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| ​ | Delaware                                                       | ​ | ​ | 47-1214177                           | ​ |
|---------|----------------------------------------------------------------|---------|---------|--------------------------------------|---------|
| ​ | (State or other jurisdiction of incorporation or organization) | ​ | ​ | (I.R.S. Employer Identification No.) | ​ |
| ​ | One Grand Central Place, Suite 4600 New York, New York | ​ | ​ | 10165      | ​ |
|---------|--------------------------------------------------------|---------|---------|------------|---------|
| ​ | (Address of principal executive offices)               | ​ | ​ | (Zip Code) | ​ |
| ​ | Title of each class                                                 | ​ | ​ | Name of each exchange on which registered | ​ |
|---------|---------------------------------------------------------------------|---------|---------|-------------------------------------------|---------|
| ​ | Common Stock, $0.001 par value per share                            | ​ | ​ | The NASDAQ Stock Market LLC               | ​ |
| ​ | Warrants, each to purchase one share of Common Stock                | ​ | ​ | The NASDAQ Stock Market LLC               | ​ |
| ​ | Units, each consisting of one share of Common Stock and one Warrant | ​ | ​ | The NASDAQ Stock Market LLC               | ​ |
| ​ | Large accelerated filer☐​         | ​ | ​ | Accelerated filer☐​         | ​ |
|---------|-----------------------------------------------|---------|---------|-----------------------------------------|---------|
| ​ | Non-accelerated filer☐​           | ​ | ​ | Smaller reporting company☒​ | ​ |
| ​ | (Do not check if a smaller reporting company) | ​ | ​ |

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| ​                                                                                                                           | ​ | ​ | Page    | ​ |
|-----------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|
| PART I                                                                                                                            | ​ |
| Item 1.Business ​                                                                                                           | ​ | ​ | ​ | ​ | 1 | ​ | ​ |
| Item 1A.Risk Factors ​                                                                                                      | ​ | ​ | ​ | ​ | 17 | ​ | ​ |
| Item 1B.Unresolved Staff Comments ​                                                                                         | ​ | ​ | ​ | ​ | 34 | ​ | ​ |
| Item 2.Property ​                                                                                                           | ​ | ​ | ​ | ​ | 34 | ​ | ​ |
| Item 3.Legal Proceedings ​                                                                                                  | ​ | ​ | ​ | ​ | 34 | ​ | ​ |
| Item 4.Mine Safety Disclosures ​                                                                                            | ​ | ​ | ​ | ​ | 34 | ​ | ​ |
| PART II                                                                                                                           | ​ |
| Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ​ | ​ | ​ | ​ | ​ | 35 | ​ | ​ |
| Item 6.Selected Financial Data ​                                                                                            | ​ | ​ | ​ | ​ | 36 | ​ | ​ |
| Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations ​                        | ​ | ​ | ​ | ​ | 36 | ​ | ​ |
| Item 7A.Quantitative and Qualitative Disclosure About Market Risk ​                                                         | ​ | ​ | ​ | ​ | 42 | ​ | ​ |
| Item 8.Financial Statements and Supplementary Data ​                                                                        | ​ | ​ | ​ | ​ | 43 | ​ | ​ |
| Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ​                               | ​ | ​ | ​ | ​ | 43 | ​ | ​ |
| Item 9A.Controls and Procedures ​                                                                                           | ​ | ​ | ​ | ​ | 43 | ​ | ​ |
| Item 9B.Other Information ​                                                                                                 | ​ | ​ | ​ | ​ | 43 | ​ | ​ |
| PART III                                                                                                                          | ​ |
| Item 10.Directors, Executive Officers, and Corporate Governance ​                                                           | ​ | ​ | ​ | ​ | 44 | ​ | ​ |
| Item 11.Executive Compensation ​                                                                                            | ​ | ​ | ​ | ​ | 51 | ​ | ​ |
| Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ​                    | ​ | ​ | ​ | ​ | 55 | ​ | ​ |
| Item 13.Certain Relationships and Related Transactions and Director Independence ​                                          | ​ | ​ | ​ | ​ | 56 | ​ | ​ |
| Item 14.Principal Accountant Fees and Services ​                                                                            | ​ | ​ | ​ | ​ | 59 | ​ | ​ |
| PART IV                                                                                                                           | ​ |
| Item 15.Exhibits and Financial Statement Schedules ​                                                                        | ​ | ​ | ​ | ​ | 60 | ​ | ​ |

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| Project  | ​        | ​ | Inventors                                   | ​     | ​ | Title                                                                                                               | ​ | ​ | Number        | ​ | ​ | Date   | ​ |
|----------|----------------|---------|---------------------------------------------|-------------|---------|---------------------------------------------------------------------------------------------------------------------|---------|---------|---------------|---------|---------|--------|---------|
| PortIO   | ​        | ​ | Aklog and deGuzman                          | ​     | ​ | “Intraosseous Infusion Ports and Methods of Use”                                                        | ​ | ​ | Application # | ​ | ​ | Filed  | ​ |
| ​  | US62/0.79.266  | ​ | ​                                     | 13-Nov-2014 | ​ |
| ​  | US14940889     | ​ | ​                                     | 13-Nov-2015 | ​ |
| ​  | PCT/US15/60669 | ​ | ​                                     | 13-Nov-2015 | ​ |
| Caldus   | ​        | ​ | Aklog and deGuzman                          | ​     | ​ | “Continuous Flow Balloon Catheter Systems and Methods of Use”                                           | ​ | ​ | Application # | ​ | ​ | Filed  | ​ |
| ​  | 62/131.214     | ​ | ​                                     | 10-Mar-2015 | ​ |
| ​  | ​        | ​ | Aklog and deGuzman                          | ​     | ​ | “Continuous Flow Thermal Ablation Balloon Catheter Systems and Methods of Use”                          | ​ | ​ | Application # | ​ | ​ | Filed  | ​ |
| ​  | 62/131.217     | ​ | ​                                     | 10-Mar-2015 | ​ |
| CarpX    | ​        | ​ | Aklog and deGuzman                          | ​     | ​ | “Systems and Methods for Percutaneous Division of Fibrous Structures”                                   | ​ | ​ | Application # | ​ | ​ | Filed  | ​ |
| ​  | 62/086.950     | ​ | ​                                     | 03-Dec-2014 | ​ |
| NextCath | ​        | ​ | Aklog and deGuzman                          | ​     | ​ | “Self-Anchoring Catheters and Methods of Use”                                                           | ​ | ​ | Application # | ​ | ​ | Filed  | ​ |
| ​  | 62/085.838     | ​ | ​                                     | 01-Dec-2014 | ​ |
| NextFlo  | ​        | ​ | Aklog, deGuzman, Glennon, Cronin and Barker | ​     | ​ | “Systems and Methods for Infusion of Fluids Using Stored Potential Energy and a Variable Flow Resistor” | ​ | ​ | U.S. Patent   | ​ | ​ | Issued | ​ |
| ​  | 8,622,976(1)   | ​ | ​                                     | 07-Jan-2014 | ​ |
| ​  | ​        | ​ | Aklog, deGuzman, Glennon, Cronin and Barker | ​     | ​ | “Systems and Methods for Infusion of Fluids Using Stored Potential Energy and a Variable Flow Resistor” | ​ | ​ | U.S. Patent   | ​ | ​ | Issued | ​ |
| ​  | 9,255,834(2)   | ​ | ​                                     | 13-Oct-2015 | ​ |

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| ​                        | ​ | ​ | Year ended December 31, 2015 | ​ | ​     | Period from June 26, 2014 (inception) to December 31, 2014 | ​ |
|--------------------------------|---------|---------|-----------------------------------|---------|-------------|----------------------------------------------------------------------|---------|
| Revenues                       | ​ | ​ | ​                           | $       | —     | ​                                                              | ​ | ​ | ​ | $ | — | ​ | ​ |
| Operating expenses:            | ​ | ​ | ​                           | ​ | ​     | ​                                                              | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Formation and operating costs  | ​ | ​ | ​                           | ​ | 1,287,273   | ​                                                              | ​ | ​ | ​ | ​ | 263,239 | ​ | ​ |
| Research and development costs | ​ | ​ | ​                           | ​ | 489,327     | ​                                                              | ​ | ​ | ​ | ​ | 11,145 | ​ | ​ |
| Total operating costs          | ​ | ​ | ​                           | ​ | 1,776,600   | ​                                                              | ​ | ​ | ​ | ​ | 274,384 | ​ | ​ |
| Net loss                       | ​ | ​ | ​                           | $       | (1,776,600) | ​                                                              | ​ | ​ | ​ | $ | (274,384) | ​ | ​ |
| ​                        |

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| ​                         | ​ | ​ | Year ended December 31, 2015 | ​ | ​     | Period from June 26, 2014 (inception) to December 31, 2014 | ​ |
|---------------------------------|---------|---------|-----------------------------------|---------|-------------|----------------------------------------------------------------------|---------|
| Net cash provided by (used in): | ​ | ​ | ​                           |
| Operating activities            | ​ | ​ | ​                           | $       | (1,249,605) | ​                                                              | ​ | ​ | ​ | $ | (30,135) | ​ | ​ |
| Investing activities            | ​ | ​ | ​                           | ​ | —     | ​                                                              | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Financing activities            | ​ | ​ | ​                           | ​ | 1,177,796   | ​                                                              | ​ | ​ | ​ | ​ | 869,212 | ​ | ​ |
| Net (decrease) increase in cash | ​ | ​ | ​                           | $       | (71,809)    | ​                                                              | ​ | ​ | ​ | $ | 839,077 | ​ | ​ |
| ​                         |

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| Name                    | ​ | ​ | Age | ​ | ​ | Position                              | ​ |
|-------------------------|---------|---------|-----|---------|---------|---------------------------------------|---------|
| Lishan Aklog, M.D.      | ​ | ​ | 50  | ​ | ​ | Chairman and Chief Executive Officer  | ​ |
| Michael J. Glennon      | ​ | ​ | 50  | ​ | ​ | Vice Chairman and Director            | ​ |
| Richard F. Fitzgerald   | ​ | ​ | 52  | ​ | ​ | Chief Financial Officer and Secretary | ​ |
| Brian J. deGuzman, M.D. | ​ | ​ | 52  | ​ | ​ | Chief Medical Officer                 | ​ |
| Ira Scott Greenspan     | ​ | ​ | 57  | ​ | ​ | Senior Advisor and Director           | ​ |
| James L. Cox, M.D.      | ​ | ​ | 73  | ​ | ​ | Director                              | ​ |
| Joshua R. Lamstein      | ​ | ​ | 46  | ​ | ​ | Director                              | ​ |
| Ronald M. Sparks        | ​ | ​ | 61  | ​ | ​ | Director                              | ​ |
| David Weild IV          | ​ | ​ | 59  | ​ | ​ | Director                              | ​ |

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| Name and principal position                              | ​ | ​ | Year    | ​ | ​ | Salary  | ​ | ​ | Equity awards(1) | ​ | ​      | Non-equity incentive plan compensation | ​ | ​ | All other compensation | ​ | ​    | Total   | ​ |
|----------------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|------------------|---------|--------------|----------------------------------------|---------|---------|------------------------|---------|------------|---------|---------|
| Lishan Aklog, M.D.Chairman & Chief Executive Officer | ​ | ​ | ​ | ​ | 2015    | ​ | ​ | ​ | ​          | $       | 49,167(2)(3) | ​                                | ​ | ​ | ​                | $       | —(5) | ​ | ​ | ​ | ​ | $ | —(7) | ​ | ​ | ​ | ​ | $ | 2,924(8) | ​ | ​ | ​ | ​ | $ | 52,091 | ​ | ​ |
| ​                                                  | ​ | ​ | 2014    | ​ | ​ | ​ | ​ | $       | —(2)       | ​ | ​      | ​                                | ​ | $       | —                | ​ | ​    | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Richard F. Fitzgerald Chief Financial Officer            | ​ | ​ | ​ | ​ | 2015    | ​ | ​ | ​ | ​          | $       | 51,562(4)    | ​                                | ​ | ​ | ​                | $       | —(6) | ​ | ​ | ​ | ​ | ​ | —(7) | ​ | ​ | ​ | ​ | ​ | 7,860(9) | ​ | ​ | ​ | ​ | $ | 59,422 | ​ | ​ |
| Michael J. Glennon Vice Chairman                         | ​ | ​ | ​ | ​ | 2015    | ​ | ​ | ​ | ​          | $       | —      | ​                                | ​ | ​ | ​                | $       | —(5) | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| ​                                                  | ​ | ​ | 2014    | ​ | ​ | ​ | ​ | $       | —          | ​ | ​      | ​                                | ​ | $       | —                | ​ | ​    | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Brian J. deGuzman Chief Medical Officer                  | ​ | ​ | ​ | ​ | 2015    | ​ | ​ | ​ | ​          | $       | —      | ​                                | ​ | ​ | ​                | $       | —(5) | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| ​                                                  | ​ | ​ | 2014    | ​ | ​ | ​ | ​ | $       | —          | ​ | ​      | ​                                | ​ | $       | —                | ​ | ​    | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |

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| Name                | ​ | ​ | Fees Earned(1) | ​ | ​ | Option Awards | ​ | ​ | All Other Compensation | ​ | ​ | Totals  | ​ |
|---------------------|---------|---------|----------------|---------|---------|---------------|---------|---------|------------------------|---------|---------|---------|---------|
| Ira Scott Greenspan | ​ | ​ | ​        | ​ | — | ​       | ​ | ​ | ​                | ​ | — | ​ | ​ | ​ | ​ | $ | 60,000(2) | ​ | ​ | ​ | ​ | $ | 60,000 | ​ | ​ |
| Joshua R. Lamstein  | ​ | ​ | ​        | ​ | — | ​       | ​ | ​ | ​                | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Ronald M. Sparks    | ​ | ​ | ​        | ​ | — | ​       | ​ | ​ | ​                | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| James L. Cox, M.D.  | ​ | ​ | ​        | ​ | — | ​       | ​ | ​ | ​                | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| David Weild IV      | ​ | ​ | ​        | ​ | — | ​       | ​ | ​ | ​                | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Name and Address of Beneficial Owner(1)                            | ​ | ​ | Amount and Nature of Beneficial Ownership | ​ | ​            | Percent of Class | ​ |
|--------------------------------------------------------------------|---------|---------|-------------------------------------------|---------|--------------------|------------------|---------|
| Lishan Aklog, M.D.                                                 | ​ | ​ | ​                                   | ​ | 8,222,412(2)(3)    | ​          | ​ | ​ | ​ | ​ | 67.1% | ​ | ​ |
| Ira Scott Greenspan                                                | ​ | ​ | ​                                   | ​ | 5,762,656(3)(9)    | ​          | ​ | ​ | ​ | ​ | 47.0% | ​ | ​ |
| Joshua R. Lamstein                                                 | ​ | ​ | ​                                   | ​ | 83,617(4)          | ​          | ​ | ​ | ​ | ​ | * | ​ | ​ |
| Richard Fitzgerald                                                 | ​ | ​ | ​                                   | ​ | 0                  | ​          | ​ | ​ | ​ | ​ | 0% | ​ | ​ |
| Michael J. Glennon                                                 | ​ | ​ | ​                                   | ​ | 0(5)               | ​          | ​ | ​ | ​ | ​ | 0% | ​ | ​ |
| Brian J. deGuzman, M.D.                                            | ​ | ​ | ​                                   | ​ | 0(5)               | ​          | ​ | ​ | ​ | ​ | 0% | ​ | ​ |
| Ronald M. Sparks                                                   | ​ | ​ | ​                                   | ​ | 0(6)               | ​          | ​ | ​ | ​ | ​ | 0% | ​ | ​ |
| James L. Cox, M.D.                                                 | ​ | ​ | ​                                   | ​ | 0(7)               | ​          | ​ | ​ | ​ | ​ | 0% | ​ | ​ |
| David Weild IV                                                     | ​ | ​ | ​                                   | ​ | 0(8)               | ​          | ​ | ​ | ​ | ​ | 0% | ​ | ​ |
| HCFP/Capital Partners III LLC                                      | ​ | ​ | ​                                   | ​ | 5,713,879          | ​          | ​ | ​ | ​ | ​ | 46.6% | ​ | ​ |
| Pavilion Venture Partners LLC                                      | ​ | ​ | ​                                   | ​ | 2,508,532          | ​          | ​ | ​ | ​ | ​ | 20.5% | ​ | ​ |
| All directors and executive officers as a group (nine individuals) | ​ | ​ | ​                                   | ​ | 8,354,807(2)(3)(9) | ​          | ​ | ​ | ​ | ​ | 68.2% | ​ | ​ |

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| Plan category                                              | ​ | ​ | Number of securities to be issued upon exercise of outstanding options, warrants and rights | ​ | ​ | Weighted-average exercise price of outstanding options, warrants and rights | ​ | ​ | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | ​ |
|------------------------------------------------------------|---------|---------|---------------------------------------------------------------------------------------------|---------|---------|-----------------------------------------------------------------------------|---------|---------|---------------------------------------------------------------------------------------------------------------------------------------------|---------|
| ​                                                    | ​ | ​ | (a)                                                                                         | ​ | ​ | (b)                                                                         | ​ | ​ | (c)                                                                                                                                         | ​ |
| Equity compensation plans approved by security holders     | ​ | ​ | ​                                                                                     | ​ | — | ​                                                                     | ​ | ​ | ​                                                                                                                                     | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,951,081(1) | ​ | ​ |
| Equity compensation plans not approved by security holders | ​ | ​ | ​                                                                                     | ​ | — | ​                                                                     | ​ | ​ | ​                                                                                                                                     | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total                                                      | ​ | ​ | ​                                                                                     | ​ | — | ​                                                                     | ​ | ​ | ​                                                                                                                                     | ​ | — | ​ | ​ | ​ | ​ | ​ | 1,951,081 | ​ | ​ |

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| Name                          | ​ | ​ | Number of Shares of Common Stock included in Units | ​ | ​ | Number of Warrants included in Units | ​ | ​ | Relationship to Us | ​ |
|-------------------------------|---------|---------|----------------------------------------------------|---------|---------|--------------------------------------|---------|---------|--------------------|---------|
| HCFP/Capital Partners III LLC | ​ | ​ | ​                                            | ​ | 55,745  | ​                              | ​ | ​ | ​            | ​ | 55,745 | ​ | ​ | ​ | Affiliate of Drs. Aklog and deGuzman and Messrs. Glennon, Greenspan and Lamstein | ​ |
| Pavilion Venture Partners LLC | ​ | ​ | ​                                            | ​ | 83,618  | ​                              | ​ | ​ | ​            | ​ | 83,618 | ​ | ​ | ​ | Affiliate of Drs. Aklog and deGuzman and Mr. Glennon | ​ |
| Ira Scott Greenspan           | ​ | ​ | ​                                            | ​ | 27,873  | ​                              | ​ | ​ | ​            | ​ | 27,873 | ​ | ​ | ​ | Senior Advisor and Director | ​ |
| Joshua R. Lamstein            | ​ | ​ | ​                                            | ​ | 83,617  | ​                              | ​ | ​ | ​            | ​ | 83,617 | ​ | ​ | ​ | Director | ​ |

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| Fee Category       | ​ | ​ | Year ended December 31, 2015 | ​ | ​ | Period from June 26, 2014 (inception) to December 31, 2014 | ​ |
|--------------------|---------|---------|------------------------------|---------|---------|------------------------------------------------------------|---------|
| Audit Fees(1)      | ​ | ​ | ​                      | $       | 106,250 | ​                                                    | ​ | ​ | ​ | $ | 51,680 | ​ | ​ |
| Audit-Related Fees | ​ | ​ | ​                      | ​ | ​ | ​                                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Tax Fees           | ​ | ​ | ​                      |
| All Other Fees     | ​ | ​ | ​                      | ​ | ​ | ​                                                    | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Total Fees         | ​ | ​ | ​                      | $       | 106,250 | ​                                                    | ​ | ​ | ​ | $ | 51,680 | ​ | ​ |
| ​            |

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| Exhibit No. | ​ | ​ | Description                                                                                           | ​ |
|-------------|---------|---------|-------------------------------------------------------------------------------------------------------|---------|
| 1.1         | ​ | ​ | Form of Selling Agent Agreement.*                                                                     | ​ |
| 3.1         | ​ | ​ | Certificate of Incorporation.*                                                                        | ​ |
| 3.2         | ​ | ​ | Certificate of Amendment to Certificate of Incorporation.*                                            | ​ |
| 3.3         | ​ | ​ | Bylaws.*                                                                                              | ​ |
| 4.1         | ​ | ​ | Specimen Unit Certificate.*                                                                           | ​ |
| 4.2         | ​ | ​ | Specimen Common Stock Certificate.*                                                                   | ​ |
| 4.3         | ​ | ​ | Specimen Warrant Certificate.*                                                                        | ​ |
| 4.4         | ​ | ​ | Form of Warrant Agreement between Continental Stock Transfer & Trust Company and the Registrant.* | ​ |
| 4.5         | ​ | ​ | 2014 Long-Term Equity Incentive Plan.*                                                                | ​ |
| 4.6         | ​ | ​ | Form of Unit Purchase Option.*                                                                        | ​ |
| 10.1        | ​ | ​ | Patent Option Agreement.*                                                                             | ​ |
| 10.2.1      | ​ | ​ | Employment Agreement between PAVmed and Dr. Aklog.*                                                   | ​ |
| 10.2.2      | ​ | ​ | Amendment to Employment Agreement between PAVmed and Dr. Aklog.*                                      | ​ |
| 10.2.3      | ​ | ​ | Second Amendment to Employment Agreement between PAVmed and Dr. Aklog.*                               | ​ |
| 10.3.1      | ​ | ​ | Form of Subscription Agreement (July 2014).*                                                     | ​ |
| 10.3.2      | ​ | ​ | Form of Subscription Agreement (November 2014).*                                                 | ​ |
| 10.4.1      | ​ | ​ | Form of Letter Agreement with HCFP Capital Partners III LLC.*                                         | ​ |
| 10.4.2      | ​ | ​ | Form of Letter Agreement with Pavilion Venture Partners LLC.*                                         | ​ |
| 10.5.1      | ​ | ​ | Letter agreement regarding corporate opportunities executed by Dr. Lishan Aklog.*                     | ​ |
| 10.5.2      | ​ | ​ | Letter agreement regarding corporate opportunities executed by Michael Glennon.*                      | ​ |
| 10.5.3      | ​ | ​ | Letter agreement regarding corporate opportunities executed by Dr. Brian deGuzman.*                   | ​ |
| 10.6        | ​ | ​ | Management services agreement between PAVmed and HCP/Advisors LLC.*                                   | ​ |
| 10.7        | ​ | ​ | Form of Management services agreement between PAVmed and Pavilion Holdings Group.*                    | ​ |

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| Exhibit No. | ​ | ​ | Description                                                                                                                                                           | ​ |
|-------------|---------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| 10.8        | ​ | ​ | Employment Agreement between PAVmed and Richard Fitzgerald.*                                                                                                          | ​ |
| 14          | ​ | ​ | Form of Code of Ethics.*                                                                                                                                              | ​ |
| 31.1        | ​ | ​ | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                               | ​ |
| 31.2        | ​ | ​ | Certification of Principal Financial and Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                | ​ |
| 32.1        | ​ | ​ | Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                | ​ |
| 32.2        | ​ | ​ | Certification of Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ​ |

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| ​ | ​        | ​ | ​ | PAVMed Inc. | ​ |
|---------|----------------|---------|---------|-------------|---------|
| ​ | April 11, 2016 | ​ | ​ | By:         | ​ | ​ | /s/ Richard F. Fitzgerald​Richard F. Fitzgerald Chief Financial Officer | ​ |
| ​ | Signature                                             | ​ | ​ | Title                                                                          | ​ | ​ | Date           | ​ |
|---------|-------------------------------------------------------|---------|---------|--------------------------------------------------------------------------------|---------|---------|----------------|---------|
| ​ | /s/ Lishan Aklog, M.D.​Lishan Aklog, M.D.       | ​ | ​ | Chief Executive Officer and Chairman of the Board(Principal Executive Officer) | ​ | ​ | April 11, 2016 | ​ |
| ​ | /s/ Richard F. Fitzgerald​Richard F. Fitzgerald | ​ | ​ | Chief Financial Officer(Principal Financial and Accounting Officer)            | ​ | ​ | April 11, 2016 | ​ |
| ​ | /s/ James L. Cox, M.D.​James L. Cox, M.D.       | ​ | ​ | Director                                                                       | ​ | ​ | April 11, 2016 | ​ |
| ​ | /s/ Ira S. Greenspan​Ira S. Greenspan           | ​ | ​ | Director                                                                       | ​ | ​ | April 11, 2016 | ​ |
| ​ | /s/ Joshua R. Lamstein​Joshua R. Lamstein       | ​ | ​ | Director                                                                       | ​ | ​ | April 11, 2016 | ​ |
| ​ | /s/ Ronald M. Sparks​Ronald M. Sparks           | ​ | ​ | Director                                                                       | ​ | ​ | April 11, 2016 | ​ |
| ​ | /s/ David Weild IV​David Weild IV               | ​ | ​ | Director                                                                       | ​ | ​ | April 11, 2016 | ​ |

