PAVmed Inc. reported significant financial developments in its 10-Q filing for the three and nine months ended September 30, 2024. The company generated revenues of $996,000 for the third quarter, an increase from $791,000 in the same period of 2023. For the nine months, revenue rose to $2.985 million from $1.403 million year-over-year, primarily driven by higher volumes of its EsoGuard Esophageal DNA tests.

Operating expenses for the third quarter decreased to $12.574 million from $16.319 million in the prior year, reflecting cost reductions across various categories. The company reported an operating loss of $11.578 million for the third quarter, an improvement from a loss of $15.528 million in the same quarter of 2023. For the nine-month period, the operating loss was $39.3 million, down from $52.4 million in the previous year.

A notable highlight was the gain on deconsolidation of Lucid Diagnostics, amounting to $72.287 million for the third quarter, following PAVmed's loss of controlling interest in Lucid on September 10, 2024. This contributed to a net income of $64.399 million for the third quarter, a stark contrast to the net loss of $17.671 million reported in the same quarter of 2023. For the nine months, net income attributable to common stockholders was $38.36 million, compared to a net loss of $50.139 million in the prior year.

PAVmed's total current assets decreased significantly to $2.13 million as of September 30, 2024, from $24.498 million at the end of 2023. Total assets also fell to $30.55 million from $33.119 million. However, total liabilities decreased to $39.937 million from $57.137 million, leading to an improved stockholders’ equity deficit of $(4.869 million) compared to $(53.831 million) at the end of 2023.

The company’s cash position was notably low, with only $765,000 in cash as of September 30, 2024, down from $19.639 million at the beginning of the period. PAVmed reported negative working capital of approximately $35.4 million, which includes $32.1 million in Senior Secured Convertible Notes classified as current liabilities.

Strategically, PAVmed has focused on advancing its flagship product, EsoGuard, and the Veris Cancer Care platform. The company also launched a wholly owned incubator, PMX, to develop new technologies. Recent board changes and a $1.8 million NIH grant awarded to Veris for optimizing its platform for underserved cancer patients were also highlighted as part of the company’s ongoing strategic initiatives.