PAVmed (NASDAQ: PAVM) grows EsoGuard revenue and advances FDA-bound devices in Q2 2026

Rhea-AI Filing Summary

PAVmed Inc. reported second-quarter 2026 results and a business update across its Lucid Diagnostics, Veris Health, and Octeris subsidiaries. Veris increased patient onboarding at OSU-The James and advanced development of its implantable physiological monitor toward an early 2027 FDA 510(k) submission, with design freeze nearing completion and successful manufacturing test runs. Lucid recognized $1.5 million in EsoGuard Esophageal DNA Test revenue in 2Q26 on 2,770 processed tests and secured its first laboratory benefit manager coverage policy for EsoGuard, already adopted by multiple health plans.

PAVmed’s revenue for the quarter ended June 30, 2026 was $33 thousand, compared with $6 thousand a year earlier. Total operating expenses were $7.1 million versus $4.7 million in 2Q25. Net loss as reported attributable to common stockholders was $5.4 million, with diluted loss per share of $0.87. EBITDA was a loss of $5.6 million, and non-GAAP adjusted loss was $1.7 million, or $0.27 per basic and diluted share.

PortIO first-in-human results were published, showing 100% device patency, 90% completion of intended implant duration, and no device-related adverse events, while Octeris advanced its multimodal endoscopic imaging probe toward clinical validation.

Positive

• Revenue growth: Quarterly revenue rose to $33 thousand from $6 thousand in the prior-year quarter, reflecting higher commercial activity.
• Net loss improvement: Net loss as reported attributable to common stockholders narrowed to $5.4 million from $11.9 million in the prior-year quarter.
• EsoGuard traction: Lucid generated $1.5 million in 2Q26 EsoGuard revenue on 2,770 tests and gained its first laboratory benefit manager coverage policy.
• Strong PortIO clinical data: First-in-human results showed 100% device patency, 90% completion of implant duration, and no device-related adverse events.

Negative

• Higher operating expenses: Total operating expenses increased to $7.1 million from $4.7 million in the prior-year quarter.
• Wider non-GAAP loss: Non-GAAP adjusted loss grew to $1.7 million from $0.8 million, indicating higher underlying losses despite adjustments.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Quarterly revenue: $33 thousand Quarterly revenue prior-year: $6 thousand Net loss attributable to common stockholders: $5.4 million +5 more

8 metrics

Quarterly revenue $33 thousand For the three months ended June 30, 2026

Quarterly revenue prior-year $6 thousand For the three months ended June 30, 2025

Net loss attributable to common stockholders $5.4 million For the three months ended June 30, 2026 as reported

EBITDA $(5.629) million EBITDA for the three months ended June 30, 2026 (in thousands: (5,629))

Non-GAAP adjusted loss $(1.667) million Non-GAAP adjusted (loss) for the three months ended June 30, 2026

EsoGuard revenue $1.5 million EsoGuard Esophageal DNA Test revenue for 2Q26

EsoGuard tests processed 2,770 tests Number of EsoGuard tests processed in 2Q26

PortIO device patency 100% First-in-human PortIO results reported device patency

Key Terms

laboratory benefit manager coverage policy, FDA 510(k) submission, EBITDA, stock-based compensation expense, +2 more

6 terms

laboratory benefit manager coverage policy financial

"Secured first laboratory benefit manager coverage policy for EsoGuard"

FDA 510(k) submission regulatory

"toward an early 2027 FDA 510(k) submission, with design freeze nearing completion"

An FDA 510(k) submission is a regulatory filing to show a new medical device is sufficiently similar to an already-approved device so it can be marketed in the U.S. without undergoing the most extensive premarket review. For investors, 510(k) clearance is a key milestone that reduces regulatory uncertainty and shortens time to sales—think of it as proving a new product is close enough to an established model to be sold without rebuilding trust from scratch.

EBITDA financial

"EBITDA | | | (5,629 | ) | | | (11,903 | )"

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 expense financial

"Stock-based compensation expense 3 | | | 917 | | | | 162"

Stock-based compensation expense is the value that a company records when it gives employees or executives shares or options to buy shares as part of their pay. It matters because it shows the true cost of paying employees this way, which can affect the company's profits and how investors see its financial health.

fair value – warrant liability financial

"Change in fair value – warrant liability | | | —"

implantable physiological monitor medical

"development of the implantable physiological monitor toward an early 2027 FDA 510(k)"

Earnings Snapshot

Revenue: $33 thousand

quarter ended June 30, 2026

Revenue $33 thousand increased from $6 thousand in the prior-year quarter

Net loss attributable to common stockholders $5.4 million improved from $11.9 million loss in the prior-year quarter

EBITDA $(5.629) million improved from $(11.903) million in the prior-year quarter

Non-GAAP adjusted loss $(1.667) million widened from $(0.845) million in the prior-year quarter

FAQ

How did PAVmed (PAVM) perform financially in the second quarter of 2026?

