Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $6 million for the third quarter, which includes a non-cash loss of $4.4 million due to changes in the fair value of equity investments [23][24] - Non-GAAP loss for the quarter was $446,000, primarily reflecting incremental contractor development costs for the Veris implantable device [23][24] - Cash burn rate for the third quarter was $900,000, which included approximately $500,000 in outside contractor development costs for the implantable device [20][24] Business Line Data and Key Metrics Changes - Lucid's revenue for the quarter was $1.2 million, with test volume exceeding 2,800, consistent with the target range of 2,500-3,000 tests [9][10] - Veris launched the commercial phase of its strategic partnership with OSU, targeting 1,000 patients in the first year for enrollment in a registry [12][13] - The company has secured financing to support the development of the Veris implantable device, with a planned FDA submission in 2026 [12][13] Market Data and Key Metrics Changes - Medicare contractor meeting in September was successful, with experts endorsing Medicare coverage for EsoGuard, indicating a positive outlook for future revenue [10][11] - The company remains the largest shareholder of Lucid Diagnostics, holding approximately 23% of common shares, which reflects a significant influence despite no longer having voting control [21] Company Strategy and Development Direction - The company aims to stabilize its corporate structure and balance sheet, with ongoing efforts to build a diversified portfolio of independently financed subsidiaries [5][6] - Plans to expand the commercial offering of Veris beyond remote patient monitoring, incorporating clinical support services and AI-based clinical decision tools [17][40] - A licensing agreement for breakthrough endoscopic imaging technology is in the final stages, which will be developed under a separate subsidiary [8][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to complete restructuring efforts and reignite broader visions for innovation [27][28] - The company is optimistic about the prospects of new technologies and partnerships, including those with Duke University and UNC [8][28] Other Important Information - The company has transitioned to a new development and manufacturing partner for the implantable device, which is progressing well [32] - The regulatory strategy for the implantable device is clear, with minimal clinical data required for FDA submission [35] Q&A Session Summary Question: Status of the implantable monitor development - Management confirmed that development is progressing well with a new partner and that minimal clinical trials are required for FDA submission [31][32] Question: Commercialization conversations with other cancer centers - Management indicated that they plan to start commercialization discussions with other centers in the first quarter after initial volume at OSU [36][38] Question: Exclusivity and timing of the endoscopic imaging technology agreement - Management confirmed that a definitive license agreement is expected soon, with development work to begin immediately after signing [42][46]

Lucid Diagnostics - EsoGuard revenue reached $1.2 million in Q3 2025, with a test volume of 2,841[9] - A MolDX Contractor Advisory Committee (CAC) meeting unanimously endorsed Medicare coverage for EsoGuard[9] - The company strengthened its balance sheet by netting approximately $27 million in proceeds from an underwritten public offering of common stock[9] Veris Health - Veris Health launched the commercial phase of its strategic partnership with OSU[11] - The company relaunched implantable physiological monitor development, targeting a 2026 FDA 510(k) submission[11] Financial Performance - The company's cash reserves were $3.103 million in 3Q25, a decrease of $901 thousand from $4.004 million in 2Q25[16] - Equity method investments in Lucid were valued at $31.615 million in 3Q25, down $4.383 million from $35.998 million in 2Q25[16] - Revenue plus management fee income was $3.155 million in 3Q25, a decrease of $991 thousand compared to $4.146 million in 3Q24[18] - The company reported a net loss of $6.011 million in 3Q25, a significant change from a net income of $60.711 million in 3Q24[18] - Non-GAAP adjusted loss was $(446) thousand in 3Q25, compared to $(5,439) thousand in 3Q24[18] - Shares outstanding increased to 23.1 million in 3Q25 from 20.1 million in 2Q25[16]

