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iso4217:USD
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iso4217:USD
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xbrli:pure
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended March 31, 2024
OR
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from _____ to _____
Commission
File Number: 001-37685
PAVMED
INC.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware |
|
47-1214177 |
(State or Other Jurisdiction
of |
|
(IRS Employer |
Incorporation or Organization) |
|
Identification No.) |
|
|
|
|
|
|
360 Madison Avenue |
|
|
25th Floor |
|
|
New York, NY |
|
10017 |
(Address of Principal Executive
Offices) |
|
(Zip Code) |
(917)
813-1828
(Registrant’s
Telephone Number, Including Area Code)
Securities
registered pursuant to Section 12(b) of the Exchange Act:
Title
of each Class |
|
Trading
Symbol(s) |
|
Name
of each Exchange on which Registered |
Common Stock, $0.001 par value per share |
|
PAVM |
|
The NASDAQ Stock Market
LLC |
Series Z Warrants, each to purchase 1/15th of one share
of Common Stock |
|
PAVMZ |
|
The NASDAQ Stock Market
LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”
, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated filer |
☐ |
Accelerated filed |
☐ |
Non-accelerated filer |
☒ |
Smaller reporting company |
☒ |
|
|
Emerging growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to section 13(c) of the Exchange Act ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of March 31, 2024 and May 9, 2024, there were 9,319,124 and 9,431,721 shares, respectively, of the registrant’s Common Stock, par
value $0.001 per share, issued and outstanding (with such number of shares inclusive of shares of common stock underlying unvested
restricted stock awards granted under the PAVmed Inc. 2014 Long-Term Incentive Equity Plan as of such date).
TABLE
OF CONTENTS
Part
I - Financial Information
Item
1. Financial Statements
PAVMED
INC.
and
SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands except number of shares and per share data - unaudited)
| |
March 31, 2024 | | |
December 31, 2023 | |
Assets: | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 25,536 | | |
$ | 19,639 | |
Accounts receivable | |
| 67 | | |
| 61 | |
Inventory | |
| 410 | | |
| 278 | |
Prepaid expenses, deposits, and other current assets | |
| 3,561 | | |
| 4,520 | |
Total current assets | |
| 29,574 | | |
| 24,498 | |
Fixed assets, net | |
| 1,595 | | |
| 1,783 | |
Operating lease right-of-use assets | |
| 3,886 | | |
| 4,267 | |
Intangible assets, net | |
| 1,052 | | |
| 1,424 | |
Other assets | |
| 1,147 | | |
| 1,147 | |
Total assets | |
$ | 37,254 | | |
$ | 33,119 | |
Liabilities, Preferred Stock and Stockholders’ Equity | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 1,485 | | |
$ | 1,786 | |
Accrued expenses and other current liabilities | |
| 6,657 | | |
| 6,626 | |
Operating lease liabilities, current portion | |
| 1,333 | | |
| 1,565 | |
Senior Secured Convertible Notes - at fair value | |
| 45,540 | | |
| 44,200 | |
Total current liabilities | |
| 55,015 | | |
| 54,177 | |
Operating lease liabilities, less current portion | |
| 2,814 | | |
| 2,960 | |
Total liabilities | |
| 57,829 | | |
| 57,137 | |
Commitments and contingencies (Note 8) | |
| - | | |
| - | |
Stockholders’ Equity: | |
| | | |
| | |
Preferred stock, $0.001 par value. Authorized, 20,000,000 shares; Series B Convertible Preferred Stock, par value $0.001, issued and outstanding 1,331,336 at March 31, 2024 and 1,305,213 shares at December 31, 2023 | |
| 3,071 | | |
| 2,993 | |
Common stock, $0.001 par value. Authorized, 50,000,000 shares; 8,858,597 and 8,578,505 shares outstanding as of March 31, 2024 and December 31, 2023, respectively | |
| 9 | | |
| 9 | |
Additional paid-in capital | |
| 237,863 | | |
| 237,600 | |
Accumulated deficit | |
| (309,723 | ) | |
| (294,433 | ) |
Total PAVmed Inc. Stockholders’ Equity (Deficit) | |
| (68,780 | ) | |
| (53,831 | ) |
Noncontrolling interests | |
| 48,205 | | |
| 29,813 | |
Total Stockholders’ Equity (Deficit) | |
| (20,575 | ) | |
| (24,018 | ) |
Total Liabilities and Stockholders’ Equity (Deficit) | |
$ | 37,254 | | |
$ | 33,119 | |
See
accompanying notes to the unaudited condensed consolidated financial statements.
PAVMED
INC.
and
SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in
thousands except number of shares and per share data - unaudited)
| |
| | |
| |
| |
Three
Months Ended March
31, | |
| |
2024 | | |
2023 | |
Revenue | |
$ | 1,010 | | |
$ | 446 | |
Operating expenses: | |
| | | |
| | |
Cost of revenue | |
| 1,744 | | |
| 1,346 | |
Sales and marketing | |
| 4,311 | | |
| 4,539 | |
General and administrative | |
| 6,678 | | |
| 10,407 | |
Amortization of acquired intangible
assets | |
| 372 | | |
| 505 | |
Research
and development | |
| 1,941 | | |
| 4,050 | |
Total
operating expenses | |
| 15,046 | | |
| 20,847 | |
Operating
loss | |
| (14,036 | ) | |
| (20,401 | ) |
Other income (expense): | |
| | | |
| | |
Interest income | |
| 72 | | |
| 121 | |
Interest expense | |
| (16 | ) | |
| (183 | ) |
Change in fair value - Senior
Secured Convertible Notes | |
| (2,163 | ) | |
| (1,040 | ) |
Loss on issue and offering
costs - Senior Secured Convertible Note | |
| — | | |
| (1,186 | ) |
Debt extinguishments loss
- Senior Secured Convertible Notes | |
| (369 | ) | |
| (525 | ) |
Debt modification expense | |
| (2,000 | ) | |
| — | |
Gain
on sale of intellectual property | |
| — | | |
| 1,000 | |
Other
income (expense), net | |
| (4,476 | ) | |
| (1,813 | ) |
Provision
for income taxes | |
| — | | |
| — | |
Net loss before noncontrolling
interests | |
| (18,512 | ) | |
| (22,214 | ) |
Net
loss attributable to the noncontrolling interests | |
| 3,300 | | |
| 4,283 | |
Net loss attributable to PAVmed
Inc. | |
| (15,212 | ) | |
| (17,931 | ) |
Less: Series B Convertible
Preferred Stock dividends earned | |
| (80 | ) | |
| (74 | ) |
Less:
Deemed dividend on Subsidiary Preferred Stock attributable to the noncontrolling interests | |
| (7,496 | ) | |
| — | |
Net
loss attributable to PAVmed Inc. common stockholders | |
$ | (22,788 | ) | |
$ | (18,005 | ) |
Per share information: | |
| | | |
| | |
Net
loss per share attributable to PAVmed Inc. common stockholders – basic and diluted | |
$ | (2.62 | ) | |
$ | (2.78 | ) |
Weighted
average common shares outstanding, basic and diluted | |
| 8,694,904 | | |
| 6,473,010 | |
See
accompanying notes to the unaudited condensed consolidated financial statements.
PAVMED
INC.
and
SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
for
the THREE MONTHS ENDED March 31, 2024
(in
thousands, except number of shares and per share data - unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
PAVmed
Inc. Stockholders’ Equity (Deficit) | | |
| | |
| |
| |
Series
B Convertible Preferred Stock | | |
Common
Stock | | |
Additional
Paid-In | | |
Accumulated | | |
Non
controlling | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Interest | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance - December 31, 2023 | |
| 1,305,213 | | |
$ | 2,993 | | |
| 8,578,505 | | |
$ | 9 | | |
$ | 237,600 | | |
$ | (294,433 | ) | - |
$ | 29,813 | | |
$ | (24,018 | ) |
Dividends declared - Series B Convertible Preferred Stock | |
| 26,123 | | |
| 78 | | |
| — | | |
| — | | |
| — | | |
| (78 | ) | - |
| — | | |
| — | |
Issue common stock - PAVM ATM Facility | |
| — | | |
| — | | |
| 133,299 | | |
| — | | |
| 495 | | |
| — | | |
| — | | |
| 495 | |
Conversions - Senior Secured Convertible Note | |
| — | | |
| — | | |
| 112,461 | | |
| — | | |
| 307 | | |
| — | | - |
| — | | |
| 307 | |
Conversions - majority-owned subsidiary common stock - Senior Secured Convertible Note | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | - |
| 687 | | |
| 687 | |
Exercise - stock options of majority-owned subsidiary | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | - |
| 4 | | |
| 4 | |
Purchase - Employee Stock Purchase Plan | |
| — | | |
| — | | |
| 34,332 | | |
| — | | |
| 62 | | |
| — | | - |
| — | | |
| 62 | |
Purchase - majority-owned subsidiary common stock - Employee Stock Purchase Plan | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | - |
| 353 | | |
| 353 | |
Impact of subsidiary equity transactions | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,734 | ) | |
| — | | - |
| 1,734 | | |
| — | |
Issuance - majority-owned subsidiary preferred stock (Series A-1) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | - |
| 5,670 | | |
| 5,670 | |
Exchange - majority-owned subsidiary preferred stock (Series A and Series A-1) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | - |
| (24,295 | ) | |
| (24,295 | ) |
Issuance - majority-owned subsidiary preferred stock (Series B) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | - |
| 44,285 | | |
| 44,285 | |
Majority-owned subsidiary deemed dividends on preferred stock attributable to noncontrolling interests | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | - |
| (7,495 | ) | |
| (7,495 | ) |
Stock-based compensation - PAVmed Inc. | |
| — | | |
| — | | |
| — | | |
| — | | |
| 934 | | |
| — | | - |
| — | | |
| 934 | |
Stock-based compensation - majority-owned subsidiaries | |
| — | | |
| — | | |
| — | | |
| — | | |
| 199 | | |
| — | | - |
| 749 | | |
| 948 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (15,212 | ) | - |
| (3,300 | ) | |
| (18,512 | ) |
Balance - March 31, 2024 | |
| 1,331,336 | | |
$ | 3,071 | | |
| 8,858,597 | | |
$ | 9 | | |
$ | 237,863 | | |
$ | (309,723 | ) | - |
$ | 48,205 | | |
$ | (20,575 | ) |
See
accompanying notes to the unaudited condensed consolidated financial statements.
PAVMED
INC.
and
SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
for
the THREE MONTHS ENDED March 31, 2023
(in
thousands, except number of shares and per share data - unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
PAVmed
Inc. Stockholders’ Equity (Deficit) | | |
| | |
| |
| |
Series
B Convertible Preferred Stock | | |
Common
Stock | | |
Additional Paid-In | | |
Accumulated | | |
Treasury | | |
Non controlling | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Stock | | |
Interest | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance - December 31, 2022 | |
| 1,205,759 | | |
$ | 2,695 | | |
| 6,300,703 | | |
$ | 6 | | |
$ | 216,195 | | |
$ | (228,169 | ) | |
$ | (408 | ) | |
$ | 20,615 | | |
$ | 10,934 | |
Balance | |
| 1,205,759 | | |
$ | 2,695 | | |
| 6,300,703 | | |
$ | 6 | | |
$ | 216,195 | | |
$ | (228,169 | ) | |
$ | (408 | ) | |
$ | 20,615 | | |
$ | 10,934 | |
Dividends declared - Series B Convertible Preferred Stock | |
| 24,128 | | |
| 72 | | |
| — | | |
| — | | |
| — | | |
| (72 | ) | |
| — | | |
| — | | |
| — | |
Issue common stock - PAVM ATM Facility | |
| — | | |
| — | | |
| 72,134 | | |
| — | | |
| 557 | | |
| — | | |
| — | | |
| — | | |
| 557 | |
Vest - restricted stock awards | |
| — | | |
| — | | |
| 6,666 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Conversions - Senior Secured Convertible Note | |
| — | | |
| — | | |
| 288,709 | | |
| 1 | | |
| 2,026 | | |
| — | | |
| — | | |
| — | | |
| 2,027 | |
Purchase - Employee Stock Purchase Plan | |
| — | | |
| — | | |
| 25,626 | | |
| — | | |
| 122 | | |
| — | | |
| 60 | | |
| — | | |
| 182 | |
Purchase - majority-owned subsidiary common stock - Employee Stock Purchase Plan | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 276 | | |
| 276 | |
Issuance - majority-owned subsidiary common stock - Committed Equity Facility, net of financing charges | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 284 | | |
| 284 | |
Impact of subsidiary equity transactions | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,189 | | |
| — | | |
| — | | |
| (1,189 | ) | |
| — | |
Issuance - majority-owned subsidiary common stock - Settlement APA-RDx - Installment Payment | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 713 | | |
| 713 | |
Issuance - majority-owned subsidiary preferred stock (Series A) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 13,625 | | |
| 13,625 | |
Stock-based compensation - PAVmed Inc. | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,199 | | |
| — | | |
| — | | |
| — | | |
| 1,199 | |
Stock-based compensation - majority-owned subsidiaries | |
| — | | |
| — | | |
| — | | |
| — | | |
| 401 | | |
| — | | |
| — | | |
| 2,820 | | |
| 3,221 | |
Treasury stock | |
| — | | |
| — | | |
| 12,589 | | |
| — | | |
| (348 | ) | |
| — | | |
| 348 | | |
| — | | |
| — | |
Net Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (17,931 | ) | |
| — | | |
| (4,283 | ) | |
| (22,214 | ) |
Balance - March 31, 2023 | |
| 1,229,887 | | |
$ | 2,767 | | |
| 6,706,427 | | |
$ | 7 | | |
$ | 221,341 | | |
$ | (246,172 | ) | |
$ | — | | |
$ | 32,861 | | |
$ | 10,804 | |
Balance | |
| 1,229,887 | | |
$ | 2,767 | | |
| 6,706,427 | | |
$ | 7 | | |
$ | 221,341 | | |
$ | (246,172 | ) | |
$ | — | | |
$ | 32,861 | | |
$ | 10,804 | |
See
accompanying notes to the unaudited condensed consolidated financial statements.
PAVMED
INC.
and
SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in
thousands, except number of shares and per share data - unaudited)
| |
| | |
| |
| |
Three
Months Ended March 31, | |
| |
2024 | | |
2023 | |
Cash flows
from operating activities | |
| | | |
| | |
Net loss - before
noncontrolling interest (“NCI”) | |
$ | (18,512 | ) | |
$ | (22,214 | ) |
| |
| | | |
| | |
Adjustments to reconcile net
loss - before NCI to net cash used in operating activities | |
| | | |
| | |
Depreciation and amortization
expense | |
| 586 | | |
| 727 | |
Stock-based compensation | |
| 1,882 | | |
| 4,419 | |
Gain on sale of intellectual
property | |
| — | | |
| (1,000 | ) |
APA-RDx: Issue common stock
of majority-owned subsidiary - termination payment | |
| — | | |
| 713 | |
Amortization of common stock payment for vendor
service agreement | |
| 23 | | |
| — | |
Change in fair value - Senior
Secured Convertible Notes | |
| 2,163 | | |
| 1,040 | |
Loss on issue - Senior Secured
Convertible Note | |
| — | | |
| 1,111 | |
Debt extinguishment loss -
Senior Secured Convertible Note | |
| 369 | | |
| 525 | |
Non-cash lease expense | |
| 2 | | |
| 79 | |
Changes in operating assets
and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (6 | ) | |
| (10 | ) |
Prepaid expenses, deposits
and current and other assets | |
| 531 | | |
| (326 | ) |
Accounts payable | |
| (301 | ) | |
| (1,444 | ) |
Accrued
expenses and other current liabilities | |
| 154 | | |
| 18 | |
Net
cash flows used in operating activities | |
| (13,109 | ) | |
| (16,362 | ) |
| |
| | | |
| | |
Cash flows
from investing activities | |
| | | |
| | |
Purchase of equipment | |
| (42 | ) | |
| (26 | ) |
Proceeds
from sale of intellectual property | |
| — | | |
| 1,000 | |
Net
cash flows provided by (used in) investing activities | |
| (42 | ) | |
| 974 | |
| |
| | | |
| | |
Cash flows
from financing activities | |
| | | |
| | |
Proceeds – issue of
preferred stock - majority-owned subsidiary | |
| 18,165 | | |
| 13,625 | |
Proceeds – issue of
Senior Secured Convertible Note | |
| — | | |
| 10,000 | |
Payment – Senior Secured
Convertible Note – acceleration floor payments | |
| (322 | ) | |
| — | |
Proceeds – issue of
common stock - At-The-Market Facility | |
| 786 | | |
| 557 | |
Proceeds – majority-owned
subsidiary common stock - Committed Equity Facility and At-The-Market Facility | |
| — | | |
| 284 | |
Proceeds – issue common
stock – Employee Stock Purchase Plan | |
| 62 | | |
| 182 | |
Proceeds – majority-owned
subsidiary common stock – Employee Stock Purchase Plan | |
| 353 | | |
| 276 | |
Proceeds
– exercise of stock options issued under equity plan of majority owned subsidiary | |
| 4 | | |
| — | |
Net
cash flows provided by financing activities | |
| 19,048 | | |
| 24,924 | |
Net increase (decrease) in
cash | |
| 5,897 | | |
| 9,536 | |
Cash, beginning of period | |
| 19,639 | | |
| 39,744 | |
Cash, end of period | |
$ | 25,536 | | |
$ | 49,280 | |
See
accompanying notes to the unaudited condensed consolidated financial statements.
PAVMED
INC.
and
SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts
in these accompanying notes are presented in thousands, except number of shares and per-share amounts.)
Note
1 — The Company
Description
of the Business
PAVmed
is structured to be 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 medical 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
majority-owned subsidiary Lucid Diagnostics Inc. (Nasdaq: LUCD) (“Lucid”). In addition, through a separate majority-owned
subsidiary, Veris Health (“Veris”), we are focused on entering into strategic partnership opportunities with leading academic
oncology systems to expand access to the Veris Platform. In terms of other existing products and technologies, we have adopted 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.
Note
2 — Liquidity and Going Concern
The
Company’s management is required to assess the Company’s ability to continue as a going concern for the one year period following
the date of the financial statements being issued. In each reporting period, including interim periods, an entity is required to assess
conditions known and reasonably knowable as of the financial statement issuance date to determine whether it is probable an entity will
not meet its financial obligations within one year from the financial statement issuance date. Substantial doubt about an entity’s
ability to continue as a going concern exists when conditions and events, considered in the aggregate, indicate it is probable the entity
will be unable to meet its financial obligations as they become due within one year after the date the financial statements are issued.
The
Company has financed its operations principally through public and private issuances of its common stock, preferred stock, common stock
purchase warrants, and debt. The Company is subject to all of the risks and uncertainties typically faced by medical device and diagnostic
companies that devote substantially all of their efforts to the commercialization of their initial product and services and ongoing research
and development activities and conducting clinical trials. The Company generated $1.0 million of revenues for the three month period
ended March 31, 2024, however the Company does not expect to generate positive cash flows from operating activities in the near future.
The
Company incurred a net loss attributable to PAVmed Inc. common stockholders of approximately $22.8 million and had net cash flows used
in operating activities of approximately $13.1 million for the three month period ended March 31, 2024. As of March 31, 2024, the Company
had negative working capital of approximately $25.4 million, with such working capital inclusive of the Senior Secured Convertible Notes
classified as a current liability of an aggregate of approximately $45.5 million and approximately $25.5 million of cash.
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
upon 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.
Note
3 — Summary of Significant Accounting Policies
Significant
Accounting Policies
The
Company’s significant 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, except as otherwise noted herein below.
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements of PAVmed and its subsidiaries have been prepared in accordance with
accounting principles generally accepted in the United States of America (“U.S. GAAP”), and applicable rules and regulations
of the United States Securities and Exchange Commission (“SEC”), and include the accounts of the Company and its wholly-owned
and majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company holds
a majority-ownership interest and has controlling financial interest in each of: Lucid Diagnostics and Veris Health, with the corresponding
noncontrolling interest included as a separate component of consolidated stockholders’ equity (deficit), including the recognition
in the unaudited condensed consolidated statement of operations of a net loss attributable to the noncontrolling interest based on the
respective minority-interest equity ownership of each majority-owned subsidiary. See Note 14, Noncontrolling Interest, for a discussion
of each of the majority-owned subsidiaries noted above. The Company manages its operations as a single operating segment for the purposes
of assessing performance and making operating decisions.
As
permitted under SEC rules, certain footnotes or other financial information normally required by U.S. GAAP have been condensed or omitted.
The balance sheet as of December 31, 2023 has been derived from audited consolidated financial statements at such date. The accompanying
unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated
financial statements, and in the opinion of management, include all adjustments, consisting only of routine recurring adjustments, necessary
for a fair statement of the Company’s unaudited condensed consolidated financial information.
The
unaudited condensed consolidated results of operations for the three months ended March 31, 2024 are not necessarily indicative of
the consolidated results to be expected for the year ending December 31, 2024 or for any other interim period or for any other
future periods. The accompanying unaudited condensed consolidated financial statements and related unaudited condensed consolidated
financial information should be read in conjunction with the Company’s audited consolidated financial statements and related
notes thereto as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K as filed
with the SEC on March 25, 2024.
All
amounts in the accompanying unaudited condensed consolidated financial statements and the notes thereto are presented in thousands of
dollars, if not otherwise noted as being presented in millions of dollars, except for shares and per share amounts.
Use
of Estimates
In
preparing the unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make
estimates and assumptions that affect the reported amounts of assets and the determination of corresponding carrying value reserve,
if any, and liabilities and the disclosure of contingent losses, as of the date of the unaudited condensed consolidated financial
statements, as well as the reported amounts of revenue and expenses during the reporting period. Significant
estimates in these unaudited condensed consolidated financial statements include those related to the estimated fair value of debt
obligations, stock-based equity awards, intangible assets and common stock purchase warrants. Other significant estimates include
the estimated incremental borrowing rate, the provision or benefit for income taxes and the corresponding valuation allowance on
deferred tax assets. Additionally, management’s assessment of the Company’s ability to continue as a going concern
involves the estimation of the amount and timing of future cash inflows and outflows. On an ongoing basis, the Company evaluates its
estimates and assumptions. The Company bases its estimates on historical experience and on various other assumptions believed to be
reasonable. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by
changes in these estimates.
Note
3 — Summary of Significant Accounting Policies - continued
Revenue
Recognition
Revenues
are recognized when the satisfaction of the performance obligation occurs, in an amount that reflects the consideration the Company expects
to collect in exchange for those services. The Company’s revenue is primarily generated by its laboratory testing services utilizing
its EsoGuard Esophageal DNA tests. The services are completed upon release of a patient’s test result to the ordering healthcare
provider. Revenue recognized is inclusive of both variable consideration in connection with an individual patient’s third-party
insurance coverage policy and fixed consideration in connection with a contracted services arrangement with an unrelated third party
legal entity. To determine revenue recognition for the arrangements that the Company determines are within the scope of ASC 606, Revenue
from Contracts with Customers, the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify
the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance
obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation.
The
key aspects considered by the Company include the following:
Contracts—The
Company’s customer is primarily the patient, but the Company does not enter into a formal reimbursement contract with a patient.
The Company establishes a contract with a patient in accordance with other customary business practices, which is the point in time an
order is received from a provider and a patient specimen has been returned to the laboratory for testing. Payment terms are a function
of a patient’s existing insurance benefits, including the impact of coverage decisions with Center for Medicare & Medicaid
Services (“CMS”) and applicable reimbursement contracts established between the Company and payers. However, when a patient
is considered self-pay, the Company requires payment from the patient prior to the commencement of the Company’s performance obligations.
The Company’s consideration can be deemed variable or fixed depending on the structure of specific payer contracts, and the Company
considers collection of such consideration to be probable to the extent that it is unconstrained.
Performance
obligations—A performance obligation is a promise in a contract to transfer a distinct good or service (or a bundle of goods
or services) to the customer. The Company’s contracts have a single performance obligation, which is satisfied upon rendering of
services, which culminates in the release of a patient’s test result to the ordering healthcare provider. The Company elects the
practical expedient related to the disclosure of unsatisfied performance obligations, as the duration of time between providing testing
supplies, the receipt of a sample, and the release of a test result to the ordering healthcare provider is far less than one year.
Transaction
price—The transaction price is the amount of consideration that the Company expects to collect in exchange for transferring
promised goods or services to a customer, excluding amounts collected on behalf of third parties (for example, some sales taxes). The
consideration expected to be collected from a contract with a customer may include fixed amounts, variable amounts, or both.
If
the consideration derived from the contracts is deemed to be variable, the Company estimates the amount of consideration to which it
will be entitled in exchange for the promised goods or services. The Company limits the amount of variable consideration included in
the transaction price to the unconstrained portion of such consideration. In other words, the Company recognizes revenue up to the amount
of variable consideration that is not subject to a significant reversal until additional information is obtained or the uncertainty associated
with the additional payments or refunds is subsequently resolved.
When
the Company does not have significant historical experience or that experience has limited predictive value, the constraint over estimates
of variable consideration may result in no revenue being recognized upon delivery of patient EsoGuard test results to the ordering healthcare
provider. As such, the Company recognizes revenue up to the amount of variable consideration not subject to a significant reversal until
additional information is obtained or the uncertainty associated with additional payments or refunds, if any, is subsequently resolved.
Differences between original estimates and subsequent revisions, including final settlements, represent changes in estimated expected
variable consideration, with the change in estimate recognized in the period of such revised estimate. With respect to a contracted service
arrangement, the fixed consideration revenue is recognized on an as-billed basis upon delivery of the laboratory test report with realization
of such fixed consideration deemed probable based upon actual historical experience.
Allocate
transaction price—The transaction price is allocated entirely to the performance obligation contained within the contract with
a customer on the basis of the relative standalone selling prices of each distinct good or service.
Practical
Expedients—The Company does not adjust the transaction price for the effects of a significant financing component, as at contract
inception, the Company expects the collection cycle to be one year or less.
Note
3 — Summary of Significant Accounting Policies - continued
Fair
Value Option (“FVO”) Election
Under
a Securities Purchase Agreement dated March 31, 2022, the Company issued a Senior Secured Convertible Note dated April 4, 2022, referred
to herein as the “April 2022 Senior Convertible Note”, and a Senior Secured Convertible Note dated September 8, 2022, referred
to herein as the “September 2022 Senior Convertible Note”, which are accounted under the “fair value option election”
as discussed below.
Under
a Securities Purchase Agreement dated March 13, 2023, Lucid Diagnostics issued a Senior Secured Convertible Note dated March 21, 2023,
referred to herein as the “Lucid March 2023 Senior Convertible Note”, which is accounted under the “fair value option
election” as discussed below.
Under
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 815, Derivative
and Hedging, (“ASC 815”), a financial instrument containing embedded features and/or options may be required to be bifurcated
from the financial instrument host and recognized as separate derivative asset or liability, with the bifurcated derivative asset or
liability initially measured at estimated fair value as of the transaction issue date and then subsequently remeasured at estimated fair
value as of each reporting period balance sheet date.
Alternatively,
FASB ASC Topic 825, Financial Instruments, (“ASC 825”) provides for the “fair value option”
(“FVO”) election. In this regard, ASC 825-10-15-4 provides for the FVO election (to the extent not otherwise prohibited
by ASC 825-10-15-5) to be afforded to financial instruments, wherein the financial instrument is initially measured at estimated
fair value as of the transaction issue date and then subsequently remeasured at estimated fair value as of each reporting period
balance sheet date, with changes in the estimated fair value recognized as other income (expense) in the statement of operations.
The estimated fair value adjustment of the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note and the
Lucid March 2023 Senior Convertible Note is presented in a single line item within other income (expense) in the accompanying
unaudited condensed consolidated statement of operations (as provided for by ASC 825-10-50-30(b)). Further, as required by ASC
825-10-45-5, to the extent a portion of the fair value adjustment is attributed to a change in the instrument-specific credit risk,
such portion would be recognized as a component of other comprehensive income (“OCI”) (for which there was no such
adjustment with respect to the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note or the Lucid March
2023 Senior Convertible Note).
See
Note 9, Financial Instruments Fair Value Measurements, with respect to the FVO election; and Note 10, Debt, for a discussion
of the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note and the Lucid March 2023 Senior Convertible Note.
Reclassifications
Certain
prior-year amounts have been reclassified to conform to the current year presentation, which includes presenting costs of revenue within
operating expenses on the statements of operations, in the unaudited condensed consolidated financial statements and accompanying notes
to the unaudited condensed consolidated financial statements. The impact of the reclassifications made to prior year amounts is not material
and did not affect net loss.
Recent
Accounting Standards Updates Not Yet Adopted
In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU
2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in
ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid
information. ASU 2023-09 is effective for the Company prospectively to all annual periods beginning after December 15, 2024. Early
adoption is permitted. The Company does not expect the standard to have a significant impact on its consolidated financial statements.
In
November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures
(“ASU 2023-07”), which require public companies disclose significant segment expenses and other segment items on an
annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and
assets that are currently required annually. The guidance is effective for public entities for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is
applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company does not
expect the standard to have a significant impact on its consolidated financial statements.
Note
3 — Summary of Significant Accounting Policies - continued
In
October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure
Update and Simplification Initiative. This update modifies the disclosure or presentation requirements of a variety of topics in the
Accounting Standards Codification to conform with certain SEC amendments in Release No. 33-10532, Disclosure Update and Simplification.
The amendments in this update should be applied prospectively, and the effective date for each amendment will be the date on which the
SEC’s removal of that related disclosure from Regulation S-X or S-K becomes effective. However, if the SEC has not removed the
related disclosure from its regulations by June 30, 2027, the amendments will be removed from the Codification and not become effective.
Early adoption is prohibited. The Company is currently evaluating the impact this update will have on its consolidated
financial statements and disclosures.
Note
4 — Revenue from Contracts with Customers
Revenue
Recognized
In
the three month period ended March 31, 2024, the Company recognized total revenue of $1,010, primarily resulting from the delivery of
patient EsoGuard test results. Revenue recognized from customer contracts deemed to include a variable consideration transaction price
is limited to the unconstrained portion of the variable consideration. The Company’s revenue for the three month period ended March
31, 2023 was $446, primarily resulting from the delivery of patient EsoGuard test results.
