PAVmed Inc. (PAVM): Business Model Canvas [Dec-2025 Updated]

You're looking at the mechanics of PAVmed Inc. (PAVM), and honestly, it's a fascinating study in capital allocation right now. As a holding company, its value is entirely tied up in its two main children: Lucid Diagnostics and Veris Health, which operate under a shared services umbrella to keep costs down-a smart move, considering their nine-month operating expenses hit $15 million against only $19,000 in direct revenue through September 30, 2025. The whole model hinges on the success of their pipeline, from EsoGuard to the Veris monitor, supported by a cash cushion of $3.1 million; this structure is defintely designed to incubate high-potential med-tech. See below how the key partnerships and revenue streams are set up to fuel this high-stakes incubation.

PAVmed Inc. (PAVM) - Canvas Business Model: Key Partnerships

You're looking at how PAVmed Inc. structures its external relationships to drive its subsidiaries forward. These partnerships are critical because they provide validation, capital access, and market entry points for the technologies housed within Lucid Diagnostics and Veris Health.

The relationship with The Ohio State University Comprehensive Cancer Center (OSUCCC - James) is a prime example of the academic medical center partnership model in action for Veris Health. On October 7, 2025, Veris Health and The James launched the commercial phase of their long-term strategic partnership agreement, which includes launching a clinical registry for patients enrolled on the Veris Cancer Care Platform. This move follows Veris Health completing a $2.5 million direct equity financing, which supplemented a previous $2.4 million financing round conducted at a $35 million pre-money valuation. PAVmed Inc. itself reported cash and cash equivalents of $3.1 million as of September 30, 2025.

Academic licensing agreements are another cornerstone, building on the success seen with Lucid Diagnostics. PAVmed executed a non-binding Letter of Intent (LOI) on August 26, 2025, with Duke University to license groundbreaking endoscopic esophageal imaging technology through a newly formed subsidiary. This LOI grants the subsidiary the exclusive worldwide license for the intellectual property rights for the multi-modality probe combining angle-resolved low coherence interferometry (a/LCI) with optical coherence tomography (OCT). Prior clinical research on the a/LCI platform alone demonstrated 100% sensitivity and an overall accuracy of 88% in detecting precancerous changes.

Commercial payer relationships are vital for Lucid Diagnostics' EsoGuard test adoption. The company initiated patient testing and billing under its first positive commercial insurance coverage policy from Highmark Blue Cross Blue Shield, which became effective on May 26, 2025, specifically for New York state. This success is reflected in the Q3 2025 numbers; for the three months ended September 30, 2025, Lucid Diagnostics recognized $1.2 million in EsoGuard related revenue after processing 2,841 tests.

Securing capital through institutional investors and underwriters is managed at the subsidiary level, which is a key part of the PAVmed Inc. structure. For Lucid Diagnostics, this involved an underwritten public offering that closed on September 11, 2025. The total net proceeds from this offering were approximately $26.9 million, after deducting underwriting discounts and commissions. The offering involved 28,750,000 shares sold at a public offering price of $1.00 per share, which included 3,750,000 shares from the full exercise of the underwriters' option. The financial team noted that Lucid Diagnostics ended the quarter with cash and cash equivalents of $47.3 million as of September 30, 2025.

Here is a quick look at the key financial and statistical milestones related to these partnerships:

Partnership/Event	Entity	Metric/Amount	Date/Period
Commercial Phase Launch	Veris Health / OSUCCC - James	Launch of commercial phase	October 7, 2025
Financing (Pre-money Valuation)	Veris Health	$35 million	Prior to Q3 2025
Financing (Direct Equity)	Veris Health	$2.5 million	Q2 2025
LOI Execution	PAVmed / Duke University	Exclusive worldwide license for a/LCI + OCT	August 26, 2025
a/LCI Technology Accuracy	Duke University Technology	88% overall accuracy	Prior to August 2025
Commercial Payer Coverage Effective Date	Lucid Diagnostics / Highmark BCBS	Effective date for NY state policy	May 26, 2025
EsoGuard Revenue	Lucid Diagnostics	$1.2 million	Q3 2025 (Three months ended Sept 30)
EsoGuard Tests Processed	Lucid Diagnostics	2,841 tests	Q3 2025 (Three months ended Sept 30)
Net Proceeds from Offering	Lucid Diagnostics	Approximately $26.9 million	September 11, 2025
Shares Issued in Offering	Lucid Diagnostics	28,750,000 shares	September 11, 2025
Cash Position	Lucid Diagnostics	$47.3 million	September 30, 2025

The underwriting syndicate for the September 2025 offering included:

• Canaccord Genuity LLC and BTIG, LLC acting as joint bookrunners.
• Maxim Group LLC acting as co-manager.

