Beyond Air, Inc. Leases Disclosure

NOTE 7 LEASES

 

Lease population

 

The Company leases various office facilities under non-cancelable operating leases that expire at various dates through 2031. The Company does not have any finance leases.

 

In March 2026, the Company entered into a second amendment to lease of one of its facilities (the “Lease Amendment”). The Lease Amendment extended the lease for an additional three years through May 31, 2029 with fixed monthly base rent amounts through the extended term. The Company accounted for the Lease Amendment on the effective date, resulting in the remeasurement of the operating lease liability with a corresponding adjustment to the right-of-use asset in the amount of $0.1 million.

 

In April 2025, the Company entered into an agreement to sublease the Beyond Cancer office space in Atlanta, Georgia beginning June 1, 2025 and continuing through September 30, 2026 coinciding with the termination of the existing lease. The sublease has been classified as an operating lease by the Company. Sublease rental income offsets the monthly rental expense from the Company’s lease of the office, and is recorded as reduction of selling, general, and administrative expenses in the Company’s consolidated statements of operation and comprehensive loss.

 

There were no new leases entered into during the years ended March 31, 2026 and March 31, 2025.

 

Lease position

 

The following table summarizes the lease-related assets and liabilities recorded on the Company’s consolidated balance sheets as of March 31, 2026 and March 31, 2025 (in thousands):

 SCHEDULE OF OPERATING LEASE LIABILITY

		March 31, 2026				March 31, 2025
Right-of-use assets		$	1,193			$	1,706
Operating lease liability short-term		$	321			$	396
Operating lease liability long-term			1,023				1,486
Total lease liabilities		$	1,344			$	1,882
Weighted-average remaining lease term – operating leases			4.5 years				5.0 years
Weighted-average discount rate – operating leases			8.9	%			8.3	%

 

Lease costs

 

The following table summarizes the lease-related costs for the years ended March 31, 2026 and March 31, 2025 (in thousands):

 

 SCHEDULE OF LEASE RELATED COSTS

		March 31, 2026				March 31, 2025
Operating lease cost		$	505			$	539
Short-term lease costs			88				261
Sublease income			(49	)			-
Total lease cost		$	544			$	800

 

Other lease information

 SCHEDULE OF LEASE OTHER INFORMATION

		March 31, 2026
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	532

 

Non-cash operating lease right-of-use assets obtained in exchange for operating lease liabilities were $0.1 million and $0 million during the years ended March 31, 2026 and March 31, 2025, respectively.

 

 SCHEDULE OF MATURITY OF LEASE LIABILITIES

Maturity of Lease Liabilities		Operating Leases
Payments remaining for the year ended March 31:
2027		$	419
2028			301
2029			309
2030			268
2031			266
Thereafter			60
Total lease payments			1,623
Less: amount of lease payments representing interest			(279	)
Present value of future lease payments		$	1,344

 

 

BEYOND AIR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS