Why did Beyond Air Inc. (XAIR) stock plummet in the after-hours on Tuesday?

Beyond Air Inc. (XAIR) shares plunged 4.47% in after-hours on Tuesday, September 21, 2021, and closed the daily trading at $11.98. However, in the regular session, XAIR’s stock gained 6.91. XAIR shares have risen 137.50% over the last 12 months, and they have moved up 17.42% in the past week. Over the past three months, the stock has gained 103.24%, while over the past six months, it has surged 128.83%.

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XAIR update on LungFit PH system

On September 21, 2021, Beyond Air, Inc. (XAIR), provided an update on the global regulatory approval process for the LungFit® PH system.

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  • Beyond Air has completed the Stage 1 Assessment Audit for achieving CE Mark (European Union approval). LungFit® PH is expected to receive CE Mark in Europe in the first half of the calendar year 2022.
  • The company is on track for premarket application (PMA) which is required for the approval of the LungFit from the US Food and Drug Administration (FDA). The company is optimistic about the commercial launch of LungFit® PH for persistent pulmonary hypertension of the newborn (PPHN) in the fourth calendar quarter of 2021.

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XAIR participation in the upcoming investor conference

Beyond Air, Inc. (XAIR) will participate at Oppenheimer Fall Healthcare Life Sciences & MedTech Summit which is being held virtually from September 20th to 23rd. Chairman and Chief Executive Officer of Beyond Air, Steve Lisi will present the company.

XAIR new appointment

On August 20, 2021, Beyond Air, Inc. (XAIR) appointed Douglas Larson as Chief Financial Officer, succeeding Douglas Beck. Mr. Beck will remain a consultant to the Company and is expected to work closely with Mr. Larson and the Beyond Air leadership team to ensure a seamless transition of CFO responsibilities.

XAIR recent financial results announcement

On August 10, 2021, Beyond Air, Inc (XAIR), announced financial results for its first fiscal quarter ended June 30, 2021.

Q1 2022 financial highlights

  • XAIR reported Zero revenue in Q1 2022 compared to $229,000 in Q1 2021.
  • Research and development expenses were $2.7 million in Q1 2022, compared to $4.3 million in Q1 2021.
  • General and administrative expenses were $3.9 million in Q1 2022 compared to $2.5 million in Q1 2021.
  • It suffered a net loss of $6.7 million, or $0.31 per share in Q1 2022 compared to a net loss of $6.7 million, or $0.41 per share in Q1 2021.
  • The Company had cash, cash equivalents, and restricted cash of $39.6 million as of June 30, 2021.

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Conclusion

Well, as of this writing, we are unable to find any negative news which could justify its after-hours loss on Tuesday.

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