PAVmed Inc.

For the period ended Dec 31, 2025. Filed Mar 27, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 27, 2026

PAVM$1.63+3.8%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Operations

(in thousands except number of shares and per share data)

· · Years Ended ·
· · December 31, ·
· · 2025 · · · 2024 ·
Revenue	$71	$2,995
Operating expenses:
Cost of revenue	218	4,840
Sales and marketing	917	11,627
General and administrative	16,250	24,524
Amortization of acquired intangible assets	—	559
Research and development	4,492	5,932
Total operating expenses	21,877	47,482
Operating loss	(21,806)	(44,487)
Other income (expense):
Interest income	29	254
Interest expense	(21)	(45)
Gain on deconsolidation of subsidiary	—	72,287
Change in fair value - equity method investment	8,483	532
Change in fair value - Senior Secured Convertible Notes	(3,289)	462
Debt extinguishments loss - Senior Secured Convertible Notes	(58)	(2,535)
Debt modification expense	—	(2,000)
Management fee income	13,777	3,850
Grant income	416	109
Other income (expense), net	19,337	72,914
Income (loss) before provision for income tax	(2,469)	28,427
Provision for income taxes	—	—
Net income (loss) before noncontrolling interests	(2,469)	28,427
Net loss attributable to the noncontrolling interests	2,870	11,364
Net income (loss) attributable to PAVmed Inc.	401	39,791
Less: Series B Convertible Preferred Stock dividends earned	(356)	(329)
Less: Series C Convertible Preferred Stock dividends earned	(1,784)	—
Less: Deemed dividend on Series C Convertible Preferred Stock	(2,035)	—
Less: Deemed dividend on Subsidiary Preferred Stock attributable to the noncontrolling interests	—	(7,496)
Net income (loss) attributable to PAVmed Inc. common stockholders	$(3,774)	$31,966
Per share information(1):
Net income (loss) per share attributable to PAVmed Inc. common stockholders – basic	$(5.63)	$99.15
Net income (loss) per share attributable to PAVmed Inc. common stockholders – diluted	$(5.63)	$14.90
Weighted average common shares outstanding, basic	670,466	322,407
Weighted average common shares outstanding, diluted	670,466	2,173,398

(1)	Reflects the Company's 1-for-30 reverse stock split that became effective January 2, 2026. Refer to Note 3 - Summary of Significant Accounting Policies for further information.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.