Core Insights - PAVmed Inc. completed a private placement equity financing for its subsidiary Veris Health, raising $2.5 million at a pre-money valuation of approximately $35 million [1][2][3] Group 1: Financing Details - Veris Health sold shares at $1.40 per share, with proceeds aimed at advancing its implantable physiological monitor through FDA clearance expected in 2026 [2][3] - The financing follows a previous $2.4 million round completed earlier in the year, indicating ongoing investor interest and confidence in Veris Health's potential [1][2] Group 2: Product and Technology - Veris Health focuses on personalized cancer care through remote patient monitoring using implantable biologic sensors and connected external devices [2][4] - The Veris Cancer Care Platform integrates remote physiological data collection, symptom reporting, telehealth capabilities, and electronic health record integration to enhance patient care [4][5] Group 3: Strategic Importance - The financing is seen as a significant milestone for both PAVmed and Veris, providing necessary capital to fund the development and commercialization of the implantable physiological monitor [3][4] - The monitor is expected to serve as a key differentiator in the market, enhancing personalized care in conjunction with the Veris Cancer Care Platform [3][5]

Core Insights - Veris Health Inc. has established a strategic partnership with The Ohio State University Comprehensive Cancer Center (OSUCCC – James) following a successful pilot program of the Veris Cancer Care Platform™ [1][4] - The partnership aims to enhance personalized cancer care through remote patient monitoring and the development of the Veris Cancer Care Platform [2][3] Group 1: Partnership Details - The agreement includes a long-term, multi-project collaboration to further develop and commercialize the Veris Cancer Care Platform and its implantable physiologic monitor [2][3] - Key components of the partnership involve expanding commercial utilization across cancer care service lines, full electronic health record (EHR) integration, and launching a large clinical registry and clinical trial [3][4] Group 2: Platform Features - The Veris Cancer Care Platform offers remote physiological data collection, symptom reporting, telehealth capabilities, and EHR integration, aiming to improve personalized cancer care [4][5] - Patients enrolled in the platform receive a VerisBox™ with connected health care devices that transmit data to a cloud-based clinician portal, along with a patient smartphone app for symptom reporting and health tracking [5] Group 3: Company Background - PAVmed Inc. is a diversified commercial-stage medical technology company operating in medical devices, diagnostics, and digital health sectors, with Veris Health as its majority-owned subsidiary [7] - Veris Health focuses on enhancing personalized cancer care through innovative technologies, including the development of an implantable physiological monitor [7]

Nasdaq: PAVM LISHAN AKLOG, MD Chairman & CEO DENNIS MCGRATH President & CFO Disclaimer 2 ▪ This presentation may contain certain forward-looking statements related to PAVmed Inc. or Lucid Diagnostics Inc. (the "Companies") that involve risks and uncertainties. ▪ Actual results and events may differ significantly from results and events discussed in forward- looking statements. ▪ Factors that might cause or contribute to such differences include, but are not limited to, those discussed in "Risk Factors" in t ...