Financial Performance - Lucid Diagnostics recognized $1.2 million in EsoGuard Esophageal DNA Test revenue for Q3 2025, processing 2,841 EsoGuard tests[5] - PAVmed's operating expenses for Q3 2025 were approximately $4.8 million, including stock-based compensation expenses of $0.4 million[9] - The GAAP net loss attributable to common stockholders for Q3 2025 was approximately $6.3 million, or $(0.29) per common share on a diluted basis[9] - Non-GAAP adjusted loss for Q3 2025 was approximately $0.4 million, or $(0.02) per common share[9] Cash and Funding - PAVmed had cash and cash equivalents of $3.1 million as of September 30, 2025, compared to $1.2 million as of December 31, 2024[9] - PAVmed strengthened its balance sheet with a public offering of common stock, netting approximately $27.0 million in proceeds[5] - The ability to secure additional funding as needed is essential for ongoing operations and product development[17] Strategic Partnerships and Innovations - Veris Health launched the commercial phase of its strategic partnership with The Ohio State University James Cancer Hospital, advancing the deployment of the Veris Cancer Care Platform[5] - The company signed a letter of intent with Duke University to license groundbreaking endoscopic esophageal imaging technology, adding a potential growth engine to its innovation pipeline[4] - Veris Health is preparing for a planned 2026 FDA 510(k) submission for its implantable physiological monitor[5] Market Potential and Challenges - Medicare Contractor Advisory Committee unanimously supported Medicare coverage for EsoGuard, indicating strong market potential[5] - PAVmed and Lucid's management acknowledges risks and uncertainties that could impact future results, including stock price volatility and market conditions[17] - The companies face challenges in research and development, particularly regarding the costs and timelines for regulatory submissions[17] - Regulatory authorities' satisfaction with clinical and preclinical study designs and results is crucial for product clearance[17] - Market acceptance of PAVmed and Lucid's products post-clearance is a significant factor for future success[17] - New risks and uncertainties may emerge, complicating future predictions[17]

Product Development and Partnerships - PAVmed's flagship product, EsoGuard, is undergoing a Medicare coverage reconsideration process with a complete clinical evidence package submitted in November 2024, including six new peer-reviewed publications[174] - The ENVET-BE study demonstrated a 2.4-fold increase in Barrett's Esophagus (BE) detection compared to performance goals, with a 2.7-fold increase in patients meeting ACG criteria[179] - PAVmed entered into a strategic partnership with The Ohio State University Comprehensive Cancer Center to enhance personalized cancer care using the Veris Cancer Care Platform[183] - An $8 million NIH grant was awarded to CWRU and University Hospitals for a five-year clinical study evaluating EsoCheck and EsoGuard for esophageal precancer detection[182] - Highmark Blue Cross Blue Shield issued a positive coverage policy for EsoGuard in New York, effective May 26, 2025, covering patients meeting established criteria[181] - PAVmed executed a letter of intent with Duke University to license endoscopic imaging technology for real-time detection of esophageal precancer[184] Financial Performance - In the three months ended September 30, 2025, revenue was less than $0.1 million, a decrease of $1.0 million compared to $1.0 million for the same period in the prior year, primarily due to the exclusion of Lucid's EsoGuard test results[206] - Cost of revenue for the three months ended September 30, 2025, was approximately $0.1 million, down from $1.4 million in the prior year, reflecting the absence of Lucid's results[207] - Sales and marketing expenses decreased to approximately $0.2 million in the three months ended September 30, 2025, from $2.9 million in the prior year, due to the exclusion of Lucid's results[208] - General and administrative expenses were approximately $3.5 million for the three months ended September 30, 2025, compared to $6.6 million in the prior year, also reflecting the exclusion of Lucid's results[209] - Research and development costs were approximately $1.1 million in the three months ended September 30, 2025, down from $1.5 million in the prior year, due to the exclusion of Lucid's results[210] - For the nine months ended September 30, 2025, revenue was less than $0.1 million, a decrease of $3.0 million compared to $3.0 million for the same period in the prior year, primarily due to the exclusion of Lucid's results[219] - Cost of revenue for the nine months ended September 30, 2025, was approximately $0.1 million, down from $4.8 million in the prior year, reflecting the absence of Lucid's results[220] - Sales