The company's capital base has eroded significantly, with total equity contracting from $25.0M in 2024Q4 to $6.1M by 2026Q4, reflecting the heavy reliance on external funding to support operations.
| Total Current Assets | 25.56M | 16.02M | 43.94M | 59.41M | 92.94M | 37.22M | 26.61M | 8.69M | 9.1M | 85K | 5.94K | 390K | 76K |
| Cash & Short-Term Investments | 17.85M | 6.92M | 34.47M | 45.88M | 80.24M | 34.63M | 19.83M | 7.88M | 9.04M | 7K | 5.92K | 331K | 23K |
| Cash Only | 12.83M | 4.67M | 11.38M | 29.16M | 80.24M | 34.63M | 19.83M | 1.34M | 732.54K | 7K | 5.92K | 331K | 23K |
| Short-Term Investments | 5.02M | 2.25M | 23.09M | 16.72M | 0 | 0 | 0 | 6.54M | 8.3M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.26M | 860K | 548K | 651K | 604K | 425K | 0 | 0 | 0 | 78K | 0 | 0 | 0 |
| Days Sales Outstanding | 53.16 | 84.72 | 172.58 | - | - | 177.69 | - | - | - | - | - | - | - |
| Inventory | 1.76M | 2.42M | 2.13M | 1.13M | 350K | 1.88M | 6.53M | 638.94K | 0 | -26 | 0 | 0 | 0 |
| Days Inventory Outstanding | 118.66 | 164.35 | 314.82 | 742.5 | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 4.7M | 434K | 507K | 7.95M | 10.5M | -930K | -503.31K | 388.89K | 5.69K | 0 | 26 | 59K | 53K |
| Total Non-Current Assets | 11.21M | 14.04M | 13.03M | 9.34M | 6.25M | 3.3M | 819.83K | 739.87K | 253.18K | 151K | 445K | 108K | 117K |
| Property, Plant & Equipment | 9.97M | 12.72M | 11.48M | 7.5M | 4.21M | 2.79M | 407.06K | 244.87K | 253.18K | 61K | 93K | 105K | 114K |
| Fixed Asset Turnover | 0.61x | 0.29x | 0.10x | - | - | 0.31x | 3.41x | 31.54x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.07M | 1.22M | 1.43M | 1.63M | 1.84M | 375K | 412.76K | 495K | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 175K | 103K | 113K | 212K | 207K | 138K | 0 | 0 | 0 | 90K | 352K | 3K | 3K |
| Total Assets | 36.77M | 30.06M | 56.96M | 68.75M | 99.2M | 40.52M | 27.43M | 9.43M | 9.36M | 236K | 5.94K | 498K | 193K |
| Asset Turnover | 0.22x | 0.12x | 0.02x | - | - | 0.02x | 0.05x | 0.82x | - | - | - | - | - |
| Asset Growth % | -120.65% | -47.22% | -17.15% | -30.7% | 144.78% | 47.71% | 190.99% | 0.78% | 3864.01% | 3870.39% | -98.81% | 158.03% | - |
| Total Current Liabilities | 4.99M | 5M | 11.57M | 19.78M | 10.71M | 3.8M | 4.87M | 5.4M | 2.13M | 2.04M | 31.1K | 609K | 412K |
| Accounts Payable | 2.2M | 1.95M | 1.95M | 2.02M | 1.13M | 1.32M | 2.26M | 1.16M | 842.04K | 528K | 634 | 173K | 0 |
| Days Payables Outstanding | 98.11 | 132.59 | 288.33 | 1.33K | - | - | - | - | 8.09K | - | - | - | - |
| Short-Term Debt | 386K | 609K | 800K | 775K | 927K | 557K | 335.36K | 263.6K | 33.12K | 418K | 30K | 28K | 9K |
| Deferred Revenue (Current) | 1.76M | 0 | 138K | 16.61M | 8.37M | 0 | 873.19K | 2.26M | 0 | 1.06M | 0 | 0 | 0 |
| Other Current Liabilities | 1.18M | 223K | 755K | -986K | -408K | 0 | 1.27M | 240.62K | 154.3K | 0 | 0 | 408K | 336K |
| Current Ratio | 5.12x | 3.20x | 3.80x | 3.00x | 8.68x | 9.80x | 5.46x | 1.61x | 4.27x | 0.04x | 0.19x | 0.64x | 0.18x |
| Quick Ratio | 4.77x | 2.72x | 3.61x | 2.95x | 8.64x | 9.30x | 4.12x | 1.49x | 4.27x | 0.04x | 0.19x | 0.64x | 0.18x |
| Cash Conversion Cycle | 73.71 | 116.48 | 199.07 | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 23.5M | 10.72M | 18.21M | 6.94M | 10.28M | 6.26M | 4.47M | 0 | 5.68M | 2.9M | 1.55M | 969K | 13K |
| Long-Term Debt | 23.2M | 9.2M | 14.72M | 120K | 200K | 4.47M | 4.34M | 0 | 0 | 2.9M | 0 | 969K | 13K |
| Capital Lease Obligations | 5.44M | 1.49M | 1.9M | 2.32M | 2.08M | 1.79M | 131.58K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -937K | 38K | 1.59M | 4.5M | 8M | 1K | 0 | 0 | 5.68M | 0 | 0 | 0 | 0 |
| Total Liabilities | 28.49M | 15.72M | 29.77M | 26.72M | 20.99M | 10.06M | 9.34M | 5.4M | 7.81M | 4.93M | 31.1K | 1.58M | 425K |
| Total Debt | 24.82M | 11.69M | 17.84M | 3.59M | 3.49M | 6.93M | 4.88M | 263.6K | 33.12K | 3.31M | 30K | 997K | 22K |
| Net Debt | 11.99M | 7.02M | 6.46M | -25.57M | -76.75M | -27.7M | -14.95M | -1.08M | -699.42K | 3.31M | 24.08K | 666K | -1K |
| Debt / Equity | 3.00x | 0.82x | 0.66x | 0.09x | 0.04x | 0.23x | 0.27x | 0.07x | 0.02x | - | - | - | - |
| Debt / EBITDA | -0.97x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.47x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -10.24x | -14.75x | -21.64x | -1735.30x | -52.53x | -34.60x | -593.98x | -2030.91x | -10.44x | -8.16x | -63.39x | - | - |
