PAVmed Inc. Files Q2 2024 10-Q

TL;DR

PAVM Q2 10-Q is in. Check financials for Series B Preferred & Series Z Warrants.

AI Summary

PAVmed Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as PAXmed Inc., is involved in the surgical and medical instruments and apparatus industry. Key financial data and stock information, including Series B Convertible Preferred Stock and Series Z Warrants, are detailed in the filing.

Why It Matters

This filing provides investors with an update on PAVmed Inc.'s financial performance and position for the second quarter of 2024, crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company's specific industry and financial instruments mentioned can introduce inherent risks.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240812 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• PAVmed Inc. (company) — Filer of the 10-Q
• PAXmed Inc. (company) — Former name of PAVmed Inc.
• 20240630 (date) — End of reporting period
• 20240812 (date) — Filing date
• 3841 (industry_code) — Standard Industrial Classification for Surgical & Medical Instruments & Apparatus
• PAVM:SeriesZWarrantsEachToPurchase115thOfOneShareOfCommonStockMember (financial_instrument) — Specific warrant type mentioned
• PAVM:SeriesBConvertiblePreferredStockMember (financial_instrument) — Specific preferred stock type mentioned

FAQ

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) — 2279KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-031268.txt ( ) — 10199KB
• pavm-20240630.xsd (EX-101.SCH) — 55KB
• pavm-20240630_cal.xml (EX-101.CAL) — 69KB
• pavm-20240630_def.xml (EX-101.DEF) — 273KB
• pavm-20240630_lab.xml (EX-101.LAB) — 473KB
• pavm-20240630_pre.xml (EX-101.PRE) — 399KB
• form10-q_htm.xml (XML) — 2151KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-37685 PAVMED INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 47-1214177 (State or Other Jurisdiction of (IRS Employer Incorporation or Organization) Identification No.) 360 Madison Avenue 25th Floor New York , NY 10017 (Address of Principal Executive Offices) (Zip Code) (917) 813-1828 (Registrant's Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Exchange Act: Title of each Class Trading Symbol(s) Name of each Exchange on which Registered Common Stock, $0.001 par value per share PAVM The NASDAQ Stock Market LLC Series Z Warrants, each to purchase 1/15th of one share of Common Stock PAVMZ The NASDAQ Stock Market LLC Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of"large accelerated filer", "accelerated filer" , "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large Accelerated filer Accelerated filed Non-accelerated reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(c) of the Exchange Act Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No As of June 30, 2024 and August 8, 2024, there were 10,010,844 and 10,406,433 shares, respectively, of the registrant's Common Stock, par value $ 0.001 per share, issued and outstanding (with such number of shares inclusive of shares of common stock underlying unvested restricted stock awards granted under the PAVmed Inc. 2014 Long-Term Incentive Equity Plan as of such date). TABLE OF CONTENTS Page Part I - Financial Information Item 1. Financial Condensed Consolidated Balance Sheets (unaudited) as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (unaudited) for the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2024 and 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 4. Controls and Procedures 40 Part II - Other Information Item 1. Legal Proceedings 41 Item 5. Other Information 41 Item 6. Exhibits 41 Signature 42 Exhibit Index 43 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) June 30, 2024 December 31, 2023 Assets: Current assets: Cash $ 25,499 $ 19,639 Accounts receivable 219 61 Inventory 687 278 Prepaid expenses, deposits, and other current assets 3,802 4,520 Total current assets 30,207 24,498 Fixed assets, net 1,331 1,783 Operating lease right-of-use assets 5,771 4,267 Intangible assets, net 947 1,424 Other assets 1,157 1,147 Total assets $ 39,413 $ 33,119 Liabilities, Preferred Stock and Stockholders' Equity Current liabilities: Accounts payable $ 1,232 $ 1,786 Accrued expenses and other current liabilities 6,789 6,626 Operating lease liabilities, current portion 1,369 1,565 Senior Secured Convertible Notes - at fair value 44,000 44,200 Total current liabilities 53,390 54,177 Operating lease liabilities, less curren

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