假 --12-31 Q3 0001624326 0001624326 2024-01-01 2024-09-30 0001624326 PAVM：每股面值0.001美元普通股成员 2024-01-01 2024-09-30 0001624326 PAVM：系列Z认股权证，每个可购买115分之一普通股，成员 2024-01-01 2024-09-30 0001624326 2024-09-30 0001624326 2024-11-11 0001624326 2023-12-31 0001624326 PAVM：系列B可转换优先股成员 2024-09-30 0001624326 PAVM：系列B可转换优先股成员 2023-12-31 0001624326 2024-07-01 2024-09-30 0001624326 2023-07-01 2023-09-30 0001624326 2023-01-01 2023-09-30 0001624326 us-gaap:优先股成员 PAVM：系列B可转换优先股成员 2024-06-30 0001624326 us-gaap:普通股成员 2024-06-30 0001624326 us-gaap:额外实收资本成员 2024-06-30 0001624326 us-gaap:留存收益成员 2024-06-30 0001624326 美国通用会计准则：普通股库存成员 2024-06-30 0001624326 us-gaap:非控制性权益成员 2024-06-30 0001624326 2024-06-30 0001624326 us-gaap:优先股票成员 PAVM : B系列可转换优先股票成员 2023-12-31 0001624326 us-gaap:普通股成员 2023-12-31 0001624326 us-gaap:额外实收资本成员 2023-12-31 0001624326 us-gaap:保留盈余成员 2023-12-31 0001624326 us-gaap:普通股库藏股成员 2023-12-31 0001624326 us-gaap:非控制性权益成员 2023-12-31 0001624326 us-gaap:优先股成员 PAVM : B系列可转换优先股成员 2023-06-30 0001624326 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Inc 成员 us-gaap:普通股成员 2024-09-10 0001624326 PAVM : Lucid Diagnostics Inc 成员 us-gaap:普通股成员 2024-09-30 0001624326 PAVM : 管理服务协议成员 srt：董事会主席成员 PAVM : Lucid Diagnostics Inc 成员 2024-01-01 2024-09-30 0001624326 PAVM : 管理服务协议成员 srt : 董事会主席成员 PAVM : Lucid Diagnostics Inc 成员 2024-07-01 2024-09-30 0001624326 PAVM : 管理服务协议成员 srt : 董事会主席成员 PAVM : Lucid Diagnostics Inc 成员 2024-09-11 2024-09-30 0001624326 us-gaap:知识产权成员 2024-09-27 2024-09-27 0001624326 PAVM : Lucid Diagnostics Inc 成员 PAVM : 二零二四年七月一日至二零二四年九月十日 成员 2024-07-01 2024-09-30 0001624326 PAVM : Lucid Diagnostics Inc 成员 PAVM : 二零二四年九月十一日至二零二四年九月三十日 成员 2024-07-01 2024-09-30 0001624326 PAVM : Lucid Diagnostics Inc 成员 PAVM : 二零二四年一月一日至二零二四年九月十日 成员 2024-01-01 2024-09-30 0001624326 PAVM : Lucid Diagnostics Inc 成员 PAVM : 2024年9月11日至2024年9月30日成员 2024-01-01 2024-09-30 0001624326 PAVM : 防御性资产成员 2024-09-30 0001624326 PAVM : 防御性资产成员 2023-12-31 0001624326 PAVM : 实验室信息管理软件成员 2024-09-30 0001624326 PAVM : 实验室信息管理软件成员 2023-12-31 0001624326 PAVM : 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0001624326 PAVM : 计算所需回报率成员 PAVM : 二零二二年九月高级可转换票据成员 srt : 最低成员 2023-12-31 0001624326 PAVM：需要的回报率测量输入成员 PAVM：2022年9月高级可转换票据成员 srt：最大成员 2023-12-31 0001624326 PAVM：需要的回报率测量输入成员 PAVM：2023年3月Lucid高级可转换票据成员 2023-12-31 0001624326 us-gaap:测量输入转换价格会员 PAVM：2022年4月高级可转换票据成员 2023-12-31 0001624326 us-gaap：测量输入转换价格成员 PAVM : 二零二二年九月高级可转换票据成员 2023-12-31 0001624326 us-gaap:测量输入转换价格成员 PAVM : 二零二三年三月Lucid高级可转换票据成员 2023-12-31 0001624326 US-GAAP：股价输入成员 PAVM : 二零二二年四月高级可转换票据成员 2023-12-31 0001624326 us-gaap:测量输入股价成员 PAVM : 二零二二年九月高级可转换票据成员 2023-12-31 0001624326 PAVM : 二零二三年三月Lucid高级可转换票据成员 us-gaap:测量输入股价成员 2023-12-31 0001624326 PAVM : 二零二二年四月高级可转换票据成员 美国通用会计准则：测量输入预期期限成员 srt : 最小成员 2023-01-01 2023-12-31 0001624326 PAVM : 二零二二年四月高级可转换票据成员 us-gaap:测量输入预期期限成员 srt : 最大成员 2023-01-01 2023-12-31 0001624326 PAVM : 二零二二年九月高级可转换票据成员 us-gaap:测量输入预期期限成员 srt : 最小成员 2023-01-01 2023-12-31 0001624326 PAVM : 二零二二年九月高级可转换票据成员 us-gaap:测量输入预期期限成员 srt : 最大成员 2023-01-01 2023-12-31 0001624326 us-gaap:测量输入预期期限成员 PAVM : 二零二三年三月Lucid高级可转换票据成员 2023-01-01 2023-12-31 0001624326 PAVM : 二零二二年四月高级可转换票据成员 美国通用会计准则：测量输入价格波动率成员 2023-12-31 0001624326 PAVM : 2022年九月高级可转换票据成员 us-gaap:测量输入价格波动性成员 2023-12-31 0001624326 us-gaap:测量输入价格波动性成员 PAVM : 2023年三月Lucid高级可转换票据成员 2023-12-31 0001624326 PAVM : 2022年四月高级可转换票据成员 美国通用会计准则：测量输入无风险利率成员 srt : 最低成员 2023-12-31 0001624326 PAVM : 2022年四月高级可转换债券成员 us-gaap:测量输入无风险利率成员 srt : 最大成员 2023-12-31 0001624326 PAVM : 2022年九月高级可转换债券成员 us-gaap:测量输入无风险利率成员 srt : 最小成员 2023-12-31 0001624326 PAVM : 2022年九月高级可转换债券成员 us-gaap:测量输入无风险利率成员 srt : 最大会员 2023-12-31 0001624326 us-gaap:测量输入无风险利率成员 PAVM : 2023年3月Lucid高级可转换票据成员 2023-12-31 0001624326 PAVM : 2022年4月高级可转换票据成员 美国通用会计准则：预期股息率成员 2023-12-31 0001624326 PAVM : 2022年9月高级可转换票据成员 us-gaap:测量输入预期股息率成员 2023-12-31 0001624326 us-gaap:测量输入预期股息率成员 PAVM : Lucid 二零二三年三月高级可转换票据成员 2023-12-31 0001624326 PAVM : 二零二二年四月高级可转换票据成员 2024-01-01 2024-09-30 0001624326 PAVM : 二零二二年九月高级可转换票据成员 2024-01-01 2024-09-30 0001624326 PAVM : 二零二二年四月高级可转换票据成员 2023-01-01 2023-12-31 0001624326 PAVM : 二零二二年九月高级可转换票据成员 2023-01-01 2023-12-31 0001624326 PAVM : Lucid 二零二三年三月高级可转换票据成员 2023-01-01 2023-12-31 0001624326 PAVM : 二零二二年四月高级可转换票据成员 2024-06-30 0001624326 PAVM : 二零二二年九月高级可转换票据成员 2024-06-30 0001624326 PAVM : Lucid 三月二千二十三年 优先可转换债券成员 2024-06-30 0001624326 PAVM : 其他收入支出成员 2024-06-30 0001624326 PAVM : 四月二千二十二年 优先可转换债券成员 2024-07-01 2024-09-30 0001624326 PAVM : 九月二千二十二年 优先可转换债券成员 2024-07-01 2024-09-30 0001624326 PAVM : Lucid 三月二千二十三年 优先可转换债券成员 2024-07-01 2024-09-30 0001624326 PAVM : 其他收入支出成员 2024-07-01 2024-09-30 0001624326 PAVM : Lucid 三月二千二十三年 优先可转换债券成员 2024-09-30 0001624326 PAVM : 其他收入支出成员 2024-09-30 0001624326 PAVM : 其他收入费用成员 2023-12-31 0001624326 PAVM : Lucid 2023年3月高级可转换债券成员 2024-01-01 2024-09-30 0001624326 PAVM : 其他收入费用成员 2024-01-01 2024-09-30 0001624326 PAVM : 2022年4月高级可转换债券成员 2023-06-30 0001624326 PAVM : 2022年9月高级可转换债券成员 2023-06-30 0001624326 PAVM : Lucid 2023年3月高级可转换债券成员 2023-06-30 0001624326 PAVM : 其他收入费用成员 2023-06-30 0001624326 PAVM : 2022年4月高级可转换债券成员 2023-07-01 2023-09-30 0001624326 PAVM : 二零二二年九月高级可转换票据成员 2023-07-01 2023-09-30 0001624326 PAVM : 二零二三年三月Lucid高级可转换票据成员 2023-07-01 2023-09-30 0001624326 PAVM : 其他收入支出成员 2023-07-01 2023-09-30 0001624326 PAVM : 二零二二年四月高级可转换票据成员 2023-09-30 0001624326 PAVM : 二零二二年九月高级可转换票据成员 2023-09-30 0001624326 PAVM : 二零二三年三月Lucid高级可转换票据成员 2023-09-30 0001624326 PAVM : 其他收入支出成员 2023-09-30 0001624326 PAVM : 二零二二年四月高级可转换票据成员 2022-12-31 0001624326 PAVM : 二零二二年九月高级可转换票据成员 2022-12-31 0001624326 PAVM : 二零二三年三月Lucid高级可转换票据成员 2022-12-31 0001624326 PAVM : 其他收入支出成员 2022-12-31 0001624326 PAVM : 二零二二年四月高级可转换票据成员 2023-01-01 2023-09-30 0001624326 PAVM : 二零二二年九月高级可转换票据成员 2023-01-01 2023-09-30 0001624326 PAVM : 二零二三年三月Lucid高级可转换票据成员 2023-01-01 2023-09-30 0001624326 PAVM : 其他收入支出成员 2023-01-01 2023-09-30 0001624326 PAVM : 证券购买协议成员 PAVM : 认证机构投资者会员 2022-03-31 0001624326 PAVM : 证券购买协议会员 PAVM : 认证机构投资者会员 PAVM : 初始发行会员 2022-03-31 0001624326 PAVM : 证券购买协议会员 PAVM : 认证机构投资者会员 PAVM : 额外发行会员 2022-03-31 0001624326 PAVM : 2022年四月高级可转换票据会员 2022-04-02 2022-04-04 0001624326 PAVM：2022年9月高级可转换债券会员 2022-09-07 2022-09-08 0001624326 PAVM：2022年4月和9月高级可转换债券会员 2024-09-30 0001624326 PAVM：2022年4月和9月高级可转换债券会员 PAVM：2024年6月30日至2024年9月3日会员 2024-09-30 0001624326 PAVM：2022年4月和9月高级可转换债券会员 2024-01-01 2024-09-30 0001624326 美国通用会计准则：现金成员 2024-09-30 0001624326 PAVM：2022年9月高级可转换债券会员 us-gaap:投资者会员 2024-07-01 2024-09-30 0001624326 PAVM : 二零二二年九月高级可转换票据会员 us-gaap:投资者会员 2024-01-01 2024-09-30 0001624326 PAVM : 二零二二年九月高级可转换票据会员 us-gaap:利率底限会员 2024-07-01 2024-09-30 0001624326 PAVM : 二零二二年九月高级可转换票据会员 us-gaap:利率下限会员 2024-01-01 2024-09-30 0001624326 PAVM : 二零二二年九月高级可转换票据会员 us-gaap:利率下限会员 2024-09-30 0001624326 PAVM : Lucid 2023年3月高级可转换债券成员 2024-01-01 2024-09-10 0001624326 PAVM : Lucid 2023年3月高级可转换债券成员 us-gaap:投资者成员 2024-01-01 2024-09-10 0001624326 PAVM : Lucid 2023年3月高级可转换债券成员 2024-07-01 2024-09-10 0001624326 PAVM : 2014年股权计划成员 2024-09-30 0001624326 PAVM : 2014年股权计划成员 2024-01-31 0001624326 PAVM : 2014年股权计划成员 srt : 母公司成员 2024-02-22 2024-02-22 0001624326 PAVM：2014年股权计划成员 us-gaap:限制性股票成员 srt：母公司成员 2024-02-22 2024-02-22 0001624326 PAVM：Lucid Diagnostics Inc成员 PAVM：2018年股权计划成员 2024-02-22 2024-02-22 0001624326 PAVM：2018年股权计划成员 PAVM：Lucid Diagnostics Inc成员 us-gaap：限制性股票成员 2024-05-01 2024-05-31 0001624326 PAVM : 二零一四年股权计划成员 2024-01-01 2024-09-30 0001624326 PAVM : 二零一四年股权计划成员 2023-01-01 2023-09-30 0001624326 PAVM : 二零一八年股权计划成员 2024-01-01 2024-09-30 0001624326 PAVM : 二零一八年股权计划成员 2023-01-01 2023-09-30 0001624326 PAVM : 员工股票购买计划成员 2024-01-01 2024-03-31 0001624326 PAVM : 员工股票购买计划成员 2023-01-01 2023-03-31 0001624326 PAVM : 员工股票购买计划成员 2023-01-01 2023-09-30 0001624326 PAVM : 员工股票购买计划成员 2024-09-30 0001624326 PAVM : 员工股票购买计划成员 2024-01-01 2024-01-31 0001624326 PAVM : 员工股票购买计划成员 PAVM : Lucid Diagnostics Inc 成员 2024-01-01 2024-03-31 0001624326 PAVM : 员工股票购买计划成员 PAVM : Lucid Diagnostics Inc 成员 2023-01-01 2023-03-31 0001624326 PAVM : 员工股票购买计划成员 PAVM : Lucid Diagnostics Inc 成员 2023-01-01 2023-09-30 0001624326 PAVM : 2014年股权计划成员 2023-12-31 0001624326 PAVM : 二零一四年股权计划成员 2023-01-01 2023-12-31 0001624326 PAVM : 二零一八年股权计划成员 2023-12-31 0001624326 PAVM : 二零一八年股权计划成员 2023-01-01 2023-12-31 0001624326 PAVM : 二零一八年股权计划成员 2024-09-30 0001624326 srt : 母公司成员 PAVM : 二零一四年股权计划成员 2024-01-01 2024-09-30 0001624326 srt : 母公司成员 PAVM : 二零一四年股权计划成员 2023-01-01 2023-12-31 0001624326 PAVM : Lucid Diagnostics Inc 成员 PAVM : 2018年股权计划成员 2024-09-10 2024-09-10 0001624326 PAVM : Lucid Diagnostics Inc 成员 PAVM : 2018年股权计划成员 2023-01-01 2023-12-31 0001624326 us-gaap:限制性股票单位成员 PAVM : 2014年股权计划成员 2023-12-31 0001624326 us-gaap:限制股票单位RSU成员 PAVM : 2014年股权计划成员 2024-01-01 2024-09-30 0001624326 us-gaap:限制股票单位RSU成员 PAVM : 两千零十四年股权计划成员 2024-09-30 0001624326 us-gaap:限制股票单位RSU成员 PAVM : 两千零十八年股权计划成员 2023-12-31 0001624326 us-gaap:限制股票单位RSU成员 PAVM : 两千零十八年股权计划成员 2024-01-01 2024-09-30 0001624326 us-gaap:限制股票单位RSU成员 PAVM : 两千零十八年股权计划成员 2024-09-30 0001624326 PAVM : 收入成本成员 2024-07-01 2024-09-30 0001624326 PAVM : 收入成本成员 2023-07-01 2023-09-30 0001624326 PAVM : 收入成本成员 2024-01-01 2024-09-30 0001624326 PAVM : 收入成本成员 2023-01-01 2023-09-30 0001624326 us-gaap:销售和营销费用成员 2024-07-01 2024-09-30 0001624326 us-gaap:销售和市场费用成员 2023-07-01 2023-09-30 0001624326 us-gaap:销售和市场费用成员 2024-01-01 2024-09-30 0001624326 us-gaap:销售和市场费用成员 2023-01-01 2023-09-30 0001624326 us-gaap:一般和行政费用成员 2024-07-01 2024-09-30 0001624326 us-gaap:一般及行政开支成员 2023-07-01 2023-09-30 0001624326 us-gaap:一般及行政开支成员 2024-01-01 2024-09-30 0001624326 us-gaap:一般及行政开支成员 2023-01-01 2023-09-30 0001624326 us-gaap:研发费用成员 2024-07-01 2024-09-30 0001624326 us-gaap:研发开支成员 2023-07-01 2023-09-30 0001624326 us-gaap:研发开支成员 2024-01-01 2024-09-30 0001624326 us-gaap:研发开支成员 2023-01-01 2023-09-30 0001624326 PAVM : Lucid Diagnostics Inc 二零一八年股权计划成员 PAVM : 收入成本成员 2024-07-01 2024-09-30 0001624326 PAVM : Lucid Diagnostics Inc 二零一八年股权计划成员 PAVM : 收入成本成员 2023-07-01 2023-09-30 0001624326 PAVM : Lucid Diagnostics Inc 二零一八年股权计划成员 PAVM : 收入成本成员 2024-01-01 2024-09-30 0001624326 PAVM : Lucid Diagnostics Inc 二零一八年股权计划成员 PAVM : 收入成本成员 2023-01-01 2023-09-30 0001624326 PAVM : Lucid Diagnostics Inc 2018年股权计划成员 us-gaap:销售和营销费用成员 2024-07-01 2024-09-30 0001624326 PAVM : Lucid Diagnostics Inc 2018年股权计划成员 us-gaap:销售与市场费用成员 2023-07-01 2023-09-30 0001624326 PAVM : Lucid Diagnostics Inc 2018年股权计划成员 us-gaap:销售与市场费用成员 2024-01-01 2024-09-30 0001624326 PAVM : Lucid Diagnostics Inc 2018年股权计划成员 us-gaap:销售与市场费用成员 2023-01-01 2023-09-30 0001624326 PAVM : Lucid Diagnostics Inc 2018年股权计划成员 us-gaap:一般和行政费用成员 2024-07-01 2024-09-30 0001624326 PAVM : Lucid Diagnostics Inc 2018年股权计划成员 us-gaap:一般和行政费用成员 2023-07-01 2023-09-30 0001624326 PAVM : Lucid Diagnostics Inc 2018年股权计划成员 us-gaap:一般和行政费用成员 2024-01-01 2024-09-30 0001624326 PAVM : Lucid Diagnostics Inc 2018年股权计划成员 us-gaap:一般和行政费用成员 2023-01-01 2023-09-30 0001624326 PAVM : Lucid Diagnostics Inc 2018年股权计划成员 us-gaap:研发费用成员 2024-07-01 2024-09-30 0001624326 PAVM : Lucid Diagnostics Inc 2018年股权计划成员 us-gaap:研发费用成员 2023-07-01 2023-09-30 0001624326 PAVM : Lucid Diagnostics Inc 2018年股权计划成员 us-gaap:研发费用成员 2024-01-01 2024-09-30 0001624326 PAVM : Lucid Diagnostics Inc 2018年股权计划成员 us-gaap:研发费用成员 2023-01-01 2023-09-30 0001624326 PAVM : PA Vmed Inc 2014年股权计划成员 PAVM : 收入成本成员 2024-07-01 2024-09-30 0001624326 PAVM : PA Vmed Inc 2014年股权计划成员 PAVM : 收入成本成员 2023-07-01 2023-09-30 0001624326 PAVM : PA Vmed Inc 2014年股权计划成员 PAVM : 收入成本成员 2024-01-01 2024-09-30 0001624326 PAVM : PA Vmed Inc 2014年股权计划成员 PAVM : 收入成本成员 2023-01-01 2023-09-30 0001624326 PAVM : PA Vmed Inc 2014年股权计划成员 us-gaap:销售和市场费用成员 2024-07-01 2024-09-30 0001624326 PAVM : PA Vmed Inc 2014年股权计划成员 us-gaap:销售和市场费用成员 2023-07-01 2023-09-30 0001624326 PAVM : PA Vmed Inc 2014年股权计划成员 us-gaap:销售和市场费用成员 2024-01-01 2024-09-30 0001624326 PAVM : PA Vmed Inc 2014年股权计划成员 us-gaap:销售和市场费用成员 2023-01-01 2023-09-30 0001624326 PAVM : PA Vmed Inc 2014年股权计划成员 us-gaap:一般和行政费用成员 2024-07-01 2024-09-30 0001624326 PAVM : PA Vmed Inc 2014年股权计划成员 us-gaap:一般和行政费用成员 2023-07-01 2023-09-30 0001624326 PAVM : PA Vmed Inc 2014年股权计划成员 us-gaap:一般和行政费用成员 2024-01-01 2024-09-30 0001624326 PAVM : PA Vmed Inc 2014年股权计划成员 us-gaap:一般和行政费用成员 2023-01-01 2023-09-30 0001624326 PAVM : PA Vmed Inc 二零一四年股权计划成员 us-gaap:研究与开发费用成员 2024-07-01 2024-09-30 0001624326 PAVM : PA Vmed Inc 二零一四年股权计划成员 us-gaap:研究与开发费用成员 2023-07-01 2023-09-30 0001624326 PAVM : PA Vmed Inc 二零一四年股权计划成员 us-gaap:研究与开发费用成员 2024-01-01 2024-09-30 0001624326 PAVM : PA Vmed Inc 二零一四年股权计划成员 us-gaap:研究与开发费用成员 2023-01-01 2023-09-30 0001624326 PAVM : Lucid Diagnostics Inc 成员 2024-07-01 2024-09-30 0001624326 PAVM : Lucid Diagnostics Inc 成员 2023-07-01 2023-09-30 0001624326 PAVM : Lucid Diagnostics Inc 成员 2024-01-01 2024-09-30 0001624326 PAVM : Lucid Diagnostics Inc 成员 2023-01-01 2023-09-30 0001624326 us-gaap:股票期权成员 PAVM : PA Vmed Inc 2014年股权计划成员 2024-09-30 0001624326 PAVM : PA Vmed Inc 2014年股权计划成员 us-gaap:股票期权成员 2024-01-01 2024-09-30 0001624326 us-gaap:限制性股票成员 PAVM : PA Vmed Inc 二零一四年股权计划成员 2024-09-30 0001624326 PAVM : PA Vmed Inc 二零一四年股权计划成员 us-gaap:受限股票成员 2024-01-01 2024-09-30 0001624326 PAVM : B系列可转换优先股成员 2024-01-01 2024-09-30 0001624326 PAVM : B系列可转换优先股成员 2024-07-01 2024-09-30 0001624326 PAVM : B系列可转换优先股成员 2023-07-01 2023-09-30 0001624326 PAVM : B系列可转换优先股成员 2023-01-01 2023-09-30 0001624326 PAVM：B系列可转换优先股成员 PAVM：董事会成员 2023-01-01 2023-12-31 0001624326 PAVM：B系列可转换优先股成员 PAVM：董事会成员 2024-01-01 2024-03-31 0001624326 PAVM：B系列可转换优先股成员 PAVM：董事会成员 2024-01-01 2024-06-30 0001624326 PAVM：B系列可转换优先股成员 PAVM：董事会成员 2024-01-01 2024-09-30 0001624326 PAVM：B系列可转换优先股成员 PAVM：董事会成员 2022-01-01 2022-12-31 0001624326 PAVM：B系列可转换优先股成员 PAVM：董事会成员 2023-01-01 2023-03-31 0001624326 PAVM：B系列可转换优先股成员 PAVM：董事会成员 2023-01-01 2023-06-30 0001624326 PAVM：B系列可转换优先股成员 PAVM：董事会成员 2023-01-01 2023-09-30 0001624326 PAVM : B系列可转换优先股成员 us-gaap:后续事件成员 2024-11-01 2024-11-30 0001624326 srt : 最小成员 2023-02-01 2023-02-28 0001624326 srt : 最大成员 2023-02-01 2023-02-28 0001624326 srt : 最大成员 2023-02-28 0001624326 srt : 最小成员 2023-02-28 0001624326 2023-11-28 2023-11-28 0001624326 2023-12-07 2023-12-07 0001624326 2024-03-07 2024-03-07 0001624326 PAVM : 员工股票购买计划成员 2024-01-01 2024-09-30 0001624326 PAVM : 供应商成员 2024-01-01 2024-09-30 0001624326 PAVM : Lucid Diagnostics Inc 成员 2024-02-14 2024-02-15 0001624326 PAVM : Lucid Diagnostics Inc 成员 2024-01-14 2024-01-15 0001624326 PAVM : Lucid Diagnostics Inc 成员 us-gaap:普通股成员 2024-01-14 2024-01-15 0001624326 2024-02-14 2024-02-15 0001624326 2024-02-15 0001624326 PAVM : Z系列期权成员 2024-09-30 0001624326 PAVM : Z系列期权成员 2023-12-31 0001624326 PAVM : Z系列期权成员 srt : 最低成员 2024-09-30 0001624326 PAVM : Z系列权证成员 srt : 最低会员 2023-12-31 0001624326 PAVM : Lucid Diagnostics Inc 会员 2024-09-30 0001624326 PAVM : Lucid Diagnostics Inc 会员 2024-09-10 2024-09-10 0001624326 PAVM : Lucid Diagnostics Inc 会员 2024-01-26 2024-01-26 0001624326 PAVM : A系列可转换优先股成员 2023-03-05 2023-03-07 0001624326 PAVM : A系列可转换优先股成员 2023-03-07 0001624326 PAVM : A系列优先股成员 2024-03-12 2024-03-13 0001624326 PAVM : B系列可转债优先股成员 2024-03-12 2024-03-13 0001624326 PAVM : B系列可转债优先股成员 2024-03-13 0001624326 PAVM : Lucid A系列及Lucid A系列一优先股成员 2024-03-12 2024-03-13 0001624326 PAVM : B系列一优先股成员 2024-05-06 2024-05-06 0001624326 PAVM : B系列一优先股成员 2024-05-06 0001624326 2024-03-13 2024-03-13 0001624326 PAVM : 股票期权成员 2024-01-01 2024-09-30 0001624326 PAVM : 股票期权成员 2023-01-01 2023-09-30 0001624326 us-gaap:限制性股票成员 2024-01-01 2024-09-30 0001624326 us-gaap:受限股票成员 2023-01-01 2023-09-30 0001624326 PAVM : Z系列认股权证成员 2024-01-01 2024-09-30 0001624326 PAVM : Z系列认股权证成员 2023-01-01 2023-09-30 0001624326 PAVM : B系列可转换优先股成员 2024-01-01 2024-09-30 0001624326 PAVM : B系列可转换优先股成员 2023-01-01 2023-09-30 iso4217:美元指数 xbrli:股份 iso4217:美元指数 xbrli:股份 xbrli：纯形

