Beyond Air, Inc. announced that Chief Financial Officer Doug Larson will step down, effective December 5, 2025, and will remain in an advisory capacity through the end of the year to support a smooth transition.
In the interim, Controller Duke Drewell will assume the CFO role starting December 6, 2025, until a permanent successor is appointed. Larson, who joined the company in September 2021, led the organization through its commercial launch of the LungFit PH system and secured key financing that extended the company’s cash runway to 2027.
The company recently closed a $32 million financing package with Streeterville Capital, which included a $12 million promissory note and a $20 million equity line of credit. The infusion strengthens Beyond Air’s balance sheet and provides the capital needed to accelerate commercialization of its neonatal nitric‑oxide therapy.
Financially, Beyond Air reported a 220 % increase in revenue to $3.7 million for the fiscal year ending March 31, 2025, and a 157 % rise to $1.8 million in fiscal Q1 2026. Despite the revenue growth, the company continues to post net losses and negative gross‑profit margins, reflecting the high cost of scaling production and the investment required for commercial expansion.
CEO Steve Lisi praised Larson’s leadership, noting that his “financial discipline and strategic focus were instrumental in moving Beyond Air from a development stage to a commercial enterprise.” Lisi also highlighted the recent financing as a “critical lifeline” that bolstered the company’s financial position.
The CFO transition is viewed as a continuation of the company’s focus on operational stability while it navigates the challenges of commercializing a life‑saving therapy. The appointment of Drewell, who has deep experience in financial operations, signals the company’s intent to maintain momentum during the leadership change.
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