PAVmed Provides Business Update and Reports Fourth Quarter and Full Year 2025 Financial Results

Rhea-AI Summary

PAVmed (NASDAQ: PAVM) reported Q4 and full-year 2025 results and a business update on March 30, 2026. Highlights include a $30M Series D preferred offering, a $15M senior secured note, elimination of outstanding convertible securities, relaunch of medical devices, Veris commercialization with OSU-The James, and Lucid Diagnostics progress on EsoGuard.

Financials: Q4 GAAP net loss attributable to common stockholders was $(1.8M) and non-GAAP adjusted loss was $(0.9M); cash and equivalents were $1.5M as of December 31, 2025.

Positive

• Completed $30M Series D preferred offering and $15M senior secured note
• Eliminated outstanding convertible securities, reducing legacy capital overhang
• Lucid EsoGuard recognized $1.5M revenue in 4Q25 and processed 3,664 tests
• Awarded U.S. VA contract for EsoGuard expanding system-wide access
• Veris completed EHR integration with OSU-The James and advanced 510(k) plans

Negative

• Cash and cash equivalents of only $1.5M at December 31, 2025
• FY 2025 GAAP net loss attributable to common stockholders of $3.8M
• Issued $30M Series D warrants, potentially dilutive and callable on CMS draft publication
• Operating expenses remain material at $21.9M for 2025 despite declines from prior year

News Market Reaction – PAVM

+13.03% 2.1x vol

6 alerts

+13.03% News Effect

+3.5% Peak in 7 hr 24 min

+$2M Valuation Impact

$14.22M Market Cap

2.1x Rel. Volume

On the day this news was published, PAVM gained 13.03%, reflecting a significant positive market reaction. Argus tracked a peak move of +3.5% during that session. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $2M to the company's valuation, bringing the market cap to $14.22M at that time. Trading volume was elevated at 2.1x the daily average, suggesting notable buying interest.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Series D preferred financing: $30 million Senior secured note: $15 million Series D warrants: $30 million +5 more

8 metrics

Series D preferred financing $30 million Completed Series D preferred stock offering to strengthen balance sheet

Senior secured note $15 million Senior secured note financing completed alongside Series D

Series D warrants $30 million Warrants callable upon draft CMS coverage policy for EsoGuard

Q4 2025 revenue $52 thousand Condensed consolidated statement of operations, quarter ended Dec 31, 2025

FY 2025 revenue $71 thousand Condensed consolidated statement of operations, year ended Dec 31, 2025

Q4 operating expenses $6,853 thousand Operating expenses for three months ended Dec 31, 2025

Q4 GAAP net loss $1.8 million GAAP net loss attributable to common stockholders, Q4 2025

Year-end cash $1.5 million Cash and cash equivalents as of Dec 31, 2025 (vs $1.2M a year earlier)

Market Reality Check

Price: $10.15 Vol: Volume 15,238 is below th...

normal vol

$10.15 Last Close

Volume Volume 15,238 is below the 20-day average of 17,779, suggesting no pre-news buildup. normal

Technical Shares at 8.67 are trading below the 200-day MA 12.41 and well under the 52-week high 28.44.

Peers on Argus

PAVM was down 3.02% while scanner peers HSDT and INBS were up around 3–4%. Withi...

2 Up

PAVM was down 3.02% while scanner peers HSDT and INBS were up around 3–4%. Within the medical devices group, HSCS and BMRA were down, RSLS was sharply higher (29.8%), and LFWD/DHAI were flat to slightly positive. Mixed peer moves and opposite scanner direction point to stock-specific dynamics.

Previous Earnings Reports

5 past events · Latest: Mar 26 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 26	Lucid FY25 earnings	Positive	-3.9%	Lucid reported 4Q25 revenue growth, VA contract win, and positive real-world data.
Nov 13	PAVmed 3Q25 earnings	Positive	-8.5%	PAVmed highlighted Lucid revenue, CAC support, Veris launch, and improved cash.
Nov 12	Lucid 3Q25 earnings	Positive	+10.4%	Lucid posted revenue growth, large cash balance, and unanimous CAC support.
Aug 14	PAVmed 2Q25 earnings	Positive	-0.8%	PAVmed reported higher EsoGuard revenue, financings, and Veris partnership progress.
Aug 13	Lucid 2Q25 earnings	Positive	+4.0%	Lucid showed revenue growth, extended cash runway, and new coverage partnerships.

Pattern Detected

Earnings and business updates have often seen muted or negative next-day reactions, even when operational milestones appear positive.

