PAVmed Inc 2026年季度报告

FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2026 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-37685 PAVMED INC. (Exact Name of Registrant as Specified in Its Charter) Delaware47-1214177(State or Other Jurisdiction of(IRS EmployerIncorporation or Organization)Identification No.) (917) 813-1828(Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Exchange Act: Name of each Exchange on which RegisteredThe NASDAQ Stock Market LLC PAVM Common Stock, $0.001 par value per share 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),and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ 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 wasrequired to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of“large accelerated filer”, “accelerated filer”, “smaller reportingcompany” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated filer☐Non-accelerated filer☒ 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 ofMarch 31, 2026andMay 12, 2026, there were 6,383,089 and 7,272,739 shares, respectively, of the registrant’s Common Stock,par value $0.001 per share, issued and outstanding (with such number of shares inclusive of shares of common stock underlyingunvested restricted stock awards granted under the PAVmed 2014 Long-Term Incentive Equity Plan as of such date). TABLE OF CONTENTS Item 1.Financial Statements1Condensed Consolidated Balance Sheets (unaudited) as of March 31, 2026 and December 31, 20251Condensed Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2026 and20252Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (unaudited) for the three monthsended March 31, 2026 and 20253Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2026 and20255Notes to Unaudited Condensed Consolidated Financial Statements6Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations29Item 4.Controls and Procedures41 Table of Contents PAVMED INC.and SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands except number of shares and per share data - unaudited) PAVMED INC.and SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands except number of shares and per share data - unaudited) PAVMED INC.and SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’EQUITY (DEFICIT)for the THREE MONTHS ENDEDMarch 31, 2026(in thousands except number of shares and per share data - unaudited) PAVMED INC.and SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’EQUITY (DEFICIT)for the THREE MONTHS ENDEDMarch 31, 2025(in thousands, except number of shares and per share data - unaudited) PAVMED INC.and SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands, except number of shares and per share data - unaudited) Three Months Ended March 31,20262025Cash flows from operating activitiesNet income (loss) - before noncontrolling interest (“NCI”)$(1,064)$18,623Adjustments to reconcile net income (loss) - before NCI to net cash used in operating activitiesDepreciation and amortization expense2043Stock-based compensation182930Change in fair value - equity method investment(1,878)(21,004)Amortization of common stock payment for vendor service agreement1,95150Change in fair value - Senior Secured Convertible Notes(3,360)49Change in fair value - warrant liability(1,831)—Change in fair value - rights liability(30)—Debt extinguishment loss - Senior Secured Convertible Note3,42258Non-cash lease expense(6)(2)Changes in operating assets and liabilities:Accounts receivable(6)8Prepaid expenses, deposits and current and other assets70190Accounts payable303(286)Accrued expenses and o