0001437749-26-010115
SEC filingPAVmed Inc. reported a net loss of $2.5 million for the fiscal year ending December 31, 2025, as per the cash flow statement. The company's net cash used in operating activities was $5.2 million. Total assets stood at $38.8 million, with total liabilities of $16.5 million, resulting in total stockholders' equity of $22.3 million. The company's cash position increased by $353k during the year, ending at $19.6 million. Key subsidiaries include Lucid Diagnostics, focused on the EsoGuard esophageal cancer test, and Veris Health, developing a digital cancer care platform. The company's financial statements include a going concern qualification due to recurring losses and the need for additional capital.
PAVmed Inc. reported a net loss of $2.5 million for the fiscal year ending December 31, 2025, as shown in the cash flow statement data. The company used $5.2 million in net cash from operating activities during the period. Total assets were $38.8 million, consisting primarily of equity method investment at fair value of $34.1 million, cash of $1.5 million, and operating lease right-of-use assets of $2.0 million. Total liabilities were $16.5 million, including Senior Secured Convertible Notes at fair value of $11.1 million and accounts payable of $678k. Stockholders' equity was $22.3 million, with accumulated deficit of $258.7 million offset by additional paid-in capital of $268.0 million. The company's cash position increased by $353k during the year to $19.6 million.
No specific revenue figures were disclosed in the provided XBRL data or document content. The company's business description indicates it operates through subsidiaries including Lucid Diagnostics, which markets the EsoGuard esophageal DNA test, and Veris Health, which focuses on digital cancer care platforms. The document mentions that EsoGuard has received out-of-network commercial insurance payments that account for the vast majority of revenue to date, but no specific revenue numbers were provided in the financial data sections.
The provided XBRL data does not include revenue, gross profit, or operating income figures that would allow calculation of gross margin or operating margin. The net loss of $2.5 million indicates the company is not currently profitable. The cash flow statement shows stock-based compensation of $1.7 million and depreciation and amortization expense of $105k as adjustments to reconcile net loss to net cash used in operating activities. The company's accumulated deficit of $258.7 million reflects historical losses since inception.
Net cash used in operating activities was $5.2 million for the year ending December 31, 2025. Cash flows from investing activities used $31k primarily for equipment purchases. Cash flows from financing activities provided $5.6 million. The balance sheet shows total current assets of $2.6 million, including cash of $1.5 million, accounts receivable of $15k, and prepaid expenses of $1.0 million. Total current liabilities were $14.8 million. The company had Senior Secured Convertible Notes at fair value of $11.1 million classified as current liabilities. The equity method investment at fair value of $34.1 million represents a significant portion of total assets.
The company's financial statements include a going concern qualification, noting substantial doubt about the ability to continue as a going concern due to recurring losses and the need to raise additional capital. Management plans include pursuing further financings at PAVmed or its subsidiaries. The company recently completed a Series D offering raising $30 million and converted Series D Preferred Stock into common shares. Key strategic priorities include commercial expansion of EsoGuard through Lucid Diagnostics, pursuing strategic partnerships for the Veris Cancer Care Platform, and developing medical device technologies including PortIO and endoscopic imaging technology licensed from Duke University. Risk factors include challenges raising capital, dependence on subsidiary financing, and regulatory hurdles for product approvals and reimbursement.