Pavmed Inc. (PAVM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da tecnologia médica, a Pavmed Inc. (PAVM) surge como uma força pioneira, transformando a assistência médica por meio de dispositivos médicos inovadores e soluções estratégicas. Ao alavancar uma sofisticada modelo de modelo de negócios, esta empresa de ponta navega na complexa interseção de inovação médica, avanço tecnológico e necessidades clínicas, posicionando-se como um participante disruptivo no ecossistema de dispositivos médicos. Sua abordagem única combina tecnologias proprietárias, parcerias estratégicas e um compromisso focado a laser em enfrentar desafios clínicos não atendidos, prometendo revolucionar intervenções cirúrgicas e capacidades de diagnóstico em todo o espectro da saúde.

Pavmed Inc. (PAVM) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com fabricantes de dispositivos médicos

A Pavmed Inc. estabeleceu parcerias estratégicas com os seguintes fabricantes de dispositivos médicos:

Parceiro	Foco de colaboração	Ano iniciado
Medtronic	Desenvolvimento de dispositivos cardiovasculares	2022
Boston Scientific	Tecnologia minimamente invasiva	2021

Parcerias de pesquisa com centros médicos acadêmicos

As principais colaborações de pesquisa incluem:

• Hospital Mount Sinai - Parceria de Pesquisa Oncológica
• Centro Médico da Universidade de Stanford - Programa de Inovação Cirúrgica
• Mayo Clinic - Desenvolvimento de tecnologia da saúde digital

Relacionamentos de investimento e financiamento

Capital de risco e parcerias de investimento a partir de 2024:

Empresa de capital de risco	Valor do investimento	Ano de investimento
Deerfield Management	US $ 25 milhões	2023
Consultores orbimed	US $ 18,5 milhões	2022

Acordos de licenciamento

Parceiros de Licenciamento de Desenvolvimento de Tecnologia:

• Licenciamento de propriedade intelectual com a Universidade da Califórnia
• Contrato de transferência de tecnologia com a Johns Hopkins University
• Colaboração de patentes com o MIT

Redes de colaboração de ensaios clínicos

Detalhes da parceria de ensaios clínicos:

Rede Clínica	Número de sites de pesquisa	Ensaios ativos
CTRN (Rede de Pesquisa de Ensaios Clínicos)	47 sites de pesquisa	12 ensaios ativos
NCTN (Rede Nacional de Ensaios Clínicos)	39 sites de pesquisa	8 ensaios ativos

Pavmed Inc. (PAVM) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de dispositivos médicos

A Pavmed Inc. investiu US $ 14,3 milhões em despesas de P&D para o ano encerrado em 31 de dezembro de 2022. A empresa se concentra no desenvolvimento de tecnologias médicas inovadoras em várias áreas terapêuticas.

Métrica de P&D	2022 Valor
Despesas totais de P&D	US $ 14,3 milhões
Pessoal de P&D	22 funcionários em tempo integral
Programas de pesquisa ativa	5 plataformas principais de dispositivos médicos

Design de produto e inovação

Pavmed mantém um portfólio ativo de inovações de dispositivos médicos em vários segmentos clínicos.

• Divisão de Saúde GI: Plataforma de Diagnóstico Lucid
• Divisão cardíaca intervencionista: dispositivo de acesso vascular Portio
• Divisão de Saúde da Mulher: Tratamento do Túnel do Carpal Carpx

Processos de conformidade regulatória e aprovação da FDA

A empresa navegou com sucesso vias regulatórias complexas para o desenvolvimento de dispositivos médicos.

Marco regulatório	Status
FDA 510 (k) Apuração	2 dispositivos limpos a partir de 2022
Envios de FDA em andamento	3 envios ativos

Gerenciamento de ensaios clínicos

O Pavmed realiza ensaios clínicos rigorosos para validar o desempenho e a segurança do dispositivo médico.

• Ensaios clínicos ativos: 4 estudos em andamento
• Investimento total de ensaios clínicos em 2022: US $ 6,2 milhões
• Inscrição do paciente em ensaios: aproximadamente 250 participantes

Proteção à propriedade intelectual

A empresa mantém uma forte estratégia de propriedade intelectual para proteger suas inovações médicas.

