Pavmed Financials
Pavmed (PAVM) reported $112K in revenue over the twelve months to Jun 30, 2026, down 89.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing, not commercial revenue, still carries the business as cash burn closely matches funding raised.
The clearest quality signal is the gap between FY2024 net income of$32.0M and operating cash flow of-$33.6M . When FY2025 returned to a-$3.8M loss but cash burn shrank to-$5.2M , it reinforced that the prior year’s profit was not the point at which operations began funding themselves.
FY2025 revenue was only
Free cash flow was
Financial Health Signals
Pavmed does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Pavmed passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
Pavmed reported a net loss of $3.8M while operations used $5.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Pavmed reported an operating loss of $21.8M against $21K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Pavmed generated $71K in revenue in fiscal year 2025. This represents a decrease of 97.6% from the prior year.
Pavmed's EBITDA was -$21.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 49.9% from the prior year.
Pavmed reported -$3.8M in net income in fiscal year 2025. This represents a decrease of 111.8% from the prior year.
Cash & Balance Sheet
Pavmed recorded an outflow of $5.2M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 84.4% from the prior year.
Pavmed held $1.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Pavmed's ROE was -11.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Pavmed invested $4.5M in research and development in fiscal year 2025. This represents a decrease of 24.3% from the prior year.
Pavmed invested $31K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 43.6% from the prior year.
Not reported for fiscal year 2025.
PAVM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $33K+50.0% | $22K-57.7% | $52K+940.0% | $5K-16.7% | $6K-25.0% | $8K | $0-100.0% | $1.0M |
| Cost of Revenue | $122K+25.8% | $97K+12.8% | $86K+56.4% | $55K+34.1% | $41K+13.9% | $36K-26.5% | $49K-96.5% | $1.4M |
| Gross Profit | -$89K-18.7% | -$75K-120.6% | -$34K+32.0% | -$50K-42.9% | -$35K-25.0% | -$28K+42.9% | -$49K+87.1% | -$381K |
| R&D Expenses | $2.1M+48.9% | $1.4M-24.0% | $1.8M+67.9% | $1.1M+37.7% | $790K+0.4% | $787K-2.6% | $808K-47.6% | $1.5M |
| SG&A Expenses | $4.7M-26.8% | $6.4M+35.5% | $4.7M+33.8% | $3.5M-4.5% | $3.7M-16.3% | $4.4M+4.7% | $4.2M-37.0% | $6.6M |
| Operating Income | -$7.0M+12.6% | -$8.0M-18.1% | -$6.8M-40.4% | -$4.8M-2.7% | -$4.7M+13.4% | -$5.4M-5.0% | -$5.2M+55.2% | -$11.6M |
| Interest Expense | $2K-33.3% | $3K+107.7% | -$39K-587.5% | $8K-69.2% | $26K0.0% | $26K+333.3% | $6K-50.0% | $12K |
| Income Tax | $0 | $0 | N/A | N/A | $0 | $0 | N/A | N/A |
| Net Income | -$5.4M-8873.3% | -$60K+98.9% | -$5.4M-1.0% | -$5.4M+54.8% | -$11.9M-162.8% | $19.0M+396.7% | -$6.4M-109.9% | $64.4M |
| EPS (Diluted) | -$0.87 | -$4.42 | -$5.52 | -$0.29 | -$22.08 | $10.10 | -$0.29 | $1.44 |
PAVM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $40.2M-11.5% | $45.4M+17.0% | $38.8M+2.0% | $38.1M-13.3% | $43.9M-16.9% | $52.8M+72.3% | $30.7M+0.4% | $30.6M |
| Current Assets | $4.9M-34.5% | $7.4M+189.9% | $2.6M-39.0% | $4.2M-23.6% | $5.5M+50.9% | $3.6M+68.1% | $2.2M+1.6% | $2.1M |
| Cash & Equivalents | $3.8M-41.4% | $6.5M+320.0% | $1.5M-50.4% | $3.1M-22.5% | $4.0M+48.3% | $2.7M+127.8% | $1.2M+54.9% | $765K |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $6K |
| Accounts Receivable | N/A | N/A | N/A | $3K0.0% | $3K-66.7% | $9K-50.0% | $18K+12.5% | $16K |
| Total Liabilities | $5.2M-12.4% | $5.9M+21.7% | $4.8M-60.6% | $12.3M-1.5% | $12.5M+4.9% | $11.9M-68.5% | $37.7M-5.6% | $39.9M |
| Current Liabilities | $4.1M+11.6% | $3.7M | N/A | $10.5M-0.4% | $10.5M+7.4% | $9.8M-72.4% | $35.4M-5.6% | $37.6M |
| Total Equity | $35.0M-11.3% | $39.5M+16.4% | $34.0M+4.4% | $32.5M-13.3% | $37.5M-16.6% | $45.0M+1903.4% | -$2.5M+48.8% | -$4.9M |