Recent Company History

Over the past year, PAVmed and Lucid have used quarterly and annual updates to highlight EsoGuard revenue ramp, VA and Medicare-related progress, and repeated equity financings to extend cash runway. Prior PAVmed results showed limited consolidated revenue but improving liquidity, while Lucid updates emphasized growing test volumes and strong CAC support for coverage. Price reactions to these earnings events have been mixed, with several instances where seemingly constructive catalysts were followed by share price declines within 24 hours.

Historical Comparison

+0.3% avg move · In the past year, PAVmed/Lucid have issued five earnings-style updates with an average 24-hour move ...

earnings

+0.3%

Average Historical Move earnings

In the past year, PAVmed/Lucid have issued five earnings-style updates with an average 24-hour move of about 0.25%, showing generally muted reactions to this news type.

Earnings updates have tracked EsoGuard revenue growth, coverage milestones, and recurring financings, alongside Veris’ OSU partnership and PAVmed’s evolving device pipeline and capital structure.

Market Pulse Summary

The stock surged +13.0% in the session following this news. A strong positive reaction aligns with P...

Analysis

The stock surged +13.0% in the session following this news. A strong positive reaction aligns with PAVmed’s emphasis on fixing its legacy capital structure and highlighting new growth drivers. The update detailed a $30 million Series D raise, a $15 million secured note, and removal of prior convertible overhang, alongside Veris’ OSU deployment and Lucid’s EsoGuard traction. Past earnings reactions have often been modest, so a large move would reflect investors re-rating balance sheet strength and pipeline optionality.

Key Terms

510(k), EBITDA, stock-based compensation, non-GAAP, +4 more

8 terms

510(k) regulatory

"supporting a planned late 2026 FDA 510(k) submission."

A 510(k) is a U.S. regulatory submission that a medical device maker uses to show a new device is as safe and effective as an already-approved device, allowing the regulator to clear it for sale rather than requiring the longer, more stringent approval process. For investors, a cleared 510(k) usually means lower regulatory risk and a faster path to market, which can speed revenue generation and reduce uncertainty—similar to proving a new appliance works like a trusted existing model.

EBITDA financial

"These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA)"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

stock-based compensation financial

"Operating expenses were approximately $6.9 million which include stock-based compensation expenses of $0.3 million."

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

non-GAAP financial

"These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

convertible securities financial

"to eliminate all previously outstanding convertible securities, removing a significant legacy capital structure overhang"

Convertible securities are bonds or preferred shares that can be exchanged for a company’s common stock at a predetermined price or under specified conditions. They matter because they combine the steadiness of a loan or fixed dividend with the potential upside of ownership; like a safety‑net that carries a one‑time ticket to become a shareholder, they affect expected returns and can dilute existing stock if converted.

debt extinguishment financial

"and loss on debt extinguishment. The foregoing non-GAAP financial measures of EBITDA"

Debt extinguishment is the process of eliminating a company's obligation to repay borrowed money, whether by paying it off, refinancing it with new borrowing, or settling it for less than the original amount. For investors, it matters because removing or replacing debt changes a business’s cash needs, risk profile and reported profit—much like paying off a mortgage early or refinancing at a different rate alters your monthly budget and long‑term costs.

electronic health record (EHR) technical

"with the hospital's electronic health record (EHR) system now complete."

A digital system that stores a patient’s medical history, test results, medications and treatment notes in one place so healthcare providers can view and update records electronically. For investors, EHRs matter because they drive how healthcare is delivered, influence costs, create recurring revenue for software providers, and carry regulatory and cybersecurity risks; think of an EHR as the digital filing cabinet or smartphone app that organizes a clinic’s entire patient chart.

esophageal precancer medical

"real-world experience of esophageal precancer detection, evaluating Lucid's EsoGuard"

Esophageal precancer describes abnormal cell changes in the lining of the esophagus that are not yet invasive cancer but have a higher risk of becoming malignant over time, like early cracks in paint that can lead to rot if left unchecked. It matters to investors because the need for earlier detection, monitoring and preventive treatments creates market opportunities for diagnostics, drugs and medical devices, and influences regulatory approvals, reimbursement and future revenue potential.

AI-generated analysis. Not financial advice.

PAVmed strengthened its capital structure and relaunched its medical device portfolio under new leadership

Veris Health advanced strategic partnership with OSU and progressed implantable physiological monitor toward FDA submission

Lucid Diagnostics expanded EsoGuard healthcare system access and clinical evidence base

Conference call and webcast to be held today, March 30, at 8:30 AM EST

NEW YORK, March 30, 2026 /PRNewswire/ -- 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 fourth quarter and year ended December 31, 2025.

Conference Call and Webcast

The webcast will take place on Monday, March 30, 2026, 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.

Following 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.