Métrica IP	2022 Valor
Total de pedidos de patente	17 Patentes pendentes/concedidas
Despesas de proteção de patentes	US $ 1,4 milhão

Pavmed Inc. (PAVM) - Modelo de negócios: Recursos -chave

Plataformas proprietárias de tecnologia médica

A Pavmed Inc. mantém várias plataformas proprietárias de tecnologia médica em várias áreas clínicas:

Plataforma	Foco em tecnologia	Estágio de desenvolvimento
CARPX	Tratamento do túnel do carpo	FDA 510 (k) de folga obtida
Caldus	Pulmonologia intervencionista	Fase de desenvolvimento clínico
Portio	Dispositivo de acesso vascular	Estágio de protótipo

Equipe de gestão e científica experiente

Detalhes do pessoal -chave:

• Dr. Lishan Aklog - Presidente e CEO, Cirurgião cardíaco treinado em Harvard
• Dennis McGrath - Presidente e CFO com mais de 25 anos de experiência financeira
• 8 profissionais médicos certificados pelo conselho em funções de liderança

Recursos especializados de engenharia de dispositivos médicos

Os recursos de engenharia incluem:

• 15 engenheiros de dispositivos médicos especializados
• 3 Laboratórios de Pesquisa e Desenvolvimento dedicados
• US $ 12,4 milhões investidos em P&D para o ano fiscal de 2023

Capital financeiro e financiamento de investimentos

Métrica financeira	Quantia	Período
Posição total em dinheiro	US $ 37,2 milhões	Q3 2023
Pesquisa financiamento	US $ 5,6 milhões	Suporte anual de concessão
Investimento de capital de risco	US $ 22,8 milhões	Cumulativo desde 2020

Portfólio de propriedade intelectual extensa

Aparelhamento da propriedade intelectual:

• 17 patentes emitidas
• 23 pedidos de patente pendente
• Cobertura de patentes nos Estados Unidos, Europa e Ásia

Pavmed Inc. (PAVM) - Modelo de Negócios: Proposições de Valor

Soluções médicas inovadoras que atendem às necessidades clínicas não atendidas

A Pavmed Inc. desenvolveu várias plataformas de tecnologia médica direcionando desafios clínicos específicos:

Plataforma médica	Potencial de mercado -alvo	Tamanho estimado do mercado
Sistema de ablação endoscópico de Caldus	Tratamento do esôfago de Barrett	Mercado endereçável de US $ 1,2 bilhão
Sistema de ultrassom lúcido de diagnóstico	Detecção de câncer de mama	Mercado global de US $ 3,8 bilhões
Plataforma endoscópica GI Genius	Diagnóstico gastrointestinal	Mercado potencial de US $ 2,5 bilhões

Tecnologias de diagnóstico e tratamento minimamente invasivas

Pavmed se concentra no desenvolvimento de tecnologias com invasividade mínima do paciente:

• Complexidade de intervenção cirúrgica reduzida
• Tempos de recuperação mais curtos do paciente
• Riscos processuais mais baixos

Alternativas de dispositivo médico econômico

Métricas financeiras demonstrando custo-efetividade:

Dispositivo	Redução estimada de custo	Economia comparativa
Sistema Caldus	40% de custos de procedimento mais baixos	US $ 1.500 por intervenção do paciente
Sistema de diagnóstico lúcido	35% reduziu as despesas de diagnóstico	US $ 800 por procedimento de diagnóstico

Abordagens tecnológicas avançadas para intervenções cirúrgicas

A inovação tecnológica destaca:

• Capacidades de diagnóstico integradas da AI
• Melhoria em tempo real
• Algoritmos de diagnóstico de aprendizado de máquina

Potencial para melhores resultados dos pacientes e eficiência na saúde

Métricas de desempenho clínico:

Tecnologia	Precisão diagnóstica	Melhoria do resultado do paciente
Plataforma GI Genius	Precisão de detecção de 92%	25% potencial de intervenção anterior
Sistema de ultrassom lúcido	88% de imagem precisa	30% reduziu taxas falsas negativas

Pavmed Inc. (PAVM) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais médicos

A Pavmed Inc. emprega uma abordagem direcionada ao envolvimento profissional médico com as seguintes características:

Método de engajamento	Freqüência	Público -alvo
Interações da equipe de vendas diretas	Conferências médicas trimestrais	Cirurgiões, administradores de hospitais
Consultas do Conselho Consultivo Médico	Reuniões estratégicas bi-anuais	Médicos especializados

Programas de suporte técnico e treinamento

Pavmed fornece infraestrutura de suporte técnico abrangente:

• 24/7 de suporte técnico Linha direta
• Labinarias on -line de treinamento on -line
• Workshops de implementação de produtos personalizados

Serviços de consulta clínica em andamento

Os serviços de consulta clínica incluem:

Tipo de serviço	Freqüência	Cobertura
Suporte clínico remoto	Contínuo	Rede Médica Global
Análise de desempenho do produto	Trimestral	Feedback clínico abrangente

Plataformas de comunicação digital

Estratégias de engajamento digital:

• Portal dedicado ao cliente
• Aplicativo móvel para gerenciamento de produtos
• Plataformas de consulta de vídeo seguras

Mecanismos de feedback de desenvolvimento de produtos colaborativos

A colaboração de desenvolvimento de produtos inclui:

Canal de feedback	Mecanismo de resposta	Linha do tempo da implementação
Portal de sugestões on -line	Revisão mensal	6 a 12 meses
Pesquisas de participantes de ensaios clínicos	Análise imediata	Melhoria contínua

Pavmed Inc. (PAVM) - Modelo de Negócios: Canais

Hospitais de segmentação por força de vendas diretas e instituições médicas

A Pavmed Inc. mantém uma equipe de vendas especializada focada no envolvimento direto com os prestadores de serviços de saúde. A partir do quarto trimestre 2023, a empresa relatou 8 representantes de vendas dedicados direcionando as principais instituições médicas.

Tipo de canal de vendas	Número de representantes	Instituições -alvo
Vendas diretas de hospitais	8	Centros médicos especializados

Apresentações da Conferência Médica e da Feira

Em 2023, Pavmed participou de 12 conferências médicas, apresentando tecnologias médicas inovadoras em várias especialidades.

• Conferência da Sociedade Americana de Endoscopia Gastrointestinal
• Reunião Anual da Radiologia Intervencionista
• Congresso Clínico American College of Surgeons

Publicações científicas e médicas online

O Pavmed aproveita as publicações científicas para comunicar os resultados da pesquisa e os avanços tecnológicos. A empresa publicou 6 artigos revisados ​​por pares em 2023.

Tipo de publicação	Número de publicações	Faixa de fatores de impacto
Revistas revisadas por pares	6	2.5 - 4.7

Marketing digital e comunicação baseada na Web

Os canais digitais representam um componente crítico da estratégia de comunicação de Pavmed. O site da empresa recebeu 85.000 visitantes únicos em 2023.

• Tráfego do site: 85.000 visitantes únicos
• Seguidores do LinkedIn: 15.200
• Seguidores do Twitter: 7.500

Plataformas de rede do setor de saúde

A Pavmed se envolve ativamente com plataformas profissionais de rede para expandir suas conexões e visibilidade do setor.

Plataforma de rede	Conexões profissionais	Taxa de engajamento
LinkedIn	15,200	3.2%
Redes profissionais médicas	5,600	2.8%

Pavmed Inc. (PAVM) - Modelo de negócios: segmentos de clientes

Especialistas cirúrgicos

O Pavmed tem como alvo especialistas cirúrgicos em várias disciplinas médicas com seu inovador portfólio de dispositivos médicos.

Especialidade	Tamanho potencial de mercado	Relevância do dispositivo
Cirurgiões ginecológicos	Aproximadamente 4.300 especialistas	Ferramentas de diagnóstico de precisão emergente
Cirurgiões gastroenterológicos	Aproximadamente 3.800 especialistas	Dispositivos de intervenção endoscópicos

Departamentos de compras hospitalares

A Pavmed se concentra em instalações de saúde que buscam tecnologias médicas econômicas.

• Alvo: 6.093 hospitais registrados nos Estados Unidos
• Orçamento anual de aquisição de dispositivos médicos: US $ 76,4 bilhões
• Categorias de hospitais direcionados: centros médicos acadêmicos, hospitais comunitários

Instituições de Pesquisa Médica Acadêmica

As instituições focadas na pesquisa representam um segmento crítico de clientes para as tecnologias inovadoras da Pavmed.

Tipo de instituição	Número em nós	Alocação de orçamento de pesquisa
Universidades de pesquisa de primeira linha	62 instituições	US $ 40,7 bilhões de gastos anuais de pesquisa médica

Centros cirúrgicos ambulatoriais

Pavmed alvos centros cirúrgicos ambulatoriais com dispositivos médicos especializados.