Financial Data and Key Metrics Changes - The company reported a revenue of $800,000 for the last quarter, with a test volume of 3,034, which is at the upper end of the target range of 2,500 to 3,000 tests per quarter [9] - A significant balance sheet improvement was noted with a public offering netting $16,100,000, resulting in a pro forma cash position of $40,000,000 at the end of Q1, extending the runway well into 2026 [10] - The company achieved a large GAAP net income of $18,600,000 before non-controlling interest and preferred dividends, resulting in a positive primary EPS of $1.28 and a positive diluted EPS of $0.34 [22][23] Business Line Data and Key Metrics Changes - Lucid, the diagnostic subsidiary, is positioned to capitalize on a large clinical and market opportunity, with ongoing efforts to secure Medicare coverage [6][11] - Verus has restarted the development of a key implantable physiologic monitor, with favorable engagement from the FDA and a targeted filing for the first half of 2026 [12] - The incubator PMX is focusing on the PortIO implantable intraosseous device, with discussions ongoing with potential strategic partners [13] Market Data and Key Metrics Changes - The company is seeing momentum in new sales channels, particularly in concierge medicine and employer market contracts, which are expected to impact revenue in the second half of the year [10][11] - The company has a significant equity method investment balance of almost $47,000,000 reflecting a gain of $21,000,000 since year-end, representing an 82% increase in Lucid's stock price [18][19] Company Strategy and Development Direction - The company aims to diversify into the biopharma space, leveraging its infrastructure and management services model to pursue attractive biopharma assets [8][36] - The strategic vision includes expanding partnerships and exploring new opportunities while maintaining focus on existing subsidiaries like Lucid and Verus [53][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning and ability to execute on strategic initiatives, highlighting the strong relationships with key cancer centers and the positive feedback from pilot programs [30][31] - The management team believes that the current market conditions will not hinder their ability to raise capital, citing successful recent financings [46][48] Other Important Information - The company has deconsolidated Lucid from its financial statements, which has impacted the historical understanding of its financials [16][21] - The company continues to explore additional assets and opportunities to diversify its portfolio, with a focus on maintaining operational independence among its subsidiaries [8][40] Q&A Session Summary Question: Feedback from the pilot program - Management received excellent feedback from the pilot program, meeting all pre-specified performance metrics and demonstrating clinical success [29][30] Question: Exclusive rights to the platform - There are no exclusive rights limiting broader commercialization; the agreement allows for a registry and initial implantable procedures at the cancer center [32][33] Question: Strategic rationale for biopharma expansion - The company is leveraging its infrastructure and management services to pursue biopharma opportunities, which align with its history of adapting to market needs [36][39] Question: Impact of market volatility on capital raising - Management indicated that market volatility has not affected their ability to raise capital, with successful recent financings demonstrating investor confidence [46][48]

Financial Data and Key Metrics Changes - The company reported a net income of $18.6 million for the first quarter, resulting in a positive primary EPS of $1.28 and a positive diluted EPS of $0.34 [23][24]. - A significant liability reduction of approximately $25 million was achieved, primarily from a reduction in convertible notes and accrued expenses [19][20]. - The company ended the quarter with $40 million in pro forma cash, extending its runway well into 2026 [11]. Business Line Data and Key Metrics Changes - Lucid, the company's diagnostic subsidiary, reported revenue of $800,000 with a test volume of 3,034, meeting the target range [10]. - Verus has restarted the development of a key implantable physiologic monitor after securing financing [12][14]. - The incubator PMX is focused on advancing technologies, particularly the PortIO device, with ongoing discussions with strategic partners [8][14]. Market Data and Key Metrics Changes - The company is seeing momentum in new sales channels, particularly in concierge medicine and employer market contracts, which are expected to impact revenue in the second half of the year [11][12]. - The company is awaiting a response from the MolDX program regarding Medicare coverage for EsoGuard, which is anticipated to be imminent [12]. Company Strategy and Development Direction - The company aims to diversify into the biopharma space, leveraging its infrastructure and management services model to capitalize on early-stage assets in oncology and cardiometabolic areas [9][39]. - The strategic focus includes expanding partnerships and exploring new assets that fit within the shared services model [10][39]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning and ability to execute its strategic vision, highlighting the potential value creation from Lucid and Verus [51][52]. - The company is optimistic about leveraging its model and infrastructure to pursue significant opportunities in the near future [52][53]. Other Important Information - The company has deconsolidated Lucid from its financial statements, which will affect year-over-year comparisons in the upcoming quarters [16][22]. - PAVmed remains the largest shareholder of Lucid, holding approximately 29% of the common shares outstanding [20]. Q&A Session Summary Question: Feedback from the pilot program - Management received excellent feedback from the pilot program, with all pre-specified performance metrics met and enthusiasm from academic medical centers [31][32]. Question: Exclusive rights to the platform - There are local rights for advancing the platform, but no exclusivity that limits broader commercialization efforts [34][35]. Question: Rationale for expanding into biopharma - The company is leveraging its adjusted corporate structure and management services to explore opportunities in biopharma, particularly in early-stage assets that require clinical research [39][40]. Question: Impact of market volatility on capital raising - Management indicated that market volatility has not significantly affected their ability to raise capital, with successful financing in the first quarter [47][48].

