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PAVmed Inc. (PAVM-2.35%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The filing includes financial statements and detailed information about the company's operations, financial condition, and future plans. filing
The company reported a net income of $28.4 million for the year, compared to a net loss of $79.3 million in the previous year. This improvement was largely due to a gain on the deconsolidation of its subsidiary, Lucid Diagnostics Inc., which resulted in a gain of $72.3 million.
PAVmed's revenue for the year was $3.0 million, up from $2.5 million in 2023. The increase was primarily driven by the performance of the EsoGuard Esophageal DNA Test.
Operating expenses decreased significantly to $47.5 million from $71.2 million in the prior year, reflecting cost reductions and the deconsolidation of Lucid Diagnostics.
The company ended the year with $1.2 million in cash, down from $19.6 million at the end of 2023. PAVmed raised $31.3 million in cash from financing activities during the year.
PAVmed continues to face liquidity challenges and has concluded there is substantial doubt about its ability to continue as a going concern. The company plans to address this by raising additional capital and restructuring existing debt obligations.
Recent developments include the issuance of Series C Preferred Stock and the deconsolidation of Lucid Diagnostics, which is now accounted for as an equity method investment.
The company is focused on expanding the commercial reach of its key products, EsoGuard and the Veris Cancer Care Platform, while exploring strategic partnerships and additional financing opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PAVmed Inc. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.