# EDGAR Filing Document

**Accession Number:** 0001624326
**File Stem:** 0001493152-26-023352
**Filing Date:** 2026-5
**Character Count:** 20357
**Document Hash:** f50b49399923a27dc72020caef1a6c4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-023352.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001493152-26-023352

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260515

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAVmed Inc.
- **CENTRAL INDEX KEY:** 0001624326
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 471214177
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37685
- **FILM NUMBER:** 26982410

**BUSINESS ADDRESS:**
- **STREET 1:** 360 MADISON AVENUE
- **STREET 2:** 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (212) 949-4319

**MAIL ADDRESS:**
- **STREET 1:** 360 MADISON AVENUE
- **STREET 2:** 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAXmed Inc.
- **DATE OF NAME CHANGE:** 20141105

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **<u>May 15, 2026</u>**

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| |
|:---|
| **PAVMED INC.** |
| (Exact Name of Registrant as Specified in Charter) |

---

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| | | |
|:---|:---|:---|
| **Delaware** | **001-37685** | **47-1214177** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

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| | |
|:---|:---|
| **360 Madison Avenue, 25th Floor, New York, New York** | **10017** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **<u>(917) 813-1828</u>**

---

| |
|:---|
| **N/A** |
| (Former Name or Former Address, if Changed Since Last Report) |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, Par Value $0.001 Per Share | PAVM | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02.** **Results of Operations and Financial Condition.**

On May 15, 2026, PAVmed Inc. (the "<u>Company</u>") issued a press release announcing financial results for its fiscal quarter ended March 31, 2026 and providing a business update. A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

**Item 7.01. Regulation FD Disclosure.**

The disclosure set forth under Item 2.02 is incorporated herein by reference.

The information furnished under Items 2.02 and 7.01, including the exhibit related thereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits:

<u>Exhibit No.</u> <u>Description</u> <br> 99.1 [Press release.](ex99-1.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Dated: May 15, 2026 | PAVMED INC. | PAVMED INC. |
|  | By: | */s/ Dennis McGrath* |
|  |  | Dennis McGrath |
|  |  | President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**PAVmed Provides Business Update and Reports First Quarter 2026 Financial Results**

 

*Veris Health progressed commercial expansion and advanced implantable physiological monitor development toward FDA submission*

 

*Lucid Diagnostics continued building commercial momentum and strengthened its balance sheet ahead of key upcoming reimbursement milestones*

 

*PAVmed advanced its relaunched medical device portfolio; evaluation of additional acquisition opportunities ongoing*

 

*Conference call and webcast to be held today, May 15, at 8:30 AM EST*

**NEW YORK, May 15, 2026 -** <u>PAVmed Inc.</u> (NASDAQ: PAVM) ("PAVmed" or the "Company"), a diversified commercial-stage medical technology company, operating in the medical device, diagnostics, and digital health sectors, today provided a business update for the Company and its subsidiaries, Lucid Diagnostics Inc. (NASDAQ: LUCD) ("Lucid") and Veris Health Inc. ("Veris"), and reported financial results for the first quarter ended March 31, 2026.

**Conference Call and Webcast**

The webcast will take place on Friday, May 15, 2026, at 8:30 AM and is accessible in the investor relations section of the Company's website at <u>pavmed.com</u>. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-800-836-8184 and international listeners should dial 1-646-357-8785. All listeners should provide the operator with the conference call name "PAVmed Business Update" to join.

Following the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's website at pavmed.com.

**Business Update Highlights**

"PAVmed now has a significantly simplified capital structure and strengthened balance sheet, positioning the Company to focus on execution across our core businesses and evaluate additional asset acquisition opportunities aligned with our long-term growth strategy," said <u>Lishan Aklog, M.D.</u>, PAVmed's Chairman and Chief Executive Officer. "Veris continues to expand its commercial engagement with OSU-The James while progressing development of its implantable physiological monitor toward FDA submission, and Lucid continues to build commercial momentum for EsoGuard with a strengthened balance sheet pending Medicare coverage. We are also actively advancing multiple technologies within our relaunched medical device portfolio under Joseph Virgilio's leadership, while increasingly leveraging his experience building and scaling growth-stage businesses."

**Highlights from the first quarter and recent weeks**:

● Relaunched
 PAVmed medical device portfolio progressed multiple device opportunities under the leadership
 of Joseph Virgilio, including the PortIO implantable intraosseous vascular access device
 and endoscopic esophageal imaging technology licensed from Duke University. In addition to
 overseeing development and commercialization of the current and future device portfolio,
 Mr. Virgilio is also assuming broader responsibilities aligned with his experience building
 and scaling growth-stage medtech businesses.

