Beyond Air Inc 2025年度报告

FORM 10-K (Mark One) FOR THE FISCAL YEAR ENDED MARCH 31, 2026 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-38892 BEYOND AIR, INC.(Exact name of registrant as specified in its charter) Delaware47-3812456(State or other jurisdictionof incorporation or organization)(I.R.S. EmployerIdentification No.) 516-665-8200(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class:Trading SymbolName of each exchange on which registered:Common Stock, par value $0.0001 per shareXAIRThe Nasdaq Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by a check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by a check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of theSecurities Exchange Act of 1934. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to filesuch reports) and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorterperiod that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filerEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by theregistered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of September 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, theaggregate market value of the registrant’s voting stock held by non-affiliates was approximately $15.5 million based on the lastreported sale price of the registrant’s common stock on the Nasdaq Capital Market. There were 14,410,621 shares of common stock of the registrant, par value $0.0001 per share, outstanding as of June 23,2026. DOCUMENTS INCORPORATED BY REFERENCE None. Beyond Air, Inc. TABLE OF CONTENTS FORM 10-KFor the Year Ended March 31, 2026 INDEX PART I6Item 1.Business6Item 1A.Risk Factors27Item 1B.Unresolved Staff Comments69Item 1C.Cybersecurity69Item 2.Properties70Item 3.Legal Proceedings70Item 4.Mine Safety Disclosures70 PART II71Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities71Item 6.(Reserved)71Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations72Item 7A.Quantitative and Qualitative Disclosures About Market Risk78Item 8.Financial Statements and Supplementary Data78Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure78Item 9A.Controls and Procedures79Item 9B.Other Information79Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspection79PART III80Item 10.Directors, Executive Officers and Corporate Governance80Item 11.Executive Compensation86Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters90Item 13.Certain Relationships and Related Transactions, and Director Independence93Item 14.Principal Accountant Fe