and marketing expenses decreased to approximately $0.7 million in the nine months ended September 30, 2025, from $11.5 million in the prior year, due to the exclusion of Lucid's results[221] - General and administrative expenses were approximately $11.6 million for the nine months ended September 30, 2025, compared to $20.3 million in the prior year, reflecting the exclusion of Lucid's results[222] - Research and development costs were approximately $2.7 million in the nine months ended September 30, 2025, down from $5.1 million in the prior year, due to the exclusion of Lucid's results[224] Capital and Financing - PAVmed's corporate structure allows for tailored financing strategies for each subsidiary, enhancing capital-raising flexibility[172] - Veris Health raised approximately $2.5 million from the sale of 1,800,000 shares at $1.40 per share in June 2025, aimed at developing an implantable physiological monitor[185] - The Company issued 1,216,565 shares of common stock for net proceeds of approximately $0.8 million during the nine months ended September 30, 2025[242] - The Company completed an offering of 2,574,350 shares of common stock and pre-funded warrants, generating gross proceeds of $2.37 million[257] - The Company is required to maintain cash flow on a break-even basis and is in compliance with all covenants as of September 30, 2025[255] - The Company has the right to redeem Series C Preferred Stock at a price equal to 132.5% of the aggregate stated value plus accrued dividends[252] - The Series C Preferred Stock has a stated value of $1,000 per share and a preferred dividend rate of 7.875% per annum[246] - The initial fixed conversion price for Series C Preferred Stock is $1.068 per share, with temporary reductions to $0.40 agreed upon under certain conditions[249] - Upon a Triggering Event, holders can convert Series C Preferred Stock at an alternate conversion price, which is the lower of the fixed price or 80% of the VWAP[250] - The Series C Preferred Stock is senior to all other equity securities and holders are entitled to cash upon liquidation before common stock holders[247] - The Company has an additional one-time right to redeem a portion of Series C Preferred Stock with an aggregate stated value of at least $5 million[252] Investment and Valuation - The fair value of the Company's investment in Lucid was $31.6 million as of September 30, 2025, with an unrealized gain of $6.0 million recognized during the period[231] - The change in fair value of convertible debt resulted in an expense of approximately $0.4 million for the nine months ended September 30, 2025, compared to an expense of $2.5 million in the prior year[226] - A deemed dividend of $7.5 million was recognized due to the exchange of Lucid Series A and Series A-1 Preferred Stock for Series B Preferred Stock[232] Cash Flow and Liquidity - The Company experienced net income before noncontrolling interests of approximately $0.3 million and used approximately $3.7 million of cash in operations for the nine months ended September 30, 2025[235] - The Company ended the quarter with cash on-hand of $3.1 million as of September 30, 2025[235] - The Company is subject to financial covenants requiring available cash to equal or exceed $8.0 million at all times[240] Management and Governance - The Company granted Investors a 100% participation right in future equity offerings, subject to existing rights of debt holders[258] - Management fee income increased to approximately $9.5 million for the nine months ended September 30, 2025, up from $0.7 million in the prior year, reflecting an increase of $8.8 million[227] - The Veris Warrants have an exercise price of $1.40 per share and become exercisable six months after issuance[261]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Core Points - PAVmed Inc. will host a business update conference call and webcast on November 13, 2025, at 8:30 AM ET, where the CEO will discuss the company's operations and growth strategy, and the CFO will present the third quarter 2025 financial results [1][2]. Company Overview - PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors. Its subsidiary, Lucid Diagnostics, focuses on cancer prevention with products like the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device, which are designed for early detection of esophageal precancer [4]. - Another subsidiary, Veris Health Inc., is dedicated to personalized cancer care through remote patient monitoring using implantable biologic sensors and connected external devices. Veris is also developing an implantable physiological monitor to work alongside chemotherapy ports [4].