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| ​                                                                                                                                                                                    | ​ | ​ | Page    | ​ |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|---------|---------|
| Consolidated Financial Statements                                                                                                                                                          | ​ | ​ |
| Report of Independent Registered Public Accounting Firm                                                                                                                                    | ​ | ​ | ​ | ​ | F-2 | ​ | ​ |
| Consolidated Balance Sheets as of December 31, 2015 and 2014                                                                                                                          | ​ | ​ | ​ | ​ | F-3 | ​ | ​ |
| Consolidated Statements of Operations for the year ended December 31, 2015 and for the period June 26, 2014 (inception) through December 31, 2014                           | ​ | ​ | ​ | ​ | F-4 | ​ | ​ |
| Consolidated Statement of Changes in Stockholders’ Equity for the year ended December 31, 2015 and for the period June 26, 2014 (inception) through December 31, 2014 | ​ | ​ | ​ | ​ | F-5 | ​ | ​ |
| Consolidated Statements of Cash Flows for the year ended December 31, 2015 and for the period June 26, 2014 (inception) through December 31, 2014                           | ​ | ​ | ​ | ​ | F-6 | ​ | ​ |
| Notes to Consolidated Financial Statements                                                                                                                                                 | ​ | ​ | ​ | ​ | F-7 | ​ | ​ |

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| ​                                                                                                                                                                | ​ | ​ | December 31, | ​ |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|-------------------|---------|
| ​                                                                                                                                                                | ​ | ​ | 2015              | ​ | ​ | 2014 | ​ |
| ASSETS                                                                                                                                                                 | ​ |
| Current Assets                                                                                                                                                         | ​ | ​ | ​           |
| Cash                                                                                                                                                                   | ​ | ​ | ​           | $       | 767,268 | ​ | ​ | ​ | ​ | $ | 839,077 | ​ | ​ |
| Prepaid expenses and other current assets                                                                                                                              | ​ | ​ | ​           | ​ | 8,761 | ​ | ​ | ​ | ​ | ​ | 3,000 | ​ | ​ |
| Total Current Assets                                                                                                                                                   | ​ | ​ | ​           | ​ | 776,029 | ​ | ​ | ​ | ​ | ​ | 842,077 | ​ | ​ |
| Deferred offering costs                                                                                                                                                | ​ | ​ | ​           | ​ | 438,061 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total Assets                                                                                                                                                           | ​ | ​ | ​           | $       | 1,214,090 | ​ | ​ | ​ | ​ | $ | 842,077 | ​ | ​ |
| Liabilities and Stockholders’ Equity                                                                                                                             | ​ |
| Current Liabilities:                                                                                                                                                   | ​ | ​ | ​           |
| Accounts payable                                                                                                                                                       | ​ | ​ | ​           | $       | 165,321 | ​ | ​ | ​ | ​ | $ | 14,749 | ​ | ​ |
| Accrued expenses                                                                                                                                                       | ​ | ​ | ​           | ​ | 414,851 | ​ | ​ | ​ | ​ | ​ | 32,500 | ​ | ​ |
| Total Current Liabilities                                                                                                                                              | ​ | ​ | ​           | ​ | 580,172 | ​ | ​ | ​ | ​ | ​ | 47,249 | ​ | ​ |
| Commitment and Contingencies (Note 5)                                                                                                                                  | ​ | ​ | ​           |
| Stockholders’ Equity:                                                                                                                                            | ​ | ​ | ​           |
| Preferred stock, par value $0.001; 20,000,000 shares authorized; no shares issued and outstanding at December 31, 2015 and 2014                                   | ​ | ​ | ​           | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Common stock, par value $0.001; 50,000,000 shares authorized; 12,250,000 and 10,856,371 shares issued and outstanding at December 31, 2015 and 2014, respectively | ​ | ​ | ​           | ​ | 12,250 | ​ | ​ | ​ | ​ | ​ | 10,856 | ​ | ​ |
| Additional paid-in capital                                                                                                                                             | ​ | ​ | ​           | ​ | 2,672,652 | ​ | ​ | ​ | ​ | ​ | 1,058,356 | ​ | ​ |
| Accumulated deficit                                                                                                                                                    | ​ | ​ | ​           | ​ | (2,050,984) | ​ | ​ | ​ | ​ | ​ | (274,384) | ​ | ​ |
| Total Stockholders’ Equity                                                                                                                                       | ​ | ​ | ​           | ​ | 633,918 | ​ | ​ | ​ | ​ | ​ | 794,828 | ​ | ​ |
| Total Liabilities and Stockholders’ Equity                                                                                                                       | ​ | ​ | ​           | $       | 1,214,090 | ​ | ​ | ​ | ​ | $ | 842,077 | ​ | ​ |
| ​                                                                                                                                                                |

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| ​                                                  | ​ | ​ | Year ended December 31, 2015 | ​ | ​     | Period from June 26, 2014 (inception) to December 31, 2014 | ​ |
|----------------------------------------------------------|---------|---------|-----------------------------------|---------|-------------|----------------------------------------------------------------------|---------|
| Revenues                                                 | ​ | ​ | ​                           | $       | —     | ​                                                              | ​ | ​ | ​ | $ | — | ​ | ​ |
| Formation and operating costs                            | ​ | ​ | ​                           | ​ | 1,287,273   | ​                                                              | ​ | ​ | ​ | ​ | 263,239 | ​ | ​ |
| Research and development costs                           | ​ | ​ | ​                           | ​ | 489,327     | ​                                                              | ​ | ​ | ​ | ​ | 11,145 | ​ | ​ |
| Operating expenses                                       | ​ | ​ | ​                           | ​ | 1,776,600   | ​                                                              | ​ | ​ | ​ | ​ | 274,384 | ​ | ​ |
| Net loss                                                 | ​ | ​ | ​                           | $       | (1,776,600) | ​                                                              | ​ | ​ | ​ | $ | (274,384) | ​ | ​ |
| Net loss per common share – basic and diluted      | ​ | ​ | ​                           | $       | (0.16)      | ​                                                              | ​ | ​ | ​ | $ | (0.03) | ​ | ​ |
| Weighted average common shares – basic and diluted | ​ | ​ | ​                           | ​ | 11,278,755  | ​                                                              | ​ | ​ | ​ | ​ | 8,618,278 | ​ | ​ |

