PAVmed Inc. (NASDAQ: PAVM) reported fourth quarter and full year 2025 financial results, highlighting efforts to strengthen its capital structure and advance its medical technology portfolio.

The company completed a $30 million Series D preferred stock offering and a $15 million senior secured note financing during the period. These proceeds helped eliminate previously outstanding convertible securities and extend the company's cash runway. PAVmed also issued $30 million in Series D warrants, callable upon publication of a draft CMS coverage policy for subsidiary Lucid Diagnostics' EsoGuard test.

For the three months ended December 31, 2025, PAVmed recorded operating expenses of approximately $6.9 million, including $0.3 million in stock-based compensation. The company reported a GAAP net loss attributable to common stockholders of approximately $1.8 million, or $(2.05) per diluted share. Non-GAAP adjusted loss was approximately $0.9 million or $(1.05) per share.

PAVmed had cash and cash equivalents of $1.5 million as of December 31, 2025, compared to $1.2 million as of December 31, 2024.

The company relaunched its medical device portfolio under new leadership, appointing Joseph Virgilio as Chief Business Officer of Medical Devices. PAVmed also completed licensing of endoscopic esophageal imaging technology from Duke University.

Subsidiary Veris Health advanced its strategic partnership with The Ohio State University's James Cancer Hospital, completing full integration with the hospital's electronic health record system. Veris is working with its development partner on an implantable physiological monitor, targeting a late 2026 FDA 510(k) submission.

Lucid Diagnostics (NASDAQ: LUCD) recognized $1.5 million in EsoGuard revenue for the fourth quarter and processed 3,664 tests. The subsidiary was awarded a U.S. Department of Veterans Affairs contract for EsoGuard, expanding access across the healthcare system serving approximately nine million veterans.