Core Viewpoint - PAVmed Inc. (PAVM) has received an upgrade to a Zacks Rank 1 (Strong Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with stock price movements, particularly due to institutional investors adjusting their valuations based on these estimates [3][5]. - An increase in earnings estimates typically leads to higher fair value for a stock, prompting institutional investors to buy or sell, thus affecting stock prices [3]. Company Performance and Outlook - The upgrade for PAVmed reflects an improvement in the company's underlying business, suggesting that investor sentiment regarding this trend could drive the stock price higher [4]. - Over the past three months, the Zacks Consensus Estimate for PAVmed has increased by 41.1%, indicating a positive shift in earnings expectations [7]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [6]. - PAVmed's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting strong potential for market-beating returns in the near term [9].

Core Insights - PAVmed Inc. and its subsidiary Veris Health have entered the commercial phase of their partnership with The Ohio State University Comprehensive Cancer Center to enhance personalized cancer care through the Veris Cancer Care Platform [1][2] Company Overview - PAVmed Inc. is a diversified commercial-stage medical technology company operating in medical devices, diagnostics, and digital health sectors [5] - Veris Health, a majority-owned subsidiary of PAVmed, focuses on digital health and has developed a digital cancer care platform aimed at improving personalized cancer care through remote patient monitoring [5] Partnership Details - The partnership with OSUCCC – James aims to expand the clinical deployment of the Veris platform, which includes launching a clinical registry for patients enrolled in the program [2] - The Veris Cancer Care Platform features remote physiological data collection, symptom reporting, telehealth capabilities, and electronic health record integration [2][3] Platform Features - Patients enrolled in the Veris platform receive a VerisBox™ containing connected health care devices that transmit physiological data to a cloud-based clinician portal [3] - A patient portal allows symptom reporting and health tracking via a smartphone app, which also enables family members to participate in the patient's care journey [3] Future Developments - Veris is developing an implantable physiological monitor to be used alongside a vascular access port, enhancing the platform's clinical and commercial value by providing remote data independent of patient compliance [3]

Core Viewpoint - PAVmed Inc. has formed a new subsidiary to license advanced endoscopic imaging technology from Duke University, aimed at improving the diagnosis and treatment of esophageal dysplasia, which is a precursor to esophageal cancer [1][8]. Group 1: Technology and Collaboration - The technology involves a multi-modality probe that combines angle-resolved low coherence interferometry (a/LCI) with optical coherence tomography (OCT), potentially offering a more efficient alternative to traditional biopsies [1]. - PAVmed will collaborate with Lucid Diagnostics as a strategic and equity partner in this initiative [1]. - The technology is expected to enable real-time detection and immediate treatment of dysplasia during endoscopic procedures, addressing the limitations of traditional biopsy methods [3][6]. Group 2: Clinical Implications - Dr. Nicholas Shaheen highlighted that this technology could transform the diagnosis and treatment of esophageal precancer, improving patient outcomes and healthcare resource utilization [2]. - Prior clinical research indicated that the a/LCI technology demonstrated 100% sensitivity and 88% overall accuracy in detecting precancerous changes during live examinations [6]. - The integrated a/LCI and OCT technology has shown comparable sensitivity and improved specificity for detecting dysplasia, with results pending peer-reviewed publication [6]. Group 3: Company Strategy and Market Potential - PAVmed's CEO, Dr. Lishan Aklog, expressed optimism about the commercialization of this technology, anticipating that widespread adoption will significantly increase the diagnosis of esophageal precancer [7]. - The venture aligns with PAVmed's structure of independently financeable subsidiaries and builds on successful partnerships with academic medical centers [8]. - The exclusive worldwide license agreement for the a/LCI + OCT technology is contingent upon the execution of a definitive license agreement [8].