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| ​                                                                                                                              | ​ | ​ | Common Stock | ​ | ​    | Additional paid-in capital | ​ | ​ | Accumulated deficit | ​ | ​ | Total stockholders’ equity | ​ |
|--------------------------------------------------------------------------------------------------------------------------------------|---------|---------|--------------|---------|------------|----------------------------|---------|---------|---------------------|---------|---------|----------------------------------|---------|
| ​                                                                                                                              | ​ | ​ | Shares       | ​ | ​    | Par Value                  | ​ |
| Balance at June 26, 2014 (date of inception)                                                                                    | ​ | ​ | ​      | ​ | —    | ​                    | ​ | ​ | ​             | $       | — | ​                          | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Common shares and 8,083,049 warrants issued to founders                                                                              | ​ | ​ | ​      | ​ | 8,083,049  | ​                    | ​ | ​ | ​             | ​ | 8,083   | ​                          | ​ | ​ | ​ | ​ | (4,871) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 3,212 | ​ | ​ |
| Units consisting of one share of common stock and one warrant issued to initial stockholders, net of offering costs of  $7,500 | ​ | ​ | ​      | ​ | 418,089    | ​                    | ​ | ​ | ​             | ​ | 418     | ​                          | ​ | ​ | ​ | ​ | 67,082 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 67,500 | ​ | ​ |
| Units consisting of one share of common stock and one warrant issued to investors, net of offering costs of  $46,500           | ​ | ​ | ​      | ​ | 2,355,233  | ​                    | ​ | ​ | ​             | ​ | 2,355   | ​                          | ​ | ​ | ​ | ​ | 796,145 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 798,500 | ​ | ​ |
| Value of contributed services of Chief Executive Officer and Chief Financial Officer                                                 | ​ | ​ | ​      | ​ | —    | ​                    | ​ | ​ | ​             | ​ | — | ​                          | ​ | ​ | ​ | ​ | 200,000 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 200,000 | ​ | ​ |
| Net loss                                                                                                                             | ​ | ​ | ​      | ​ | —    | ​                    | ​ | ​ | ​             | ​ | — | ​                          | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (274,384) | ​ | ​ | ​ | ​ | ​ | (274,384) | ​ | ​ |
| Balance at December 31, 2014                                                                                                    | ​ | ​ | ​      | ​ | 10,856,371 | ​                    | ​ | ​ | ​             | ​ | 10,856  | ​                          | ​ | ​ | ​ | ​ | 1,058,356 | ​ | ​ | ​ | ​ | ​ | (274,384) | ​ | ​ | ​ | ​ | ​ | 794,828 | ​ | ​ |
| Warrants issued for legal services                                                                                                   | ​ | ​ | ​      | ​ | ​    | ​                    | ​ | ​ | ​             | ​ | ​ | ​                          | ​ | ​ | ​ | ​ | 272,357 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 272,357 | ​ | ​ |
| Common stock issued upon exercise of warrants                                                                                        | ​ | ​ | ​      | ​ | 1,393,629  | ​                    | ​ | ​ | ​             | ​ | 1,394   | ​                          | ​ | ​ | ​ | ​ | 1,248,606 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,250,000 | ​ | ​ |
| Value of contributed services of Chief Executive Officer and former Chief Financial Officer                                          | ​ | ​ | ​      | ​ | —    | ​                    | ​ | ​ | ​             | ​ | — | ​                          | ​ | ​ | ​ | ​ | 333,333 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 333,333 | ​ | ​ |
| Chief Executive Officer contributed services deemed payable                                                                          | ​ | ​ | ​      | ​ | —    | ​                    | ​ | ​ | ​             | ​ | — | ​                          | ​ | ​ | ​ | ​ | (240,000) | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | (240,000) | ​ | ​ |
| Net loss                                                                                                                             | ​ | ​ | ​      | ​ | ​    | ​                    | ​ | ​ | ​             | ​ | ​ | ​                          | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,776,600) | ​ | ​ | ​ | ​ | ​ | (1,776,600) | ​ | ​ |
| Balance at December 31, 2015                                                                                                    | ​ | ​ | ​      | ​ | 12,250,000 | ​                    | ​ | ​ | ​             | $       | 12,250  | ​                          | ​ | ​ | ​ | $ | 2,672,652 | ​ | ​ | ​ | ​ | $ | (2,050,984) | ​ | ​ | ​ | ​ | $ | 633,918 | ​ | ​ |
| ​                                                                                                                              |

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| ​                                                                     | ​ | ​ | Year ended December 31, 2015 | ​ | ​     | Period from June 26, 2014 (inception) to December 31, 2014 | ​ |
|-----------------------------------------------------------------------------|---------|---------|-----------------------------------|---------|-------------|----------------------------------------------------------------------|---------|
| Cash flows from operating activities:                                       | ​ | ​ | ​                           |
| Net loss                                                                    | ​ | ​ | ​                           | $       | (1,776,600) | ​                                                              | ​ | ​ | ​ | $ | (274,384) | ​ | ​ |
| Adjustments to reconcile net loss to net cash used in operating activities: | ​ | ​ | ​                           |
| Expense attributable to contributed services                                | ​ | ​ | ​                           | ​ | 133,333     | ​                                                              | ​ | ​ | ​ | ​ | 200,000 | ​ | ​ |
| Changes in operating assets and liabilities:                                | ​ | ​ | ​                           |
| Prepaid expenses and other current assets                                   | ​ | ​ | ​                           | ​ | (5,761)     | ​                                                              | ​ | ​ | ​ | ​ | (3,000) | ​ | ​ |
| Accounts payable                                                            | ​ | ​ | ​                           | ​ | 100,572     | ​                                                              | ​ | ​ | ​ | ​ | 47,249 | ​ | ​ |
| Accrued expenses                                                            | ​ | ​ | ​                           | ​ | 298,851     | ​                                                              | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net cash used in operating activities                                       | ​ | ​ | ​                           | ​ | (1,249,605) | ​                                                              | ​ | ​ | ​ | ​ | (30,135) | ​ | ​ |
| Cash flows from financing activities:                                       | ​ | ​ | ​                           |
| Proceeds from the sale of common stock and warrants                         | ​ | ​ | ​                           | ​ | —     | ​                                                              | ​ | ​ | ​ | ​ | 923,212 | ​ | ​ |
| Payments of offering costs                                                  | ​ | ​ | ​                           | ​ | —     | ​                                                              | ​ | ​ | ​ | ​ | (54,000) | ​ | ​ |
| Payment of deferred offering costs                                          | ​ | ​ | ​                           | ​ | (72,204)    | ​                                                              | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Proceeds from common stock upon exercise of warrants                        | ​ | ​ | ​                           | ​ | 1,250,000   | ​                                                              | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Net cash provided by financing activities                                   | ​ | ​ | ​                           | ​ | 1,177,796   | ​                                                              | ​ | ​ | ​ | ​ | 869,212 | ​ | ​ |
| Net (decrease) increase in cash                                             | ​ | ​ | ​                           | ​ | (71,809)    | ​                                                              | ​ | ​ | ​ | ​ | 839,077 | ​ | ​ |
| Cash, beginning of period                                                   | ​ | ​ | ​                           | ​ | 839,077     | ​                                                              | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Cash, end of period                                                         | ​ | ​ | ​                           | $       | 767,268     | ​                                                              | ​ | ​ | ​ | $ | 839,077 | ​ | ​ |
| Supplemental disclosures of non-cash financing activities:                  | ​ | ​ | ​                           |
| Deferred offering costs                                                     | ​ | ​ | ​                           | $       | 365,857     | ​                                                              | ​ | ​ | ​ | $ | — | ​ | ​ |
| ​                                                                     |

