Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
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| Beyond Air, Inc.XAIR · healthcare | |
|---|---|
| Grade |  Eweakest fifth of 371 graded peers; percentile 91.9, sampling error 2.5 points; lower is stronger |
| Rank | 341 of 371 |
| Profitability | Cpercentile 50.1 |
| Solvency | Dpercentile 75.2 |
| Growth and financing | Epercentile 86.4 |
| Reliability | 0.83 AUCfailure model, filers with $12.5M to $120M assets; 95% interval 0.79 to 0.86; 201 events, 2020 to 2025 |
| Peer failure rate | 1.07% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $12.5M to $120M assetstotal assets $35.4M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | dilution, short runway, distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Jun 26, 2026105 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $2.362026-10-08; market equity $2.3M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Jun 26, 2026; the document on sec.gov.
are a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide (“NO”) generators and delivery systems (the “LungFit® platform”) capable of generating NO from ambient air. The Company’s first device, LungFit® PH received premarket approval (“PMA”) from the FDA in June 2022. The NO generated by the LungFit® PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near-term (>34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 50.1 | |||||||
| Gross profitability | 0.7% | [1,6] | 32.2% | 91.4 | 372 | 2026-03-31 | |
| Return on invested capital | not computable | 9.3% | |||||
| required facts have no common fiscal period end | |||||||
| Accruals ratio | (46.2%) | [1,7-9] | (6.6%) | 8.8 | 811 | 2026-03-31 | |
| Gross margin stability, five years | not computable | 2.8 pts | |||||
| five annual gross margins are required; found 3 | |||||||
| Solvency, sleeve percentile 75.2 | |||||||
| Twelve-month failure probability | 5.37% | 0.07% | 96.4 | 248 | 2026-06-30 | ||
| Altman Z double-prime | (31.35) | [1,10-15] | (0.31) | 81.1 | 756 | 2026-03-31 | |
| Net debt to EBITDA | not computable | 1.82x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | not computable | (4.51x) | |||||
| latest aligned inputs end 2024-03-31; latest annual assets end 2026-03-31 | |||||||
| Current ratio | 3.80x | [10-11] | 2.96x | 48.1 | 839 | 2026-03-31 | |
| Growth and financing, sleeve percentile 86.4 | |||||||
| Revenue growth, three-year compound | not computable | 10.0% | |||||
| four consecutive annual observations are required | |||||||
| Free cash flow growth, three-year compound | not computable | 10.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 37.1% | |||||
| NOPAT must exceed $100,000 | |||||||
| Asset growth, three years | (19.9%) | [1,9,16-17] | 2.1% | 83.6 | 704 | 2026-03-31 | |
| Net share issuance, one year | 210.6% | [3-4] | 2.5% | 89.1 | 634 | 2026-06-23 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.452; sampling error 2.5 percentile points on 371 peers.
Among 371 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 336 | Aytu Biopharma, Inc. (AYTU) Aytu Biopharma, Inc. (AYTU) Eweakest fifth; percentile 90.5 Nasdaq · Pharmaceutical Preparations market equity $22.3M; last close $2.10 Warnings: fortress balance sheet; 7 of 14 inputs | 90.5 | E | fortress balance sheet |
| 337 | Q32 Bio Inc. (QTTB) Q32 Bio Inc. (QTTB) Eweakest fifth; percentile 90.8 Nasdaq · Pharmaceutical Preparations market equity $240.8M; last close $8.11 No active warnings; 7 of 14 inputs | 90.8 | E | |
| 338 | Editas Medicine, Inc. (EDIT) Editas Medicine, Inc. (EDIT) Eweakest fifth; percentile 91.1 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $436.2M; last close $2.83 Warnings: fortress balance sheet; 7 of 14 inputs | 91.1 | E | fortress balance sheet |
| 339 | Dyadic International Inc. (DYAI) Dyadic International Inc. (DYAI) Eweakest fifth; percentile 91.4 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $16.2M; last close $0.49 Warnings: short runway, distress; 9 of 14 inputs | 91.4 | E | short runway, distress |
| 340 | Century Therapeutics, Inc. (IPSC) Century Therapeutics, Inc. (IPSC) Eweakest fifth; percentile 91.6 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $264.4M; last close $1.46 Warnings: dilution, fortress balance sheet; 7 of 14 inputs | 91.6 | E | dilution, fortress balance sheet |
| 341 | Beyond Air, Inc. (XAIR) Beyond Air, Inc. (XAIR) Eweakest fifth; percentile 91.9 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $2.2M; last close $2.36 Warnings: dilution, short runway, distress; 7 of 14 inputs | 91.9 | E | dilution, short runway, distress |
| 342 | Precision Biosciences Inc. (DTIL) Precision Biosciences Inc. (DTIL) Eweakest fifth; percentile 92.2 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $177.5M; last close $6.43 Warnings: dilution, fortress balance sheet; 7 of 14 inputs | 92.2 | E | dilution, fortress balance sheet |
| 343 | Elutia Inc. (ELUT) Elutia Inc. (ELUT) Eweakest fifth; percentile 92.4 Nasdaq · Biological Products, (No Diagnostic Substances) last close $0.81 Warnings: short runway, fortress balance sheet; 7 of 14 inputs | 92.4 | E | short runway, fortress balance sheet |
| 344 | Airsculpt Technologies, Inc. (AIRS) Airsculpt Technologies, Inc. (AIRS) Eweakest fifth; percentile 92.7 Nasdaq · Services-Offices & Clinics of Doctors of Medicine market equity $119.3M; last close $1.66 Warnings: late filer; 9 of 14 inputs | 92.7 | E | late filer |
| 345 | Sutro Biopharma, Inc. (STRO) Sutro Biopharma, Inc. (STRO) Eweakest fifth; percentile 93.0 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $254.0M; last close $15.34 Warnings: dilution, short runway, distress, fortress balance sheet; 7 of 14 inputs | 93.0 | E | dilution, short runway, distress, fortress balance sheet |
