Pavmed Inc. · NASDAQ:PAVM
Pavmed — Q4 2025 Earnings Presentation
14 slides from Pavmed's earnings presentation, Mar 30, 2026
Slide 1: Q4 2025 Business Update
Nasdaq: PAVM Q4 2025 Business Update March 30, 2026 LISHAN AKLOG, MD Chairman & CEO DENNIS MCGRATH President & CFO
Slide 2: Disclaimer
Disclaimer ▪ This presentation may contain certain forward-looking statements related to PAVmed Inc. or Lucid Diagnostics Inc. (the “Companies”) that involve risks and uncertainties. ▪ Actual results and events may differ significantly from results and events discussed in forward- looking statements
Slide 3: Lishan Aklog, M.D. Chairman & CEO
Nasdaq: PAVM Lishan Aklog, M.D. Chairman & CEO
Slide 4: PAVmed Corporate Structure
PAVmed Corporate Structure Nasdaq: PAVM D IAGNOSTIC S D I G I T A L H E A L T H MedTech Portfolio Nasdaq: LUCD Privately Held Privately Held Digital Cancer Care Platform & Smart Vascular Access Incubator for MedTech Technologies, including PortIO Early Detection of Esophageal Precancer Port and EsoC
Slide 5: Recent Highlights
Recent Highlights Lucid Diagnostics ▪ 4Q25 EsoGuard revenue $1.5M; 3Q25 test volume 3,664 ▪ Awarded U.S. Department of Veterans Affairs (VA) contract for EsoGuard, expanding access across the nation’s largest integrated healthcare system ▪ Announced positive data from the largest reported real-world
Slide 6: Recent Highlights
Recent Highlights Veris Health ▪ Commercial phase of OSU strategic engagement well underway ▪ Full EHR integration now complete ▪ Implantable physiological monitor development progressing toward planned late 2026 FDA 510(k) submission ▪ Developing expanded strategic vision for Veris ▪ Fundamental tr
Slide 7: MedTech Leadership & Portfolio
MedTech Leadership & Portfolio Joseph Virgilio Chief Business Officer Active and Expanding Octeris Pipeline 7
Slide 8: Q4 2025 Financial Update
Nasdaq: PAVM Q4 2025 Financial Update
Slide 9: Balance Sheet
Balance Sheet ($ in thousands) 4Q25 4Q24 Change Assets Cash $1,538 $1,185 $353 Equity Method Investments (Lucid) $34,120 $25,637 $8,483 All other Assets $3,154 $3,838 $(684) Liabilities Accounts Payable $678 $657 $21 Senior Secured Convertible Notes $11,100 $29,100 $(18,000) Other Liabilities $4,734
Slide 10: ProForma Balance Sheet
ProForma Balance Sheet GAAP Feb 3 ProForma Mkt Value of ProForma Assets: (ooo's) 12/31/25 12/31/25 Warrants Veris Health 12/31/25 Financing Cash $1,538 $7,654 $9,192 $30,000 $2,500 $41,692 Equity method investment - Lucid $34,120 $34,120 $34,120 Veris Health $0 $0 $24,500 $24,500 Other assets $3,154
Slide 11: P&L
P&L ($ in thousands) 4Q25 4Q24 Change 2025 2024 Change Revenue + Management Fee Income $4,379 $3,160 $1,219 $13,848 $14,295 $(447) Operating Expenses $6,853 $5,198 $1,655 $21,877 $47,482 $(25,605) Net Income (Loss) $(2,755) $1,142 $(3,897) $(2,469) $28,427 $(30,896) EBITDA $(1,960) $1,504 $(3,464) $
Slide 12: Non-GAAP Operating Expense
Non-GAAP Operating Expense 8,000 7,000 6,253 6,000 5,000 4,431 4,484 4,246 4,000 4,392 3,000 2,000 1,000 0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Cost of Revenue Sales and Marketing General & Admin R&D Total To supplement our audited financial results presented in accordance with U.S. generally acc
Slide 13: Q&A
XK PAVmed Nasdaq: PAVM 2 a: Q&A
Slide 14: Closing Remarks
Nasdaq: PAVM Closing Remarks