[Business Update and Financial Results](index=1&type=section&id=Business%20Update%20and%20Financial%20Results) The company reports strategic business advancements and Q1 2025 financial performance, including key non-GAAP reconciliations [Business Update Highlights](index=1&type=section&id=Business%20Update%20Highlights) PAVmed stabilized its finances, enabling its subsidiaries to pursue key milestones and supporting expansion into biopharma - PAVmed is leveraging its infrastructure to expand into the biopharma sector by evaluating clinical and late preclinical-stage assets for a potential new subsidiary[5](index=5&type=chunk) - Lucid Diagnostics secured approximately **$30.6 million** from stock offerings, ending Q1 2025 with over **$40 million in pro forma cash**, extending its operational runway past key reimbursement milestones[1](index=1&type=chunk)[8](index=8&type=chunk) - Veris Health completed a financing round in Q1 2025, enabling it to resume the development of its implantable physiological monitor and launch a commercial partnership with a major cancer center[1](index=1&type=chunk)[8](index=8&type=chunk) Lucid Diagnostics Q1 2025 Operational Highlights | Metric | Value | | :--- | :--- | | EsoGuard Test Revenue | $0.8 million | | EsoGuard Tests Processed | 3,034 | [Financial Results](index=2&type=section&id=Financial%20Results) The company reported a significant GAAP net income for Q1 2025 driven by non-cash items, alongside a much smaller non-GAAP adjusted loss PAVmed Q1 2025 Key Financial Metrics | Metric | Q1 2025 Value | | :--- | :--- | | GAAP Net Income Attributable to Common Stockholders | $17.7 million | | GAAP Diluted EPS | $0.34 | | Non-GAAP Adjusted Loss | $(0.9) million | | Non-GAAP Adjusted Loss Per Share | $(0.07) | | Cash and Cash Equivalents (as of Mar 31, 2025) | $2.7 million | - Due to deconsolidation effective September 10, 2024, EsoGuard-related revenues are no longer consolidated; PAVmed's management service income from Lucid, totaling **$3.2 million**, is now recorded under Other Income[8](index=8&type=chunk) - Total operating expenses for Q1 2025 were approximately **$5.5 million**, which includes **$1.0 million** in stock-based compensation[8](index=8&type=chunk) [PAVmed Non-GAAP Measures](index=3&type=section&id=PAVmed%20Non-GAAP%20Measures) The company uses non-GAAP measures like EBITDA and adjusted loss to provide greater transparency into its core operational performance - Management provides non-GAAP financial measures, including EBITDA and non-GAAP adjusted loss, to offer greater transparency for analyzing financial performance and operational decision-making[9](index=9&type=chunk) - Non-GAAP adjusted loss further adjusts EBITDA by excluding items like **stock-based compensation**, loss on issuance of convertible securities, and periodic changes in fair value of convertible securities[9](index=9&type=chunk) - The purpose of these non-GAAP measures is to help investors understand the impact of non-cash charges and to enhance the comparability of financial results against prior periods[9](index=9&type=chunk) [Condensed Consolidated Statement of Operations (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations%20(Unaudited)) Q1 2025 operations show a shift to net income driven by other income, with a significantly narrowed non-GAAP adjusted loss year-over-year Condensed Consolidated Statement of Operations (in thousands) | | For the three months ended March 31, | | :--- | :---: | :---: | | | **2025** | **2024** | | Revenue | $8 | $1,010 | | Operating expenses | $5,454 | $15,046 | | Other (Income) Expense | $(24,069) | $4,476 | | Net (Income) Loss | $(18,623) | $18,512 | | Net income (loss) attributable to common stockholders | $17,695 | $(22,788) | Reconciliation to Non-GAAP Adjusted Loss (in thousands) | | For the three months ended March 31, | | :--- | :---: | :---: | | | **2025** | **2024** | | Net income (loss) as reported | $18,968 | $(15,212) | | Adjustments (Depreciation, Interest, etc) | $39 | $400 | | EBITDA | $19,007 | $(14,813) | | Other non-cash/financing adjustments | $(19,917) | $6,198 | | **Non-GAAP adjusted (loss)** | **$(910)** | **$(8,615)** | [Reconciliation of GAAP Operating Expenses to Non-GAAP Net Operating Expenses](index=5&type=section&id=Reconciliation%20of%20GAAP%20Operating%20Expenses%20to%20Non-GAAP%20Net%20Operating%20Expenses) This reconciliation adjusts GAAP operating expenses to non-GAAP net operating expenses by removing non-cash items like stock-based compensation GAAP to Non-GAAP Operating Expense Reconciliation (in thousands) | | For the three months ended March 31, | | :--- | :---: | :---: | | | **2025** | **2024** | | Total operating expenses (GAAP) | $5,454 | $15,046 | | Depreciation and amortization expense | $(43) | $(586) | | Operating expenses issued in stock | $(50) | $(23) | | Stock-based compensation expense | $(930) | $(1,882) | | **Net operating expenses (Non-GAAP)** | **$4,431** | **$12,555** | [About PAVmed and its Subsidiaries](index=5&type=section&id=About%20PAVmed%20and%20its%20Subsidiaries) PAVmed Inc is a commercial-stage medical technology company with operations in medical devices, diagnostics, and digital health - PAVmed is a diversified commercial-stage medical technology company[13](index=13&type=chunk) - Subsidiary **Lucid Diagnostics (NASDAQ: LUCD)** markets the EsoGuard DNA Test and EsoCheck Device for early detection of esophageal precancer[13](index=13&type=chunk) - Subsidiary **Veris Health** is a digital health company focused on personalized cancer care via remote patient monitoring and is developing an implantable physiological monitor[13](index=13&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially - The press release contains forward-looking statements that are not historical facts and are subject to risks and uncertainties[17](index=17&type=chunk) - Key risks include **stock price volatility**, **R&D uncertainties**, **regulatory approval challenges**, market acceptance, and the ability to raise additional capital[17](index=17&type=chunk) - The company disclaims any obligation to update forward-looking statements and refers readers to its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for a full description of risks[17](index=17&type=chunk)

