PAVmed(US:PAVM)2025-11-13 14:32Financial 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 the implantable device [20][25] 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 company remains the largest shareholder of Lucid Diagnostics, owning approximately 23% of the common shares outstanding, with a 28% voting interest [21][22] - Lucid's stock price experienced a sequential reduction of $4.4 million, impacting the equity method investment balance [20][22] 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] - A licensing agreement with Duke University and the University of North Carolina for breakthrough endoscopic imaging technology is in the final stages, which could transform treatment for esophageal precancer [8][46] - The company is expanding its commercial offerings for Veris beyond remote patient monitoring to include clinical support services and AI-based clinical decision tools [17][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to complete its restructuring and reignite its broader vision, with several promising technologies in the pipeline [27][28] - The company is optimistic about the Medicare coverage for EsoGuard, which is seen as a significant milestone for Lucid [10][11] Other Important Information - The company has secured financing to support the development and FDA submission of Veris's implantable device, with a submission planned for 2026 [12][18] - The company is focused on building a clinical support team to enhance the efficiency of its platform and provide value-added services to commercial partners [16][42] Q&A Session Summary Question: Status of the implantable monitor development - Management confirmed that the development is progressing well with a new manufacturing partner, and the clinical requirements are modest, primarily involving a skin study [33][34][38] Question: Commercialization conversations with other cancer centers - Management indicated that they plan to start commercialization discussions with 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 [46][48]