Cost
of Revenue
The
cost of revenues principally includes the costs related to the Company’s laboratory operations (excluding estimated costs associated
with research activities), the costs related to the EsoCheck cell collection device, cell sample mailing kits and license royalties.
In
the three month period ended March 31, 2024, the cost of revenue was $1,744,
primarily related to costs for our laboratory operations and EsoCheck device supplies. The Company’s cost of revenue for the three
month period ended March 31, 2023 was $1,346,
primarily related to costs for our laboratory operations and EsoCheck device supplies.
Note
5 — Prepaid Expenses, Deposits, and Other Current Assets
Prepaid
expenses and other current assets consisted of the following as of:
Schedule
of Prepaid Expenses and Other Current Assets
| |
March
31, 2024 | | |
December
31, 2023 | |
Advanced payments
to service providers and suppliers | |
$ | 436 | | |
$ | 739 | |
Prepaid insurance | |
| 520 | | |
| 848 | |
Deposits | |
| 2,347 | | |
| 2,672 | |
Veris
Box supplies | |
| 258 | | |
| 261 | |
Total
prepaid expenses, deposits and other current assets | |
$ | 3,561 | | |
$ | 4,520 | |
Note
6 — Leases
During
the three months ended March 31, 2024, the Company entered into additional lease agreements that have commenced and are classified as operating
leases.
The
Company’s future lease payments as of March 31, 2024, which are presented as operating lease liabilities, current portion and
operating lease liabilities, less current portion on the Company’s unaudited condensed consolidated balance sheets are as
follows:
Schedule
of Future Minimum Lease Payments for Operating Leases
| |
| | |
2024 (remainder of year) | |
$ | 1,374 | |
2025 | |
| 841 | |
2026 | |
| 794 | |
2027 | |
| 624 | |
2028 | |
| 472 | |
Thereafter | |
| 848 | |
Total lease payments | |
$ | 4,953 | |
Less: imputed interest | |
| (806 | ) |
Present value of lease liabilities | |
$ | 4,147 | |
Note
6 — Leases - continued
Supplemental
disclosure of cash flow information related to the Company’s cash and non-cash activities with its leases are as follows:
Schedule of Supplemental Balance Sheet Information Related to Cash and Non-cash Activities with Leases
| |
2024 | | |
2023 | |
| |
Three
Months Ended March 31, | |
| |
2024 | | |
2023 | |
Cash paid for amounts included in the measurement of
lease liabilities | |
| | |
| |
Operating cash
flows from operating leases | |
$ | 476 | | |
$ | 346 | |
Non-cash investing and financing
activities | |
| | | |
| | |
Right-of-use assets obtained
in exchange for new operating lease liabilities | |
$ | 22 | | |
$ | 2,473 | |
Weighted-average remaining
lease term - operating leases (in years) | |
| 4.60 | | |
| 4.84 | |
Weighted-average discount
rate - operating leases | |
| 7.875 | % | |
| 7.875 | % |
As
of March 31, 2024 and December 31, 2023, the Company’s right-of-use assets from operating leases were $3,886 and $4,267, respectively,
which are reported in operating lease right-of-use assets in the unaudited condensed consolidated balance sheets. As of March 31, 2024
and December 31, 2023, the Company had outstanding operating lease obligations of $4,147 and $4,525, respectively, of which $1,333 and
$1,565, respectively, are reported in operating lease liabilities, current portion and $2,814 and $2,960, respectively, are reported
in operating lease liabilities less current portion in the Company’s unaudited condensed consolidated balance sheets. The Company
calculates its incremental borrowing rates for specific lease terms, used to discount future lease payments, as a function of the financing
terms the Company would likely receive on the open market.
Note
7 — Intangible Assets, net
Intangible
assets, less accumulated amortization, consisted of the following as of:
Schedule
of Intangible Assets, Less Accumulated Amortization
| |
Estimated Useful Life | | |
March 31, 2024 | | |
December 31, 2023 | |
Defensive asset | |
| 60 months | | |
$ | 2,105 | | |
$ | 2,105 | |
Laboratory licenses and certifications and laboratory information management software | |
| 24 months | | |
| 3,200 | | |
| 3,200 | |
Other | |
| 1 year | | |
| 70 | | |
| 70 | |
Total Intangible assets | |
| | | |
| 5,375 | | |
| 5,375 | |
Less Accumulated Amortization | |
| | | |
| (4,323 | ) | |
| (3,951 | ) |
Intangible Assets, net | |
| | | |
$ | 1,052 | | |
$ | 1,424 | |
Amortization
expense of the intangible assets discussed above was $372 and $505 for the three month periods ended March 31, 2024 and 2023, respectively,
and is included in amortization of acquired intangible assets in the accompanying unaudited condensed consolidated statements of operations.
As of March 31, 2024, the estimated future amortization expense associated with the Company’s finite-lived intangible assets for
each of the five succeeding fiscal years is as follows:
Schedule of Estimated Amortization Expense for Intangible Assets
| |
| | |
2024 (remainder of year) | |
$ | 316 | |
2025 | |
| 421 | |
2026 | |
| 315 | |
Total | |
$ | 1,052 | |
Note
8 — Commitment and Contingencies
Other
Matters
In
the ordinary course of PAVmed business, particularly as it begins commercialization of its products, the Company may be subject to certain
other 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.
Note
9 — Financial Instruments Fair Value Measurements
Recurring
Fair Value Measurements
The
fair value hierarchy table for the periods indicated is as follows:
Schedule
of Financial Liabilities Measured at Fair Value on Recurring Basis
| |
Fair
Value Measurement on a Recurring Basis at Reporting Date Using1 | |
| |
Level-1
Inputs | | |
Level-2
Inputs | | |
Level-3
Inputs | | |
Total | |
March 31, 2024 | |
| | | |
| | | |
| | | |
| | |
Senior Secured
Convertible Note - April 2022 | |
$ | — | | |
$ | — | | |
$ | 18,800 | | |
$ | 18,800 | |
Senior Secured Convertible
Note - September 2022 | |
| — | | |
| — | | |
| 13,600 | | |
| 13,600 | |
Lucid
Senior Secured Convertible Note - March 2023 | |
| — | | |
| — | | |
| 13,140 | | |
| 13,140 | |
Totals | |
$ | — | | |
$ | — | | |
$ | 45,540 | | |
$ | 45,540 | |
| |
Level-1
Inputs | | |
Level-2
Inputs | | |
Level-3
Inputs | | |
Total | |
December 31, 2023 | |
| | | |
| | | |
| | | |
| | |
Senior Secured
Convertible Note - April 2022 | |
$ | — | | |
$ | — | | |
$ | 19,000 | | |
$ | 19,000 | |
Senior Secured Convertible
Note - September 2022 | |
| — | | |
| — | | |
| 11,250 | | |
| 11,250 | |
Lucid
Senior Secured Convertible Note - March 2023 | |
| — | | |
| — | | |
| 13,950 | | |
| 13,950 | |
Totals | |
$ | — | | |
$ | — | | |
$ | 44,200 | | |
$ | 44,200 | |
As
discussed in Note 10, Debt, the Company issued Senior Secured Convertible Notes dated April 4, 2022 and September 8, 2022, with
an initial $27.5 million face value principal (“April 2022 Senior Convertible Note”) and an initial $11.25 million face value
principal (“September 2022 Senior Convertible Note”), respectively. Both convertible notes are accounted for under the ASC
825-10-15-4 fair value option (“FVO”) election, wherein, the financial instrument is initially measured at its issue-date
estimated fair value and subsequently remeasured at estimated fair value on a recurring basis at each reporting period date.
As
discussed in Note 10, Debt, Lucid Diagnostics issued a Senior Secured Convertible Note dated March 21, 2023, with an initial $11.1
million face value principal (“Lucid March 2023 Senior Convertible Note”). This convertible note is also accounted for under
the ASC 825-10-15-4 fair value option (“FVO”) election, wherein, the financial instrument is initially measured at its issue-date
estimated fair value and subsequently remeasured at estimated fair value on a recurring basis at each reporting period date.
The
estimated fair value of the financial instruments classified within the Level 3 category was determined using both observable inputs
and unobservable inputs. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair
value attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-
dated volatilities) inputs.
Note
9 — Financial Instruments Fair Value Measurements - continued
The
estimated fair value of the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note and the Lucid March 2023 Senior
Convertible Note as of each of March 31, 2024 and December 31, 2023, were computed using a Monte Carlo simulation of the present value
of its cash flows using a synthetic credit rating analysis and a required rate-of-return, using the following assumptions:
Schedule of Fair Value Assumption Used
| |
April 2022 Senior
Convertible Note: March 31, 2024 | | |
September 2022 Senior
Convertible
Note: March 31, 2024 | | |
Lucid
March 2023 Senior
Convertible Note: March 31, 2024 | |
Fair Value | |
$ | 18,800 | | |
$ | 13,600 | | |
$ | 13,140 | |
Face value principal payable | |
$ | 17,602 | | |
$ | 8,782 | | |
$ | 10,936 | |
Required rate of return | |
| 9.800 | % | |
| 9.600 | % | |
| 9.80 | % |
Conversion Price | |
$ | 75.00 | | |
$ | 75.00 | | |
$ | 5.00 | |
Value of common stock | |
$ | 2.14 | | |
$ | 2.14 | | |
$ | 0.81 | |
Expected term (years) | |
| 1.01 | | |
| 1.44 | | |
| 0.97 | |
Volatility | |
| 105.00 | % | |
| 105.00 | % | |
| 55.00 | % |
Risk free rate | |
| 4.91 | % | |
| 4.72 | % | |
| 4.93 | % |
Dividend yield | |
| — | % | |
| — | % | |
| — | % |
| |
April 2022 Senior
Convertible Note:
December 31, 2023 | | |
September 2022 Senior
Convertible
Note: December 31, 2023 | | |
Lucid
March 2023 Senior
Convertible Note:
December 31, 2023 | |
Fair Value | |
$ | 19,000 | | |
$ | 11,250 | | |
$ | 13,950 | |
Face value principal payable | |
$ | 17,602 | | |
$ | 9,062 | | |
$ | 11,019 | |
Required rate of return | |
| 10.00%
- 10.50 | % | |
| 10.00%
- 10.20 | % | |
| 10.00 | % |
Conversion Price | |
$ | 75.00 | | |
$ | 75.00 | | |
$ | 5.00 | |
Value of common stock | |
$ | 4.12 | | |
$ | 4.12 | | |
$ | 1.41 | |
Expected term (years) | |
| 0.26
- 1.26 | | |
| 0.69
- 1.69 | | |
| 1.22 | |
Volatility | |
| 85.00 | % | |
| 85.00 | % | |
| 60.00 | % |
Risk free rate | |
| 4.54%
- 5.25 | % | |
| 4.31%
- 4.96 | % | |
| 4.56 | % |
Dividend yield | |
| — | % | |
| — | % | |
| — | % |
The
estimated fair values recognized utilized PAVmed and Lucid’s common stock prices, along with certain Level 3 inputs (as
presented in the respective tables above), in the development of Monte Carlo simulation models, discounted cash flow analyses, and
/or Black-Scholes valuation models. The estimated fair values are subjective and are affected by changes in inputs to the valuation
models and analyses, including the respective common stock prices, probability weighting of floor prices on conversions under two
scenarios, the dividend yields, the risk-free rates based on U.S. Treasury security yields, and certain other Level-3 inputs
including, assumptions regarding the estimated volatility in the value of the respective common stock prices. Changes in these
assumptions can materially affect the recognized estimated fair values.
Note
10 — Debt
The
fair value and face value principal outstanding of the Senior Convertible Notes as of the dates indicated are as follows:
Summary of Outstanding Debt
| |
Contractual
Maturity Date | |
Stated
Interest Rate | | |
Conversion
Price per Share | | |
Face
Value Principal Outstanding | | |
Fair
Value | |
April 2022 Senior
Convertible Note | |
April 4, 2025 | |
| 7.875 | % | |
$ | 75.00 | | |
$ | 17,602 | | |
$ | 18,800 | |
September 2022 Senior Convertible
Note | |
September 8, 2025 | |
| 7.875 | % | |
$ | 75.00 | | |
| 8,782 | | |
| 13,600 | |
Lucid
March 2023 Senior Convertible Note | |
March
21, 2025 | |
| 7.875 | % | |
$ | 5.00 | | |
| 10,936 | | |
| 13,140 | |
Balance as of March 31, 2024 | |
| |
| | | |
| | | |
$ | 37,320 | | |
$ | 45,540 | |
| |
Contractual
Maturity Date | |
Stated
Interest Rate | | |
Conversion
Price per Share | | |
Face
Value Principal Outstanding | | |
Fair
Value | |
April 2022 Senior
Convertible Note | |
April 4, 2025 | |
| 7.875 | % | |
$ | 75.00 | | |
$ | 17,602 | | |
$ | 19,000 | |
September 2022 Senior Convertible
Note | |
September 6, 2025 | |
| 7.875 | % | |
$ | 75.00 | | |
| 9,062 | | |
| 11,250 | |
Lucid
March 2023 Senior Convertible Note | |
March
21, 2025 | |
| 7.875 | % | |
$ | 5.00 | | |
| 11,019 | | |
| 13,950 | |
Balance as of December 31, 2023 | |
| |
| | | |
| | | |
$ | 37,683 | | |
$ | 44,200 | |
The
changes in the fair value of debt during the three month period ended March 31, 2024 is as follows:
Schedule of Changes in Fair Value of Debt
| |
April
2022 Senior Convertible Note | | |
September
2022 Senior Convertible Note | | |
Lucid
March 2023 Senior Convertible Note | | |
Sum
of Balance Sheet Fair Value Components | | |
Other
Income (expense) | |
Fair Value - December 31, 2023 | |
$ | 19,000 | | |
$ | 11,250 | | |
$ | 13,950 | | |
$ | 44,200 | | |
$ | — | |
Installment repayments –
common stock | |
| — | | |
| (280 | ) | |
| (83 | ) | |
| (363 | ) | |
| — | |
Non-installment payments –
common stock | |
| — | | |
| (24 | ) | |
| (436 | ) | |
| (460 | ) | |
| — | |
Change
in fair value | |
| (200 | ) | |
| 2,654 | | |
| (291 | ) | |
| 2,163 | | |
| (2,163 | ) |
Fair Value at March 31,
2024 | |
$ | 18,800 | | |
$ | 13,600 | | |
$ | 13,140 | | |
$ | 45,540 | | |
| - | |
Other Income (Expense)
- Change in fair value – three month period ended March 31, 2024 | |
| | | |
| | | |
| | | |
| | | |
$ | (2,163 | ) |
The
changes in the fair value of debt during the three month period ended March 31, 2023 is as follows:
| |
April
2022 Senior Convertible Note | | |
September
2022 Senior Convertible Note | | |
Lucid
March 2023 Senior Convertible Note | | |
Sum
of Balance Sheet Fair Value Components | | |
Other
Income (expense) | |
Fair Value - December 31, 2022 | |
$ | 22,000 | | |
$ | 11,650 | | |
$ | — | | |
$ | 33,650 | | |
$ | — | |
Face value principal –
issue date | |
| — | | |
| — | | |
| 11,111 | | |
| 11,111 | | |
| — | |
Fair value adjustment –
issue date | |
| — | | |
| — | | |
| 789 | | |
| 789 | | |
| (789 | ) |
Installment repayments –
common stock | |
| (1,335 | ) | |
| — | | |
| — | | |
| (1,335 | ) | |
| — | |
Non-installment payments –
common stock | |
| (166 | ) | |
| — | | |
| — | | |
| (166 | ) | |
| — | |
Change
in fair value | |
| 251 | | |
| — | | |
| — | | |
| 251 | | |
| (251 | ) |
Fair Value at March 31,
2023 | |
$ | 20,750 | | |
$ | 11,650 | | |
$ | 11,900 | | |
$ | 44,300 | | |
| - | |
Other Income (Expense)
- Change in fair value – three month period ended March 31, 2023 | |
| | | |
| | | |
| | | |
| | | |
$ | (1,040 | ) |
Note
10 — Debt - continued
PAVmed
- Senior Secured Convertible Notes
The
Company entered into a Securities Purchase Agreement (“SPA”) dated March 31, 2022, with an accredited institutional investor
(“Investor”, “Lender”, and /or “Holder”), wherein, the Company agreed to sell, and the Investor agreed
to purchase an aggregate of $50.0 million face value principal of debt - comprised of: an initial issuance of $27.5 million face value
principal; and up to an additional $22.5 million of face value principal (upon the satisfaction of certain conditions). The debt was
issued in a registered direct offering under the Company’s effective shelf registration statement.
Under
the SPA, the Company issued a Senior Secured Convertible Note dated April 4, 2022, referred to herein as the “April 2022 Senior
Convertible Note”, with such note having a $27.5 million face value principal, a 7.875% annual stated interest rate, a contractual
conversion price of $75.00 per share of the Company’s common stock (subject to standard adjustments in the event of any stock split,
stock dividend, stock combination, recapitalization or other similar transaction), and a 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 shares of common stock of the Company at the Holder’s election.
Under
the same SPA, the Company issued an additional Senior Secured Convertible Note dated September 8, 2022, referred to herein as the “September
2022 Senior Convertible Note”, with such note having a $11.25 million face value principal, a 7.875% annual stated interest rate,
a contractual conversion price of $75.00 per share of the Company’s common stock (subject to standard adjustments in the event
of any stock split, stock dividend, stock combination, recapitalization or other similar transaction), and a 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 shares of common stock of the Company at the Holder’s election.
The
Company has agreed to reduce temporarily, and the Investor has consented to reducing temporarily, the contractual conversion price under
the April 2022 Senior Convertible Note and the September 2022 Senior Convertible Note to equal to 82.5% of the two lowest VWAPs during
the last 10 trading days preceding the date of conversion, subject to a conversion floor price of $1.00, during the period from April
23, 2024 through May 7, 2024 (which period has been extended to August 6, 2024); provided that the aggregate amount of conversions under
the April 2022 Senior Convertible Note and the September 2022 Senior Convertible Note during such period may not exceed $2,000.
The
Company is subject to financial covenants requiring: (i) a minimum of $8.0 million of available cash at all times; (ii) the ratio of
(a) the outstanding principal amount of the total senior convertible notes outstanding, 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, to not exceed 30% (the
“Debt to Market Cap Ratio Test”); and (iii) the Company’s market capitalization to 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 December 1, 2023 through March 12, 2024, the Company was not in compliance with the Financial Tests. As of March
12, 2024, the Investor agreed to waive any such non-compliance during such time period and thereafter through August 31, 2024.
In
the three months ended March 31, 2024, in consideration of the covenant waiver and maturity extensions discussed above, the Company agreed
to pay the holder of the notes $2,000 in cash (or in such other form as may be mutually agreed in writing) by April 25, 2024, which
has been extended to June 15, 2024. The covenant waiver and maturity extension fee was recognized as debt modification expense on the
Company’s unaudited condensed consolidated statement of operations, and currently included in accrued expenses and other current
liabilities on the Company’s unaudited condensed consolidated balance sheets as of March 31, 2024.
The
April 2022 Senior Convertible Note and September 2022 Senior Convertible Note installment payments may be made in shares of PAVmed common
stock at a conversion price that is the lower of the contractual conversion price and 82.5%
of the two lowest VWAPs during the last 10 trading days preceding the date of conversion, subject to a conversion price floor of $2.70.
The notes are also subject to certain provisions that may require redemption upon the occurrence of certain events, including an event
of default, a change of control, or certain equity issuances.
In
the three month period ended March 31, 2024, approximately $280
of principal repayments along with approximately $24
of interest expense thereon, were settled through the issuance of 112,461
shares of common stock of the Company, with such shares having a fair value of approximately $307
(with such fair value measured as the respective conversion date quoted closing price of the common stock of the Company). In
addition the Company paid $198
in cash related to acceleration floor payments on these notes related to the conversion price being below $2.70,
which is included in debt extinguishment loss on the Company’s unaudited condensed consolidated statements of operations. The
conversions and cash paid resulted in a debt extinguishment loss of $202
in the three month period ended March 31, 2024. Subsequent to March 31, 2024, as of May 9, 2024, approximately $280 of principal repayments along with approximately
$24 of interest expense thereon, was settled through the issuance of 112,597 shares of common stock of the Company, with such shares having
a fair value of approximately $260, and cash payment related to floor acceleration payment of $199 (with such fair value measured as the
respective conversion date quoted closing price of the common stock of the Company).
Note
10 — Debt - continued
Lucid
Diagnostics - Senior Secured Convertible Note
Lucid
Diagnostics entered into a Securities Purchase Agreement (“Lucid SPA”) dated March 13, 2023, with an accredited institutional
investor (“Investor”, “Lender”, and /or “Holder”), wherein, Lucid agreed to sell, and the Investor
agreed to purchase an aggregate of $11.1 million face value principal of debt. The debt was issued in a registered direct offering under
Lucid’s effective shelf registration statement.
Under
the SPA dated March 13, 2023, Lucid issued a Senior Secured Convertible Note dated March 21, 2023, referred to herein as the “Lucid
March 2023 Senior Convertible Note”, with such note having a $11.1 million face value principal, a 7.875% annual stated interest
rate, a contractual conversion price of $5.00 per share of Lucid’s common stock (subject to standard adjustments in the event of
any stock split, stock dividend, stock combination, recapitalization or other similar transaction), and a contractual maturity date of
March 21, 2025. The Lucid March 2023 Senior Convertible Note may be converted into shares of common stock of Lucid at the Holder’s
election.
The
Lucid March 2023 Senior Convertible Note proceeds were $9.925 million after deducting a $1.186 million lender fee and offering costs.
The lender fee and offering costs were recognized as of the March 21, 2023 issue date as a current period expense in other income (expense)
in the Company’s unaudited condensed consolidated statement of operations.
During
the period from March 21, 2023 to September 20, 2023, Lucid was required to pay interest expense only (on the $11.1 million face value
principal), at 7.875% per annum, computed on a 360 day year. Lucid paid in cash interest expense of $24 for the three month period ended
March 31, 2023.
Commencing
September 21, 2023, and then on each of the successive first and tenth trading day of each month thereafter through to and including
March 14, 2025 (each referred to as an “Installment Date”); and on the March 21, 2025 maturity date, Lucid is required
to make a principal repayment of $292 together with accrued interest thereon, with such 38 payments referred to herein as the “Installment
Amount”, settled in shares of common stock of Lucid, subject to customary equity conditions, including minimum share price and
volume thresholds, or at the election of Lucid, in cash, in whole or in part.
Note
10 — Debt - continued
In
addition to the Installment Amount repayments, the Holder may elect to accelerate the conversion of future Installment Amount repayments,
and interest thereon, subject to certain restrictions, as defined, utilizing the then current conversion price of the most recent Installment
Date conversion price.
The
payment of all amounts due and payable under this senior convertible note is guaranteed by Lucid’s subsidiaries; and the obligations
under this senior convertible note are secured by all of the assets of Lucid and its subsidiaries.
Lucid
is subject to certain customary affirmative and negative covenants regarding the rank of the note, along with the incurrence of further
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.
Lucid
is subject to financial covenants requiring: (i) a minimum of $5.0 million of available cash at all times; (ii) the ratio of (a) the
outstanding principal amount of the total senior convertible notes outstanding, accrued and unpaid interest thereon and accrued and unpaid
late charges to (b) Lucid’s average market capitalization over the prior ten trading days, as of the last day of any fiscal quarter
commencing with September 30, 2023, to not exceed 30%; and (iii) Lucid’s market capitalization to at no time be less than $30 million.
As of March 31, 2024, the Company was in compliance, and as of the date hereof, the Company is in compliance, with these financial covenants.
The
Lucid March 2023 Senior Convertible Note installment payments may be made in shares of Lucid Diagnostics common stock at a conversion
price that is the lower of the contractual conversion price and 82.5% of the two lowest VWAPs during the last 10 trading days preceding
the date of conversion, subject to a conversion price floor of $0.30. The notes are also subject to certain provisions that may require
redemption upon the occurrence of an event of default, a change of control, or certain equity issuances.
In
the three month period ended March 31, 2024, approximately $83 of principal repayments along with approximately $436 of interest expense
thereon, were settled through the issuance of 543,298 shares of common stock of Lucid, with such shares having a fair value of approximately
$686 (with such fair value measured as the respective conversion date quoted closing price of the common stock of Lucid). The conversions
resulted in a debt extinguishment loss of $167 in the three month period ended March 31, 2024. Subsequent to March 31, 2024, as of May
9, 2024, approximately $612 of principal repayments along with approximately $110 of interest expense thereon, was settled
through the issuance of 1,139,851 shares of common stock of Lucid, with such shares having a fair value of approximately $1,037 (with such
fair value measured as the respective conversion date quoted closing price of the common stock of Lucid).
During
the three month periods ended March 31, 2024 and 2023, the Company recognized debt extinguishment losses in total of approximately $369
and $525, respectively, in connection with issuing common stock for principal repayments on convertible debt mentioned above.
See
Note 9, Financial Instruments Fair Value Measurements, for a further discussion of fair value assumptions.
Note
11 — Stock-Based Compensation
PAVmed
Inc. 2014 Long-Term Incentive Equity Plan
The
PAVmed Inc. 2014 Long-Term Incentive Equity Plan (the “PAVmed 2014 Equity Plan”) is designed to enable PAVmed to offer employees,
officers, directors, and consultants, as defined, an opportunity to acquire shares of common stock of PAVmed. The types of awards that
may be granted under the PAVmed 2014 Equity Plan include stock options, stock appreciation rights, restricted stock, and other stock-based
awards subject to limitations under applicable law. All awards are subject to approval by the PAVmed compensation committee.
A
total of 1,835,970 shares of common stock of PAVmed are reserved for issuance under the PAVmed 2014 Equity Plan, with 68,495 shares available
for grant as of March 31, 2024. The share reservation is not diminished by a total of 66,720 PAVmed Inc. stock options and restricted
stock awards granted outside the PAVmed 2014 Equity Plan as of March 31, 2024. In January 2024, the number of shares available for grant
was increased by 432,452 in accordance with the evergreen provisions of the plan.
Note
11 — Stock-Based Compensation - continued
PAVmed
Stock Options
PAVmed
stock options granted under the PAVmed 2014 Equity Plan and stock options granted outside such plan are summarized as follows:
Schedule of Summarizes Information About Stock Options
| |
Number
of Stock Options | | |
Weighted
Average Exercise Price | | |
Remaining
Contractual Term (Years) | | |
Intrinsic
Value(2) | |
Outstanding stock
options at December 31, 2023 | |
| 1,192,458 | | |
$ | 26.18 | | |
| 7.3 | | |
$ | — | |
Granted(1) | |
| 74,500 | | |
$ | 2.30 | | |
| | | |
| | |
Exercised | |
| — | | |
$ | — | | |
| | | |
| | |
Forfeited | |
| (23,025 | ) | |
$ | 10.32 | | |
| | | |
| | |
Outstanding
stock options at March 31, 2024(3) | |
| 1,243,933 | | |
$ | 25.04 | | |
| 7.0 | | |
$ | 17 | |
Vested
and exercisable stock options at March 31, 2024 | |
| 799,947 | | |
$ | 34.11 | | |
| 6.0 | | |
$ | — | |
On
February 22, 2024, the Company granted 59,500 stock options under the PAVmed Inc 2014 Equity Plan with a weighted average exercise price
of $1.85. Each such option will vest one-third after one year then ratably over the next eight quarters. In addition, on February 22,
2024, a total of 390,000 restricted stock awards were granted to the Board of Directors under the PAVmed 2014 Equity Plan, with such
restricted stock awards having an aggregate fair value of approximately $0.7 million, which was measured using the respective grant date
quoted closing price per share of PAVmed Inc. common stock, with the fair value recognized as stock-based compensation expense ratably
on a straight-line basis over the vesting period, which is commensurate with the service period. The vesting of the restricted stock
awards vest ratably on an annual basis over a three year period with the initial annual vesting date of November 30, 2024. The restricted
stock awards are subject to forfeiture if the requisite service period is not completed.
PAVmed
Restricted Stock Awards
PAVmed
restricted stock awards granted under the PAVmed 2014 Equity Plan and restricted stock awards granted outside such plan are summarized
as follows:
Schedule of Restricted Stock Award Activity
| |
Number of Restricted
Stock Awards | | |
Weighted Average
Grant Date Fair Value | |
Unvested restricted stock awards
as of December 31, 2023 | |
| 70,527 | | |
$ | 38.77 | |
Granted | |
| 390,000 | | |
| 1.85 | |
Vested | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | |
Unvested restricted stock
awards as of March 31, 2024 | |
| 460,527 | | |
$ | 7.50 | |
Note
11 — Stock-Based Compensation - continued
Lucid
Diagnostics Inc. 2018 Long-Term Incentive Equity Plan
The
Lucid Diagnostics Inc. 2018 Long-Term Incentive Equity Plan (“Lucid Diagnostics 2018 Equity Plan”) is separate and apart
from the PAVmed 2014 Equity Plan discussed above. The Lucid Diagnostics 2018 Equity Plan is designed to enable Lucid Diagnostics to offer
employees, officers, directors, and consultants, an opportunity to acquire shares of common stock of Lucid Diagnostics. The types of
awards that may be granted under the Lucid Diagnostics 2018 Equity Plan include stock options, stock appreciation rights, restricted
stock, and other stock-based awards subject to limitations under applicable law. All awards are subject to approval by the Lucid Diagnostics
compensation committee.
A
total of 14,324,038 shares of common stock of Lucid Diagnostics are reserved for issuance under the Lucid Diagnostics 2018 Equity Plan,
with 2,680,508 shares available for grant as of March 31, 2024. The share reservation is not diminished by a total of 423,300 stock options
and 50,000 restricted stock awards granted outside the Lucid Diagnostics 2018 Equity Plan, as of March 31, 2024. In January 2024, the
number of shares available for grant was increased by 2,680,038 in accordance with the evergreen provisions of the plan.
