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

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

Financial Results:

PAVmed Non-GAAP Measures

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

4,175

7,825

Net income (loss) as reported

(1,263)

1,431

401

39,791

Adjustments:

Depreciation and amortization expense 1

105

1,198

Interest expense, net 2

—

(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 expense 3

232

733

1,707

6,449

Operating expenses issued in stock 1

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 debt 2

2,940

(2,950)

3,249

(462)

Loss on debt extinguishment 2

—

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 expense 3

—

(112)

Net cost of revenue

218

4,728

Amortization of acquired intangible assets

—

559

Sales and marketing

249

155

917

11,627

Stock-based compensation expense 3

(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 expense 3

(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 expense 3

(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 expense 3

(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.

SOURCE PAVmed Inc.