PAVmed Inc. (PAVM): History, Ownership, Mission, How It Works & Makes Money

Are you looking at PAVmed Inc. (PAVM) and trying to figure out if its innovative medtech portfolio is finally starting to deliver on its promise? This diversified commercial-stage medical technology company, with a mission to improve patient care and save lives, operates a shared-services model that houses key subsidiaries like Lucid Diagnostics Inc. and Veris Health Inc. While the company reported a GAAP net loss of approximately $6.3 million in the third quarter of 2025, the real story is in the subsidiaries' progress, like Lucid's flagship EsoGuard® Esophageal DNA Test, which just received a unanimous expert endorsement for Medicare coverage in September 2025. So, how does a company with only $5 thousand in Q3 2025 revenue manage to drive such high-stakes, life-saving innovation and what does that mean for your defintely next investment decision?

PAVmed Inc. (PAVM) History

You want to understand the foundation of PAVmed Inc. (PAVM) and how it evolved into the diversified medical technology company it is today. The quick takeaway is that a trio of physician-entrepreneurs and a device executive founded the company in 2014 to quickly commercialize a broad pipeline of medical innovations using a capital-efficient, shared-services model. This structure allowed them to spin out key subsidiaries like Lucid Diagnostics and Veris Health, which now drive the company's near-term value.

Given Company's Founding Timeline

Year established

PAVmed Inc. was established in 2014.

Original location

The company was founded in New York City, United States.

Founding team members

The company was co-founded by two accomplished cardiothoracic surgeons and an experienced medical device executive, who brought a decisive, action-oriented mindset to the business.

• Lishan Aklog, M.D.: Co-founder, Chairman, and Chief Executive Officer.
• Brian J. deGuzman, M.D.: Co-founder and Chief Compliance & Technology Officer.
• Michael Glennon: Co-founder and medical device executive.

Initial capital/funding

Early on, PAVmed raised a total funding of $845K across 12 rounds. One of the most recent capital injections was a Post-IPO funding round in February 2025, which brought in $2.37M.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory has been defined by a few pivotal, non-linear decisions that moved it from a pure medical device developer to a diversified life sciences holding company.

The initial decision to adopt a shared-services business model was defintely a game-changer. This approach allows the parent company to house core functions-like finance, legal, and regulatory-and then spin out subsidiaries, such as Lucid Diagnostics and Veris Health, to focus on specific, high-potential markets. This is how they achieve economies of scale and deploy resources quickly.

The most recent transformative step was the financial restructuring in 2025. By converting $22.5 million of debt into equity, the company drastically cleaned up its balance sheet, which was a necessary move to maintain NASDAQ compliance and focus on core operations. This action, coupled with the deconsolidation of Lucid Diagnostics, allowed the parent company to narrow its non-GAAP operating expenses to approximately $4.4M per quarter, as seen in Q3 2025.

Two key catalysts now drive the business:

• Lucid's Medicare Coverage: The unanimous expert support from the Medicare Contractor Advisory Committee (CAC) in Q3 2025 for EsoGuard coverage is a major inflection point, potentially unlocking a $1.2 billion market opportunity.
• Veris's Commercial Launch: The launch of the Veris Cancer Care Platform with The Ohio State University's James Cancer Hospital in Q3 2025 marks the transition from development to commercial revenue for the digital health arm.

For a deeper dive into the financial implications of these moves, you should read Breaking Down PAVmed Inc. (PAVM) Financial Health: Key Insights for Investors. The focus now is less on the parent company's revenue-which was only about $5K in Q3 2025-and more on the successful execution and financing of its subsidiaries. You need to watch for the final Medicare coverage decision and the Veris deployment metrics. That's the real action.

PAVmed Inc. (PAVM) Ownership Structure

PAVmed Inc. is a publicly traded, commercial-stage medical technology company, and its ownership structure is heavily weighted toward insiders, which gives the leadership team significant control over strategic decisions.

This high insider ownership, sitting at over half the company, means management's interests are defintely aligned with long-term performance, but it also means retail investors have less collective voting power. You need to know who is steering the ship and how much skin they have in the game.

Given Company's Current Status

PAVmed Inc. is a public company traded on the Nasdaq Capital Market under the ticker symbol PAVM. As of November 2025, the company has successfully regained compliance with the Nasdaq's minimum stockholders' equity requirement, a critical step completed in February 2025 through strategic moves like deconsolidating its Lucid Diagnostics Inc. subsidiary and restructuring convertible debt. The company's market capitalization stood at approximately $10.0 million as of November 2025.