● Veris
 continued development of its implantable physiological monitor, with presubmission and testing
 activities expected to begin soon in support of a planned FDA 510(k) submission.

● Veris
 further advanced its strategic engagement with The Ohio State University's James Cancer
 Hospital, with the commercial phase underway, expansion into additional departments in progress,
 and continued positive clinical and administrative feedback.

● Lucid
 Diagnostics announced <u>first quarter 2026</u> financial results and key business developments,
 including:

---

| |
|:---|
| Recognized $1.3 million in <u>EsoGuard<sup>®</sup> Esophageal DNA Test</u> revenue for 1Q26 and processed 3,177 EsoGuard tests. |
| <u>Strengthened balance sheet</u> with underwritten public offering of common stock, netting approximately $17 million in proceeds; ended 1Q26 with $45 million in proforma cash, extending runway into 2027. |
| Strong presence at <u>Digestive Disease Week</u> (DDW), which included multiple EsoGuard abstracts, extensive engagement with the gastroenterology community, and a preview of a major upcoming clinical practice guideline update recommending EsoGuard and EsoCheck<sup>®</sup> as the only non-endoscopic test with high certainty of evidence. |

---

**Financial Results**:

● For
 the three months ended March 31, 2026, Operating expenses were approximately $8.1 million
 which include stock-based compensation expenses of $0.2 million. GAAP net loss attributable
 to common stockholders was approximately $7.0 million, or $(4.42) per common share on a diluted
 basis.

● As
 shown below and for the purpose of illustrating the effect of stock-based compensation and
 other non-cash income and expenses on the Company's financial results, the Company's
 non-GAAP adjusted loss was approximately $1.9 million or $(1.17) per common share.

● PAVmed
 had cash and cash equivalents of $6.5 million as of March 31, 2026, compared to $1.5 million
 as of December 31, 2025.

● The
 unaudited financial results for the three months ended March 31, 2026 were filed with the
 SEC on Form 10-Q on May 14, 2026, and are available at www.pavmed.com or www.sec.gov.

 

*PAVmed Non-GAAP Measures*

● To
 supplement our financial results presented in accordance with U.S. generally accepted accounting
 principles (GAAP), management provides certain non-GAAP financial measures of the Company's
 financial results. These non-GAAP financial measures include net loss before interest, taxes,
 depreciation, and amortization (EBITDA) and non-GAAP adjusted loss, which further adjusts
 EBITDA for stock-based compensation expense, loss on the issuance or modification of convertible
 securities, the periodic change in fair value of convertible securities, and loss on debt
 extinguishment. The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted
 loss are not recognized terms under U.S. GAAP.

● Non-GAAP
 financial measures are presented with the intent of providing greater transparency to the
 information used by us in our financial performance analysis and operational decision-making.
 We believe these non-GAAP financial measures provide meaningful information to assist investors,
 shareholders, and other readers of our financial statements in making comparisons to our
 historical financial results and analyzing the underlying performance of our results of operations.
 These non-GAAP financial measures are not intended to be, and should not be, a substitute
 for, considered superior to, considered separately from, or as an alternative to, the most
 directly comparable GAAP financial measures.

● Non-GAAP
 financial measures are provided to enhance readers' overall understanding of our current
 financial results and to provide further information for comparative purposes. Management
 believes the non-GAAP financial measures provide useful information to management and investors
 by isolating certain expenses, gains, and losses that may not be indicative of our core operating
 results and business outlook. Specifically, the non-GAAP financial measures include non-GAAP
 adjusted loss, and its presentation is intended to help the reader understand the effect
 of the loss on the issuance or modification of convertible securities, the periodic change
 in fair value of convertible securities, the loss on debt extinguishment and the corresponding
 accounting for non-cash charges on financial performance. In addition, management believes
 non-GAAP financial measures enhance the comparability of results against prior periods.

 

● A
 reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures
 included in this press release for the three months ended March 31, 2026 and 2025 are as
 follows:

 

