Beyond Air® Announces Termination of Agreement to Sell Its NeuroNOS Subsidiary to XTL Biopharmaceuticals Ltd.

Beyond Air (NASDAQ: XAIR) announced that the previously disclosed proposed sale of its NeuroNOS subsidiary to XTL Biopharmaceuticals Ltd. will not proceed.

Rhea-AI Summary

Beyond Air (NASDAQ: XAIR) announced that the previously disclosed proposed sale of its NeuroNOS subsidiary to XTL Biopharmaceuticals Ltd. will not proceed. A January 2026 letter of intent expired on March 9, 2026 and the parties did not execute a definitive agreement.

The company said it will retain its interest in NeuroNOS, continue to evaluate strategic alternatives for the NeuroNOS platform, and remain focused on advancing its core nitric oxide platform and LungFit programs.

Positive

• Retains majority ownership of NeuroNOS (LOI expired Mar 9, 2026)
• Will continue evaluating strategic alternatives for NeuroNOS
• Remains focused on advancing core nitric oxide platform and LungFit programs

Negative

• Proposed sale to XTL terminated; no definitive agreement (LOI expired Mar 9, 2026)

Argus Mar 10 session

-4.02% close to close Open Argus

Details

News Market Reaction – XAIR

On Mar 10, the day this news came out, XAIR closed 4.02% below the previous close.

Data tracked by StockTitan Argus for the Mar 10 session.

Key Figures

LOI date: January 2026 LOI expiry: March 9, 2026

LOI date

January 2026

Letter of intent for XTL to acquire NeuroNOS majority interest

LOI expiry

March 9, 2026

Date the NeuroNOS letter of intent expired under its terms

Historical Context

5 past events · Latest: Feb 20

5 events

1. Feb 20

   Clinical review commentary

   24h Move

   -7.3%

   Independent review on high-dose inhaled nitric oxide antimicrobial potential.

2. Feb 13

   Earnings and update

   24h Move

   +2.9%

   Q3 2026 results with 105% YoY revenue growth and NeuroNOS LOI terms.

3. Feb 04

   Clinical data abstract

   24h Move

   -5.2%

   Selection to present Phase 1 UNO data at AACR 2026 meeting.

4. Jan 27

   Investor conferences

   24h Move

   -5.9%

   Planned participation in two early-February healthcare investor conferences.

5. Jan 26

   Earnings call schedule

   24h Move

   -7.5%

   Announcement of date and access details for Q3 2026 results call.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

letter of intent, definitive agreement, small-molecule, oncology, +1 more

5 terms

letter of intent financial

"The companies entered into a letter of intent in January 2026..."

A letter of intent is a document that shows an agreement in principle between parties to work towards a future deal or transaction. It outlines their intentions and key terms, acting like a roadmap before a formal contract is signed. For investors, it signals serious interest and helps clarify expectations early in the process.

definitive agreement financial

"...the parties did not enter into a definitive agreement."

A definitive agreement is a formal, legally binding document that outlines the final terms and conditions of a deal or transaction, such as a sale or partnership. It acts like a detailed contract that confirms all parties have agreed on the key details, making the deal official. For investors, it signals that the agreement is settled and moving toward completion, providing clarity and security about the transaction.

small-molecule medical

"...based on its proprietary small-molecule platform and development programs..."

A small-molecule is a low-weight chemical compound designed to affect biological processes, often able to enter cells and be taken as a pill or simple injection. Investors watch small-molecule programs because they usually cost less and move faster through development than large biologics, have different manufacturing and patent dynamics, and face distinct competition and market-size implications—think of them as compact tools versus larger, more complex machines in a drugmaker’s toolbox.

oncology medical

"...development programs targeting neurological disorders and oncology."

Oncology is the branch of medicine focused on understanding, diagnosing, and treating cancer, including the development and testing of drugs, therapies, and screening methods. It matters to investors because advances, trial results, regulatory approvals, or setbacks in cancer research can dramatically change the value of companies and the size of potential markets—think of oncology news as weather reports that help investors steer financial decisions in a high-stakes field.

nitric oxide medical

"...focused on harnessing the power of nitric oxide (NO) to improve the lives..."

A simple signaling molecule made of one nitrogen and one oxygen atom that acts like a tiny messenger in the body, telling blood vessels to widen, controlling breathing and influencing immune responses. Investors care because products that deliver, mimic, or measure this gas—such as inhaled therapies, drugs that boost its effects, or diagnostic tests—can affect patient outcomes, regulatory approvals and market value; think of it as a traffic controller for blood and air flow whose tools can become investable medical products.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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GARDEN CITY, N.Y., March 10, 2026 (GLOBE NEWSWIRE) -- Beyond Air, Inc. (NASDAQ: XAIR) (“Beyond Air” or the “Company”), a commercial stage medical device and biopharmaceutical company focused on harnessing the power of nitric oxide (NO) to improve the lives of patients, today announced that the previously disclosed proposed transaction with XTL Biopharmaceuticals Ltd. (“XTL”) relating to Beyond Air’s NeuroNOS subsidiary has been terminated.

The companies entered into a letter of intent in January 2026 regarding a potential transaction in which XTL would acquire Beyond Air’s majority ownership interest in NeuroNOS Ltd. The letter of intent expired on March 9, 2026, in accordance with its terms, and the parties did not enter into a definitive agreement.

