Full Press Release Details
Provides Business Update and Reports Second Quarter 2025 Financial Results
processed 2,756 EsoGuard 2Q25 tests, recognized revenue of $1.2 million, and secured CAC meeting on Medicare LCD for
EsoGuard to be held on September 4
Health completed 2Q25 financing, relaunched development of implantable physiological monitor, and initiated integration steps to launch
commercial phase with OSU-The James
call and webcast to be held today, August 14, at 8:30 AM EDT
YORK, August 14, 2025 - PAVmed Inc. (NASDAQ: PAVM) ("PAVmed" or the "Company"), a diversified commercial-stage
medical technology company, operating in the medical device, diagnostics, and digital health sectors, today provided a business update
for the Company and its subsidiaries, Lucid Diagnostics Inc. (NASDAQ: LUCD) ("Lucid") and Veris Health Inc. ("Veris"),
and reported financial results for the quarter ended June 30, 2025.
webcast will take place on Thursday, August 14, 2025, at 8:30 AM and is accessible in the investor relations section of the Company's
website at pavmed.com. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-800-836-8184
and international listeners should dial 1-646-357-8785. All listeners should provide the operator with the conference call name "PAVmed
Business Update" to join.
the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's
website at pavmed.com.
has stabilized its corporate structure, strengthened its balance sheet, and is positioned to advance its vision as a diversified commercial
life sciences company with multiple independently-financed subsidiaries operating under a shared services model," said Lishan
Aklog, M.D., PAVmed's Chairman and Chief Executive Officer. "The successful second quarter financings of both Lucid and
Veris reflect investor confidence in their commercial potential and provide each company with capital needed to achieve important near-term
milestones. Veris is now aggressively advancing towards final development and regulatory clearance of its implantable monitor, as well
as completion the final steps toward full commercial engagement with our strategic partner, OSU-The James. We remain actively engaged
in evaluating new opportunities to leverage PAVmed's platform and further diversify our portfolio."
from the second quarter and recent weeks:
Condensed Consolidated Statement of Operations (Unaudited)
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (in thousands except per-share amounts) | ||||||||||||||||
| Revenue | $ | 6 | $ | 979 | $ | 14 | $ | 1,989 | ||||||||
| Operating expenses | 4,721 | 14,663 | 10,174 | 29,711 | ||||||||||||
| Other (Income) Expense | 7,609 | 1,230 | (16,460 | ) | 5,704 | |||||||||||
| Net (Income) Loss | 12,324 | 14,914 | (6,300 | ) | 33,426 | |||||||||||
| Net income (loss) per common share, diluted | $ | (0.74 | ) | $ | (1.19 | ) | $ | 0.13 | $ | (3.78 | ) | |||||
| Net income (loss) attributable to common stockholders | (13,308 | ) | (10,908 | ) | 4,386 | (33,696 | ) | |||||||||
| Preferred Stock dividends and deemed dividends | 1,387 | 81 | 2,661 | 7,657 | ||||||||||||
| Net income (loss) as reported | (11,921 | ) | (10,827 | ) | 7,047 | (26,039 | ) | |||||||||
| Adjustments: | ||||||||||||||||
| Depreciation and amortization expense 1 | 22 | 305 | 65 | 891 | ||||||||||||
| Interest expense, net 2 | (4 | ) | (99 | ) | (7 | ) | (156 | ) | ||||||||
| NCI ownership share of Interest and Depreciation adjustments | - | (40 | ) | - | (180 | ) | ||||||||||
| EBITDA | (11,903 | ) | (10,661 | ) | 7,105 | (25,484 | ) | |||||||||
| Other non-cash or financing related expenses: | ||||||||||||||||
| Stock-based compensation expense 3 | 162 | 1,904 | 1,092 | 3,786 | ||||||||||||
| Operating expenses issued in stock 1 | 53 | 140 | 103 | 163 | ||||||||||||
| Change in FV equity method investments | 10,643 | - | (10,361 | ) | - | |||||||||||
| Change in FV convertible debt 2 | 200 | 566 | 249 | 2,728 | ||||||||||||
| Loss on debt extinguishment 2 | - | 763 | 58 | 1,132 | ||||||||||||
| Debt modification expense | - | - | - | 2,000 | ||||||||||||
| NCI ownership share of non-GAAP adjustments | - | (363 | ) | - | (602 | ) | ||||||||||
| Non-GAAP adjusted (loss) | $ | (845 | ) | $ | (7,651 | ) | $ | (1,754 | ) | $ | (16,277 | ) | ||||
| Non-GAAP shares outstanding, basic and diluted | 18,085 | 9,153 | 15,992 | 8,924 | ||||||||||||
| Non-GAAP adjusted (loss) income per share, basic and diluted | $ | (0.05 | ) | $ | (0.84 | ) | $ | (0.11 | ) | $ | (1.82 | ) |
Included in general and administrative expenses in the financial statements.