Lucid
Diagnostics Stock Options
Lucid
Diagnostics stock options granted under the Lucid Diagnostics 2018 Equity Plan and stock options granted outside such plan are summarized
as follows:
Schedule of Summarizes Information About Stock Options
| |
Number
of Stock Options | | |
Weighted
Average Exercise Price | | |
Remaining
Contractual Term (Years) | | |
Intrinsic
Value(2) | |
Outstanding stock
options at December 31, 2023 | |
| 5,504,383 | | |
$ | 2.00 | | |
| 8.5 | | |
$ | 765 | |
Granted(1) | |
| 3,000,000 | | |
$ | 1.25 | | |
| | | |
| | |
Exercised | |
| (3,333 | ) | |
$ | 1.31 | | |
| | | |
| | |
Forfeited | |
| (168,337 | ) | |
$ | 1.57 | | |
| | | |
| | |
Outstanding
stock options at March 31, 2024(3) | |
| 8,332,713 | | |
$ | 1.74 | | |
| 8.8 | | |
$ | 195 | |
Vested
and exercisable stock options at March 31, 2024 | |
| 2,655,413 | | |
$ | 2.29 | | |
| 7.6 | | |
$ | 195 | |
On
February 22, 2024,
Lucid granted 2,895,000 stock options under the Lucid Diagnostics Inc 2018 Equity
Plan with a weighted average exercise price of $1.25. Each option will vest one-third after one year then ratably over the next eight quarters.
Note
11 — Stock-Based Compensation - continued
Lucid
Diagnostics Restricted Stock Awards
Lucid
Diagnostics restricted stock awards granted under the Lucid Diagnostics 2018 Equity Plan and restricted stock awards granted outside
such plan are summarized as follows:
Schedule of Restricted Stock Award Activity
| |
Number of Restricted
Stock Awards | | |
Weighted Average
Grant Date Fair Value | |
Unvested restricted stock awards
as of December 31, 2023 | |
| 2,337,440 | | |
$ | 8.99 | |
Granted | |
| — | | |
| — | |
Vested | |
| (26,912 | ) | |
| 4.56 | |
Forfeited | |
| (13,088 | ) | |
| 4.56 | |
Unvested restricted stock
awards as of March 31, 2024 | |
| 2,297,440 | | |
$ | 9.07 | |
Subsequent
to March 31, 2024, in May 2024, a total of 1,600,000
restricted stock awards were granted to management
under the Lucid Diagnostics 2018 Equity Plan, with such restricted stock awards having an aggregate fair value of approximately $1.5
million, which was measured using the respective
grant date quoted closing price per share of Lucid Diagnostics Inc. common stock, with the fair value recognized as stock-based compensation
expense ratably on a straight-line basis over the vesting period, which is commensurate with the service period. The vesting of the restricted
stock awards vest on a single vest date of May 20, 2026. The restricted stock awards are subject to forfeiture if the requisite service
period is not completed.
Consolidated
Stock-Based Compensation Expense
The
consolidated stock-based compensation expense recognized by each of PAVmed and Lucid Diagnostics for both the PAVmed 2014 Equity Plan
and the Lucid Diagnostics 2018 Equity Plan, with respect to stock options and restricted stock awards as discussed above, for the periods
indicated, was as follows:
Schedule
of Stock-Based Compensation Expense
| |
2024 | | |
2023 | |
| |
Three
Months Ended March
31, | |
| |
2024 | | |
2023 | |
Cost of revenue | |
$ | 36 | | |
$ | 23 | |
Sales and marketing expenses | |
| 403 | | |
| 444 | |
General and administrative
expenses | |
| 1,078 | | |
| 3,588 | |
Research
and development expenses | |
| 365 | | |
| 364 | |
Total
stock-based compensation expense | |
$ | 1,882 | | |
$ | 4,419 | |
Note
11 — Stock-Based Compensation - continued
Stock-Based
Compensation Expense Recognized by Lucid Diagnostics
As
noted, the consolidated stock-based compensation expense presented above is inclusive of stock-based compensation expense recognized
by Lucid Diagnostics, inclusive of each of: stock options granted under the PAVmed 2014 Equity Plan to the three physician inventors
of the intellectual property underlying the Amended CWRU License Agreement; and stock options and restricted stock awards granted to
employees of PAVmed and non-employee consultants under the Lucid Diagnostics 2018 Equity Plan. The stock-based compensation expense recognized
by Lucid Diagnostics for both the PAVmed 2014 Equity Plan and the Lucid Diagnostics 2018 Equity Plan, with respect to stock options and
restricted stock awards as discussed above, for the periods indicated, was as follows:
Schedule
of Stock-Based Compensation Expense Recognized by Lucid Diagnostics
| |
2024 | | |
2023 | |
| |
Three
Months Ended March
31, | |
| |
2024 | | |
2023 | |
Lucid Diagnostics
2018 Equity Plan – cost of revenue | |
$ | 25 | | |
$ | 12 | |
Lucid Diagnostics 2018 Equity
Plan – sales and marketing | |
| 271 | | |
| 223 | |
Lucid Diagnostics 2018 Equity
Plan – general and administrative | |
| 328 | | |
| 2,512 | |
Lucid Diagnostics 2018 Equity
Plan – research and development | |
| 120 | | |
| 70 | |
PAVmed 2014 Equity Plan -
cost of revenue | |
| 11 | | |
| 7 | |
PAVmed 2014 Equity Plan -
sales and marketing | |
| 79 | | |
| 133 | |
PAVmed 2014 Equity Plan -
general and administrative | |
| 2 | | |
| 156 | |
PAVmed
2014 Equity Plan - research and development | |
| 97 | | |
| 95 | |
Total
stock-based compensation expense – recognized by Lucid Diagnostics | |
$ | 933 | | |
$ | 3,208 | |
Total
stock-based compensation expense | |
$ | 933 | | |
$ | 3,208 | |
The
consolidated unrecognized stock-based compensation expense and weighted average remaining requisite service period with respect to stock
options and restricted stock awards issued under each of the PAVmed 2014 Equity Plan and the Lucid Diagnostics 2018 Equity Plan, as discussed
above, is as follows:
Schedule of Unrecognized Compensation Expense
| |
Unrecognized
Expense | | |
Weighted Average Remaining Service
Period (Years) | |
PAVmed 2014 Equity Plan | |
| | | |
| | |
Stock Options | |
$ | 2,732 | | |
| 1.8 | |
Restricted Stock Awards | |
$ | 745 | | |
| 2.7 | |
| |
| | | |
| | |
Lucid Diagnostics 2018 Equity
Plan | |
| | | |
| | |
Stock Options | |
$ | 5,282 | | |
| 2.3 | |
Restricted Stock Awards | |
$ | 941 | | |
| 2.0 | |
Note
11 — Stock-Based Compensation - continued
Stock-based
compensation expense recognized with respect to stock options granted under the PAVmed 2014 Equity Plan was based on a weighted average
estimated fair value of such stock options of $1.46 per share and $5.25 per share during the three month periods ended March 31, 2024
and 2023, respectively, calculated using the following weighted average Black-Scholes valuation model assumptions:
Schedule
of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Expected term of stock options (in years) | |
| 5.8 | | |
| 5.7 | |
Expected stock price volatility | |
| 90 | % | |
| 88 | % |
Risk free interest rate | |
| 4.3 | % | |
| 3.7 | % |
Expected dividend yield | |
| — | % | |
| — | % |
Stock-based
compensation expense recognized with respect to stock options granted under the Lucid Diagnostics 2018 Equity Plan was based on a weighted
average estimated fair value of such stock options of $0.84 per share and $0.87 per share during the three month periods ended March
31, 2024 and 2023, respectively, calculated using the following weighted average Black-Scholes valuation model assumptions:
Schedule
of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Expected term of stock options (in years) | |
| 5.7 | | |
| 5.6 | |
Expected stock price volatility | |
| 74 | % | |
| 75 | % |
Risk free interest rate | |
| 4.3 | % | |
| 3.7 | % |
Expected dividend yield | |
| — | % | |
| — | % |
PAVmed
Inc. Employee Stock Purchase Plan (“PAVmed ESPP”)
A
total of 34,332 shares and 38,216 shares of common stock of the Company were purchased for proceeds of approximately $62 and $182, on
March 31, 2024 and 2023, respectively, under the PAVmed ESPP. The March 31, 2023 purchase was partially settled through the redeployment
of 12,590 shares of treasury stock. The PAVmed ESPP has a total reserve of 300,001 shares of common stock of PAVmed of which 139,863
shares are available for issue as of March 31, 2024. In January 2024, the number of shares available-for-issue was increased by 166,667
in accordance with the evergreen provisions of the plan.
Lucid
Diagnostics Inc. Employee Stock Purchase Plan (“Lucid ESPP”)
A
total of 511,884 shares and 231,987 shares of common stock of Lucid Diagnostics were purchased for proceeds of approximately $353 and
$276 on March 31, 2024 and 2023, respectively, under the Lucid ESPP. The Lucid ESPP has a total reserve of 1,500,000 shares of common
stock of Lucid Diagnostics of which 395,886 shares are available for issue as of March 31, 2024. In January 2024, the Lucid board authorized
an increase in the number of shares available for issue by 500,000.
Note
12 — Preferred Stock
As
of March 31, 2024 and December 31, 2023, there were 1,331,336 and 1,305,213 shares of PAVmed Series B Convertible Preferred Stock, classified
in permanent equity, issued and outstanding, respectively.
PAVmed
Series B Convertible Preferred Stock Dividends
The
Series B Convertible Preferred Stock is issued pursuant to the PAVmed Inc. Certificate of Designation of Preferences, Rights, and Limitations
of Series B Convertible Preferred Stock (“Series B Convertible Preferred Stock Certificate of Designation”), has a par value
of $0.001 per share, no voting rights, a stated value of $3.00 per share, and was immediately convertible upon its issuance. At the holders’
election, fifteen shares of Series B Convertible Preferred Stock are currently convertible into one share of common stock of the Company,
subject to further adjustment for the effect of future stock dividends, stock splits or similar events affecting the Company’s
common stock. The Series B Convertible Preferred Stock shall not be redeemed for cash and under no circumstances shall the Company be
required to net cash settle the Series B Convertible Preferred Stock.
The
PAVmed Inc. Series B Convertible Preferred Stock dividends are 8.0% per annum based on the $3.00 per share stated value of the Series
B Convertible Preferred Stock, with such dividends compounded quarterly, accumulate, and are payable in arrears upon being declared by
the Company’s board of directors. Such dividends may be settled, at the discretion of the board of directors, through any combination
of the issue of additional shares of Series B Convertible Preferred Stock, the issue shares of common stock of the Company, and /or cash
payment.
PAVmed
Series B Convertible Preferred Stock Dividends Earned
The
Series B Convertible Preferred Stock dividends earned are included in the calculation of basic and diluted net loss attributable to PAVmed
common stockholders for each of the respective corresponding periods presented in the accompanying unaudited condensed consolidated statement
of operations, inclusive of $80 of such dividends earned in the three month period ended March 31, 2024; and $74 of such dividends earned
in the three month period ended March 31, 2023.
PAVmed
Series B Convertible Preferred Stock Dividends Declared
During
the three month period ended March 31, 2024, the Company’s board of directors declared approximately $78 of Series B Convertible
Preferred Stock dividends, earned as of December 31, 2023, with such dividends settled by the issue of an additional 26,123 shares of
Series B Convertible Preferred Stock.
During
the three month period ended March 31, 2023, the Company’s board of directors declared approximately $72 of Series B Convertible
Preferred Stock dividends, earned as of December 31, 2022, with such dividends settled by the issue of an additional 24,128 shares of
Series B Convertible Preferred Stock.
Subsequent
to March 31, 2024, in May 2024, the Company’s board of directors declared a PAVmed Series B Convertible Preferred Stock dividend,
earned as of March 31, 2024, of $80, to be settled by the issue of 26,640 additional shares of Series B Convertible Preferred Stock.
The
PAVmed Series B Convertible Preferred Stock dividends are recognized as a dividend payable liability only upon the dividend being
declared payable by the Company’s board of directors. Accordingly, the dividends declared payable subsequent to the date of
the accompanying unaudited condensed consolidated balance sheet were not recognized as a dividend payable liability as the
Company’s board of directors had not declared the dividends payable as of each such date.
Note
13 — Common Stock and Common Stock Purchase Warrants
Common
Stock
In
February 2023, the Company distributed a proxy statement for a special meeting of shareholders that was held on March 31, 2023 (the “Special
Meeting”), at which the Company sought approval of an amendment to the Company’s Certificate of Incorporation, to effect,
(i) a reverse split of the Company’s outstanding shares of common stock at a specific ratio, ranging from 1-for-5 to 1-for-15,
to be determined by the board of directors of the Company in its sole discretion, and (ii) an associated reduction in the number of shares
of common stock the Company is authorized to issue, from 250,000,000 shares to 50,000,000 shares. On March 31, 2023, the shareholders
approved the above proposal to amend the Company’s Certificate of Incorporation, to effect, at any time prior to the one-year anniversary
date of the Special Meeting. On November 28, 2023 the Company’s board of directors, unanimously authorized management to effect
the reverse split at the ratio of 1-for-15. The reverse stock split became effective on December 7, 2023. At the effective date, every
15 shares of the Company’s common stock that were issued and outstanding were automatically combined into one issued and outstanding
share, without any change in par value of such shares. No fractional shares were issued in connection with the reverse stock split. Instead,
each fractional share remaining after completion of the reverse stock split that was less than a whole share was rounded up to one whole
share. The reverse stock split also correspondingly affected all outstanding PAVmed equity awards and outstanding convertible securities.
During
the three months ended March 31, 2024 a total of 34,332 shares of common stock of the Company were issued under the PAVmed ESPP. See
Note 11, Stock-Based Compensation, for a discussion of each of the PAVmed 2014 Equity Plan and the PAVmed ESPP.
In
the three months ended March 31, 2024, 112,461 shares of the Company’s common stock were issued upon conversion, at the election
of the holder, of the April 2022 Senior Convertible Note and the September 2022 Senior Convertible Note, for $280 face value principal
repayments, as discussed in Note 10, Debt.
In
the three months ended March 31, 2024, the Company sold 133,299 shares through their at-the-market equity facility for net proceeds of
approximately $495, after payment of 3% commissions.
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.
The
Company’s distribution of Lucid common stock to PAVmed stockholders, constituted an “Extraordinary Dividend” as
defined in the Warrant Agreement. Accordingly, as a result of the distribution, pursuant to Section 4.3 of the Warrant Agreement,
the Warrant Price has been decreased by $0.52
(the fair market value of 0.37709668 of
a share of Lucid Diagnostics’ common stock on the distribution date) to $23.48
per share.
Common
Stock Purchase Warrants
As
of March 31, 2024 and December 31, 2023, Series Z Warrants outstanding totaled 11,937,450
representing the right to purchase 795,830
shares of the Company’s common stock. The
Series Z Warrants are now exercisable to purchase one whole share of common stock of the Company at an exercise price of $23.48
($24.00
post reverse-split, decreased by $0.52
due to distribution of Lucid common stock to
PAVmed stockholders, discussed further above). There were no
Series Z Warrants exercised during the three
months ended March 31, 2024.
Note
14 — Noncontrolling Interest
The
noncontrolling interest (“NCI”) included as a component of consolidated total stockholders’ equity is summarized for
the periods indicated as follows:
Schedule of Noncontrolling Interest of Stockholders' Equity
| |
March 31, 2024 | |
NCI – equity - December 31, 2023 | |
$ | 29,813 | |
Net loss attributable to NCI | |
| (3,300 | ) |
Impact of subsidiary equity transactions | |
| 1,734 | |
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 | |
| (24,295 | ) |
Lucid Diagnostics proceeds from issuance of preferred stock Series B | |
| 44,285 | |
Lucid Diagnostics deemed dividend on preferred stock | |
| (7,495 | ) |
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 | |
| 687 | |
Stock-based compensation expense - Lucid Diagnostics 2018 Equity Plan | |
| 744 | |
Stock-based compensation expense - Veris Health 2021 Equity Plan | |
| 5 | |
NCI – equity - March 31, 2024 | |
$ | 48,205 | |
The
consolidated NCI presented above is with respect to the Company’s consolidated majority-owned subsidiaries as a component of
consolidated total stockholders’ equity as of March 31, 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 majority-owned subsidiaries.
Lucid
Diagnostics
As
of March 31, 2024, there were 46,747,062
shares of common stock of Lucid Diagnostics issued and outstanding, of which, PAVmed held 31,302,444
shares, representing a majority ownership equity interest and PAVmed has a controlling financial interest through its majority
voting interest by means of ownership and an irrevocable proxy in Lucid Diagnostics, and accordingly, Lucid Diagnostics is a
consolidated majority-owned subsidiary of PAVmed.
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.
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.
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 exchange 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.
Note
14 — Noncontrolling Interest - continued
Subsequent
to March 31, 2024, 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.
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 44,285 shares of Series B Convertible Preferred Stock, with such fair
value recognized as the carrying value of such issued shares of Series B Convertible Preferred Stock, as compared to both the newly issued
Series B Convertible Preferred Stock (fair value of $12,495) and the carrying value of the extinguished Series A and Series A-1 Convertible
Preferred Stock (carrying value of $24,295), 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:
Schedule
of Net Loss Attributable to Common Stockholders
Series B Convertible Preferred Stock Issuance and Series A/A-1 Exchange Offer | |
March 13, 2024 | |
| |
| |
Fair Value - 44,285 shares of Series B Preferred Stock issued | |
$ | 44,285 | |
Less: Fair value related to newly issued Series B Preferred Stock (of 12,495 shares) | |
| (12,495 | ) |
Less: Carrying value related to Series A and Series A-1 Preferred Stock Exchanged for Series B Preferred Stock (of 24,295 shares) | |
| (24,295 | ) |
Deemed Dividend Charged to Accumulated Deficit | |
$ | 7,495 | |
Note
15 — Net Loss Per Share
The
Net loss per share - attributable to PAVmed Inc. - basic and diluted and Net loss per share - attributable to PAVmed Inc. common stockholders
- basic and diluted - for the respective periods indicated - is as follows:
Schedule of Comparison of Basic and Fully Diluted Net Loss Per Share
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Numerator | |
| | | |
| | |
Net loss - before noncontrolling interest | |
$ | (18,512 | ) | |
$ | (22,214 | ) |
Net loss attributable to noncontrolling interest | |
| 3,300 | | |
| 4,283 | |
Net loss - as reported, attributable to PAVmed Inc. | |
$ | (15,212 | ) | |
$ | (17,931 | ) |
| |
| | | |
| | |
Series B Convertible Preferred Stock dividends – earned | |
$ | (80 | ) | |
$ | (74 | ) |
Deemed dividend on Subsidiary Preferred Stock attributable to the noncontrolling interests | |
$ | (7,496 | ) | |
$ | — | |
| |
| | | |
| | |
Net loss attributable to PAVmed Inc. common stockholders | |
$ | (22,788 | ) | |
$ | (18,005 | ) |
| |
| | | |
| | |
Denominator | |
| | | |
| | |
Weighted average common shares outstanding, basic and diluted | |
| 8,694,904 | | |
| 6,473,010 | |
| |
| | | |
| | |
Net loss per share (1) | |
| | | |
| | |
Basic and diluted | |
| | | |
| | |
Net loss attributable to PAVmed Inc. common stockholders | |
$ | (2.62 | ) | |
$ | (2.78 | ) |
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.
Note
15 — Net Loss Per Share - continued
Basic
weighted-average number of shares of common stock outstanding for the three month periods ended March 31, 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 all years presented, 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:
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share
| |
2024 | | |
2023 | |
| |
March 31, | |
| |
2024 | | |
2023 | |
Stock options and restricted stock awards | |
| 1,704,460 | | |
| 1,263,715 | |
Series Z Warrants | |
| 795,830 | | |
| 795,830 | |
Series B Convertible Preferred Stock | |
| 88,756 | | |
| 81,993 | |
Total | |
| 2,589,046 | | |
| 2,141,538 | |
The
total stock options and restricted stock awards are inclusive of 60,054 and 33,391 stock options as of March 31, 2024 and 2023, respectively;
granted outside the PAVmed 2014 Equity Plan.
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 majority-owned 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.
Overview
PAVmed
is structured to be 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
majority-owned subsidiary Lucid Diagnostics Inc. (Nasdaq: LUCD) (“Lucid” or “Lucid Diagnostics”). In addition,
through a separate majority-owned subsidiary, Veris Health Inc. (“Veris” or “Veris Health”), we are focused on
entering into strategic partnership opportunities with leading academic oncology systems to expand access to 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
Management
Services Agreement/Payroll Benefits and Expense Reimbursement Agreement with Lucid Diagnostics
On
March 22, 2024, PAVmed and Lucid entered into an eighth amendment to the the management services agreement between PAVmed and Lucid (“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.
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.
Nasdaq
Notice
On
March 7, 2024, the Company received a notice from the Nasdaq Listing Qualifications Department stating that, for the preceding 30 consecutive
business days (through March 6, 2024), the market value of the Company’s listed securities (“MVLS”) 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 notification
letter stated that the Company would be afforded 180 calendar days (until September 3, 2024) to regain compliance. In order to regain
compliance, the Company’s MVLS must close at $35 million or more for a minimum of ten consecutive business days. The notification
letter also states that in the event the Company does not regain compliance prior to the expiration of the 180-day period, the Company
will receive written notification that its securities are subject to delisting. The Nasdaq notification has no effect at this time on
the listing of the Company’s common stock or Series Z warrants, and the stock and warrants will continue to trade uninterrupted
under the symbol “PAVM” and “PAVMZ”, respectively.
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.
Veris
Cancer Care Platform
On
April 30, 2024, we announced that Veris and a National Cancer Institute-Designated Comprehensive Cancer Center had executed a memorandum
of understanding to implement a pilot program where cancer patients would be enrolled on the Veris Cancer Care Platform.
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 categories 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 cutoff date, and is also NYS CLEP-approved, EsoGuard
will remain 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 Lucid’s regulatory strategy.
Financing
Extension
of Senior Convertible Notes
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 such term as defined 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. 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) by April 25, 2024, which has been extended to June 15, 2024.
See
our accompanying unaudited condensed consolidated financial statements Note 10, Debt, for further discussion of the senior convertible notes.
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 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
three month period ended March 31, 2024, the Company sold 133,299 shares through its at-the-market equity facility for net proceeds
of approximately $0.5 million, after payment of 3% commissions.
Lucid
Diagnostics - Committed Equity Facility and ATM Facility
In
March 2022, Lucid Diagnostics entered into a committed equity facility with a Cantor affiliate. Under the terms of the committed equity
facility, the Cantor affiliate has committed to purchase up to $50 million of Lucid Diagnostics’ common stock from time to time
at Lucid Diagnostics’ request. While there are distinct differences, the committed equity facility is structured similarly to a
traditional at-the-market equity facility, insofar as it allows Lucid Diagnostics to raise primary equity capital on a periodic basis
at prices based on the existing market price. 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 March 31, 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 March 31, 2024.
Results
of Operations
Overview
Revenue
The
Company recognized revenue 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 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 incur expenses for tests
in the period in which the activities occur, therefore, gross margin as a percentage of revenue may vary 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 continue to fluctuate and be affected by EsoGuard test volume, our operating efficiencies,
patient compliance rates, payer mix, the levels of reimbursement, and payment patterns of payers and patients.
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 will increase in the future, to the extent
we expand our commercial sales and marketing operations as resources permit and insurance reimbursement coverage for our EsoGuard test
expands.
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 increase in the future to the extent our business operations grow. Furthermore,
we anticipate continued 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.
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. |
Our
current research and development activities, including our clinical trials, are focused principally on the acceleration of EsoGuard and
Veris Cancer Care Platform commercialization. We will resume research and development activities with respect to 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.
Results
of Operations - continued
The
three months ended March 31, 2024 as compared to three months ended March 31, 2023
Revenue
In
the three months ended March 31, 2024, revenue was $1.0 million as compared to $0.4 million for the corresponding period in the
prior year. The $0.6 million increase principally relates to the revenue for our EsoGuard Esophageal DNA Test performed in our own
CLIA laboratory.
Cost
of revenue
In
the three months ended March 31, 2024, cost of revenue was approximately $1.7 million as compared to $1.3 million for the corresponding
period in the prior year. The $0.4 million increase was principally related to:
| ● | approximately
$0.2 million increase in EsoCheck and EsoGuard supplies costs; and |
| ● | approximately
$0.2 million increase in compensation related costs, including stock-based compensation. |
Sales
and marketing expenses
In
the three months ended March 31, 2024, sales and marketing costs were approximately $4.3 million as compared to $4.5 million for the
corresponding period in the prior year. The net decrease of $0.2 million was principally related to:
| ● | approximately
$0.1 million decrease in compensation related costs; and |
| ● | approximately
$0.1 million increase in third party marketing costs. |
General
and administrative expenses
In
the three months ended March 31, 2024, general and administrative costs were approximately $6.7 million as compared to $10.4 million
for the corresponding period in the prior year. The net decrease of $3.7 million was principally related to:
| ● | approximately
$2.5 million decrease in stock-based compensation, related to decreases at both PAVmed and
Lucid; and |
| ● | approximately
$1.2 million decrease in third-party professional fees and expenses related to legal services
and consulting fees. |
Research
and development expenses
In
the three months ended March 31, 2024, research and development costs were approximately $1.9 million as compared to $4.1 million for
the corresponding period in the prior year. The net decrease of $2.2 million was principally related to:
| ● | approximately
$1.5 million decrease in development costs, particularly in clinical trials activities and
outside professional and consulting fees; and |
| ● | approximately
$0.5 million decrease in compensation related costs. |
Amortization
of Acquired Intangible Assets
The
amortization of acquired intangible assets was approximately $0.4 million in the three months ended March 31, 2024, as compared to $0.5
million for the corresponding period in the prior year. The decrease of $0.1 million in the current period was due to certain acquired
intangible assets being fully amortized in February 2024.
Results
of Operations - continued
The
three months ended March 31, 2024 as compared to three months ended March 31, 2023 - continued
Other
Income and Expense
Change
in fair value of convertible debt
In
the three months ended March 31, 2024 and March 31, 2023, the change in the fair value of our convertible notes was approximately
$2.2 million and $1.0 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 (as defined in Note 10, Debt, to our accompanying unaudited condensed
consolidated financial statements). 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 three months ended March 31, 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
three months ended March 31, 2024.
Loss
on Debt Extinguishment
In
the three months ended March 31, 2024, a debt extinguishment loss in the aggregate of approximately $0.4 million was recognized in connection
with our April 2022 Senior Convertible Note and September 2022 Senior Convertible Note as discussed below.
| ● | In
the three months ended March 31, 2024, approximately $0.3 million of principal repayments along with less than $0.1 million of
interest expense thereon, were settled through the issuance of 112,461 shares of common stock of the Company, with such shares
having a fair value of approximately $0.3 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 paid $0.2 million in cash related to acceleration floor payments on these notes related to
the conversion price being below $2.70, recorded as debt extinguishment loss. The conversions and cash paid resulted in a debt
extinguishment loss of $0.2 million in the three months ended March 31, 2024. |
In
comparison, in the three months ended March 31, 2023, a debt extinguishment loss in the aggregate of approximately $0.5 million was recognized
in connection with our April 2022 Senior Convertible Note as discussed below.
| ● | In
the three months ended March 31, 2023, approximately $1.5 million of principal repayments along with less than $0.1 million of
interest expense thereon, were settled through the issuance of 288,709 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). The conversions resulted in a debt extinguishment loss of $0.5 million in the three months ended March 31,
2023. |
See
Note 10, 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.
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 44,285 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 both the newly issued
Lucid Series B Preferred Stock (fair value of $12.5 million) and 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 - 44,285 shares of Series B Preferred Stock issued | |
$ | 44,285 | |
Less: Fair value related to newly issued Series B Preferred Stock (of 12,495 shares) | |
| (12,495 | ) |
Less: Carrying value related to Series A and Series A-1 Preferred Stock
Exchanged for Series B Preferred Stock (of 24,295 shares) | |
| (24,295 | ) |
Deemed Dividend Charged to Accumulated Deficit | |
$ | 7,495 | |
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. 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. 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 a net loss before noncontrolling interests of approximately $18.5
million and used approximately $13.1 million of cash in operations for the three months ended March 31, 2024. Financing activities
provided $19.0 million of cash during the three months ended March 31, 2024. We ended the quarter with cash on-hand of $25.5 million
as of March 31, 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 three months ended March 31, 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”), as such plan is discussed in
Note 11, Stock-Based Compensation, to the Financial Statements. |
| | |
| ● | We
issued 133,299 shares of our common stock for net proceeds of approximately $0.5 million,
after payment of 3% commissions, from the sale of shares through PAVmed’s at-the-market
equity facility through Cantor. See below for more information. |
| | |
| ● | We
issued 112,461 shares of our common stock in satisfaction of approximately $0.3 million of
principal repayments along with less than $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 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. The SPA provided for the
sale of the initial Senior Secured Convertible Note with a face value principal of $27.5 million, which closed on April 4, 2022
(referred to as 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 10, 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 (referred to as 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
10, 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 December 1, 2023 through March 12, 2024, the Company
was not in compliance with the Financial Tests. As of March 12, 2024, the investor agreed to waive any such non-compliance during such
time period and thereafter through August 31, 2024. Based on the waiver, as of March 31, 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.
In
consideration of the covenant waiver and maturity extensions discussed above, 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) by April 25, 2024, which has been extended to June 15, 2024.
See
Note 10, Debt, to the Financial Statements for additional information about the SPA, the April 2022 Senior Convertible Note, and
the September 2022 Senior Convertible Note.
Liquidity
and Capital Resources - continued
Lucid
Diagnostics - Preferred Stock Offerings
On
March 13, 2024, Lucid entered into Lucid Series B Subscription Agreements and Lucid Series B Exchange Agreements with teh 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 the Lucid SPA with an accredited institutional investor, pursuant to which Lucid
Diagnostics agreed to sell, and the investor agreed to purchase 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 March 31, 2024, Lucid Diagnostics was in compliance with the Lucid
Financial Tests. In addition, Lucid Diagnostics presently is in compliance with the Lucid Financial Tests.