 

 

 

美国

证券交易委员会

华盛顿，DC 20549

 

表格10-Q

 

(马克 一)

 

☒ 根据1934年证券交易法第13或15（d）节提交的季度报告书

 

截至季度结束九月三十日， 2024

 

或者

 

☐ 根据1934年证券交易法第13或15（d）节提交的过渡报告书

 

在_____到_____的过渡期间

 

委员会 文件编号：001-37685

 

PAVMED公司

（根据其章程规定的注册人的确切名称）

 

特拉华州   47-1214177
公司设立 或其他法律管辖区域   (国 税 号)
设立或组织）   (主要 执行人员之地址)
     
     
360 Madison Avenue    
25楼 楼层    
纽约, 纽约   10017
（总部地址）   (邮政 编 码)

 

(917) 813-1828

（报告人的电话号码，包括区号）

 

根据证券交易法第12(b)条注册的证券:

 

每类股票的名称   交易符号   注册于各个交易所的名称
PIK   PAVM   股 纳斯达克 股票市场 有限责任公司
系列 Z warrant，每个可购买1/15的一股普通股   PAVMZ   股 纳斯达克 股票市场 有限责任公司

 

请勾选标记以指示注册者是否（1）在过去12个月内（或注册者需要提交这些报告的更短时间内）已提交证券交易所法案第13或15（d）节要求提交的所有报告，及　（2）是否已被提交要求过去90天的提交要求所制约。是 ☒ 否 ☐

 

请通过勾选表明注册人是否在过去12个月内（或注册人需要提交此类文件的较短期间内）根据规则405提交了电子交互数据文件，适用于S-t法规（本章§232.405）。 是 ☒ 否 ☐

 

请勾选是否注册申报人为大型加速的申报人、加速的申报人、非加速的申报人、较小的报告公司或新兴增长公司。请查看《交易所法》第120亿.2条中对“大型加速的申报人”、“加速的申报人”、“较小的报告公司”和“新兴增长公司”的定义。

 

大型 加速申报人 ☐ 加速 申报 ☐
非加速文件提交人 ☒ 小型报告公司 ☒
    新兴成长公司 ☐

 

如果 作为一家新兴增长公司，若注册人选择不使用根据《交易所法》第13(c)节规定的新或修订的财务会计标准的扩展过渡期，请以勾选标记表示 ☐

 

请用勾号指明注册人是否为壳公司（根据交易法第120亿.2条的定义）。是 ☐ 否 ☒

 

截至2024年9月30日和2024年11月11日，注册公司的 10,985,841 和 11,068,566 股份，分别为普通股面值$0.001 每股，已发行并流通（该股份数量包括截至该日期根据PAVmed Inc. 2014年长期激励股权计划授予的未归属限制性股票奖励所对应的普通股股份）。

 

 

 

 
 

 

目录

 

      页面
  第I部分-财务信息  
       
项目 1. 基本报表    
  2024年9月30日和2023年12月31日未经审计的简明综合资产负债表   1
  截至2024年和2023年9月30日的三个月和九个月的简明合并经营报表（未经审计）   2
  截至2024年和2023年9月30日的三个月和九个月的简明合并股东权益（赤字）变动报表（未经审计）   3
  截至2024年和2023年9月30日的九个月的简明合并现金流量表（未经审计）   7
  简明联合财务报表附注(未经审计)   8
项目 2. 分销计划   31
项目 4. 控制和程序   42
       
  第II部分-其他信息    
       
项目 1. 法律诉讼   43
项目5。 其他信息   43
项目 6. 展示资料   43
  签名   44
  展览索引   45

 

i
 

 

第一部分-财务信息

 

项目 1. 基本报表

 

PAVMED公司

及其子公司

汇编简明资产负债表

(以千为单位，除股份数量和每股数据外的 - 未经审计)

 

   2024年9月30日   2023年12月31日 
资产:          
流动资产：          
现金  $765   $19,639 
应收账款   16    61 
存货   6    278 
预付费用、存款和其他流动资产   1,343    4,520 
总流动资产   2,130    24,498 
固定资产净额   216    1,783 
经营租赁使用权资产   2,618    4,267 
无形资产-净额   —    1,424 
以公平价值计量的权益法投资   25,511    — 
其他资产   75    1,147 
总资产  $30,550   $33,119 
负债、优先股和股东权益          
流动负债:          
应付账款  $465   $1,786 
应计费用和其他流动负债   4,543    6,626 
经营租赁负债，当前部分   499    1,565 
按公允价值计量的高级担保可转换票据   32,050    44,200 
总流动负债   37,557    54,177 
租赁负债，除去当前部分   2,380    2,960 
总负债   39,937    57,137 
承诺和 contingencies（注9）   -    - 
股东权益：          
优先股，$0.00010.001 面值。已授权， 20,000,000 股份；B系列可转换优先股，面值$0.001，已发行和流通股数 1,385,149 在2024年9月30日和 1,305,213 在2023年12月31日   3,232    2,993 
普通股，每股面值为 $0.0001；0.001 票面价值。已授权， 50,000,000 股份; 10,660,394 及 8,578,505 截至2024年9月30日和2023年12月31日分别为流通股数   11    9 
追加实收资本   248,200    237,600 
累积赤字   (256,312)   (294,433)
PAVmed Inc.股东权益（赤字）总额   (4,869)   (53,831)
非控制权益   (4,518)   29,813 
基本报表中的总股东权益（赤字）   (9,387)   (24,018)
基本报表中的负债和股东权益（赤字）  $30,550   $33,119 

 

请参阅简明合并财务报表信息附注。

 

1
 

 

PAVMED公司

及其子公司

精简 合并损益表

(以千为单位，除股份数量和每股数据外的 - 未经审计)

 

   2024   2023   2024   2023 
  

截至三个月

9月30日,

  

截至九个月

9月30日,

 
   2024   2023   2024   2023 
收入  $996   $791   $2,985   $1,403 
运营费用：                    
营收成本   1,381    1,779    4,792    4,809 
销售和营销   2,920    4,016    11,472    12,893 
一般和行政   6,649    6,858    20,337    23,916 
取得的无形资产摊销   82    505    559    1,516 
研发   1,542    3,161    5,125    10,681 
总营业费用   12,574    16,319    42,285    53,815 
营业损失   (11,578)   (15,528)   (39,300)   (52,412)
其他收入（费用）：                    
利息收入   70    124    252    408 
利息支出   (12)   (159)   (38)   (570)
子公司去关联交易的收益   72,287    —    72,287    — 
公允价值变动 - 股权法投资   407    —    407    — 
优先担保可转换债券公允价值变动   240    (4,392)   (2,488)   (5,772)
发行及发行成本损失 - 高级担保可转换债券   —    —    —    (1,186)
债务注销损失 - 高级担保可转换债券   (1,403)   (1,764)   (2,535)   (3,032)
债务修改费用   —    —    (2,000)   — 
公允价值变动 - 衍生负债   —    (31)   —    (291)
管理费收入   700    —    700    — 
知识产权出售收益   —    —    —    1,000 
其他收入（费用），净额   72,289    (6,222)   66,585    (9,443)
税前收入（亏损）   60,711    (21,750)   27,285    (61,855)
所得税准备金   —    —    —    — 
净利润/(亏损)-非控制权益   60,711    (21,750)   27,285    (61,855)
归属于非控制权益的净亏损   3,688    4,079    11,075    11,716 
归属于PAVmed Inc.的净利润（亏损）   64,399    (17,671)   38,360    (50,139)
减：已赚取的B系列可转换优先股股息   (83)   (77)   (244)   (226)
减：归属于非控制权益的子公司优先股被认定为股息   —    —    (7,496)   — 
归属于PAVmed Inc.普通股股东的净利润（亏损）  $64,316   $(17,748)  $30,620   $(50,365)
每股信息：                    
归属于PAVmed Inc.普通股股东的每股净利润（亏损）– 基本  $6.43   $(2.38)  $3.30   $(7.23)
归属于PAVmed Inc.普通股股东的每股净利润（亏损）– 稀释  $1.44   $(2.38)  $0.79   $(7.23)
基本稀释的加权平均普通股份在外流通   10,005,379    7,462,751    9,286,999    6,967,764 
稀释的加权平均普通股份在外流通   44,475,638    7,462,751    43,069,449    6,967,764 

 

请参阅简明合并财务报表信息附注。

 

2
 

 

PAVMED公司

及其子公司

股东权益（赤字）的子公司汇编简明合并报表变动表

截至2024年9月30日的三个月

(以千为单位，除股份数量和每股数据外的 - 未经审计)

 

   股份   金额   股份   金额   资本   赤字   利息   总计 
   PAVmed Inc. 股东权益（赤字）         
   B系列可转换优先股   普通股   新增已归集资本   累计   非控股     
   股份   金额   股份   金额   资本   赤字   利息   总计 
截至2024年6月30日的余额   1,357,976   $3,151    9,554,381   $10   $243,524   $(320,630)- $55,303   $(18,642)
已宣派分红派息 - B系列可转换优先股   27,173    81    —    —    —    (81)   —    — 
发行普通股 - PAVm ATm设施   —    —    294,003    —    284    —    —    284 
归属 - 限制性股票奖励   —    —    131,016    —    —    —    —    — 
转换 - 优先担保可转换票据   —    —    509,942    1    907    —    —    908 
转换 - 子公司普通股 - 优先担保可转换票据   —    —    —    —    —    —    1,260    1,260 
子公司股权交易的影响   —    —    —    —    2,245    — -  (2,245)   — 
发行 - 供应商服务协议   —    —    171,052    —    150    —    —    150 
基于股票的薪酬 - PAVmed Inc.   —    —    —    —    696    —    —    696 
基于股票的薪酬 - 子公司   —    —    —    —    44    —    1,191    1,235 
知识产权转让给Lucid Diagnostics Inc   —    —    —    —    

350

    —    —    

350

 
非全资附属公司去除合并报表会计处理   —    —    —    —    —    —    (56,339)   (56,339)
净利润（损失）   —    —    —    —    —    64,399    (3,688)   60,711 
2024年9月30日的余额   1,385,149   $3,232    10,660,394   $11   $248,200   $(256,312)- $(4,518)  $(9,387)

 

请参阅简明合并财务报表信息附注。

 

3
 

 

PAVMED公司

及其子公司

股东权益（赤字）的子公司汇编简明合并报表变动表

截至2024年9月30日的九个月

(以千为单位，除股份数量和每股数据外 - 未审核)

 

   股份   金额   股份   金额   在 资本   亏损   利息   总计 
   PAVmed Inc.股东权益（赤字）         
   B系列可转换优先股   普通股   新增已归集资本   累计   非控制     
   股份   金额   股份   金额   在 资本   亏损   利息   总计 
负债和股东权益余额- 2023年12月31日   1,305,213   $2,993    8,578,505   $9   $237,600   $(294,433)- $29,813   $(24,018)
宣布的分红 - B系可转换优先股   79,936    239    —    —    —    (239)   —    — 
发行普通股 - PAVm ATm方案   —    —    627,302    —    977    —    —    977 
获得 - 受限股票奖励   —    —    135,080    —    —    —    —    — 
转换 - 高级担保可转换票据   —    —    1,084,366    2    2,019    —    —    2,021 
转换 - 子公司普通股 - 高级担保可转换票据   —    —    —    —    —    —    3,801    3,801 
行使 - 子公司股票期权   —    —    —    —    —    —    4    4 
购买 - 员工股票购买计划   —    —    34,332    —    62    — -  —    62 
购买 - 子公司普通股 - 员工股票购买计划   —    —    —    —    —    —    353    353 
子公司股权交易的影响   —    —    —    —    4,414    —    (4,414)   — 
发行-供应商服务协议   —    —    200,809    —    200    —    401    601 
发行-子公司优先股（A-1系列）   —    —    —    —    —    —    5,670    5,670 
交易所-子公司优先股（A系列和A-1系列）   —    —    —    —    —    —    (24,294)   (24,294)
通过交易所发行-子公司优先股（B系列和B-1系列）   —    —    —    —    —    —    31,790    31,790 
通过销售发行-子公司优先股（B系列和B-1系列）   —    —    —    —    —    —    

24,129

    

24,129

 
非控股权益相关的子公司视为分红派息的优先股   —    —    —    —    —    —    (7,496)   (7,496)
基于股票的补偿-PAVmed公司   —    —    —    —    2,228    —    —    2,228 
基于股票的补偿-子公司   —    —    —    —    350    —    3,139    3,489 
将知识产权转让给卢西德诊断公司   —    —    —    —    

350

    —    —    

350

 
非全资附属公司去除合并报表会计处理   —    —    —    —    —    —    (56,339)   (56,339)
净利润（损失）   —    —    —    —    —    38,360 -  (11,075)   27,285 
2024年9月30日的余额   1,385,149   $3,232    10,660,394   $11   $248,200   $(256,312)- $(4,518)  $(9,387)

 

请参阅简明合并财务报表信息附注。

 

4
 

 

PAVMED公司

及其子公司

股东权益（赤字）的子公司汇编简明合并报表变动表

截至2023年9月30日结束的三个月

(千为单位，除股票数量和每股数据外 - 未审计)

 

   股份   金额   股份   金额   在 资本   亏损   股票   利息   总计 
   PAVmed公司股东权益（赤字）         
   B系列可转换优先股   普通股   新增已归集资本   累计   国库   非控制     
   股份   金额   股份   金额   在 资本   亏损   股票   利息   总计 
2023年6月30日的余额   1,254,497   $2,841    7,235,867   $7   $226,423   $(260,783)  $—   $30,682   $(830)
宣布分红 - B系可转换优先股   25,104    75    —    —    —    (75)   —    —    — 
转换 - 高级担保可转换票据   —    —    723,998    1    3,988    —    —    —    3,989 
转换 - 子公司普通股 - 高级担保可转换票据   —    —    —    —    —    —    —    167    167 
购买 - 员工股票购买计划   —    —    20,267    —    76    —    —    —    76 
购买 - 多数拥有的子公司普通股 - 员工股票购买计划   —    —    —    —    —    —    —    275    275 
子公司股权交易影响   —    —    —    —    651    —    —    (651)   — 
股份补偿 - PAVmed 公司。   —    —    —    —    978    —    —    —    978 
股份补偿 - 子公司   —    —    —    —    230    —    —    1,037    1,267 
净亏损   —    —    —    —    —    (17,671)   —    (4,079)   (21,750)
2023年9月30日的资产负债表   1,279,601   $2,916    7,980,131   $8   $232,346   $(278,529)  $—   $27,431   $(15,828)

 

请参阅简明合并财务报表信息附注。

 

5
 

 

PAVMED公司

及其子公司

股东权益（赤字）的子公司汇编简明合并报表变动表

截至2023年9月30日止九个月

(以千为单位，除股票数量和每股数据外 -未经审计)

 