[Introduction](index=1&type=section&id=Introduction) This section introduces PAVmed Inc., its subsidiaries, and outlines the Q2 2025 conference call details [Company Overview](index=1&type=section&id=Company%20Overview) PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors, with key subsidiaries Lucid Diagnostics Inc. and Veris Health Inc - PAVmed Inc. (NASDAQ: PAVM) is a diversified commercial-stage medical technology company, operating in the medical device, diagnostics, and digital health sectors[2](index=2&type=chunk) - Key subsidiaries include Lucid Diagnostics Inc. (NASDAQ: LUCD) and Veris Health Inc[2](index=2&type=chunk) [Conference Call and Webcast](index=1&type=section&id=Conference%20Call%20and%20Webcast) A conference call and webcast were held on August 14, 2025, at 8:30 AM EDT to discuss the business update and financial results. A replay will be available for 30 days on the company's investor relations website - Conference call and webcast held on Thursday, August 14, 2025, at 8:30 AM EDT[1](index=1&type=chunk)[3](index=3&type=chunk) - A replay will be available for 30 days on the investor relations section of the Company's website[4](index=4&type=chunk) [Business Update Highlights](index=1&type=section&id=Business%20Update%20Highlights) This section highlights PAVmed's corporate strategy and key updates for Lucid Diagnostics and Veris Health [PAVmed Corporate Strategy](index=1&type=section&id=PAVmed%20Corporate%20Strategy) PAVmed has stabilized its corporate structure, strengthened its balance sheet, and is positioned to advance as a diversified commercial life sciences company. It operates with multiple independently-financed subsidiaries under a shared services model and actively evaluates new opportunities to leverage its platform - PAVmed has **stabilized its corporate structure**, strengthened its balance sheet, and is positioned to advance its vision as a diversified commercial life sciences company[5](index=5&type=chunk) - Operates with multiple independently-financed subsidiaries under a shared services model[5](index=5&type=chunk) - Remains actively engaged in evaluating new opportunities to leverage its shared services model and further diversify its portfolio[5](index=5&type=chunk)[8](index=8&type=chunk) [Lucid Diagnostics Updates](index=2&type=section&id=Lucid%20Diagnostics%20Updates) Lucid Diagnostics processed 2,756 EsoGuard tests and recognized $1.2 million in revenue for Q2 2025. The company secured a Contractor Advisory Committee (CAC) meeting for Medicare LCD, strengthened its balance sheet with a $16.1 million public offering, initiated commercial insurance coverage, and partnered with Hoag for a comprehensive testing program Lucid Diagnostics Q2 2025 Key Metrics | Metric | Value | | :-------------------------------- | :---------- | | EsoGuard Tests Processed (2Q25) | 2,756 | | EsoGuard Esophageal DNA Test Revenue (2Q25) | $1.2 million | - MolDX-participating Medicare Administrative Contractors (MACs) to convene a Contractor Advisory Committee (CAC) meeting on September 4, 2025, regarding Medicare LCD for EsoGuard[8](index=8&type=chunk) - Strengthened balance sheet with an underwritten public offering of common stock, netting approximately **$16.1 million in proceeds**, extending runway into 2026[8](index=8&type=chunk) - Initiated patient testing and billing under the first positive commercial insurance coverage policy for EsoGuard from Highmark Blue Cross Blue Shield, effective May 26, 2025, and partnered with Hoag to launch a comprehensive EsoGuard esophageal precancer testing program[8](index=8&type=chunk) [Veris Health Updates](index=2&type=section&id=Veris%20Health%20Updates) Veris Health completed a $2.5 million direct equity financing, supplementing a previous $2.4 million financing, securing sufficient capital for its implantable physiological monitor's development through FDA clearance. It also established a long-term strategic partnership with The Ohio State's James Cancer Hospital, with EHR integration underway and plans for full commercial deployment and expansion into AI-enabled clinical decision support - Completed a **$2.5 million direct equity financing**, supplementing a previous $2.4 million financing, now sufficiently capitalized to fund development of its implantable