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 three month period ended March 31, 2024, the Company
sold 133,299 shares through its at-the-market equity facility for net proceeds of approximately $0.5 million, after payment of 3% commissions.
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 March
31, 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 March 31, 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 three months ended March 31, 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 March 31, 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 March 31, 2024 that has materially affected, or is reasonably likely to materially affect,
our internal control over financial reporting.
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 12, 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 March 31, 2024. The offers and sales of such securities 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 March 31, 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).
Item
6. Exhibits
The
exhibits filed as part of this Quarterly Report on Form 10-Q are set forth in the “Exhibit Index” below.
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.
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PAVmed
Inc. |
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May
13, 2024 |
By: |
/s/
Dennis M McGrath |
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Dennis
M McGrath |
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President
and Chief Financial Officer |
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(Principal
Financial and Accounting Officer) |
EXHIBIT
INDEX
Exhibit
10.4
AMENDMENT
AND WAIVER
This
Amendment and Waiver (this “Agreement”) is entered into as of March 12, 2024 (the “Effective Date”),
by and between PAVmed Inc., a Delaware corporation with offices located at 360 Madison Avenue, 25th Floor, New York, NY 10017 (the “Company”)
and the investor signatory hereto (the “Investor”), with reference to the following facts:
A.
The Company and the Investor are parties to that certain Securities Purchase Agreement, dated as of March 31, 2022, by and among the
Company and the Investor (as the same may be amended from time to time, the “March 2022 Securities Purchase Agreement”),
pursuant to which the Company has issued to the Investor (i) a senior secured convertible note, dated as of April 4, 2022 (the “April
2022 Note”), and (ii) a senior secured convertible note, dated as of September 8, 2022 (the “September 2022 Note”
and, together with the April 2022 Note, the “Notes”).
B.
As of the Effective Date, the Company would not be in compliance with the Ratio of Outstanding Value to Market Capitalization Test under
Section 15(t)(ii) of each of the Notes, and the Company has requested that the Investor waive, and the Investor has agreed to waive,
Section 15(t)(ii) of each of the Notes through August 31, 2024, on the terms and subject to the conditions hereof.
C.
The Company has requested that the Investor agree, and the Investor has agreed, to extend the Maturity Date under each of the Notes by
one year.
NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants hereinafter contained, the parties hereto agree as follows:
1.
Waivers. The Investor hereby waives Section 15(t)(ii) of each of the Notes, in part, such that on any given date during
the period commencing on December 1, 2023 through, and including, August 31, 2024 (the “Waiver Period”), no Event
of Default shall be deemed to have occurred or be continuing at any time during the Waiver Period as result of the Company’s failure
to be in compliance with the Ratio of Outstanding Value to Market Capitalization Test under each of the Notes.
2.
Amendments. The Investor and the Company hereby agree that:
(a)
the definition of the term “Maturity Date” in Section 33(tt) of the April 2022 Note is deleted in its entirety and replaced
with the following:
“Maturity
Date” shall mean April 4, 2025; provided, however, the Maturity Date may be extended at the option of the Holder (i) in the
event that, and for so long as, an Event of Default shall have occurred and be continuing or any event shall have occurred and be continuing
that with the passage of time and the failure to cure would result in an Event of Default or (ii) through the date that is twenty (20)
Business Days after the consummation of a Fundamental Transaction in the event that a Fundamental Transaction is publicly announced or
a Change of Control Notice is delivered prior to the Maturity Date, provided further that if a Holder elects to convert some or all of
this Note pursuant to Section 3 hereof, and the Conversion Amount would be limited pursuant to Section 3(d) hereunder, the Maturity Date
shall automatically be extended until such time as such provision shall not limit the conversion of this Note.”
(b)
the definition of the term “Maturity Date” in Section 33(tt) the September 2022 Note is deleted in its entirety and replaced
with the following:
“Maturity
Date” shall mean September 8, 2025; provided, however, the Maturity Date may be extended at the option of the Holder (i) in
the event that, and for so long as, an Event of Default shall have occurred and be continuing or any event shall have occurred and be
continuing that with the passage of time and the failure to cure would result in an Event of Default or (ii) through the date that is
twenty (20) Business Days after the consummation of a Fundamental Transaction in the event that a Fundamental Transaction is publicly
announced or a Change of Control Notice is delivered prior to the Maturity Date, provided further that if a Holder elects to convert
some or all of this Note pursuant to Section 3 hereof, and the Conversion Amount would be limited pursuant to Section 3(d) hereunder,
the Maturity Date shall automatically be extended until such time as such provision shall not limit the conversion of this Note.”
;
provided, that for purposes of the definition of “Installment Date” in Section 33(mm) of each of the Notes, the definition
of the term “Maturity Date” shall remain unchanged (the purpose of this proviso being to ensure that the extension of the
Maturity Date does not affect the calculation of any remaining Installment Amounts and the due date thereof under the Notes).
3.
Consent Payment. In consideration of the waiver and amendments set forth herein, the Company agrees to pay to the Investor
$2,000,000, in U.S. dollars and immediately available funds (or in such other form as may be mutually agreed in writing), by no later
than April 25, 2024.
4.
Ratifications. Except as otherwise expressly provided herein, each of the Securities Purchase Agreement, the Notes and
each other Transaction Document (as defined in the Securities Purchase Agreement) is, and shall continue to be, in full force and effect
and is hereby ratified and confirmed in all.
5.
Release; Non-Disparagement.
(a)
Release. The Company, on behalf of itself, each Subsidiary and each of their past and/or present, officers, directors, employees,
predecessors, successors, assigns, affiliates, parents and subsidiaries (together, the “Company Releasing Parties”)
fully, irrevocably and generally releases the Investor and each of its past and present parents, subsidiaries, affiliates, successors,
assigns, owners, officers, directors, trustees, shareholders, unitholders, members, partners, employees, contractors, agents, insurers,
attorneys, investment bankers, advisors, auditors, accountants, partners, general partners, heirs, executors, administrators, and representatives
(collectively the “Released Parties”), from any and all claims (whether direct, class, derivative, representative
or otherwise), actions, suits, liabilities, damages (whether compensatory, punitive or otherwise), losses, costs, expenses, and rights
and causes of action, known or Unknown Claims (as defined below), that they now have or have ever had or may ever have in the future,
resulting from any action or inaction through the Effective Date with respect to, based upon, arising with respect to, or directly or
indirectly relating to, as applicable, the Notes, the Transaction Documents and/or any of the Securities (the “Released Claims”).
Released Claims shall not include claims to enforce this Agreement or for breach of this Agreement.
(i)
“Unknown Claims” means claims which the Company Releasing Parties do not know or do or do not suspect to exist in
their favor at the time of the release of the Released Claims, which, if known by them might have affected their release of the Released
Claims, or might have affected their decision(s) with respect to this Agreement.
(ii)
The Company Releasing Parties acknowledge that they may hereafter discover facts in addition to or different from those which they now
know or believe to be true with respect to the subject matter of the Released Claims, but expressly fully, finally and forever waive,
compromise, settle, discharge, extinguish and release fully, finally and forever, any and all Released Claims, known or unknown, suspected
or unsuspected, contingent or non-contingent, whether or not concealed or hidden, which now exist, or heretofore have existed, upon any
theory of law or equity now existing or coming into existence in the future, including, but not limited to, conduct which is negligent,
intentional, with or without malice, or a breach of any duty, law or rule, without regard to the subsequent discovery or existence of
such different or additional facts, legal theories or authorities. The Company Releasing Parties acknowledge that the foregoing waiver
was separately bargained for and is an essential element of this Agreement. Notwithstanding the foregoing, nothing in this Section 5(a)
shall limit the rights of the Company pursuant to Section 25 of the Notes with respect to disputes as to any applicable calculations
or fair market value determinations.
(b)
Non-Disparagement. The Company, on behalf of itself, its Subsidiaries, and each of the other Company Releasing Parties, agrees
that it will not at any time make, publish or communicate (whether made or given orally, in writing, in any digital medium, in any filing
with any Governmental Entity or in any other manner) to any Person, any Disparaging (defined below) remarks, comments or statements concerning
any of the Released Parties or any of the Transaction Documents. For purposes of this Agreement, “Disparaging” remarks,
comments or statements are those that impugn, or threaten to impugn, the character, honesty, integrity, morality, legality, business
acumen or abilities of the individual or Person or Transaction Document being disparaged, as applicable. Disparaging remarks shall expressly
include, but not be limited to, any statement that any of the Released Parties violates or operates in contravention of federal or state
securities laws, that any term or condition of any of the Transaction Documents is void or invalid, or any other remark, comment or statement
that undermines any of the Released Parties’ reputation or the validity or enforceability of any of the Transaction Documents (whether
made or given orally, in writing, in any digital medium, in any filing with any Governmental Entity or in any other manner to any Person).
The Company further agrees that it should be jointly and severally liable under this Section 5(b) for any Disparaging remarks, comments
or statements of any of the Company Releasing Parties. The Company Releasing Parties acknowledge that the foregoing non-disparagement
agreement was separately bargained for and is an essential element of this Agreement.
6.
No Material Non-Public Information. Nothing in this Waiver constitutes material non-public information and the Company
has previously disclosed all material, non-public information (if any) provided to the Investor by the Company or any of its Subsidiaries
or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by hereby. The Company
acknowledges and agrees that no confidentiality or similar obligations under any agreement, whether written or oral, between the Company,
any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and the Investor
or any of its affiliates, on the other hand, relating to the transactions contemplated hereby, exists as of the date hereof. Notwithstanding
anything contained in this Agreement to the contrary and without implication that the contrary would otherwise be true, the Company expressly
acknowledges and agrees that the Investor shall not have (unless expressly agreed to by the Investor after the date hereof in a written
definitive and binding agreement executed by the Company and the Investor), any duty of confidentiality with respect to any material,
non-public information regarding the Company or any of its Subsidiaries.
7.
Fees and Expenses. The Company shall reimburse [________], on demand, a non-accountable amount of $[________] for all costs
and expenses incurred by it in connection with preparing and delivering this Waiver (including, without limitation, all legal fees and
disbursements in connection therewith, and due diligence in connection with the transactions contemplated thereby). Other than as described
in this Section 6, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all
other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.
8.
Capitalized Terms. Capitalized terms used but not defined herein have the meanings set forth in the Securities Purchase
Agreements, or if not defined therein, in the Notes.
9.
Miscellaneous Provisions. Section 9 of the Securities Purchase Agreement is hereby incorporated by reference herein, mutatis
mutandis.
[The
remainder of the page is intentionally left blank]
( )
IN
WITNESS WHEREOF, the Investor and the Company have executed this Agreement as of the date set forth on the first page of this Agreement.
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COMPANY: |
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PAVMED INC. |
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By: |
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Name: |
Lishan
Aklog, M.D. |
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Title: |
Chairman
and Chief Executive Officer |
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INVESTOR: |
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[________] |
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By: |
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Name: |
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Title: |
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Exhibit
31.1
CERTIFICATION
BY PRINCIPAL EXECUTIVE OFFICER
I,
Lishan Aklog, M.D., certify that:
1 |
I have reviewed this Quarterly
Report on Form 10-Q of PAVmed Inc. and Subsidiaries; |
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2 |
Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report; |
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3 |
Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
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4 |
The registrant’s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
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a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
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b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
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c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
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d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5 |
The registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions): |
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a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
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b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date: May
13, 2024 |
By: |
/s/
Lishan Aklog, M.D. |
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Lishan
Aklog, M.D.,
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Chief Executive Officer |
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(Principal Executive
Officer) |
Exhibit
31.2
CERTIFICATION
BY PRINCIPAL FINANCIAL OFFICER
I,
Dennis M. McGrath, certify that:
1 |
I have reviewed
this Quarterly Report on Form 10-Q of PAVmed Inc. and Subsidiaries; |
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2 |
Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report; |
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3 |
Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
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4 |
The registrant’s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
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b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5 |
The registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions): |
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date: May 13, 2024 |
By: |
/s/
Dennis M. McGrath |
|
|
Dennis
M. McGrath
|
|
|
President & Chief Financial Officer
|
|
|
(Principal
Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of PAVmed Inc. and Subsidiaries (the “Company”) for the quarter ended March
31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned,
Lishan Aklog, M.D., Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that to his knowledge:
(1) |
the Report
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
(2) |
the information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: May 13, 2024 |
By: |
/s/
Lishan Aklog, M.D. |
|
|
Lishan
Aklog, M.D.
|
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
Exhibit
32.2
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of PAVmed Inc. and Subsidiaries (the “Company”) for the quarter ended March
31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned,
Dennis M. McGrath, President & Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that
to his knowledge:
(1) |
the Report
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
(2) |
the information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: May 13, 2024 |
By: |
/s/ Dennis M. McGrath |
|
|
Dennis M. McGrath |
|
|
President
& Chief Financial Officer
|
|
|
(Principal
Financial and Accounting Officer) |
v3.24.1.1.u2
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 09, 2024 |
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|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-37685
|
|
Entity Registrant Name |
PAVMED
INC.
|
|
Entity Central Index Key |
0001624326
|
|
Entity Tax Identification Number |
47-1214177
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
360 Madison Avenue
|
|
Entity Address, Address Line Two |
25th Floor
|
|
Entity Address, City or Town |
New York
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
10017
|
|
City Area Code |
(917)
|
|
Local Phone Number |
813-1828
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
9,319,124
|
9,431,721
|
Common Stock, $0.001 par value per share |
|
|
Title of 12(b) Security |
Common Stock, $0.001 par value per share
|
|
Trading Symbol |
PAVM
|
|
Security Exchange Name |
NASDAQ
|
|
Series Z Warrants, each to purchase 1/15th of one share of Common Stock |
|
|
Title of 12(b) Security |
Series Z Warrants, each to purchase 1/15th of one share
of Common Stock
|
|
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PAVMZ
|
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NASDAQ
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash |
$ 25,536
|
$ 19,639
|
Accounts receivable |
67
|
61
|
Inventory |
410
|
278
|
Prepaid expenses, deposits, and other current assets |
3,561
|
4,520
|
Total current assets |
29,574
|
24,498
|
Fixed assets, net |
1,595
|
1,783
|
Operating lease right-of-use assets |
3,886
|
4,267
|
Intangible assets, net |
1,052
|
1,424
|
Other assets |
1,147
|
1,147
|
Total assets |
37,254
|
33,119
|
Current liabilities: |
|
|
Accounts payable |
1,485
|
1,786
|
Accrued expenses and other current liabilities |
6,657
|
6,626
|
Operating lease liabilities, current portion |
1,333
|
1,565
|
Senior Secured Convertible Notes - at fair value |
45,540
|
44,200
|
Total current liabilities |
55,015
|
54,177
|
Operating lease liabilities, less current portion |
2,814
|
2,960
|
Total liabilities |
57,829
|
57,137
|
Commitments and contingencies (Note 8) |
|
|
Stockholders’ Equity: |
|
|
Preferred stock, $0.001 par value. Authorized, 20,000,000 shares; Series B Convertible Preferred Stock, par value $0.001, issued and outstanding 1,331,336 at March 31, 2024 and 1,305,213 shares at December 31, 2023 |
3,071
|
2,993
|
Common stock, $0.001 par value. Authorized, 50,000,000 shares; 8,858,597 and 8,578,505 shares outstanding as of March 31, 2024 and December 31, 2023, respectively |
9
|
9
|
Additional paid-in capital |
237,863
|
237,600
|
Accumulated deficit |
(309,723)
|
(294,433)
|
Total PAVmed Inc. Stockholders’ Equity (Deficit) |
(68,780)
|
(53,831)
|
Noncontrolling interests |
48,205
|
29,813
|
Total Stockholders’ Equity (Deficit) |
(20,575)
|
(24,018)
|
Total Liabilities and Stockholders’ Equity (Deficit) |
$ 37,254
|
$ 33,119
|
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
20,000,000
|
20,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
50,000,000
|
50,000,000
|
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8,858,597
|
8,578,505
|
Series B Convertible Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares issued |
1,331,336
|
1,305,213
|
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1,331,336
|
1,305,213
|
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v3.24.1.1.u2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
|
Revenue |
|
$ 1,010
|
$ 446
|
Operating expenses: |
|
|
|
Cost of revenue |
|
1,744
|
1,346
|
Sales and marketing |
|
4,311
|
4,539
|
General and administrative |
|
6,678
|
10,407
|
Amortization of acquired intangible assets |
|
372
|
505
|
Research and development |
|
1,941
|
4,050
|
Total operating expenses |
|
15,046
|
20,847
|
Operating loss |
|
(14,036)
|
(20,401)
|
Other income (expense): |
|
|
|
Interest income |
|
72
|
121
|
Interest expense |
|
(16)
|
(183)
|
Change in fair value - Senior Secured Convertible Notes |
|
(2,163)
|
(1,040)
|
Loss on issue and offering costs - Senior Secured Convertible Note |
|
|
(1,186)
|
Debt extinguishments loss - Senior Secured Convertible Notes |
|
(369)
|
(525)
|
Debt modification expense |
|
(2,000)
|
|
Gain on sale of intellectual property |
|
|
1,000
|
Other income (expense), net |
|
(4,476)
|
(1,813)
|
Loss before provision for income tax |
|
(18,512)
|
(22,214)
|
Provision for income taxes |
|
|
|
Net loss before noncontrolling interests |
|
(18,512)
|
(22,214)
|
Net loss attributable to the noncontrolling interests |
|
3,300
|
4,283
|
Net loss attributable to PAVmed Inc. |
|
(15,212)
|
(17,931)
|
Less: Series B Convertible Preferred Stock dividends earned |
|
(80)
|
(74)
|
Less: Deemed dividend on Subsidiary Preferred Stock attributable to the noncontrolling interests |
|
(7,496)
|
|
Net loss attributable to PAVmed Inc. common stockholders |
|
$ (22,788)
|
$ (18,005)
|
Per share information: |
|
|
|
Net loss per share attributable to PAVmed Inc. common stockholders - basic |
[1] |
$ (2.62)
|
$ (2.78)
|
Net loss per share attributable to PAVmed Inc. common stockholders - diluted |
[1] |
$ (2.62)
|
$ (2.78)
|
Weighted average common shares outstanding, basic |
|
8,694,904
|
6,473,010
|
Weighted average common shares outstanding, diluted |
|
8,694,904
|
6,473,010
|
|
|
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v3.24.1.1.u2
Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands |
Preferred Stock [Member]
Series B Convertible Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock, Common [Member] |
Noncontrolling Interest [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 2,695
|
$ 6
|
$ 216,195
|
$ (228,169)
|
$ (408)
|
$ 20,615
|
$ 10,934
|
Balance, shares at Dec. 31, 2022 |
1,205,759
|
6,300,703
|
|
|
|
|
|
Dividends declared - Series B Convertible Preferred Stock |
$ 72
|
|
|
(72)
|
|
|
|
Dividends declared - Series B Convertible Preferred Stock, shares |
24,128
|
|
|
|
|
|
|
Issue common stock - PAVM ATM Facility |
|
|
557
|
|
|
|
557
|
Issue common stock - PAVM ATM Facility, shares |
|
72,134
|
|
|
|
|
|
Conversions - Senior Secured Convertible Note |
|
$ 1
|
2,026
|
|
|
|
2,027
|
Conversions - Senior Secured Convertible Note, shares |
|
288,709
|
|
|
|
|
|
Purchase - Employee Stock Purchase Plan |
|
|
122
|
|
60
|
|
182
|
Purchase - Employee Stock Purchase Plan, shares |
|
25,626
|
|
|
|
|
|
Impact of subsidiary equity transactions |
|
|
1,189
|
|
|
(1,189)
|
|
Stock-based compensation - PAVmed Inc. |
|
|
1,199
|
|
|
|
1,199
|
Stock-based compensation - majority-owned subsidiaries |
|
|
401
|
|
|
2,820
|
3,221
|
Net Loss |
|
|
|
(17,931)
|
|
(4,283)
|
(22,214)
|
Vest - restricted stock awards |
|
|
|
|
|
|
|
Vest - restricted stock awards, shares |
|
6,666
|
|
|
|
|
|
Purchase - majority-owned subsidiary common stock - Employee Stock Purchase Plan |
|
|
|
|
|
276
|
276
|
Issuance - majority-owned subsidiary common stock - Committed Equity Facility, net of financing charges |
|
|
|
|
|
284
|
284
|
Issuance - majority-owned subsidiary common stock - Settlement APA-RDx - Installment Payment |
|
|
|
|
|
713
|
713
|
Issuance - majority-owned subsidiary preferred stock (Series A) |
|
|
|
|
|
13,625
|
13,625
|
Treasury stock |
|
|
(348)
|
|
348
|
|
|
Treasury stock, shares |
|
12,589
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 2,767
|
$ 7
|
221,341
|
(246,172)
|
|
32,861
|
10,804
|
Balance, shares at Mar. 31, 2023 |
1,229,887
|
6,706,427
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 2,695
|
$ 6
|
216,195
|
(228,169)
|
(408)
|
20,615
|
10,934
|
Balance, shares at Dec. 31, 2022 |
1,205,759
|
6,300,703
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 2,993
|
$ 9
|
237,600
|
(294,433)
|
|
29,813
|
(24,018)
|
Balance, shares at Dec. 31, 2023 |
1,305,213
|
8,578,505
|
|
|
|
|
|
Dividends declared - Series B Convertible Preferred Stock |
$ 78
|
|
|
(78)
|
|
|
|
Dividends declared - Series B Convertible Preferred Stock, shares |
26,123
|
|
|
|
|
|
|
Issue common stock - PAVM ATM Facility |
|
|
495
|
|
|
|
495
|
Issue common stock - PAVM ATM Facility, shares |
|
133,299
|
|
|
|
|
|
Conversions - Senior Secured Convertible Note |
|
|
307
|
|
|
|
307
|
Conversions - Senior Secured Convertible Note, shares |
|
112,461
|
|
|
|
|
|
Conversions - majority-owned subsidiary common stock - Senior Secured Convertible Note |
|
|
|
|
|
687
|
687
|
Exercise - stock options of majority-owned subsidiary |
|
|
|
|
|
4
|
4
|
Purchase - Employee Stock Purchase Plan |
|
|
62
|
|
|
|
62
|
Purchase - Employee Stock Purchase Plan, shares |
|
34,332
|
|
|
|
|
|
Purchase - majority-owned subsidiary common stock - Employee Stock Purchase Plan |
|
|
|
|
|
353
|
353
|
Impact of subsidiary equity transactions |
|
|
(1,734)
|
|
|
1,734
|
|
Issuance - majority-owned subsidiary preferred stock (Series A-1) |
|
|
|
|
|
5,670
|
5,670
|
Exchange - majority-owned subsidiary preferred stock (Series A and Series A-1) |
|
|
|
|
|
(24,295)
|
(24,295)
|
Issuance - majority-owned subsidiary preferred stock (Series B) |
|
|
|
|
|
44,285
|
44,285
|
Majority-owned subsidiary deemed dividends on preferred stock attributable to noncontrolling interests |
|
|
|
|
|
(7,495)
|
(7,495)
|
Stock-based compensation - PAVmed Inc. |
|
|
934
|
|
|
|
934
|
Stock-based compensation - majority-owned subsidiaries |
|
|
199
|
|
|
749
|
948
|
Net Loss |
|
|
|
(15,212)
|
|
(3,300)
|
(18,512)
|
Balance at Mar. 31, 2024 |
$ 3,071
|
$ 9
|
$ 237,863
|
$ (309,723)
|
|
$ 48,205
|
$ (20,575)
|
Balance, shares at Mar. 31, 2024 |
1,331,336
|
8,858,597
|
|
|
|
|
|
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v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash flows from operating activities |
|
|
Net loss - before noncontrolling interest (“NCI”) |
$ (18,512)
|
$ (22,214)
|
Adjustments to reconcile net loss - before NCI to net cash used in operating activities |
|
|
Depreciation and amortization expense |
586
|
727
|
Stock-based compensation |
1,882
|
4,419
|
Gain on sale of intellectual property |
|
(1,000)
|
APA-RDx: Issue common stock of majority-owned subsidiary - termination payment |
|
713
|
Amortization of common stock payment for vendor service agreement |
23
|
|
Change in fair value - Senior Secured Convertible Notes |
2,163
|
1,040
|
Loss on issue - Senior Secured Convertible Note |
|
1,111
|
Debt extinguishment loss - Senior Secured Convertible Note |
369
|
525
|
Non-cash lease expense |
2
|
79
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(6)
|
(10)
|
Prepaid expenses, deposits and current and other assets |
531
|
(326)
|
Accounts payable |
(301)
|
(1,444)
|
Accrued expenses and other current liabilities |
154
|
18
|
Net cash flows used in operating activities |
(13,109)
|
(16,362)
|
Cash flows from investing activities |
|
|
Purchase of equipment |
(42)
|
(26)
|
Proceeds from sale of intellectual property |
|
1,000
|
Net cash flows provided by (used in) investing activities |
(42)
|
974
|
Cash flows from financing activities |
|
|
Proceeds – issue of preferred stock - majority-owned subsidiary |
18,165
|
13,625
|
Proceeds – issue of Senior Secured Convertible Note |
|
10,000
|
Payment – Senior Secured Convertible Note – acceleration floor payments |
(322)
|
|
Proceeds – issue of common stock - At-The-Market Facility |
786
|
557
|
Proceeds – majority-owned subsidiary common stock - Committed Equity Facility and At-The-Market Facility |
|
284
|
Proceeds – issue common stock – Employee Stock Purchase Plan |
62
|
182
|
Proceeds – majority-owned subsidiary common stock – Employee Stock Purchase Plan |
353
|
276
|
Proceeds – exercise of stock options issued under equity plan of majority owned subsidiary |
4
|
|
Net cash flows provided by financing activities |
19,048
|
24,924
|
Net increase (decrease) in cash |
5,897
|
9,536
|
Cash, beginning of period |
19,639
|
39,744
|
Cash, end of period |
$ 25,536
|
$ 49,280
|
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v3.24.1.1.u2
The Company
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
The Company |
Note
1 — The Company
Description
of the Business
PAVmed
is structured to be 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 medical 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
majority-owned subsidiary Lucid Diagnostics Inc. (Nasdaq: LUCD) (“Lucid”). In addition, through a separate majority-owned
subsidiary, Veris Health (“Veris”), we are focused on entering into strategic partnership opportunities with leading academic
oncology systems to expand access to the Veris Platform. In terms of other existing products and technologies, we have adopted 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.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.24.1.1.u2
Liquidity and Going Concern
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Liquidity and Going Concern |
Note
2 — Liquidity and Going Concern
The
Company’s management is required to assess the Company’s ability to continue as a going concern for the one year period following
the date of the financial statements being issued. In each reporting period, including interim periods, an entity is required to assess
conditions known and reasonably knowable as of the financial statement issuance date to determine whether it is probable an entity will
not meet its financial obligations within one year from the financial statement issuance date. Substantial doubt about an entity’s
ability to continue as a going concern exists when conditions and events, considered in the aggregate, indicate it is probable the entity
will be unable to meet its financial obligations as they become due within one year after the date the financial statements are issued.
The
Company has financed its operations principally through public and private issuances of its common stock, preferred stock, common stock
purchase warrants, and debt. The Company is subject to all of the risks and uncertainties typically faced by medical device and diagnostic
companies that devote substantially all of their efforts to the commercialization of their initial product and services and ongoing research
and development activities and conducting clinical trials. The Company generated $1.0 million of revenues for the three month period
ended March 31, 2024, however the Company does not expect to generate positive cash flows from operating activities in the near future.
The
Company incurred a net loss attributable to PAVmed Inc. common stockholders of approximately $22.8 million and had net cash flows used
in operating activities of approximately $13.1 million for the three month period ended March 31, 2024. As of March 31, 2024, the Company
had negative working capital of approximately $25.4 million, with such working capital inclusive of the Senior Secured Convertible Notes
classified as a current liability of an aggregate of approximately $45.5 million and approximately $25.5 million of cash.
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
upon 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.
|
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v3.24.1.1.u2
Summary of Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
3 — Summary of Significant Accounting Policies
Significant
Accounting Policies
The
Company’s significant 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, except as otherwise noted herein below.
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements of PAVmed and its subsidiaries have been prepared in accordance with
accounting principles generally accepted in the United States of America (“U.S. GAAP”), and applicable rules and regulations
of the United States Securities and Exchange Commission (“SEC”), and include the accounts of the Company and its wholly-owned
and majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company holds
a majority-ownership interest and has controlling financial interest in each of: Lucid Diagnostics and Veris Health, with the corresponding
noncontrolling interest included as a separate component of consolidated stockholders’ equity (deficit), including the recognition
in the unaudited condensed consolidated statement of operations of a net loss attributable to the noncontrolling interest based on the
respective minority-interest equity ownership of each majority-owned subsidiary. See Note 14, Noncontrolling Interest, for a discussion
of each of the majority-owned subsidiaries noted above. The Company manages its operations as a single operating segment for the purposes
of assessing performance and making operating decisions.
As
permitted under SEC rules, certain footnotes or other financial information normally required by U.S. GAAP have been condensed or omitted.
The balance sheet as of December 31, 2023 has been derived from audited consolidated financial statements at such date. The accompanying
unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated
financial statements, and in the opinion of management, include all adjustments, consisting only of routine recurring adjustments, necessary
for a fair statement of the Company’s unaudited condensed consolidated financial information.
The
unaudited condensed consolidated results of operations for the three months ended March 31, 2024 are not necessarily indicative of
the consolidated results to be expected for the year ending December 31, 2024 or for any other interim period or for any other
future periods. The accompanying unaudited condensed consolidated financial statements and related unaudited condensed consolidated
financial information should be read in conjunction with the Company’s audited consolidated financial statements and related
notes thereto as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K as filed
with the SEC on March 25, 2024.
All
amounts in the accompanying unaudited condensed consolidated financial statements and the notes thereto are presented in thousands of
dollars, if not otherwise noted as being presented in millions of dollars, except for shares and per share amounts.
