PAVM · PAVmed Inc.

PAVmed’s Q4 and full year 2025 results accompany significant operational progress across its diversified medical technology portfolio, as management announced completion of its multi-year capital structure restructuring effort. The $30 million Series D preferred stock offering and $15 million senior secured note financing eliminated all outstanding convertible securities, removing a historic overhang and extending the company’s cash runway. Key subsidiary milestones include Veris Health’s completed EHR integration with Ohio State University’s James Cancer Hospital as its commercial partnership moves forward, alongside progress toward a planned late 2026 FDA 510(k) submission for its implantable physiological monitor. Lucid Diagnostics recorded $1.5 million in EsoGuard revenue for Q4 2025 from 3,664 tests, expanded access via a new VA contract, and published positive real-world data from nearly 12,000 patients supporting its esophageal precancer detection tools. Management noted the company is now positioned to execute on its growth strategy as a diversified commercial life sciences company, with its newly relaunched medical device portfolio led by recently appointed Chief Business Officer Joseph Virgilio, including the PortIO access device and newly licensed endoscopic esophageal imaging technology from Duke University. GAAP net loss for Q4 2025 came in at $1.8 million, or $(2.05) per diluted share, with non-GAAP adjusted loss of $0.9 million or $(1.05) per share. The company’s audited full year 2025 results were filed on Form 10-K as of March 27, 2026.