physiological monitor through FDA clearance[8](index=8&type=chunk) - Completed a long-term strategic partnership with The Ohio State's James Cancer Hospital; integration with the hospital's electronic health record (EHR) system is in process, with full commercial deployment to commence thereafter[8](index=8&type=chunk) - Advancing long-term strategic plan, which includes refining its commercial strategy, expanding commercial operations following FDA clearance, and broadening its scope of offering to include AI-enabled clinical decision support[8](index=8&type=chunk) [Financial Results](index=2&type=section&id=Financial%20Results) This section presents PAVmed's Q2 2025 GAAP and non-GAAP financial results, including statements and reconciliations [Summary of Q2 2025 Financials (GAAP)](index=2&type=section&id=Summary%20of%20Q2%202025%20Financials%20(GAAP)) For the three months ended June 30, 2025, PAVmed reported operating expenses of approximately $4.7 million, including $0.2 million in stock-based compensation, and a GAAP net loss attributable to common stockholders of approximately $13.3 million, or $(0.74) per diluted common share. Cash and cash equivalents significantly increased to $4.0 million as of June 30, 2025, from $1.2 million at December 31, 2024 PAVmed Q2 2025 GAAP Financial Summary | Metric | Value (approx.) | | :------------------------------------ | :-------------- | | Operating Expenses | $4.7 million | | Stock-based Compensation (included) | $0.2 million | | GAAP Net Loss Attributable to Common Stockholders | $13.3 million | | GAAP Net Loss Per Common Share (diluted) | $(0.74) | Cash and Cash Equivalents Trend | Date | Cash and Cash Equivalents | | :------------- | :------------------------ | | June 30, 2025 | $4.0 million | | December 31, 2024 | $1.2 million | - The unaudited financial results for the three and six months ended June 30, 2025, were filed with the SEC on Form 10-Q on August 14, 2025[10](index=10&type=chunk) [Non-GAAP Financial Measures Explanation](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) PAVmed provides non-GAAP financial measures, including EBITDA and non-GAAP adjusted loss, to offer greater transparency into its financial performance. These measures adjust GAAP results for non-cash items like stock-based compensation, fair value changes of convertible securities, and debt extinguishment, aiming to provide a clearer view of core operating results and enhance comparability - Non-GAAP financial measures (EBITDA and non-GAAP adjusted loss) are provided to supplement GAAP results and enhance transparency for financial performance analysis and operational decision-making[10](index=10&type=chunk) - These measures adjust for stock-based compensation expense, loss on issuance or modification of convertible securities, periodic change in fair value of convertible securities, and loss on debt extinguishment[10](index=10&type=chunk) - Non-GAAP measures are not recognized under U.S. GAAP and are not intended to be a substitute for, or superior to, GAAP financial measures[10](index=10&type=chunk) [Condensed Consolidated Statement of Operations (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations%20(Unaudited)) The unaudited condensed consolidated statement of operations shows a significant decrease in revenue and operating expenses for Q2 2025 compared to Q2 2024. The GAAP net loss per common share improved, and the non-GAAP adjusted loss also saw a substantial reduction Condensed Consolidated Statement of Operations (Unaudited) - Q2 2025 vs Q2 2024 | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | | :--------------------------------------------- | :------ | :------ | | Revenue | $6 | $979 | | Operating expenses | $4,721 | $14,663 | | Net income (loss) per common share, diluted | $(0.74) | $(1.19) | | Net income (loss) attributable to common stockholders | $(13,308) | $(10,908) | | Non-GAAP adjusted (loss) | $(845) | $(7,651) | | Non-GAAP adjusted (loss) income per share, basic and diluted | $(0.05) | $(0.84) | - Revenue decreased from **$979 thousand** in Q2 2024 to **$6 thousand** in Q2 2025[12](index=12&type=chunk) - Operating expenses decreased from **$14,663 thousand** in Q2 2024 to **$4,721 thousand** in Q2 2025[12](index=12&type=chunk) [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) The