Beyond Air Inc. (XAIR) shares gained 8.49% in after-hours on Friday, November 19, 2021, and closed the trading at $14.70. However, in the regular trading session, XAIR’s stock lost 4.98%. XAIR shares have risen 146.36% over the last 12 months, and they have moved up 1.12% in the past week. Over the past three months, the stock has gained 43.08%, while over the past six months, it has surged 172.09%. The company has a current market of $379.94 million and its outstanding shares stood at 24.17 million.
Let’s have a brief look at its recent news.
XAIR participation in the upcoming event
Beyond Air, Inc. (XAIR) will participate in the Piper Sandler 33rd Annual Virtual Healthcare Conference being held from November 30 – December 2, 2021. The company will be presented by Steve Lisi, Chairman, and Chief Executive Officer during the event.
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XAIR private placement of common shares
On November 18, 2021, Beyond Air, Inc. (XAIR), announced that $30 million in commitments have been secured in a private placement of common shares for its private affiliate, Beyond Cancer.
Beyond Cancer has secured commitments of $30.0 million in a private placement of common shares, providing these investors with a 20% equity ownership.
Formation of Beyond Cancer™
On November 04, 2021, Beyond Air, Inc. separated its oncology business into a new and independently managed, private company called Beyond Cancer, Ltd. Beyond Air will retain its respiratory business and will continue to focus on advancing the LungFit platform of nitric oxide generators and delivery systems to the market.
XAIR latest financial results
On November 11, 2021, Beyond Air, Inc. (XAIR), reported financial results for its first fiscal quarter ended September 30, 2021.
Q1 2022 financial highlights
- There was no revenue reported in Q1 2022 compared to $350,000 in Q1 2021.
- Research and development expenses were $2.8 million in Q1 2022 compared to $3.1 million in Q1 2021.
- General and administrative expenses were $3.4 million in Q1 2022, compared to $2.2 million in Q1 2021.
- XAIR suffered a net loss of $8.7 million, or $0.36 per share in Q1 2022, compared to a net loss of $5.1 million, or $0.30 per share in Q1 2021.
- As of September 30, 2021, the Company had cash, cash equivalents, and restricted cash of $48.7 million.
XAIR Positive Interim Results for LungFit
On October 20, 2021, Beyond Air, Inc. (XAIR), reported positive interim data from the ongoing LungFit® GO pilot study in Australia. In this study, patients self-administered high concentration inhaled NO at home to treat severe nontuberculous mycobacterial (NTM) lung disease. The Company expects complete safety and efficacy results to be reported in 2022.
Well, as of this writing, there is one recent news from November 18 which may be the reason behind its early loss. But there was no recent development for its after-hours gains on Friday.