PAVmed Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>PAVmed Inc. has filed its Q1 2024 10-Q report detailing financial information and corporate structure.</b>

AI Summary

PAVmed Inc. (PAVM) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. PAVmed Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 360 Madison Avenue, New York, NY. PAVmed Inc. was formerly known as PAXmed Inc., with a name change effective November 5, 2014. The filing includes data related to common stock, Series Z warrants, and Series B convertible preferred stock.

Why It Matters

For investors and stakeholders tracking PAVmed Inc., this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for PAVmed Inc. during the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — PAVmed Inc. shows moderate risk based on this filing. The company's financial statements and disclosures in this 10-Q are subject to the inherent risks and uncertainties of a publicly traded company, particularly in the medical device sector, which can impact future performance.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-Q to understand PAVmed Inc.'s current financial position and future outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-13 — Filing Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (10-Q filing)
• 2023-12-31 — Prior Year End Date (Balance Sheet Data)
• 2023-03-31 — Prior Year Quarter End Date (Balance Sheet Data)

Key Players & Entities

• PAVmed Inc. (company) — Filer name
• PAVM (company) — Ticker symbol
• PAXmed Inc. (company) — Former company name
• 2024-03-31 (date) — Reporting period end date
• 2024-05-13 (date) — Filing date
• 360 Madison Avenue (location) — Company business address
• New York, NY (location) — Company business address
• 2014-11-05 (date) — Date of former company name change

FAQ

Industry Context

PAVmed Inc. operates in the medical instruments and apparatus industry, a sector characterized by innovation, regulatory oversight, and significant capital investment.

Regulatory Implications

Companies in the medical device sector are subject to stringent regulations from bodies like the FDA, impacting product development, marketing, and sales.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ending March 31, 2024.
2. Review any disclosed executive compensation details.
3. Examine the risk factors section for potential business challenges.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-13: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.001 — nge on which Registered Common Stock, $0.001 par value per share PAVM The NASDAQ

Filing Documents

• form10-q.htm (10-Q) — 1554KB
• ex10-4.htm (EX-10.4) — 39KB
• ex31-1.htm (EX-31.1) — 19KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-018913.txt (&nbsp;) — 8488KB
• pavm-20240331.xsd (EX-101.SCH) — 57KB
• pavm-20240331_cal.xml (EX-101.CAL) — 69KB
• pavm-20240331_def.xml (EX-101.DEF) — 270KB
• pavm-20240331_lab.xml (EX-101.LAB) — 428KB
• pavm-20240331_pre.xml (EX-101.PRE) — 361KB
• form10-q_htm.xml (XML) — 1689KB

- Financial Information

Part I - Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets (unaudited) as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (unaudited) for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2024 and 2023 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 4.

Controls and Procedures

Controls and Procedures 37

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 38 Item 5. Other Information 38 Item 6. Exhibits 38 Signature 39 Exhibit Index 40 i Part I - Financial Information Item 1. Financial Statements PAVMED INC. and SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands except number of shares and per share data - unaudited) March 31, 2024 December 31, 2023 Assets: Current assets: Cash $ 25,536 $ 19,639 Accounts receivable 67 61 Inventory 410 278 Prepaid expenses, deposits, and other current assets 3,561 4,520 Total current assets 29,574 24,498 Fixed assets, net 1,595 1,783 Operating lease right-of-use assets 3,886 4,267 Intangible assets, net 1,052 1,424 Other assets 1,147 1,147 Total assets $ 37,254 $ 33,119 Liabilities, Preferred Stock and Stockholders' Equity Current liabilities: Accounts payable $ 1,485 $ 1,786 Accrued expenses and other current liabilities 6,657 6,626 Operating lease liabilities, current portion 1,333 1,565 Senior Secured Convertible Notes - at fair value 45,540 44,200 Total current liabilities 55,015 54,177 Operating lease liabilities, less current portion 2,814 2,960 Total liabilities 57,829 57,137 Commitments and contingencies (Note 8) - - Stockholders' Equity: Preferred stock, $ 0.001 par value. Authorized, 20,000,000 shares; Series B Convertible Preferred Stock, par value $ 0.001 , issued and outstanding 1,331,336 at March 31, 2024 and 1,305,213 shares at December 31, 2023 3,071 2,993 Common stock, $ 0.001 par value. Authorized, 50,000,000 shares; 8,858,597 and 8,578,505 shares outstanding as of March 31, 2024 and December 31, 2023, respectively 9 9 Additional paid-in capital 237,863 237,600 Accumulated deficit ( 309,723 ) ( 294,433 ) Total PAVmed Inc. Stockholders' Equity (Deficit) ( 68,780 ) ( 53,831 ) Noncontrolling interests 48,205 29,813 Total Stockholders' Equity (Deficit) ( 20,575 ) ( 24,018 ) Total Liabilities and St

View Full Filing

View this 10-Q filing on SEC EDGAR