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$1.56-4.3%Stored close · as of Nov 10, 2026

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

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Contents

Item 8. Consolidated Statements of Cash Flows

· · Years Ended December 31, ·
· · 2025 · · · 2024 ·
Cash flows from operating activities
Net income (loss) - before noncontrolling interest (“NCI”)	$(2,469)	$28,427

Adjustments to reconcile net income (loss) - before NCI to net cash used in operating activities
Depreciation and amortization expense	105	1,198
Stock-based compensation	1,707	6,449
Gain on deconsolidation of subsidiary	—	(72,287)
Change in fair value - equity method investment	(8,483)	(532)
Amortization of common stock payment for vendor service agreement	505	598
Change in fair value - Senior Secured Convertible Notes	3,289	(462)
Debt extinguishment loss - Senior Secured Convertible Note	58	2,535
Non-cash lease expense	(16)	8
Changes in operating assets and liabilities:
Accounts receivable	3	43
Prepaid expenses, deposits and current and other assets	109	832
Accounts payable	24	(59)
Accrued expenses and other current liabilities	(38)	(304)
Net cash flows used in operating activities	(5,206)	(33,554)

Cash flows from investing activities
Purchase of equipment	(31)	(55)
Decrease in cash due to deconsolidation of subsidiary	—	(16,479)
Proceeds from sale of intellectual property to Lucid Diagnostics Inc.	—	350
Net cash flows provided by (used in) investing activities	(31)	(16,184)

Cash flows from financing activities
Proceeds – issue of preferred stock - subsidiary	—	29,798
Proceeds – issue of common stock and pre-funded warrants, net of financing fees	2,370	—
Proceeds – issue of common stock - subsidiary, net of financing costs	2,488	—
Payment – financing costs – debt exchange	(109)	—
Payment – Senior Secured Convertible Note – acceleration floor payments	—	(531)
Proceeds – issue of common stock - At-The-Market Facility	841	1,598
Proceeds – issue common stock – Employee Stock Purchase Plan	—	62
Proceeds – subsidiary common stock – Employee Stock Purchase Plan	—	353
Proceeds – exercise of stock options issued under equity plan of subsidiary	—	4
Net cash flows provided by financing activities	5,590	31,284
Net increase (decrease) in cash	353	(18,454)
Cash, beginning of period	1,185	19,639
Cash, end of period	$1,538	$1,185

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.