   PAVmed Inc.股东权益（赤字）         
   B系列可转换优先股   普通股   新增已归集资本   累计   国库   非控制     
   股份   金额   股份   金额   资本   亏损   股票   利息   总计 
2022年12月31日余额   1,205,759   $2,695    6,300,703   $6   $216,195   $(228,169)  $(408)  $20,615   $10,934 
宣布分红 - B系可转换优先股   73,842    221    —    —    —    (221)   —    —    — 
发行普通股 - PAVm ATm设施   —    —    155,384    —    1,166    —    —    —    1,166 
获得 - 受限制股票奖励   —    —    6,666    —    —    —    —    —    — 
转换 - 高级担保可转换票据   —    —    1,358,896    2    8,409    —    —    —    8,411 
转换 - 子公司普通股 - 高级担保可转换票据   —    —    —    —    —    —    —    167    167 
购买 - 员工股票购买计划   —    —    45,892    —    198    —    60    —    258 
购买 - 子公司普通股 - 员工股票购买计划   —    —    —    —    —    —    —    551    551 
发行 - 子公司普通股 - 承诺的股权融资，减去融资费用   —    —    —    —    —    —    —    284    284 
子公司股权交易的影响   —    —    —    —    1,984    —    —    (1,984)   — 
发行 - 子公司普通股 - 结算APA-RDx - 分期付款   —    —    —    —    —    —    —    713    713 
发行 - 供应商服务协议   —    —    100,000    —    600    —    —    147    747 
发行 - 子公司优先股（A类）   —    —    —    —    —    —    —    13,625    13,625 
以股票为基础的薪酬 - PAVmed Inc.   —    —    —    —    3,266    —    —    —    3,266 
以股票为基础的薪酬 - 子公司   —    —    —    —    876    —    —    5,029    5,905 
自家保管的股票   —    —    12,589    —    (348)   —    348    —    — 
净损失   —    —    —    —    —    (50,139)   —    (11,716)   (61,855)
2023年9月30日的资产负债表   1,279,601   $2,916    7,980,131   $8   $232,346   $(278,529)  $—   $27,431   $(15,828)

 

请参阅简明合并财务报表信息附注。

 

6
 

 

PAVMED公司

及其子公司

简明综合现金流量表

(以千为单位，除股份数量和每股数据外 - 未审核)

 

   2024   2023 
   截至9月30日的九个月 
   2024   2023 
经营活动现金流量          
净利润（损失）- 不包含非控股利益（“新华保险”）  $27,285   $(61,855)
           
调整以将净利润（损失）- 不包含新华保险与经营活动中使用的净现金对账          
折旧和摊销费用   1,129    2,207 
基于股票的补偿   5,716    9,171 
知识产权出售收益   —    (1,000)
子公司去关联交易的收益   (72,287)   — 
公允价值变动 - 权益法投资   (407)   — 
APA-RDx：子公司发行普通股 - 终止付款   —    713 
供应商服务协议的普通股支付摊销   448    625 
优先担保可转换债券公允价值变动   2,488    5,772 
发行损失 - 高级担保可转换票据   —    1,111 
债务解除损失 - 高级担保可转换票据   2,535    3,032 
公允价值变动 - 衍生负债   —    291 
非现金租赁费用   8    304 
运营资产和负债的变化：          
应收账款   45    (18)
预付费用、存款以及流动和其他资产   579    (1,757)
应付账款   (249)   (538)
应计费用和其他流动负债   (938)   1,780 
经营活动产生的净现金流量   (33,648)   (40,162)
           
投资活动现金流量          
购买设备   (51)   (59)
因子公司的去合并而导致现金减少   (16,479)   — 
向Lucid Diagnostics Inc.出售知识产权的收入   

350

    — 
知识产权出售所获得的收益   —    1,000 
投资活动提供的净现金流入额（使用额）   (16,180)   941 
           
筹资活动现金流量          
收入 - 子公司优先股的发行   29,798    13,625 
收入 - 高级担保可转换票据的发行   —    10,000 
支付 - 高级担保可转换票据 - 加速底层支付   (531)   — 
收益 – 普通股发行 - 市场直接融资   1,268    1,166 
收益 – 子公司普通股 - 承诺股权融资和市场直接融资   —    284 
收益 – 普通股发行 – 员工股票购买计划   62    259 
收益 – 子公司普通股 – 员工股票购买计划   353    551 
收益 – 行使子公司股权计划下发行的期权   4    — 
融资活动提供的净现金流量   30,954    25,885 
现金净增加（减少）   (18,874)   (13,336)
期初现金   19,639    39,744 
期末现金  $765   $26,408 

 

请参阅简明合并财务报表信息附注。

 

7
 

 

PAVMED公司

及其子公司

简明合并财务报表附注

(附注中的金额以千为单位列示，除了股份数量和每股金额。)

 

注1—组织与业务经营的说明公司

 

业务介绍

 

pavmed 被构建为一家多产品的生命科学公司，旨在推进一系列创新的医疗技术。由一支拥有将创新产品推向市场记录的高技能团队领导，pavmed 专注于创新、开发、收购和商业化针对未满足的医疗需求的大型可服务市场机会的新产品。 利用我们的公司结构——一个母公司将为每个融资资产建立不同的子公司——我们有灵活性在pavmed层面筹集资金以支持产品开发，或将融资直接结构化到每个子公司，以适应适用产品的方式，后者是鉴于当前市场状况我们的现行策略。

 

我们的 当前重点是多方面的。我们将继续推动EsoGuard的商业扩展和执行，EsoGuard是我们子公司Lucid Diagnostics Inc. (纳斯达克: LUCD)（"Lucid"）的旗舰产品。此外，通过一个拥有多数股权的子公司Veris Health（"Veris"），我们在短期内专注于与领先的学术肿瘤系统建立战略合作伙伴关系，以扩大对Veris平台的访问，同时开发一种可植入的生理监测器，旨在与化疗 端口一起植入，这将与Veris平台进行接口。在其他 现有产品和技术方面，我们采用了一种孵化器型平台，我们希望根据需要在逐个产品的基础上获得融资，以推动每个资产沿商业化路径取得重要的转折点。最后，随着资源的允许，我们将继续探索符合我们的项目选择标准的外部创新，而不局限于任何特定的板块、专业或控件。

 

注释2 -流动性和持续经营

 

公司管理层需要评估公司在财务报表发布后的一年内，能否继续作为持续经营单位。在每个报告期，包括临时报告期，实体需要评估在财务报表发布日已知和合理可知的条件，以判断实体在财务报表发布日后的一年内，是否有可能无法履行其财务义务。当条件和事件综合考虑表明，实体在财务报表发布后的一年内可能无法按期履行其财务义务时，便存在对实体继续作为持续经营单位的重大疑虑。

 

公司主要通过公开和私人的普通股、优先股、普通股认购warrants和债务融资其运营。公司面临所有器械和诊断公司通常面临的风险和不确定性，这些公司将其全部精力投入到其初始产品和服务的商业化、持续的研发活动以及临床试验中。公司生成了 $1.0和 $3.0 百万美元的收入，涵盖截至2024年9月30日的三个月和九个月期间。然而，公司预计在不久的将来将继续经历持续的亏损，并产生来自经营活动的负现金流。

 

公司对PAVmed Inc.普通股股东产生的净利润约为$30.6 百万，经营活动产生的净现金流约为$33.6 百万，截至2024年9月30日的九个月期间。到2024年9月30日， 公司负的营运资金约为$35.4 百万，这些营运资金包括被分类为当前负债的高级担保可转换票据， 总计大约为$32.1 1001衣橱:新品上市 促销一：[促销]全场9.9元 [/促销] 促销二：[促销] 满199元减10元，满299元减20元，满399元减30元 [/促销] 促销三：[促销] 满50元再送卫生手套一副 [/促销]0.8 百万现金。

 

公司的持续经营能力将取决于其在财务报表发布后12个月内控制运营成本，确保管理服务合同收入在非合并子公司范围内，以及通过Veris癌症护理平台大幅提升收入，并通过股权融资、债务融资、再融资或重组现有债务义务等多种潜在来源筹集额外资金。这些因素对公司在随附未经审计的压缩合并基本报表发布之日起一年内继续作为持续经营主体的能力提出了重大疑问。

 

8
 

 

注释3 - 重要会计政策摘要

 

重要会计政策

 

公司的重大会计政策如在截至2023年12月31日的年度报告（Form 10-k）中披露，并于2024年3月25日向SEC提交，除非此处另有说明。

 

表述基础

 

pavmed及其全资子公司和利害关系实体的附表未经审计的简明综合财务报表是根据美国通行的会计原则（“美国通用会计准则”）以及美国证券交易委员会（“SEC”）的适用规定编制的。所有公司间交易和余额在合并中已予以消除。公司对Veris Health Inc.具有控股财务利益，相应的非控股权益已包含在合并股东权益（赤字）的一个单独组成部分中，包括在未经审计的简明综合损益表中根据每个子公司的各自少数股权所承认的对非控股权益的净损失。 截至2024年9月10日，PAVmed不再对Lucid Diagnostics具有控股财务利益，因此PAVmed的合并运营结果仅包括Lucid Diagnostics的截至该日期的运营结果。Lucid Diagnostics的脱离合并导致PAVmed在截至2024年9月30日的期间承认了一项计入利润表的收益。未来，PAVmed将以权益法和公允价值选择对Lucid Diagnostics的投资进行会计处理。请参阅下文和注释4。 权益法投资关于Lucid Diagnostics脱离合并的影响，请参阅注释15。 非控股权益有关上述各个子公司的讨论，请参见。公司根据评估绩效和制定经营决策的目的将其营运视为单一经营板块。

 

根据SEC规则，某些财务附注或其他基本报表通常是根据美国公认会计原则所要求的已被简化或省略。 截至2023年12月31日的资产负债表是根据该日期的审计合并基本报表得出的。附带的 未经审计的合并基本报表是基于公司的年度合并基本报表编制的，并且在管理层看来，包含所有必要的调整，仅由例行的经常性调整构成，以确保公司未经审计的合并基本报表信息公正。

 

截至2024年9月30日的三个月和九个月未经审计的合并运营简要结果，不一定能够反映截至2024年12月31日的年度预计合并结果，或任何其他中期或未来期间的结果。随附的未经审计的合并基本报表及相关的未经审计的合并财务信息应与公司截至2023年12月31日的审计合并财务报表及其相关附注结合阅读，这些报表和附注包含在公司于2024年3月25日向SEC提交的10-K年度报告中。

 

所有 伴随的未审计简明合并基本报表及其附注中的金额均以千美元为单位呈现，除非另有说明为以百万美元为单位呈现，股票和每股金额除外。

 

现金

 

公司将现金存放在一家信用评级高的大型金融机构。有时，公司的现金存款余额可能会超过联邦保险限额。公司在超过联邦保险限额的商业银行和金融机构的存款上没有遭受损失。

 

截至2024年9月30日和2023年12月31日，公司现金中包含$299 与我们公司总部的备用信用证相关的受限存入资金账户，租约到期日为2030年。

 

使用估计值

 

在准备符合美国通用会计准则的未经审计的简明合并基本报表时，管理层需要做出影响资产报告金额和相应的账面价值准备（如有）的估计和假设，以及负债和或有损失的披露，截止到未经审计的简明合并基本报表的日期，以及报告期间营业收入和费用的报告金额。这些未经审计的简明合并基本报表中的重要估计包括与债务义务的公允价值、基于股票的股权奖励、无形资产和普通股购买warrants相关的估计。其他重要估计包括预计的增量借款利率、所得税的准备或收益及相应的递延税资产的估值准备。此外，管理层对公司持续经营能力的评估涉及对未来现金流入和流出的金额及时间的估计。公司持续评估其估计和假设。公司基于历史经验和认为合理的其他各种假设来进行估计。由于在做出估计时固有的不确定性，未来期间实际报告的结果可能会受到这些估计变化的影响。

 

9
 

 

注意 3 — 重大会计政策摘要 - 续

 

营业收入 确认

 

营业收入 在履行义务满意时确认，金额反映公司预期收取的对价 以交换这些服务。公司的营业收入主要来自Lucid的实验室测试服务，利用 其EsoGuard食管DNA测试。服务在向订购的医疗保健提供者发布患者的测试结果时完成。确认的营业收入包括与个人患者第三方 保险政策相关的变量对价和与不相关第三方 法律实体的合同服务安排相关的固定对价。为了判断公司认为属于ASC 606的范围内的安排的营业收入确认，来自与客户的合同的营业收入， 公司执行以下五个步骤：(1) 确定与客户的合同，(2) 确定合同中的履行义务，(3) 判断交易价格，(4) 将交易价格分配给合同中的履行 义务，并(5) 在实体满足履行义务时确认营业收入。

 

公司考虑的关键方面包括以下内容：

 

合同—公司的客户主要是患者，但公司不与患者签订正式的报销合同。 公司根据其他惯例业务流程与患者建立合同，这一时刻是从提供者收到订单并且患者样本已返回实验室进行检测。支付条款取决于患者现有的保险福利，包括对医疗保险和医疗补助服务（“CMS”）的覆盖决定的影响，以及公司与支付方之间建立的适用报销合同。然而，当患者自费时，公司要求患者在开始履行公司义务之前支付。 公司的对价可以被视为变量或固定，具体取决于特定支付方合同的结构，公司认为在没有约束的情况下收取该对价是可能的。

 

履行义务履行义务是合同中承诺向客户转让独特商品或服务（或一揽子商品或服务）的承诺。公司的合同只包含一个履行义务，即在提供服务后满足，最终会发布病人的检测结果给订购的医疗服务提供者。公司选择关于披露未履行履行义务的便利措施，因为提供测试用品、收到样本和将测试结果发布给订购的医疗服务提供者之间的时间远远少于一年。

 

交易 价格—交易价格是公司预计从客户那里收取的对价金额，因转让承诺的商品或服务而收取，不包括代表第三方收取的金额（例如，一些销售税）。预计从与客户的合同中收取的对价可能包括固定金额、变量或两者。

 

如果从合同中获取的对价被认为是变量的，则公司估计将获得的对价金额以交换承诺的货物或服务。 公司将变量对价的金额限制在交易价格中不受约束的部分。 换句话说，公司确认营业收入的金额直到获得额外信息或解决与额外支付或退款相关的不确定性，才会出现重大逆转。

 

当公司没有显著的历史经验或该经验的预测价值有限时，关于可变对价的估计约束可能导致在将患者EsoGuard测试结果交付给订单医疗提供者时没有收入被确认。因此，公司确认的收入至多为不受重大逆转影响的可变对价金额，直到获得额外信息或与额外支付或退款（如有）相关的不确定性随后得到解决。 原始估计与后续修订之间的差异，包括最终结算，代表对预计可变对价的估计变化，估计变化在该修订估计的期间内确认。关于合同服务安排，固定对价收入在实验室测试报告交付时按账单基础确认，并且基于实际历史经验，认为该固定对价的实现是可能的。

 

分配 交易价格—交易价格完全分配给与客户合同中的履约义务，基于每种独特商品或服务的相对单独销售价格。

 

实用权宜措施公司不会调整交易价格以考虑重大融资要素的影响，因为在合同签订之初，公司预计收款周期为一年或更短。

 

10
 

 

注意 3 — 重大会计政策摘要 - 续

 

股权方法投资

 

对于未合并但PAVmed具有重大影响的企业，采用权益法会计进行核算。 判断PAVmed是否对某公司具有重大影响取决于多个因素的评估，包括但不限于在该公司董事会的代表性和股权拥有水平，通常在 20%，利率为 50%的权益法业务的投票证券的利益，以及与PAVmed在该公司持有的普通股相关的投票权。从2024年9月10日起，PAVmed将Lucid Diagnostics作为权益法投资进行会计处理，并且该期间于2024年9月30日结束。

 

公允 价值选择（“FVO”）选举

 

根据2022年3月31日签署的证券购买协议，公司发行了一份截至2022年4月4日的 Senior Secured Convertible Note（以下简称“2022年4月Senior可转换票据”），以及一份截至2022年9月8日的 Senior Secured Convertible Note（以下简称“2022年9月Senior可转换票据”），这两份票据按照下文讨论的“公允价值选择权”进行核算。

 

根据2023年3月13日签署的证券购买协议，Lucid诊断发行了一份日期为2023年3月21日的优先担保可转换票据，以下简称“Lucid 2023年3月份优先可转换票据”，根据“公允价值选择权”核算，直至2024年9月10日，也就是Lucid从pavmed的营运业绩中脱离的日期，具体讨论如下。

 

根据财务会计准则委员会（“FASB”）会计准则法典（“ASC”）主题815， 衍生品和套期保值，（ASC 815），可能要求对包含嵌入特征和/或期权的金融工具进行分拆，从金融工具母体分离并确认为单独的衍生资产或负债，分拆后的衍生资产或 负债最初应根据交易发行日的估计公允价值进行衡量，然后随后应根据每个报告期资产负债表日的估计公允价值进行重新衡量。

 

另外， FASb ASC主题825， 金融工具（"ASC 825"）提供“公允价值选择”（"FVO"） 的选择。关于这点，ASC 825-10-15-4规定，FVO选择（在未被ASC 825-10-15-5其他禁止的情况下） 应适用于金融工具，其中金融工具在交易发行日期初始按估计公允价值计量，随后在每个报告期的资产负债表日期按估计公允价值重新计量，公允价值变化在损益表中作为其他收入（费用）确认。2022年4月的高级可转换票据、2022年9月的高级可转换票据及（通过2024年9月10日，即Lucid的非合并日期）2023年3月的Lucid高级可转换票据的公允价值估计调整，包含与应计利息相关的组成部分，在附带的未经审计的简明合并损益表中以单一项目列示（如ASC 825-10-50-30(b)所规定）。此外，按照ASC 825-10-45-5的要求，若公允价值调整的部分归因于特定工具信用风险的变化，则该部分将在其他综合收益（“OCI”）中确认（对2022年4月的高级可转换票据、2022年9月的高级可转换票据及（直到2024年9月10日，即Lucid的非合并日期）2023年3月的Lucid高级可转换票据并未进行此类调整）。

 

见 注释10， 金融工具公允价值计量，关于FVO选择；以及注释11， Debt，讨论 2022年4月的高级可转换票据，2022年9月的高级可转换票据以及2023年3月的Lucid高级可转换票据。

 

2024年9月10日及之后，从pavmed的经营结果中除去Lucid的去除合并日期开始，公司对Lucid的投资被视为使用公允价值选择进行核算的权益法投资。Lucid Diagnostics普通股的公允值具有明确确定的公允值，属于一级分类，其公允值是基于活跃市场的报价市场价格确定的。

 

最近 尚未采用的会计准则更新

 

2023年12月，FASB发布了ASU No. 2023-09《所得税（第740号课题）—《所得税披露的改进》（“ASU 2023-09”），旨在提高所得税披露的透明度和决策实用性。ASU 2023-09中的修订主要通过调整税率调解和已缴所得税信息，提供增强的所得税信息。ASU 2023-09对公司的基本报表未经审计的期末合并财务报表，自2024年12月15日后开始的所有年度期间有效。允许提前采纳。公司预计该标准不会对其未经审计的简明合并基本报表产生重大影响。

 

在2023年11月，FASB发布了第2023-07号美国会计准则更新（ASU），主题为分部报告（主题280）——可报告分部披露的改善（“ASU 2023-07”），要求上市公司每年和中期披露重要的分部费用和其他分部项目，并在中期期间提供关于可报告分部的利润或亏损及资产的所有披露，这些在当前的年报中是必须的。该指引适用于2023年12月15日后开始的财政年度的公共实体，并适用于在2024年12月15日后开始的财政年度内的中期。允许提前采纳。该指引追溯适用于财务报表中所列示的所有期间，除非不可行。公司目前正在评估此更新对其未经审计的简明合并基本报表及披露的影响，但公司不认为该标准会有显著影响。

 

11
 

 

注意 3 — 重大会计政策摘要 - 续

 

在2023年10月，FASB发布了ASU第2023-06号，关于披露改进：响应SEC的披露更新和简化倡议的编纂修订。该更新修改了会计准则编纂中多种话题的披露或呈现要求，以符合SEC在发布号33-10532中的某些修订，主题为披露更新和简化。这次更新中的修订应当前瞻性适用，每项修订的生效日期将是SEC将相关披露从Regulation S-X或S-K中移除的日期。然而，如果SEC在2027年6月30日之前尚未从其法规中移除相关披露，则修订将从编纂中移除，且不会生效。禁止提前采用。公司目前正在评估此次更新对其未经审计的简明合并基本报表和披露的影响。

 

注4 — 权益法投资

 

在 2024年9月10日，继2024年Lucid完成的优先股交易以及PAVmed与Lucid某些股东之间签署的投票代理的终止后，PAVmed在公司的投票权益减少到不到 50.0%， 导致失去了控制性财务权益。然而，PAVmed仍然可以对Lucid施加重大影响。因此，公司解除对Lucid的合并。下表反映了Lucid在解除合并时的净资产：

 

      
资产:     
流动资产：     
现金  $16,479 
预付费用、存款和其他流动资产   3,474 
总流动资产   19,953 
固定资产净额   964 
经营租赁使用权资产   2,871 
无形资产-净额   877 
其他资产   379 
总资产   25,044 
负债：     
流动负债:     
应付账款   1,069 
应计费用和其他流动负债   1,674 
经营租赁负债，当前部分   865 
按公允价值计量的高级担保可转换票据   10,268 
总流动负债   13,876 
租赁负债，除去当前部分   2,011 
总负债   15,887 
2024年9月10日卢克思诊断的净资产  $9,157 

 

在去合并后，公司持有 31,302,444 股的Lucid Diagnostics普通股，价值 $25.1 百万， 导致在合并解除中获得 $72.3 百万的收益，在随附的未经审计的简明合并运营报表中 针对截至2024年9月30日的三个月和九个月。公司记录了以下内容：

 

      
对以前的合并子公司的投资（Lucid普通股的公允价值）  $25,105 
加：非控股权益 - Lucid   56,339 
减：以前合并子公司的净资产 - Lucid   (9,157)
Lucid去除合并的收益  $72,287

 

在公司对Lucid进行去合并后，公司将其在Lucid的投资视为权益法投资，并选择公允价值选项。由于公司持续参与并对经营和财务政策具有重大影响，Lucid被视为公司的关联方。

 

12
 

 

注意 4 — 权益法投资 - 续）

 

以下未经审计的概要财务信息涉及卢克司以权益法核算的情况，截至2024年9月30日。此汇总信息已从那些业务的基本报表编制而成。

 

   2024年9月30日 
现金  $14,489 
其他流动资产   2,335 
非流动资产   5,774 
总资产   22,598 
流动负债   14,249 
非流动负债   2,011 
股东透支   6,338 
负债总额和股东权益亏损总额  $22,598 

 

2024年9月30日止三个月 

2024年7月1日 -

2024年9月10日

   2024年9月11日 - 2024年9月30日   总计 
             
收入  $942   $230   $1,172 
净利润（损失）  $(9,039)  $(3,332)  $(12,371)

 

2024年9月30日结束的九个月 

2024年1月1日 -

2024年9月10日

   2024年9月11日 - 2024年9月30日   总计 
             
收入  $2,919   $230   $3,149 
净利润（损失）  $(38,152)  $(3,332)  $(41,484)

 

*Lucid已经合并并包括在pavmed 2024年1月1日至2024年9月10日的合并财务报表中。从2024年9月11日至2024年9月30日的金额未包括在pavmed的合并财务报表中。

 

截至2024年9月10日和2024年9月30日，本公司对Lucid的投资公允价值为$25.1和 $25.5 百万，分别为公司确认对Lucid投资的未实现收益为$0.4 百万，在截止至2024年9月30日的三个月和九个月的合并综合损益表中。公司持有的普通股公允价值是根据Lucid普通股的收盘价确定的， 在2024年9月10日和2024年9月30日的每股价格为$0.802分别发生在2024年和2023年截至9月30日的九个月内。$0.815, 分别为。到2024年9月10日和2024年9月30日，pavmed大约持有Lucid普通股投票权的 40%。

 

Lucid - 管理服务协议

 

Lucid's 日常业务还部分由公司雇用的人员管理，公司记录管理费收入， 根据与Lucid签订的管理服务协议（“MSA”）的规定，被称为 “管理服务费”。 MSA 没有终止日期，但可以由 Lucid 终止。MSA 费的收取时间为 按月计算，并会根据公司人员提供的服务的变化定期进行调整 改为Lucid，MSA费用的任何此类变更均须经公司董事会和Lucid的批准。 各自公司的董事会批准了对MSA的修正案，将MSA费用提高到$833 每月，有效 2024 年 1 月 1 日。2024年8月，各自公司的董事会批准公司签订第九项修正案 到 MSA。根据该修正案，Lucid应向公司支付的月费从美元上调了833 到 $1,050，自7月1日起生效 2024。在 2024 年 9 月 11 日至 2024 年 9 月 30 日期间，MSA 费用收入为 $700.