These relationships help PAVmed Inc. execute its strategy across its portfolio:

• The James partnership advances the Veris Cancer Care Platform, which includes remote physiological data collection and telehealth capability.
• The Duke LOI adds a real-time diagnosis tool to complement the EsoGuard screening tool.
• The Highmark BCBS policy validates the commercial path for EsoGuard, which is crucial ahead of the expected Medicare Local Coverage Determination (LCD) decision following the September 4, 2025, Contractor Advisory Committee (CAC) meeting.
• The September 2025 offering provided Lucid Diagnostics with capital to support working capital and general corporate purposes, extending its runway past upcoming reimbursement milestones.

PAVmed Inc. (PAVM) - Canvas Business Model: Key Activities

You're looking at the core engine room of PAVmed Inc. (PAVM), which is really about managing and funding its specialized subsidiaries under a central shared services umbrella. The key activities here are about execution across diagnostics, digital health, and now, evaluating biopharma plays.

Providing shared corporate services (management, finance) to subsidiaries like Lucid and Veris.

PAVmed Inc. acts as the central hub, providing essential support functions. This is visible in the management service income it receives. For the first quarter of 2025 (1Q25), PAVmed's management service income from Lucid Diagnostics, post-deconsolidation, was reported at $3.2 million. The cost of running this central operation, reflected in PAVmed's operating expenses, was approximately $5.5 million in 1Q25, which then decreased to approximately $4.7 million in 2Q25 and approximately $4.8 million in 3Q25. To support this structure and the subsidiaries' individual capital needs, PAVmed ended 1Q25 with over $40 million in pro forma cash. The cash position for the parent company itself was $2.7 million as of March 31, 2025, growing to $4.0 million by June 30, 2025, before settling at $3.1 million as of September 30, 2025.

Commercializing the EsoGuard Esophageal DNA Test and EsoCheck device.

This activity, driven by the subsidiary Lucid Diagnostics Inc. (Lucid), centers on driving adoption and securing reimbursement for the EsoGuard Esophageal DNA Test. The commercial traction through the first three quarters of 2025 shows consistent, though fluctuating, test volume and revenue generation.

Here's a quick look at the reported commercial performance for Lucid Diagnostics:

Metric	Q1 2025	Q2 2025	Q3 2025
EsoGuard Revenue (USD)	$0.8 million	$1.2 million	$1.2 million
EsoGuard Tests Processed	3,034	2,756	2,841

A major milestone supporting future revenue was the Medicare Contractor Advisory Committee (CAC) meeting, where medical experts unanimously supported Medicare coverage for EsoGuard. Furthermore, Lucid initiated testing under its first positive commercial insurance coverage policy from Highmark Blue Cross Blue Shield, effective May 26, 2025.

Developing and seeking FDA clearance for the Veris implantable physiological monitor.

Veris Health Inc. (Veris) is focused on advancing its implantable physiological monitor. To fund this, Veris completed a significant financing round in June 2025, yielding $2.5 million in proceeds from a private placement, which supplemented a prior $2.4 million financing. This financing was executed at a pre-money valuation of approximately $35 million. This capital infusion ensures Veris is sufficiently capitalized to fund development through FDA clearance. The company has fully relaunched development in preparation for a planned 2026 FDA 510(k) submission.

Executing the commercial rollout of the Veris Cancer Care Platform with strategic partners.

Veris is executing its commercial strategy, particularly through its partnership with The Ohio State University Comprehensive Cancer Center - Arthur G. James Cancer Hospital. Veris launched the commercial phase of this strategic partnership in the third quarter of 2025. For context on the platform's earlier stage, revenues for the parent company in the fourth quarter of 2024 reflected approximately 125 patients on the Veris Cancer Care Platform. Full commercial deployment is contingent upon the ongoing integration with the hospital's electronic health record (EHR) system.

Actively evaluating new clinical and late preclinical-stage biopharma assets for portfolio expansion.

