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Yale Chen

**Managing Director and Senior Healthcare Analyst** at HC Wainwright & Co.

Yale Chen is a **Managing Director and Senior Healthcare Analyst** at H.C. Wainwright & Co., specializing in biotechnology and pharmaceutical sectors within the U.S. healthcare industry. He covers companies such as VERU, CODX, OCUL, and Eyepoint Pharma (EYPT), with a mixed performance track record including a 39-42% success rate and 6-13% average return on stockanalysis.com, though TipRanks reports a lower 26% success rate and -19% average return; his best call was a Buy on EYPT yielding +759% return. Chen began his equity research career in 2011 as an Equity Research Associate at Morgan Joseph TriArtisan LLC, advanced to Associate Director at Aegis Capital Corp in 2012, and joined H.C. Wainwright in 2015. He holds a PhD in Biochemistry from The Graduate Center, City University of New York, is a Chartered Financial Analyst (CFA) charterholder, and possesses FINRA Series 7, 63, 87, and 24 licenses.

Yale Chen's questions to Beyond Air (XAIR) leadership

Question · Q3 2026

Yale Chen asked for elaboration on the Gen 2 system's potential for extended service intervals, whether this testing is required before FDA review, and if the Phase 1b oncology study might start later this calendar year given the company's improved cash position.

Answer

Steve Lisi, CEO, explained that the Gen 1 system requires service every 1,000 hours, which is an expensive process. The Gen 2 system is projected to extend this interval to at least 3,000 hours, potentially longer, which will improve gross margins. He clarified that while there's an FDA reliability hurdle already passed, ongoing testing for longer intervals is for internal service guidance, not FDA approval. Regarding the oncology study, Lisi stated they are exploring options but are not committing to a timeline, prioritizing commercial operations with the current balance sheet and likely not fully funding the study until closer to profitability.

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