| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 0.01 | 0.0% | 99.0% |
| Total Income | 0.01 | 0.0% | 99.0% |
| Expenditure | 4.85 | 2.8% | 61.4% |
| PBT | -6.01 | 51.2% | 109.9% |
| Net Profit | -5.38 | 54.9% | 108.3% |
| OPM | — | ||
| NPM | — | ||
| EPS | -0.29 | 60.8% | 104.5% |
PAVmed Reports Q3 2025 Financial Results and Business Update
04 May 2026 · 4 May, 7:15 am
Summary
PAVmed Inc. reported its Q3 2025 financial results and provided a business update. Veris Health launched the commercial phase of its partnership and relaunched its implantable physiological monitor development. Lucid Diagnostics reported $1.2 million in EsoGuard revenue and processed 2,841 tests. The company signed a letter of intent to license endoscopic esophageal imaging technology. PAVmed's operating expenses were approximately $4.8 million, with a GAAP net loss of $6.3 million, and cash and cash equivalents of $3.1 million as of September 30, 2025.
Key Highlights
- 1
PAVmed's subsidiary, Veris Health, launched the commercial phase of its strategic partnership with The Ohio State University James Cancer Hospital.
- 2
Veris Health relaunched the development of its implantable physiological monitor, targeting a 2026 FDA 510(k) submission.
- 3
PAVmed signed a letter of intent to license groundbreaking endoscopic esophageal imaging technology from Duke University.
- 4
Lucid Diagnostics reported $1.2 million in EsoGuard® Esophageal DNA Test revenue for Q3 2025, processing 2,841 tests.
- 5
PAVmed's operating expenses for the three months ended September 30, 2025, were approximately $4.8 million, including $0.4 million in stock-based compensation expenses.
- 6
GAAP net loss attributable to common stockholders was approximately $6.3 million, or $(0.29) per common share on a diluted basis for Q3 2025.
- 7
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.
Management Comments
Lishan Aklog
M.D.
“Over the past 18 months, we have taken decisive steps to stabilize PAVmed’s corporate structure and strengthen its balance sheet, and we believe we are entering the final stages of that process,” “As our subsidiaries continue to execute and advance toward major milestones, we expect PAVmed to benefit directly from their success. Veris is progressing toward FDA submission of its implantable physiological monitor, expanding its partnership with OSU-The James, and developing new value-add capabilities beyond remote patient monitoring. Lucid remains firmly on track as it approaches transformative Medicare coverage for EsoGuard, supported by a strengthened balance sheet, continued commercial execution, and a new world-class market access team driving payor engagement. We also signed a letter of intent with Duke University to license a promising endoscopic imaging technology, adding another potential growth engine to our innovation pipeline.”
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