PAVmed Inc. is actively using its shared services model to evaluate new growth engines. The company is actively evaluating attractive clinical and late preclinical-stage assets and hopes to launch a new subsidiary in the biopharma sector in the near future. A concrete step in this direction was signing a non-binding letter of intent in August 2025 to license groundbreaking endoscopic esophageal imaging technology from Duke University through a newly-formed subsidiary.

Finance: draft 13-week cash view by Friday.

PAVmed Inc. (PAVM) - Canvas Business Model: Key Resources

You're looking at the core assets PAVmed Inc. (PAVM) holds to drive its diversified life sciences strategy. These aren't just line items; they are the foundation supporting the shared services model across its subsidiaries.

The most tangible financial resource for PAVmed Inc. itself, as of September 30, 2025, was its balance sheet position, showing $3.1 million in cash and cash equivalents. This figure was up from $1.2 million at the close of 2024. Furthermore, the company actively managed its liabilities, significantly decreasing its Senior Secured Convertible Notes liability from $29.1 million at the end of 2024 to $6.9 million by September 2025.

A primary non-cash resource is the ownership stake in its publicly-traded subsidiary, Lucid Diagnostics (LUCD). PAVmed Inc. remains the single largest shareholder, holding approximately 23% of the common shares outstanding. Even without voting control, this holding represents significant influence, backed by approximately a 28% voting interest.

The proprietary medical technologies are key value drivers, primarily residing within the subsidiaries:

• EsoGuard/EsoCheck (Lucid Diagnostics): For the three months ended September 30, 2025, Lucid Diagnostics recognized $1.2 million in EsoGuard® Esophageal DNA Test revenue, processing 2,841 EsoGuard tests. Lucid ended that quarter with over $47 million in proforma cash.
• Veris Cancer Care Platform (Veris Health): This platform is a digital health asset. Veris Health completed a $2.5 million direct equity financing, following a previous $2.4 million financing at a $35 million pre-money valuation.

The shared corporate infrastructure and management team expertise represent an operational resource that allows PAVmed Inc. to deploy resources across ventures. For context on the scale of operations supported by this structure, PAVmed Inc.'s operating expenses for the third quarter of 2025 were approximately $4.8 million, with non-GAAP operating expenses averaging approximately $4.4 million quarterly over the preceding four quarters.

Here is a summary of the key asset concentrations as of late 2025:

Asset Category	Specific Item/Metric	Value/Amount
PAVM Corporate Cash	Cash and Cash Equivalents (as of Sep 30, 2025)	$3.1 million
Lucid Diagnostics Ownership	Common Shares Owned by PAVmed Inc.	Approximately 23%
Lucid Diagnostics Ownership	Voting Interest	Approximately 28%
Lucid Diagnostics Performance (3Q25)	EsoGuard Tests Processed	2,841
Lucid Diagnostics Performance (3Q25)	EsoGuard Revenue Recognized	$1.2 million
PAVM Debt Management	Senior Secured Convertible Notes Liability (as of Sep 2025)	$6.9 million
PAVM Operating Expense (3Q25)	Total Operating Expenses	Approximately $4.8 million

The shared services model is designed to keep the corporate overhead lean, as evidenced by the $1.9 million net loss attributable to common stockholders for the nine months ending September 30, 2025, while subsidiaries like Lucid raised capital to fund their own operations.

Finance: draft 13-week cash view by Friday.

PAVmed Inc. (PAVM) - Canvas Business Model: Value Propositions

Early, non-invasive detection of esophageal precancer via the EsoGuard DNA test.

Lucid Diagnostics, a subsidiary, reported recognized $1.2 million in EsoGuard® Esophageal DNA Test revenue for the third quarter of 2025 (3Q25). During 3Q25, the company processed 2,841 EsoGuard tests. This diagnostic value proposition is further supported by the Medicare Contractor Advisory Committee (CAC) meeting where medical experts unanimously supported Medicare coverage for EsoGuard. For comparison, in the first quarter of 2025 (1Q25), Lucid recognized $0.8 million in EsoGuard revenue after processing 3,034 tests.

The value proposition is quantified by the test volume and revenue progression:

Metric	1Q2025 Value	3Q2025 Value
EsoGuard Revenue	$0.8 million	$1.2 million
EsoGuard Tests Processed	3,034	2,841

Enhanced personalized cancer care through remote patient monitoring (Veris Health).

