PAVmed Inc. Leases Disclosure

Note 8 — Leases

 

The components of lease expense were as follows:

Schedule of Lease Expense  

		Years Ended December 31,
		2024				2023
Operating lease cost		$	1,520			$	1,871
Short-term lease cost			53				89
Variable lease cost			102				113
Total lease cost		$	1,675			$	2,073

 

The Company’s future lease payments as of December 31, 2024, which are presented as operating lease liabilities, current portion and operating lease liabilities, less current portion on the Company’s consolidated balance sheets are as follows:

 Schedule of Future Minimum Lease Payments for Operating Leases  

2025		$	708
2026			724
2027			594
2028			471
2029			481
Thereafter			367
Total lease payments		$	3,345
Less: imputed interest			(585	)
Present value of lease liabilities		$	2,760

 

Supplemental disclosure of cash flow information related to the Company’s cash and non-cash activities with its leases are as follows:

 Schedule of Supplemental Balance Sheet Information Related to Cash and Non-cash Activities with Leases 

		Years Ended December 31,
		2024				2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	1,537			$	1,563
Non-cash investing and financing activities
Right-of-use assets obtained in exchange for new operating lease liabilities		$	—			$	2,728
Weighted-average remaining lease term - operating leases (in years)			5.03				4.62
Weighted-average discount rate - operating leases			7.875	%			7.875	%

 

As of December 31, 2024 and December 31, 2023, the Company’s right-of-use assets from operating leases were $2,500 and $4,267, respectively, which are reported in operating lease right-of-use assets in the consolidated balance sheets. As of December 31, 2024 and December 31, 2023, the Company had outstanding operating lease obligations of $2,760 and $4,525, respectively, of which $513 and $1,565, respectively, are reported in operating lease liabilities, current portion and $2,247 and $2,960, respectively, are reported in operating lease liabilities less current portion in the Company’s consolidated balance sheets. The Company calculates its incremental borrowing rates for specific lease terms, used to discount future lease payments, as a function of the financing terms the Company would likely receive on the open market. Following the deconsolidation of Lucid, the Company had removed right-of-use assets and operating lease liabilities related to Lucid. See Note 4, Equity Method Investment, for additional information on the Lucid deconsolidation.