 

知识产权转让给Lucid

 

于2024年9月27日，公司与pavmed签署了一份专利权转让协议，根据该协议，pavmed转让了与EsoCheck设备相关的某些专利权给公司。作为转让的对价，公司同意向pavmed支付了$350 转让费。

 

13
 

 

注5 —Revenue from Contracts with Customers

 

营业收入 已确认

 

截至2024年9月30日的三个月和九个月期间，公司确认的总营业收入为$996 and $2,985，主要是由于提供患者EsoGuard测试结果而产生。确认自客户合同中被认为包含变量考虑的交易价格的营业收入仅限于不受限制的变量考虑部分。公司在截至2023年9月30日的三个月和九个月期间的营业收入为$791 and $1,403，主要是由于提供患者EsoGuard测试结果。

 

营业成本

 

收入成本主要包括与公司的实验室运营相关的成本（不包括与研究活动相关的预估成本）、与EsoCheck电芯采集设备、细胞样本邮寄套件和许可 royalties 相关的成本。

 

截至2024年9月30日的三个月和九个月期间，营业收入成本为$1,381 and $4,792，分别主要与我们的实验室运营和EsoCheck设备供应的成本相关。公司截至2023年9月30日的三个月和九个月期间的营业收入成本为$1,779 and $4,809，分别主要与我们的实验室运营和EsoCheck设备供应的成本相关。

 

注6 — 预付费用、存款和其他流动资产

 

预付费用 资产及其他流动资产截至以下日期如下：

 

   2024年9月30日   2023年12月31日 
向服务提供商和供应商预付款项  $181   $739 
预付保险费   420    848 
押金   480    2,672 
Veris Box供应商   262    261 
预付费用、存款和其他流动资产总额  $1,343   $4,520 

 

14
 

 

注7 — 租赁

 

截至2024年9月30日，公司的未来租赁付款，作为经营租赁负债，当前部分以及经营租赁负债，减去当前部分在公司的未经审计的简明合并资产负债表上列示如下：

 

2024 年余下的时间  $174 
2025   708 
2026   724 
2027   594 
2028   471 
然后   848 
总租赁支付  $3,519 
减去：隐含利息   (640)
租赁负债的现值  $2,879 

 

补充 与公司现金及非现金活动相关的现金流信息披露如下：

 

   2024   2023 
   截至9月30日的九个月 
   2024   2023 
用于计量租赁负债的现金支付          
经营租赁的经营现金流量  $1,407   $1,080 
非现金投融资活动          
新的资产租赁负债所获得的租赁权资产  $—   $2,728 
加权平均剩余租赁期限-经营租赁 (年)   5.25    6.68 
经营租约的加权平均折现率   7.875%   7.875%

 

截至2024年9月30日和2023年12月31日，公司的经营租赁权益资产为$2,618 and $4,267分别报告在未经审计的简明合并资产负债表中的经营租赁权益资产。截至2024年9月30日和2023年12月31日，公司经营租赁的未清偿义务分别为$2,879 and $4,525。499分别发生在2024年和2023年截至9月30日的九个月内。$1,565分别报告在经营租赁负债，流动部分为$2,380 and $2,960分别报告在公司未经审计的简明合并资产负债表中的营运租约负债减去流动部分。公司根据特定租赁条款计算其增量借款利率，用于贴现未来租金支付，该利率是公司在开放市场上可能获得的融资条款的一个函数。在对Lucid进行脱离合并后，公司已删除与Lucid相关的使用权资产和营运租约负债。详见注4， 权益法投资有关Lucid脱离合并的更多信息。

 

15
 

 

注记无形资产，净额

 

无形资产，在累计摊销后，截至以下日期包括以下内容：

 

   预计使用年限  2024年9月30日   2023年12月31日 
防御性资产  60 个月  $—   $2,105 
实验室许可证和认证以及实验室信息管理软件  24 个月   —    3,200 
其他  1年   70    70 
无形资产总额      70    5,375 
累计摊销较少      (70)   (3,951)
无形资产，净额     $—   $1,424 

 

上述无形资产的摊销 费用为$82 and $505 截至2024年和2023年9月30日的三个月期间的费用分别为， 以及$559 and $1,516 截至2024年和2023年9月30日的九个月期间的费用分别为，并且包括在附带的未经审计的合并收益表中的收购 无形资产的摊销中。随着Lucid的取消合并， 公司无形资产的净余额为$0，和 没有 预计未来的摊销费用。见第4条， 权益法投资， 有关Lucid去合并的更多信息。

 

养老计划承诺和事项

 

其他事项

 

在pavmed的日常业务中，特别是在开始商业化其产品时，公司可能会面临某些其他法律诉讼和索赔，包括产品责任、消费、商业、税务和政府事务，这些问题可能会时不时出现。公司并不知晓任何可能对其产生重大影响的待决法律或其他程序。尽管如此，法律程序存在固有的不确定性，不利的结果可能包括货币损害赔偿，过高的裁决可能源自诉讼，因此可能对公司的业务、财务状况、运营结果和/或现金流产生重大不利影响。此外，尽管公司对某些潜在风险有特定的保险，但公司未来可能会承担判决或达成对其业务、财务状况、运营结果和/或现金流产生重大不利影响的索赔的和解。

 

16
 

 

公司成立于2021年9月8日的德克萨斯州。 金融工具公允价值计量

 

周期性的公平价值测量。

 

所示时期的公允价值层次表如下：

 

   在报告日期使用重复的基础公允价值衡量1 
   一级输入   二级输入   三级输入   总计 
2024年9月30日                    
资产:                    
对Lucid Diagnostics, Inc普通股的投资  $25,511   $—   $—   $25,511 
公平价值下的全部资产  $25,511   $—   $—   $25,511 
负债：                    
2022年4月份的优先担保可转换票据   —    —    19,850    19,850 
2022年9月份的优先担保可转换票据   —    —    12,200    12,200 
公允价值下的总负债  $—   $—   $32,050   $32,050 

 

   一级输入   二级输入   三级输入   总计 
2023年12月31日                    
负债：                    
高级担保可转换票据 - 2022年4月  $—   $—   $19,000   $19,000 
高级担保可转换票据 - 2022年9月   —    —    11,250    11,250 
Lucid高级担保可转换票据 - 2023年3月   —    —    13,950    13,950 
公允价值下的总负债  $—   $—   $44,200   $44,200 

 

1在截至2024年9月30日的九个月内，各级之间没有任何转移。

 

根据注释11中讨论的内容， Debt，公司分别于2022年4月4日和2022年9月8日发行了首期面值为$27.5 百万美元的优先担保可转换票据（“2022年4月优先可转换票据”），以及首期面值为$11.25 百万美元的优先可转换票据（“2022年9月优先可转换票据”）。这两种可转换票据均根据ASC 825-10-15-4公平价值选择项账制处理，即，金融工具最初按照发行日期估计的公平价值计量，随后在每个报告期日期上以估计的公平价值定期重新计量。

 

根据第11条说明， 债务， Lucid诊断公司于2023年3月21日发行了一份首期为$11.1百万面值本金的优先担保可转换债券（“Lucid 2023年3月高级可转换债券”）。自2024年9月10日起，Lucid从pavmed的结果控件开始，公司对Lucid的投资按股权法投资进行会计处理。在脱离控制之前的期间，Lucid的可转换债券出现在pavmed的资产负债表中，并根据ASC 825-10-15-4公允价值选择项下进行会计处理，即，该金融工具最初按发行日估计的公允价值计量，随后在各报告期日期进行估计公允价值的重复计量。

 

Level 3类别内分类的金融工具的估计公允价值是利用可观察输入和不可观察输入确定的。 Level 3类别内的资产和负债的未实现收益和损失包括公允价值变动，可归因于可观察因素（例如，市场利率变化）和不可观察因素（例如，不可观察长dated波动率变化）。

 

17
 

 

注意 10 — 金融工具公允价值计量 - 续

 

截至2024年9月30日的2022年4月份高级可转换票据和2022年9月份高级可转换票据的预估公允价值，以及截至2023年12月31日的2022年4月份高级可转换票据、2022年9月份高级可转换票据和2023年3月份Lucid高级可转换票据的预估公允价值，是利用蒙特卡洛模拟其现金流的现值，使用合成信用评级分析和所需的投资回报率，并采用以下假设进行计算：

 

   2022年4月份的高级
可转换票据：
2024年9月30日		   2022年9月份的高级
可转换票据：
2024年9月30日		 
公允价值  $19,850   $12,200 
面值本金应付  $17,602   $7,627 
要求的回报率   9.000%   8.800%
转换价格  $75.00   $75.00 
普通股票的价值  $1.23   $1.23 
预期期限（年）   0.51    0.94 
波动率   160.00%   160.00%
无风险利率   4.28%   3.95%
股息收益率   —%   —%

 

   2022年四月高级
可转换票据：
2023年12月31日		   2022年9月
高级
可转换票据：
2023年12月31日		   Lucid 2023年三月
高级
可转换票据:
2023年12月31日		 
公允价值  $19,000   $11,250   $13,950 
面值本金应付  $17,602   $9,062   $11,019 
必要的回报率   10.00% - 10.50%   10.00% - 10.20%   10.00%
转换价格  $75.00   $75.00   $5.00 
普通股的价值  $4.12   $4.12   $1.41 
预期期限（年）   0.26 - 1.26    0.69 - 1.69    1.22 
波动率   85.00%   85.00%   60.00%
无风险利率   4.54% - 5.25%   4.31% - 4.96%   4.56%
股息收益率   —%   —%   —%

 

该 估计的公允价值利用了pavmed和Lucid的普通股价格，以及某些三级输入（如上表所示），在开发蒙特卡罗模拟模型、折现现金流分析和/或布莱克-舒尔斯估值模型中。估计的公允价值是主观的，并受到对估值模型和分析输入变化的影响，包括各自普通股价格与转换的底价、股息收益率、基于美国国债收益率的无风险利率，及某些其他三级输入的假设，包括对各自普通股价格估计波动性的假设。这些假设的变化可能会对已确认的估计公允价值产生重大影响。

 

18
 

 

注意 11 — Debt

 

截至所示日期， senior可转换债券的公允价值和面值本金余额如下：

 

   合同到期日  规定利率   换股的计算和换股价格
每股价格		   面值
未偿本金		   公允价值 
2022年4月高级可转换票据  2025年4月4日   7.875%  $75.00   $17,602   $19,850 
2022年9月高级可转换票据  2025年9月8日   7.875%  $75.00    7,627    12,200 
截至2024年9月30日的余额               $25,229   $32,050 

 

   合同到期日  规定利率   每股转换价格   面值本金余额   公允价值 
2022年4月高级可转换债券  2025年4月4日   7.875%  $75.00   $17,602   $19,000 
2022年9月高级可转换债券  2025年9月8日   7.875%  $75.00    9,062    11,250 
Lucid 2023年3月高级可转换债券  2025年3月21日   7.875%  $5.00    11,019    13,950 
截至2023年12月31日的余额               $37,683   $44,200 

 

截至2024年9月30日的三个月和九个月期间，债务公允价值的变化如下：

 

   2022年4月高级可转换票据   2022年9月高级可转换票据   2023年3月Lucid高级可转换票据   资产负债表公平价值元素之和   其他收入（费用） 
2024年6月30日公允价值  $19,200   $13,600   $11,200   $44,000   $— 
分期付款 - 普通股   —    (455)   (797)   (1,252)   — 
非分期付款 - 普通股   —    (55)   (135)   (190)   — 
解除Lucid诊断的合并   —    —    (10,268)   (10,268)   — 
公允价值变动   650    (890)   —    (240)   240 
2024年9月30日的公允价值  $19,850   $12,200   $—   $32,050    - 
其他收入（费用）- 2024年9月30日结束的三个月内公允价值变动                      $240 

 

   2022年4月高级可转换债券   2022年9月高级可转换债券   Lucid 2023年3月高级可转换债券   资产负债表公允价值元件总和   其他收入（费用） 
公允价值-2023年12月31日  $19,000   $11,250   $13,950   $44,200   $— 
分期偿还 – 普通股   —    (1,435)   (2,005)   (3,440)   — 
非分期支付 – 普通股   —    (143)   (787)   (930)   — 
Lucid Diagnostics的去整合   —    —    (10,268)   (10,268)   — 
公允价值变动   850    2,528    (890)   2,488    (2,488)
截至2024年9月30日的公允价值  $19,850   $12,200   $—   $32,050    - 
其他收入（费用）- 公允价值变化 - 截至2024年9月30日的九个月期间                      $(2,488)

 

19
 

 

注意 11 — 债务 - 续

 

截至2023年9月30日的三个月和九个月期间，债务公允价值的变化如下：

 

   2022年4月份的高级可转换债券   2022年9月份的高级可转换债券   2023年3月份Lucid高级可转换债券   资产负债表公允价值组成总和   其他收入（费用） 
2023年6月30日公允价值  $19,530   $11,850   $11,610   $42,990   $— 
分期偿还-普通股   (952)   (1,207)   (92)   (2,251)   — 
非分期付款-普通股   (41)   (51)   (49)   (141)   — 
公允价值变动   863    508    3,021    4,392    (4,392)
2023年9月30日的公平价值  $19,400   $11,100   $14,490   $44,990    - 
其他收入（费用）- 2023年9月30日止三个月期间公平价值的变动                      $(4,392)

 

   2022年4月份高级可转换债券   2022年9月份高级可转换债券   路特 2023年3月份高级可转换债券   资产负债表公允价值元件总和   其他收入（费用） 
公允价值 - 2022年12月31日  $22,000   $11,650   $—   $33,650   $— 
面值本金-发行日期   —    —    11,111    11,111    — 
公允价值调整 - 发行日期   —    —    789    789    (789)
分期偿还 - 普通股   (3,895)   (1,207)   (92)   (5,194)   — 
非分期支付 - 普通股   (249)   (51)   (49)   (349)   — 
公允价值变动   1,544    708    2,731    4,983    (4,983)
2023年9月30日的公允价值  $19,400   $11,100   $14,490   $44,990    - 
其他收入（费用）- 2023年9月30日结束的九个月内的公允价值变动                      $(5,772)

 

pavmed - 高级担保可转换票据

 

公司于2022年3月31日签署了一份证券购买协议（“SPA”），并与一家合格的机构投资者（“投资者”，“贷款人”和/或“持有人”）达成协议，在此协议中，公司同意卖出，投资者同意购买总计$50.0 百万美元面值的债务 - 包括：初始发行的$27.5 百万美元面值原始本金；以及额外的高达$22.5 百万美元的面值本金（在满足特定条件的情况下）。该债务是在公司有效的定向发行注册声明下发行的。

 

根据SPA，公司于2022年4月4日发行了一份高级担保可转换票据，以下简称“2022年4月高级可转换票据”，该票据面值为$27.5 百万美元，年利率为 7.875%，合同转换价格为每股75.00 美元（在任何股票分割、股票股利、股票组合、资本重组或其他类似交易发生时进行标准调整），合同到期日为 2024年4月4日， 到期日，投资者同意延长一年，至2025年4月4日。2022年4月高级可转换票据可以根据持有人的选择转换为公司的普通股。

 

根据同一份SPA，公司于2022年9月8日发行了一份额外的高级担保可转换票据，以下称为“2022年9月高级可转换票据”，该票据的面值为$11.25 百万，票据的 7.875年利率为%75.00 每股公司普通股的合同转换价格为$ 2024年9月6日赢得了CVPR自动大奖的投资者同意将到期日延长一年，至2025年9月8日。 2022年9月高级可转换票据可以根据持有人的选择转换为公司普通股。

 

20
 

 

注意 11 — 债务 - 续

 

公司同意暂时降低，投资者也同意暂时降低2022年4月的高级可转换票据和2022年9月的高级可转换票据的合同转换价格为 82.5% 在转换日期之前的最后10个交易日中的最低两次VWAP的基础上，附带一个转换底价为$0.40，在2024年6月30日到2024年9月3日的期间；前提是，在此期间根据2022年4月的高级可转换票据和2022年9月的高级可转换票据的转换总金额不得超过 1 百万股。

 

公司受到财务契约的约束，要求：(i) 始终保持至少800万美元的可用现金；(ii) (a) 未偿还的总高级可转换票据的本金金额、累积和未支付的利息及累积和未支付的滞纳金与(b) 公司在前十个交易日的平均市值的比率不得超过30%（“债务与市值比率测试”）；以及(iii) 公司在任何时候的市值不得低于7500万美元(“市值测试”与债务与市值比率测试合称为“财务测试”）。自2024年9月1日至2024年11月11日期间，公司的财务测试未能合规。截至2024年11月11日，投资者同意在该时间段内及其后至2024年12月31日放弃任何非合规行为。

 

考虑到2024年3月同意的先前豁免契约和到期日延长，公司同意支付债券持有人$2,000现金（或书面协议的其他形式）。豁免契约和到期日延长费用被确认为公司未经审计的简明合并利润表中的债务修改费用，并当前包括在2024年9月30日公司未经审计的简明合并资产负债表中的应计费用和其他流动负债。

 

2022年4月的高级可转换票据和2022年9月的高级可转换票据的分期付款可以通过PAVmed普通股支付，转换价格为合同转换价格与 82.5%的过去10个交易日的最低VWAP的较低值，转换价格下限为$2.70这些票据还受某些条款的限制，这些条款可能要求在某些事件发生时赎回，包括违约事件、控制权变更或某些股权发行。

 

截至2024年9月30日的三个月和九个月期间，约$455 and $1,435，分别为本金偿还 以及约$55 and $143，分别为相关利息费用，通过发行 509,942 和 1,084,366， 分别为公司的普通股股份，这些股份的公允价值约为$907 and $2,002以各自的公平价值计算，该公平价值以公司普通股的各自转换日期报价收盘价为准。此外，在截至2024年9月30日的三个月和九个月期间，公司同意支付$652 and $1,059与加速底价支付相关的现金，对应于这些票据的转换价格低于底价的情况，这部分费用包含在公司未经审计的简明合并损益表中的债务灭失损失。截至2024年9月30日，约有$652 的加速底价支付金额属于公司未经审计的简明合并资产负债表中的应计费用和其他流动负债。转换和底价加速支付导致的债务灭失损失为$1,050 and $1,501 在截至2024年9月30日的三个月和九个月期间，分别为$