Use
of Estimates
In
preparing the unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make
estimates and assumptions that affect the reported amounts of assets and the determination of corresponding carrying value reserve,
if any, and liabilities and the disclosure of contingent losses, as of the date of the unaudited condensed consolidated financial
statements, as well as the reported amounts of revenue and expenses during the reporting period. Significant
estimates in these unaudited condensed consolidated financial statements include those related to the estimated fair value of debt
obligations, stock-based equity awards, intangible assets and common stock purchase warrants. Other significant estimates include
the estimated incremental borrowing rate, the provision or benefit for income taxes and the corresponding valuation allowance on
deferred tax assets. Additionally, management’s assessment of the Company’s ability to continue as a going concern
involves the estimation of the amount and timing of future cash inflows and outflows. On an ongoing basis, the Company evaluates its
estimates and assumptions. The Company bases its estimates on historical experience and on various other assumptions believed to be
reasonable. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by
changes in these estimates.
Note
3 — Summary of Significant Accounting Policies - continued
Revenue
Recognition
Revenues
are recognized when the satisfaction of the performance obligation occurs, in an amount that reflects the consideration the Company expects
to collect in exchange for those services. The Company’s revenue is primarily generated by its laboratory testing services utilizing
its EsoGuard Esophageal DNA tests. The services are completed upon release of a patient’s test result to the ordering healthcare
provider. Revenue recognized is inclusive of both variable consideration in connection with an individual patient’s third-party
insurance coverage policy and fixed consideration in connection with a contracted services arrangement with an unrelated third party
legal entity. To determine revenue recognition for the arrangements that the Company determines are within the scope of ASC 606, Revenue
from Contracts with Customers, the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify
the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance
obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation.
The
key aspects considered by the Company include the following:
Contracts—The
Company’s customer is primarily the patient, but the Company does not enter into a formal reimbursement contract with a patient.
The Company establishes a contract with a patient in accordance with other customary business practices, which is the point in time an
order is received from a provider and a patient specimen has been returned to the laboratory for testing. Payment terms are a function
of a patient’s existing insurance benefits, including the impact of coverage decisions with Center for Medicare & Medicaid
Services (“CMS”) and applicable reimbursement contracts established between the Company and payers. However, when a patient
is considered self-pay, the Company requires payment from the patient prior to the commencement of the Company’s performance obligations.
The Company’s consideration can be deemed variable or fixed depending on the structure of specific payer contracts, and the Company
considers collection of such consideration to be probable to the extent that it is unconstrained.
Performance
obligations—A performance obligation is a promise in a contract to transfer a distinct good or service (or a bundle of goods
or services) to the customer. The Company’s contracts have a single performance obligation, which is satisfied upon rendering of
services, which culminates in the release of a patient’s test result to the ordering healthcare provider. The Company elects the
practical expedient related to the disclosure of unsatisfied performance obligations, as the duration of time between providing testing
supplies, the receipt of a sample, and the release of a test result to the ordering healthcare provider is far less than one year.
Transaction
price—The transaction price is the amount of consideration that the Company expects to collect in exchange for transferring
promised goods or services to a customer, excluding amounts collected on behalf of third parties (for example, some sales taxes). The
consideration expected to be collected from a contract with a customer may include fixed amounts, variable amounts, or both.
If
the consideration derived from the contracts is deemed to be variable, the Company estimates the amount of consideration to which it
will be entitled in exchange for the promised goods or services. The Company limits the amount of variable consideration included in
the transaction price to the unconstrained portion of such consideration. In other words, the Company recognizes revenue up to the amount
of variable consideration that is not subject to a significant reversal until additional information is obtained or the uncertainty associated
with the additional payments or refunds is subsequently resolved.
When
the Company does not have significant historical experience or that experience has limited predictive value, the constraint over estimates
of variable consideration may result in no revenue being recognized upon delivery of patient EsoGuard test results to the ordering healthcare
provider. As such, the Company recognizes revenue up to the amount of variable consideration not subject to a significant reversal until
additional information is obtained or the uncertainty associated with additional payments or refunds, if any, is subsequently resolved.
Differences between original estimates and subsequent revisions, including final settlements, represent changes in estimated expected
variable consideration, with the change in estimate recognized in the period of such revised estimate. With respect to a contracted service
arrangement, the fixed consideration revenue is recognized on an as-billed basis upon delivery of the laboratory test report with realization
of such fixed consideration deemed probable based upon actual historical experience.
Allocate
transaction price—The transaction price is allocated entirely to the performance obligation contained within the contract with
a customer on the basis of the relative standalone selling prices of each distinct good or service.
Practical
Expedients—The Company does not adjust the transaction price for the effects of a significant financing component, as at contract
inception, the Company expects the collection cycle to be one year or less.
Note
3 — Summary of Significant Accounting Policies - continued
Fair
Value Option (“FVO”) Election
Under
a Securities Purchase Agreement dated March 31, 2022, the Company issued a Senior Secured Convertible Note dated April 4, 2022, referred
to herein as the “April 2022 Senior Convertible Note”, and a Senior Secured Convertible Note dated September 8, 2022, referred
to herein as the “September 2022 Senior Convertible Note”, which are accounted under the “fair value option election”
as discussed below.
Under
a Securities Purchase Agreement dated March 13, 2023, Lucid Diagnostics issued a Senior Secured Convertible Note dated March 21, 2023,
referred to herein as the “Lucid March 2023 Senior Convertible Note”, which is accounted under the “fair value option
election” as discussed below.
Under
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 815, Derivative
and Hedging, (“ASC 815”), a financial instrument containing embedded features and/or options may be required to be bifurcated
from the financial instrument host and recognized as separate derivative asset or liability, with the bifurcated derivative asset or
liability initially measured at estimated fair value as of the transaction issue date and then subsequently remeasured at estimated fair
value as of each reporting period balance sheet date.
Alternatively,
FASB ASC Topic 825, Financial Instruments, (“ASC 825”) provides for the “fair value option”
(“FVO”) election. In this regard, ASC 825-10-15-4 provides for the FVO election (to the extent not otherwise prohibited
by ASC 825-10-15-5) to be afforded to financial instruments, wherein the financial instrument is initially measured at estimated
fair value as of the transaction issue date and then subsequently remeasured at estimated fair value as of each reporting period
balance sheet date, with changes in the estimated fair value recognized as other income (expense) in the statement of operations.
The estimated fair value adjustment of the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note and the
Lucid March 2023 Senior Convertible Note is presented in a single line item within other income (expense) in the accompanying
unaudited condensed consolidated statement of operations (as provided for by ASC 825-10-50-30(b)). Further, as required by ASC
825-10-45-5, to the extent a portion of the fair value adjustment is attributed to a change in the instrument-specific credit risk,
such portion would be recognized as a component of other comprehensive income (“OCI”) (for which there was no such
adjustment with respect to the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note or the Lucid March
2023 Senior Convertible Note).
See
Note 9, Financial Instruments Fair Value Measurements, with respect to the FVO election; and Note 10, Debt, for a discussion
of the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note and the Lucid March 2023 Senior Convertible Note.
Reclassifications
Certain
prior-year amounts have been reclassified to conform to the current year presentation, which includes presenting costs of revenue within
operating expenses on the statements of operations, in the unaudited condensed consolidated financial statements and accompanying notes
to the unaudited condensed consolidated financial statements. The impact of the reclassifications made to prior year amounts is not material
and did not affect net loss.
Recent
Accounting Standards Updates Not Yet Adopted
In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU
2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in
ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid
information. ASU 2023-09 is effective for the Company prospectively to all annual periods beginning after December 15, 2024. Early
adoption is permitted. The Company does not expect the standard to have a significant impact on its consolidated financial statements.
In
November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures
(“ASU 2023-07”), which require public companies disclose significant segment expenses and other segment items on an
annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and
assets that are currently required annually. The guidance is effective for public entities for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is
applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company does not
expect the standard to have a significant impact on its consolidated financial statements.
Note
3 — Summary of Significant Accounting Policies - continued
In
October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure
Update and Simplification Initiative. This update modifies the disclosure or presentation requirements of a variety of topics in the
Accounting Standards Codification to conform with certain SEC amendments in Release No. 33-10532, Disclosure Update and Simplification.
The amendments in this update should be applied prospectively, and the effective date for each amendment will be the date on which the
SEC’s removal of that related disclosure from Regulation S-X or S-K becomes effective. However, if the SEC has not removed the
related disclosure from its regulations by June 30, 2027, the amendments will be removed from the Codification and not become effective.
Early adoption is prohibited. The Company is currently evaluating the impact this update will have on its consolidated
financial statements and disclosures.
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v3.24.1.1.u2
Revenue from Contracts with Customers
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue from Contracts with Customers |
Note
4 — Revenue from Contracts with Customers
Revenue
Recognized
In
the three month period ended March 31, 2024, the Company recognized total revenue of $1,010, primarily resulting from the delivery of
patient EsoGuard test results. Revenue recognized from customer contracts deemed to include a variable consideration transaction price
is limited to the unconstrained portion of the variable consideration. The Company’s revenue for the three month period ended March
31, 2023 was $446, primarily resulting from the delivery of patient EsoGuard test results.
Cost
of Revenue
The
cost of revenues principally includes the costs related to the Company’s laboratory operations (excluding estimated costs associated
with research activities), the costs related to the EsoCheck cell collection device, cell sample mailing kits and license royalties.
In
the three month period ended March 31, 2024, the cost of revenue was $1,744,
primarily related to costs for our laboratory operations and EsoCheck device supplies. The Company’s cost of revenue for the three
month period ended March 31, 2023 was $1,346,
primarily related to costs for our laboratory operations and EsoCheck device supplies.
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v3.24.1.1.u2
Prepaid Expenses, Deposits, and Other Current Assets
|
3 Months Ended |
Mar. 31, 2024 |
Prepaid Expenses Deposits And Other Current Assets |
|
Prepaid Expenses, Deposits, and Other Current Assets |
Note
5 — Prepaid Expenses, Deposits, and Other Current Assets
Prepaid
expenses and other current assets consisted of the following as of:
Schedule
of Prepaid Expenses and Other Current Assets
| |
March
31, 2024 | | |
December
31, 2023 | |
Advanced payments
to service providers and suppliers | |
$ | 436 | | |
$ | 739 | |
Prepaid insurance | |
| 520 | | |
| 848 | |
Deposits | |
| 2,347 | | |
| 2,672 | |
Veris
Box supplies | |
| 258 | | |
| 261 | |
Total
prepaid expenses, deposits and other current assets | |
$ | 3,561 | | |
$ | 4,520 | |
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v3.24.1.1.u2
Leases
|
3 Months Ended |
Mar. 31, 2024 |
Leases |
|
Leases |
Note
6 — Leases
During
the three months ended March 31, 2024, the Company entered into additional lease agreements that have commenced and are classified as operating
leases.
The
Company’s future lease payments as of March 31, 2024, which are presented as operating lease liabilities, current portion and
operating lease liabilities, less current portion on the Company’s unaudited condensed consolidated balance sheets are as
follows:
Schedule
of Future Minimum Lease Payments for Operating Leases
| |
| | |
2024 (remainder of year) | |
$ | 1,374 | |
2025 | |
| 841 | |
2026 | |
| 794 | |
2027 | |
| 624 | |
2028 | |
| 472 | |
Thereafter | |
| 848 | |
Total lease payments | |
$ | 4,953 | |
Less: imputed interest | |
| (806 | ) |
Present value of lease liabilities | |
$ | 4,147 | |
Note
6 — Leases - continued
Supplemental
disclosure of cash flow information related to the Company’s cash and non-cash activities with its leases are as follows:
Schedule of Supplemental Balance Sheet Information Related to Cash and Non-cash Activities with Leases
| |
2024 | | |
2023 | |
| |
Three
Months Ended March 31, | |
| |
2024 | | |
2023 | |
Cash paid for amounts included in the measurement of
lease liabilities | |
| | |
| |
Operating cash
flows from operating leases | |
$ | 476 | | |
$ | 346 | |
Non-cash investing and financing
activities | |
| | | |
| | |
Right-of-use assets obtained
in exchange for new operating lease liabilities | |
$ | 22 | | |
$ | 2,473 | |
Weighted-average remaining
lease term - operating leases (in years) | |
| 4.60 | | |
| 4.84 | |
Weighted-average discount
rate - operating leases | |
| 7.875 | % | |
| 7.875 | % |
As
of March 31, 2024 and December 31, 2023, the Company’s right-of-use assets from operating leases were $3,886 and $4,267, respectively,
which are reported in operating lease right-of-use assets in the unaudited condensed consolidated balance sheets. As of March 31, 2024
and December 31, 2023, the Company had outstanding operating lease obligations of $4,147 and $4,525, respectively, of which $1,333 and
$1,565, respectively, are reported in operating lease liabilities, current portion and $2,814 and $2,960, respectively, are reported
in operating lease liabilities less current portion in the Company’s unaudited condensed consolidated balance sheets. The Company
calculates its incremental borrowing rates for specific lease terms, used to discount future lease payments, as a function of the financing
terms the Company would likely receive on the open market.
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v3.24.1.1.u2
Intangible Assets, net
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets, net |
Note
7 — Intangible Assets, net
Intangible
assets, less accumulated amortization, consisted of the following as of:
Schedule
of Intangible Assets, Less Accumulated Amortization
| |
Estimated Useful Life | | |
March 31, 2024 | | |
December 31, 2023 | |
Defensive asset | |
| 60 months | | |
$ | 2,105 | | |
$ | 2,105 | |
Laboratory licenses and certifications and laboratory information management software | |
| 24 months | | |
| 3,200 | | |
| 3,200 | |
Other | |
| 1 year | | |
| 70 | | |
| 70 | |
Total Intangible assets | |
| | | |
| 5,375 | | |
| 5,375 | |
Less Accumulated Amortization | |
| | | |
| (4,323 | ) | |
| (3,951 | ) |
Intangible Assets, net | |
| | | |
$ | 1,052 | | |
$ | 1,424 | |
Amortization
expense of the intangible assets discussed above was $372 and $505 for the three month periods ended March 31, 2024 and 2023, respectively,
and is included in amortization of acquired intangible assets in the accompanying unaudited condensed consolidated statements of operations.
As of March 31, 2024, the estimated future amortization expense associated with the Company’s finite-lived intangible assets for
each of the five succeeding fiscal years is as follows:
Schedule of Estimated Amortization Expense for Intangible Assets
| |
| | |
2024 (remainder of year) | |
$ | 316 | |
2025 | |
| 421 | |
2026 | |
| 315 | |
Total | |
$ | 1,052 | |
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v3.24.1.1.u2
Commitment and Contingencies
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitment and Contingencies |
Note
8 — Commitment and Contingencies
Other
Matters
In
the ordinary course of PAVmed business, particularly as it begins commercialization of its products, the Company may be subject to certain
other 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.
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v3.24.1.1.u2
Financial Instruments Fair Value Measurements
|
3 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
Financial Instruments Fair Value Measurements |
Note
9 — Financial Instruments Fair Value Measurements
Recurring
Fair Value Measurements
The
fair value hierarchy table for the periods indicated is as follows:
Schedule
of Financial Liabilities Measured at Fair Value on Recurring Basis
| |
Fair
Value Measurement on a Recurring Basis at Reporting Date Using1 | |
| |
Level-1
Inputs | | |
Level-2
Inputs | | |
Level-3
Inputs | | |
Total | |
March 31, 2024 | |
| | | |
| | | |
| | | |
| | |
Senior Secured
Convertible Note - April 2022 | |
$ | — | | |
$ | — | | |
$ | 18,800 | | |
$ | 18,800 | |
Senior Secured Convertible
Note - September 2022 | |
| — | | |
| — | | |
| 13,600 | | |
| 13,600 | |
Lucid
Senior Secured Convertible Note - March 2023 | |
| — | | |
| — | | |
| 13,140 | | |
| 13,140 | |
Totals | |
$ | — | | |
$ | — | | |
$ | 45,540 | | |
$ | 45,540 | |
| |
Level-1
Inputs | | |
Level-2
Inputs | | |
Level-3
Inputs | | |
Total | |
December 31, 2023 | |
| | | |
| | | |
| | | |
| | |
Senior Secured
Convertible Note - April 2022 | |
$ | — | | |
$ | — | | |
$ | 19,000 | | |
$ | 19,000 | |
Senior Secured Convertible
Note - September 2022 | |
| — | | |
| — | | |
| 11,250 | | |
| 11,250 | |
Lucid
Senior Secured Convertible Note - March 2023 | |
| — | | |
| — | | |
| 13,950 | | |
| 13,950 | |
Totals | |
$ | — | | |
$ | — | | |
$ | 44,200 | | |
$ | 44,200 | |
1 | | There were no transfers
between the respective Levels during the three months ended March 31, 2024. |
As
discussed in Note 10, Debt, the Company issued Senior Secured Convertible Notes dated April 4, 2022 and September 8, 2022, with
an initial $27.5 million face value principal (“April 2022 Senior Convertible Note”) and an initial $11.25 million face value
principal (“September 2022 Senior Convertible Note”), respectively. Both convertible notes are accounted for under the ASC
825-10-15-4 fair value option (“FVO”) election, wherein, the financial instrument is initially measured at its issue-date
estimated fair value and subsequently remeasured at estimated fair value on a recurring basis at each reporting period date.
As
discussed in Note 10, Debt, Lucid Diagnostics issued a Senior Secured Convertible Note dated March 21, 2023, with an initial $11.1
million face value principal (“Lucid March 2023 Senior Convertible Note”). This convertible note is also accounted for under
the ASC 825-10-15-4 fair value option (“FVO”) election, wherein, the financial instrument is initially measured at its issue-date
estimated fair value and subsequently remeasured at estimated fair value on a recurring basis at each reporting period date.
The
estimated fair value of the financial instruments classified within the Level 3 category was determined using both observable inputs
and unobservable inputs. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair
value attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-
dated volatilities) inputs.
Note
9 — Financial Instruments Fair Value Measurements - continued
The
estimated fair value of the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note and the Lucid March 2023 Senior
Convertible Note as of each of March 31, 2024 and December 31, 2023, were computed using a Monte Carlo simulation of the present value
of its cash flows using a synthetic credit rating analysis and a required rate-of-return, using the following assumptions:
Schedule of Fair Value Assumption Used
| |
April 2022 Senior
Convertible Note: March 31, 2024 | | |
September 2022 Senior
Convertible
Note: March 31, 2024 | | |
Lucid
March 2023 Senior
Convertible Note: March 31, 2024 | |
Fair Value | |
$ | 18,800 | | |
$ | 13,600 | | |
$ | 13,140 | |
Face value principal payable | |
$ | 17,602 | | |
$ | 8,782 | | |
$ | 10,936 | |
Required rate of return | |
| 9.800 | % | |
| 9.600 | % | |
| 9.80 | % |
Conversion Price | |
$ | 75.00 | | |
$ | 75.00 | | |
$ | 5.00 | |
Value of common stock | |
$ | 2.14 | | |
$ | 2.14 | | |
$ | 0.81 | |
Expected term (years) | |
| 1.01 | | |
| 1.44 | | |
| 0.97 | |
Volatility | |
| 105.00 | % | |
| 105.00 | % | |
| 55.00 | % |
Risk free rate | |
| 4.91 | % | |
| 4.72 | % | |
| 4.93 | % |
Dividend yield | |
| — | % | |
| — | % | |
| — | % |
| |
April 2022 Senior
Convertible Note:
December 31, 2023 | | |
September 2022 Senior
Convertible
Note: December 31, 2023 | | |
Lucid
March 2023 Senior
Convertible Note:
December 31, 2023 | |
Fair Value | |
$ | 19,000 | | |
$ | 11,250 | | |
$ | 13,950 | |
Face value principal payable | |
$ | 17,602 | | |
$ | 9,062 | | |
$ | 11,019 | |
Required rate of return | |
| 10.00%
- 10.50 | % | |
| 10.00%
- 10.20 | % | |
| 10.00 | % |
Conversion Price | |
$ | 75.00 | | |
$ | 75.00 | | |
$ | 5.00 | |
Value of common stock | |
$ | 4.12 | | |
$ | 4.12 | | |
$ | 1.41 | |
Expected term (years) | |
| 0.26
- 1.26 | | |
| 0.69
- 1.69 | | |
| 1.22 | |
Volatility | |
| 85.00 | % | |
| 85.00 | % | |
| 60.00 | % |
Risk free rate | |
| 4.54%
- 5.25 | % | |
| 4.31%
- 4.96 | % | |
| 4.56 | % |
Dividend yield | |
| — | % | |
| — | % | |
| — | % |
The
estimated fair values recognized utilized PAVmed and Lucid’s common stock prices, along with certain Level 3 inputs (as
presented in the respective tables above), in the development of Monte Carlo simulation models, discounted cash flow analyses, and
/or Black-Scholes valuation models. The estimated fair values are subjective and are affected by changes in inputs to the valuation
models and analyses, including the respective common stock prices, probability weighting of floor prices on conversions under two
scenarios, the dividend yields, the risk-free rates based on U.S. Treasury security yields, and certain other Level-3 inputs
including, assumptions regarding the estimated volatility in the value of the respective common stock prices. Changes in these
assumptions can materially affect the recognized estimated fair values.
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.1.1.u2
Debt
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Debt |
Note
10 — Debt
The
fair value and face value principal outstanding of the Senior Convertible Notes as of the dates indicated are as follows:
Summary of Outstanding Debt
| |
Contractual
Maturity Date | |
Stated
Interest Rate | | |
Conversion
Price per Share | | |
Face
Value Principal Outstanding | | |
Fair
Value | |
April 2022 Senior
Convertible Note | |
April 4, 2025 | |
| 7.875 | % | |
$ | 75.00 | | |
$ | 17,602 | | |
$ | 18,800 | |
September 2022 Senior Convertible
Note | |
September 8, 2025 | |
| 7.875 | % | |
$ | 75.00 | | |
| 8,782 | | |
| 13,600 | |
Lucid
March 2023 Senior Convertible Note | |
March
21, 2025 | |
| 7.875 | % | |
$ | 5.00 | | |
| 10,936 | | |
| 13,140 | |
Balance as of March 31, 2024 | |
| |
| | | |
| | | |
$ | 37,320 | | |
$ | 45,540 | |
| |
Contractual
Maturity Date | |
Stated
Interest Rate | | |
Conversion
Price per Share | | |
Face
Value Principal Outstanding | | |
Fair
Value | |
April 2022 Senior
Convertible Note | |
April 4, 2025 | |
| 7.875 | % | |
$ | 75.00 | | |
$ | 17,602 | | |
$ | 19,000 | |
September 2022 Senior Convertible
Note | |
September 6, 2025 | |
| 7.875 | % | |
$ | 75.00 | | |
| 9,062 | | |
| 11,250 | |
Lucid
March 2023 Senior Convertible Note | |
March
21, 2025 | |
| 7.875 | % | |
$ | 5.00 | | |
| 11,019 | | |
| 13,950 | |
Balance as of December 31, 2023 | |
| |
| | | |
| | | |
$ | 37,683 | | |
$ | 44,200 | |
The
changes in the fair value of debt during the three month period ended March 31, 2024 is as follows:
Schedule of Changes in Fair Value of Debt
| |
April
2022 Senior Convertible Note | | |
September
2022 Senior Convertible Note | | |
Lucid
March 2023 Senior Convertible Note | | |
Sum
of Balance Sheet Fair Value Components | | |
Other
Income (expense) | |
Fair Value - December 31, 2023 | |
$ | 19,000 | | |
$ | 11,250 | | |
$ | 13,950 | | |
$ | 44,200 | | |
$ | — | |
Installment repayments –
common stock | |
| — | | |
| (280 | ) | |
| (83 | ) | |
| (363 | ) | |
| — | |
Non-installment payments –
common stock | |
| — | | |
| (24 | ) | |
| (436 | ) | |
| (460 | ) | |
| — | |
Change
in fair value | |
| (200 | ) | |
| 2,654 | | |
| (291 | ) | |
| 2,163 | | |
| (2,163 | ) |
Fair Value at March 31,
2024 | |
$ | 18,800 | | |
$ | 13,600 | | |
$ | 13,140 | | |
$ | 45,540 | | |
| - | |
Other Income (Expense)
- Change in fair value – three month period ended March 31, 2024 | |
| | | |
| | | |
| | | |
| | | |
$ | (2,163 | ) |
The
changes in the fair value of debt during the three month period ended March 31, 2023 is as follows:
| |
April
2022 Senior Convertible Note | | |
September
2022 Senior Convertible Note | | |
Lucid
March 2023 Senior Convertible Note | | |
Sum
of Balance Sheet Fair Value Components | | |
Other
Income (expense) | |
Fair Value - December 31, 2022 | |
$ | 22,000 | | |
$ | 11,650 | | |
$ | — | | |
$ | 33,650 | | |
$ | — | |
Face value principal –
issue date | |
| — | | |
| — | | |
| 11,111 | | |
| 11,111 | | |
| — | |
Fair value adjustment –
issue date | |
| — | | |
| — | | |
| 789 | | |
| 789 | | |
| (789 | ) |
Installment repayments –
common stock | |
| (1,335 | ) | |
| — | | |
| — | | |
| (1,335 | ) | |
| — | |
Non-installment payments –
common stock | |
| (166 | ) | |
| — | | |
| — | | |
| (166 | ) | |
| — | |
Change
in fair value | |
| 251 | | |
| — | | |
| — | | |
| 251 | | |
| (251 | ) |
Fair Value at March 31,
2023 | |
$ | 20,750 | | |
$ | 11,650 | | |
$ | 11,900 | | |
$ | 44,300 | | |
| - | |
Other Income (Expense)
- Change in fair value – three month period ended March 31, 2023 | |
| | | |
| | | |
| | | |
| | | |
$ | (1,040 | ) |
Note
10 — Debt - continued
PAVmed
- Senior Secured Convertible Notes
The
Company entered into a Securities Purchase Agreement (“SPA”) dated March 31, 2022, with an accredited institutional investor
(“Investor”, “Lender”, and /or “Holder”), wherein, the Company agreed to sell, and the Investor agreed
to purchase an aggregate of $50.0 million face value principal of debt - comprised of: an initial issuance of $27.5 million face value
principal; and up to an additional $22.5 million of face value principal (upon the satisfaction of certain conditions). The debt was
issued in a registered direct offering under the Company’s effective shelf registration statement.
Under
the SPA, the Company issued a Senior Secured Convertible Note dated April 4, 2022, referred to herein as the “April 2022 Senior
Convertible Note”, with such note having a $27.5 million face value principal, a 7.875% annual stated interest rate, a contractual
conversion price of $75.00 per share of the Company’s common stock (subject to standard adjustments in the event of any stock split,
stock dividend, stock combination, recapitalization or other similar transaction), and a 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 shares of common stock of the Company at the Holder’s election.
Under
the same SPA, the Company issued an additional Senior Secured Convertible Note dated September 8, 2022, referred to herein as the “September
2022 Senior Convertible Note”, with such note having a $11.25 million face value principal, a 7.875% annual stated interest rate,
a contractual conversion price of $75.00 per share of the Company’s common stock (subject to standard adjustments in the event
of any stock split, stock dividend, stock combination, recapitalization or other similar transaction), and a 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 shares of common stock of the Company at the Holder’s election.
The
Company has agreed to reduce temporarily, and the Investor has consented to reducing temporarily, the contractual conversion price under
the April 2022 Senior Convertible Note and the September 2022 Senior Convertible Note to equal to 82.5% of the two lowest VWAPs during
the last 10 trading days preceding the date of conversion, subject to a conversion floor price of $1.00, during the period from April
23, 2024 through May 7, 2024 (which period has been extended to August 6, 2024); provided that the aggregate amount of conversions under
the April 2022 Senior Convertible Note and the September 2022 Senior Convertible Note during such period may not exceed $2,000.
The
Company is subject to financial covenants requiring: (i) a minimum of $8.0 million of available cash at all times; (ii) the ratio of
(a) the outstanding principal amount of the total senior convertible notes outstanding, 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, to not exceed 30% (the
“Debt to Market Cap Ratio Test”); and (iii) the Company’s market capitalization to 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 December 1, 2023 through March 12, 2024, the Company was not in compliance with the Financial Tests. As of March
12, 2024, the Investor agreed to waive any such non-compliance during such time period and thereafter through August 31, 2024.
In
the three months ended March 31, 2024, in consideration of the covenant waiver and maturity extensions discussed above, the Company agreed
to pay the holder of the notes $2,000 in cash (or in such other form as may be mutually agreed in writing) by April 25, 2024, which
has been extended to June 15, 2024. The covenant waiver and maturity extension fee was recognized as debt modification expense on the
Company’s unaudited condensed consolidated statement of operations, and currently included in accrued expenses and other current
liabilities on the Company’s unaudited condensed consolidated balance sheets as of March 31, 2024.
The
April 2022 Senior Convertible Note and September 2022 Senior Convertible Note installment payments may be made in shares of PAVmed common
stock at a conversion price that is the lower of the contractual conversion price and 82.5%
of the two lowest VWAPs during the last 10 trading days preceding the date of conversion, subject to a conversion price floor of $2.70.
The notes are also subject to certain provisions that may require redemption upon the occurrence of certain events, including an event
of default, a change of control, or certain equity issuances.
In
the three month period ended March 31, 2024, approximately $280
of principal repayments along with approximately $24
of interest expense thereon, were settled through the issuance of 112,461
shares of common stock of the Company, with such shares having a fair value of approximately $307
(with such fair value measured as the respective conversion date quoted closing price of the common stock of the Company). In
addition the Company paid $198
in cash related to acceleration floor payments on these notes related to the conversion price being below $2.70,
which is included in debt extinguishment loss on the Company’s unaudited condensed consolidated statements of operations. The
conversions and cash paid resulted in a debt extinguishment loss of $202
in the three month period ended March 31, 2024. Subsequent to March 31, 2024, as of May 9, 2024, approximately $280 of principal repayments along with approximately
$24 of interest expense thereon, was settled through the issuance of 112,597 shares of common stock of the Company, with such shares having
a fair value of approximately $260, and cash payment related to floor acceleration payment of $199 (with such fair value measured as the
respective conversion date quoted closing price of the common stock of the Company).
