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 [24][25] - Cash burn rate for the third quarter was $900,000, which included approximately $500,000 in outside contractor development costs for Veris [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 [10][11] - 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][14] Market Data and Key Metrics Changes - The Medicare contractor meeting in September was successful, with experts endorsing Medicare coverage for EsoGuard, marking a significant milestone for Lucid [10][11] - PAVmed remains the largest shareholder of Lucid, owning approximately 23% of the common shares outstanding, although it no longer has voting control [21] Company Strategy and Development Direction - The company aims to stabilize its corporate structure and balance sheet, with plans to operate as a diversified commercial life sciences company with multiple independently financed subsidiaries [5][6] - PAVmed is pursuing additional technologies, including a partnership with Duke University for an endoscopic imaging technology for esophageal precancer [8][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's positioning to capitalize on Lucid's market opportunities and the potential for Medicare coverage [9][10] - The company is focused on expanding its commercial offerings and enhancing its value proposition through clinical support services and AI-based clinical decision tools [17][43] Other Important Information - The company has restructured its debt, exchanging about 80% of its outstanding debt for new Series C preferred equity [19] - The development of the Veris implantable device is progressing well, with a clear regulatory pathway established for FDA submission [34][38] Q&A Session Summary Question: Status of the implantable monitor development - Management confirmed that the development work has relaunched with a new manufacturing partner and that the clinical requirements for FDA submission are modest [33][34] Question: Timing for commercialization conversations with other cancer centers - Management indicated that they plan to start expanding commercial activities to other centers in the first quarter after gaining experience with OSU [40][41] Question: Exclusivity and timing of the endoscopic imaging technology agreement - Management stated that a definitive license agreement is expected soon, and the technology will be developed within a separate subsidiary of PAVmed [45][46]

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]