aibioPAVmed reports first quarter 2026 results and simpler capital structure
Tickers PAVM
PAVmed ended the first quarter with $6.5 million in cash, and Lucid Diagnostics' underwritten offering netted about $17 million.
Key facts
- Company
- PAVmed Inc. (NASDAQ: PAVM)
- News type
- Company Updates
- Primary source
- PAVmed 8-K
The first quarter
PAVmed Inc. (NASDAQ: PAVM) provided a business update and reported financial results for the first quarter ended March 31, 2026 on May 15, 2026, with a conference call at 8:30 AM EST. The company calls itself a diversified commercial-stage medical technology company.
Lishan Aklog, M.D., Chairman and Chief Executive Officer, said: "PAVmed now has a significantly simplified capital structure and strengthened balance sheet, positioning the Company to focus on execution across our core businesses and evaluate additional asset acquisition opportunities aligned with our long-term growth strategy."
Financial results
For the three months ended March 31, 2026, operating expenses were approximately $8.1 million, including stock-based compensation of $0.2 million. GAAP net loss attributable to common stockholders was approximately $7.0 million, or $(4.42) per common share on a diluted basis. Revenue for the quarter was $22 thousand, against operating expenses of $8.1 million.
The non-GAAP adjusted loss was approximately $1.9 million, or $(1.17) per common share, well under the GAAP loss because it excludes items such as stock-based compensation, changes in the fair value of convertible debt and a loss on debt extinguishment. PAVmed had cash and cash equivalents of $6.5 million as of March 31, 2026, compared with $1.5 million as of December 31, 2025. The release does not say how the cash was raised or how the capital structure was simplified, and it reports no cash used in operations. The company filed its Form 10-Q for the quarter on May 14, 2026. The company defines non-GAAP adjusted loss as EBITDA further adjusted for stock-based compensation, loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, and loss on debt extinguishment.
Lucid Diagnostics
Lucid Diagnostics recognized $1.3 million in EsoGuard Esophageal DNA Test revenue for the first quarter and processed 3,177 EsoGuard tests. Lucid strengthened its balance sheet with an underwritten public offering of common stock, which netted approximately $17 million in proceeds. The release says Lucid ended the first quarter with $45 million in pro forma cash, which extends its runway into 2027. That is Lucid's cash, not PAVmed's, and a runway only into 2027 means more funding will be needed. The sale of new common stock dilutes existing Lucid holders, and the release gives no offering price or share count.
Lucid reported a strong presence at Digestive Disease Week, with multiple EsoGuard abstracts and extensive engagement with the gastroenterology community. The company also said it previewed a major upcoming clinical practice guideline update recommending EsoGuard and EsoCheck as the only non-endoscopic test with high certainty of evidence. The guideline is not yet published, so this is the company's description of a preview.
Veris Health and the device portfolio
Veris Health continued development of its implantable physiological monitor, with presubmission and testing activities expected to begin soon in support of a planned FDA 510(k) submission. Veris further advanced its strategic engagement with The Ohio State University's James Cancer Hospital, where the commercial phase is underway and expansion into additional departments is in progress. The company reported continued positive clinical and administrative feedback, without figures. The 510(k) submission is still only planned, with presubmission and testing expected to begin soon.
The company said it is advancing multiple technologies in its relaunched medical device portfolio under the leadership of Joseph Virgilio. The portfolio includes the PortIO implantable intraosseous vascular access device and endoscopic esophageal imaging technology licensed from Duke University. Mr. Virgilio is also taking on broader responsibilities aligned with his experience building and scaling growth-stage medtech businesses.
What comes next
A replay of the conference call will be available for 30 days on the investor relations section of the company's website at pavmed.com. The company said it is evaluating additional acquisition opportunities, which would need funding the release does not describe. It said Lucid continues to build commercial momentum for EsoGuard with a strengthened balance sheet while Medicare coverage is pending. Lucid took in $1.3 million of EsoGuard revenue on 3,177 tests, and the release gives no date for a Medicare decision. The company also said its relaunched device portfolio is advancing multiple device opportunities.