Note
10 — Debt - continued
Lucid
Diagnostics - Senior Secured Convertible Note
Lucid
Diagnostics entered into a Securities Purchase Agreement (“Lucid SPA”) dated March 13, 2023, with an accredited institutional
investor (“Investor”, “Lender”, and /or “Holder”), wherein, Lucid agreed to sell, and the Investor
agreed to purchase an aggregate of $11.1 million face value principal of debt. The debt was issued in a registered direct offering under
Lucid’s effective shelf registration statement.
Under
the SPA dated March 13, 2023, Lucid issued a Senior Secured Convertible Note dated March 21, 2023, referred to herein as the “Lucid
March 2023 Senior Convertible Note”, with such note having a $11.1 million face value principal, a 7.875% annual stated interest
rate, a contractual conversion price of $5.00 per share of Lucid’s common stock (subject to standard adjustments in the event of
any stock split, stock dividend, stock combination, recapitalization or other similar transaction), and a contractual maturity date of
March 21, 2025. The Lucid March 2023 Senior Convertible Note may be converted into shares of common stock of Lucid at the Holder’s
election.
The
Lucid March 2023 Senior Convertible Note proceeds were $9.925 million after deducting a $1.186 million lender fee and offering costs.
The lender fee and offering costs were recognized as of the March 21, 2023 issue date as a current period expense in other income (expense)
in the Company’s unaudited condensed consolidated statement of operations.
During
the period from March 21, 2023 to September 20, 2023, Lucid was required to pay interest expense only (on the $11.1 million face value
principal), at 7.875% per annum, computed on a 360 day year. Lucid paid in cash interest expense of $24 for the three month period ended
March 31, 2023.
Commencing
September 21, 2023, and then on each of the successive first and tenth trading day of each month thereafter through to and including
March 14, 2025 (each referred to as an “Installment Date”); and on the March 21, 2025 maturity date, Lucid is required
to make a principal repayment of $292 together with accrued interest thereon, with such 38 payments referred to herein as the “Installment
Amount”, settled in shares of common stock of Lucid, subject to customary equity conditions, including minimum share price and
volume thresholds, or at the election of Lucid, in cash, in whole or in part.
Note
10 — Debt - continued
In
addition to the Installment Amount repayments, the Holder may elect to accelerate the conversion of future Installment Amount repayments,
and interest thereon, subject to certain restrictions, as defined, utilizing the then current conversion price of the most recent Installment
Date conversion price.
The
payment of all amounts due and payable under this senior convertible note is guaranteed by Lucid’s subsidiaries; and the obligations
under this senior convertible note are secured by all of the assets of Lucid and its subsidiaries.
Lucid
is subject to certain customary affirmative and negative covenants regarding the rank of the note, along with the incurrence of further
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.
Lucid
is subject to financial covenants requiring: (i) a minimum of $5.0 million of available cash at all times; (ii) the ratio of (a) the
outstanding principal amount of the total senior convertible notes outstanding, accrued and unpaid interest thereon and accrued and unpaid
late charges to (b) Lucid’s average market capitalization over the prior ten trading days, as of the last day of any fiscal quarter
commencing with September 30, 2023, to not exceed 30%; and (iii) Lucid’s market capitalization to at no time be less than $30 million.
As of March 31, 2024, the Company was in compliance, and as of the date hereof, the Company is in compliance, with these financial covenants.
The
Lucid March 2023 Senior Convertible Note installment payments may be made in shares of Lucid Diagnostics common stock at a conversion
price that is the lower of the contractual conversion price and 82.5% of the two lowest VWAPs during the last 10 trading days preceding
the date of conversion, subject to a conversion price floor of $0.30. The notes are also subject to certain provisions that may require
redemption upon the occurrence of an event of default, a change of control, or certain equity issuances.
In
the three month period ended March 31, 2024, approximately $83 of principal repayments along with approximately $436 of interest expense
thereon, were settled through the issuance of 543,298 shares of common stock of Lucid, with such shares having a fair value of approximately
$686 (with such fair value measured as the respective conversion date quoted closing price of the common stock of Lucid). The conversions
resulted in a debt extinguishment loss of $167 in the three month period ended March 31, 2024. Subsequent to March 31, 2024, as of May
9, 2024, approximately $612 of principal repayments along with approximately $110 of interest expense thereon, was settled
through the issuance of 1,139,851 shares of common stock of Lucid, with such shares having a fair value of approximately $1,037 (with such
fair value measured as the respective conversion date quoted closing price of the common stock of Lucid).
During
the three month periods ended March 31, 2024 and 2023, the Company recognized debt extinguishment losses in total of approximately $369
and $525, respectively, in connection with issuing common stock for principal repayments on convertible debt mentioned above.
See
Note 9, Financial Instruments Fair Value Measurements, for a further discussion of fair value assumptions.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.1.1.u2
Stock-Based Compensation
|
3 Months Ended |
Mar. 31, 2024 |
Retirement Benefits [Abstract] |
|
Stock-Based Compensation |
Note
11 — Stock-Based Compensation
PAVmed
Inc. 2014 Long-Term Incentive Equity Plan
The
PAVmed Inc. 2014 Long-Term Incentive Equity Plan (the “PAVmed 2014 Equity Plan”) is designed to enable PAVmed to offer employees,
officers, directors, and consultants, as defined, an opportunity to acquire shares of common stock of PAVmed. The types of awards that
may be granted under the PAVmed 2014 Equity Plan include stock options, stock appreciation rights, restricted stock, and other stock-based
awards subject to limitations under applicable law. All awards are subject to approval by the PAVmed compensation committee.
A
total of 1,835,970 shares of common stock of PAVmed are reserved for issuance under the PAVmed 2014 Equity Plan, with 68,495 shares available
for grant as of March 31, 2024. The share reservation is not diminished by a total of 66,720 PAVmed Inc. stock options and restricted
stock awards granted outside the PAVmed 2014 Equity Plan as of March 31, 2024. In January 2024, the number of shares available for grant
was increased by 432,452 in accordance with the evergreen provisions of the plan.
Note
11 — Stock-Based Compensation - continued
PAVmed
Stock Options
PAVmed
stock options granted under the PAVmed 2014 Equity Plan and stock options granted outside such plan are summarized as follows:
Schedule of Summarizes Information About Stock Options
| |
Number
of Stock Options | | |
Weighted
Average Exercise Price | | |
Remaining
Contractual Term (Years) | | |
Intrinsic
Value(2) | |
Outstanding stock
options at December 31, 2023 | |
| 1,192,458 | | |
$ | 26.18 | | |
| 7.3 | | |
$ | — | |
Granted(1) | |
| 74,500 | | |
$ | 2.30 | | |
| | | |
| | |
Exercised | |
| — | | |
$ | — | | |
| | | |
| | |
Forfeited | |
| (23,025 | ) | |
$ | 10.32 | | |
| | | |
| | |
Outstanding
stock options at March 31, 2024(3) | |
| 1,243,933 | | |
$ | 25.04 | | |
| 7.0 | | |
$ | 17 | |
Vested
and exercisable stock options at March 31, 2024 | |
| 799,947 | | |
$ | 34.11 | | |
| 6.0 | | |
$ | — | |
(1) | Stock
options granted under the PAVmed 2014 Equity Plan and those granted outside such plan generally
vest one-third in one year then ratably over the next eight quarters, and have a ten-year
contractual term from date-of-grant. |
(2) | The
intrinsic value is computed as the difference between the quoted price of the PAVmed common
stock on each of March 31, 2024 and December 31, 2023 and the exercise price of the underlying
PAVmed stock options, to the extent such quoted price is greater than the exercise price. |
(3) | The
outstanding stock options presented in the table above are inclusive of 60,054 stock options
granted outside the PAVmed 2014 Equity Plan, as of March 31, 2024 and December 31, 2023. |
On
February 22, 2024, the Company granted 59,500 stock options under the PAVmed Inc 2014 Equity Plan with a weighted average exercise price
of $1.85. Each such option will vest one-third after one year then ratably over the next eight quarters. In addition, on February 22,
2024, a total of 390,000 restricted stock awards were granted to the Board of Directors under the PAVmed 2014 Equity Plan, with such
restricted stock awards having an aggregate fair value of approximately $0.7 million, which was measured using the respective grant date
quoted closing price per share of PAVmed Inc. common stock, with the fair value recognized as stock-based compensation expense ratably
on a straight-line basis over the vesting period, which is commensurate with the service period. The vesting of the restricted stock
awards vest ratably on an annual basis over a three year period with the initial annual vesting date of November 30, 2024. The restricted
stock awards are subject to forfeiture if the requisite service period is not completed.
PAVmed
Restricted Stock Awards
PAVmed
restricted stock awards granted under the PAVmed 2014 Equity Plan and restricted stock awards granted outside such plan are summarized
as follows:
Schedule of Restricted Stock Award Activity
| |
Number of Restricted
Stock Awards | | |
Weighted Average
Grant Date Fair Value | |
Unvested restricted stock awards
as of December 31, 2023 | |
| 70,527 | | |
$ | 38.77 | |
Granted | |
| 390,000 | | |
| 1.85 | |
Vested | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | |
Unvested restricted stock
awards as of March 31, 2024 | |
| 460,527 | | |
$ | 7.50 | |
Note
11 — Stock-Based Compensation - continued
Lucid
Diagnostics Inc. 2018 Long-Term Incentive Equity Plan
The
Lucid Diagnostics Inc. 2018 Long-Term Incentive Equity Plan (“Lucid Diagnostics 2018 Equity Plan”) is separate and apart
from the PAVmed 2014 Equity Plan discussed above. The Lucid Diagnostics 2018 Equity Plan is designed to enable Lucid Diagnostics to offer
employees, officers, directors, and consultants, an opportunity to acquire shares of common stock of Lucid Diagnostics. The types of
awards that may be granted under the Lucid Diagnostics 2018 Equity Plan include stock options, stock appreciation rights, restricted
stock, and other stock-based awards subject to limitations under applicable law. All awards are subject to approval by the Lucid Diagnostics
compensation committee.
A
total of 14,324,038 shares of common stock of Lucid Diagnostics are reserved for issuance under the Lucid Diagnostics 2018 Equity Plan,
with 2,680,508 shares available for grant as of March 31, 2024. The share reservation is not diminished by a total of 423,300 stock options
and 50,000 restricted stock awards granted outside the Lucid Diagnostics 2018 Equity Plan, as of March 31, 2024. In January 2024, the
number of shares available for grant was increased by 2,680,038 in accordance with the evergreen provisions of the plan.
Lucid
Diagnostics Stock Options
Lucid
Diagnostics stock options granted under the Lucid Diagnostics 2018 Equity Plan and stock options granted outside such plan are summarized
as follows:
Schedule of Summarizes Information About Stock Options
| |
Number
of Stock Options | | |
Weighted
Average Exercise Price | | |
Remaining
Contractual Term (Years) | | |
Intrinsic
Value(2) | |
Outstanding stock
options at December 31, 2023 | |
| 5,504,383 | | |
$ | 2.00 | | |
| 8.5 | | |
$ | 765 | |
Granted(1) | |
| 3,000,000 | | |
$ | 1.25 | | |
| | | |
| | |
Exercised | |
| (3,333 | ) | |
$ | 1.31 | | |
| | | |
| | |
Forfeited | |
| (168,337 | ) | |
$ | 1.57 | | |
| | | |
| | |
Outstanding
stock options at March 31, 2024(3) | |
| 8,332,713 | | |
$ | 1.74 | | |
| 8.8 | | |
$ | 195 | |
Vested
and exercisable stock options at March 31, 2024 | |
| 2,655,413 | | |
$ | 2.29 | | |
| 7.6 | | |
$ | 195 | |
(1) | Stock
options granted under the Lucid Diagnostics 2018 Equity Plan and those granted outside such
plan generally vest one-third in one year then ratably over the next eight quarters, and
have a ten-year contractual term from date-of-grant. |
(2) | The
intrinsic value is computed as the difference between the quoted price of the Lucid Diagnostics
common stock on each of March 31, 2024 and December 31, 2023 and the exercise price of the
underlying Lucid Diagnostics stock options, to the extent such quoted price is greater than
the exercise price. |
(3) | The
outstanding stock options presented in the table above are inclusive of 423,300 stock options
granted outside the Lucid Diagnostics 2018 Equity Plan, as of March 31, 2024 and December
31, 2023. |
On
February 22, 2024,
Lucid granted 2,895,000 stock options under the Lucid Diagnostics Inc 2018 Equity
Plan with a weighted average exercise price of $1.25. Each option will vest one-third after one year then ratably over the next eight quarters.
Note
11 — Stock-Based Compensation - continued
Lucid
Diagnostics Restricted Stock Awards
Lucid
Diagnostics restricted stock awards granted under the Lucid Diagnostics 2018 Equity Plan and restricted stock awards granted outside
such plan are summarized as follows:
Schedule of Restricted Stock Award Activity
| |
Number of Restricted
Stock Awards | | |
Weighted Average
Grant Date Fair Value | |
Unvested restricted stock awards
as of December 31, 2023 | |
| 2,337,440 | | |
$ | 8.99 | |
Granted | |
| — | | |
| — | |
Vested | |
| (26,912 | ) | |
| 4.56 | |
Forfeited | |
| (13,088 | ) | |
| 4.56 | |
Unvested restricted stock
awards as of March 31, 2024 | |
| 2,297,440 | | |
$ | 9.07 | |
Subsequent
to March 31, 2024, in May 2024, a total of 1,600,000
restricted stock awards were granted to management
under the Lucid Diagnostics 2018 Equity Plan, with such restricted stock awards having an aggregate fair value of approximately $1.5
million, which was measured using the respective
grant date quoted closing price per share of Lucid Diagnostics Inc. common stock, with the fair value recognized as stock-based compensation
expense ratably on a straight-line basis over the vesting period, which is commensurate with the service period. The vesting of the restricted
stock awards vest on a single vest date of May 20, 2026. The restricted stock awards are subject to forfeiture if the requisite service
period is not completed.
Consolidated
Stock-Based Compensation Expense
The
consolidated stock-based compensation expense recognized by each of PAVmed and Lucid Diagnostics for both the PAVmed 2014 Equity Plan
and the Lucid Diagnostics 2018 Equity Plan, with respect to stock options and restricted stock awards as discussed above, for the periods
indicated, was as follows:
Schedule
of Stock-Based Compensation Expense
| |
2024 | | |
2023 | |
| |
Three
Months Ended March
31, | |
| |
2024 | | |
2023 | |
Cost of revenue | |
$ | 36 | | |
$ | 23 | |
Sales and marketing expenses | |
| 403 | | |
| 444 | |
General and administrative
expenses | |
| 1,078 | | |
| 3,588 | |
Research
and development expenses | |
| 365 | | |
| 364 | |
Total
stock-based compensation expense | |
$ | 1,882 | | |
$ | 4,419 | |
Note
11 — Stock-Based Compensation - continued
Stock-Based
Compensation Expense Recognized by Lucid Diagnostics
As
noted, the consolidated stock-based compensation expense presented above is inclusive of stock-based compensation expense recognized
by Lucid Diagnostics, inclusive of each of: stock options granted under the PAVmed 2014 Equity Plan to the three physician inventors
of the intellectual property underlying the Amended CWRU License Agreement; and stock options and restricted stock awards granted to
employees of PAVmed and non-employee consultants under the Lucid Diagnostics 2018 Equity Plan. The stock-based compensation expense recognized
by Lucid Diagnostics for both the PAVmed 2014 Equity Plan and the Lucid Diagnostics 2018 Equity Plan, with respect to stock options and
restricted stock awards as discussed above, for the periods indicated, was as follows:
Schedule
of Stock-Based Compensation Expense Recognized by Lucid Diagnostics
| |
2024 | | |
2023 | |
| |
Three
Months Ended March
31, | |
| |
2024 | | |
2023 | |
Lucid Diagnostics
2018 Equity Plan – cost of revenue | |
$ | 25 | | |
$ | 12 | |
Lucid Diagnostics 2018 Equity
Plan – sales and marketing | |
| 271 | | |
| 223 | |
Lucid Diagnostics 2018 Equity
Plan – general and administrative | |
| 328 | | |
| 2,512 | |
Lucid Diagnostics 2018 Equity
Plan – research and development | |
| 120 | | |
| 70 | |
PAVmed 2014 Equity Plan -
cost of revenue | |
| 11 | | |
| 7 | |
PAVmed 2014 Equity Plan -
sales and marketing | |
| 79 | | |
| 133 | |
PAVmed 2014 Equity Plan -
general and administrative | |
| 2 | | |
| 156 | |
PAVmed
2014 Equity Plan - research and development | |
| 97 | | |
| 95 | |
Total
stock-based compensation expense – recognized by Lucid Diagnostics | |
$ | 933 | | |
$ | 3,208 | |
Total
stock-based compensation expense | |
$ | 933 | | |
$ | 3,208 | |
The
consolidated unrecognized stock-based compensation expense and weighted average remaining requisite service period with respect to stock
options and restricted stock awards issued under each of the PAVmed 2014 Equity Plan and the Lucid Diagnostics 2018 Equity Plan, as discussed
above, is as follows:
Schedule of Unrecognized Compensation Expense
| |
Unrecognized
Expense | | |
Weighted Average Remaining Service
Period (Years) | |
PAVmed 2014 Equity Plan | |
| | | |
| | |
Stock Options | |
$ | 2,732 | | |
| 1.8 | |
Restricted Stock Awards | |
$ | 745 | | |
| 2.7 | |
| |
| | | |
| | |
Lucid Diagnostics 2018 Equity
Plan | |
| | | |
| | |
Stock Options | |
$ | 5,282 | | |
| 2.3 | |
Restricted Stock Awards | |
$ | 941 | | |
| 2.0 | |
Note
11 — Stock-Based Compensation - continued
Stock-based
compensation expense recognized with respect to stock options granted under the PAVmed 2014 Equity Plan was based on a weighted average
estimated fair value of such stock options of $1.46 per share and $5.25 per share during the three month periods ended March 31, 2024
and 2023, respectively, calculated using the following weighted average Black-Scholes valuation model assumptions:
Schedule
of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Expected term of stock options (in years) | |
| 5.8 | | |
| 5.7 | |
Expected stock price volatility | |
| 90 | % | |
| 88 | % |
Risk free interest rate | |
| 4.3 | % | |
| 3.7 | % |
Expected dividend yield | |
| — | % | |
| — | % |
Stock-based
compensation expense recognized with respect to stock options granted under the Lucid Diagnostics 2018 Equity Plan was based on a weighted
average estimated fair value of such stock options of $0.84 per share and $0.87 per share during the three month periods ended March
31, 2024 and 2023, respectively, calculated using the following weighted average Black-Scholes valuation model assumptions:
Schedule
of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Expected term of stock options (in years) | |
| 5.7 | | |
| 5.6 | |
Expected stock price volatility | |
| 74 | % | |
| 75 | % |
Risk free interest rate | |
| 4.3 | % | |
| 3.7 | % |
Expected dividend yield | |
| — | % | |
| — | % |
PAVmed
Inc. Employee Stock Purchase Plan (“PAVmed ESPP”)
A
total of 34,332 shares and 38,216 shares of common stock of the Company were purchased for proceeds of approximately $62 and $182, on
March 31, 2024 and 2023, respectively, under the PAVmed ESPP. The March 31, 2023 purchase was partially settled through the redeployment
of 12,590 shares of treasury stock. The PAVmed ESPP has a total reserve of 300,001 shares of common stock of PAVmed of which 139,863
shares are available for issue as of March 31, 2024. In January 2024, the number of shares available-for-issue was increased by 166,667
in accordance with the evergreen provisions of the plan.
Lucid
Diagnostics Inc. Employee Stock Purchase Plan (“Lucid ESPP”)
A
total of 511,884 shares and 231,987 shares of common stock of Lucid Diagnostics were purchased for proceeds of approximately $353 and
$276 on March 31, 2024 and 2023, respectively, under the Lucid ESPP. The Lucid ESPP has a total reserve of 1,500,000 shares of common
stock of Lucid Diagnostics of which 395,886 shares are available for issue as of March 31, 2024. In January 2024, the Lucid board authorized
an increase in the number of shares available for issue by 500,000.
|
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- DefinitionThe entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.
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v3.24.1.1.u2
Preferred Stock
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Preferred Stock |
Note
12 — Preferred Stock
As
of March 31, 2024 and December 31, 2023, there were 1,331,336 and 1,305,213 shares of PAVmed Series B Convertible Preferred Stock, classified
in permanent equity, issued and outstanding, respectively.
PAVmed
Series B Convertible Preferred Stock Dividends
The
Series B Convertible Preferred Stock is issued pursuant to the PAVmed Inc. Certificate of Designation of Preferences, Rights, and Limitations
of Series B Convertible Preferred Stock (“Series B Convertible Preferred Stock Certificate of Designation”), has a par value
of $0.001 per share, no voting rights, a stated value of $3.00 per share, and was immediately convertible upon its issuance. At the holders’
election, fifteen shares of Series B Convertible Preferred Stock are currently convertible into one share of common stock of the Company,
subject to further adjustment for the effect of future stock dividends, stock splits or similar events affecting the Company’s
common stock. The Series B Convertible Preferred Stock shall not be redeemed for cash and under no circumstances shall the Company be
required to net cash settle the Series B Convertible Preferred Stock.
The
PAVmed Inc. Series B Convertible Preferred Stock dividends are 8.0% per annum based on the $3.00 per share stated value of the Series
B Convertible Preferred Stock, with such dividends compounded quarterly, accumulate, and are payable in arrears upon being declared by
the Company’s board of directors. Such dividends may be settled, at the discretion of the board of directors, through any combination
of the issue of additional shares of Series B Convertible Preferred Stock, the issue shares of common stock of the Company, and /or cash
payment.
PAVmed
Series B Convertible Preferred Stock Dividends Earned
The
Series B Convertible Preferred Stock dividends earned are included in the calculation of basic and diluted net loss attributable to PAVmed
common stockholders for each of the respective corresponding periods presented in the accompanying unaudited condensed consolidated statement
of operations, inclusive of $80 of such dividends earned in the three month period ended March 31, 2024; and $74 of such dividends earned
in the three month period ended March 31, 2023.
PAVmed
Series B Convertible Preferred Stock Dividends Declared
During
the three month period ended March 31, 2024, the Company’s board of directors declared approximately $78 of Series B Convertible
Preferred Stock dividends, earned as of December 31, 2023, with such dividends settled by the issue of an additional 26,123 shares of
Series B Convertible Preferred Stock.
During
the three month period ended March 31, 2023, the Company’s board of directors declared approximately $72 of Series B Convertible
Preferred Stock dividends, earned as of December 31, 2022, with such dividends settled by the issue of an additional 24,128 shares of
Series B Convertible Preferred Stock.
Subsequent
to March 31, 2024, in May 2024, the Company’s board of directors declared a PAVmed Series B Convertible Preferred Stock dividend,
earned as of March 31, 2024, of $80, to be settled by the issue of 26,640 additional shares of Series B Convertible Preferred Stock.
The
PAVmed Series B Convertible Preferred Stock dividends are recognized as a dividend payable liability only upon the dividend being
declared payable by the Company’s board of directors. Accordingly, the dividends declared payable subsequent to the date of
the accompanying unaudited condensed consolidated balance sheet were not recognized as a dividend payable liability as the
Company’s board of directors had not declared the dividends payable as of each such date.
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v3.24.1.1.u2
Common Stock and Common Stock Purchase Warrants
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
Common Stock and Common Stock Purchase Warrants |
Note
13 — Common Stock and Common Stock Purchase Warrants
Common
Stock
In
February 2023, the Company distributed a proxy statement for a special meeting of shareholders that was held on March 31, 2023 (the “Special
Meeting”), at which the Company sought approval of an amendment to the Company’s Certificate of Incorporation, to effect,
(i) a reverse split of the Company’s outstanding shares of common stock at a specific ratio, ranging from 1-for-5 to 1-for-15,
to be determined by the board of directors of the Company in its sole discretion, and (ii) an associated reduction in the number of shares
of common stock the Company is authorized to issue, from 250,000,000 shares to 50,000,000 shares. On March 31, 2023, the shareholders
approved the above proposal to amend the Company’s Certificate of Incorporation, to effect, at any time prior to the one-year anniversary
date of the Special Meeting. On November 28, 2023 the Company’s board of directors, unanimously authorized management to effect
the reverse split at the ratio of 1-for-15. The reverse stock split became effective on December 7, 2023. At the effective date, every
15 shares of the Company’s common stock that were issued and outstanding were automatically combined into one issued and outstanding
share, without any change in par value of such shares. No fractional shares were issued in connection with the reverse stock split. Instead,
each fractional share remaining after completion of the reverse stock split that was less than a whole share was rounded up to one whole
share. The reverse stock split also correspondingly affected all outstanding PAVmed equity awards and outstanding convertible securities.
During
the three months ended March 31, 2024 a total of 34,332 shares of common stock of the Company were issued under the PAVmed ESPP. See
Note 11, Stock-Based Compensation, for a discussion of each of the PAVmed 2014 Equity Plan and the PAVmed ESPP.
In
the three months ended March 31, 2024, 112,461 shares of the Company’s common stock were issued upon conversion, at the election
of the holder, of the April 2022 Senior Convertible Note and the September 2022 Senior Convertible Note, for $280 face value principal
repayments, as discussed in Note 10, Debt.
In
the three months ended March 31, 2024, the Company sold 133,299 shares through their at-the-market equity facility for net proceeds of
approximately $495, after payment of 3% commissions.
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.
The
Company’s distribution of Lucid common stock to PAVmed stockholders, constituted an “Extraordinary Dividend” as
defined in the Warrant Agreement. Accordingly, as a result of the distribution, pursuant to Section 4.3 of the Warrant Agreement,
the Warrant Price has been decreased by $0.52
(the fair market value of 0.37709668 of
a share of Lucid Diagnostics’ common stock on the distribution date) to $23.48
per share.
Common
Stock Purchase Warrants
As
of March 31, 2024 and December 31, 2023, Series Z Warrants outstanding totaled 11,937,450
representing the right to purchase 795,830
shares of the Company’s common stock. The
Series Z Warrants are now exercisable to purchase one whole share of common stock of the Company at an exercise price of $23.48
($24.00
post reverse-split, decreased by $0.52
due to distribution of Lucid common stock to
PAVmed stockholders, discussed further above). There were no
Series Z Warrants exercised during the three
months ended March 31, 2024.
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v3.24.1.1.u2
Noncontrolling Interest
|
3 Months Ended |
Mar. 31, 2024 |
Noncontrolling Interest [Abstract] |
|
Noncontrolling Interest |
Note
14 — Noncontrolling Interest
The
noncontrolling interest (“NCI”) included as a component of consolidated total stockholders’ equity is summarized for
the periods indicated as follows:
Schedule of Noncontrolling Interest of Stockholders' Equity
| |
March 31, 2024 | |
NCI – equity - December 31, 2023 | |
$ | 29,813 | |
Net loss attributable to NCI | |
| (3,300 | ) |
Impact of subsidiary equity transactions | |
| 1,734 | |
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 | |
| (24,295 | ) |
Lucid Diagnostics proceeds from issuance of preferred stock Series B | |
| 44,285 | |
Lucid Diagnostics deemed dividend on preferred stock | |
| (7,495 | ) |
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 | |
| 687 | |
Stock-based compensation expense - Lucid Diagnostics 2018 Equity Plan | |
| 744 | |
Stock-based compensation expense - Veris Health 2021 Equity Plan | |
| 5 | |
NCI – equity - March 31, 2024 | |
$ | 48,205 | |
The
consolidated NCI presented above is with respect to the Company’s consolidated majority-owned subsidiaries as a component of
consolidated total stockholders’ equity as of March 31, 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 majority-owned subsidiaries.
Lucid
Diagnostics
As
of March 31, 2024, there were 46,747,062
shares of common stock of Lucid Diagnostics issued and outstanding, of which, PAVmed held 31,302,444
shares, representing a majority ownership equity interest and PAVmed has a controlling financial interest through its majority
voting interest by means of ownership and an irrevocable proxy in Lucid Diagnostics, and accordingly, Lucid Diagnostics is a
consolidated majority-owned subsidiary of PAVmed.
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.
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.
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 exchange 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.
Note
14 — Noncontrolling Interest - continued
Subsequent
to March 31, 2024, 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.
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 44,285 shares of Series B Convertible Preferred Stock, with such fair
value recognized as the carrying value of such issued shares of Series B Convertible Preferred Stock, as compared to both the newly issued
Series B Convertible Preferred Stock (fair value of $12,495) and the carrying value of the extinguished Series A and Series A-1 Convertible
Preferred Stock (carrying value of $24,295), 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:
Schedule
of Net Loss Attributable to Common Stockholders
Series B Convertible Preferred Stock Issuance and Series A/A-1 Exchange Offer | |
March 13, 2024 | |
| |
| |
Fair Value - 44,285 shares of Series B Preferred Stock issued | |
$ | 44,285 | |
Less: Fair value related to newly issued Series B Preferred Stock (of 12,495 shares) | |
| (12,495 | ) |
Less: Carrying value related to Series A and Series A-1 Preferred Stock Exchanged for Series B Preferred Stock (of 24,295 shares) | |
| (24,295 | ) |
Deemed Dividend Charged to Accumulated Deficit | |
$ | 7,495 | |
|
X |
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v3.24.1.1.u2
Net Loss Per Share
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Net Loss Per Share |
Note
15 — Net Loss Per Share
The
Net loss per share - attributable to PAVmed Inc. - basic and diluted and Net loss per share - attributable to PAVmed Inc. common stockholders
- basic and diluted - for the respective periods indicated - is as follows:
Schedule of Comparison of Basic and Fully Diluted Net Loss Per Share
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Numerator | |
| | | |
| | |
Net loss - before noncontrolling interest | |
$ | (18,512 | ) | |
$ | (22,214 | ) |
Net loss attributable to noncontrolling interest | |
| 3,300 | | |
| 4,283 | |
Net loss - as reported, attributable to PAVmed Inc. | |
$ | (15,212 | ) | |
$ | (17,931 | ) |
| |
| | | |
| | |
Series B Convertible Preferred Stock dividends – earned | |
$ | (80 | ) | |
$ | (74 | ) |
Deemed dividend on Subsidiary Preferred Stock attributable to the noncontrolling interests | |
$ | (7,496 | ) | |
$ | — | |
| |
| | | |
| | |
Net loss attributable to PAVmed Inc. common stockholders | |
$ | (22,788 | ) | |
$ | (18,005 | ) |
| |
| | | |
| | |
Denominator | |
| | | |
| | |
Weighted average common shares outstanding, basic and diluted | |
| 8,694,904 | | |
| 6,473,010 | |
| |
| | | |
| | |
Net loss per share (1) | |
| | | |
| | |
Basic and diluted | |
| | | |
| | |
Net loss attributable to PAVmed Inc. common stockholders | |
$ | (2.62 | ) | |
$ | (2.78 | ) |
(1) | - Convertible Preferred
Stock would potentially be considered a participating security under the two-class method of calculating net loss per share. However,
the Company has incurred net losses to-date, and as such holders are not contractually obligated to share in the losses, there is no
impact on the Company’s net 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.