| Retained Earnings | -$264.5M-2.1% | -$259.0M-0.1% | -$258.7M-0.7% | -$256.9M-2.5% | -$250.6M-5.6% | -$237.3M+6.9% | -$255.0M+0.5% | -$256.3M |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
PAVM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.7M-1.6% | -$2.6M-68.9% | -$1.6M-73.1% | -$896K+23.9% | -$1.2M+25.5% | -$1.6M-1781.9% | $94K+101.1% | -$8.9M |
| Capital Expenditures | $13K-40.9% | $22K+57.1% | $14K+366.7% | $3K-62.5% | $8K+33.3% | $6K+50.0% | $4K-33.3% | $6K |
| Free Cash Flow | -$2.7M-1.3% | -$2.6M-68.8% | -$1.6M-74.1% | -$899K+24.2% | -$1.2M+25.3% | -$1.6M-1863.3% | $90K+101.0% | -$8.9M |
| Investing Cash Flow | -$13K+40.9% | -$22K-57.1% | -$14K-366.7% | -$3K+62.5% | -$8K-33.3% | -$6K-50.0% | -$4K+100.0% | -$16.1M |
| Financing Cash Flow | $0-100.0% | $7.6M | $0+100.0% | -$2K-100.1% | $2.5M-19.7% | $3.1M+840.0% | $330K+16.2% | $284K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
PAVM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -269.7% | -340.9% | -65.4% | -1000.0% | -583.3% | -350.0% | N/A | -38.1% |
| Operating Margin | -21278.8% | -36522.7% | -13078.9% | -96880.0% | -78583.3% | -68075.0% | N/A | -1157.8% |
| Net Margin | -16315.1% | -272.7% | -10457.7% | -107660.0% | -198683.3% | 237100.0% | N/A | 6439.9% |
| Return on Equity | -15.4%-15.2pp | -0.1%+15.9pp | -16.0%+0.5pp | -16.6%+15.2pp | -31.8%-73.9pp | 42.2% | N/A | N/A |
| Return on Assets | -13.4%-13.3pp | -0.1%+13.9pp | -14.0%+0.1pp | -14.1%+13.0pp | -27.2%-63.1pp | 35.9%+56.8pp | -20.8%-231.7pp | 210.8% |
| Current Ratio | 1.19-0.8x | 2.02 | N/A | 0.40-0.1x | 0.52+0.2x | 0.37+0.3x | 0.060.0x | 0.06 |
| Debt-to-Equity | 0.150.0x | 0.150.0x | 0.14-0.2x | 0.380.0x | 0.33+0.1x | 0.26 | N/A | N/A |
| FCF Margin | -8109.1% | -12009.1% | -3009.6% | -17980.0% | -19766.7% | -19837.5% | N/A | -888.9% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Pavmed Ranks
Frequently Asked Questions
What is Pavmed's annual revenue?
Pavmed (PAVM) reported $71K in total revenue for fiscal year 2025. This represents a -97.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Pavmed's revenue growing?
Pavmed (PAVM) revenue declined by 97.6% year-over-year, from $3.0M to $71K in fiscal year 2025.
Is Pavmed profitable?
No, Pavmed (PAVM) reported a net income of -$3.8M in fiscal year 2025.
What is Pavmed's EBITDA?
Pavmed (PAVM) had EBITDA of -$21.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Pavmed's return on equity (ROE)?
Pavmed (PAVM) has a return on equity of -11.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Pavmed's free cash flow?
Pavmed (PAVM) recorded an outflow of $5.2M in free cash flow during fiscal year 2025. This represents a 84.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Pavmed's operating cash flow?
Pavmed (PAVM) recorded an outflow of $5.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Pavmed's total assets?
Pavmed (PAVM) had $38.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Pavmed's capital expenditures?
Pavmed (PAVM) invested $31K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Pavmed spend on research and development?
Pavmed (PAVM) invested $4.5M in research and development during fiscal year 2025.
What is Pavmed's debt-to-equity ratio?
Pavmed (PAVM) had a debt-to-equity ratio of 0.14 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Pavmed's return on assets (ROA)?
Pavmed (PAVM) had a return on assets of -9.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Pavmed's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Pavmed (PAVM) held $1.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $5.2M over that year. Dividing the one by the other, the reported balance equals about 4 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Pavmed's Piotroski F-Score?
Pavmed (PAVM) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Pavmed's earnings high quality?
Pavmed (PAVM) reported a net loss of $3.8M while operations used $5.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Pavmed cover its interest payments?
Pavmed (PAVM) reported an operating loss of $21.8M against $21K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.