---

| | | |
|:---|:---|:---|
| | For the three months ended <br>March 31, | For the three months ended <br>March 31, |
| <br>(in thousands except per-share amounts) | **2026** | **2025** |
| **Revenue** | $22 | $8 |
| **Operating expenses** | 8057 | 5454 |
| **Other (Income) Expense** | (6971) | (24069) |
| **Net (Income) Loss** | 1064 | (18623) |
| **Net income (loss) per common share, diluted** | $(4.42) | $10.10 |
| **Net income (loss) attributable to common stockholders** | (6988) | 17695 |
| Preferred Stock dividends and deemed dividends | 6928 | 1273 |
| &nbsp;&nbsp;&nbsp;**Net income (loss) as reported** | (60) | 18968 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense<sup>1</sup> | 20 | 43 |
| &nbsp;&nbsp;&nbsp;Interest expense, net<sup>2</sup> | (16) | (4) |
| &nbsp;&nbsp;&nbsp;NCI ownership share of Interest and Depreciation adjustments | (251) |  |
| **EBITDA** | (307) | 19007 |
| **Other non-cash or financing related expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>3</sup> | 182 | 930 |
| &nbsp;&nbsp;&nbsp;Operating expenses issued in stock<sup>1</sup> | 1951 | 50 |
| &nbsp;&nbsp;&nbsp;Change in FV equity method investments | (1878) | (21004) |
| &nbsp;&nbsp;&nbsp;Change in FV convertible debt<sup>2</sup> | (3260) | 49 |
| &nbsp;&nbsp;&nbsp;Loss on debt extinguishment<sup>2</sup> | 3422 | 58 |
| &nbsp;&nbsp;&nbsp;Change in fair value – warrant liability | (1831) |  |
| &nbsp;&nbsp;&nbsp;Change in fair value – rights liability | (30) |  |
| **Non-GAAP adjusted (loss)** | $(1851) | $(910) |
| &nbsp;&nbsp;&nbsp;Non-GAAP shares outstanding, basic and diluted | 1581 | 463 |
| &nbsp;&nbsp;&nbsp;Non-GAAP adjusted (loss) income per share, basic and diluted | $(1.17) | $(1.97) |

---

**<sup>1</sup>** Included in general and administrative expenses in the financial statements.

<sup>2</sup> Included in other income and expenses.

<sup>3</sup> Stock-based compensation ("SBC") expense is included in operating expenses and is detailed as follows in the table below by category within operating expenses for the non-GAAP Net operating expenses:

---

| | | |
|:---|:---|:---|
| | For the three months ended <br>March 31, | For the three months ended <br>March 31, |
| <br>(in thousands except per-share amounts) | **2026** | **2025** |
| **Cost of revenue** | $97 | $36 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>3</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cost of revenue | 97 | 36 |
| **Sales and marketing** | 216 | 247 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>3</sup> | (5) | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales and marketing | 211 | 202 |
| **General and administrative** | 6356 | 4384 |
| &nbsp;&nbsp;&nbsp;Depreciation expense | (20) | (43) |
| &nbsp;&nbsp;&nbsp;Operating expenses issued in stock | (1951) | (50) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>3</sup> | (155) | (796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net general and administrative | 4230 | 3495 |
| **Research and development** | 1388 | 787 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>3</sup> | (22) | (89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net research and development | 1366 | 698 |
| **Total operating expenses** | 8057 | 5454 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | (20) | (43) |
| &nbsp;&nbsp;&nbsp;Operating expenses issued in stock | (1951) | (50) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>3</sup> | (182) | (930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating expenses | $5904 | $4431 |

---

**About PAVmed and its Subsidiaries**

PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors. Its subsidiary, Lucid Diagnostics Inc. (NASDAQ: LUCD), is a commercial-stage cancer prevention medical diagnostics company that markets the EsoGuard<sup>®</sup> Esophageal DNA Test and EsoCheck<sup>®</sup> Esophageal Cell Collection Device—the first and only commercial tools for widespread early detection of esophageal precancer to mitigate the risks of esophageal cancer deaths. Its other subsidiary, Veris Health Inc., is a digital health company focused on enhanced personalized cancer care through remote patient monitoring using implantable biologic sensors with wireless communication along with a custom suite of connected external devices. Veris is concurrently developing an implantable physiological monitor, designed to be implanted alongside a chemotherapy port, which will interface with the Veris Cancer Care Platform.

For more and for more information about PAVmed, please visit <u>pavmed.com</u>.

For more information about Lucid Diagnostics, please visit <u>luciddx.com</u>.

For more information about Veris Health, please visit <u>verishealth.com</u>.

**Forward-Looking Statements**

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of PAVmed's and Lucid's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of PAVmed's and Lucid's common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance PAVmed's and Lucid's products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from PAVmed's and Lucid's clinical and preclinical studies; whether and when PAVmed's and Lucid's products are cleared by regulatory authorities; market acceptance of PAVmed's and Lucid's products once cleared and commercialized; PAVmed's and Lucid's ability to raise additional funding as needed; and other competitive developments. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect PAVmed's and Lucid's future operations, see Part I, Item 1A, "Risk Factors," in PAVmed's and Lucid's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, "Risk Factors" in any Quarterly Report on Form 10-Q filed by PAVmed or Lucid after its most recent Annual Report. PAVmed and Lucid disclaim any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.

**Investor and Media Contact**

Matt Riley

Vice President

PAVmed and Lucid Diagnostics

mjr@pavmed.com