Beyond Air is a medical device company that develops and sells nitric oxide therapy systems. Its primary product, LungFit PH, is a device that generates nitric oxide from ambient air to treat neonates with persistent pulmonary hypertension. Unlike traditional systems that rely on pressurized gas cylinders, LungFit PH uses a plasma chamber to ionize nitrogen and oxygen from the air and a proprietary Smart Filter to remove nitrogen dioxide byproducts. Beyond Air generates revenue through a leasing structure where hospitals pay for hours of use and purchase filters, or a capital purchase model where hospitals buy the device and recurring consumables. The company uses multiyear contracts to secure recurring revenue. Beyond Air sells directly to hospitals in the U.S. and uses distribution partners for international markets. Growth is focused on the launch of the second-generation LungFit PH II, which is designed for transport and features longer service intervals to improve profitability. Agreements with major group purchasing organizations (GPOs) provide access to thousands of U.S. hospitals. The company also holds majority stakes in subsidiaries developing nitric oxide therapies for cancer and neurological conditions, though it has agreed to sell its neurology unit, NeuroNOS, to XTL. Management has deprioritized earlier-stage candidates to focus on the commercial scale-up of its core neonatal respiratory product.