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| ​                                     | ​ | ​ | Year ended December 31, 2015 | ​ | ​     | June 26 (inception) to December 31, 2014 | ​ |
|---------------------------------------------|---------|---------|-----------------------------------|---------|-------------|----------------------------------------------------|---------|
| Net loss                                    | ​ | ​ | ​                           | $       | (1,776,600) | ​                                            | ​ | ​ | ​ | $ | (274,384) | ​ | ​ |
| Basic and diluted loss per share            | ​ | ​ | ​                           | $       | (0.16)      | ​                                            | ​ | ​ | ​ | $ | (0.03) | ​ | ​ |
| Weighted average common shares outstanding: | ​ | ​ | ​                           |
| Basic and diluted                           | ​ | ​ | ​                           | ​ | 11,278,755  | ​                                            | ​ | ​ | ​ | ​ | 8,618,278 | ​ | ​ |

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| ​                                                     | ​ | ​ | December 31,2015 | ​ | ​ | December 31,2014 | ​ |
|-------------------------------------------------------------|---------|---------|-----------------------|---------|---------|-----------------------|---------|
| Chief Executive Officer contributed services deemed payable | ​ | ​ | ​               | $       | 240,000 | ​               | ​ | ​ | ​ | $ | — | ​ | ​ |
| Bonus payable                                               | ​ | ​ | ​               | ​ | 124,583 | ​               | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Accrued professional fees                                   | ​ | ​ | ​               | ​ | 36,000  | ​               | ​ | ​ | ​ | ​ | 26,500 | ​ | ​ |
| Accrued expenses                                            | ​ | ​ | ​               | ​ | 8,389   | ​               | ​ | ​ | ​ | ​ | 6,000 | ​ | ​ |
| Accrued vacation payable                                    | ​ | ​ | ​               | ​ | 5,879   | ​               | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Total accrued expenses                                      | ​ | ​ | ​               | $       | 414,851 | ​               | ​ | ​ | ​ | $ | 32,500 | ​ | ​ |
| ​                                                     |

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| ​                     | ​ | ​ | Year ended December 31, 2015 | ​ | ​   | Period from June 26, 2014 (inception) through December 31, 2014 | ​ |
|-----------------------------|---------|---------|-----------------------------------|---------|-----------|---------------------------------------------------------------------------|---------|
| Current:                    | ​ | ​ | ​                           |
| Federal, state and local    | ​ | ​ | ​                           | $       | —   | ​                                                                   | ​ | ​ | ​ | $ | — | ​ | ​ |
| Deferred:                   | ​ | ​ | ​                           |
| Federal                     | ​ | ​ | ​                           | ​ | (573,065) | ​                                                                   | ​ | ​ | ​ | ​ | (26,034) | ​ | ​ |
| State and local             | ​ | ​ | ​                           | ​ | (169,758) | ​                                                                   | ​ | ​ | ​ | ​ | (4,017) | ​ | ​ |
| ​                     | ​ | ​ | ​                           | ​ | (742,823) | ​                                                                   | ​ | ​ | ​ | ​ | (30,051) | ​ | ​ |
| R&D credit carryforward | ​ | ​ | ​                           | ​ | (20,674)  | ​                                                                   | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Less: Valuation allowance   | ​ | ​ | ​                           | ​ | 763,497   | ​                                                                   | ​ | ​ | ​ | ​ | 30,051 | ​ | ​ |
| ​                     | ​ | ​ | ​                           | $       | —   | ​                                                                   | ​ | ​ | ​ | $ | — | ​ | ​ |
| ​                     |

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| ​                                     | ​ | ​ | December 31, | ​ |
|---------------------------------------------|---------|---------|-------------------|---------|
| ​                                     | ​ | ​ | 2015              | ​ | ​ | 2014 | ​ |
| U.S. statutory rate                         | ​ | ​ | ​           | ​ | (35.0)% | ​ | ​ | ​ | ​ | ​ | (35.0)% | ​ | ​ |
| State income taxes (net of federal benefit) | ​ | ​ | ​           | ​ | (10.4)% | ​ | ​ | ​ | ​ | ​ | (5.8)% | ​ | ​ |
| Permanent differences                       | ​ | ​ | ​           | ​ | 3.6% | ​ | ​ | ​ | ​ | ​ | 8.5% | ​ | ​ |
| Tax credits                                 | ​ | ​ | ​           | ​ | (1.2)% | ​ | ​ | ​ | ​ | ​ | (1.2)% | ​ | ​ |
| Valuation allowance                         | ​ | ​ | ​           | ​ | 43.0% | ​ | ​ | ​ | ​ | ​ | 33.5% | ​ | ​ |
| Effective income tax rate                   | ​ | ​ | ​           | ​ | 0.0% | ​ | ​ | ​ | ​ | ​ | 0.0% | ​ | ​ |
| ​                                     |
| ​                             | ​ | ​ | December 31, | ​ |
|-------------------------------------|---------|---------|-------------------|---------|
| ​                             | ​ | ​ | 2015              | ​ | ​ | 2014 | ​ |
| Noncurrent deferred tax assets:     | ​ | ​ | ​           |
| Net operating loss                  | ​ | ​ | ​           | $       | 568,721 | ​ | ​ | ​ | ​ | $ | 4,553 | ​ | ​ |
| Deferred compensation               | ​ | ​ | ​           | ​ | 165,404 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Section 195 deferral-start-up costs | ​ | ​ | ​           | ​ | 38,749 | ​ | ​ | ​ | ​ | ​ | 25,498 | ​ | ​ |
| Tax credit carryforwards            | ​ | ​ | ​           | ​ | 20,674 | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ |
| Valuation allowance                 | ​ | ​ | ​           | ​ | (793,548) | ​ | ​ | ​ | ​ | ​ | (30,051) | ​ | ​ |
| ​                             | ​ | ​ | ​           | $       | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| ​                             |