 

Lucid 诊断 - 高级担保可转换票据

 

随着Lucid的脱离合并，Lucid 2023年3月份的高级可转换票据不再反映在公司的未经审计的简明综合资产负债表中。请参阅附注4， 权益法投资关于Lucid脱离合并的更多信息。

 

在2024年1月1日至2024年9月10日的期间，即Lucid的非合并日期，约为$2,005 的本金还款以及约为$787 的利息费用，通过发行 4,172,002 普通股 的Lucid的股份，这些股份的公允价值约为$3,801 （公允价值按Lucid普通股的各自转换日期的收盘价计量）。这些转换在2024年7月1日至2024年9月10日的期间导致了$328 的债务清偿损失。这些转换在2024年1月1日至2024年9月10日的期间导致了$1,009 的债务清偿损失。

 

在2024年9月30日结束的三个月和九个月期间，公司总计承认债务注销损失约为$1,403分别发生在2024年和2023年截至9月30日的九个月内。$2,535，分别是，在涉及公司或Lucid（如适用）发行普通股用于上述可转换债务本金偿还时。在2023年9月30日结束的三个月和九个月期间，公司总计承认债务注销损失约为$1,764分别发生在2024年和2023年截至9月30日的九个月内。$3,032有效所得税率为

 

见 注释10， 金融工具公允价值计量，以便进一步讨论公允价值假设。

 

21
 

 

注意 12 — 按股票补偿计算的费用

 

PAVmed 公司 2014 年长期激励股权计划

 

PAVmed公司2014年长期激励股权计划（“PAVmed 2014股权计划”）旨在使PAVmed能够向员工、高管、董事和顾问等定义人士提供获得PAVmed普通股股票的机会。PAVmed 2014股权计划下可授予的奖励类型包括期权、股票增值权、受限股票和其他基于股票的奖励，受适用法律限制。所有奖励须经PAVmed薪酬委员会批准。

 

共计 1,835,970 截至2023年10月，保留了可根据pavmed 2014年股权计划发行的普通股股份，数量为 79,321 截至2024年9月30日，可用的股份数量为 66,720 截至2024年9月30日，pavmed股票期权和限制性 股票奖励的总额并不会减少股份的保留数量。 432,452 在2024年1月，按照计划的常青条款，增加了可供授予的股份数量，增加了

 

pavmed 股票期权

 

pavmed 在pavmed 2014股权计划下授予的股票期权以及在该计划之外授予的股票期权概述如下：

 

   期权数量   加权平均行使价格   我，Tricia Tolivar，证明：   内涵价值(2) 
2023年12月31日未行使的期权   1,192,458   $26.18    7.3   $— 
已授予(1)   79,500   $2.28           
已行权   —   $—           
被取消   (38,851)  $13.47           
2024年9月30日未行权期权(3)   1,233,107   $25.04    5.9   $— 
2024年9月30日已授予和可行权期权   956,977   $30.27    5.1   $— 

 

(1)在pavmed 2014年股权计划下授予的股票 期权和那些授予该计划之外的期权通常在一年后可归属三分之一，然后在接下来的八个季度中按比例归属，且自授予日期起的合同期限为十年。
(2)内在价值是根据pavmed普通 股票在2024年9月30日和2023年12月31日的报价与相关pavmed股票期权的行使价格之间的差额计算的，前提是该报价高于行使价格。
(3)上表中呈现的未到期股票期权包括 60,054 截至2024年9月30日和2023年12月31日，授予的pavmed 2014年股权计划之外的股票期权。

 

在2024年2月22日，公司授予了 59,500 期权，依据pavmed 2014年股权计划，行使价格的加权平均值为$1.85每个期权在一年后将解锁三分之一，然后在接下来的八个季度内按照比例解锁。此外，在2024年2月22日，共授予了 390,000 限制性股票奖励，授予董事会，依据pavmed 2014年股权计划，这些限制性股票奖励的总公平价值约为$0.7 百万，这一公平价值是通过pavmed普通股每股的相应授予日期的收盘价进行测量的，公平价值在解锁期间以直线方式作为股权薪酬费用逐渐确认，这与服务期相对应。限制性股票奖励将在三年期内每年按照比例解锁，初始解锁日期为2024年11月30日。如果未完成必要的服务期，限制性股票奖励将面临没收。

 

pavmed 限制性股票奖励

 

pavmed 根据pavmed 2014年股权计划授予的限制性股票奖励和在该计划之外授予的限制性股票奖励的总结如下：

 

 

   限制性股票奖励数量   加权平均授予日公允价值 
截至2023年12月31日的未发行限制性股票奖励   70,527   $38.77 
已授予   390,000    1.85 
归属   (135,080)   2.00 
被取消   —    — 
截至2024年9月30日的未发行限制性股票奖励   325,447   $9.79 

 

22
 

 

注意 12 — 股票酬劳 - 续

 

Lucid 医疗诊断公司 2018 年度长期激励股权计划

 

Lucid诊断公司2018年长期激励股权计划（“Lucid诊断2018股权计划”）与上文讨论的pavmed2014股权计划是独立的。Lucid诊断2018股权计划旨在使Lucid诊断能够向雇员、高管、董事和顾问提供购买Lucid诊断普通股的机会。Lucid诊断2018股权计划下可授予的奖励类型包括期权、股票增值权、受限股票和其他以股票为基础的奖励，受适用法律的限制。所有奖励均须经Lucid诊断薪酬委员会批准。

 

请注意，在Lucid脱离合并后，Lucid Diagnostics 2018年度长远股权计划不再反映在公司的未经审计的简明合并运营报表中。Lucid继续负责管理其股权计划。请参阅注释4， 权益法投资以获取有关Lucid Diagnostics脱离合并的更多信息。

 

Lucid 诊断公司股票期权

 

Lucid 根据Lucid Diagnostics 2018年股权计划授予的股票期权以及在该计划之外授予的股票期权总结如下：

 

   期权数量   加权平均行使价格   我，Tricia Tolivar，证明：   内涵价值(2) 
2023年12月31日未行使的期权   5,504,383   $2.00    8.5   $765 
已授予(1)   3,604,000   $1.22           
已行权   (3,333)  $1.31           
被取消   (417,501)  $1.63           
2024年9月10日的未行权的期权(3)   8,687,549   $1.69    8.3   $191 
2024年9月10日到期和可行权的期权   3,084,682   $2.25    7.1   $191 

 

(1)根据卢西德诊断2018股权计划授予的股票期权和该计划外授予的股票期权，通常在第一年释放三分之一，然后在接下来的八个季度中按比例释放，并且从授予日期起有十年的合约期限。
(2)内在价值是根据2024年9月10日和2023年12月31日卢西德诊断普通股的报价价格与标的卢西德诊断股票期权的行权价格之间的差值计算，前提是该报价价格高于行权价格。
(3)上表中列出的未行使的股票期权包括 523,300 卢西德诊断2018股权计划之外授予的股票期权，截至2024年9月10日和2023年12月31日。

 

2024年2月22日，Lucid授予了期权 2,895,000 Lucid Diagnostics 2018 Equity Plan下的股票期权，行权加权平均价为$1.25。每个期权将在一年后的三分之一后，然后在接下来的八个季度中按比例解锁。

 

Lucid 诊断限制股票奖励

 

根据Lucid诊断2018年权益计划授予的受限股奖和计划之外授予的受限股奖汇总如下:

 

   限制性股票奖励数量   加权平均授予日公允价值 
截至2023年12月31日的未发行限制性股票奖励   2,337,440   $8.99 
已授予   1,600,000    1.03 
归属   (26,912)   4.56 
被取消   (13,088)   4.56 
截至2024年9月10日未归属的限制性股票奖励   3,897,440   $5.77 

 

2024年5月，共发放了一共 1,600,000 受限股票奖励，根据卢西德诊断2018年股权计划授予给管理层，这些受限股票奖励的总公允价值约为$1.5 百万，根据卢西德诊断普通股授予的报价收盘价每股，该公允价值视为以线性基础按比例确认为股权补偿费用，持续服役期内，该权益补偿平均应分配。这与服务期相当。受限股票奖励的授予在一个单独的授予日期，即2026年5月20日。如果无法完成必要的服务期，则可能取消获得的受限股票奖励。

 

23
 

 

注意 12 — 股票酬劳 - 续

 

合并 股票薪酬费用

 

截至2023年10月，pavmed和Lucid Diagnostics在PAVmed 2014年股权计划和Lucid Diagnostics 2018年股权计划中确认的合并股票基础补偿费用（至2024年9月10日，即pavmed对Lucid的去合并日期）在上述讨论的股票期权和限制股票奖励方面，适用于所示期间如下：

 

   2024   2023   2024   2023 
  

三个月已结束

九月三十日

  

九个月已结束

九月三十日

 
   2024   2023   2024   2023 
收入成本  $32   $32   $112   $86 
销售和营销费用   292    403    1,082    1,302 
一般和管理费用   1,426    1,499    3,717    6,761 
研究和开发费用   181    311    805    1,022 
股票薪酬支出总额  $1,931   $2,245   $5,716   $9,171 

 

卢西德诊断认定的股票补偿支出

 

如上所述，上述合并股票酬劳费用已包括截至2024年9月10日PAVmed对Lucid解除合并时识别的股票酬劳费用，包括以下各项：根据PAVmed 2014年股权计划向支持CWRU授权协议知识产权的三名医师发放的期权；以及根据Lucid Diagnostics 2018年股权计划向PAVmed员工和非员工顾问发放的期权和限制性股票奖励。Lucid Diagnostics截至2024年9月10日（PAVmed解除Lucid合并的日期）识别的股票酬劳费用，涉及上述期权和限制性股票奖励，根据PAVmed 2014年股权计划和Lucid Diagnostics 2018年股权计划，针对所指出的各期间，情况如下：

 

   2024   2023   2024   2023 
  

截至三个月

9月30日,

  

截至九个月

9月30日,

 
   2024   2023   2024   2023 
Lucid诊断2018年股权计划 - 营业收入成本  $24   $16   $81   $44 
Lucid诊断2018年股权计划 - 销售和营销   252    228    849    697 
Lucid诊断2018年股权计划 - 总务及行政   548    721    1,484    4,069 
Lucid诊断2018年股权计划 - 研发   98    67    356    204 
pavmed 2014股权计划 - 营业收入成本   9    10    30    26 
pavmed 2014股权计划 - 销售和营销   18    106    136    359 
pavmed 2014股权计划 - 总务和行政   1    7    5    170 
pavmed 2014股权计划 - 研发   5    97    148    290 
Lucid Diagnostics确认的全部股份报酬支出  $955   $1,252   $3,089   $5,859 

 

关于上述PAVmed 2014股权计划下发行的期权和限制性股票奖励，未确认的股权报酬费用合并后的权重平均剩余必需服务期间如下所示：

 

   未确认费用   加权平均剩余服务期限（年） 
2014年 pavmed股权计划          
股票期权  $1,377    1.5 
限制性股票授予  $397    2.2 

 

24
 

 

注意 12 — 股票酬劳 - 续

 

基于股票的 补偿费用与根据pavmed 2014年股权计划授予的期权相关，基于该股票期权的加权平均 估计公允价值为$1.47 美元和每股5.25 每股在截至2024年9月30日和2023年9月30日的九个月期间，使用以下加权平均Black-Scholes估值模型假设计算：

 

   截至9月30日的九个月 
   2024   2023 
股票期权的预期期限（年）   5.8    5.7 
预期股价波动   90%   88%
无风险利率   4.3%   3.7%
预期股息收益率   —%   —%

 

基于Lucid Diagnostics 2018年股权计划授予的期权确认的股票基础 补偿费用是基于这些期权的加权平均估计公平价值为$0.79 每股$0.88 在截至2024年9月30日的九个月期间（至2024年9月10日，即pavmed合并Lucid的日期）和2023年，分别计算，使用以下加权平均Black-Scholes估值模型假设：

 

   截至9月30日的九个月 
   2024   2023 
股票期权的预期期限（以年为单位）   5.7    5.6 
预期股价波动   73%   75%
无风险利率   4.3%   3.7%
预期股息收益率   —%   —%

 

pavmed 公司员工股票购买计划（“pavmed ESPP”）

 

共计 34,332 股数和 38,216 公司普通股份的股票收益约为$62 and $182，分别为2024年3月31日和2023年，根据pavmed ESPP购买了共计 20,267 ，公司普通股票的股票收益约为$76 ，于2023年9月30日根据pavmed ESPP购买了股票共计$。其中，2023年3月31日的购买部分通过重新配置 12,590 股份来进行部分清偿。pavmed ESPP的总储备量为 300,001 pavmed普通股股份 其中 139,863 股份可供发行截至2024年9月30日。2024年1月，可发行股份数量 增加了 166,667 在2024年1月，按照计划的常青条款，增加了可供授予的股份数量，增加了

 

2024年9月18日生效，pavmed的薪酬委员会暂时暂停参与pavmed ESPP。因此，自2024年3月31日以来，公司的普通股没有在pavmed ESPP下购买。

 

卢西德 诊断公司员工股票购买计划（“Lucid ESPP”）

 

共计 511,884 股份及 231,987 股份股票公司Lucid Diagnostics 的普通股份售出所得约为$353 和 $276 分别为2024年3月31日和2023年，通过Lucid ESPP购买的总 $ 276,213 股份股票公司Lucid Diagnostics 的普通股份 售出所得约为$275 在2023年9月30日，通过Lucid ESPP购买的普通股份约为$

 

25
 

 

注意 13 — 优先股

 

截至2024年9月30日和2023年12月31日，授权了 1,385,149 和 1,305,213 PAVmed系列B可转换优先股的股份， 分别 classified 在永久股权中，已发行且尚未偿还。

 

pavmed 系列B可转换优先股送转

 

系列b可转换优先股是根据PAVmed Inc.优先股权利和限制的声明书发行的 （“系列b可转换优先股声明书”），面值为$0.001 每股无投票权，指定价值为$3.00 每股，并在发行时立即可转换。在持有者的选择下，十五股系列b可转换优先股目前可转换为公司的一股普通股， 并根据未来送转、拆股并股或影响公司普通股的类似事件进行进一步调整。系列b可转换优先股不得以现金赎回，在任何情况下，公司都不应被要求以现金结算系列b可转换优先股。

 

PAVmed Inc. Series b 可转换优先股票的分红派息是 8.0% 每年，基于 $3.00 每股面值的 Series b 可转换优先股票，分红派息按季度复利累积，且在公司董事会宣告后支付。此类分红派息可由董事会自行决定以额外发行 Series b 可转换优先股票、发行公司的普通股票和/或现金支付的组合方式结算。

 

pavmed B轮可转换优先股股息收入

 

可转换优先股b系列的股息收入已包括在计算基本和稀释后归属于pavmed的普通股股东的净损失中，分别为所附未经审计的被合并简表中呈现的各相应时段；总额为$83 and $244 在2024年9月30日结束的三个月和九个月期间分别赚取的股息；分别为$77 and $226 在2023年9月30日结束的三个月和九个月期间赚取的股息；分别为$

 

pavmed 系列b可转换优先股送转已宣告

 

截至2024年9月30日的九个月期间，公司董事会宣告总额约为$239 的系列b可转换优先股分红派息，包括$78 截至2023年12月31日的收入;及$80 截至2024年3月31日的收入;及$81截至2024年6月30日的收入，这些分红派息通过发行总计 79,936 股额外的系列b可转换优先股完成，其中包括 26,123 根据截至2023年12月31日所得分红派息发行的股份;及 26,640 根据截至2024年3月31日所得分红派息发行的股份;及 27,173 截至2024年6月30日，针对已获得的分红派息发行的股票。

 

截至2023年9月30日的九个月期间，公司董事会宣布总计约$221 的B系列可转换优先股分红派息，包括$72 截至2022年12月31日赚取的; 以及$74 截至2023年3月31日赚取的; 以及$75截至2023年6月30日赚取的，这些分红派息通过发行总共 73,842 额外的B系列可转换优先股股份解决，包含 24,128 根据截至2022年12月31日赚取的分红派息发行的股份; 以及 24,610 根据截至2023年3月31日赚取的分红派息发行的股份; 以及 25,104 截至2023年6月30日所产生分红派息的股份。

 

在2024年9月30日之后，2024年11月，公司的董事会宣布了截至2024年9月30日的pavmed B系列可转换优先股股息，为$83，将通过发行 27,716 额外的B系列可转换优先股。

 

PAVmed系列B可转换优先股分红派息仅在公司的董事会宣告分红派息后才能被视为应付分红派息负债。因此，在伴随的未经审计的简明合并资产负债表日期之后宣告的分红派息未被视为应付分红派息负债，因为公司的董事会在每个此类日期并未宣告分红派息。

 

26
 

 

注意 14 — 普通股和普通股认购warrants

 

普通股

 

公司于2023年2月份分发了一份代理声明，用于召开于2023年3月31日举行的股东特别大会（“特别会议”），届时公司寻求批准对公司章程进行修正，以实施，(i)公司普通股的股份进行股票拆分，比例范围从 1合5 to 1比15，由公司董事会自行决定，并（ii）与之相关的减少公司授权发行的普通股数量，从 250,000,000 股增加到 50,000,000 股。 2023年3月31日，股东们批准了公司章程修正提案，以在特别会议的一周年纪念日之前的任何时间生效。 2023年11月28日，公司董事会一致授权管理层以 1比15逆向股票拆股于2023年12月7日生效。在生效日期， 每15股公司已发行并流通的普通股自动合并为一股已发行并流通的股份，其股份的面值未发生任何变化。 逆向股票拆股不会发行碎股。相反，逆向股票拆股完成后，每个小于一整股的碎股都将四舍五入为一整股。逆向股票拆股还相应影响了所有未行使的pavmed股权奖励和未行使的可转换证券。

 

2024年3月7日，公司收到了纳斯达克股票市场上市资格部门发出的通知，指出在之前的30个连续工作日（截至2024年3月6日），公司所上市证券的市值一直低于纳斯达克资本市场要求维持上市的最低3500万美元。公司被给予了180个日历日的时间，即至2024年9月3日之前，来恢复规则的符合性。公司在规定的时间内未能恢复规则的符合性。因此，2024年9月10日，公司收到了纳斯达克上市资格部门发出的职员决定函，指出除非公司及时请求在纳斯达克听证小组（“小组”）面前上诉职员决定，否则公司的证券将会被暂停上市并摘牌。公司及时请求在小组面前举行听证会，该听证会于2024年10月29日举行。

 

在2024年11月8日，委员会准许公司延长至2025年1月31日，以重新符合纳斯达克持续上市标准。

 

在小组授予的延期期间，公司普通股和Z系列warrants将继续在标的“PAVM”和“PAVMZ”下不间断交易。

 

截至2024年9月30日的九个月期间，共发行了 34,332 公司的普通股在pavmed员工股票购买计划(ESPP)下发行。请参见 注释12， 按股票补偿计算的费用关于pavmed 2014年股权计划和pavmed ESPP的讨论。

 

2024年9月30日结束的九个月内， 574,424 公司普通股票在转换中发行，持有人可选择转换2022年4月到期的高级可转换票据和2022年9月到期的高级可转换票据，金额为$980 面值本金偿还，详见附注11， Debt.

 

截至2024年9月30日的九个月内，公司出售了 627,302 通过其市场上股票设施出售了股份，获得了约$977，在支付 3%的佣金后。

 

在截至2024年9月30日的九个月内，公司向供应商发行了 200,809 普通股股份，作为$200 的约定服务，这已包含在公司的未经审计的简明合并 运营报表中的一般和管理营业费用中。

 

pavmed 向股东分配Lucid Diagnostics普通股

 

在 2024 年 2 月 15 日，公司向公司股东分发特别股息 3,331,747 公司持有的 Lucid 诊断普通股股份。 在该日期，截至 2024 年 1 月 15 日的记录日期，每位 pavmed 股东收到了约 38 Lucid 普通股的股票股息，每持有平匹亚医疗共股的股东 100 在该日期持有的股票数量多约股。 分发的股票约等于 Lucid 于 2024 年 1 月 26 日前后向 PAVmed 发行的普通股数量，以偿还 PAVmed 欠 Lucid 的某些公司间责任。

 

公司向pavmed股东分配Lucid普通股，构成了《认股协议》定义的“特别分红”。因此，根据《认股协议》第4.3条的规定，因分配而使得认股价格降低了$0.52 （ 0.37709668 在分配日期，Lucid Diagnostics普通股的每股公允市场价值）降低至$23.48 。

 

普通股购买认股权

 

截至2024年9月30日和2023年12月31日，未到期的Z系列warrants总计 11,937,450 代表购买 795,830 公司普通股的股份。Z系列warrants现在可以行使，以购买一整股公司普通股，行使价格为$23.48 ($24.00 反转拆分后，减少了$0.52 由于向pavmed股东分配Lucid普通股（如上所述）。截至2024年9月30日的九个月内，没有行使Z系列warrants。

 

27
 

 

Note 15 — Noncontrolling Interest

 

The noncontrolling interest (“NCI”) included as a component of consolidated total stockholders’ equity is summarized for the periods indicated as follows:

 

   September 30, 2024 
NCI – equity - December 31, 2023  $29,813 
Net loss attributable to NCI   (11,075)
Impact of subsidiary equity transactions   (4,414)
Lucid Diagnostics proceeds from issuance of preferred stock Series A-1   5,670 
Lucid Diagnostics exchange of preferred stock Series A and Series A-1   (24,294)

Lucid Diagnostics issuance through exchange - Series B and Series B-1

   31,790 
Lucid Diagnostics issuance through sale - Series B and Series B-1   24,129 
Lucid Diagnostics deemed dividend on preferred stock   (7,496)
Lucid Diagnostics issuance of common stock for settlement of vendor service agreement   401 
Lucid Diagnostics 2018 Equity Plan stock option exercise   4 
Lucid Diagnostics Employee Stock Purchase Plan Purchase   353 
Conversion of Lucid Diagnostics common stock for Senior Secured Convertible Debt   3,801 
Stock-based compensation expense - Lucid Diagnostics 2018 Equity Plan   2,771 
Stock-based compensation expense - Veris Health 2021 Equity Plan   368 
Deconsolidation of Lucid   (56,339)
NCI – equity - September 30, 2024  $(4,518)

 

The consolidated NCI presented above is with respect to the Company’s consolidated subsidiaries as a component of consolidated total stockholders’ equity as of September 30, 2024 and December 31, 2023; and the recognition of a net loss attributable to the NCI in the unaudited condensed consolidated statement of operations for the periods beginning on the acquisition date of the respective subsidiaries.

