PAVmed Inc. 2025年季度报告

FORM10-Q (Mark One) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer” , “smaller If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to section 13(c) of the Exchange Act☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of March 31, 2025 and May 12, 2025, there were17,093,034and17,618,034shares, respectively, of the registrant’s CommonStock, par value $0.001per share, issued and outstanding (with such number of shares inclusive of shares of common stock underlying PAVMED INC.and SUBSIDIARIES (in thousands, except number of shares and per share data - unaudited) (amounts in these accompanying notes are presented in thousands, except number of shares and per-share amounts.) Note 1 —The Company Description of the Business PAVmed Inc. (“PAVmed” or the “Company”) is structured to be a multi-product life sciences company organized to advance apipeline of innovative healthcare technologies. Led by a team of highly skilled personnel with a track record of bringing innovativeproducts to market, PAVmed is focused on innovating, developing, acquiring, and commercializing novel products that target unmetmedical needs with large addressable market opportunities. Leveraging our corporate structure—a parent company that will establish Our current focus is multi-fold. We continue to support the commercial expansion and execution of EsoGuard, which is theflagship product of our subsidiary Lucid Diagnostics Inc. (Nasdaq: LUCD) (“Lucid” or “Lucid Diagnostics”), of which we remain theshareholder with the largest voting interest. In addition, through a separate majority-owned subsidiary, Veris Health (“Veris” or “VerisHealth”), we are focused in the immediate term on entering into strategic partnership opportunities with leading academic oncologysystems to expand access to the Veris Cancer Care Platform, while concurrently developing an implantable physiological monitor,designed to be implanted alongside a chemotherapy port, which will interface with the Veris Cancer Care Platform. In terms of other Note 2 —Liquidity and Going Concern The Company’s management is required to assess the Company’s ability to continue as a going concern for the one year periodfollowing the date of the financial statements being issued. In each reporting period, including interim periods, an entity is required toassess conditions known and reasonably knowable as of the financial statement issuance date to determine whether it is probable an The Company has financed its operations principally through public and private issuances of its common stock, preferred stock,common stock purchase warrants, and debt. The Company is subject to all of the risks and uncertainties typically faced by medicaldevice and diagnostic companies that devote substantially all of their efforts to the commercialization of their initial product andservices and ongoing research and development activities and conducting clinical trials. The Company generated less than $0.1million The Company realized net income attributable to PAVmed common stockholders of approximately $17.7million and had net cashflows used in operating activities of approximately $1.6million for the three months ended March 31, 2025. As of March 31, 2025, theCompany had negative working capital of approximately $6.1million, with such working capital inclusive of the Senior Secured The Company’s ability to continue operations 12 months beyond the issuance of the financial statements, will depend upon itsability to control its operating costs within the limits of the amounts collected from its management service contracts with its non-consolidated subsidiaries, to substantially increase its revenues from the Veris Cancer Care platform, and to raise additional capital Note 3 —Summary of Significant Accounting Policies Significant Accounting Policies The Company’s significant accounting policies are as disclosed in the Company’s Annual Report on Form 10-K for the year endedDecember 31, 2024 as filed with the SEC on March 24, 2025, except