Core Insights - PAVmed Inc. has stabilized its corporate structure and balance sheet, positioning itself to execute its strategic vision as a diversified commercial life sciences company with multiple independently-financed subsidiaries [4] - Lucid Diagnostics has recognized $0.8 million in revenue from its EsoGuard® Esophageal DNA Test for the first quarter of 2025, processing a total of 3,034 tests [5] - Veris Health has resumed development of its implantable physiological monitor and is set to launch a commercial partnership with a major cancer center [4][7] Financial Performance - PAVmed ended the first quarter of 2025 with over $40 million in pro forma cash, following stock offerings that netted approximately $30.6 million [7] - For the three months ended March 31, 2025, PAVmed reported revenues of $8,000, a significant decrease from $1,010,000 in the same period of 2024 [11] - The company incurred operating expenses of approximately $5.5 million, which included stock-based compensation expenses of $1.0 million [8] Strategic Initiatives - PAVmed is actively evaluating clinical and late preclinical stage assets to expand into the biopharma sector [4] - The company has launched a campaign targeting gastroenterologists and gained traction in cash-pay concierge medicine and employer markets [7] - An NCI-sponsored study indicated that EsoGuard effectively detects esophageal precancer in at-risk patients, potentially expanding its market opportunity [7] Subsidiary Developments - Lucid Diagnostics is focused on cancer prevention through its EsoGuard® and EsoCheck® products, which are designed for early detection of esophageal precancer [16] - Veris Health is enhancing personalized cancer care through remote patient monitoring and is developing an implantable physiological monitor to interface with its Cancer Care Platform [16]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 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 ended March 31, 2025 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) Delaware 47-1214177 (State or Other Jurisdic ...

Company Overview - PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors [4] - The company has two subsidiaries: Lucid Diagnostics, which focuses on cancer prevention diagnostics, and Veris Health, which enhances personalized cancer care through remote patient monitoring [4] Upcoming Conference Call - PAVmed will host a business update conference call and webcast on May 15, 2025, at 8:30 AM ET [1] - The call will feature Lishan Aklog, M.D., providing an overview of the company's operations and growth strategy, and Dennis McGrath discussing the first quarter 2025 financial results [1] Access Information - The webcast will be available on the investor relations section of the company's website [2] - U.S.-based callers can join the conference call by dialing 1-800-836-8184, while international listeners should dial 1-646-357-8785 [2] Replay Availability - A replay of the conference call will be available for 30 days on the investor relations section of the company's website [3]

Core Viewpoint - PAVmed Inc. has been upgraded to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Rising earnings estimates for PAVmed suggest an improvement in the company's underlying business, likely leading to increased stock prices [5][10]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks which have averaged a +25% annual return since 1988 [7][9]. - PAVmed's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10]. Earnings Estimate Revisions for PAVmed - For the fiscal year ending December 2025, PAVmed is expected to earn -$1.14 per share, reflecting a 50.9% change from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for PAVmed has increased by 48.5%, indicating a positive shift in analyst sentiment [8].