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PAVmed Inc.
PAVMCIK 0001624326NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31
Period
FY 2025
Revenue
$100.0K
Net Income
$401.0K
Total Assets
$38.81M
Equity
$33.97M
Shares Out
6.38M
Op. Cash Flow
$-5.20M
Business
PAVmed Inc. is a multi-product life sciences company that develops, acquires and commercializes medical devices, diagnostics and digital health technologies through distinct subsidiaries. Its primary products and services include Lucid Diagnostics’ EsoGuard methylated DNA NGS assay and EsoCheck esophageal cell collection device, Veris Health’s Veris Cancer Care digital platform (with VerisBox connected devices) and an implantable physiologic monitor, plus incubator-stage products such as CarpX, PortIO and EsoCure. Key business segments comprise Lucid Diagnostics (laboratory diagnostics and testing services), Veris Health (digital remote monitoring and SaaS) and an internal incubator (PMX) for device commercialization. PAVmed commercializes primarily in the U.S. via physician channels, owned and satellite test centers, mobile and telemedicine programs, employer and payer contracting, and also pursues international regulatory approvals and distribution.
Summary from filing dated 2025-03-24
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | 100,000 | 3 | 2 | 377,000 | 500,000 | |
| Cost of revenue | 218,000 | 5 | 6 | 4 | 585,000 | |
| Sales and marketing | 917,000 | 12 | 18 | 19 | 9 | |
| General and administrative | 16 | 25 | 31 | 41 | 25 | |
| Amortization of acquired intangible assets | 0 | 559,000 | 2 | 2 | 146,000 | |
| Research and development | 4 | 6 | 14 | 25 | 20 | |
| Total operating expenses | 22 | 47 | 71 | 91 | 55 | |
| Operating loss | −22 | −44 | −69 | −91 | −54 | |
| Interest income | 29,000 | 254,000 | — | — | — | |
| Interest expense | −21,000 | −45,000 | — | — | — | |
| Gain on deconsolidation of subsidiary | 0 | 72 | — | — | — | |
| Change in fair value - equity method investment | 8 | 532,000 | — | — | — | |
| Change in fair value - Senior Secured Convertible Notes | −3 | 462,000 | — | — | — | |
| Debt extinguishments loss - Senior Secured Convertible Notes | −58,000 | −3 | −4 | −5 | −4 | |
| Debt modification expense | 0 | −2 | — | — | — | |
| Management fee income | 14 | 4 | — | — | — | |
| Grant income | 416,000 | 109,000 | — | — | — | |
| Other income (expense), net | 19 | 73 | −10 | — | — | |
| Income (loss) before provision for income tax | −2 | 28 | −79 | −103 | −56 | |
| Provision for income taxes | 0 | 0 | — | — | — | |
| Net income (loss) before noncontrolling interests | −2 | 28 | −79 | −103 | −56 | |
| Net loss attributable to the noncontrolling interests | 3 | 11 | 15 | 14 | 6 | |
| Net income (loss) attributable to PAVmed Inc. | 401,000 | 40 | −64 | −89 | −50 | |
| Net income (loss) attributable to PAVmed Inc. common stockholders | −4 | 32 | −66 | −89 | −51 | |
| Net income (loss) per share attributable to PAVmed Inc. common stockholders basic (in dollars per share) | −5.63 | 99.15 | −9.16 | −15.03 | −0.65 | |
| Net income (loss) per share attributable to PAVmed Inc. common stockholders diluted (in dollars per share) | −5.63 | 14.9 | −9.16 | −15.03 | — | |
| Weighted average common shares outstanding, basic (in shares) | 670,466 | 322,407 | 7 | 6 | 78 | |
