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Corporate Presentation November 2025
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This presentation is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities of Beyond Air, Inc. (the “Company”) nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Company files annual, quarterly and other reports with the Securities and Exchange Commission (the “SEC”) including its Annual Report on Form 10-K for the year ended March 31, 2024 (the “Form 10-K”) which was filed on June 24, 2024. You may get these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. For a more complete discussion of the risk factors affecting our business, please refer to the Form 10-K. Our public communications, including this presentation, and SEC filings, may contain statements related to future, not past, events. These forward-looking statements are based upon current beliefs and expectations of Beyond Air’s management and are subject to significant risks and uncertainties. These forward-looking statements often, but not always, may be identified by the use of words such as “believes,” “estimates,” “anticipates,” “targets,” “expects,” “plans,” “projects,” “intends,” “predicts,” “may,” “could,” “might,” “will,” “should,” “approximately,” potential” or, in each case, their negative or other variations thereon or comparable terminology, although not all forward- looking statements contain these words. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements. These forward-looking statements appear in a number of places throughout this presentation and include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, the patient market size and market adoption of our products by physicians and patients, the timing and cost of clinical trials for our products or whether such trials will be conducted at all, completion and receiving favorable results of clinical trials for our products, the development and approval of the use of nitric oxide for additional indications, FDA approval of, or other regulatory action with respect to, the timing, cost or other aspects of the commercial launch of our products and the commercial launch and future sales of our products or any other future products or product candidates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics, and healthcare, regulatory and scientific developments and depend on the economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated or not at all. Although we believe that we have a reasonable basis for each forward-looking statement contained in this presentation, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward-looking statements contained in this presentation. 2 Forward Looking Statements
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Beyond Air: The Nitric Oxide (NO) Company 3 Disruptive, Commercial-Stage Med Device Company - FDA- and CE-marked LungFit® PH in active hospital use - Addressing a ~$350M U.S. and $700M+ global market today - Anticipating $1B+ global NO Therapy market Our Technology Advantage Generates NO from ambient air — no tanks or chemicals Reduces cost and complexity for hospitals providing more time for patient care Safe environment for staff and patients Simpler setup means faster time to treatment Sustainable — no manufacturing facility, no special storage/disposable requirements 1FDA approved and CE Marked for the treatment of term and near-term neonates with hypoxic respiratory failure 1, 2 ALL YOU NEED IS AIR 1 2CE Marked for the treatment of peri- and post-operative pulmonary hypertension in conjunction to heart surgery, in order to selectively decrease pulmonary arterial pressure and improve right ventricular function 1, 2
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Sizing up the US Nitric Oxide Competition Evolution of iNO Technology Mallinckrodt INOmax DSIR Plus Praxair NOxBOXi VERO Biotech GENOSYL DS Beyond Air LungFit® PH Gen 1 NO Cylinder-Based Gen 2 NO Chemical-Based ~ 200 lbs~175 lbs ~ 95 lbs Mallinckrodt INOmax Evolve DS ~ 175 lbs Gen 3 NO Generated from Room Air Airgas Ulspira ~ 175 lbs Images are not to scale 75 lbs; 44 lbs off cart 4
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FDA approved and CE Marked (European Approval) for term and near-term neonates with hypoxic respiratory failure (aka persistent pulmonary hypertension of the newborn (PPHN)) CE Marked for the treatment of peri- and post-operative pulmonary hypertension in conjunction to heart surgery, in order to selectively decrease pulmonary arterial pressure and improve right ventricular function US market ~$350m; Global market opportunity today ~$700m, anticipated to grow to $1B+ – Commercial model: monthly fee for service OR capital equipment purchase - FLEXIBILITY Strong execution – 128% growth for quarter ending September 2025 (v. September 2024) – 35 countries outside the US now partnered for distribution, covering ~2.8 billion lives LungFit® PH II transport-ready system submitted to FDA as a PMA supplement in June 2025 – Designed for ground and air transport, but functions throughout the hospital – Significant market share gains anticipated following FDA approval Current issued patents expire in 2033 (1st generation LungFit PH) and 2040 (2nd generation LungFit PH) with several pending patents, if issued, will strengthen patent protection until 2044 – New patents cover 2nd generation transport-ready LungFit® PH II LungFit ® PH Commercial Opportunity 5