 

Lucid Diagnostics — Deconsolidation

 

As of September 30, 2024, there were 51,597,718 shares of common stock of Lucid Diagnostics issued and outstanding, of which, PAVmed held 31,302,444 shares. On September 10, 2024, following preferred equity transactions completed by Lucid earlier in 2024 and the termination of voting proxies entered into between PAVmed and certain shareholders of Lucid, PAVmed’s voting interest in the Company was reduced to less than 50.0%, resulting in the loss of a controlling financial interest. However, PAVmed retains the ability to exercise significant influence over Lucid. Upon deconsolidation, the Company’s ownership of 31,302,444 shares of Lucid Diagnostics common stock was valued at $25.1 million, which resulted in a gain on deconsolidation of $72.3 million in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024.

 

Lucid Diagnostics — Intercompany Obligation Settlement; Special Distribution

 

On January 26, 2024 PAVmed elected to receive payment of $4,675 of fees and reimbursements due from Lucid, through the issuance of 3,331,771 shares of Lucid Diagnostics common stock. On February 15, 2024, the Company distributed by special dividend to the Company stockholders, as of the record date noted above, 3,331,747 shares of Lucid Diagnostics common stock held by the Company.

 

Lucid Diagnostics — Convertible Preferred Stock Offerings

 

On March 7, 2023, Lucid issued 13,625 shares of newly designated Lucid Series A Convertible Preferred Stock (the “Lucid Series A Preferred Stock”). Each share of the Lucid Series A Preferred Stock has a stated value of $1,000 and a conversion price of $1.394. The Lucid Series A Preferred Stock is convertible into shares of Lucid Diagnostics’ common stock at any time at the option of the holder from and after the six-month anniversary of its issuance, and automatically converts into shares of Lucid Diagnostics’ common stock on the second anniversary of its issuance. The terms of the Lucid Series A Preferred Stock also include a one times preference on liquidation and a right to receive dividends equal to 20% of the number of shares of Lucid common stock into which such Lucid Series A Preferred Stock is convertible, payable on the one-year and two-year anniversary of the issuance date. The Lucid Series A Preferred Stock is a non-voting security, other than with respect to limited matters related to changes in terms of the Lucid Series A Preferred Stock. The aggregate gross proceeds from the sale of shares in such offering were $13.625 million.

 

28
 

 

Note 15 — Noncontrolling Interest - continued

 

On March 13, 2024, Lucid issued an additional 5,670 shares of Lucid Series A-1 Preferred Stock, for aggregate gross proceeds of $5.67 million.

 

On March 13, 2024, Lucid issued 44,285 shares of newly designated Lucid Series B Convertible Preferred Stock (the “Lucid Series B Preferred Stock”). The terms of the Lucid Series B Preferred Stock are substantially identical to the terms of the Lucid Series A Preferred Stock and the Lucid Series A-1 Preferred Stock, except that the Lucid Series B Preferred Stock has a conversion price of $1.2444, and the holders of the Lucid Series B Preferred Stock vote with the common stock on an as-converted basis (subject to any applicable ownership limitations). On the same day, Lucid issued an additional 5,670 shares of Lucid Series A-1 Preferred Stock, for aggregate gross proceeds of $5.67 million (all of which shares were immediately exchanged for shares of Lucid Series B Preferred Stock). The aggregate gross proceeds from the sale of shares in such offering were $18.1 million.

 

As a result of 100% of the then-outstanding shares of Lucid Series A Preferred Stock and Lucid Series A-1 Preferred Stock being exchanged for shares of Lucid Series B Preferred Stock in the Lucid Series B Offering and Exchange, no shares of Lucid Series A Preferred Stock or Lucid Series A-1 Preferred Stock remain outstanding.

 

On May 6, 2024, Lucid issued approximately 11,634 shares of newly designated Lucid Series B-1 Convertible Preferred Stock (the “Lucid Series B-1 Preferred Stock”). The terms of the Lucid Series B-1 Preferred Stock are substantially identical to the terms of the Lucid Series B Preferred Stock, except that the Lucid Series B-1 Preferred Stock has a conversion price of $0.7228. The aggregate gross proceeds from the sale of shares in such offering were $11.6 million.

 

Lucid Diagnostics — Deemed Dividend on Series A and Series A-1 Convertible Preferred Stock Exchange Offer

 

The fair value of the consideration given in the form of the issue of 31,790 shares of Lucid Series B Convertible Preferred Stock, with such fair value recognized as the carrying value of such issued shares of Lucid Series B Convertible Preferred Stock, as compared to the carrying value of the extinguished Lucid Series A and Lucid Series A-1 Convertible Preferred Stock (carrying value of $24,294), resulting in an excess of fair value of $7.5 million recognized as a deemed dividend charged to accumulated deficit in the unaudited condensed consolidated balance sheet on March 13, 2024, with such deemed dividend included as a component of net loss attributable to common stockholders, summarized as follows:

 

Lucid Series B Convertible Preferred Stock Issuance and Series A/A-1 Exchange Offer  March 13, 2024 
Fair Value - 31,790 shares of Lucid Series B Preferred Stock issued in exchange for Lucid Series A and Lucid Series A-1 Preferred Stock  $31,790 
Less: Carrying value related to Lucid Series A and Lucid Series A-1 Preferred Stock Exchanged for Lucid Series B Preferred Stock (of 24,295 shares)   (24,294)
Deemed Dividend Charged to Accumulated Deficit  $7,496 

 

29
 

 

Note 16 — Net Income (Loss) Per Share

 

The Net income (loss) per share - attributable to PAVmed Inc. - basic and diluted and Net income (loss) per share - attributable to PAVmed Inc. common stockholders - basic and diluted - for the respective periods indicated - is as follows:

 

   2024   2023   2024   2023 
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2024   2023   2024   2023 
Numerator                    
Net income (loss) - before noncontrolling interest  $60,711   $(21,750)  $27,285   $(61,855)
Net income (loss) attributable to noncontrolling interest   3,688    4,079    11,075    11,716 
Net income (loss) - as reported, attributable to PAVmed Inc.  $64,399   $(17,671)  $38,360   $(50,139)
                     
Series B Convertible Preferred Stock dividends – earned  $(83)  $(77)  $(244)  $(226)
Deemed dividend on Subsidiary Preferred Stock attributable to the noncontrolling interests  $—   $—   $(7,496)  $— 
                     
Net income (loss) attributable to PAVmed Inc. common stockholders used in basic EPS calculation  $64,316   $(17,748)  $30,620   $(50,365)
Fair Value Adjustment for diluted EPS calculation  $

(240

)  $—   $3,378   $— 
Net income (loss) attributable to PAVmed Inc. common stockholders used in dilutive EPS calculation  $

64,076

   $

(17,748

)  $

33,998

   $

(50,365

)
                     
Denominator                    
Weighted average common shares outstanding, basic   10,005,379    7,462,751    9,286,999    6,967,764 
Weighted average common shares outstanding, diluted   44,475,638    7,462,751    43,069,449    6,967,764 
                     
Net income (loss) per share (1)                    
Net income (loss) per share attributable to PAVmed Inc. common stockholders, basic   $6.43   $(2.38)  $3.30   $(7.23)
Net income (loss) per share attributable to PAVmed Inc. common stockholders, diluted   $1.44   $(2.38)  $0.79   $(7.23)

 

(1)- Convertible preferred stock and restricted stock awards would potentially be considered a participating security under the two-class method of calculating net income (loss) per share. For periods where losses are presented, such holders are not contractually obligated to share in the losses, there is no impact on the Company’s net income (loss) per share calculation for the periods indicated.

 

The common stock equivalents have been excluded from the computation of diluted weighted average shares outstanding as their inclusion would be anti-dilutive, are as follows:

 

The Series B Convertible Preferred Stock dividends earned as of each of the respective years noted, are included in the calculation of basic and diluted net loss attributable to PAVmed common stockholders for each respective period presented. Notwithstanding, the Series B Convertible Preferred Stock dividends are recognized as a dividend payable only upon the dividend being declared payable by the Company’s board of directors.

 

Basic weighted-average number of shares of common stock outstanding for the nine month periods ended September 30, 2024 and 2023 include the shares of the Company issued and outstanding during such periods, each on a weighted average basis. The basic weighted average number of shares of common stock outstanding excludes common stock equivalent incremental shares, while diluted weighted average number of shares outstanding includes such incremental shares. However, as the Company was in a loss position for the three and nine month periods ended September 30, 2023, basic and diluted weighted average shares outstanding are the same, as the inclusion of the incremental shares would be anti-dilutive. The common stock equivalents excluded from the computation of diluted weighted average shares outstanding are as follows:

 

   2024   2023 
   September 30, 
   2024   2023 
Stock options   1,233,107    1,138,632 
Restricted stock awards   —    

70,528

 
Series Z Warrants   795,830    795,830 
Series B Convertible Preferred Stock   —    85,307 
Total   2,028,937    2,090,297 

 

The total stock options and restricted stock awards are inclusive of 60,054 and 33,391 stock options as of September 30, 2024 and 2023, respectively, granted outside the PAVmed 2014 Equity Plan.

 

30
 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion and analysis of our unaudited condensed consolidated financial condition and results of operations should be read together with our Annual Report on Form 10-K for the year ended December 31, 2023 (the “Form 10-K”), as filed with the Securities and Exchange Commission (the “SEC”).

 

Unless the context otherwise requires, (i) “we”, “us”, and “our”, and the “Company” and “PAVmed” refer to PAVmed Inc. and its subsidiaries, including its subsidiary Lucid Diagnostics Inc. (“Lucid Diagnostics” or “Lucid”) and its majority-owned subsidiary Veris Health Inc. (“Veris Health” or “Veris”), (ii) “FDA” refers to the Food and Drug Administration, (iii) “510(k)” refers to a premarket notification, submitted to the FDA by a manufacturer pursuant to § 510(k) of the Food, Drug and Cosmetic Act and 21 CFR § 807 subpart E, (iv) “CLIA” refers to the Clinical Laboratory Improvement Amendments of 1988 and associated regulations set forth in 42 CFR § 493, and (v) “LDT” refers to a diagnostic test, defined by the FDA as “an IVD that is intended for clinical use and designed, manufactured and used within a single laboratory,” which is generally subject only to self-certification of analytical validity under the CMS CLIA program.

 

FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q (this “Form 10-Q”), including the following discussion and analysis of our unaudited condensed consolidated financial condition and results of operations, contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this Form 10-Q, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from those expressed or implied in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Item 1A of Part I of the Form 10-K under the heading “Risk Factors.”

 

Important factors that may affect our actual results include:

 

  ● our limited operating history;
  ● our financial performance, including our ability to generate revenue;
  ● our ability to obtain regulatory approval for the commercialization of our products;
  ● the risk that the FDA will cease to exercise enforcement discretion with respect to LDTs, like EsoGuard;
  ● the ability of our products to achieve market acceptance;
  ● our success in retaining or recruiting, or changes required in, our officers, key employees or directors;
  ● our potential ability to obtain additional financing when and if needed;
  ● our ability to protect our intellectual property;
  ● our ability to complete strategic acquisitions;
  ● our ability to manage growth and integrate acquired operations;
  ● the potential liquidity and trading of our securities;
  ● our regulatory and operational risks;
  ● cybersecurity risks;
  ● risks related to the COVID-19 pandemic and other health-related emergencies; and
  ● our estimates regarding expenses, future revenue, capital requirements and needs for additional financing.

 

In addition, our forward-looking statements do not reflect the potential impact of any future financings, acquisitions, mergers, dispositions, joint ventures or investments we may make.

 

We may not actually achieve the results, plans, and/or objectives disclosed in our forward-looking statements, and the intended or expected developments and/or other events disclosed in our forward-looking statements may not actually occur, and accordingly you should not place undue reliance on our forward-looking statements. You should read this Form 10-Q and the documents we have filed as exhibits to this Form 10-Q and the Form 10-K completely and with the understanding our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

 

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Overview

 

PAVmed is a multi-product life sciences company organized to advance a pipeline of innovative healthcare technologies. Led by a team of highly skilled personnel with a track record of bringing innovative products to market, PAVmed is focused on innovating, developing, acquiring, and commercializing novel products that target unmet needs with large addressable market opportunities. Leveraging our corporate structure—a parent company that will establish distinct subsidiaries for each financed asset—we have the flexibility to raise capital at the PAVmed level to fund product development, or to structure financing directly into each subsidiary in a manner tailored to the applicable product, the latter of which is our current strategy given prevailing market conditions.

 

Our current focus is multi-fold. We continue to pursue commercial expansion and execution of EsoGuard, which is the flagship product of our of our subsidiaries, Lucid Diagnostics (Nasdaq: LUCD). We also are continuing to advance the commercialization of the Veris Cancer Care Platform, which is the lead product of another of our subsidiaries, Veris Health. We are focused in the immediate term on entering into strategic partnership opportunities with leading academic oncology systems to expand access to the Veris Platform, while concurrently developing an implantable physiological monitor, designed to be implanted alongside a chemotherapy port, which will interface with the Veris Platform. In terms of other existing products and technologies, we have created an incubator-type platform where we are looking to obtain financing on a product-by-product basis as necessary to advance each asset to a meaningful inflection point along its path to commercialization. Finally, as resources permit, we will continue to explore external innovations that fulfill our project selection criteria without limiting ourselves to any target sector, specialty or condition.

 

See Part I, Item 1, “Business”, in the Form 10-K for a more detailed summary of the medical device, diagnostics, and digital health sectors and our key products, including in particular EsoGuard and the Veris Platform, which are currently our two leading products.

 

Recent Developments

 

Business

 

Changes to PAVmed Board Composition

 

Effective as of September 10, 2024, James L. Cox, M.D., and Joan B. Harvey resigned from the Company’s board of directors. Neither Dr. Cox’s nor Ms. Harvey’s resignation was due to any disagreement with the Company on any matter relating to its operations, policies or practices.

 

Also effective as of September 10, 2024, the Company’s board of directors appointed Sundeep Agrawal, M.D. as a Class B director. Prior to being appointed to the Company’s board of directors, Dr. Agrawal had entered into a strategic advisory agreement with the Company to provide certain M&A advisory services. Such agreement will remain in effect upon Dr. Agrawal joining the board. Pursuant to the agreement, Dr. Agrawal will receive a monthly consulting fee of $3,333. The agreement is terminable by the Company on 10 days’ written notice. Except for the foregoing, Dr. Agrawal has not engaged in any transactions with the Company that are required to be reported pursuant to Item 404(a) of Regulation S-K.

 

Lucid American Journal of Gastroenterology Publication

 

On November 7, 2024, Lucid announced that its manuscript for its multi-center ESOGUARD BE-1 study has been accepted for publication in The American Journal of Gastroenterology, the official journal of the American College of Gastroenterology (ACG). This is the fourth publication presenting clinical validation data for Lucid’s EsoGuard® Esophageal DNA Test, and the second to demonstrate its performance in an intended-use screening population. Consistent with previous studies, EsoGuard showed high sensitivity and negative predictive value in detecting esophageal precancer (Barrett’s Esophagus or BE). With the acceptance for publication of Lucid believes it now has a complete clinical evidence package to submit its data to the MolDX program and formally seek Medicare coverage.

 

The prospective, multi-center study presented data from a cohort of patients who met ACG guideline criteria for esophageal precancer screening and underwent non-endoscopic EsoGuard testing followed by traditional upper endoscopy. EsoGuard sensitivity and negative predictive value for detecting BE were approximately 88% and 99%, respectively. Specificity and positive predictive value were approximately 81% and 30%, respectively. No serious adverse events were reported.

 

Lucid IP Matters

 

On October 15, 2024, the Company announced that Lucid received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for a patent application covering its proprietary method of using methylation of the cyclin-A1 (CCNA1) gene to help detect esophageal precancer and cancer, a key component of its EsoGuard® Esophageal DNA Test.

 

EsoGuard utilizes next-generation sequencing (NGS) to assess DNA methylation at 31 sites on two genes, vimentin (VIM) and cyclin-A1 (CCNA1). Such methylation has been shown to be strongly associated with conditions along the spectrum from early esophageal precancer (non-dysplastic Barrett’s Esophagus or BE), to late precancer (dysplastic BE), to cancer (esophageal adenocarcinoma). Although VIM methylation had been previously associated with gastrointestinal neoplasias, the association of CCNA1 methylation with esophageal neoplasia is novel and appears to be more specific.

 

Veris NIH Grant

 

On October 10, 2024, the Company announced that Veris had been awarded a $1.8 million grant from the National Institute on Minority Health and Health Disparities (NIMHD), an institute of the National Institutes of Health (NIH). The two-year grant will fund research to optimize and validate the Veris Cancer Care Platform for the needs of medically underserved cancer patients, in partnership with an academic cancer center. The research project, “Bridging the Gap: Enhancing Cancer Care for Underserved Populations with the Veris Health Cancer Care Platform,” will focus on patients facing language barriers, limited access to technology, and socioeconomic disparities.

 

Veris Cancer Care Platform

 

On June 13, 2024, we announced that Veris and a National Cancer Institute-Designated Comprehensive Cancer Center launched a pilot program and has enrolled the first patients from such center in such program on the Veris Cancer Care Platform.

 

PAVmed Distribution of Lucid Diagnostics Common Stock to Shareholders

 

On February 15, 2024, the Company distributed by special dividend to the Company stockholders 3,331,747 shares of Lucid Diagnostics common stock held by the Company. On such date, each PAVmed shareholder as of the January 15, 2024 record date received a stock dividend of approximately 38 shares of Lucid common stock for every 100 shares of PAVmed common stock they held as of such date. The shares distributed were approximately equal to the number of shares of common stock that Lucid issued to PAVmed on or about January 26, 2024 in satisfaction of certain intercompany obligations due to Lucid from PAVmed, as discussed above.

 

This distribution constituted an “Extraordinary Dividend” as defined in the warrant agreement that governs the Company’s Series Z Warrants. As a result, pursuant to the warrant agreement, the exercise price under the Series Z Warrants per full share of PAVmed common stock was automatically decreased by $0.52 (the fair market value of 0.37709668 of a share of Lucid Diagnostics’ common stock as of the date of the distribution) to $23.48 per share.

 

Management Services Agreement/Payroll Benefits and Expense Reimbursement Agreement with Lucid Diagnostics

 

On August 6, 2024, PAVmed and Lucid entered into a ninth amendment to the management services agreement between PAVmed and Lucid (“MSA”) to increase the monthly fee thereunder from $0.83 million per month to $1.05 million per month, effective as of July 1, 2024.

 

On March 22, 2024, PAVmed and Lucid entered into an eighth amendment to MSA to increase the monthly fee thereunder from $0.75 million per month to $0.83 million per month, effective as of January 1, 2024. The amendment also reset the maximum number of shares issuable under the agreement to 19.99% of the shares outstanding as of the date of the amendment.

 

On January 26, 2024, in accordance with the MSA and the payroll, benefits and expense reimbursement agreement between PAVmed and Lucid (“PBERA”), PAVmed elected to receive payment of approximately $4.7 million of fees and reimbursements accrued under the MSA and the PBERA through the issuance of 3,331,771 shares of Lucid’s common stock.

 

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Business - continued

 

Incubator Program

 

On March 21, 2024, the Company announced that it has launched a wholly owned incubator, PMX, to complete development and commercialization of existing portfolio technologies, including PortIO, EsoCure and CarpX. PMX and Hatch Medical, L.L.C. (“Hatch Medical”), a medical device incubator and technology brokerage firm, have executed a joint venture agreement to advance the technologies.

 

Pursuant to the joint venture agreement, PAVmed will assign PortIO, EsoCure and CarpX to its wholly owned incubator, PMX. Starting with PortIO, the Company will seek to independently finance a separate subsidiary of the incubator to develop and commercialize each technology. Hatch Medical will provide strategic advisory and brokerage services to the subsidiary to advance the technology through key milestones and, subsequently, seek to engage a strategic partner to acquire, license or distribute the commercial product. The Company has an agreed upon term sheet for PortIO with a network of angel investors that is based on a pre-money valuation of PortIO of $42 million, and due diligence by the investors is ongoing, although there can be no assurance that such transaction will be consummated.