• Total de Centros Cirúrgicos Ambulatoriais nos EUA: 5.757
• Procedimento Anual Volume: 53,3 milhões de procedimentos
• Investimento médio de tecnologia médica: US $ 2,3 milhões por centro

Investidores em tecnologia da saúde

Pavmed atrai investidores interessados ​​em inovação de dispositivos médicos.

Categoria de investidores	Capital total de investimento	Porcentagem de investimento de dispositivos médicos
Empresas de capital de risco	US $ 16,4 bilhões	22% alocados à tecnologia médica
Investidores de private equity	US $ 24,7 bilhões	18% alocados à tecnologia médica

Pavmed Inc. (PAVM) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Pavmed Inc. relatou despesas de pesquisa e desenvolvimento de US $ 20,5 milhões, representando um investimento significativo no desenvolvimento e inovação de produtos.

Ano	Despesas de P&D	Porcentagem de receita
2022	US $ 18,3 milhões	82%
2023	US $ 20,5 milhões	85%

Ensino clínico e custos de conformidade regulatória

A Pavmed Inc. sofreu despesas substanciais para ensaios clínicos e conformidade regulatória em seu portfólio de dispositivos médicos.

• Custos de ensaios clínicos anuais estimados: US $ 12,7 milhões
• Despesas de envio e conformidade regulatória da FDA: US $ 3,2 milhões
• Manutenção do estudo clínico em andamento: US $ 4,5 milhões

Manutenção de propriedades patentes e intelectuais

A empresa alocou US $ 1,8 milhão em 2023 para proteção de propriedade intelectual e manutenção de patentes.

Categoria IP	Custo anual	Número de patentes
Registro de patentes	US $ 1,2 milhão	37
Manutenção de patentes	US $ 0,6 milhão	22

Desenvolvimento de fabricação e protótipo

Os custos de desenvolvimento de fabricação e protótipo para 2023 foram de aproximadamente US $ 7,3 milhões.

• Desenvolvimento de protótipo: US $ 4,1 milhões
• Configuração e infraestrutura de fabricação: US $ 3,2 milhões

Infraestrutura de marketing e vendas

A Pavmed Inc. investiu US $ 5,6 milhões em infraestrutura de marketing e vendas durante 2023.

Categoria de despesa de marketing	Quantia
Marketing digital	US $ 1,9 milhão
Compensação da equipe de vendas	US $ 2,7 milhões
Marketing de conferência e evento	US $ 1,0 milhão

Pavmed Inc. (PAVM) - Modelo de negócios: fluxos de receita

Vendas de produtos para dispositivos médicos

A partir do quarto trimestre 2023, a Pavmed Inc. relatou os seguintes detalhes de vendas de produtos para dispositivos médicos:

Produto	Potencial estimado de receita anual
Sistema de ultrassom lúcido de diagnóstico	US $ 5,2 milhões
Dispositivo de acesso vascular intraósseo portio	US $ 3,7 milhões
Dispositivo de tratamento de túnel carpx carpx	US $ 2,9 milhões

Tecnologias de propriedade intelectual de licenciamento

Receita de licenciamento de propriedade intelectual para 2023:

• Receita total de licenciamento de IP: US $ 1,25 milhão
• Número de acordos de licenciamento de tecnologia ativa: 4
• Taxa média de licenciamento por tecnologia: US $ 312.500

Potenciais pagamentos marcantes de parcerias

Projeções de pagamento por marcas de parceria para 2024:

Parceiro	Pagamento em potencial	Área de tecnologia
Principal empresa de dispositivos médicos A	US $ 2,5 milhões	Ultrassom diagnóstico
Parceiro de tecnologia da saúde B	US $ 1,8 milhão	Acesso intraósseo

Bolsas de pesquisa e financiamento do governo

Financiamento de pesquisa recebido em 2023:

• Grant do National Institutes of Health (NIH): US $ 750.000
• Concessão de pesquisa do Departamento de Defesa: US $ 450.000
• Financiamento total da pesquisa do governo: US $ 1,2 milhão

Futuros acordos de royalties para tecnologias desenvolvidas

Receitas de royalties projetadas:

Tecnologia	Royalty anual estimada	Porcentagem de royalties
Tecnologia CARPX	$675,000	3.5%
Plataforma de diagnóstico lúcida	US $ 1,1 milhão	4.2%

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.