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LungFit PH is Best in Class 6 LungFit® PH is Best in Class • Generates NO from ambient air — no tanks or chemicals required • Provides uninterrupted supply — never run out • Eliminates bulky tanks or toxic gas conversions used by competitors • Delivers shortest time to treatment • Ensures safety with NO₂ Smart Filter • Simplifies logistics across the hospital • Reduces overall hospital expenses for NO Take the LungFit® PH Challenge Let’s Go Head-to-Head Any competitor Anytime Anywhere
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Our Patented Plasma Pulse Technology 7 Main and Backup Generators LungFit® PH is the first and only FDA and EU-approved system to generate continuous, unlimited NO from room air Oxygen 60 Watts ElectrodeNitrogen Nitric Oxide (NO) Nitrogen Dioxide (NO2) NO2 Smart Filter For illustrative purposes
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How We Win 8 Images Not Displayed To Scale Feature LungFit® PH Cylinder Systems (Mallinckrodt, Linde, Airgas) Genosyl DS (Vero) NO Supply Source Room Air (Unlimited) Compressed NO Gas (~40lb cylinder) Cassette of N2O4 converts to NO2 then NO at bedside No Supply Duration Unlimited Variable (12-200 hours) Variable (1.6-35 hours) NO Storage Requirements None Secure storage required, logistically challenging Strict 20–25°C temp control, brief excursions to 30°C Cassette/Cylinder Change Smart Filter change every 12 hours (predictable) Cylinder change every 12-200 hours Cassette change every 1.6-35 hours Dose & Flow Range Full Full Partial Speed to Treatment < 6 minutes ~20-30 minutes ~20 minutes Shutdown + Restart Time Just press power switch; restart in seconds 1 minute to depressurize, restart requires purging Multi-step, lengthy shut down, > 10 minutes to restart Safety Features Built in NO2 Smart Filter No NO2 Filter No NO2 Filter Alarm Functionality Active Alarms Active Alarms Delayed Alarm Activation Water Trap Requirement No Yes Yes
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Confidently deliver the set dose and initiate iNO therapy in < 1 minute • Significantly simpler and faster than the competition Enhanced efficiency allows hospital staff more time for patient care • No hazardous materials • Significant time saved from set-up/pre-use check and maintenance • NO2 filter change every 12hrs regardless of dose or flow Continuous unlimited source of NO – ambient air always exists • Patented NO2 filter ensures safe operation of LungFit® PH LungFit ® PH: All You Need Is Air 9 LungFit® PH uses patented Plasma Pulse Technology to generate nitric oxide from ambient air within seconds, eliminating the need for sourcing NO from cylinders or cassettes.
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LungFit ® PH: Customer Confidence Patient Safety Post Approval 10 250,000+ hours of iNO delivered 3,500+ patients treated All You Need Is Air TM 80+ hospitals 2 NO generators in each LungFit® PH
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The LungFit ® PH Generation II Device 11 Designed for air and ground transport Filter visible/easier to change Improved user interface Simplified and recessed ports with light indicators Automated back-up Ionizer and bagger Alarms Adjustable volume Flashing lights/screen Service interval increased at least 3 fold PMA Supplement Pending at FDA LungFit® PH • Weight 44lbs • Height 18.3 inches • Width 19.3 inches • Depth 15.6 inches LungFit® PH II • Weight 24lbs • Height 11.0 inches • Width 10.7 inches • Depth 15.0 inches LungFit® PH II Features
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Nitric Oxide A Magic Molecule?
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Nitric Oxide Revolution At-Home Treatment+ High concentration nitric oxide for the treatment lung infections Hospital ICU* Hospital Setting+ High concentration nitric oxide for the treatment of lung infections Investigational *FDA approved and CE Marked for the treatment of term and near-term neonates with hypoxic respiratory failure *CE Marked as part of the treatment of peri- and post-operative pulmonary hypertension in conjunction to heart surgery, in order to selectively decrease pulmonary arterial pressure and improve right ventricular function and oxygenation +Caution: LungFit® PH II, LungFit® PRO and LungFit® GO are investigational devices, limited by federal (or United States) law to investigational use. High concentration iNO is defined as >80 ppm to <400 ppm. Low concentration is ≤80 ppm Hospital ICU+ Smaller, lighter weight and designed for transport Under FDA Review We are 100% focused on inhaled NO Driving the NO revolution with our LungFit® technology that generates NO on-demand from ambient air 13
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Endothelial (eNOS) Vascular endothelial cells Vasodilation Vasoprotection Atherosclerosis prevention Hypoxic respiratory failure: Right ventricular dysfunction Inducible (iNOS) Macrophages Non-specific immune defense Mediation of inflammation Septic shock Respiratory infection; Solid tumors Neuronal (nNOS) Neuronal tissue Neuronal function Autism Nitric Oxide: A Simple, Yet Complex Molecule 14 • Nitric Oxide (NO) is the combination of nitrogen and oxygen in a specific manner • NO is a free radical gas that the human body synthesizes from L-arginine via the enzyme nitric oxide synthase (NOS) • Modulation of NO in the human body can have significant benefits • Endogenous and exogenous NO are 100% structurally identical and physiologically indistinguishable in the human body • In nature a lightning strike forms NO Type Location Mechanism Therapeutic Target Nitric oxide synthase (NOS) exists in 3 isoforms in the human body and has multiple functions.