PAVmed reported 2Q26 revenue of $33 thousand, up from $6 thousand a year earlier. Net loss attributable to common stockholders was $5.4 million, with diluted loss per share of $0.87, and non-GAAP adjusted loss was $1.7 million.

What were PAVmed (PAVM) non-GAAP results for the quarter ended June 30, 2026?

For 2Q26, PAVmed reported EBITDA loss of $5.6 million and non-GAAP adjusted loss of $1.7 million, or $0.27 per basic and diluted share, based on 6.3 million non-GAAP shares outstanding.

How is Lucid Diagnostics, PAVmed’s subsidiary, performing with EsoGuard in 2Q26?

Lucid recognized $1.5 million in EsoGuard Esophageal DNA Test revenue and processed 2,770 tests in 2Q26. It also secured its first laboratory benefit manager coverage policy for EsoGuard, already adopted by multiple client health plans.

What regulatory progress did Veris Health make for its implantable physiological monitor?

Veris continued development of its implantable physiological monitor toward an early 2027 FDA 510(k) submission, with design freeze nearing completion and manufacturing test runs performing well in preliminary verification and validation testing.

What clinical results did PAVmed report for the PortIO device?

First-in-human PortIO results, published in the Journal of Vascular Access, showed 100% device patency, 90% completion of the intended implant duration, and no device-related adverse events, supporting further regulatory and clinical advancement.

What is Octeris working on within PAVmed’s portfolio?

Octeris is developing a multimodal endoscopic imaging probe, improving its form factor and image-processing speed. It completed an FDA pre-submission draft and is preparing for a clinical validation study at the University of North Carolina.

When is PAVmed’s conference call for the 2Q26 business update?

The company scheduled a conference call and webcast for August 14, 2026 at 8:30 AM EDT. U.S. callers dial 1-800-836-8184, international listeners dial 1-646-357-8785, referencing the “PAVmed Business Update” call name.

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Available on EDGAR 08/14/2026 - 10:45 AM Accepted by SEC EDGAR 08/14/2026 - 10:44 AM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 14, 2026

PAVMED INC.

(Exact Name of Registrant as Specified in Charter)

Delaware		001-37685		47-1214177
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

360 Madison Avenue, 25th Floor, New York, New York		10017
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (917) 813-1828

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, Par Value $0.001 Per Share		PAVM		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 14, 2026, PAVmed Inc. (the “Company”) issued a press release announcing financial results for its fiscal quarter ended June 30, 2026 and providing a business update. A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

The disclosure set forth under Item 2.02 is incorporated herein by reference.

The information furnished under Items 2.02 and 7.01, including the exhibit related thereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.		Description
99.1		Press release.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 14, 2026	PAVMED INC.
	By:	/s/ Dennis McGrath
		Dennis McGrath
		President and Chief Financial Officer

Exhibit 99.1

PAVmed Provides Business Update and Reports Second Quarter 2026 Financial Results

Veris Health accelerated its commercial engagement with OSU-The James

Veris Health implantable physiological monitor achieved development milestones towards upcoming FDA submission

Lucid Diagnostics secured first laboratory benefit manager coverage policy for EsoGuard®

Conference call and webcast to be held today, August 14, at 8:30 AM EDT

NEW YORK, August 14, 2026 - 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”), Veris Health Inc. (“Veris”), and Octeris Medical Inc. (“Octeris”), and reported financial results for the second quarter ended June 30, 2026.

Conference Call and Webcast

The webcast will take place on Friday, August 14, 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

“PAVmed saw tangible progress across its core businesses during this past quarter and recent weeks,” said Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer. “Veris accelerated its commercial engagement with OSU-The James while progressing development of its implantable physiological monitor toward FDA submission. Lucid secured an important new commercial coverage policy for EsoGuard while continuing to advance its broader commercial initiatives. And, our relaunched medical device portfolio is on track with PortIO and Octeris progressing toward key milestones.”

Highlights from the second quarter and recent weeks:

● Veris Health:

	○	Increased patient onboarding at OSU-The James as commercial phase of strategic engagement accelerated and clinical rollout continued across additional departments.
	○	Continued development of the implantable physiological monitor toward an early 2027 FDA 510(k) submission, with design freeze nearing completion and manufacturing test runs performing well in preliminary verification and validation ahead of final clinical testing.

● Lucid Diagnostics announced second quarter 2026 financial results and key business developments, including:

	○	Recognized $1.5 million in EsoGuard® Esophageal DNA Test revenue for 2Q26 and processed 2,770 EsoGuard tests.
	○	Secured first laboratory benefit manager coverage policy for EsoGuard, which recognizes EsoGuard as medically necessary for patients meeting established screening criteria and has already been adopted by multiple client health plans.
	○	Developed a health economic cost-effectiveness model evaluating EsoGuard screening to support commercial payor engagement and coverage decisions, with preliminary results demonstrating improved clinical outcomes and cost-effectiveness across nearly all modeled scenarios.