 

FDA Enforcement Discretion

 

In April 2024, FDA published the final rule under which FDA intends to phase out its general enforcement discretion approach for LDTs so that IVDs manufactured by a laboratory would generally fall under the same enforcement approach as other IVDs (the proposed rule was published in October 2023). In the final rule, FDA has expanded the categories of LDTs that will be eligible for continued enforcement discretion, which include LDTs first marketed prior to May 6, 2024 and LDTs approved by New York State’s Clinical Laboratory Evaluation Program (NYS CLEP). As EsoGuard was marketed prior to the May 6, 2024, and is also NYS CLEP-approved, EsoGuard remains under continued enforcement discretion from FDA’s premarket review requirements and quality systems requirements (except for record-keeping). As such, there is no immediate impact from the final rule on EsoGuard’s regulatory strategy.

 

Financing

 

Extension to Regain Compliance with Nasdaq Listing Rules to January 31, 2025

 

On November 8, 2024, a Nasdaq Hearings Panel (the “Panel”) granted the Company an extension, until January 31, 2025, to regain compliance with the Nasdaq continued listing standards.

 

As previously disclosed, on March 7, 2024, the Company received a notice from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that, for the prior 30 consecutive business days (through March 6, 2024), the market value of the Company’s listed securities had been below the minimum of $35 million required for continued inclusion on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(2). The Company was provided 180 calendar days, or until September 3, 2024, to regain compliance with the rule. The Company did not regain compliance with the rule during the allotted time period. Accordingly, on September 10, 2024, the Company received a staff determination letter from the Nasdaq Listing Qualifications Department, stating that unless the Company timely requested a hearing before the Panel to appeal the staff determination, the Company’s securities would be subject to suspension and delisting. The Company timely requested a hearing before the Panel, which was held on October 29, 2024.

 

During the extension granted by the Panel, the Company’s common stock and Series Z warrants will continue to trade uninterrupted under the symbol “PAVM” and “PAVMZ”, respectively.

 

Extension of Senior Convertible Notes; Waiver

 

Effective as of March 12, 2024, the Company entered into an amendment and waiver (the “Note Amendment and Waiver”) with the holder of the April 2022 Senior Convertible Note and the September 2022 Senior Convertible Note (each as defined in “Liquidity and Capital Resources” below). Pursuant to the Note Amendment and Waiver, the maturity date of the April 2022 Senior Convertible Note was extended to April 4, 2025 and the maturity date of the September 2022 Senior Convertible Note was extended to September 8, 2025, in each case subject to further extension in certain circumstances. The holder of the such note also waived, for the period commencing on December 1, 2023 and ending on August 31, 2024, the financial covenant contained in such notes requiring that the ratio of (a) the outstanding principal amount of the notes, accrued and unpaid interest thereon and accrued and unpaid late charges to (b) the Company’s average market capitalization over the prior ten trading days, not exceed 30%, and that the Company’s market capitalization not be less than $75 million (the “Financial Tests”). In consideration of the Note Amendment and Waiver, the Company agreed to pay the holder of the notes $2.0 million in cash (or in such other form as may be mutually agreed in writing), which currently is included in accrued expenses and other current liabilities on the Company’s unaudited condensed consolidated balance sheets as of September 30, 2024.

 

In addition, from time to time from and after September 1, 2024 through November 11, 2024, the Company was not in compliance with the Financial Tests. As of November 11, 2024, the Investor agreed to waive any such non-compliance during such time period and thereafter through December 31, 2024.

 

See our accompanying unaudited condensed consolidated financial statements Note 11, Debt, for further discussion of the senior convertible notes.

 

Lucid March 2023 Senior Convertible Note Refinancing

 

On November 8, 2024, Lucid gave notice to the holder of the Lucid March 2023 Senior Convertible Note that it was exercising its right pursuant to such note to redeem the same for the redemption price specified in such note (the “Optional Redemption Price”). Pursuant to the terms of the Lucid March 2023 Senior Convertible Note, Lucid has not less than ten business days, and not more than twenty business days, from the date of the notice (the “Optional Redemption Notice Period”) to pay the Optional Redemption Price.

 

To finance the payment of the Optional Redemption Price, Lucid has entered into a securities purchase agreement with certain accredited investors (the “Lucid 2024 Note Investors”). Under the agreement, subject to customary closing conditions, Lucid has agreed to issue, and each 2024 Note Investor has agreed to purchase, 12.0% senior secured convertible notes due 2029 (collectively, the “Lucid November 2024 Senior Convertible Notes”). As of the date hereof, the aggregate commitments of the Lucid 2024 Note Investors exceed the Optional Redemption Price.

 

In connection with the purchase and sale of the Lucid 2024 Convertible Notes, Lucid will agree not to sell, transfer or dispose of, directly or indirectly, any shares of Lucid common stock for six months from the consummation of the offering, subject to certain limited exceptions, including in the event of a fundamental transaction involving Lucid.

 

Lucid expects to complete the issuance of the Lucid November 2024 Senior Convertible Notes and the redemption of the Lucid March 2023 Senior Convertible Note on or prior to the end of the Optional Redemption Notice Period, although there can be no assurance that such issuance and redemption will be completed during such period, if at all.

 

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Financing - continued

 

Lucid Diagnostics - Preferred Stock Offerings

 

On March 13, 2024, Lucid entered into subscription agreements (each, a “Lucid Series B Subscription Agreement”) and exchange agreements (each, a “Lucid Series B Exchange Agreement”) with certain accredited investors (collectively, the “Lucid Series B Investors”), which agreements provided for (i) the sale to the Lucid Series B Investors of 12,495 shares of Lucid’s newly designated Series B Convertible Preferred Stock, par value $0.001 per share (the “Lucid Series B Preferred Stock”), at a purchase price of $1,000 per share, and (ii) the exchange by the Lucid Series B Investors of 13,625 shares of Lucid’s Series A Convertible Preferred Stock, par value $0.001 per share (the “Lucid Series A Preferred Stock”), and 10,670 shares of Lucid’s Series A-1 Convertible Preferred Stock, par value $0.001 per share (the “Lucid Series A-1 Preferred Stock”), held by them for 31,790 shares of Lucid Series B Preferred Stock (collectively, the “Lucid Series B Offering and Exchange”). Prior to the execution of the Lucid Series B Subscription Agreements and the Lucid Series B Exchange Agreements, Lucid entered into subscription agreements with certain of the Lucid Series B Investors providing for the sale to such investors of 5,670 shares of Lucid Series A-1 Preferred Stock, at a purchase price of $1,000 per share, which shares the investors immediately agreed to exchange for shares of Lucid Series B Preferred Stock pursuant to the Lucid Series B Exchange Agreements (and are included in the 10,670 shares of Lucid Series A-1 Preferred Stock set forth above). Each share of the Lucid Series B Preferred Stock has a stated value of $1,000 and a conversion price of $1.2444. The terms of the Lucid Series B Preferred Stock also include a one times preference on liquidation and a right to receive dividends equal to 20% of the number of shares of Lucid common stock into which such Lucid Series B Preferred Stock is convertible, payable on the one-year and two-year anniversary of the issuance date. The holders of the Lucid Series B Preferred Stock also will be entitled to dividends equal, on an as-if-converted to shares of Lucid common stock basis, to and in the same form as dividends actually paid on shares of Lucid common stock when, as, and if such dividends are paid on shares of Lucid common stock. The Lucid Series B Preferred Stock is a voting security. The aggregate gross proceeds to Lucid of these transactions was $18.16 million (inclusive of $5.67 million of aggregate gross proceeds from the sale of the Lucid Series A-1 Preferred Stock that was immediately exchanged for Lucid Series B Preferred Stock in the transactions).

 

As a result of 100% of the then-outstanding shares of Lucid Series A Preferred Stock and Lucid Series A-1 Preferred Stock being exchanged for shares of Lucid Series B Preferred Stock in the Lucid Series B Offering and Exchange, no shares of Lucid Series A Preferred Stock or Lucid Series A-1 Preferred Stock remain outstanding.

 

On May 6, 2024, Lucid issued approximately 11,634 shares of newly designated Lucid Series B-1 Convertible Preferred Stock (the “Lucid Series B-1 Preferred Stock”). The terms of the Lucid Series B-1 Preferred Stock are substantially identical to the terms of the Lucid Series B Preferred Stock, except that the Lucid Series B-1 Preferred Stock has a conversion price of $0.7228. The aggregate gross proceeds from the sale of shares in such offering were $11.6 million.

 

PAVmed - ATM Facility

 

In December 2021, we entered into an “at-the-market offering” for up to $50 million of our common stock that may be offered and sold under a Controlled Equity Offering Agreement between us and Cantor Fitzgerald & Co. (“Cantor”). In March 2023, the “at-the-market offering” became subject to General Instruction I.B.6 of Form S-3, which limits sales of our securities under this instruction in any 12-month period to one-third of the aggregate market value of our public float (unless our public float rises to $75 million or more, in which case the instruction will cease to apply). As a result of this limitation and our then-current public float, in May 2023, we amended our “at-the-market offering” to cover up to $18 million of our common stock. In the nine month period ended September 30, 2024, the Company sold 627,302 shares through its at-the-market equity facility for net proceeds of approximately $1.0 million, after payment of 3% commissions. As of September 30, 2024, the Company had approximately $15.1 million remaining under the PAVmed ATM Facility.

 

34
 

 

Results of Operations

 

Overview

 

Revenue

 

The Company recognized revenue primarily resulting from the delivery of patient EsoGuard test results when the Company considered the collection of such consideration to be probable to the extent that it is unconstrained.

 

Cost of revenue

 

Cost of revenues recognized primarily from the delivery of patient EsoGuard test results includes costs related to EsoCheck device usage, shipment of test collection kits, royalties and the cost of services to process tests and provide results to physicians. We have incurred expenses for tests in the period in which the activities occur, therefore, gross margin as a percentage of revenue has varied from quarter to quarter due to costs being incurred in one period that relate to revenues recognized in a later period.

 

We expect that gross margin for our services will fluctuate based on the commercialization efforts of our majority-owned subsidiaries.

 

Sales and marketing expenses

 

Sales and marketing expenses consist primarily of salaries and related costs for employees engaged in sales, sales support and marketing activities, as well as advertising and promotion expenses. We anticipate our sales and marketing expenses to decrease in the future compared to historical periods due to the deconsolidation of Lucid, as the sales and marketing operations for the Lucid EsoGuard test is no longer recorded within the Company’s operating results.

 

General and administrative expenses

 

General and administrative expenses consist primarily of salaries and related costs for personnel, travel expenses, facility-related costs, professional fees for accounting, tax, audit and legal services, salaries and related costs for employees involved in third-party payor reimbursement contract negotiations and consulting fees and other expenses associated with obtaining and maintaining patents within our intellectual property portfolio.

 

We anticipate our general and administrative expenses will decrease in the future compared to historical periods due to the deconsolidation of Lucid as the general and administrative expenses, including third-party payor reimbursement costs, incurred by Lucid will no longer be recorded within the Company’s operating results. In the future, general and administrative expenses will include those expenses related to being a public company, including fees and expenses for audit, legal, regulatory, tax-related services, insurance premiums and investor relations costs associated with maintaining compliance as a public company for PAVmed and its majority-owned subsidiaries.

 

Research and development expenses

 

Research and development expenses are recognized in the period they are incurred and consist principally of internal and external expenses incurred for the development of our products, including:

 

  ● consulting costs for engineering design and development;
  ● salary and benefit costs associated with our medical research personnel and engineering personnel;
  ● costs associated with regulatory filings;
  ● patent license fees;
  ● cost of laboratory supplies and acquiring, developing, and manufacturing preclinical prototypes;
  ● product design engineering studies; and
  ● expenses for facilities maintained solely for research and development purposes.

 

The reported research and development activities, including our clinical trials, were focused principally on the acceleration of EsoGuard and Veris Cancer Care Platform commercialization. In the future, the research and development activities will focus on the Veris Cancer Care Platform, the PMX incubator program and other products in our pipeline as well as applicable new technologies, as resources permit.

 

Other Income and Expense, net

 

Other income and expense, net, consists principally of changes in fair value of our convertible notes and losses on extinguishment of debt upon repayment of such convertible notes.

 

Presentation of Dollar Amounts

 

All dollar amounts in this Management’s Discussion and Analysis of Financial Condition and Results of Operations are presented as dollars in millions, except for share and per share amounts.

 

35
 

 

The three months ended September 30, 2024 as compared to three months ended September 30, 2023

 

Revenue

 

In the three months ended September 30, 2024, revenue was $1.0 million as compared to $0.8 million for the corresponding period in the prior year. The $0.2 million increase principally relates to the increase in volume of our EsoGuard Esophageal DNA Tests performed in our own CLIA laboratory for the period and the consideration received for the performance of the EsoGuard Esophageal DNA Tests.

 

Cost of revenue

 

In the three months ended September 30, 2024, cost of revenue costs were approximately $1.4 million, as compared to $1.8 million for the corresponding period in the prior year. The net decrease of $0.4 million was primarily related to:

 

  ● approximately $0.4 million decrease in manufacturing costs associated with the EsoCheck devices and EsoGuard Esophageal DNA Tests.

 

Sales and marketing expenses

 

In the three months ended September 30, 2024, sales and marketing costs were approximately $2.9 million as compared to $4.0 million for the corresponding period in the prior year. The net decrease of $1.1 million was principally related to:

 

  ● approximately $1.0 million decrease in compensation related costs; and
  ● approximately $0.1 million decrease in stock based compensation costs.

 

General and administrative expenses

 

In the three months ended September 30, 2024, general and administrative costs were approximately $6.6 million as compared to $6.9 million for the corresponding period in the prior year. The net decrease of $0.3 million was principally related to:

 

  ● approximately $0.2 million decrease in third-party professional fees and legal expenses; and
  ● approximately $0.1 million decrease in stock based compensation costs.

 

Research and development expenses

 

In the three months ended September 30, 2024, research and development costs were approximately $1.5 million as compared to $3.2 million for the corresponding period in the prior year. The net decrease of $1.7 million was principally related to:

 

  ● approximately $1.1 million decrease in development costs, particularly in clinical trial activities and outside professional and consulting fees;
  ● approximately $0.3 million decrease in compensation and stock based compensation from RSA and stock option grants to Lucid and PAVmed employees and non-employees;
  ● approximately $0.2 million decrease in third party consulting costs related to research and development activities; and
  ● approximately $0.1 million decrease in developmental milestones paid to third parties.

 

Amortization of Acquired Intangible Assets

 

The amortization of acquired intangible assets was approximately $0.1 million in the three months ended September 30, 2024, as compared to $0.5 million for the corresponding period in the prior year. The decrease of $0.4 million in the current period was due to certain acquired intangible assets being fully amortized in February 2024.

 

36
 

 

Other Income and Expense

 

Results of Operations - continued

 

The three months ended September 30, 2024 as compared to the three months ended September 30, 2023 - continued

 

Other Income and Expense

 

Change in fair value of convertible debt

 

In the three months ended September 30, 2024, the change in the fair value of our convertible notes was approximately $0.2 million of income, related to the April 2022 Senior Convertible Note (as defined in “Liquidity and Capital Resources” below), the September 2022 Senior Convertible Note (as defined in “Liquidity and Capital Resources” below), and the Lucid March 2023 Senior Convertible Note (as defined in “Liquidity and Capital Resources” below). The April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note, and the Lucid March 2023 Senior Convertible Note were initially measured at their issue-date estimated fair value and subsequently remeasured at estimated fair value as of each reporting period date. The Company initially recognized an aggregate of $4.3 million of fair value non-cash expense on the issue dates.

 

Loss on Debt Extinguishment

 

In the three months ended September 30, 2024, a debt extinguishment loss in the aggregate of approximately $1.4 million was recognized in connection with our April 2022 Senior Convertible Note, September 2022 Senior Convertible Note and the Lucid March 2023 Senior Convertible Note as discussed below.

 

  ● In the three months ended September 30, 2024, approximately $0.5 million of principal repayments, along with less than $0.1 million of interest expense thereon, were settled through the issuance of 509,942 shares of common stock of the Company, with such shares having a fair value of approximately $0.9 million (with such fair value measured as the respective conversion date quoted closing price of the common stock of the Company). In addition, the Company agreed to pay $0.7 million in cash related to acceleration floor payments on these notes related to the conversion price being below the floor, recorded as debt extinguishment loss. The conversions and floor acceleration payments resulted in a debt extinguishment loss of $1.1 million in the three months ended September 30, 2024.
  ● During the period of July 1, 2024 through September 10, 2024, the date of PAVmed’s deconsolidation, approximately $0.8 million of principal repayments along with approximately $0.1 million of interest expense thereon, were settled through the issuance of 1,510,821 shares of Lucid common stock, with such shares having a fair value of approximately $1.3 million (with such fair value measured as the quoted closing price of the common stock of Lucid on the respective conversion date). The conversions resulted in a debt extinguishment loss of $0.3 million in the period July 1, 2024 through September 10, 2024.

 

In comparison, in the three months ended September 30, 2023, a debt extinguishment loss in the aggregate of approximately $1.8 million was recognized in connection with our April 2022 Senior Convertible Note as discussed below.

 

  ● In the three months ended September 30, 2023, approximately $2.2 million of principal repayments, along with less than $0.1 million of interest expense thereon, were settled through the issuance of 723,998 shares of common stock of the Company, with such shares having a fair value of approximately $4.0 million (with such fair value measured as the respective conversion date quoted closing price of the common stock of the Company). The conversions resulted in a debt extinguishment loss of $1.8 million in the three months ended September 30, 2023.

 

See Note 11, Debt, to the Financial Statements, for additional information with respect to the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note, and the Lucid March 2023 Senior Convertible Note.

 

Gain on Deconsolidation of Lucid

 

As of September 30, 2024, there were 51,597,718 shares of common stock of Lucid Diagnostics issued and outstanding, of which, the Company held 31,302,444 shares. On September 10, 2024, as a result of certain changes in the composition of the Company’s board of directors as described above, in combination with the Company ceasing to have control over a majority of the voting power of Lucid, the Company was considered to cease to have control over Lucid for the purposes of U.S. GAAP, even though it continues to own, and has not disposed any of its, 31,302,444 shares of common stock of Lucid. However, PAVmed retained the ability to exercise significant influence over Lucid. Upon deconsolidation, the Company’s ownership of 31,302,444 shares of Lucid Diagnostics, Inc common stock was valued at $25.1 million, which resulted in a gain on deconsolidation of $72.3 million in the accompanying unaudited condensed consolidated statements of operations for the three months ended September 30, 2024.

 

Change in fair value of Equity Method Investment

 

At September 10, 2024 and September 30, 2024, the fair value of the Company’s investment in Lucid was $25.1 million and $25.5 million, respectively, with the company recognizing an unrealized gain on its investment in Lucid of $0.4 million in the accompanying condensed consolidated statements of operations for three month period ended September 30, 2024. The fair value of common shares held by the Company was determined using the closing price of Lucid’s common stock per share on September 10, 2024 and September 30, 2024 of $0.802 and $0.815, respectively.

 

37
 

 

Results of Operations - continued

 

The nine months ended September 30, 2024 as compared to nine months ended September 30, 2023

 

Revenue

 

In the nine months ended September 30, 2024, revenue was $3.0 million as compared to $1.4 million for the corresponding period in the prior year. The $1.6 million increase principally relates to the revenue for our EsoGuard Esophageal DNA Test performed in our own CLIA laboratory for the period and the consideration received for the performance of the EsoGuard Esophageal DNA Tests.

 

Cost of revenue

 

In the nine months ended September 30, 2024, cost of revenue remained relatively level, at approximately $4.8 million, as compared to the corresponding period in the prior year.

 

Sales and marketing expenses

 

In the nine months ended September 30, 2024, sales and marketing costs were approximately $11.5 million as compared to $12.9 million for the corresponding period in the prior year. The net decrease of $1.4 million was principally related to:

 

  ● approximately $1.2 million decrease in compensation related costs, including stock-based compensation; and
  ● approximately $0.2 million decrease in third party sales and marketing costs.

 

General and administrative expenses

 

In the nine months ended September 30, 2024, general and administrative costs were approximately $20.3 million as compared to $23.9 million for the corresponding period in the prior year. The net decrease of $3.6 million was principally related to:

 

  ● approximately $3.1 million decrease in stock-based compensation, related to decreases at both PAVmed and Lucid; and
  ● approximately $0.5 million decrease in third-party professional fees, expenses related to related to the termination of the management services agreement with our former laboratory provider, and expenses for finance and legal services.

 

Research and development expenses

 

In the nine months ended September 30, 2024, research and development costs were approximately $5.1 million as compared to $10.7 million for the corresponding period in the prior year. The net decrease of $5.6 million was principally related to:

 

  ● approximately $4.4 million decrease in development costs, particularly in clinical trials activities and outside professional and consulting fees; and
  ● approximately $1.2 million decrease in compensation related costs and stock-based compensation.

 

Amortization of Acquired Intangible Assets

 

The amortization of acquired intangible assets was approximately $0.6 million in the nine months ended September 30, 2024, as compared to $1.5 million for the corresponding period in the prior year. The decrease of $1.1 million in the current period was due to certain acquired intangible assets being fully amortized in February 2024.