Included in other income and expenses.
Stock-based compensation ("SBC") expense included in operating expenses is detailed as follows in the table below by
category within operating expenses for the non-GAAP Net operating expenses:
Reconciliation of GAAP Operating Expenses to Non-GAAP Net Operating Expenses
| (in thousands except per-share amounts) | For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Cost of revenue | $ | 41 | $ | 1,666 | $ | 78 | $ | 3,411 | ||||||||
| Stock-based compensation expense 3 | - | (44 | ) | - | (80 | ) | ||||||||||
| Net cost of revenue | 41 | 1,622 | 78 | 3,331 | ||||||||||||
| Amortization of acquired intangible assets | - | 105 | - | 477 | ||||||||||||
| Sales and marketing | 220 | 4,242 | 467 | 8,552 | ||||||||||||
| Stock-based compensation expense 3 | (1 | ) | (387 | ) | (46 | ) | (790 | ) | ||||||||
| Net sales and marketing | 219 | 3,855 | 421 | 7,762 | ||||||||||||
| General and administrative | 3,670 | 7,009 | 8,053 | 13,688 | ||||||||||||
| Depreciation expense | (22 | ) | (200 | ) | (65 | ) | (414 | ) | ||||||||
| Operating expenses issued in stock | (53 | ) | (140 | ) | (103 | ) | (163 | ) | ||||||||
| Stock-based compensation expense 3 | (148 | ) | (1,214 | ) | (944 | ) | (2,292 | ) | ||||||||
| Net general and administrative | 3,447 | 5,455 | 6,941 | 10,819 | ||||||||||||
| Research and development | 790 | 1,641 | 1,576 | 3,583 | ||||||||||||
| Stock-based compensation expense 3 | (13 | ) | (259 | ) | (102 | ) | (624 | ) | ||||||||
| Net research and development | 777 | 1,382 | 1,474 | 2,959 | ||||||||||||
| Total operating expenses | 4,721 | 14,663 | 10,174 | 29,711 | ||||||||||||
| Depreciation and amortization expense | (22 | ) | (305 | ) | (65 | ) | (891 | ) | ||||||||
| Operating expenses issued in stock | (53 | ) | (140 | ) | (103 | ) | (163 | ) | ||||||||
| Stock-based compensation expense 3 | (162 | ) | (1,904 | ) | (1,092 | ) | (3,786 | ) | ||||||||
| Net operating expenses | $ | 4,484 | $ | 12,314 | $ | 8,914 | $ | 24,871 |
PAVmed and its Subsidiaries
Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors.
Its subsidiary, Lucid Diagnostics Inc. (NASDAQ: LUCD), is a commercial-stage cancer prevention medical diagnostics company that markets
the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device-the first and only
commercial tools for widespread early detection of esophageal precancer to mitigate the risks of esophageal cancer deaths. Its other
subsidiary, Veris Health Inc., is a digital health company focused on enhanced personalized cancer care through remote patient monitoring
using implantable biologic sensors with wireless communication along with a custom suite of connected external devices. Veris is concurrently
developing an implantable physiological monitor, designed to be implanted alongside a chemotherapy port, which will interface with the
Veris Cancer Care Platform.
more and for more information about PAVmed, please visit pavmed.com.
more information about Lucid Diagnostics, please visit luciddx.com.
more information about Veris Health, please visit verishealth.com.
press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are any statements
that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of PAVmed's
and Lucid's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking
statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of PAVmed's
and Lucid's common stock; general economic and market conditions; the uncertainties inherent in research and development, including
the cost and time required to advance PAVmed's and Lucid's products to regulatory submission; whether regulatory authorities
will be satisfied with the design of and results from PAVmed's and Lucid's clinical and preclinical studies; whether and
when PAVmed's and Lucid's products are cleared by regulatory authorities; market acceptance of PAVmed's and Lucid's
products once cleared and commercialized; PAVmed's and Lucid's ability to raise additional funding as needed; and other competitive
developments. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and
description of these and other important risks and uncertainties that may affect PAVmed's and Lucid's future operations,
see Part I, Item 1A, "Risk Factors," in PAVmed's and Lucid's most recent Annual Report on Form 10-K filed with
the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, "Risk Factors" in any Quarterly Report
on Form 10-Q filed by PAVmed or Lucid after its most recent Annual Report. PAVmed and Lucid disclaim any intention or obligation to publicly
update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on
which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the
forward-looking statements.
and Lucid Diagnostics