| Total Equity | 8.29M | 14.34M | 27.19M | 42.03M | 78.21M | 30.46M | 18.09M | 4.02M | 1.54M | -4.7M | -25.16K | -1.08M | -232K |
| Equity Growth % | -198.67% | -47.25% | -35.31% | -46.26% | 156.73% | 68.37% | 349.52% | 160.64% | 132.87% | -18572.5% | 97.67% | -365.52% | - |
| Book Value per Share | 0.96 | 4.24 | 16.40 | 28.04 | 60.94 | 33.84 | 31.45 | 9.47 | 5.15 | -1.62 | -0.01 | -0.37 | -0.08 |
| Total Shareholders' Equity | 8.11M | 13.58M | 25.05M | 37.91M | 72.7M | 30.46M | 18.09M | 4.02M | 1.54M | -4.7M | -25.16K | -1.08M | -232K |
| Common Stock | 1K | 8K | 5K | 3K | 3K | 2K | 1.61K | 871 | 840 | 1K | 1.03K | 29K | 29K |
| Retained Earnings | -309.29M | -286.32M | -239.7M | -179.46M | -123.64M | -80.46M | -57.59M | -37.64M | -30.57M | -13.57M | -30.26K | -8.39M | -1.75M |
| Treasury Stock | -25K | -25K | -25K | -25K | -25K | -25K | -25K | -25K | -25K | 0 | 0 | 0 | 0 |
| Accumulated OCI | 110K | -60K | -15K | 53K | 96K | 0 | 0 | 0 | -2.99K | 0 | -16K | 0 | 0 |
| Minority Interest | 175K | 758K | 2.14M | 4.11M | 5.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to recent financial filings, XAIR's total equity has contracted from $25.0M in 2024Q4 to $6.1M by 2026Q4, signaling a rapid erosion of the balance sheet as the company funds its commercial rollout through persistent operating losses and the depletion of its core capital reserves.
The consistent decline in equity reflects the ongoing struggle to reach operational break-even, with retained earnings deepening to -$319.6M. This trajectory suggests that the company is consuming its foundational capital at an unsustainable rate, necessitating a shift in strategy to preserve long-term viability.
As reported in quarterly balance sheets, XAIR's cash and equivalents have dwindled to $6.7M as of 2026Q4, a precarious position that leaves the firm with a limited buffer against operational shocks or delays in the adoption of its LungFit PH platform within hospital networks.
While the current ratio of 3.80 appears superficially healthy, it is heavily influenced by the composition of current assets that may not be easily liquidated in a distress scenario. Investors should monitor the cash burn rate closely, as the current liquidity profile suggests that external financing will likely be required in the near term.
Based on the provided figures, XAIR maintains a net PPE balance of $9.4M, which represents a significant portion of its $35.4M in total assets, indicating that the business model remains capital-intensive as it builds out the manufacturing and deployment infrastructure for its proprietary nitric oxide technology.
The reliance on physical assets suggests that the company is locked into a high-fixed-cost structure that requires substantial scale to achieve profitability. The lack of significant goodwill or intangible assets implies that the company's value is tied directly to its hardware deployment, which carries inherent execution risk.
Analysis of the balance sheet reveals that the reported debt-to-equity ratio of 0.28 may be misleading, as it fails to account for the massive accumulated deficit and the potential for future dilutive equity offerings required to sustain the company's ongoing negative cash flow and R&D commitments.
The volatility in debt levels across the observed periods suggests that the company has relied on opportunistic financing to bridge its operational gaps. This reliance on external capital markets creates a structural vulnerability where the company's survival is tethered to market sentiment rather than internal cash generation.
Quick answers to the most common questions about buying XAIR stock.
As of 2025, Beyond Air, Inc. (XAIR) had total assets of $30.1M including $16.0M in current assets.
Beyond Air, Inc. (XAIR) carries total debt of $11.7M, offset by $6.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Beyond Air, Inc. (XAIR) has total shareholders' equity (book value) of $13.6M ($4.24 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Beyond Air, Inc. (XAIR) reported a current ratio of 3.20x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.