PAVmed Inc. (PAVM) Form 10-Q — Aug 13, 2026

$PAVMForm 10-QFiled Aug 13, 2026, 5:03 PM ET0001437749-26-027733Original filing

PAVmed's 10-Q for the quarter ended June 30, 2026 discloses substantial doubt about the company's ability to continue as a going concern, citing recurring losses, de minimis revenue, and dependence on cost control at its management-service subsidiaries plus new capital raises to fund the next twelve months. The company reported just $55 thousand of revenue for the first six months of 2026 against $15.1 million of operating expenses, producing a net loss attributable to common stockholders of $12.5 million (-$3.17 per share). Cash stood at $3.8 million at June 30, 2026, with positive working capital of only about $0.8 million.

Key figures

Eps: -$3.17 basic and diluted (six months ended June 30, 2026); -$0.87 for Q2 2026
Revenue: $55 thousand (six months ended June 30, 2026); $33 thousand (Q2 2026)
Net Income: -$12.467 million attributable to PAVmed common stockholders (six months ended June 30, 2026)
Total Debt: $15.0 million face value 2026 Note (15.0% coupon, matures February 3, 2029); total liabilities $20.907 million
Total Assets: $40.214 million as of June 30, 2026
Cash Position: $3.784 million as of June 30, 2026 (vs $1.538 million at December 31, 2025)
Shares Outstanding: 7,272,739 as of June 30, 2026; 7,995,918 as of August 13, 2026
Atm proceeds: 675,679 shares sold for ~$2.8 million net (post quarter-end through Aug 13, 2026); $2.88M facility fully utilized
Veris ownership: 52.20% majority interest (79.50% if $24.0 million intercompany note converts at $1.50)
Working capital: approximately $0.8 million positive
Rights liability: 300,000 Lucid shares, fair value $321 thousand (Lucid at $1.07/share)
Series d offering: $30 million gross / $29.9 million net; converted into 4,615,393 common shares at $6.50
Accumulated deficit: $264.505 million
Series c redemption: ~$22.3 million cash payment on February 3, 2026
Minimum cash covenant: amended to $2.5 million per Measurement Date ($8.0 million on/after Sept 15, 2026); amendment null and void unless $5 million deposited in blocked account by Aug 25, 2026
Note conversion price: $450.00 per share
Debt extinguishment loss: $3.422 million (six months ended June 30, 2026)
Deemed dividend series c: $6.689 million
Operating loss six months: $15.057 million
Lucid investment fair value: $33.494 million at June 30, 2026
Note required rate of return: 16.3%
Net cash used in operating activities: $5.283 million (six months ended June 30, 2026)

Price after filing

1 day: +9.7%7 days: +9.3%30 days: -11.8%

Close on the filing date to close N calendar days later (from $4.74). Historical, not a forecast.

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