| 346 | China Pharma Holdings, Inc. (CPHI) China Pharma Holdings, Inc. (CPHI) Eweakest fifth; percentile 93.2 NYSE · Pharmaceutical Preparations market equity $41.3M; last close $0.97 Warnings: dilution, late filer; 8 of 14 inputs | 93.2 | E | dilution, late filer |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 94.7 | 2204 |
| sector peers, equal sleeves (the grade) | E | 91.9 | 371 |
| same exchange, equal sleeves | E | 93.3 | 1219 |
| sector peers, equal inputs | E | 92.2 | 371 |
Each letter is one fifth of the 371 graded peers, about 74 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (91.4%) | 8.0% | 2 | hotter than 2 of 100 peers |
| Distance from 52-week high | (95.7%) | (31.4%) | 2 | closer to its high than 2 of 100 peers |
| EBIT to enterprise value | (339.9%) | (1.5%) | 3 | pricier than 97 of 100 peers |
| Free cash flow yield | (866.5%) | (1.0%) | 0 | pricier than 100 of 100 peers |
| Book value to price | 0.90 | 0.28 | 85 | pricier than 15 of 100 peers |
| Sales to price | 3.47 | 0.31 | 96 | pricier than 4 of 100 peers |
| Composite equity issuance, five years | 286.2% | 20.3% | 95 | more equity-funded than 95 of 100 peers |
| Relative strength against the sector, log excess return | (2.67) | (0.14) | 2 | ahead of 2 of 100 peers |
Inputs: market equity $2.2M; EBIT -$29.0M; free cash flow -$19.2M; book equity $2.0M; sales $7.7M; debt $11.8M; cash $5.5M[18].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2026-03-31 | ||
|---|---|---|
| Return on assets above zero | (110.6%) | ✗ fail[7,9] |
| Operating cash flow above zero | -$18.1M | ✗ fail[8] |
| Return on assets improved | (28.7 pts) | ✗ fail[7,9,16,19] |
| Operating cash flow exceeds net income | $15.1M | ✓ pass[7-8] |
| Long-term leverage fell | n/a[1,9,16] | |
| Current ratio improved | 60.0 pts | ✓ pass[10-11,20-21] |
| No new shares issued | 210.6% | ✗ fail[3-4] |
| Gross margin improved | 48.2 pts | ✓ pass[2,6,22-23] |
| Asset turnover improved | 19.0 pts | ✓ pass[2,9,16,23] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $5.5M[5] |
| Operating cash flow, four quarters | -$18.6M[5,8,24-27] |
| Months of runway | 3.6 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 57 |
| 10-Q received Aug 13, 2026 | |
| Median daily dollar volume | $126,739 |
| 63 sessions | |
| Days since newest grade input | 105 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $35.4M | 2026-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $7.7M | 2026-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 3 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 14,410,621 | 2026-06-23 | 2026-06-26 | 10-K | filing · viewer · series |
| 4 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 92,794,777 | 2025-06-19 | 2025-06-20 | 10-K | filing · viewer · series |
| 5 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $5.5M | 2026-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
| 6 | gross profit | us-gaap:GrossProfit | $252,000 | 2026-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 7 | net income | us-gaap:NetIncomeLoss | -$33.2M | 2026-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 8 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$18.1M | 2026-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 9 | assets | us-gaap:Assets | $30.1M | 2025-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 10 | current assets | us-gaap:AssetsCurrent | $24.8M | 2026-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 11 | current liabilities | us-gaap:LiabilitiesCurrent | $6.5M | 2026-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 12 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$319.6M | 2026-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 13 | operating income | us-gaap:OperatingIncomeLoss | -$29.0M | 2026-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 14 | book equity | us-gaap:StockholdersEquity | $6.1M | 2026-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 15 | liabilities | us-gaap:Liabilities | $29.2M | 2026-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 16 | assets | us-gaap:Assets | $57.0M | 2024-03-31 | 2025-06-20 | 10-K | filing · viewer · series |
| 17 | assets | us-gaap:Assets | $68.7M | 2023-03-31 | 2024-06-24 | 10-K | filing · viewer · series |
| 18 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 957,631 | 2026-08-12 | 2026-08-13 | 10-Q | filing · viewer · series |
| 19 | net income | us-gaap:NetIncomeLoss | -$46.6M | 2025-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 20 | current assets | us-gaap:AssetsCurrent | $16.0M | 2025-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 21 | current liabilities | us-gaap:LiabilitiesCurrent | $5.0M | 2025-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 22 | gross profit | us-gaap:GrossProfit | -$1.7M | 2025-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 23 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $3.7M | 2025-03-31 | 2026-06-26 | 10-K | filing · viewer · series |
| 24 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$4.9M | 2026-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
| 25 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$13.2M | 2025-12-31 | 2026-02-13 | 10-Q | filing · viewer · series |
| 26 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$9.0M | 2025-09-30 | 2025-11-10 | 10-Q | filing · viewer · series |
| 27 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$4.5M | 2025-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 91.9 is 11.9 points from the nearest band edge; sampling error is 2.5 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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