The company operates in the medical device, diagnostics, and digital health sectors, with subsidiaries like Lucid Diagnostics Inc. (Nasdaq: LUCD) and Veris Health Inc.. To understand the governing principles behind its strategy, you can review the Mission Statement, Vision, & Core Values of PAVmed Inc. (PAVM).

Given Company's Ownership Breakdown

The ownership structure of PAVmed Inc. is unusual for a public company, with insiders holding the majority of shares. This concentration of power is a key factor in the company's governance and decision-making process. Here's the quick math on who controls the stock as of the 2025 fiscal year data:

The fact that insiders own over half the company means they can effectively control shareholder votes, including the election of the board and approval of major corporate actions. Institutional ownership is relatively low at 4.95%, suggesting less capital from large funds is currently committed to the stock.

Given Company's Leadership

The company is steered by a seasoned executive team, many of whom are also significant shareholders, reinforcing the insider control shown in the ownership breakdown. The leadership focuses on driving commercial adoption of approved medical devices and advancing mid- to late-stage programs.

• Dr. Lishan Aklog: Chairman and Chief Executive Officer (CEO). He co-founded PAVmed in 2014 and also serves as Executive Chairman of Lucid Diagnostics Inc. and Veris Health Inc..
• Dennis McGrath: President and Chief Financial Officer (CFO). He has been with the company since 2017, bringing decades of experience from the medical device industry.
• Shaun O'Neil, MBA: Chief Operating Officer (COO). He oversees the planning and execution of sales and marketing activities across the U.S. and international markets.
• Michael J. Glennon: Vice Chairman and a Director. He is a co-founding Partner of Pavilion Holdings Group, a medical device holding company, linking the board to a broader network of medical innovation.

This core team, with Dr. Aklog at the helm, is responsible for navigating the company's strategic path, including the recent debt restructuring and the commercial launch of the Veris Health strategic partnership in Q3 2025.

PAVmed Inc. (PAVM) Mission and Values

PAVmed Inc.'s core purpose is to revolutionize patient care by bringing disruptive medical technology to market faster and more efficiently than traditional models. This mission is grounded in a culture of action and decisiveness, reflecting the company's roots with its founding surgeons.

PAVmed Inc.'s Core Purpose

You need to know what drives a company beyond its quarterly earnings, and for PAVmed Inc., it's a clear, patient-focused imperative. Their mission is simple but powerful, aiming to solve critical, unmet clinical needs across the healthcare spectrum, from diagnostics to digital health.

Official mission statement

The company's mission is to directly impact patient outcomes, which is the ultimate metric in the medical technology sector. It's about more than incremental improvements; it's about changing the game.

• Improve patient care and save lives through disruptive medical technology.
• Enable preventative care and allow physicians to seamlessly track patient progress at home.
• Empower healthcare systems to operate more efficiently and cost-effectively.

This mission is defintely a high bar, especially when the parent company's consolidated revenue for the nine months ended September 30, 2025, was only $19,000, showing their focus is still heavily on development and commercialization ramp-up, not established sales volume.

Vision statement

The vision is the financial and operational roadmap for how they achieve that mission, focusing on stability and growth through a unique structure. It maps out a path to profitability by leveraging a shared-services model (using one central team for multiple subsidiaries like Lucid Diagnostics and Veris Health). Mission Statement, Vision, & Core Values of PAVmed Inc. (PAVM).

• Build a growing and profitable, diversified medical technology company.
• Ensure clinicians have easy access to continuous health technology innovation.
• Advance the vision as a diversified commercial life sciences company with multiple independently-financed subsidiaries.

This structure is key. For example, in the third quarter of 2025, while PAVmed Inc. reported a GAAP net loss of approximately $6.3 million, its subsidiary Lucid Diagnostics Inc. still recognized $1.2 million in EsoGuard revenue, demonstrating the independent commercial progress of its portfolio companies.

PAVmed Inc. slogan/tagline

While the company doesn't use a single, snappy slogan in its formal communications, its operational philosophy-its cultural DNA-serves as a practical tagline for how they work. You can see this in their approach to launching products like the EsoGuard® Esophageal DNA Test and the Veris Cancer Care Platform.

• Pioneering medical technology with a shared-services business model.
• A culture of action, audacity, and adaptiveness.
• Innovation within reach.

This mindset is reflected in their tight cost control: the non-GAAP adjusted loss for Q3 2025 was only about $0.4 million, which shows a strong focus on financial discipline while pushing new products forward. It's a lean, action-oriented approach to a capital-intensive industry.

PAVmed Inc. (PAVM) How It Works

PAVmed Inc. operates as a diversified commercial-stage medical technology holding company, creating value by developing innovative medical devices, diagnostics, and digital health solutions through independently financed subsidiaries that leverage a central shared services model.

