Thank you, operator. Good morning, everyone, and thank you for joining us.

Earlier today, we issued a press release announcing the operational highlights and financial results for Beyond Air's fiscal year ended March 31st, 2026. A copy of this press release can be found on our website, www.beyondair.net.

Before we begin, I would like to remind everyone that we will be making forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Beyond Air cautions that these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those indicated.

We encourage everyone to review the company's filings with the Securities and Exchange Commission. This conference call is accurate only as of the date of the live broadcast, June 26, 2026.

With that, I'll now turn the call over to Robert Goodman, Chief Executive Officer of Beyond Air.

Thanks, Garth, and good morning to everyone. Also here with me today is Dan Moorhead, our Chief Financial Officer.

This is my first earnings call as Chief Executive Officer, and I'm excited to lead Beyond Air during what I believe is a pivotal moment for the company. Over the last several months, I've spent a lot of time with our customers, commercial organization, distribution partners, and board, and those discussions have only strengthened my conviction that LungFit PH represents a significant commercial opportunity to establish Beyond Air as a leader in the nitric oxide market.

As a leadership team, we've become increasingly focused on aligning our commercial strategy, R&D efforts, and operating expenses across our core business, particularly as we move closer to regulatory approval of our second-generation LungFit system. With our Gen 2 system, if approved, we expect to be more competitive and offer a more attractive solution for a broader range of hospital systems with external transport needs.

As a result, we see the potential to immediately expand our total addressable market to over $1 billion globally. Our strategy is very straightforward — we are allocating our resources with discipline toward the opportunities we believe can create the greatest near and long-term value, including adoption of our current commercial LungFit system and preparing for the launch of our Gen 2 system.

Fiscal 2026 displayed meaningful progress toward this goal. Revenue increased more than 107% year-over-year to $7.7 million, driven by strong retention among our existing customer base and continued new hospital adoption.

Importantly, our customer renewal rate was approximately 90%, which reflects the value LungFit PH is delivering in clinical practice and the confidence our customers have in our technology and operational service support. This high level of customer satisfaction should be directly transposable to the Gen 2 device, and we continue to receive consistent feedback from prospective customers that they're waiting for our next generation platform to help meet all of their comprehensive INO requirements, including their transport needs.

As a reminder, the current label for LungFit PH does not include transport use outside of the hospital. If approved, the Gen 2 product is intended to address this limitation through a broader label that would include transport use.

We believe this will increase the total U.S. addressable market approximately four-fold to approximately $400 million and expand the worldwide opportunity to more than $1 billion.

We've made meaningful progress expanding our commercial reach. We recently announced a national purchasing agreement with one of the top three U.S.

group purchasing organizations for inhaled nitric oxide therapy — the third major GPO to engage Beyond Air and another important milestone in expanding access to LungFit PH. Combined with our existing agreements with Premier and Vizient, we now have access to a substantial portion of the U.S.

market. Additionally, we continued to broaden our global distribution network throughout the year and now have regulatory clearance in over 45 countries.

As it relates to our Gen 2 LungFit PH system, which is under review at the FDA, we believe this to be the most important near-term catalyst for the company. We submitted our PMA supplement to the FDA in June 2025 and continue to work through the review process at the expected pace.

Based on our interactions with the FDA and the progress of the review process to date, we continue to believe we are on track for potential approval in the second half of the calendar year, although the timing and outcome remains subject to the FDA's discretion. We continue to prepare for a potential commercial launch by the end of 2026.

We continue to hear from prospective customers that the anticipated features of the Gen 2 platform — including a smaller footprint, reduced weight, simplified operation, longer service intervals, and ground and air transport availability — may address needs that are not fully met by currently available alternatives. In terms of other programs outside of our core LungFit PH business, our priority is clear.

The Beyond Air team and its resources are focused on the success and growth of the commercial activities around the LungFit PH system, and we will continue to allocate our resources almost exclusively to that system. With fiscal 2026 complete, we are transitioning from a March 31 to December 31 year-end and begin operating on a calendar year-end.

As a result, we're providing revenue guidance for the first time for calendar year 2026 of $8 million, equating to approximately 15% growth over calendar year 2025. Our first-time guidance for calendar year 2027 is $16 million to $18 million, which would represent over 110% year-over-year growth at the midpoint and assumes FDA approval and commercial launch of the Gen 2 system during 2027 in accordance with our current planning assumptions.

With that, I'll turn the call over to Dan for review of the financial results.

Thanks, Bob, and good morning, everyone. I'll walk through our full-year financial results for fiscal year 2026, which ended March 31st, 2026.

Revenues for the fiscal year ended March 31st, 2026, increased 107% to $7.7 million, compared with $3.7 million for fiscal year 2025. This growth was driven by increased demand for LungFit PH in both U.S.

and international markets. Gross profit for fiscal year 2026 improved $300,000 compared with a loss of $1.7 million in the prior year — a $2 million swing to profitability, which is a meaningful milestone and reflects the operating leverage we are beginning to see as revenue scales.

R&D expenses for fiscal year 2026 decreased 39% to $10.2 million, compared with $16.9 million for fiscal year 2025. The reduction was primarily driven by decreased employee expenses as a result of prior restructuring activities and lower development costs associated with our Gen 2 device and PMA supplement, which was submitted to the FDA in June 2025.

