily through the commercialization of its LungFit PH system, which is the first and only FDA-approved tankless nitric oxide generator and delivery system that uses ambient air to produce nitric oxide on demand for hospital use. This revenue structure is built around system sales and the subsequent recurring sales of necessary components.

Sales of the LungFit PH device (system sales) to hospitals form a core component of the revenue base. As of the fiscal quarter ended September 30, 2025, the number of hospital contracts for the LungFit PH system increased by 60% over the course of the second fiscal quarter of 2025, building upon an existing base of over 45 U.S. hospitals where the system has been deployed. The company is seeing an increasing number of customer engagements for multi-year contracts.

Recurring revenue from the sale of disposable NO2 Smart Filters (consumables) supports the system sales, providing a stream of ongoing revenue as the devices are used clinically. While a specific dollar breakdown between system sales and consumables is not explicitly detailed in the latest reports, the overall revenue growth reflects the combined uptake of the system and its associated supplies.

International unit sales and milestone payments from distribution partners are becoming an increasingly important segment. As of September 30, 2025, Beyond Air, Inc. expanded its global LungFit PH distribution network to 35 countries, which represents a combined population of 2.8 billion people. This expansion is driven by recent regulatory approvals in select markets, including new agreements in Japan, South Korea, Costa Rica, Guatemala, Panama, and El Salvador.

The company's recent financial performance underscores this commercial activity. Total revenue for the fiscal year ended March 31, 2025, was $3.71 million, marking a significant 219.67% growth compared to the prior fiscal year. For the quarter ended September 30, 2025, revenue reached $1.82 million, a 128% increase year-over-year.

Future revenue from new indications (PRO/GO) and the second-generation system represents the next phase of growth. Beyond Air, Inc. anticipates the launch of its second-generation LungFit PH device prior to the end of calendar 2026. Furthermore, the company is advancing regulatory initiatives, including an ongoing FDA submission for the LungFit PH in cardiac surgery, which would unlock a new labeled indication.

Here's the quick math on recent and projected revenue performance:

Metric	Value
Total Revenue (FY Ended Mar 31, 2025)	$3.71 million
Revenue Growth (FY Ended Mar 31, 2025 vs FY2024)	219.67%
Revenue (Quarter Ended Sep 30, 2025)	$1.82 million
Revenue Growth (Qtr Ended Sep 30, 2025 vs Qtr Sep 30, 2024)	128%
FY 2026 Revenue Guidance (Low End)	$12 million
FY 2026 Revenue Guidance (High End)	$16 million
Projected Revenue (Quarter Ending June 30, 2025)	At least $1.7 million

The expansion of the commercial footprint is also tracked through key operational metrics:

• Number of U.S. hospitals adopting LungFit PH: Over 45.
• Number of countries with distribution network expansion (as of Sep 30, 2025): 35.
• Combined population covered by international markets: 2.8 billion people.
• Anticipated launch of second-generation system: Prior to end of calendar 2026.

The company is actively pursuing regulatory milestones that will directly impact future revenue realization, such as the FDA review for the cardiac surgery indication.

Finance: draft 13-week cash view by Friday