Veris Health is advancing personalized care through its platform and implantable device development. The commercial phase of its strategic partnership with The Ohio State University James Cancer Hospital was launched in 3Q2025. Veris Health completed a direct equity financing of $2.5 million in the second quarter of 2025 (2Q25), and the company secured $4.9 million in Veris financing earlier in 2025, which helped fund operations. The company relaunched development of its implantable physiological monitor, with plans for FDA submission in 2026.

Key operational and funding data points for Veris Health:

• Completed $2.5 million direct equity financing in 2Q2025.
• Secured $4.9 million in financing earlier in 2025.
• Had approximately 125 patients on the Veris Cancer Care Platform as of December 31, 2024.
• Progressing toward FDA submission for the implantable monitor.

Reduced operating costs for subsidiaries through a centralized shared services model.

PAVmed Inc. provides centralized infrastructure, which translates to reduced operating expenses for its subsidiaries. For the first nine months of 2025, PAVmed's operating expenses totaled $15 million, a significant reduction from $42.3 million in the same period of 2024. The average non-GAAP operating expenses for the last 4 quarters were approximately $4.4 million quarterly. For 3Q2025 specifically, operating expenses were approximately $4.8 million.

The shared services model also generates income for PAVmed, such as management service income from Lucid Diagnostics, which was $3.2 million in 1Q2025 after deconsolidation.

A platform for rapidly advancing and commercializing diverse medical technologies (PMX Incubator).

The PMX Incubator functions as the engine for advancing and commercializing new technologies. As of 3Q2025, PAVmed signed a letter of intent to license new groundbreaking endoscopic esophageal imaging technology. The incubator was actively engaged with multiple potential strategic partners on the PortIO technology.

Examples of platform activity include:

• Signed letter of intent for new endoscopic esophageal imaging technology.
• Actively engaged with partners on PortIO.
• Exploring new technology licensing opportunities.

PAVmed Inc. (PAVM) - Canvas Business Model: Customer Relationships

Direct sales force engagement targeting gastroenterologists for EsoGuard adoption.

Lucid Diagnostics, the subsidiary commercializing EsoGuard, launched its 'Embrace the Future' campaign specifically targeting gastroenterologists in the first quarter of 2025. The volume of tests processed shows the level of engagement achieved through these channels.

Period	EsoGuard Tests Processed	EsoGuard Revenue (Lucid)
3Q 2025	2,841	$1.2 million
2Q 2025	2,756	$1.2 million
1Q 2025	3,034	$0.8 million

A critical milestone for this relationship channel was the Medicare Contractor Advisory Committee (CAC) meeting in the third quarter of 2025, where medical experts unanimously supported Medicare coverage for EsoGuard. Furthermore, testing under the first positive commercial insurance coverage policy from Highmark Blue Cross Blue Shield began in the second quarter of 2025.

Long-term strategic relationships with major cancer centers for Veris platform deployment.

Veris Health focuses on deep integration with major academic centers, exemplified by its relationship with The Ohio State University James Cancer Hospital. This relationship moved into its commercial phase in the third quarter of 2025, following the completion of the long-term strategic partnership in the second quarter of 2025.

The Veris Cancer Care Platform's initial patient base provides a concrete measure of early adoption within these centers.

Metric	Value
Patients on Veris Cancer Care Platform (End of 4Q 2024)	Approximately 125
Veris Health Pre-Money Valuation (2Q 2025 Financing)	Approximately $35 million
Veris Health Direct Equity Financing Proceeds (2Q 2025)	$2.5 million

Veris Health also secured capital to fund the development of its implantable physiological monitor, completing a $2.5 million direct equity financing in the second quarter of 2025, supplementing a prior $2.4 million financing.

High-touch, personalized service for cash-pay concierge medicine and employer markets.

The company saw early traction in these non-traditional channels starting in the first quarter of 2025. The initial execution in the employer market and the cash-pay segment provides a baseline for relationship development.

• Over 20 cash-pay concierge medicine contracts executed in initial weeks of sales initiative (4Q 2024).
• Concierge Initiative and Employer Market Initiative expected to impact revenue in the second half of 2025.

Investor relations focused on communicating subsidiary milestones and capital structure stabilization.