Note
15 — Net Loss Per Share - continued
Basic
weighted-average number of shares of common stock outstanding for the three month periods ended March 31, 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 all years presented, 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:
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share
| |
2024 | | |
2023 | |
| |
March 31, | |
| |
2024 | | |
2023 | |
Stock options and restricted stock awards | |
| 1,704,460 | | |
| 1,263,715 | |
Series Z Warrants | |
| 795,830 | | |
| 795,830 | |
Series B Convertible Preferred Stock | |
| 88,756 | | |
| 81,993 | |
Total | |
| 2,589,046 | | |
| 2,141,538 | |
The
total stock options and restricted stock awards are inclusive of 60,054 and 33,391 stock options as of March 31, 2024 and 2023, respectively;
granted outside the PAVmed 2014 Equity Plan.
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v3.24.1.1.u2
Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements of PAVmed and its subsidiaries have been prepared in accordance with
accounting principles generally accepted in the United States of America (“U.S. GAAP”), and applicable rules and regulations
of the United States Securities and Exchange Commission (“SEC”), and include the accounts of the Company and its wholly-owned
and majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company holds
a majority-ownership interest and has controlling financial interest in each of: Lucid Diagnostics and Veris Health, with the corresponding
noncontrolling interest included as a separate component of consolidated stockholders’ equity (deficit), including the recognition
in the unaudited condensed consolidated statement of operations of a net loss attributable to the noncontrolling interest based on the
respective minority-interest equity ownership of each majority-owned subsidiary. See Note 14, Noncontrolling Interest, for a discussion
of each of the majority-owned subsidiaries noted above. The Company manages its operations as a single operating segment for the purposes
of assessing performance and making operating decisions.
As
permitted under SEC rules, certain footnotes or other financial information normally required by U.S. GAAP have been condensed or omitted.
The balance sheet as of December 31, 2023 has been derived from audited consolidated financial statements at such date. The accompanying
unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated
financial statements, and in the opinion of management, include all adjustments, consisting only of routine recurring adjustments, necessary
for a fair statement of the Company’s unaudited condensed consolidated financial information.
The
unaudited condensed consolidated results of operations for the three months ended March 31, 2024 are not necessarily indicative of
the consolidated results to be expected for the year ending December 31, 2024 or for any other interim period or for any other
future periods. The accompanying unaudited condensed consolidated financial statements and related unaudited condensed consolidated
financial information should be read in conjunction with the Company’s audited consolidated financial statements and related
notes thereto as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K as filed
with the SEC on March 25, 2024.
All
amounts in the accompanying unaudited condensed consolidated financial statements and the notes thereto are presented in thousands of
dollars, if not otherwise noted as being presented in millions of dollars, except for shares and per share amounts.
|
Use of Estimates |
Use
of Estimates
In
preparing the unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make
estimates and assumptions that affect the reported amounts of assets and the determination of corresponding carrying value reserve,
if any, and liabilities and the disclosure of contingent losses, as of the date of the unaudited condensed consolidated financial
statements, as well as the reported amounts of revenue and expenses during the reporting period. Significant
estimates in these unaudited condensed consolidated financial statements include those related to the estimated fair value of debt
obligations, stock-based equity awards, intangible assets and common stock purchase warrants. Other significant estimates include
the estimated incremental borrowing rate, the provision or benefit for income taxes and the corresponding valuation allowance on
deferred tax assets. Additionally, management’s assessment of the Company’s ability to continue as a going concern
involves the estimation of the amount and timing of future cash inflows and outflows. On an ongoing basis, the Company evaluates its
estimates and assumptions. The Company bases its estimates on historical experience and on various other assumptions believed to be
reasonable. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by
changes in these estimates.
Note
3 — Summary of Significant Accounting Policies - continued
|
Revenue Recognition |
Revenue
Recognition
Revenues
are recognized when the satisfaction of the performance obligation occurs, in an amount that reflects the consideration the Company expects
to collect in exchange for those services. The Company’s revenue is primarily generated by its laboratory testing services utilizing
its EsoGuard Esophageal DNA tests. The services are completed upon release of a patient’s test result to the ordering healthcare
provider. Revenue recognized is inclusive of both variable consideration in connection with an individual patient’s third-party
insurance coverage policy and fixed consideration in connection with a contracted services arrangement with an unrelated third party
legal entity. To determine revenue recognition for the arrangements that the Company determines are within the scope of ASC 606, Revenue
from Contracts with Customers, the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify
the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance
obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation.
The
key aspects considered by the Company include the following:
Contracts—The
Company’s customer is primarily the patient, but the Company does not enter into a formal reimbursement contract with a patient.
The Company establishes a contract with a patient in accordance with other customary business practices, which is the point in time an
order is received from a provider and a patient specimen has been returned to the laboratory for testing. Payment terms are a function
of a patient’s existing insurance benefits, including the impact of coverage decisions with Center for Medicare & Medicaid
Services (“CMS”) and applicable reimbursement contracts established between the Company and payers. However, when a patient
is considered self-pay, the Company requires payment from the patient prior to the commencement of the Company’s performance obligations.
The Company’s consideration can be deemed variable or fixed depending on the structure of specific payer contracts, and the Company
considers collection of such consideration to be probable to the extent that it is unconstrained.
Performance
obligations—A performance obligation is a promise in a contract to transfer a distinct good or service (or a bundle of goods
or services) to the customer. The Company’s contracts have a single performance obligation, which is satisfied upon rendering of
services, which culminates in the release of a patient’s test result to the ordering healthcare provider. The Company elects the
practical expedient related to the disclosure of unsatisfied performance obligations, as the duration of time between providing testing
supplies, the receipt of a sample, and the release of a test result to the ordering healthcare provider is far less than one year.
Transaction
price—The transaction price is the amount of consideration that the Company expects to collect in exchange for transferring
promised goods or services to a customer, excluding amounts collected on behalf of third parties (for example, some sales taxes). The
consideration expected to be collected from a contract with a customer may include fixed amounts, variable amounts, or both.
If
the consideration derived from the contracts is deemed to be variable, the Company estimates the amount of consideration to which it
will be entitled in exchange for the promised goods or services. The Company limits the amount of variable consideration included in
the transaction price to the unconstrained portion of such consideration. In other words, the Company recognizes revenue up to the amount
of variable consideration that is not subject to a significant reversal until additional information is obtained or the uncertainty associated
with the additional payments or refunds is subsequently resolved.
When
the Company does not have significant historical experience or that experience has limited predictive value, the constraint over estimates
of variable consideration may result in no revenue being recognized upon delivery of patient EsoGuard test results to the ordering healthcare
provider. As such, the Company recognizes revenue up to the amount of variable consideration not subject to a significant reversal until
additional information is obtained or the uncertainty associated with additional payments or refunds, if any, is subsequently resolved.
Differences between original estimates and subsequent revisions, including final settlements, represent changes in estimated expected
variable consideration, with the change in estimate recognized in the period of such revised estimate. With respect to a contracted service
arrangement, the fixed consideration revenue is recognized on an as-billed basis upon delivery of the laboratory test report with realization
of such fixed consideration deemed probable based upon actual historical experience.
Allocate
transaction price—The transaction price is allocated entirely to the performance obligation contained within the contract with
a customer on the basis of the relative standalone selling prices of each distinct good or service.
Practical
Expedients—The Company does not adjust the transaction price for the effects of a significant financing component, as at contract
inception, the Company expects the collection cycle to be one year or less.
Note
3 — Summary of Significant Accounting Policies - continued
|
Fair Value Option (“FVO”) Election |
Fair
Value Option (“FVO”) Election
Under
a Securities Purchase Agreement dated March 31, 2022, the Company issued a Senior Secured Convertible Note dated April 4, 2022, referred
to herein as the “April 2022 Senior Convertible Note”, and a Senior Secured Convertible Note dated September 8, 2022, referred
to herein as the “September 2022 Senior Convertible Note”, which are accounted under the “fair value option election”
as discussed below.
Under
a Securities Purchase Agreement dated March 13, 2023, Lucid Diagnostics issued a Senior Secured Convertible Note dated March 21, 2023,
referred to herein as the “Lucid March 2023 Senior Convertible Note”, which is accounted under the “fair value option
election” as discussed below.
Under
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 815, Derivative
and Hedging, (“ASC 815”), a financial instrument containing embedded features and/or options may be required to be bifurcated
from the financial instrument host and recognized as separate derivative asset or liability, with the bifurcated derivative asset or
liability initially measured at estimated fair value as of the transaction issue date and then subsequently remeasured at estimated fair
value as of each reporting period balance sheet date.
Alternatively,
FASB ASC Topic 825, Financial Instruments, (“ASC 825”) provides for the “fair value option”
(“FVO”) election. In this regard, ASC 825-10-15-4 provides for the FVO election (to the extent not otherwise prohibited
by ASC 825-10-15-5) to be afforded to financial instruments, wherein the financial instrument is initially measured at estimated
fair value as of the transaction issue date and then subsequently remeasured at estimated fair value as of each reporting period
balance sheet date, with changes in the estimated fair value recognized as other income (expense) in the statement of operations.
The estimated fair value adjustment of the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note and the
Lucid March 2023 Senior Convertible Note is presented in a single line item within other income (expense) in the accompanying
unaudited condensed consolidated statement of operations (as provided for by ASC 825-10-50-30(b)). Further, as required by ASC
825-10-45-5, to the extent a portion of the fair value adjustment is attributed to a change in the instrument-specific credit risk,
such portion would be recognized as a component of other comprehensive income (“OCI”) (for which there was no such
adjustment with respect to the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note or the Lucid March
2023 Senior Convertible Note).
See
Note 9, Financial Instruments Fair Value Measurements, with respect to the FVO election; and Note 10, Debt, for a discussion
of the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note and the Lucid March 2023 Senior Convertible Note.
|
Reclassifications |
Reclassifications
Certain
prior-year amounts have been reclassified to conform to the current year presentation, which includes presenting costs of revenue within
operating expenses on the statements of operations, in the unaudited condensed consolidated financial statements and accompanying notes
to the unaudited condensed consolidated financial statements. The impact of the reclassifications made to prior year amounts is not material
and did not affect net loss.
|
Recent Accounting Standards Updates Not Yet Adopted |
Recent
Accounting Standards Updates Not Yet Adopted
In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU
2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in
ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid
information. ASU 2023-09 is effective for the Company prospectively to all annual periods beginning after December 15, 2024. Early
adoption is permitted. The Company does not expect the standard to have a significant impact on its consolidated financial statements.
In
November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures
(“ASU 2023-07”), which require public companies disclose significant segment expenses and other segment items on an
annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and
assets that are currently required annually. The guidance is effective for public entities for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is
applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company does not
expect the standard to have a significant impact on its consolidated financial statements.
Note
3 — Summary of Significant Accounting Policies - continued
In
October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure
Update and Simplification Initiative. This update modifies the disclosure or presentation requirements of a variety of topics in the
Accounting Standards Codification to conform with certain SEC amendments in Release No. 33-10532, Disclosure Update and Simplification.
The amendments in this update should be applied prospectively, and the effective date for each amendment will be the date on which the
SEC’s removal of that related disclosure from Regulation S-X or S-K becomes effective. However, if the SEC has not removed the
related disclosure from its regulations by June 30, 2027, the amendments will be removed from the Codification and not become effective.
Early adoption is prohibited. The Company is currently evaluating the impact this update will have on its consolidated
financial statements and disclosures.
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v3.24.1.1.u2
Prepaid Expenses, Deposits, and Other Current Assets (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Prepaid Expenses Deposits And Other Current Assets |
|
Schedule of Prepaid Expenses and Other Current Assets |
Prepaid
expenses and other current assets consisted of the following as of:
Schedule
of Prepaid Expenses and Other Current Assets
| |
March
31, 2024 | | |
December
31, 2023 | |
Advanced payments
to service providers and suppliers | |
$ | 436 | | |
$ | 739 | |
Prepaid insurance | |
| 520 | | |
| 848 | |
Deposits | |
| 2,347 | | |
| 2,672 | |
Veris
Box supplies | |
| 258 | | |
| 261 | |
Total
prepaid expenses, deposits and other current assets | |
$ | 3,561 | | |
$ | 4,520 | |
|
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v3.24.1.1.u2
Leases (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Leases |
|
Schedule of Future Minimum Lease Payments for Operating Leases |
The
Company’s future lease payments as of March 31, 2024, which are presented as operating lease liabilities, current portion and
operating lease liabilities, less current portion on the Company’s unaudited condensed consolidated balance sheets are as
follows:
Schedule
of Future Minimum Lease Payments for Operating Leases
| |
| | |
2024 (remainder of year) | |
$ | 1,374 | |
2025 | |
| 841 | |
2026 | |
| 794 | |
2027 | |
| 624 | |
2028 | |
| 472 | |
Thereafter | |
| 848 | |
Total lease payments | |
$ | 4,953 | |
Less: imputed interest | |
| (806 | ) |
Present value of lease liabilities | |
$ | 4,147 | |
|
Schedule of Supplemental Balance Sheet Information Related to Cash and Non-cash Activities with Leases |
Supplemental
disclosure of cash flow information related to the Company’s cash and non-cash activities with its leases are as follows:
Schedule of Supplemental Balance Sheet Information Related to Cash and Non-cash Activities with Leases
| |
2024 | | |
2023 | |
| |
Three
Months Ended March 31, | |
| |
2024 | | |
2023 | |
Cash paid for amounts included in the measurement of
lease liabilities | |
| | |
| |
Operating cash
flows from operating leases | |
$ | 476 | | |
$ | 346 | |
Non-cash investing and financing
activities | |
| | | |
| | |
Right-of-use assets obtained
in exchange for new operating lease liabilities | |
$ | 22 | | |
$ | 2,473 | |
Weighted-average remaining
lease term - operating leases (in years) | |
| 4.60 | | |
| 4.84 | |
Weighted-average discount
rate - operating leases | |
| 7.875 | % | |
| 7.875 | % |
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v3.24.1.1.u2
Intangible Assets, net (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Intangible Assets, Less Accumulated Amortization |
Intangible
assets, less accumulated amortization, consisted of the following as of:
Schedule
of Intangible Assets, Less Accumulated Amortization
| |
Estimated Useful Life | | |
March 31, 2024 | | |
December 31, 2023 | |
Defensive asset | |
| 60 months | | |
$ | 2,105 | | |
$ | 2,105 | |
Laboratory licenses and certifications and laboratory information management software | |
| 24 months | | |
| 3,200 | | |
| 3,200 | |
Other | |
| 1 year | | |
| 70 | | |
| 70 | |
Total Intangible assets | |
| | | |
| 5,375 | | |
| 5,375 | |
Less Accumulated Amortization | |
| | | |
| (4,323 | ) | |
| (3,951 | ) |
Intangible Assets, net | |
| | | |
$ | 1,052 | | |
$ | 1,424 | |
|
Schedule of Estimated Amortization Expense for Intangible Assets |
Schedule of Estimated Amortization Expense for Intangible Assets
| |
| | |
2024 (remainder of year) | |
$ | 316 | |
2025 | |
| 421 | |
2026 | |
| 315 | |
Total | |
$ | 1,052 | |
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v3.24.1.1.u2
Financial Instruments Fair Value Measurements (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis |
The
fair value hierarchy table for the periods indicated is as follows:
Schedule
of Financial Liabilities Measured at Fair Value on Recurring Basis
| |
Fair
Value Measurement on a Recurring Basis at Reporting Date Using1 | |
| |
Level-1
Inputs | | |
Level-2
Inputs | | |
Level-3
Inputs | | |
Total | |
March 31, 2024 | |
| | | |
| | | |
| | | |
| | |
Senior Secured
Convertible Note - April 2022 | |
$ | — | | |
$ | — | | |
$ | 18,800 | | |
$ | 18,800 | |
Senior Secured Convertible
Note - September 2022 | |
| — | | |
| — | | |
| 13,600 | | |
| 13,600 | |
Lucid
Senior Secured Convertible Note - March 2023 | |
| — | | |
| — | | |
| 13,140 | | |
| 13,140 | |
Totals | |
$ | — | | |
$ | — | | |
$ | 45,540 | | |
$ | 45,540 | |
| |
Level-1
Inputs | | |
Level-2
Inputs | | |
Level-3
Inputs | | |
Total | |
December 31, 2023 | |
| | | |
| | | |
| | | |
| | |
Senior Secured
Convertible Note - April 2022 | |
$ | — | | |
$ | — | | |
$ | 19,000 | | |
$ | 19,000 | |
Senior Secured Convertible
Note - September 2022 | |
| — | | |
| — | | |
| 11,250 | | |
| 11,250 | |
Lucid
Senior Secured Convertible Note - March 2023 | |
| — | | |
| — | | |
| 13,950 | | |
| 13,950 | |
Totals | |
$ | — | | |
$ | — | | |
$ | 44,200 | | |
$ | 44,200 | |
1 | | There were no transfers
between the respective Levels during the three months ended March 31, 2024. |
|
Schedule of Fair Value Assumption Used |
The
estimated fair value of the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note and the Lucid March 2023 Senior
Convertible Note as of each of March 31, 2024 and December 31, 2023, were computed using a Monte Carlo simulation of the present value
of its cash flows using a synthetic credit rating analysis and a required rate-of-return, using the following assumptions:
Schedule of Fair Value Assumption Used
| |
April 2022 Senior
Convertible Note: March 31, 2024 | | |
September 2022 Senior
Convertible
Note: March 31, 2024 | | |
Lucid
March 2023 Senior
Convertible Note: March 31, 2024 | |
Fair Value | |
$ | 18,800 | | |
$ | 13,600 | | |
$ | 13,140 | |
Face value principal payable | |
$ | 17,602 | | |
$ | 8,782 | | |
$ | 10,936 | |
Required rate of return | |
| 9.800 | % | |
| 9.600 | % | |
| 9.80 | % |
Conversion Price | |
$ | 75.00 | | |
$ | 75.00 | | |
$ | 5.00 | |
Value of common stock | |
$ | 2.14 | | |
$ | 2.14 | | |
$ | 0.81 | |
Expected term (years) | |
| 1.01 | | |
| 1.44 | | |
| 0.97 | |
Volatility | |
| 105.00 | % | |
| 105.00 | % | |
| 55.00 | % |
Risk free rate | |
| 4.91 | % | |
| 4.72 | % | |
| 4.93 | % |
Dividend yield | |
| — | % | |
| — | % | |
| — | % |
| |
April 2022 Senior
Convertible Note:
December 31, 2023 | | |
September 2022 Senior
Convertible
Note: December 31, 2023 | | |
Lucid
March 2023 Senior
Convertible Note:
December 31, 2023 | |
Fair Value | |
$ | 19,000 | | |
$ | 11,250 | | |
$ | 13,950 | |
Face value principal payable | |
$ | 17,602 | | |
$ | 9,062 | | |
$ | 11,019 | |
Required rate of return | |
| 10.00%
- 10.50 | % | |
| 10.00%
- 10.20 | % | |
| 10.00 | % |
Conversion Price | |
$ | 75.00 | | |
$ | 75.00 | | |
$ | 5.00 | |
Value of common stock | |
$ | 4.12 | | |
$ | 4.12 | | |
$ | 1.41 | |
Expected term (years) | |
| 0.26
- 1.26 | | |
| 0.69
- 1.69 | | |
| 1.22 | |
Volatility | |
| 85.00 | % | |
| 85.00 | % | |
| 60.00 | % |
Risk free rate | |
| 4.54%
- 5.25 | % | |
| 4.31%
- 4.96 | % | |
| 4.56 | % |
Dividend yield | |
| — | % | |
| — | % | |
| — | % |
|
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v3.24.1.1.u2
Debt (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Summary of Outstanding Debt |
The
fair value and face value principal outstanding of the Senior Convertible Notes as of the dates indicated are as follows:
Summary of Outstanding Debt
| |
Contractual
Maturity Date | |
Stated
Interest Rate | | |
Conversion
Price per Share | | |
Face
Value Principal Outstanding | | |
Fair
Value | |
April 2022 Senior
Convertible Note | |
April 4, 2025 | |
| 7.875 | % | |
$ | 75.00 | | |
$ | 17,602 | | |
$ | 18,800 | |
September 2022 Senior Convertible
Note | |
September 8, 2025 | |
| 7.875 | % | |
$ | 75.00 | | |
| 8,782 | | |
| 13,600 | |
Lucid
March 2023 Senior Convertible Note | |
March
21, 2025 | |
| 7.875 | % | |
$ | 5.00 | | |
| 10,936 | | |
| 13,140 | |
Balance as of March 31, 2024 | |
| |
| | | |
| | | |
$ | 37,320 | | |
$ | 45,540 | |
| |
Contractual
Maturity Date | |
Stated
Interest Rate | | |
Conversion
Price per Share | | |
Face
Value Principal Outstanding | | |
Fair
Value | |
April 2022 Senior
Convertible Note | |
April 4, 2025 | |
| 7.875 | % | |
$ | 75.00 | | |
$ | 17,602 | | |
$ | 19,000 | |
September 2022 Senior Convertible
Note | |
September 6, 2025 | |
| 7.875 | % | |
$ | 75.00 | | |
| 9,062 | | |
| 11,250 | |
Lucid
March 2023 Senior Convertible Note | |
March
21, 2025 | |
| 7.875 | % | |
$ | 5.00 | | |
| 11,019 | | |
| 13,950 | |
Balance as of December 31, 2023 | |
| |
| | | |
| | | |
$ | 37,683 | | |
$ | 44,200 | |
|
Schedule of Changes in Fair Value of Debt |
The
changes in the fair value of debt during the three month period ended March 31, 2024 is as follows:
Schedule of Changes in Fair Value of Debt
| |
April
2022 Senior Convertible Note | | |
September
2022 Senior Convertible Note | | |
Lucid
March 2023 Senior Convertible Note | | |
Sum
of Balance Sheet Fair Value Components | | |
Other
Income (expense) | |
Fair Value - December 31, 2023 | |
$ | 19,000 | | |
$ | 11,250 | | |
$ | 13,950 | | |
$ | 44,200 | | |
$ | — | |
Installment repayments –
common stock | |
| — | | |
| (280 | ) | |
| (83 | ) | |
| (363 | ) | |
| — | |
Non-installment payments –
common stock | |
| — | | |
| (24 | ) | |
| (436 | ) | |
| (460 | ) | |
| — | |
Change
in fair value | |
| (200 | ) | |
| 2,654 | | |
| (291 | ) | |
| 2,163 | | |
| (2,163 | ) |
Fair Value at March 31,
2024 | |
$ | 18,800 | | |
$ | 13,600 | | |
$ | 13,140 | | |
$ | 45,540 | | |
| - | |
Other Income (Expense)
- Change in fair value – three month period ended March 31, 2024 | |
| | | |
| | | |
| | | |
| | | |
$ | (2,163 | ) |
The
changes in the fair value of debt during the three month period ended March 31, 2023 is as follows:
| |
April
2022 Senior Convertible Note | | |
September
2022 Senior Convertible Note | | |
Lucid
March 2023 Senior Convertible Note | | |
Sum
of Balance Sheet Fair Value Components | | |
Other
Income (expense) | |
Fair Value - December 31, 2022 | |
$ | 22,000 | | |
$ | 11,650 | | |
$ | — | | |
$ | 33,650 | | |
$ | — | |
Face value principal –
issue date | |
| — | | |
| — | | |
| 11,111 | | |
| 11,111 | | |
| — | |
Fair value adjustment –
issue date | |
| — | | |
| — | | |
| 789 | | |
| 789 | | |
| (789 | ) |
Installment repayments –
common stock | |
| (1,335 | ) | |
| — | | |
| — | | |
| (1,335 | ) | |
| — | |
Non-installment payments –
common stock | |
| (166 | ) | |
| — | | |
| — | | |
| (166 | ) | |
| — | |
Change
in fair value | |
| 251 | | |
| — | | |
| — | | |
| 251 | | |
| (251 | ) |
Fair Value at March 31,
2023 | |
$ | 20,750 | | |
$ | 11,650 | | |
$ | 11,900 | | |
$ | 44,300 | | |
| - | |
Other Income (Expense)
- Change in fair value – three month period ended March 31, 2023 | |
| | | |
| | | |
| | | |
| | | |
$ | (1,040 | ) |
|
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v3.24.1.1.u2
Stock-Based Compensation (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Schedule of Stock-Based Compensation Expense |
The
consolidated stock-based compensation expense recognized by each of PAVmed and Lucid Diagnostics for both the PAVmed 2014 Equity Plan
and the Lucid Diagnostics 2018 Equity Plan, with respect to stock options and restricted stock awards as discussed above, for the periods
indicated, was as follows:
Schedule
of Stock-Based Compensation Expense
| |
2024 | | |
2023 | |
| |
Three
Months Ended March
31, | |
| |
2024 | | |
2023 | |
Cost of revenue | |
$ | 36 | | |
$ | 23 | |
Sales and marketing expenses | |
| 403 | | |
| 444 | |
General and administrative
expenses | |
| 1,078 | | |
| 3,588 | |
Research
and development expenses | |
| 365 | | |
| 364 | |
Total
stock-based compensation expense | |
$ | 1,882 | | |
$ | 4,419 | |
|
Schedule of Stock-Based Compensation Expense Recognized by Lucid Diagnostics |
Schedule
of Stock-Based Compensation Expense Recognized by Lucid Diagnostics
| |
2024 | | |
2023 | |
| |
Three
Months Ended March
31, | |
| |
2024 | | |
2023 | |
Lucid Diagnostics
2018 Equity Plan – cost of revenue | |
$ | 25 | | |
$ | 12 | |
Lucid Diagnostics 2018 Equity
Plan – sales and marketing | |
| 271 | | |
| 223 | |
Lucid Diagnostics 2018 Equity
Plan – general and administrative | |
| 328 | | |
| 2,512 | |
Lucid Diagnostics 2018 Equity
Plan – research and development | |
| 120 | | |
| 70 | |
PAVmed 2014 Equity Plan -
cost of revenue | |
| 11 | | |
| 7 | |
PAVmed 2014 Equity Plan -
sales and marketing | |
| 79 | | |
| 133 | |
PAVmed 2014 Equity Plan -
general and administrative | |
| 2 | | |
| 156 | |
PAVmed
2014 Equity Plan - research and development | |
| 97 | | |
| 95 | |
Total
stock-based compensation expense – recognized by Lucid Diagnostics | |
$ | 933 | | |
$ | 3,208 | |
Total
stock-based compensation expense | |
$ | 933 | | |
$ | 3,208 | |
|
Schedule of Unrecognized Compensation Expense |
The
consolidated unrecognized stock-based compensation expense and weighted average remaining requisite service period with respect to stock
options and restricted stock awards issued under each of the PAVmed 2014 Equity Plan and the Lucid Diagnostics 2018 Equity Plan, as discussed
above, is as follows:
Schedule of Unrecognized Compensation Expense
| |
Unrecognized
Expense | | |
Weighted Average Remaining Service
Period (Years) | |
PAVmed 2014 Equity Plan | |
| | | |
| | |
Stock Options | |
$ | 2,732 | | |
| 1.8 | |
Restricted Stock Awards | |
$ | 745 | | |
| 2.7 | |
| |
| | | |
| | |
Lucid Diagnostics 2018 Equity
Plan | |
| | | |
| | |
Stock Options | |
$ | 5,282 | | |
| 2.3 | |
Restricted Stock Awards | |
$ | 941 | | |
| 2.0 | |
|
2014 Equity Plan [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Schedule of Summarizes Information About Stock Options |
PAVmed
stock options granted under the PAVmed 2014 Equity Plan and stock options granted outside such plan are summarized as follows:
Schedule of Summarizes Information About Stock Options
| |
Number
of Stock Options | | |
Weighted
Average Exercise Price | | |
Remaining
Contractual Term (Years) | | |
Intrinsic
Value(2) | |
Outstanding stock
options at December 31, 2023 | |
| 1,192,458 | | |
$ | 26.18 | | |
| 7.3 | | |
$ | — | |
Granted(1) | |
| 74,500 | | |
$ | 2.30 | | |
| | | |
| | |
Exercised | |
| — | | |
$ | — | | |
| | | |
| | |
Forfeited | |
| (23,025 | ) | |
$ | 10.32 | | |
| | | |
| | |
Outstanding
stock options at March 31, 2024(3) | |
| 1,243,933 | | |
$ | 25.04 | | |
| 7.0 | | |
$ | 17 | |
Vested
and exercisable stock options at March 31, 2024 | |
| 799,947 | | |
$ | 34.11 | | |
| 6.0 | | |
$ | — | |
(1) | Stock
options granted under the PAVmed 2014 Equity Plan and those granted outside such plan generally
vest one-third in one year then ratably over the next eight quarters, and have a ten-year
contractual term from date-of-grant. |
(2) | The
intrinsic value is computed as the difference between the quoted price of the PAVmed common