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| ​                                 | ​ | ​ | Warrants | ​ | ​     | Weighted-Average Exercise Price | ​ |
|-----------------------------------------|---------|---------|----------|---------|-------------|---------------------------------|---------|
| Balance, June 26, 2014 (inception) | ​ | ​ | ​  | ​ | —     | ​                         | ​ | ​ | ​ | $ | — | ​ | ​ |
| Granted                                 | ​ | ​ | ​  | ​ | 11,483,504  | ​                         | ​ | ​ | ​ | $ | 0.90 | ​ | ​ |
| Contributed back to the Company         | ​ | ​ | ​  | ​ | (627,133)   | ​                         | ​ | ​ | ​ | $ | 0.90 | ​ | ​ |
| Balance, December 31, 2014         | ​ | ​ | ​  | ​ | 10,856,371  | ​                         | ​ | ​ | ​ | $ | 0.90 | ​ | ​ |
| Granted                                 | ​ | ​ | ​  | ​ | 97,554      | ​                         | ​ | ​ | ​ | $ | 0.90 | ​ | ​ |
| Exercised                               | ​ | ​ | ​  | ​ | (1,393,629) | ​                         | ​ | ​ | ​ | $ | 0.90 | ​ | ​ |
| Balance, December 31, 2015         | ​ | ​ | ​  | ​ | 9,560,296   | ​                         | ​ | ​ | ​ | $ | 0.90 | ​ | ​ |
| ​                                 |

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| ​                                        | ​ | ​ | 2015          |
|------------------------------------------------|---------|---------|---------------|
| ​                                        | ​ | ​ | First Quarter | ​ | ​ | Second Quarter | ​ | ​ | Third Quarter | ​ | ​ | Fourth Quarter | ​ | ​ | Total |
| Revenues                                       | ​ | ​ | ​       | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — |
| Formation and operating costs                  | ​ | ​ | ​       | ​ | 130,337 | ​ | ​ | ​ | ​ | ​ | 293,158 | ​ | ​ | ​ | ​ | ​ | 274,371 | ​ | ​ | ​ | ​ | ​ | 589,407 | ​ | ​ | ​ | ​ | ​ | 1,287,273 |
| Research and development costs                 | ​ | ​ | ​       | ​ | 16,000 | ​ | ​ | ​ | ​ | ​ | 67,450 | ​ | ​ | ​ | ​ | ​ | 264,532 | ​ | ​ | ​ | ​ | ​ | 141,345 | ​ | ​ | ​ | ​ | ​ | 489,327 |
| Total operating expenses                       | ​ | ​ | ​       | ​ | 146,337 | ​ | ​ | ​ | ​ | ​ | 360,608 | ​ | ​ | ​ | ​ | ​ | 538,903 | ​ | ​ | ​ | ​ | ​ | 730,752 | ​ | ​ | ​ | ​ | ​ | 1,776,600 |
| Loss from operations                           | ​ | ​ | ​       | ​ | (146,337) | ​ | ​ | ​ | ​ | ​ | (360,608) | ​ | ​ | ​ | ​ | ​ | (538,903) | ​ | ​ | ​ | ​ | ​ | (730,752) | ​ | ​ | ​ | ​ | ​ | (1,776,600) |
| Net loss                                       | ​ | ​ | ​       | ​ | (146,337) | ​ | ​ | ​ | ​ | ​ | (360,608) | ​ | ​ | ​ | ​ | ​ | (538,903) | ​ | ​ | ​ | ​ | ​ | (730,752) | ​ | ​ | ​ | ​ | ​ | (1,776,600) |
| Basic and diluted net loss per common share(2) | ​ | ​ | ​       | $ | (0.01) | ​ | ​ | ​ | ​ | $ | (0.03) | ​ | ​ | ​ | ​ | $ | (0.05) | ​ | ​ | ​ | ​ | $ | (0.06) | ​ | ​ | ​ | ​ | $ | (0.16) |

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| ​                                        | ​ | ​ | 2014             | ​ |
|------------------------------------------------|---------|---------|------------------|---------|
| ​                                        | ​ | ​ | First Quarter(1) | ​ | ​ | Second Quarter | ​ | ​ | Third Quarter | ​ | ​ | Fourth Quarter | ​ | ​ | Total | ​ |
| Revenues                                       | ​ | ​ | ​          | $       |    — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | ​ | $ | — | ​ | ​ |
| Formation and operating costs                  | ​ | ​ | ​          | ​ | — | ​ | ​ | ​ | ​ | ​ | 5,477 | ​ | ​ | ​ | ​ | ​ | 101,135 | ​ | ​ | ​ | ​ | ​ | 156,627 | ​ | ​ | ​ | ​ | ​ | 263,239 | ​ | ​ |
| Research and development costs                 | ​ | ​ | ​          | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 11,145 | ​ | ​ | ​ | ​ | ​ | 11,145 | ​ | ​ |
| Total operating expenses                       | ​ | ​ | ​          | ​ | — | ​ | ​ | ​ | ​ | ​ | 5,477 | ​ | ​ | ​ | ​ | ​ | 101,135 | ​ | ​ | ​ | ​ | ​ | 167,772 | ​ | ​ | ​ | ​ | ​ | 274,384 | ​ | ​ |
| Loss from operations                           | ​ | ​ | ​          | ​ | — | ​ | ​ | ​ | ​ | ​ | (5,477) | ​ | ​ | ​ | ​ | ​ | (101,135) | ​ | ​ | ​ | ​ | ​ | (167,772) | ​ | ​ | ​ | ​ | ​ | (274,384) | ​ | ​ |
| Net loss                                       | ​ | ​ | ​          | ​ | — | ​ | ​ | ​ | ​ | ​ | (5,477) | ​ | ​ | ​ | ​ | ​ | (101,135) | ​ | ​ | ​ | ​ | ​ | (167,772) | ​ | ​ | ​ | ​ | ​ | (274,384) | ​ | ​ |
| Basic and diluted net loss per common share(2) | ​ | ​ | ​          | ​ | — | ​ | ​ | ​ | ​ | $ | (0.00) | ​ | ​ | ​ | ​ | $ | (0.01) | ​ | ​ | ​ | ​ | $ | (0.02) | ​ | ​ | ​ | ​ | $ | (0.03) | ​ | ​ |

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