Investor communications in late 2025 centered on the stabilization of PAVmed Inc.'s corporate structure and the financing success of its subsidiaries, which directly impacts the parent company's liquidity and runway. The third quarter 2025 results reflect the ongoing financial dynamics.

Financial Metric (PAVmed Inc.)	Value as of 9/30/2025
Cash and Equivalents	$3.1 million
GAAP Net Loss Attributable to Common Stockholders (3Q 2025)	$6.3 million
Non-GAAP Adjusted Loss (3Q 2025)	Approximately $0.4 million
Operating Expenses (3Q 2025)	Approximately $4.8 million

Key capital structure events communicated included Lucid Diagnostics netting approximately $16.1 million from a public offering in the second quarter of 2025, and PAVmed Inc. stock offerings netting approximately $30.6 million in the first quarter of 2025. The restructuring of PAVmed's convertible debt added approximately $25 million to its equity in the first quarter of 2025.

PAVmed Inc. (PAVM) - Canvas Business Model: Channels

You're looking at how PAVmed Inc. (PAVM) pushes its value propositions-primarily through its subsidiaries Lucid Diagnostics and Veris Health-out to the market. It's a multi-pronged approach relying on direct sales, strategic alliances, and digital outreach.

Lucid Diagnostics' Direct Sales Team to Physicians and Health Systems

The primary channel for Lucid Diagnostics' EsoGuard Esophageal DNA Test involves a direct sales force targeting physicians, particularly gastroenterologists, and health systems. This channel is supported by traction gained in specialized revenue streams.

Here's a look at the recent performance metrics that reflect the output of these sales efforts:

Metric	Q3 2025	Q2 2025	Q1 2025
EsoGuard Revenue	$1.2 million	$1.2 million	$0.8 million
EsoGuard Tests Processed	2,841	2,756	3,034

Also, the sales channel expanded to include new revenue sources, showing diversification beyond traditional physician ordering. Specifically, Lucid Diagnostics gained traction in cash-pay concierge medicine and employer markets sales channels.

Commercial Partnerships with Major Health Systems like Hoag for EsoGuard Testing

Strategic commercial partnerships are key to expanding the reach of EsoGuard testing into established patient populations. These agreements help embed the test within existing care pathways.

• Lucid Diagnostics partnered with Hoag to expand access across its digestive health, primary care, and concierge medicine programs.
• The company initiated patient testing and billing under its first positive commercial insurance coverage policy from Highmark Blue Cross Blue Shield, effective May 26, 2025.
• A Multi-Jurisdictional Contractor Advisory Committee (CAC) meeting on Medicare Local Coverage Determination (LCD) yielded unanimous expert consensus supporting Medicare coverage for EsoGuard in September 2025.

Direct-to-Consumer Marketing Campaigns, such as the 'Embrace the Future' Initiative

While the primary focus remains on the physician channel, targeted campaigns are used to drive awareness and adoption. The 'Embrace the Future' initiative was specifically launched to target gastroenterologists. This type of focused outreach is designed to move the needle with key prescribers.

Digital Health Platform and Connected Devices for Remote Patient Monitoring (Veris Health)

Veris Health uses its digital platform and connected devices as a channel to deliver enhanced personalized cancer care through Remote Patient Monitoring (RPM). The platform itself is a delivery mechanism for ongoing patient engagement and clinician oversight.

The Veris Health channel is supported by significant financing milestones achieved at a $35 million pre-money valuation for Veris Health common stock. The platform's recurring revenue stream is reflected in PAVmed's top-line results, as PAVmed's revenues reflect subscription revenues from the Veris Cancer Care Platform for 1Q25.

The overall market context for this channel shows high adoption potential; the global remote patient monitoring market is projected to reach $175.2 billion by 2027.

Key channel developments for Veris Health include:

• Launching the commercial phase of a strategic partnership.
• Completing a pilot program with The Ohio State's James Cancer Hospital, leading to a long-term commercial and strategic partnership launch soon.
• The company is advancing its implantable physiological monitor toward FDA submission.

In general RPM programs, patient compliance has been reported above 80 percent. Finance: draft 13-week cash view by Friday.

PAVmed Inc. (PAVM) - Canvas Business Model: Customer Segments

You're looking at the customer base for PAVmed Inc. (PAVM) as of late 2025, which is really about the commercial traction of its subsidiaries, Lucid Diagnostics and Veris Health. The segments are distinct, spanning diagnostics, oncology care, and the payers who fund it all. Honestly, the numbers we have right now show clear progress on the reimbursement front, which is key for unlocking the broader patient pool.