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Treatments Administered 5,000+ Patients Treated 170+ Different Clinical Settings 12 Serious Adverse Events Related to NO 0 LungFit ® GO For Treating Lung Infections* 15 Chronic, Refractory Lung Infections are a Major Unmet Medical Need • Treatment at home with LungFit® can address this >$10b market • US human study start targeted for end of CY 2026 Simple, Safe and Convenient • Allows for both home and hospital use • Supplemental oxygen can be utilized through the system (hospital only) Easy to Use • Programmable by RFID on filter • Self-administration for home use • Usable with any electrical outlet 110/220V * LungFit® PRO and LungFit® GO are investigational devices, limited by federal (or United States) law to investigational use. High concentration iNO is defined as >80 ppm to <400 ppm. Low concentration is ≤80 ppm
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16 Financial and Patent Information Sept 30, 2025 ProForma Financial Overview Ticker XAIR Exchange NASDAQ $1.74 (as of 11/10/25)Share Price Shares Outstanding 8.0 million1 Cash2 $22.9 million Debt3 $27.1 million >17 issued patents expiring up to 2040 (including one covering LungFit PH II) >8 pending patent applications, if issued, may extend expiration through 2044 Patent portfolio includes but is not limited to… • The NO generator The breathing circuit • NO delivery system NO2 filter (utility and design) • NO concentration NO action in the body • NO dosing 1Excludes 606,367 pre-funded common stock warrants, 719,562 common stock warrants struck at $2.21, and 1,270,798 common stock warrants struck at $1.95 FY 2026 Revenue Guidance: $8m - $10m 2Represents cash, cash equivalents, restricted cash & marketable securities 3Debt repayments for $15m begin in October 2026 and are paid exclusively from an 8% royalty on revenues; Remaining $12m requires no payments until November 2026 and is due November 2027
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Non - LungFit ® NO Programs - NNOS (*) All dates are calendar year, and based on projections and appropriate financing, anticipated first launch on a global basis pending appropriate regulatory approvals Autism spectrum disorder (ASD) Proof of concept IND EnablingDrug Therapeutic Area Ph 2Ph 1 Phelan McDermid Syndrome (PMS) For more information, visit neuro-nos.com Successfully completed non-glp toxicity studies in both rats and dogs for BA-102 Received FDA orphan drug designation for BA-101 and BA-102 $2.7m raised to date at a pre-money value of $15m Target end of 2026 for initiation of a first in human phase 1 study Drug BA102 BA102 Alzheimer’s DiseaseBA102 Early Onset Alzheimer’sBA102 Glioblastoma (GBM)BA101 17
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18 Monotherapy UNO Cutaneous/ near cutaneous tumors UNO Combination Therapy UNO + anti-PD-1 Multiple solid tumors UNO + anti-CTLA-4 Multiple solid tumors Ultrahigh concentration NO >10,000 ppm to treat multiple types of solid tumors. For more information, visit beyondcancer.com Phase 1a completed Preclinical Ph 1 Commercial Next Milestone(*)Ph 2 Ph 3 NDA Multiple solid tumors Begin trial in calendar 2026 Non - LungFit ® NO Programs – Cancer Successfully completed Phase 1a human clinical study All subjects had metastatic disease and had failed multiple lines of therapy Mean # of prior medications, surgeries and radiation was 10.3 (4,18) Mean # of prior medications only was 5.5 (2,14) All subjects had a life expectancy of <12 months Median overall survival has not yet been achieved (expected to be >2 years) Phase 1b study of UNO in combination with a checkpoint inhibitor in subjects who have failed a checkpoint inhibitor is anticipated to begin in calendar 2026 if funding is available
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For more information contact: Investor Relations IR@beyondair.net www.beyondair.net