Business Update Highlights

"Over the past two years, we've undertaken a series of deliberate, systematic actions to fix PAVmed's legacy capital structure and strengthen its balance sheet," said Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer. "This process is now complete and we believe PAVmed is exceptionally well positioned to execute on its founding mission — to operate as a high-growth diversified commercial life sciences company with multiple independently financed subsidiaries operating under a shared services model. Veris is now well underway in the commercial phase of its strategic engagement with OSU-The James while progressing its implantable physiological monitor toward FDA submission. Lucid continues to maintain a strong commercial foundation as it approaches transformative Medicare coverage for EsoGuard. We have also relaunched PAVmed's medical device portfolio under experienced leadership and completed the licensing of our endoscopic esophageal imaging technology from Duke University, adding another potential growth engine to our pipeline."

Highlights from the fourth quarter and recent weeks:

• PAVmed strengthened its balance sheet through the completion of a $30 million Series D preferred stock offering and a $15 million senior secured note financing. A portion of the proceeds from these activities was used to eliminate all previously outstanding convertible securities, removing a significant legacy capital structure overhang and extending the Company's cash runway. In addition, the Company issued $30 million in Series D warrants, which are callable upon the publication of a draft CMS coverage policy for Lucid's EsoGuard Esophageal DNA Test.
• PAVmed relaunched its medical device portfolio and appointed industry veteran Joseph Virgilio as Chief Business Officer of Medical Devices to oversee development and commercialization of its current and future device portfolio, including the PortIO implantable intraosseous vascular access device and endoscopic esophageal imaging technology licensed from Duke University.
• Veris advanced its strategic engagement with The Ohio State University's James Cancer Hospital, with the commercial phase well underway and full integration with the hospital's electronic health record (EHR) system now complete.
• Veris is engaged with its development and manufacturing partner for its implantable physiological monitor, supporting a planned late 2026 FDA 510(k) submission.
• Lucid Diagnostics announced fourth quarter and full year 2025 financial results and key business developments, including:
  • Recognized $1.5 million in EsoGuard^® Esophageal DNA Test revenue for 4Q25 and processed 3,664 EsoGuard tests.
  • Awarded U.S. Department of Veterans Affairs (VA) contract for EsoGuard, expanding access across the nation's largest integrated healthcare system serving approximately nine million veterans.  
  • Announced positive data from the largest reported real-world experience of esophageal precancer detection, evaluating Lucid's EsoGuard and EsoCheck^® Esophageal Cell Collection Device in nearly 12,000 at-risk patients.

Financial Results:

• For the three months ended December 31, 2025, Operating expenses were approximately $6.9 million which include stock-based compensation expenses of $0.3 million. GAAP net loss attributable to common stockholders was approximately $1.8 million, or $(2.05) per common share on a diluted basis.
• As shown below and for the purpose of illustrating the effect of stock-based compensation and other non-cash income and expenses on the Company's financial results, the Company's non-GAAP adjusted loss was approximately $0.9 million or $(1.05) per common share.
• PAVmed had cash and cash equivalents of $1.5 million as of December 31, 2025, compared to $1.2 million as of December 31, 2024.
• The audited financial results for the year ended December 31, 2025 were filed with the SEC on Form 10-K on March 27, 2026, and are available at www.pavmed.com or www.sec.gov.

PAVmed Non-GAAP Measures

• To supplement our financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company's financial results. These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA) and non-GAAP adjusted loss, which further adjusts EBITDA for stock-based compensation expense, loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, and loss on debt extinguishment. The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted loss are not recognized terms under U.S. GAAP.
• Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision-making. We believe these non-GAAP financial measures provide meaningful information to assist investors, shareholders, and other readers of our financial statements in making comparisons to our historical financial results and analyzing the underlying performance of our results of operations. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures.
• Non-GAAP financial measures are provided to enhance readers' overall understanding of our current financial results and to provide further information for comparative purposes. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook. Specifically, the non-GAAP financial measures include non-GAAP adjusted loss, and its presentation is intended to help the reader understand the effect of the loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, the loss on debt extinguishment and the corresponding accounting for non-cash charges on financial performance. In addition, management believes non-GAAP financial measures enhance the comparability of results against prior periods.
• A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this press release for the three months and year ended December 31, 2025 and 2024 are as follows:

Condensed Consolidated Statement of Operations (Unaudited)
		For the three months ended December 31,				For the year ended December 31,
		2025		2024		2025		2024
(in thousands except per-share amounts)
Revenue		$             52		$            10		$           71		$        2,995
Operating expenses		6,853		5 198		21,877		47,482
Other (Income) Expense		(4,046)		(6 330)		(19,337)		(72,914)
Net (Income) Loss		2,755		(1,142)		2,469		(28,427)
Net income (loss) per common share, diluted		$        (2.05)		$         3.60		$        (5.63)		$     14.90
Net income (loss) attributable to common stockholders		(1,832)		1,346		(3,774)		31,966
Preferred Stock dividends and deemed dividends		569		85		4,175		7,825
Net income (loss) as reported		(1,263)		1,431		401		39,791
Adjustments:
Depreciation and amortization expense1		18		69		105		1,198
Interest expense, net2		—		4		(8)		(209)
NCI ownership share of Interest and Depreciation adjustments		(715)		—		(715)		(229)
EBITDA		(1,960)		1,504		(217)		40,551
Other non-cash or financing related expenses:
Stock-based compensation expense3		232		733		1,707		6,449
Operating expenses issued in stock1		350		150		505		598
Gain on deconsolidation of subsidiary		—		—		—		(72,287)
Change in FV equity method investments		(2,504)		(125)		(8,483)		(532)
Change in FV convertible debt2		2,940		(2,950)		3,249		(462)
Loss on debt extinguishment2		—		—		58		2,535
Debt modification expense		—		—		—		2,000
NCI ownership share of non-GAAP adjustments		—		—		—		(1,262)
Non-GAAP adjusted (loss)		$         (942)		$       (688)		$       (3,141)		$      (22,410)
Non-GAAP shares outstanding, basic and diluted		893		361		670		322
Non-GAAP adjusted (loss) income per share, basic and diluted		$(1.05)		$(1.91)		$(4.69)		$(69.51)

1 Included in general and administrative expenses in the financial statements.

2 Included in other income and expenses.

3 Stock-based compensation ("SBC") expense is included in operating expenses and 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 December 31,				For the year ended December 31,
		2025		2024		2025		2024
Cost of revenue		$           86		$              48		$          218		$        4,840
Stock-based compensation expense3		—		—		—		(112)
Net cost of revenue		86		48		218		4,728
Amortization of acquired intangible assets		—		—		—		559
Sales and marketing		249		155		917		11,627
Stock-based compensation expense3		(2)		(18)		(61)		(1,100)
Net sales and marketing		247		137		856		10,527
General and administrative		4,691		4,188		16,250		24,524
Depreciation expense		(18)		(69)		(105)		(639)
Operating expenses issued in stock		(350)		(150)		(505)		(598)
Stock-based compensation expense3		(207)		(653)		(1,483)		(4,370)
Net general and administrative		4,116		3,316		14,157		18,917
Research and development		1,827		807		4,492		5,932
Stock-based compensation expense3		(23)		(62)		(163)		(867)
Net research and development		1,804		745		4,329		5,065
Total operating expenses		6,853		5,198		21,877		47,482
Depreciation and amortization expense		(18)		(69)		(105)		(1,198)
Operating expenses issued in stock		(350)		(150)		(505)		(598)
Stock-based compensation expense3		(232)		(733)		(1,707)		(6,449)
Net operating expenses		$        6,253		$         4,246		$       19,560		$       39,237

About PAVmed and its Subsidiaries

PAVmed 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.

For more and for more information about PAVmed, please visit pavmed.com.

For more information about Lucid Diagnostics, please visit luciddx.com.

For more information about Veris Health, please visit verishealth.com. 

Forward-Looking Statements

This 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.

 

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SOURCE PAVmed Inc.

FAQ

What did PAVmed announce about its March 30, 2026 financings and capital structure (PAVM)?

PAVmed completed a $30M Series D preferred offering and a $15M senior secured note. According to the company, proceeds were used to eliminate outstanding convertible securities, extend cash runway, and issued $30M in Series D warrants callable upon a draft CMS coverage policy for EsoGuard.

How did Lucid Diagnostics (NASDAQ: LUCD) perform with EsoGuard in Q4 2025?

Lucid recognized $1.5M in EsoGuard revenue and processed 3,664 tests in 4Q25. According to the company, Lucid also reported real-world data from nearly 12,000 at-risk patients and secured a VA contract to expand EsoGuard access.

What does the VA contract for EsoGuard mean for Lucid Diagnostics (LUCD)?

The VA contract expands EsoGuard access across the U.S. Department of Veterans Affairs system. According to the company, this broadens reach into a healthcare system serving roughly nine million veterans and supports Lucid's commercial scale-up and clinical evidence adoption.

What is PAVmed's reported cash position and how might it affect operations (PAVM)?

PAVmed reported $1.5M in cash and cash equivalents at December 31, 2025. According to the company, recent financings were intended to extend runway, but the low cash balance indicates continued reliance on financing and subsidiary performance to fund operations.

What progress did Veris report toward FDA submission and commercialization with OSU (Veris/ PAVM)?

Veris completed commercial EHR integration with OSU-The James and is supporting a planned late-2026 510(k) submission. According to the company, commercialization with OSU is underway while development and manufacturing partnerships advance the implantable physiological monitor program.