reconciliation details adjustments made to GAAP operating expenses to arrive at non-GAAP net operating expenses. For Q2 2025, total operating expenses were $4.721 million, which, after adjustments for depreciation, amortization, stock-based compensation, and stock-issued operating expenses, resulted in non-GAAP net operating expenses of $4.484 million Reconciliation of GAAP Operating Expenses to Non-GAAP Net Operating Expenses (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | | :-------------------- | :------ | :------ | | Total operating expenses | $4,721 | $14,663 | | Depreciation and amortization expense | $(22) | $(305) | | Operating expenses issued in stock | $(53) | $(140) | | Stock-based compensation expense | $(162) | $(1,904) | | Net operating expenses | $4,484 | $12,314 | - Total operating expenses decreased from **$14,663 thousand** in Q2 2024 to **$4,721 thousand** in Q2 2025[14](index=14&type=chunk) - Stock-based compensation expense decreased from **$1,904 thousand** in Q2 2024 to **$162 thousand** in Q2 2025[14](index=14&type=chunk) [About PAVmed and its Subsidiaries](index=5&type=section&id=About%20PAVmed%20and%20its%20Subsidiaries) This section provides an overview of PAVmed Inc. and its key subsidiaries, Lucid Diagnostics and Veris Health [PAVmed Inc. Overview](index=5&type=section&id=PAVmed%20Inc.%20Overview) PAVmed Inc. is a diversified commercial-stage medical technology company engaged in the medical device, diagnostics, and digital health sectors - PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors[15](index=15&type=chunk) [Lucid Diagnostics Inc. Overview](index=5&type=section&id=Lucid%20Diagnostics%20Inc.%20Overview) Lucid Diagnostics Inc. is a commercial-stage cancer prevention medical diagnostics company, offering the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device for widespread early detection of esophageal precancer - Lucid Diagnostics Inc. is a commercial-stage cancer prevention medical diagnostics company[15](index=15&type=chunk) - 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[15](index=15&type=chunk) [Veris Health Inc. Overview](index=5&type=section&id=Veris%20Health%20Inc.%20Overview) Veris Health Inc. is a digital health company focused on enhanced personalized cancer care through remote patient monitoring, utilizing implantable biologic sensors with wireless communication and developing an implantable physiological monitor - Veris Health Inc. is a digital health company focused on enhanced personalized cancer care through remote patient monitoring[15](index=15&type=chunk) - Utilizes implantable biologic sensors with wireless communication along with a custom suite of connected external devices[15](index=15&type=chunk) - Concurrently developing an implantable physiological monitor, designed to be implanted alongside a chemotherapy port, which will interface with the Veris Cancer Care Platform[15](index=15&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements based on current beliefs and expectations, which are subject to various risks and uncertainties. These risks, detailed in the company's SEC filings, could cause actual results to differ materially from those projected. The company disclaims any obligation to publicly update or revise these statements - This press release includes forward-looking statements that involve risks and uncertainties, based upon the current beliefs and expectations of PAVmed's and Lucid's management[19](index=19&type=chunk) - Risks and uncertainties that may cause actual results to differ include volatility in stock price, general economic and market conditions, R&D uncertainties, regulatory clearances, market acceptance, funding needs, and other competitive developments[19](index=19&type=chunk) - PAVmed and Lucid disclaim any intention or obligation to publicly update or revise any forward-looking statement[19](index=19&type=chunk) [Investor and Media Contact](index=6&type=section&id=Investor%20and%20Media%20Contact) Contact information for investor and media inquiries is provided for Matt Riley, representing PAVmed and Lucid Diagnostics - Matt Riley is the Investor and Media Contact for PAVmed and Lucid Diagnostics[20](index=20&type=chunk) - Contact email: mjr@pavmed.com[20](index=20&type=chunk)