| Weighted average common shares outstanding, diluted (in shares) | 670,466 | 2 | 7 | 6 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash | 2 | 1 | 20 | 40 | 77 | |
| Accounts receivable | 15,000 | 18,000 | — | — | — | |
| Prepaid expenses, deposits, and other current assets | 1 | 961,000 | — | — | — | |
| Total current assets | 3 | 2 | 24 | 44 | 83 | |
| Fixed assets, net | 77,000 | 151,000 | 2 | 2 | 2 | |
| Operating lease right-of-use assets | 2 | 3 | 4 | 3 | — | |
| Equity method investment - at fair value | 34 | 26 | — | — | — | |
| Other assets | 56,000 | 208,000 | 1 | 1 | 725,000 | |
| Total assets | 39 | 31 | 33 | 54 | 87 | |
| Accounts payable | 678,000 | 657,000 | 2 | 3 | 3 | |
| Accrued expenses and other current liabilities | 2 | 5 | 7 | 4 | 4 | |
| Operating lease liabilities, current portion | 573,000 | 513,000 | 2 | 1 | — | |
| Senior Secured Convertible Notes - at fair value | 11 | 29 | 44 | 34 | — | |
| Total current liabilities | 15 | 35 | 54 | 41 | 8 | |
| Operating lease liabilities, less current portion | 2 | 2 | 3 | 2 | — | |
| Total liabilities | 17 | 38 | 57 | 43 | 8 | |
| Commitments and contingencies (Note 10) | — | — | — | — | — | |
| Common stock, $0.001 par value. Authorized, 25,000,000 shares (Note 15); 927,934 and 373,300 shares outstanding as of December 31, 2025 and December 31, 2024, respectively | 1,000 | 1,000 | 9,000 | 6,000 | 86,000 | |
| Additional paid-in capital | 268 | 249 | 238 | 216 | 198 | |
| Accumulated deficit | −259 | −255 | −294 | −228 | −139 | |
| Total PAVmed Inc. Stockholders Equity (Deficit) | 34 | −2 | −54 | −10 | 62 | |
| Noncontrolling interests | −12 | −5 | 30 | 21 | 18 | |
| Total Stockholders Equity (Deficit) | 22 | −7 | −24 | 11 | 79 | |
| Total liabilities and stockholders equity | 39 | 31 | 33 | 54 | 87 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization expense | 105,000 | 1 | 3 | 2 | 226,000 | |
| Stock-based compensation | 2 | 6 | 11 | 20 | 15 | |
| Issuance of stock for services | 505,000 | 598,000 | — | — | — | |
| Change in fair value - Senior Secured Convertible Notes | 3 | −462,000 | — | — | — | |
| Non-cash lease expense | −16,000 | 8,000 | — | — | — | |
| Accounts receivable | 3,000 | 43,000 | −44,000 | 183,000 | −200,000 | |
| Prepaid expenses, deposits and current and other assets | 109,000 | 832,000 | −246,000 | 397,000 | −3 | |
| Accounts payable | 24,000 | −59,000 | −918,000 | −742,000 | 174,000 | |
| Accrued expenses and other current liabilities | −38,000 | −304,000 | 3 | −554,000 | 2 | |
| Net cash flows used in operating activities | −5 | −34 | −52 | −71 | −41 | |
| Purchase of equipment | −31,000 | −55,000 | −242,000 | −2 | −1 | |
| Decrease in cash due to deconsolidation of subsidiary | 0 | −16 | — | — | — | |
| Net cash flows provided by (used in) investing activities | −31,000 | −16 | 758,000 | −5 | −4 | |
| Payment financing costs debt exchange | −109,000 | 0 | — | — | — | |
| Payment Senior Secured Convertible Note acceleration floor payments | 0 | −531,000 | −79,000 | — | — | |
| Proceeds issue common stock Employee Stock Purchase Plan | 0 | 62,000 | 259,000 | 358,000 | — | |
| Net cash flows provided by financing activities | 6 | 31 | 31 | 38 | 104 | |
| Net increase (decrease) in cash | 353,000 | −18 | −20 | −38 | 60 |
Filings
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