In practice, PAVmed's primary revenue stream comes from a management services agreement with its majority-owned subsidiary, Lucid Diagnostics, which generated $3.15 million in management fee income for PAVmed in Q3 2025, plus its equity stake in the subsidiary's growing commercial enterprise. This model allows the parent company to fund new ventures while providing essential, cost-efficient support like finance, legal, and regulatory affairs to its portfolio companies.

PAVmed Inc.'s Product/Service Portfolio

PAVmed Inc.'s Operational Framework

The company's operation is built on a 'shared services' business model, which is defintely the core of its efficiency. This structure allows PAVmed to incubate (PMX) and spin out high-potential technologies into separate, independently-financed subsidiaries like Lucid Diagnostics and Veris Health.

• Centralized Support: PAVmed's corporate team handles critical, high-cost functions-think finance, IP management, and regulatory strategy-for all subsidiaries, reducing individual company overhead.
• Funding Mechanism: The subsidiaries raise their own capital for commercialization and development, which extends PAVmed's financial runway and minimizes the parent company's capital burn. PAVmed's Q3 2025 consolidated revenue was only $5K, but it benefits from the subsidiaries' financial health and pays for services through the management fee.
• Commercial Execution: Lucid Diagnostics is the most advanced, focusing on direct-to-consumer and direct-to-physician sales channels. In Q3 2025, Lucid processed 2,841 EsoGuard tests, generating $1.2 million in revenue.
• Digital Health Deployment: Veris Health is in its early commercial phase, launching its platform with major partners like The Ohio State University Comprehensive Cancer Center in October 2025.

Here's the quick math: the shared model lets each subsidiary focus on its product's clinical and commercial milestones without building a full corporate back office from scratch.

PAVmed Inc.'s Strategic Advantages

The company's strategic edge comes from proprietary technology and near-term catalysts in reimbursement and commercial partnerships. You can read more about the ownership structure and investor sentiment in Exploring PAVmed Inc. (PAVM) Investor Profile: Who's Buying and Why?

• Proprietary Diagnostic Technology: The EsoCheck device's Collect+Protect™ technology is unique, enabling non-endoscopic, anatomically targeted cell collection, which is a key differentiator in the massive esophageal cancer screening market.
• Reimbursement Tailwinds: Lucid Diagnostics is on the cusp of a major catalyst. A September 2025 Contractor Advisory Committee (CAC) meeting for Medicare coverage of EsoGuard resulted in unanimous expert support, making a positive Local Coverage Determination (LCD) a likely near-term event, which would dramatically expand the addressable market.
• Streamlined Balance Sheet: PAVmed significantly reduced its debt burden in 2025, cutting its Senior Secured Convertible Notes liability from $29.1 million at the end of 2024 to $6.9 million by September 2025. This de-risks the parent company's financial structure.
• Strategic Partnerships: Commercial deployment with major institutions like OSU-The James for the Veris Cancer Care Platform provides crucial clinical validation and a clear path to scaling the digital health offering.

What this estimate hides is the continued need for capital, with PAVmed management noting 'substantial doubt' about its ability to continue as a going concern without additional funding, despite the strong subsidiary cash positions.

Next Step: Monitor the Medicare coverage decision for EsoGuard, expected in the near term, as this is the single biggest value driver for the PAVmed ecosystem.

PAVmed Inc. (PAVM) How It Makes Money

PAVmed Inc. makes money primarily through a shared services model, generating revenue from subscription fees for its digital health platform and, more significantly, through a Management Service Agreement (MSA) with its deconsolidated subsidiary, Lucid Diagnostics, which is classified as 'Other Income' for accounting purposes.

This structure means the parent company's reported consolidated revenue is minimal, but its true financial engine is the recurring service fee from Lucid Diagnostics and the early-stage subscription revenue from its Veris Health platform.

Given Company's Revenue Breakdown

The company's reported consolidated revenue is extremely low due to the deconsolidation of its main revenue generator, Lucid Diagnostics, in late 2024. For the third quarter of 2025, consolidated revenue was just $5 thousand. The table below reflects the minimal reported revenue streams as of Q3 2025, with the core economic driver (MSA Income) explained separately.

Here's the quick math: the consolidated total revenue for the nine months ended September 30, 2025, was only $19 thousand, a significant decrease from the prior year when Lucid's revenue was still consolidated. The real financial story is the non-revenue Management Service Agreement (MSA) income, which was $3.2 million in Q1 2025 alone, and is a vital, recurring cash flow source for PAVmed.

Business Economics

PAVmed operates as an incubator and holding company, using a shared services model to launch and support independently financed subsidiaries like Lucid Diagnostics and Veris Health. This model lets the subsidiaries focus on commercialization while the parent company provides infrastructure and collects fees.