Patients with chronic gastroesophageal reflux disease (GERD) at risk for esophageal precancer.

This segment is the target for Lucid Diagnostics' EsoGuard Esophageal DNA Test. We know the underlying condition is widespread; for instance, a large study estimated that about 22% of the U.S. population aged 50 to 71 years suffered from GERD back in 2015. GERD significantly raises the risk for Barrett's esophagus, a precancerous condition, with about 10% of GERD patients developing it.

The current test volume gives us a real-time read on adoption within this patient group:

• Q3 2025 EsoGuard tests processed: 2,841.
• Q1 2025 EsoGuard tests processed: 3,034.
• The volume is being maintained in the 2,500 to 3,000 test range to support commercial payer engagement while awaiting Medicare coverage.

Oncology centers and cancer patients undergoing systemic treatment (chemotherapy/immunotherapy).

This is the domain of Veris Health and its Cancer Care Platform, which uses implantable physiological monitors. The immediate customer focus here is the academic medical center partner. The strategic partnership with The Ohio State University (OSU) James Cancer Hospital is the primary example right now.

Here's what that partnership implies for patient volume and device deployment:

Metric	Target/Status (Late 2025)
OSU Partnership Enrollment Target (Year One)	1,000 patients
Implantable Monitor Deployment Target (Post-Clearance)	300 implants
Implantable Monitor Regulatory Target	Planned 2026 FDA 510(k) submission

So, you see the near-term action is getting that OSU rollout moving while driving the implantable device toward its 2026 submission goal.

Commercial payers and government healthcare programs (Medicare) for reimbursement coverage.

Securing payment is defintely the most critical factor for scaling the diagnostics segment. The progress here is significant, moving from commercial contracts to a major government win.

• First positive commercial coverage was initiated with Highmark Blue Cross Blue Shield effective May 26, 2025.
• Lucid Diagnostics processed 2,841 tests in Q3 2025, maintaining volume to facilitate commercial payer engagement.
• In September 2025, Medicare Contractor Advisory Committee (CAC) medical experts unanimously supported Medicare coverage for EsoGuard.

That unanimous endorsement is the final hurdle before what management believes is near-term Medicare coverage, which would open up a massive segment of the GERD patient population.

Concierge medicine practices and large employers seeking preventative health screening.

This group represents an important, often cash-pay, channel for the EsoGuard test, bypassing the slower traditional reimbursement pathways. While we don't have specific 2025 revenue breakdowns for this channel alone, we know it is an active area of focus.

For example, in Q1 2025, Lucid Diagnostics reported gaining traction in both the concierge medicine and employer markets sales channels. This is where you see the immediate revenue generation while the larger Medicare coverage decision is pending. Finance: draft 13-week cash view by Friday.

PAVmed Inc. (PAVM) - Canvas Business Model: Cost Structure

You're looking at the cost side of the PAVmed Inc. equation as of late 2025, and the story is clearly one of aggressive cost containment following the Lucid deconsolidation. The structure is lean, designed to support the remaining core operations and the two key subsidiaries, Veris Health and the management services provided to Lucid Diagnostics.

The most significant number here is the overall reduction in overhead. For the first nine months of 2025, total operating expenses for PAVmed Inc. dropped down to $15 million. To put that in perspective, that's a massive cut from the $42.3 million reported for the same nine-month period in 2024. That kind of reduction doesn't happen by accident; it reflects a deliberate shift to a much tighter corporate structure.

Here's a breakdown of where that $15 million in operating costs went through September 30, 2025, showing the focus areas:

Cost Category (9 Months Ended Sept 30, 2025)	Amount (in thousands)	Approximate Amount (USD)
Total Operating Expenses	$15,022	$15.02 million
Net General and Administrative	$10,039	$10.04 million
Net Research and Development	$2,524	$2.52 million

The shared services model is definitely evident in the General and Administrative (G&A) line. For the nine months ended September 30, 2025, Net G&A costs totaled $10,039 thousand. This cost base supports the parent company functions that are then allocated across the subsidiaries, which is the core of that shared services approach.