SG&A expenses for fiscal year 2026 were $19.1 million compared with $26 million for fiscal year 2025, a decrease of 27% or approximately $7 million, primarily driven by lower employee-related costs from prior restructuring initiatives. In total, we reduced our cost structure significantly year-over-year, which, in combination with revenue growth, drove a 35%, or $15.5 million, improvement in operating results.

Other expense for fiscal year 2026 was $5.3 million compared with $3.9 million for fiscal year 2025. Net loss attributable to common stockholders for fiscal year 2026 was $33.2 million, or a loss of $4.01 per basic and diluted share, compared with $46.6 million or $13.77 per share for fiscal year 2025.

Net cash burn, excluding inflows from financing activities, was $19.1 million, down 56% compared to fiscal year 2025. As of March 31st, 2026, we reported cash equivalents, restricted cash, and marketable securities of $17.3 million.

Total long-term debt outstanding was $21.6 million. With that, I'll hand the call back to Bob.

Thanks, Dan. Before we open the call for questions, I want to briefly address our Nasdaq listing.

Earlier this month, we announced that the Nasdaq hearings panel granted our request to continue listing on the Nasdaq stock market, subject to our regaining compliance with Nasdaq's minimum bid price requirement by July 31st, 2026. Following stockholder approval at the special meeting held on June 18th, our board approved a one-for-20 reverse split.

As a result, we expect the reverse split positions the company to regain compliance with the bid requirement by the July 31st deadline. With that, we'll now open the call for questions.

Two questions. First, on the second-gen PMA supplement — can you give any color on what level of questions has been asked and the responses you already have?

With the second-generation supplement, we're completely on track. We've done all types of testing around our software, ventilator testing, cybersecurity, EMC testing, bootloader testing, altitude testing — all as asked by the FDA as part of this supplement.

The supplement was put in a year ago and we're expecting to have our scientific letter with all the I's dotted and T's crossed momentarily. From there, the next step is getting into additional communication with the FDA.

Along the way, they've been incredibly communicative, getting back to us really quickly. All this information has been passed back and forth, which is helping us know where we stand in the process.

We're looking forward to doing our audits in the upcoming couple of months and taking things from there.

On the $8 million guidance for 2026 — does that include the $1.9 million top line from calendar Q1, and what do you call that period?

When we're talking about the $8 million for calendar 2026, that would include the $1.9 million we just reported for January through March, plus the calendar quarters ending June 30, September 30, and December 31. The $8 million is a pure calendar year 2026 number, including the quarter we just reported.

The Gen 2 launch isn't supposed to happen till late in the year, so we're not counting any Gen 2 revenue in calendar 2026. We expect to see the majority of that coming in beginning in calendar 2027.

A couple of things on the 2027 guidance. What proportion do you think Gen 2 might represent?

And how critical are the group purchasing agreements to executing against that guidance as opposed to conquering individual accounts?

On the 2027 revenue, since Gen 2 wouldn't be sold internationally to begin with, if we look at just the U.S. portion, it ends up being about half or maybe a little more than half of U.S.

revenue. We have a lot of business that's pretty sticky with good renewal rates, and contracts carry over year to year.

The Gen 2 stuff starting to come in during 2027 makes up around half of U.S. revenue for 2027.

In terms of account conquest needed to make those numbers?

It varies. We're moving from a smaller TAM right now — without the transportability, we're dealing with smaller hospitals.

We expect deal size to increase. If we're doubling revenue in the U.S., it's going to be probably 50% to 70% more accounts rather than having to double the number of accounts.

Does Gen 2 have the same capacity as the current generation despite its smaller footprint?

Both products provide unlimited nitric oxide from room air and both are the fastest as far as speed to treatment — you can start them up, stop them, start them again, which is very important at the bedside. The major differentiator with the Gen 2 once approved is that it'll be fully designed for transport, with air and ground capability, opening up the larger total addressable market.

The other major difference is a change in the predictability of duration between starts for a device going into the field — approximately four times longer before any maintenance is needed. That's a big difference for cost of goods and for customers managing the product.

Much easier to use, no storage issues compared to competitors, and the transport capability. Very excited about those pieces.

On the GPOs and their criticality to the guidance —

The most recent GPO that we signed on April 1st is up and running, and we're already doing evaluations. Part of our contracting was to make sure we could get in front of flagship hospital systems immediately to start evaluations, get product in the hospitals, and knock out incumbents.

This is happening now. There are already accounts coming on board based on that.

There are three major GPOs in the U.S. that cover roughly around 7,000 hospitals, and all the different integrated delivery networks underneath them.

With the most recent GPO, there's almost 2,000 hospitals. One of the evaluations we're working with is responsible for 200 hospitals.

The pilots and evals we're doing are with regions — groups of 10, 17, and 22 hospitals within the IDNs — and it just spider webs out from there. We're approaching the evaluation process at the appropriate pace and it's going great.

We appreciate everybody coming on the call today, and we look forward to providing future guidance and delivering for our shareholders. Everybody have a nice day.

Thank you.