• MSA Income is Key: The Management Service Agreement with Lucid Diagnostics is the most substantial, stable cash flow for the parent company, providing over $3 million per quarter on a pro forma basis to cover operating expenses.
• High-Margin Diagnostics: Lucid's flagship product, the EsoGuard Esophageal DNA Test, has a compelling economic profile, with the next patient driving an estimated 90% contribution margin. This means nearly all the revenue from each additional test, once fixed costs are covered, drops to the bottom line.
• Reimbursement is the Catalyst: The entire business model for EsoGuard is awaiting a pivotal Medicare coverage decision (Local Coverage Determination or LCD) from MolDX, which is expected to unlock a potential $1.2 billion market opportunity. This is the single biggest near-term opportunity.
• Veris Platform Strategy: Veris Health's revenue comes from subscription fees for its Cancer Care Platform, which integrates remote patient monitoring and AI-enabled clinical decision support, moving toward a recurring software-as-a-service (SaaS) model.

The shared services model is defintely a smart way to manage risk and capital efficiency, but it also means PAVmed's health is tied directly to the success of its subsidiaries.

For a deeper dive into the subsidiary's financial health, you should check out Breaking Down PAVmed Inc. (PAVM) Financial Health: Key Insights for Investors.

Given Company's Financial Performance

The company's financial performance in 2025 reflects its transition to a pure holding company model with minimal consolidated revenue but significant cost control and non-GAAP income streams.

• Net Loss: For the third quarter of 2025, the GAAP Net Loss attributable to common stockholders was approximately $6.3 million. This loss is heavily influenced by non-cash items, such as the change in the fair value of its equity investment in Lucid Diagnostics.
• Adjusted Loss: The Non-GAAP adjusted loss for Q3 2025 was a much tighter $0.4 million. This figure is a clearer indicator of the actual cash burn from core operations, excluding non-cash and non-recurring items.
• Operating Expenses: Operating expenses for Q3 2025 were approximately $4.8 million. This is a substantial reduction compared to the previous year, showing management's focus on financial discipline.
• Cash Position: PAVmed reported cash and cash equivalents of $3.1 million as of September 30, 2025. This cash position is separate from the capital raised by its subsidiaries, which are now independently financed, extending the runway for both Lucid and Veris.

What this estimate hides is the fact that the non-GAAP loss is largely funded by the non-revenue MSA income and grant proceeds, which keeps the lights on while the subsidiaries scale their commercial operations.

PAVmed Inc. (PAVM) Market Position & Future Outlook

PAVmed Inc. is pivoting from an R&D holding company to a diversified commercial-stage entity, with its near-term trajectory entirely dependent on the commercial success and reimbursement milestones of its subsidiary, Lucid Diagnostics. The company's future outlook is one of high-risk, high-reward, hinging on converting its 'first-mover' advantage in non-endoscopic esophageal precancer screening into broad Medicare coverage.

Competitive Landscape

The competitive landscape for PAVmed's flagship product, EsoGuard, is less about direct product-to-product market share and more about disrupting the entrenched standard of care-invasive endoscopy.

Represents estimated share of the nascent US commercial non-endoscopic esophageal DNA screening test market as of November 2025; the overall target population screening rate remains low. Represents the estimated percentage of patients currently screened using the traditional method or the low rate of adoption for the alternative device in the US, respectively.

Opportunities & Challenges

The company's strategic focus is on securing broad reimbursement for EsoGuard and advancing its digital health platform, Veris Health, while managing its capital structure.

Industry Position

PAVmed's position is that of an early-stage disruptor in the diagnostics sector, leveraging a shared-services model across multiple subsidiaries to manage costs and accelerate diverse product development. The company has made concrete moves to stabilize its balance sheet by reducing its Senior Secured Convertible Notes liability from $29.1 million at the end of 2024 to just $6.9 million by September 2025. This debt cleanup is defintely a necessary step before any major commercial breakthrough.

• Lucid Diagnostics is the core value driver, with Q3 2025 EsoGuard revenue at $1.2 million from 2,841 tests processed.
• The company is actively exploring a new biopharma subsidiary and is finalizing a license for a Duke/UNC endoscopic imaging technology, suggesting a strategic move to vertically integrate its esophageal cancer portfolio.
• While the consolidated entity reported a GAAP net loss of approximately $1.9 million for the nine months ended September 30, 2025, the focus remains on the operational momentum of its subsidiaries.

To be fair, the real upside comes once that Medicare LCD hits, turning test volume into reliable, high-margin revenue. You can read more about the investor base in Exploring PAVmed Inc. (PAVM) Investor Profile: Who's Buying and Why?