 

Other Income and Expense

 

Change in fair value of convertible debt

 

In the nine months ended September 30, 2024 and September 30, 2023, the change in the fair value of our convertible notes was approximately $2.5 million and $5.8 million of expense, respectively, related to the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note, and the Lucid March 2023 Senior Convertible Note. The April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note, and the Lucid March 2023 Senior Convertible Note were initially measured at their issue-date estimated fair value and subsequently remeasured at estimated fair value as of each reporting period date. The Company initially recognized an aggregate of $4.3 million of fair value non-cash expense on the issue dates.

 

Loss on Issue and Offering Costs - Senior Secured Convertible Note

 

In the nine months ended September 30, 2023, in connection with the issue of the Lucid March 2023 Senior Convertible Note, we recognized a total of approximately $1.2 million of lender fees and offering costs. The Company did not incur lender fees and offering costs in the nine months ended September 30, 2024.

 

38
 

 

Results of Operations - continued

 

The nine months ended September 30, 2024 as compared to nine months ended September 30, 2023 - continued

 

Other Income and Expense - continued

 

Loss on Debt Extinguishment

 

In the nine months ended September 30, 2024, a debt extinguishment loss in the aggregate of approximately $2.5 million was recognized in connection with our April 2022 Senior Convertible Note and September 2022 Senior Convertible Note as discussed below.

 

  ● In the nine months ended September 30, 2024, approximately $1.4 million of principal repayments along with $0.1 million of interest expense thereon, were settled through the issuance of 1,084,366 shares of common stock of the Company, with such shares having a fair value of approximately $2.0 million (with such fair value measured as the quoted closing price of the common stock of the Company on the respective conversion date). In addition, the Company agreed to pay $1.1 million in cash related to acceleration floor payments on these notes related to the conversion price being below the floor, recorded as debt extinguishment loss. The conversions and cash paid resulted in a debt extinguishment loss of $1.5 million in the nine months ended September 30, 2024.
  ● During the period of January 1, 2024 through September 10, 2024, the date of PAVmed’s deconsolidation of Lucid, approximately $2.0 million of principal repayments along with approximately $0.8 million of interest expense thereon, were settled through the issuance of 4,172,002 shares of Lucid common stock, with such shares having a fair value of approximately $3.8 million (with such fair value measured as the quoted closing price of the common stock of Lucid on the respective conversion date). The conversions resulted in a debt extinguishment loss of $1.0 million in the period of January 1, 2024 through September 10, 2024.

 

In comparison, in the nine months ended September 30, 2023, a debt extinguishment loss in the aggregate of approximately $3.0 million was recognized in connection with our April 2022 Senior Convertible Note and the September 2022 Senior Convertible Note as discussed below.

 

  ● In the nine months ended September 30, 2023, approximately $5.1 million of principal repayments along with $0.3 million of interest expense thereon, were settled through the issuance of 1,358,896 shares of common stock of the Company, with such shares having a fair value of approximately $8.4 million (with such fair value measured as the quoted closing price of the common stock of the Company on the respective conversion date). The conversions resulted in a debt extinguishment loss of $3.0 million in the nine months ended September 30, 2023.

 

See Note 11, Debt, to the Financial Statements, for additional information with respect to the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note, and the Lucid March 2023 Senior Convertible Note.

 

Gain on Deconsolidation of Lucid

 

As of September 30, 2024, there were 51,597,718 shares of common stock of Lucid Diagnostics issued and outstanding, of which, the Company held 31,302,444 shares. On September 10, 2024, as a result of changes in the composition of the Company’s board of directors described above, in combination with the Company ceasing to have control over a majority of the voting power of Lucid, the Company was considered to cease to have control over Lucid for the purposes of U.S. GAAP, even though it continues to own, and has not disposed any of its, 31,302,444 shares of common stock of Lucid. However, PAVmed retained the ability to exercise significant influence over Lucid. As a result, the Company deconsolidated Lucid. Upon deconsolidation, the Company’s ownership of 31,302,444 shares of Lucid Diagnostics common stock was valued at $25.1 million, which resulted in a gain on deconsolidation of $72.3 million in the accompanying unaudited condensed consolidated statements of operations for the nine months ended September 30, 2024.

 

Change in fair value of Equity Method Investment

 

At September 10, 2024 and September 30, 2024, the fair value of the Company’s investment in Lucid was $25.1 million and $25.5 million, respectively, with the company recognizing an unrealized gain on its investment in Lucid of $0.4 million in the accompanying condensed consolidated statements of operations for nine month period ended September 30, 2024. The fair value of common shares held by the Company was determined using the closing price of Lucid’s common stock per share on September 10, 2024 and September 30, 2024 of $0.802 and $0.815, respectively.

 

Deemed Dividend on Series A and Series A-1 Convertible Preferred Stock Exchange Offer

 

The fair value of the consideration given in the form of the issue of 31,790 shares of Lucid Series B Preferred Stock, with such fair value recognized as the carrying value of such issued shares of Lucid Series B Preferred Stock, as compared to the carrying value of the extinguished Lucid Series A and Series A-1 Preferred Stock (carrying value of $24.3 million), resulting in an excess of fair value of $7.5 million recognized as a deemed dividend charged to accumulated deficit in the unaudited condensed consolidated balance sheet on March 13, 2024, with such deemed dividend included as a component of net loss attributable to common stockholders, summarized as follows:

 

Series B Convertible Preferred Stock Issuance and Series A/A-1 Exchange Offer  March 13, 2024 
Fair Value - 31,790 shares of Lucid Series B Preferred Stock issued in exchange for Lucid Series A and Lucid Series A-1 Preferred Stock  $31,790 
Less: Carrying value related to Series A and Series A-1 Preferred Stock Exchanged for Series B Preferred Stock (of 24,295 shares)   (24,294)
Deemed Dividend Charged to Accumulated Deficit  $7,496 

 

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Liquidity and Capital Resources

 

Our current financing strategy is to obtain capital directly into Lucid, Veris and other subsidiaries to fund any product development or other related activities, although we retain the flexibility to raise capital at the PAVmed level. There are no assurances, however, we will be able to obtain an adequate level of financial resources required for the short-term or long-term commercialization and development of our products and services.

 

We have financed our operations principally through the public and private issuances of our common stock, preferred stock, common stock purchase warrants, and debt, both at the PAVmed level and, in the case of Lucid, at the subsidiary level. We are subject to all of the risks and uncertainties typically faced by medical device and diagnostic and medical device companies that devote substantially all of their efforts to the commercialization of their initial product and services and ongoing R&D and clinical trials. We experienced net income before noncontrolling interests of approximately $27.3 million and used approximately $33.6 million of cash in operations for the nine months ended September 30, 2024. Financing activities provided $31.0 million of cash during the nine months ended September 30, 2024. We ended the quarter with cash on-hand of $0.8 million as of September 30, 2024. We expect to continue to experience recurring losses and negative cash flows from operations, and will continue to fund our operations with debt and/or equity financing transactions, including current obligations on the Company’s existing convertible debt which in accordance with management’s plans may include conversions to equity and refinancing our existing debt obligations to extend the maturity date. The Company’s ability to continue operations 12 months beyond the issuance of the financial statements will depend upon generating substantial revenue that is conditioned on obtaining positive third-party reimbursement coverage for its EsoGuard Esophageal DNA Test from both government and private health insurance providers, increasing revenue through contracting directly with self-insured employers, and on its ability to raise additional capital through various potential sources including equity and/or debt financings or refinancing existing debt obligations. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the accompanying unaudited condensed consolidated financial statements are issued.

 

Issue of Shares of Our Common Stock

 

During the nine months ended September 30, 2024

 

  ● We issued 34,332 shares of our common stock for proceeds of approximately $0.1 million under the PAVmed Employee Stock Purchase Plan (“ESPP”). For more information about the ESPP, see Note 12, Stock-Based Compensation, to the Financial Statements.
  ● We issued 627,302 shares of our common stock for net proceeds of approximately $1.0 million, after payment of 3% commissions, through our at-the-market equity facility with Cantor. See below for more information.
  ● We issued 1,084,366 shares of our common stock in satisfaction of approximately $1.4 million of principal repayments along with $0.1 million of interest expense thereon under the April 2022 Senior Convertible Note and September 2022 Senior Convertible Note.

 

Securities Purchase Agreement - March 31, 2022 - Senior Secured Convertible Notes - April 4, 2022 and September 8, 2022

 

Effective as of March 31, 2022, we entered into a Securities Purchase Agreement (the “SPA”) with an accredited investor, pursuant to which we agreed to sell, and the investor agreed to purchase an aggregate of $50.0 million face value principal of Senior Secured Convertible Notes. On April 4, 2022, we completed an initial closing under the SPA, in which we sold to the investor a Senior Secured Convertible Note with a face value principal of $27.5 million (the “April 2022 Senior Convertible Note”). The April 2022 Senior Secured Convertible Note had an initial contractual maturity date of April 4, 2024, which maturity date the investor agreed to extend by one year, to April 4, 2025. The April 2022 Senior Convertible Note may be converted into or otherwise paid in shares of our common stock as described in Note 11, Debt.

 

On September 8, 2022, we completed an additional closing under the SPA, in which we sold to the investor an additional Senior Secured Convertible Note with a face value principal of $11.25 million (the “September 2022 Senior Convertible Note”). The September 2022 Senior Secured Convertible Note had an initial contractual maturity date of September 6, 2024, which maturity date the investor agreed to extend by one year, to September 8, 2025. The September 2022 Senior Convertible Note may be converted into or otherwise paid in shares of our common stock as described in Note 11, Debt.

 

Under the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note and the SPA, we are subject to certain customary affirmative and negative covenants regarding the incurrence of indebtedness, the existence of liens, the repayment of indebtedness and the making of investments, the payment of cash in respect of dividends, distributions or redemptions, the transfer of assets, the maturity of other indebtedness, and transactions with affiliates, among other customary matters. We also are subject to financial covenants requiring that (i) the amount of our available cash equal or exceed $8.0 million at all times, (ii) the ratio of (a) the outstanding principal amount of the notes issued under the SPA, accrued and unpaid interest thereon and accrued and unpaid late charges to (b) our average market capitalization over the prior ten trading days, not exceed 30% (the “Debt to Market Cap Ratio Test”), and (iii) that our market capitalization shall at no time be less than $75 million (the “Market Cap Test” and, together with the Debt to Market Cap Ratio Test, the “Financial Tests”). From time to time from and after September 1, 2024 through November 11, 2024, the Company was not in compliance with the Financial Tests. As of November 11, 2024, the investor agreed to waive any such non-compliance during such time period and thereafter through December 31, 2024. Based on the waiver, as of September 30, 2024, the Company was in compliance with the Financial Tests. In addition, based on the waiver, the Company presently is in compliance with the Financial Tests.

 

40
 

 

Liquidity and Capital Resources - continued

 

See Note 11, Debt, to the Financial Statements for additional information about the SPA, the April 2022 Senior Convertible Note, and the September 2022 Senior Convertible Note.

 

Lucid Diagnostics - Preferred Stock Offerings

 

On March 13, 2024, Lucid entered into Lucid Series B Subscription Agreements and Lucid Series B Exchange Agreements with the Lucid Series B Investors, which agreements provided for (i) the sale to the Lucid Series B Investors of 12,495 shares of newly designated Lucid Series B Preferred Stock, at a purchase price of $1,000 per share, and (ii) the exchange by the Lucid Series B Investors of 13,625 shares of Lucid Series A Preferred Stock, and 10,670 shares of Lucid Series A-1 Preferred Stock held by them for 31,790 shares of Lucid Series B Preferred Stock. Prior to the execution of the Lucid Series B Subscription Agreements and the Lucid Series B Exchange Agreements, Lucid entered into subscription agreements with certain of the Lucid Series B Investors providing for the sale to such investors of 5,670 shares of Lucid Series A-1 Preferred Stock, at a purchase price of $1,000 per share, which shares the investors immediately agreed to exchange for shares of Lucid Series B Preferred Stock pursuant to the Lucid Series B Exchange Agreements (and are included in the 10,670 shares of Lucid Series A-1 Preferred Stock set forth above). Each share of the Lucid Series B Preferred Stock has a stated value of $1,000 and a conversion price of $1.2444. The terms of the Lucid Series B Preferred Stock also include a one times preference on liquidation and a right to receive dividends equal to 20% of the number of shares of Lucid common stock into which such Lucid Series B Preferred Stock is convertible, payable on the one-year and two-year anniversary of the issuance date. The holders of the Lucid Series B Preferred Stock also will be entitled to dividends equal, on an as-if-converted to shares of Lucid common stock basis, to and in the same form as dividends actually paid on shares of the Lucid common stock when, as, and if such dividends are paid on shares of the Lucid common stock. The Lucid Series B Preferred Stock is a voting security. The aggregate gross proceeds to Lucid of these transactions was $18.16 million (inclusive of $5.67 million of aggregate gross proceeds from the sale of the Lucid Series A-1 Preferred Stock that was immediately exchanged for Lucid Series B Preferred Stock in the transactions).

 

As a result of 100% of the then-outstanding shares of Lucid Series A Preferred Stock and Lucid Series A-1 Preferred Stock being exchanged for shares of Lucid Series B Preferred Stock in the Lucid Series B Offering and Exchange, no shares of Lucid Series A Preferred Stock or Lucid Series A-1 Preferred Stock remain outstanding.

 

On May 6, 2024, Lucid issued approximately 11,634 shares of newly designated Lucid Series B-1 Preferred Stock. The terms of the Lucid Series B-1 Preferred Stock are substantially identical to the terms of the Lucid Series B Preferred Stock, except that the Lucid Series B-1 Preferred Stock has a conversion price of $0.7228. The aggregate gross proceeds from the sale of shares in such offering were $11.6 million.

 

Lucid Diagnostics - Securities Purchase Agreement - March 13, 2023 - Senior Secured Convertible Note - March 21, 2023

 

Effective as of March 13, 2023, Lucid Diagnostics entered into a Securities Purchase Agreement (the “Lucid SPA”) with an accredited institutional investor, pursuant to which Lucid Diagnostics agreed to sell, and the investor agreed to purchase a Senior Convertible Note (the “Lucid March 2023 Senior Convertible Note”) with a face value principal of $11.1 million. Lucid Diagnostics issued the Lucid March 2023 Senior Convertible Note on March 21, 2023 pursuant to the Lucid SPA.

 

Under the Lucid March 2023 Senior Convertible Note, Lucid Diagnostics is subject to certain customary affirmative and negative covenants regarding the incurrence of indebtedness, the existence of liens, the repayment of indebtedness and the making of investments, the payment of cash in respect of dividends, distributions or redemptions, the transfer of assets, the maturity of other indebtedness, and transactions with affiliates, among other customary matters. Under the Lucid March 2023 Senior Convertible Note, Lucid Diagnostics is also subject to financial covenants requiring that (i) the amount of its available cash equal or exceed $5.0 million at all times, (ii) the ratio of (a) the outstanding principal amount of the notes issued under the Lucid SPA, accrued and unpaid interest thereon and accrued and unpaid late charges, as of the last day of any fiscal quarter commencing with September 30, 2023, to (b) Lucid Diagnostics’ average market capitalization over the prior ten trading days, not exceed 30%, and (iii) that Lucid Diagnostics’ market capitalization shall at no time be less than $30 million (the “Lucid Financial Tests”). As of September 30, 2024, Lucid Diagnostics was in compliance with the Lucid Financial Tests. In addition, Lucid Diagnostics presently is in compliance with the Lucid Financial Tests.

 

Liquidity and Capital Resources - continued

 

On November 8, 2024, Lucid gave notice to the holder of the March 2023 Senior Convertible Note that it was exercising its right pursuant to such note to redeem the same for the Optional Redemption Price specified in such note. To finance the payment of the Optional Redemption Price, Lucid has entered into a securities purchase agreement with the 2024 Note Investors. Under the agreement, subject to customary closing conditions, Lucid has agreed to issue, and each 2024 Note Investor has agreed to purchase he November 2024 Senior Convertible Notes, which are 12.0% senior secured convertible notes due 2029. As of the date hereof, the aggregate commitments of the 2024 Note Investors exceed the Lucid Optional Redemption Price.

 

PAVmed Inc. ATM Facility

 

In December 2021, we entered into an “at-the-market offering” for up to $50 million of our common stock that may be offered and sold under a Controlled Equity Offering Agreement between us and Cantor. In the nine months ended September 30, 2024, the Company sold 627,302 shares through its at-the-market equity facility for net proceeds of approximately $1.0 million, after payment of 3% commissions.

 

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Liquidity and Capital Resources - continued

 

Lucid Diagnostics Inc. - Committed Equity Facility and ATM Facility

 

In March 2022, Lucid Diagnostics entered into a committed equity facility with a Cantor affiliate. Cumulatively, a total of 680,263 shares of Lucid Diagnostics’ common stock were issued for net proceeds of approximately $1.8 million, after a 4% discount, as of September 30, 2024.

 

In November 2022, Lucid Diagnostics also entered into an “at-the-market offering” for up to $6.5 million of its common stock that may be offered and sold under a Controlled Equity Offering Agreement between Lucid Diagnostics and Cantor. Cumulatively, a total of 230,068 shares of Lucid Diagnostics’ common stock were issued through its at-the-market equity facility for net proceeds of approximately $0.3 million, after payment of 3% commissions, as of September 30, 2024.

 

Critical Accounting Estimates

 

The discussion and analysis of our financial condition and results of operations is based on our unaudited condensed consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the amounts reporting in our unaudited condensed consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates and judgements. In accordance with U.S. GAAP, we base our estimates on historical experience and on various other factors that are believed to be appropriate under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. Our critical accounting policies are as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on March 25, 2024. There have been no material changes to our critical accounting policies and estimates in the nine months ended September 30, 2024.

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

Our management, with the participation of our principal executive officer and our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2024. Based on such evaluation, our principal executive officer and principal financial officer concluded our disclosure controls and procedures (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) were effective as of such date to provide reasonable assurance the information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

 

Changes to Internal Controls Over Financial Reporting

 

There has been no change in internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during our fiscal quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

42
 

 

Part II - Other Information

 

Item 1. Legal Proceedings

 

In the ordinary course of PAVmed business, particularly as it begins commercialization of its products, the Company may be subject to legal actions and claims, including product liability, consumer, commercial, tax and governmental matters, which may arise from time to time. The Company is not aware of any such pending legal or other proceedings that are reasonably likely to have a material impact on the Company. Notwithstanding, legal proceedings are subject to inherent uncertainties, and an unfavorable outcome could include monetary damages, and excessive verdicts can result from litigation, and as such, could result in a material adverse impact on the Company’s business, financial position, results of operations, and /or cash flows. Additionally, although the Company has specific insurance for certain potential risks, the Company may in the future incur judgments or enter into settlements of claims which may have a material adverse impact on the Company’s business, financial position, results of operations, and /or cash flows.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

Except as previously disclosed in our current reports on Form 8-K filed prior to the date of this Form 10-Q and in Note 13, Preferred Stock, to our accompanying unaudited condensed consolidated financial statements, we did not sell any unregistered securities or repurchase any of our securities during the three months ended September 30, 2024. The offers and sales disclosed in Note 13, Preferred Stock, to our accompanying unaudited condensed consolidated financial statements were exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) of the Securities Act, as transactions not involving public offerings.

 

See Part I, Item 2 under the caption “Liquidity and Capital Resources” for a description of limitations on the payment of dividends.

 

Item 3. Defaults Upon Senior Securities

 

The information set forth in Part I, Item 2 under the caption “Liquidity and Capital Resources — Securities Purchase Agreement - March 31, 2022 - Senior Secured Convertible Notes - April 4, 2022 and September 8, 2022” is incorporated herein by reference.

 

Item 5. Other Information

 

During the fiscal quarter ended September 30, 2024, none of our directors or officers (as defined in Rule 16a-1 under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as those terms are defined in Item 408 of Regulation S-K).

 

The information set forth in Part I, Item 2 in the first paragraph under the caption “Recent Developments — Management Services Agreement/Payroll Benefits and Expense Reimbursement Agreement with Lucid Diagnostics” is incorporated herein by reference.

 

Item 6. Exhibits

 

The exhibits filed as part of this Quarterly Report on Form 10-Q are set forth in the “Exhibit Index” below.

 

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SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  PAVmed Inc.
     
November 13, 2024 By:  /s/ Dennis M McGrath
    Dennis M McGrath
    President and Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 

44
 

 

EXHIBIT INDEX

 

Exhibit       Incorporation by Reference
No.   Description   Form   Exhibit No.   Date
10.1   Ninth Amendment to Management Services Agreement, dated as of August 6, 2024, by and between PAVmed Inc. and Lucid Diagnostics Inc.   10-Q (Lucid)   10.2   8/12/2024
31.1   Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.   *        
31.2   Certification of Principal Financial and Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.   *        
32.1   Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002   *        
32.2   Certification of Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.   *        
                 
101.INS   Inline XBRL Instance Document   *        
101.CAL   Inline XBRL Taxonomy Extension Schema   *        
101.DEF   Inline XBRL Taxonomy Extension Calculation Linkbase   *        
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase   *        
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase   *        
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)   *        

 

45