“While the proposed transaction will not proceed, Beyond Air remains committed to maximizing the value of the NeuroNOS platform,” said Steve Lisi, Chairman and Chief Executive Officer of Beyond Air. “We continue to believe NeuroNOS represents a compelling opportunity based on its proprietary small-molecule platform and development programs targeting neurological disorders and oncology.”

Beyond Air will continue to evaluate strategic alternatives for NeuroNOS and remains focused on advancing its core nitric oxide platform and LungFit^® programs

About Beyond Air^®, Inc.
Beyond Air is a commercial-stage medical device and biopharmaceutical company dedicated to harnessing the power of endogenous and exogenous nitric oxide (NO) to improve the lives of patients suffering from respiratory illnesses, neurological disorders, and solid tumors. The Company has received FDA approval and CE Mark for its first system, LungFit PH, for the treatment of term and near-term neonates with hypoxic respiratory failure. Beyond Air is currently advancing its other revolutionary LungFit systems in clinical trials for the treatment of severe lung infections such as viral community-acquired pneumonia (including COVID-19) and nontuberculous mycobacteria (NTM).

About NeuroNOS
NeuroNOS is at the forefront of developing innovative treatments for neurodevelopmental and neurodegenerative disorders. The company specializes in creating therapies based on small molecules that cross the blood-brain barrier to regulate Nitric Oxide (NO) levels in the brain. Preclinical studies conducted by NeuroNOS have demonstrated that NO is present at elevated levels in children with Autism Spectrum Disorder (ASD) and adults suffering from brain-related diseases, such as Alzheimer's and brain cancers. The company's research has shown that managing NO levels in the brain is crucial for maintaining normal brain function. By leveraging this groundbreaking science, NeuroNOS aims to bring transformative therapies to those affected by these challenging conditions, ultimately improving individuals' lives. Through collaborations with leading research institutions and experts in the field, the company is committed to advancing medical innovation and delivering life-changing treatments. For more information, please visit https://www.neuro-nos.com.

Forward Looking Statements
This press release contains “forward-looking statements” concerning the potential safety and efficacy of inhaled nitric oxide and the ultra-high concentration nitric oxide product candidate, as well as its therapeutic potential in a number of indications; and the potential impact on patients and anticipated benefits associated with inhaled nitric oxide and the ultra-high concentration nitric oxide product candidate. Forward-looking statements include statements about expectations, beliefs, or intentions regarding product offerings, business, results of operations, strategies or prospects. You can identify such forward-looking statements by the words “appears,” “expects,” “plans,” “anticipates,” “believes” “expects,” “intends,” “looks,” “projects,” “goal,” “assumes,” “targets” and similar expressions and/or the use of future tense or conditional constructions (such as “will,” “may,” “could,” “should” and the like) and by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from any future results expressed or implied by the forward-looking statements. These forward-looking statements are only predictions and reflect views as of the date they are made with respect to future events and financial performance. Many factors could cause actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including risks related to the ability to raise additional capital; the timing and results of future pre-clinical studies and clinical trials; the potential that regulatory authorities, including the FDA and comparable non-U.S. regulatory authorities, may not grant or may delay approval for our product candidates; the approach to discover and develop novel drugs, which is unproven and may never lead to efficacious or marketable products; the ability to fund and the results of further pre-clinical studies and clinical trials of our product candidates; obtaining, maintaining and protecting intellectual property utilized by products; obtaining regulatory approval for products; competition from others using similar technology and others developing products for similar uses; dependence on collaborators; and other risks, which may, in part, be identified and described in the “Risk Factors” section of Beyond Air’s most recent Annual Report on Form 10-K and other of its filings with the Securities and Exchange Commission, all of which are available on Beyond Air’s website. Beyond Air undertakes no obligation to update, and have no policy of updating or revising, these forward-looking statements, except as required by applicable law.

CONTACTS:
Investor Relations contacts

Corey Davis, Ph.D.
LifeSci Advisors, LLC
Cdavis@lifesciadvisors.com
(212) 915-2577

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did Beyond Air (XAIR) terminate the NeuroNOS sale to XTL on March 9, 2026?

The direct answer: the letter of intent expired on March 9, 2026 and no definitive agreement was reached. According to the company, the LOI entered in January 2026 lapsed by its terms and the parties did not finalize a transaction.

Does Beyond Air (XAIR) still own NeuroNOS after the terminated transaction?

Yes. The direct answer: Beyond Air retains its majority interest in NeuroNOS following the LOI expiration. According to the company, because no definitive agreement was signed, the company continues to hold and manage the NeuroNOS platform.

What will Beyond Air (XAIR) do next with the NeuroNOS platform after the termination?

The direct answer: Beyond Air will continue to evaluate strategic alternatives for NeuroNOS. According to the company, it remains committed to maximizing NeuroNOS value while advancing development programs targeting neurological disorders and oncology.

Will the termination affect Beyond Air's focus on its LungFit programs (XAIR)?

The direct answer: Beyond Air said it remains focused on advancing its LungFit programs alongside NeuroNOS. According to the company, core nitric oxide platform development and LungFit initiatives will continue despite the terminated transaction.

When was the original letter of intent between Beyond Air (XAIR) and XTL signed and when did it expire?

The direct answer: the LOI was entered in January 2026 and expired on March 9, 2026. According to the company, the LOI lapsed in accordance with its terms and no definitive agreement was executed.