PAVmed Provides Business Update and Reports Second Quarter 2026 Financial Results

PAVmed Provides Business Update and Reports Second Quarter 2026 Financial Results Veris Health accelerated its commercial engagement with OSU-The James

Veris Health implantable physiological monitor achieved development milestones towards upcoming FDA submission

Lucid Diagnostics secured first laboratory benefit manager coverage policy for EsoGuard ®

Conference call and webcast to be held today, August 14, at 8:30 AM EDT

NEW YORK, Aug. 14, 2026 /PRNewswire/ -- PAVmed Inc. (NASDAQ: PAVM) ("PAVmed" or the "Company"), a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors, today provided a business update for the Company and its subsidiaries, Lucid Diagnostics Inc. (NASDAQ: LUCD) ("Lucid"), Veris Health Inc. ("Veris"), and Octeris Medical Inc. ("Octeris"), and reported financial results for the second quarter ended June 30, 2026.

Conference Call and Webcast

The webcast will take place on Friday, August 14, 2026, at 8:30 AM and is accessible in the investor relations section of the Company's website at pavmed.com. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-800-836-8184 and international listeners should dial 1-646-357-8785. All listeners should provide the operator with the conference call name "PAVmed Business Update" to join.

Following the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's website at pavmed.com.

Business Update Highlights

"PAVmed saw tangible progress across its core businesses during this past quarter and recent weeks," said Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer. "Veris accelerated its commercial engagement with OSU-The James while progressing development of its implantable physiological monitor toward FDA submission. Lucid secured an important new commercial coverage policy for EsoGuard while continuing to advance its broader commercial initiatives. And, our relaunched medical device portfolio is on track with PortIO and Octeris progressing toward key milestones."

Highlights from the second quarter and recent weeks:

Financial Results:

PAVmed Non-GAAP Measures

For the three months ended

June 30,

For the six months ended

June 30,

2026

2025

2026

2025

(in thousands except per-share amounts)

Revenue

$ 33

$ 6

$ 55

$ 14

Operating expenses

7,055

4,721

15,112

10,174

Other (Income) Expense, net

(424)

7,609

(7,395)

(16,460)

Net (Income) Loss

6,598

12,324

7,662

(6,300)

Net income (loss) per common share, diluted

$ (0.87)

$ (22.08)

$ (3.17)

$ 3.94

Net income (loss) attributable to common stockholders

(5,479)

(13,308)

(12,467)

4,386

Preferred Stock dividends and deemed dividends

1,387

7,023

2,661

Net income (loss) as reported

(5,384)

(11,921)

(5,444)

7,047

Adjustments:

Depreciation and amortization expense 1

Interest expense, net 2

(8)

(4)

(24)

(7)

NCI ownership share of Interest and Depreciation adjustments

(256)

—

(507)

—

EBITDA

(5,629)

(11,903)

(5,936)

7,105

Other non-cash or financing related expenses:

Stock-based compensation expense 3

917

162

1,099

1,092

Operating expenses issued in stock 1

—

1,951

103

Change in FV equity method investments

2,504

10,643

626

(10,361)

Change in FV convertible debt 2

565

200

(2,795)

249

Loss on debt extinguishment 2

—

3,422

Change in fair value – warrant liability

—

(1,831)

—

Change in fair value – rights liability

(24)

—

(54)

—

Non-GAAP adjusted (loss)

$ (1,667)

$ (845)

$ (3,518)

$ (1,754)

Non-GAAP shares outstanding, basic and diluted

6,269

603

3,938

533

Non-GAAP adjusted (loss) income per share, basic and diluted

$(0.27)

$(1.40)

$(0.89)

$(3.29)

Included in general and administrative expenses in the financial statements.

Included in other income and expenses.

Stock-based compensation ("SBC") expense is included in operating expenses and is detailed as follows in the table below by category within operating expenses for the non-GAAP Net operating expenses:

(in thousands except per-share amounts)

For the three months ended

June 30,

For the six months ended

June 30,

2026

2025

2026

2025

Cost of revenue

$ 122

$ 41

$ 219

$ 78

Stock-based compensation expense 3

—

Net cost of revenue

122

219

Sales and marketing

215

220

430

467

Stock-based compensation expense 3

(8)

(1)

(13)

(46)

Net sales and marketing

207

219

417

421

General and administrative

4,651

3,670

11,008

8,053

Depreciation expense

(19)

(22)

(39)

(65)

Operating expenses issued in stock

—

(53)

(1,951)

(103)

Stock-based compensation expense 3

(874)

(148)

(1,029)

(944)

Net general and administrative

3,758

3,447

7,989

6,941

Research and development

2,067

790

3,455

1,576

Stock-based compensation expense 3

(35)

(13)

(57)

(102)

Net research and development

2,032

777

3,398

1,474

Total operating expenses

7,055

4,721

15,112

10,174

Depreciation and amortization expense

(19)

(22)

(39)

(65)

Operating expenses issued in stock

—

(53)

(1,951)

(103)

Stock-based compensation expense 3

(917)

(162)

(1,099)

(1,092)

Net operating expenses

$ 6,119

$ 4,484

$ 12,023

$ 8,914

About PAVmed and its Subsidiaries

PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors. Its subsidiary, Lucid Diagnostics Inc. (NASDAQ: LUCD), is a commercial-stage cancer prevention medical diagnostics company that markets the EsoGuard ® Esophageal DNA Test and EsoCheck ® Esophageal Cell Collection Device—the first and only commercial tools for widespread early detection of esophageal precancer to mitigate the risks of esophageal cancer deaths. Its other subsidiary, Veris Health Inc., is a digital health company focused on enhanced personalized cancer care through remote patient monitoring using implantable biologic sensors with wireless communication along with a custom suite of connected external devices. Veris is concurrently developing an implantable physiological monitor, designed to be implanted alongside a chemotherapy port, which will interface with the Veris Cancer Care Platform.

For more information about PAVmed, please visit pavmed.com.

For more information about Lucid Diagnostics, please visit luciddx.com.

For more information about Veris Health, please visit verishealth.com.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of PAVmed's and Lucid's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of PAVmed's and Lucid's common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance PAVmed's and Lucid's products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from PAVmed's and Lucid's clinical and preclinical studies; whether and when PAVmed's and Lucid's products are cleared by regulatory authorities; market acceptance of PAVmed's and Lucid's products once cleared and commercialized; PAVmed's and Lucid's ability to raise additional funding as needed; and other competitive developments. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect PAVmed's and Lucid's future operations, see Part I, Item 1A, "Risk Factors," in PAVmed's and Lucid's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, "Risk Factors" in any Quarterly Report on Form 10-Q filed by PAVmed or Lucid after its most recent Annual Report. PAVmed and Lucid disclaim any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.

SOURCE PAVmed Inc.