PAVmed Provides Business Update and Reports Third Quarter 2025 Financial Results

Condensed Consolidated Statement of Operations (Unaudited)

For the three months ended

September 30,

For the nine months ended

September 30,

2025

2024

2025

2024

(in thousands except per-share amounts)

Revenue

$                    5

$                996

$                  19

$             2,985

Operating expenses

4,849

12,574

15,022

42,285

Other (Income) Expense

1,167

(72,289)

(15,291)

(66,585)

Net (Income) Loss

6,011

(60,711)

(288)

(27,285)

Net income (loss) per common share, diluted

$             (0.29)

$               1.44

$             (0.11)

$               0.79

Net income (loss) attributable to common stockholders

(6,328)

64,316

(1,942)

30,620

Preferred Stock dividends and deemed dividends

945

83

3,606

7,740

Net income (loss) as reported

(5,383)

64,399

1,664

38,360

Adjustments:

Depreciation and amortization expense¹

22

238

87

1,129

Interest expense, net²

(2)

(58)

(8)

(214)

NCI ownership share of Interest and Depreciation adjustments

—

(43)

—

(229)

EBITDA

(5,363)

64,536

1,743

39,046

Other non-cash or financing related expenses:

Stock-based compensation expense³

383

1,931

1,475

5,716

Operating expenses issued in stock¹

52

285

155

448

Gain on deconsolidation of subsidiary

—

(72,287)

—

(72,287)

Change in FV equity method investments

4,382

(407)

(5,979)

(407)

Change in FV convertible debt²

100

(240)

349

2,488

Loss on debt extinguishment²

—

1,403

58

2,535

Debt modification expense

—

—

—

2,000

NCI ownership share of non-GAAP adjustments

—

(660)

—

(1,262)

Non-GAAP adjusted (loss)

$              (446)

$           (5,439)

$           (2,199)

$         (21,723)

Non-GAAP shares outstanding, basic and diluted

21,555

10,005

17,867

9,287

Non-GAAP adjusted (loss) income per share, basic and diluted

$(0.02)

$(0.54)

$(0.12)

$(2.34)

¹ Included in general and administrative expenses in the financial statements.

² Included in other income and expenses.

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

Reconciliation of GAAP Operating Expenses to Non-GAAP Net Operating Expenses

(in thousands except per-share amounts)

For the three months ended

September 30,

For the nine months ended

September 30,

2025

2024

2025

2024

Cost of revenue

$                  55

$             1,381

$                133

$             4,792

Stock-based compensation expense³

—

(32)

—

(112)

Net cost of revenue

55

1,349

133

4,680

Amortization of acquired intangible assets

—

82

—

559

Sales and marketing

201

2,920

668

11,472

Stock-based compensation expense³

(13)

(292)

(59)

(1,082)

Net sales and marketing

188

2,628

609

10,390

General and administrative

3,505

6,649

11,557

20,337

Depreciation expense

(22)

(156)

(87)

(570)

Operating expenses issued in stock

(52)

(285)

(155)

(448)

Stock-based compensation expense³

(332)

(1,426)

(1,276)

(3,717)

Net general and administrative

3,099

4,782

10,039

15,602

Research and development

1,088

1,542

2,664

5,125

Stock-based compensation expense³

(38)

(181)

(140)

(805)

Net research and development

1,050

1,361

2,524

4,320

Total operating expenses

4,849

12,574

15,022

42,285

Depreciation and amortization expense

(22)

(238)

(87)

(1,129)

Operating expenses issued in stock

(52)

(285)

(155)

(448)

Stock-based compensation expense³

(383)

(1,931)

(1,475)

(5,716)

Net operating expenses

$             4,392

$           10,120

$           13,305

$           34,992