● PAVmed Medical Device Portfolio:

	○	PortIO first-in-human results published in the Journal of Vascular Access, demonstrating 100% device patency, 90% completion of the intended implant duration and no device-related adverse events.
	○	Advanced PortIO’s FDA pre-submission process, with FDA meeting request planned for 4Q26.
	○	Octeris continued development of its multimodal endoscopic imaging probe, improving form factor and image-processing speed, completing its FDA pre-submission draft, and preparing for clinical validation study at the University of North Carolina.

Financial Results:

● For the three months ended June 30, 2026, operating expenses were approximately $7.1 million, which included stock-based compensation expenses of $0.9 million. GAAP net loss attributable to common stockholders was approximately $5.5 million, or $(0.87) 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 net loss was approximately $1.7 million or $(0.27) per common share.

● PAVmed had cash and cash equivalents of $3.8 million as of June 30, 2026, compared to $1.5 million as of December 31, 2025.

● The unaudited financial results for the three and six months ended June 30, 2026 were filed with the SEC on Form 10-Q on August 13, 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 and six months ended June 30, 2026 and 2025 are as follows:

		For the three months ended June 30,								For the six months ended June 30,
		2026				2025				2026				2025
(in thousands except per-share amounts)
Revenue		$	33			$	6			$	55			$	14
Operating expenses			7,055				4,721				15,112				10,174
Other (Income) Expense, net			(424	)			7,609				(7,395	)			(16,460	)
Net (Income) Loss			6,598				12,324				7,662				(6,300	)
Net income (loss) per common share, diluted		$	(0.87	)		$	(22.08	)		$	(3.17	)		$	3.94
Net income (loss) attributable to common stockholders			(5,479	)			(13,308	)			(12,467	)			4,386
Preferred Stock dividends and deemed dividends			95				1,387				7,023				2,661
Net income (loss) as reported			(5,384	)			(11,921	)			(5,444	)			7,047
Adjustments:
Depreciation and amortization expense1			19				22				39				65
Interest expense, net2			(8	)			(4	)			(24	)			(7	)
NCI ownership share of Interest and Depreciation adjustments			(256	)			—				(507	)			—
EBITDA			(5,629	)			(11,903	)			(5,936	)			7,105
Other non-cash or financing related expenses:
Stock-based compensation expense3			917				162				1,099				1,092
Operating expenses issued in stock1			—				53				1,951				103
Change in FV equity method investments			2,504				10,643				626				(10,361	)
Change in FV convertible debt2			565				200				(2,795	)			249
Loss on debt extinguishment2			—				—				3,422				58
Change in fair value – warrant liability			—				—				(1,831	)			—
Change in fair value – rights liability			(24	)			—				(54	)			—
Non-GAAP adjusted (loss)		$	(1,667	)		$	(845	)		$	(3,518	)		$	(1,754	)
Non-GAAP shares outstanding, basic and diluted			6,269				603				3,938				533
Non-GAAP adjusted (loss) income per share, basic and diluted		$	(0.27	)		$	(1.40	)		$	(0.89	)		$	(3.29	)

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:

		For the three months ended June 30,								For the six months ended June 30,
		2026				2025				2026				2025
(in thousands except per-share amounts)
Cost of revenue		$	122			$	41			$	219			$	78
Stock-based compensation expense3			—				—				—				—
Net cost of revenue			122				41				219				78
Sales and marketing			215				220				430				467
Stock-based compensation expense3			(8	)			(1	)			(13	)			(46	)
Net sales and marketing			207				219				417				421
General and administrative			4,651				3,670				11,008				8,053
Depreciation expense			(19	)			(22	)			(39	)			(65	)
Operating expenses issued in stock			—				(53	)			(1,951	)			(103	)
Stock-based compensation expense3			(874	)			(148	)			(1,029	)			(944	)
Net general and administrative			3,758				3,447				7,989				6,941
Research and development			2,067				790				3,455				1,576
Stock-based compensation expense3			(35	)			(13	)			(57	)			(102	)
Net research and development			2,032				777				3,398				1,474
Total operating expenses			7,055				4,721				15,112				10,174
Depreciation and amortization expense			(19	)			(22	)			(39	)			(65	)
Operating expenses issued in stock			—				(53	)			(1,951	)			(103	)
Stock-based compensation expense3			(917	)			(162	)			(1,099	)			(1,092	)
Net operating expenses		$	6,119			$	4,484			$	12,023			$	8,914

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 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.

Investor and Media Contact

Matt Riley

Vice President

PAVmed and Lucid Diagnostics

mjr@pavmed.com

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 89.3 KB

Other Documents

• EX-101 XBRL SCHEMA FILE 2.9 KB
• EX-101 XBRL LABEL FILE 33.4 KB
• EX-101 XBRL PRESENTATION FILE 21.8 KB