PAVmed(US:PAVM)2020-08-14 21:20Financial Performance - The net loss attributable to PAVmed Inc. for the six months ended June 30, 2020, was $20,194 million, compared to a net loss of $7,261 million for the same period in 2019, reflecting an increase of 177.5%[11] - The net loss per share attributable to PAVmed Inc. common stockholders for the six months ended June 30, 2020, was $(0.46), compared to $(0.27) for the same period in 2019, indicating a decline in performance[11] - For the six months ended June 30, 2020, the net loss before noncontrolling interest was $20,755,000, compared to a net loss of $7,443,000 for the same period in 2019, indicating a significant increase in losses[24] - The company reported no revenue for the three and six months ended June 30, 2020, consistent with the same periods in 2019[11] - The net loss attributable to PAVmed Inc. was $5,578,000, compared to a net loss of $3,594,000 for the same period in 2019[76] Assets and Liabilities - Total assets increased to $8,882 million as of June 30, 2020, up from $7,240 million as of December 31, 2019, representing an increase of 22.7%[9] - Total liabilities rose significantly to $21,687 million as of June 30, 2020, compared to $11,878 million as of December 31, 2019, marking an increase of 82.6%[9] - The accumulated deficit as of June 30, 2020, was $(73,908) million, compared to $(53,715) million as of December 31, 2019, reflecting an increase of 37.5%[9] - As of June 30, 2019, total stockholders' deficit was $1,879,000, reflecting the financial challenges faced by the company[21] Expenses - Research and development expenses for the six months ended June 30, 2020, were $4,702 million, up from $2,856 million in the same period of 2019, indicating a growth of 64.5%[11] - General and administrative expenses for the three months ended June 30, 2020, were $2,881 million, compared to $1,914 million for the same period in 2019, an increase of 50.5%[11] - The company reported cash flows used in operating activities of $9,346,000 for the six months ended June 30, 2020, compared to $6,389,000 for the same period in 2019, reflecting increased operational expenditures[24] Financing Activities - The company raised $6,300,000 from the issuance of Senior Secured Convertible Notes and $3,700,000 from the issuance of Senior Convertible Notes during the six months ended June 30, 2020, indicating reliance on debt financing[24] - The company intends to rely on capital markets for additional equity or debt financing, highlighting potential risks in securing favorable financing terms[29] - The Company received approximately $300 from the PPP Loan under the CARES Act, which matures on April 8, 2022, and bears interest at approximately 1.0% per annum[71] Stock and Equity - The weighted average common shares outstanding increased to 44,781 million for the three months ended June 30, 2020, compared to 27,606 million for the same period in 2019, a rise of 62.1%[11] - The Company’s stockholders approved an increase to the share reservation of the PAVmed Inc. 2014 Equity Plan by an additional 2,000 shares, raising the total from 8,000 to 10,000 shares[50] - The Company granted 1,345 stock options under the PAVmed Inc. 2014 Equity Plan during the six months ended June 30, 2020[46] Product Development - EsoGuard and CarpX are the primary products focused on commercialization, with ongoing development for other products in the pipeline, including EsoGuard IVD and PortIO[27] - The company has received FDA marketing clearance for EsoCheck and CarpX, enhancing its product portfolio and market readiness[30] - The company has a focus on advancing its innovative medical technologies from concept to commercialization, emphasizing capital efficiency and speed to market[26] Future Outlook - The company expects to continue incurring losses for the foreseeable future, with existing liquidity insufficient to fund operations until significant revenues are achieved[29]