Beyond Air, Inc.(XAIR) and its subsidiaries, a prominent player in the healthcare sector, have released their condensed consolidated financial statements for the second quarter of 2023. The company experienced a net loss of $15.1 million during this period. However, despite the challenging conditions, the company managed to generate $59,000 in revenue. The financial report also highlights the company's assets, liabilities, and equity as of June 30, 2023.
Current Assets Showcased in Balance Sheet
The company's balance sheet as of June 30, 2023, reveals a total of $63.4 million in current assets. This includes $31.3 million in cash and cash equivalents, $25.6 million in marketable securities, and $2.7 million in restricted cash. The accounts receivable amounted to $44,000, while inventory and grant receivable accounted for $1.3 million and $425,000, respectively. Other current assets and prepaid expenses combined for $1.8 million, totaling the current asset figure.
Beyond Air, Inc. exhibited its commitment to innovation by holding a licensed right to use technology, valued at $1.6 million. Additionally, the company held right-of-use lease assets worth $2.4 million, signaling a strategic focus on optimizing its operations. The balance sheet also disclosed property and equipment netting at $5.5 million, reflecting investments in infrastructure and resources to further the company's goals.
Liabilities and Stockholders' Equity Overview
Beyond Air's financial statement indicated current liabilities amounting to $12.0 million as of June 30, 2023. This includes accounts payable, accrued expenses, operating lease liability, and loans payable. In terms of long-term liabilities, the company held operating lease liability netting at $2.2 million, while long-term debt accounted for $13.7 million. Other long-term liabilities stood at $4.5 million.
Stockholders' Equity and Non-controlling Interest
The equity section of the financial statement showcased the dynamics of Beyond Air, Inc.'s capital structure. The company reported stockholders' equity attributable to Beyond Air, Inc. at $35.5 million. This figure considers common stock, additional paid-in capital, accumulated deficit, and accumulated other comprehensive income. Non-controlling interest was reported at $3.7 million, contributing to a total equity of $39.1 million.
Operational Analysis: Revenue and Operating Expenses
In the three months ending June 30, 2023, Beyond Air, Inc. generated revenue of $59,000. However, cost of revenues amounted to $303,000, leading to a gross loss of $244,000. Operating expenses played a significant role in shaping the company's financial picture. Research and development expenses stood at $4.7 million, and selling, general, and administrative expenses amounted to $10.9 million, culminating in total operating expenses of $15.6 million.
Losses Mitigated by Other Income and Comprehensive Loss
Beyond Air, Inc. incurred an operating loss of $15.9 million for the second quarter of 2023. However, the company managed to mitigate some of its losses through other income sources. This included dividend/interest income, gains on marketable securities, and a change in the fair value of certain liabilities. The company reported total other income of $820,000.
Beyond Air, Inc. faced financial challenges during the second quarter of 2023, reporting a net loss of $15.1 million. Despite this, the company continued to drive growth with $59,000 in revenue. The balance sheet reflected the company's asset portfolio, while the income statement shed light on operational dynamics. As the company navigates evolving market conditions, its strategies to manage expenses, optimize assets, and explore revenue avenues will play a pivotal role in shaping its financial trajectory.