Research and development (R&D) costs are still a necessary burn, primarily funding the Veris implantable monitor development. Net R&D expenses for the first nine months of 2025 were $2,524 thousand. This spend is critical for advancing the Veris Health implantable physiological monitor toward its targeted first-half 2026 FDA filing.

For commercialization efforts, specifically around EsoGuard, the costs are now largely borne by the subsidiary, Lucid Diagnostics, but PAVmed still reports some related expenses. For the third quarter of 2025 alone, Sales and Marketing expenses were $467 thousand. This reflects the ongoing push for physician education and securing payor coverage, like the recent focus on Medicare LCD following the positive CAC meeting.

Finally, you have to account for the balance sheet obligations that impact cash flow, even if they aren't strictly an operating expense. The management has made serious headway on debt. By September 30, 2025, the remaining Senior Secured Convertible Notes liability was reduced to a fair value of $6.9 million. That's a significant cleanup from the $29.1 million liability at the end of 2024.

You need to watch the G&A allocation closely; it's the largest single bucket of cost right now. Finance: draft 13-week cash view by Friday.

PAVmed Inc. (PAVM) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for PAVmed Inc. (PAVM) as of late 2025, and honestly, the picture is dominated by non-operating income and service fees, not product sales from the parent company.

The core operating revenue for PAVmed Inc. (PAVM) remains minimal, reflecting the deconsolidation of Lucid Diagnostics, which removed the EsoGuard test revenue from PAVmed's direct top line. For the nine months ended September 30, 2025, total revenue was only $19,000. This is a stark contrast to the prior year period, which saw $2.99 million in revenue. The revenue generation is heavily weighted toward the subsidiaries' support structures.

One of the most significant, though non-operating, income sources is the Management Service Agreement (MSA) fees from Lucid Diagnostics. For the three months ended March 31, 2025 (1Q25), this income amounted to $3.2 million, which is reflected in Other Income post-deconsolidation. This fee structure, based on an agreement where Lucid pays PAVmed a monthly fee of $833,333 plus expenses starting January 1, 2024, is crucial for PAVmed's cash flow stability. For the third quarter of 2025, this management fee income was reported at $3.15 million.

The Veris Cancer Care Platform (Veris Health) contributes via subscription revenue, which is now a core component of PAVmed's direct operating revenue. For the first quarter of 2025, this subscription revenue was reported at $8,000. The operating revenue for the third quarter of 2025 itself was just $5,000.

The third major component involves the equity method income and potential capital gains from the investment in Lucid Diagnostics. Since Lucid is no longer consolidated, PAVmed accounts for its investment using the equity method. This can lead to significant, non-cash swings in reported income. For instance, the GAAP net income in 1Q25 included a mark-to-market gain on the Lucid investment of +$21.0 million. However, this volatility works both ways; the investment recorded a $4.4 million unrealized loss during the third quarter of 2025 due to changes in Lucid's stock price. As of September 30, 2025, the fair value of this equity-method investment stood at $31.6 million.

To put these income streams in perspective, here's a quick look at the key figures around the reporting periods:

Income/Revenue Component	Period Ending September 30, 2025 (Nine Months)	Q3 2025	Q1 2025
Total Operating Revenue (PAVM)	$19,000	$5,000	Not specified
Lucid MSA Fee Income (Below-the-line)	Not specified	$3.15 million	$3.2 million
Veris Subscription Revenue (Operating)	Not specified	Part of $5,000 total	$8,000
Equity Method Gain/(Loss) on Lucid Investment	Not specified	($4.4 million) Loss	$21.0 million Gain

The company's management has noted that on a pro forma basis, combining the Veris revenue and the Lucid management fee income would visually align PAVmed's income sources versus its operating expenses at more than $3 million per quarter for illustrative purposes. Still, for SEC reporting, the MSA income is a below-the-line item, meaning the direct operating revenue is extremely thin.

The revenue streams are characterized by:

• Management Service Agreement fees from Lucid Diagnostics, such as the $3.2 million recognized in 1Q25.
• Subscription revenue from the Veris Cancer Care Platform, which was $8,000 in Q1 2025.
• Equity method income and potential capital gains from the investment in Lucid Diagnostics, which saw a $21.0 million mark-to-market gain in 1Q25.
• Minimal direct product revenue, with total revenue at only $19,000 for the nine months ended September 30, 2025.

Finance: draft 13-week cash view by Friday.