stock on each of March 31, 2024 and December 31, 2023 and the exercise price of the underlying
PAVmed stock options, to the extent such quoted price is greater than the exercise price. |
(3) | The
outstanding stock options presented in the table above are inclusive of 60,054 stock options
granted outside the PAVmed 2014 Equity Plan, as of March 31, 2024 and December 31, 2023. |
|
Schedule of Restricted Stock Award Activity |
PAVmed
restricted stock awards granted under the PAVmed 2014 Equity Plan and restricted stock awards granted outside such plan are summarized
as follows:
Schedule of Restricted Stock Award Activity
| |
Number of Restricted
Stock Awards | | |
Weighted Average
Grant Date Fair Value | |
Unvested restricted stock awards
as of December 31, 2023 | |
| 70,527 | | |
$ | 38.77 | |
Granted | |
| 390,000 | | |
| 1.85 | |
Vested | |
| — | | |
| — | |
Forfeited | |
| — | | |
| — | |
Unvested restricted stock
awards as of March 31, 2024 | |
| 460,527 | | |
$ | 7.50 | |
|
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions |
Schedule
of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Expected term of stock options (in years) | |
| 5.8 | | |
| 5.7 | |
Expected stock price volatility | |
| 90 | % | |
| 88 | % |
Risk free interest rate | |
| 4.3 | % | |
| 3.7 | % |
Expected dividend yield | |
| — | % | |
| — | % |
|
2018 Equity Plan [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Schedule of Summarizes Information About Stock Options |
Lucid
Diagnostics stock options granted under the Lucid Diagnostics 2018 Equity Plan and stock options granted outside such plan are summarized
as follows:
Schedule of Summarizes Information About Stock Options
| |
Number
of Stock Options | | |
Weighted
Average Exercise Price | | |
Remaining
Contractual Term (Years) | | |
Intrinsic
Value(2) | |
Outstanding stock
options at December 31, 2023 | |
| 5,504,383 | | |
$ | 2.00 | | |
| 8.5 | | |
$ | 765 | |
Granted(1) | |
| 3,000,000 | | |
$ | 1.25 | | |
| | | |
| | |
Exercised | |
| (3,333 | ) | |
$ | 1.31 | | |
| | | |
| | |
Forfeited | |
| (168,337 | ) | |
$ | 1.57 | | |
| | | |
| | |
Outstanding
stock options at March 31, 2024(3) | |
| 8,332,713 | | |
$ | 1.74 | | |
| 8.8 | | |
$ | 195 | |
Vested
and exercisable stock options at March 31, 2024 | |
| 2,655,413 | | |
$ | 2.29 | | |
| 7.6 | | |
$ | 195 | |
(1) | Stock
options granted under the Lucid Diagnostics 2018 Equity Plan and those granted outside such
plan generally vest one-third in one year then ratably over the next eight quarters, and
have a ten-year contractual term from date-of-grant. |
(2) | The
intrinsic value is computed as the difference between the quoted price of the Lucid Diagnostics
common stock on each of March 31, 2024 and December 31, 2023 and the exercise price of the
underlying Lucid Diagnostics stock options, to the extent such quoted price is greater than
the exercise price. |
(3) | The
outstanding stock options presented in the table above are inclusive of 423,300 stock options
granted outside the Lucid Diagnostics 2018 Equity Plan, as of March 31, 2024 and December
31, 2023. |
|
Schedule of Restricted Stock Award Activity |
Lucid
Diagnostics restricted stock awards granted under the Lucid Diagnostics 2018 Equity Plan and restricted stock awards granted outside
such plan are summarized as follows:
Schedule of Restricted Stock Award Activity
| |
Number of Restricted
Stock Awards | | |
Weighted Average
Grant Date Fair Value | |
Unvested restricted stock awards
as of December 31, 2023 | |
| 2,337,440 | | |
$ | 8.99 | |
Granted | |
| — | | |
| — | |
Vested | |
| (26,912 | ) | |
| 4.56 | |
Forfeited | |
| (13,088 | ) | |
| 4.56 | |
Unvested restricted stock
awards as of March 31, 2024 | |
| 2,297,440 | | |
$ | 9.07 | |
|
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions |
Schedule
of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Expected term of stock options (in years) | |
| 5.7 | | |
| 5.6 | |
Expected stock price volatility | |
| 74 | % | |
| 75 | % |
Risk free interest rate | |
| 4.3 | % | |
| 3.7 | % |
Expected dividend yield | |
| — | % | |
| — | % |
|
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v3.24.1.1.u2
Noncontrolling Interest (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Noncontrolling Interest [Abstract] |
|
Schedule of Noncontrolling Interest of Stockholders' Equity |
The
noncontrolling interest (“NCI”) included as a component of consolidated total stockholders’ equity is summarized for
the periods indicated as follows:
Schedule of Noncontrolling Interest of Stockholders' Equity
| |
March 31, 2024 | |
NCI – equity - December 31, 2023 | |
$ | 29,813 | |
Net loss attributable to NCI | |
| (3,300 | ) |
Impact of subsidiary equity transactions | |
| 1,734 | |
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 | |
| (24,295 | ) |
Lucid Diagnostics proceeds from issuance of preferred stock Series B | |
| 44,285 | |
Lucid Diagnostics deemed dividend on preferred stock | |
| (7,495 | ) |
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 | |
| 687 | |
Stock-based compensation expense - Lucid Diagnostics 2018 Equity Plan | |
| 744 | |
Stock-based compensation expense - Veris Health 2021 Equity Plan | |
| 5 | |
NCI – equity - March 31, 2024 | |
$ | 48,205 | |
|
Schedule of Net Loss Attributable to Common Stockholders |
Schedule
of Net Loss Attributable to Common Stockholders
Series B Convertible Preferred Stock Issuance and Series A/A-1 Exchange Offer | |
March 13, 2024 | |
| |
| |
Fair Value - 44,285 shares of Series B Preferred Stock issued | |
$ | 44,285 | |
Less: Fair value related to newly issued Series B Preferred Stock (of 12,495 shares) | |
| (12,495 | ) |
Less: Carrying value related to Series A and Series A-1 Preferred Stock Exchanged for Series B Preferred Stock (of 24,295 shares) | |
| (24,295 | ) |
Deemed Dividend Charged to Accumulated Deficit | |
$ | 7,495 | |
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v3.24.1.1.u2
Net Loss Per Share (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Comparison of Basic and Fully Diluted Net Loss Per Share |
The
Net loss per share - attributable to PAVmed Inc. - basic and diluted and Net loss per share - attributable to PAVmed Inc. common stockholders
- basic and diluted - for the respective periods indicated - is as follows:
Schedule of Comparison of Basic and Fully Diluted Net Loss Per Share
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Numerator | |
| | | |
| | |
Net loss - before noncontrolling interest | |
$ | (18,512 | ) | |
$ | (22,214 | ) |
Net loss attributable to noncontrolling interest | |
| 3,300 | | |
| 4,283 | |
Net loss - as reported, attributable to PAVmed Inc. | |
$ | (15,212 | ) | |
$ | (17,931 | ) |
| |
| | | |
| | |
Series B Convertible Preferred Stock dividends – earned | |
$ | (80 | ) | |
$ | (74 | ) |
Deemed dividend on Subsidiary Preferred Stock attributable to the noncontrolling interests | |
$ | (7,496 | ) | |
$ | — | |
| |
| | | |
| | |
Net loss attributable to PAVmed Inc. common stockholders | |
$ | (22,788 | ) | |
$ | (18,005 | ) |
| |
| | | |
| | |
Denominator | |
| | | |
| | |
Weighted average common shares outstanding, basic and diluted | |
| 8,694,904 | | |
| 6,473,010 | |
| |
| | | |
| | |
Net loss per share (1) | |
| | | |
| | |
Basic and diluted | |
| | | |
| | |
Net loss attributable to PAVmed Inc. common stockholders | |
$ | (2.62 | ) | |
$ | (2.78 | ) |
(1) | - Convertible Preferred
Stock would potentially be considered a participating security under the two-class method of calculating net loss per share. However,
the Company has incurred net losses to-date, and as such holders are not contractually obligated to share in the losses, there is no
impact on the Company’s net loss per share calculation for the periods indicated. |
|
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share
| |
2024 | | |
2023 | |
| |
March 31, | |
| |
2024 | | |
2023 | |
Stock options and restricted stock awards | |
| 1,704,460 | | |
| 1,263,715 | |
Series Z Warrants | |
| 795,830 | | |
| 795,830 | |
Series B Convertible Preferred Stock | |
| 88,756 | | |
| 81,993 | |
Total | |
| 2,589,046 | | |
| 2,141,538 | |
|
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Liquidity and Going Concern (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
Revenues |
$ 1,000
|
|
|
Net loss attributable to common stockholders |
22,788
|
$ 18,005
|
|
Net cash flows used in operating activities |
13,109
|
$ 16,362
|
|
Working capital |
25,400
|
|
|
Current liabilities |
45,540
|
|
$ 44,200
|
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$ 25,500
|
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Leases (Details Narrative) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Leases |
|
|
Operating lease, right-of-use assets |
$ 3,886
|
$ 4,267
|
Operating lease obligations |
4,147
|
4,525
|
Operating lease, liability, current |
1,333
|
1,565
|
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$ 2,814
|
$ 2,960
|
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v3.24.1.1.u2
Schedule of Intangible Assets, Less Accumulated Amortization (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Impairment Effects on Earnings Per Share [Line Items] |
|
|
Total Intangible assets |
$ 5,375
|
$ 5,375
|
Less Accumulated Amortization |
(4,323)
|
(3,951)
|
Intangible Assets, net |
1,052
|
1,424
|
Defensive Asset [Member] |
|
|
Impairment Effects on Earnings Per Share [Line Items] |
|
|
Total Intangible assets |
$ 2,105
|
$ 2,105
|
Finite lived intangible asset, useful life |
60 months
|
60 months
|
Laboratory Information Management Software [Member] |
|
|
Impairment Effects on Earnings Per Share [Line Items] |
|
|
Total Intangible assets |
$ 3,200
|
$ 3,200
|
Finite lived intangible asset, useful life |
24 months
|
24 months
|
Other Infinite Lived Intangible Asset [Member] |
|
|
Impairment Effects on Earnings Per Share [Line Items] |
|
|
Total Intangible assets |
$ 70
|
$ 70
|
Finite lived intangible asset, useful life |
1 year
|
1 year
|
X |
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v3.24.1.1.u2
Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
$ 45,540
|
$ 44,200
|
Fair Value, Inputs, Level 1 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
45,540
|
44,200
|
April 2022 Senior Convertible Note [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
18,800
|
19,000
|
April 2022 Senior Convertible Note [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
|
|
April 2022 Senior Convertible Note [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
|
|
April 2022 Senior Convertible Note [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
18,800
|
19,000
|
September 2022 Senior Convertible Note [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
13,600
|
11,250
|
September 2022 Senior Convertible Note [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
|
|
September 2022 Senior Convertible Note [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
|
|
September 2022 Senior Convertible Note [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
13,600
|
11,250
|
Lucid March 2023 Senior Convertible Note [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
13,140
|
13,950
|
Lucid March 2023 Senior Convertible Note [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
|
|
Lucid March 2023 Senior Convertible Note [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
|
|
Lucid March 2023 Senior Convertible Note [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair value of liability |
[1] |
$ 13,140
|
$ 13,950
|
|
|
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- DefinitionFair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E
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v3.24.1.1.u2
Schedule of Fair Value Assumption Used (Details) $ in Thousands |
3 Months Ended |
12 Months Ended |
|
|
|
|
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Sep. 20, 2023
USD ($)
|
Mar. 21, 2023
USD ($)
|
Mar. 13, 2023
USD ($)
|
Sep. 08, 2022
USD ($)
|
Apr. 04, 2022
USD ($)
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Debt instrument fair value |
$ 45,540
|
$ 44,200
|
|
|
|
|
|
Face value principal payable |
37,320
|
37,683
|
|
|
|
|
|
April 2022 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Debt instrument fair value |
18,800
|
19,000
|
|
|
|
|
|
Face value principal payable |
$ 17,602
|
$ 17,602
|
|
|
|
|
$ 27,500
|
April 2022 Senior Convertible Note [Member] | Measurement Input Required Rate of Return [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
9.800
|
|
|
|
|
|
|
April 2022 Senior Convertible Note [Member] | Measurement Input Required Rate of Return [Member] | Minimum [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
|
10.00
|
|
|
|
|
|
April 2022 Senior Convertible Note [Member] | Measurement Input Required Rate of Return [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
|
10.50
|
|
|
|
|
|
April 2022 Senior Convertible Note [Member] | Measurement Input, Conversion Price [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
75.00
|
75.00
|
|
|
|
|
|
April 2022 Senior Convertible Note [Member] | Measurement Input, Share Price [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
2.14
|
4.12
|
|
|
|
|
|
April 2022 Senior Convertible Note [Member] | Measurement Input, Expected Term [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Expected term years |
1 year 3 days
|
|
|
|
|
|
|
April 2022 Senior Convertible Note [Member] | Measurement Input, Expected Term [Member] | Minimum [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Expected term years |
|
3 months 3 days
|
|
|
|
|
|
April 2022 Senior Convertible Note [Member] | Measurement Input, Expected Term [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Expected term years |
|
1 year 3 months 3 days
|
|
|
|
|
|
April 2022 Senior Convertible Note [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
105.00
|
85.00
|
|
|
|
|
|
April 2022 Senior Convertible Note [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
4.91
|
4.54
|
|
|
|
|
|
April 2022 Senior Convertible Note [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
|
5.25
|
|
|
|
|
|
April 2022 Senior Convertible Note [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
|
|
|
|
|
|
|
September 2022 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Debt instrument fair value |
$ 13,600
|
$ 11,250
|
|
|
|
|
|
Face value principal payable |
$ 8,782
|
$ 9,062
|
|
|
|
$ 11,250
|
|
September 2022 Senior Convertible Note [Member] | Measurement Input Required Rate of Return [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
9.600
|
|
|
|
|
|
|
September 2022 Senior Convertible Note [Member] | Measurement Input Required Rate of Return [Member] | Minimum [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
|
10.00
|
|
|
|
|
|
September 2022 Senior Convertible Note [Member] | Measurement Input Required Rate of Return [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
|
10.20
|
|
|
|
|
|
September 2022 Senior Convertible Note [Member] | Measurement Input, Conversion Price [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
75.00
|
75.00
|
|
|
|
|
|
September 2022 Senior Convertible Note [Member] | Measurement Input, Share Price [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
2.14
|
4.12
|
|
|
|
|
|
September 2022 Senior Convertible Note [Member] | Measurement Input, Expected Term [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Expected term years |
1 year 5 months 8 days
|
|
|
|
|
|
|
September 2022 Senior Convertible Note [Member] | Measurement Input, Expected Term [Member] | Minimum [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Expected term years |
|
8 months 8 days
|
|
|
|
|
|
September 2022 Senior Convertible Note [Member] | Measurement Input, Expected Term [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Expected term years |
|
1 year 8 months 8 days
|
|
|
|
|
|
September 2022 Senior Convertible Note [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
105.00
|
85.00
|
|
|
|
|
|
September 2022 Senior Convertible Note [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
4.72
|
|
|
|
|
|
|
September 2022 Senior Convertible Note [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
|
4.31
|
|
|
|
|
|
September 2022 Senior Convertible Note [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
|
4.96
|
|
|
|
|
|
September 2022 Senior Convertible Note [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
|
|
|
|
|
|
|
Lucid March 2023 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Debt instrument fair value |
$ 13,140
|
$ 13,950
|
|
|
|
|
|
Face value principal payable |
$ 10,936
|
$ 11,019
|
$ 11,100
|
$ 11,100
|
$ 11,100
|
|
|
Lucid March 2023 Senior Convertible Note [Member] | Measurement Input Required Rate of Return [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
9.80
|
10.00
|
|
|
|
|
|
Lucid March 2023 Senior Convertible Note [Member] | Measurement Input, Conversion Price [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
5.00
|
5.00
|
|
|
|
|
|
Lucid March 2023 Senior Convertible Note [Member] | Measurement Input, Share Price [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
0.81
|
1.41
|
|
|
|
|
|
Lucid March 2023 Senior Convertible Note [Member] | Measurement Input, Expected Term [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Expected term years |
11 months 19 days
|
1 year 2 months 19 days
|
|
|
|
|
|
Lucid March 2023 Senior Convertible Note [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
55.00
|
60.00
|
|
|
|
|
|
Lucid March 2023 Senior Convertible Note [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
4.93
|
4.56
|
|
|
|
|
|
Lucid March 2023 Senior Convertible Note [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
|
Fair value assumption measurement input |
|
|
|
|
|
|
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
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- DefinitionFair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.
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v3.24.1.1.u2
Financial Instruments Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 20, 2023 |
Mar. 21, 2023 |
Mar. 13, 2023 |
Sep. 08, 2022 |
Apr. 04, 2022 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Face value principal payable |
$ 37,320
|
$ 37,683
|
|
|
|
|
|
April 2022 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Face value principal payable |
17,602
|
17,602
|
|
|
|
|
$ 27,500
|
September 2022 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Face value principal payable |
8,782
|
9,062
|
|
|
|
$ 11,250
|
|
Lucid March 2023 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
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$ 10,936
|
$ 11,019
|
$ 11,100
|
$ 11,100
|
$ 11,100
|
|
|
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v3.24.1.1.u2
Summary of Outstanding Debt (Details) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
|
3 Months Ended |
12 Months Ended |
|
|
Sep. 21, 2023 |
Mar. 13, 2023 |
Sep. 08, 2022 |
Apr. 04, 2022 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 20, 2023 |
Mar. 21, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Face Value Principal Outstanding |
|
|
|
|
$ 37,320
|
$ 37,683
|
|
|
Fair Value |
|
|
|
|
$ 45,540
|
$ 44,200
|
|
|
April 2022 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Maturity Date |
|
|
|
Apr. 04, 2024
|
Apr. 04, 2025
|
Apr. 04, 2025
|
|
|
Stated Interest Rate |
|
|
|
7.875%
|
7.875%
|
7.875%
|
|
|
Conversion Price |
|
|
|
$ 75.00
|
$ 75.00
|
$ 75.00
|
|
|
Face Value Principal Outstanding |
|
|
|
$ 27,500
|
$ 17,602
|
$ 17,602
|
|
|
Fair Value |
|
|
|
|
$ 18,800
|
$ 19,000
|
|
|
September 2022 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Maturity Date |
|
|
Sep. 06, 2024
|
|
Sep. 08, 2025
|
Sep. 06, 2025
|
|
|
Stated Interest Rate |
|
|
7.875%
|
|
7.875%
|
7.875%
|
|
|
Conversion Price |
|
|
$ 75.00
|
|
$ 75.00
|
$ 75.00
|
|
|
Face Value Principal Outstanding |
|
|
$ 11,250
|
|
$ 8,782
|
$ 9,062
|
|
|
Fair Value |
|
|
|
|
$ 13,600
|
$ 11,250
|
|
|
Lucid March 2023 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Maturity Date |
Mar. 21, 2025
|
Mar. 21, 2025
|
|
|
Mar. 21, 2025
|
Mar. 21, 2025
|
|
|
Stated Interest Rate |
|
7.875%
|
|
|
7.875%
|
7.875%
|
7.875%
|
|
Conversion Price |
|
$ 5.00
|
|
|
$ 5.00
|
$ 5.00
|
|
|
Face Value Principal Outstanding |
|
$ 11,100
|
|
|
$ 10,936
|
$ 11,019
|
$ 11,100
|
$ 11,100
|
Fair Value |
|
|
|
|
$ 13,140
|
$ 13,950
|
|
|
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v3.24.1.1.u2
Schedule of Changes in Fair Value of Debt (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
Fair Value - December 31, 2022 |
$ 44,200
|
$ 33,650
|
Installment repayments – common stock |
(363)
|
(1,335)
|
Non-installment payments – common stock |
(460)
|
(166)
|
Change in fair value |
2,163
|
251
|
Fair Value at March 31, 2023 |
45,540
|
44,300
|
Other Income (Expense) - Change in fair value |
(2,163)
|
(1,040)
|
Face value principal – issue date |
|
11,111
|
Fair value adjustment – issue date |
|
789
|
April 2022 Senior Convertible Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Fair Value - December 31, 2022 |
19,000
|
22,000
|
Installment repayments – common stock |
|
(1,335)
|
Non-installment payments – common stock |
|
(166)
|
Change in fair value |
(200)
|
251
|
Fair Value at March 31, 2023 |
18,800
|
20,750
|
Face value principal – issue date |
|
|
Fair value adjustment – issue date |
|
|
September 2022 Senior Convertible Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Fair Value - December 31, 2022 |
11,250
|
11,650
|
Installment repayments – common stock |
(280)
|
|
Non-installment payments – common stock |
(24)
|
|
Change in fair value |
2,654
|
|
Fair Value at March 31, 2023 |
13,600
|
11,650
|
Face value principal – issue date |
|
|
Fair value adjustment – issue date |
|
|
Lucid March 2023 Senior Convertible Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Fair Value - December 31, 2022 |
13,950
|
|
Installment repayments – common stock |
(83)
|
|
Non-installment payments – common stock |
(436)
|
|
Change in fair value |
(291)
|
|
Fair Value at March 31, 2023 |
13,140
|
11,900
|
Face value principal – issue date |
|
11,111
|
Fair value adjustment – issue date |
|
789
|
Other Income Expense [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Fair Value - December 31, 2022 |
|
|
Installment repayments – common stock |
|
|
Non-installment payments – common stock |
|
|
Change in fair value |
(2,163)
|
(251)
|
Fair Value at March 31, 2023 |
|
|
Face value principal – issue date |
|
|
Fair value adjustment – issue date |
|
$ (789)
|
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v3.24.1.1.u2
Debt (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
|
|
|
May 09, 2024 |
Sep. 21, 2023 |
Mar. 13, 2023 |
Sep. 08, 2022 |
Apr. 04, 2022 |
May 09, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Sep. 20, 2023 |
Mar. 21, 2023 |
Apr. 30, 2022 |
Mar. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
$ 37,320
|
|
$ 37,683
|
|
|
|
|
Debt instrument fair value |
|
|
|
|
|
|
45,540
|
|
44,200
|
|
|
|
|
Cash |
|
|
|
|
|
|
25,500
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
16
|
$ 183
|
|
|
|
|
|
Debt extinguishment losses |
|
|
|
|
|
|
369
|
525
|
|
|
|
|
|
Cash [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
|
2,000
|
|
|
|
|
|
|
April 2022 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
$ 27,500
|
|
$ 17,602
|
|
$ 17,602
|
|
|
|
|
Debt instrument stated percentage |
|
|
|
|
7.875%
|
|
7.875%
|
|
7.875%
|
|
|
|
|
Conversion price |
|
|
|
|
$ 75.00
|
|
$ 75.00
|
|
$ 75.00
|
|
|
|
|
Debt instrument maturity date |
|
|
|
|
Apr. 04, 2024
|
|
Apr. 04, 2025
|
|
Apr. 04, 2025
|
|
|
|
|
Debt instrument maturity date, description |
|
|
|
|
maturity date the investor agreed to extend by one year, to April 4, 2025
|
|
|
|
|
|
|
|
|
Debt instrument fair value |
|
|
|
|
|
|
$ 18,800
|
|
$ 19,000
|
|
|
|
|
September 2022 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
$ 11,250
|
|
|
$ 8,782
|
|
$ 9,062
|
|
|
|
|
Debt instrument stated percentage |
|
|
|
7.875%
|
|
|
7.875%
|
|
7.875%
|
|
|
|
|
Conversion price |
|
|
|
$ 75.00
|
|
|
$ 75.00
|
|
$ 75.00
|
|
|
|
|
Debt instrument maturity date |
|
|
|
Sep. 06, 2024
|
|
|
Sep. 08, 2025
|
|
Sep. 06, 2025
|
|
|
|
|
Debt instrument maturity date, description |
|
|
|
maturity date the investor agreed to extend by one year, to September 8, 2025.
|
|
|
|
|
|
|
|
|
|
Debt instrument description |
|
|
|
The
Company is subject to financial covenants requiring: (i) a minimum of $8.0 million of available cash at all times; (ii) the ratio of
(a) the outstanding principal amount of the total senior convertible notes outstanding, 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, to not exceed 30% (the
“Debt to Market Cap Ratio Test”); and (iii) the Company’s market capitalization to at no time be less than $75 million
|
|
|
|
|
|
|
|
|
|
Repayment of convertible debt |
|
|
|
|
|
|
$ 280
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
$ 24
|
|
|
|
|
|
|
Issuance of common stock share |
|
|
|
|
|
|
112,461
|
|
|
|
|
|
|
Debt instrument fair value |
|
|
|
|
|
|
$ 13,600
|
|
$ 11,250
|
|
|
|
|
Cash |
|
|
|
|
|
|
198
|
|
|
|
|
|
|
Loss on extinguishment of debt |
|
|
|
|
|
|
$ 202
|
|
|
|
|
|
|
September 2022 Senior Convertible Note [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of convertible debt |
|
|
|
|
|
$ 280
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
$ 24
|
|
|
|
|
|
|
|
Issuance of common stock share |
112,597
|
|
|
|
|
112,597
|
|
|
|
|
|
|
|
Cash |
$ 199
|
|
|
|
|
$ 199
|
|
|
|
|
|
|
|
September 2022 Senior Convertible Note [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
$ 2.70
|
|
|
|
|
|
|
April And September2024 Senior Convertible Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument stated percentage |
|
|
|
82.50%
|
|
|
|
|
|
|
|
|
|
Senior convertible note |
|
|
|
$ 2,000
|
|
|
|
|
|
|
|
|
|
April And September2024 Senior Convertible Notes [Member] | April 23 2024 Through May 7 2024 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
$ 1.00
|
|
|
|
|
|
|
|
|
|
April 2022 Senior Convertible Note and September 2022 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument stated percentage |
|
|
|
|
|
|
|
|
|
|
|
82.50%
|
|
Conversion price |
|
|
|
|
|
|
|
|
|
|
|
$ 2.70
|
|
Lucid March 2023 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
$ 11,100
|
|
|
|
$ 10,936
|
|
$ 11,019
|
$ 11,100
|
$ 11,100
|
|
|
Debt instrument stated percentage |
|
|
7.875%
|
|
|
|
7.875%
|
|
7.875%
|
7.875%
|
|
|
|
Conversion price |
|
|
$ 5.00
|
|
|
|
$ 5.00
|
|
$ 5.00
|
|
|
|
|
Debt instrument maturity date |
|
Mar. 21, 2025
|
Mar. 21, 2025
|
|
|
|
Mar. 21, 2025
|
|
Mar. 21, 2025
|
|
|
|
|
Debt instrument description |
|
|
|
|
|
|
(i) a minimum of $5.0 million of available cash at all times; (ii) the ratio of (a) the
outstanding principal amount of the total senior convertible notes outstanding, accrued and unpaid interest thereon and accrued and unpaid
late charges to (b) Lucid’s average market capitalization over the prior ten trading days, as of the last day of any fiscal quarter
commencing with September 30, 2023, to not exceed 30%; and (iii) Lucid’s market capitalization to at no time be less than $30 million.
|
|
|
|
|
|
|
Repayment of convertible debt |
|
|
|
|
|
|
$ 83
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
$ 436
|
|
|
|
|
|
|
Issuance of common stock share |
|
|
|
|
|
|
543,298
|
|
|
|
|
|
|
Debt instrument fair value |
|
|
|
|
|
|
$ 13,140
|
|
$ 13,950
|
|
|
|
|
Proceeds from convertible debt |
|
|
$ 9,925
|
|
|
|
|
|
|
|
|
|
|
Debt instrument fee amount |
|
|
$ 1,186
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
$ 24
|
|
|
|
|
|
Principal repayment |
|
$ 292
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price, percentage |
|
|
|
|
|
|
82.50%
|
|
|
|
|
|
|
Conversion price per share |
|
|
|
|
|
|
$ 0.30
|
|
|
|
|
|
|
Loss on extinguishment of debt |
|
|
|
|
|
|
$ 167
|
|
|
|
|
|
|
Lucid March 2023 Senior Convertible Note [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
$ 110
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock share |
1,139,851
|
|
|
|
|
1,139,851
|
|
|
|
|
|
|
|
Debt instrument fair value |
$ 1,037
|
|
|
|
|
$ 1,037
|
|
|
|
|
|
|
|
Loss on extinguishment of debt |
612
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor [Member] | September 2022 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument fair value |
|
|
|
|
|
|
307
|
|
|
|
|
|
|
Investor [Member] | September 2022 Senior Convertible Note [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument fair value |
$ 260
|
|
|
|
|
$ 260
|
|
|
|
|
|
|
|
Investor [Member] | Lucid March 2023 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument fair value |
|
|
|
|
|
|
$ 686
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Accredited Institutional Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 50,000
|
Securities Purchase Agreement [Member] | Accredited Institutional Investor [Member] | Initial Issuance [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
|
|
|
|
|
|
27,500
|
Securities Purchase Agreement [Member] | Accredited Institutional Investor [Member] | Additional Issuance [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 22,500
|
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v3.24.1.1.u2
Schedule of Summarizes Information About Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Number of stock options outstanding, ending balance |
|
66,720
|
|
|
2014 Equity Plan [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Number of stock options outstanding, beginning balance |
|
1,192,458
|
|
|
Weighted average exercise price, beginning balance |
|
$ 26.18
|
|
|
Remaining contractual term (years) |
|
7 years
|
[1] |
7 years 3 months 18 days
|
Intrinsic value outstanding, beginning balance |
[2] |
|
|
|
Number of stock options, granted |
[3] |
74,500
|
|
|
Weighted average exercise price, granted |
[3] |
$ 2.30
|
|
|
Number of stock option, exercised |
|
|
|
|
Weighted average exercise price, exercised |
|
|
|
|
Number of stock option, forfeited |
|
(23,025)
|
|
|
Weighted average exercise price, forfeited |
|
$ 10.32
|
|
|
Number of stock options outstanding, ending balance |
|
1,243,933
|
[1] |
1,192,458
|
Weighted average exercise price, ending balance |
|
$ 25.04
|
[1] |
$ 26.18
|
Intrinsic value outstanding, ending balance |
[2] |
$ 17
|
[1] |
|
Number of stock options vested and exercisable stock options |
|
799,947
|
|
|
Weighted average exercise price, vested and exercisable stock options |
|
$ 34.11
|
|
|
Remaining contractual term (years), vested and exercisable stock options |
|
6 years
|
|
|
Intrinsic value exercisable, ending balance |
[2] |
|
|
|
2018 Equity Plan [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Number of stock options outstanding, beginning balance |
|
5,504,383
|
|
|
Weighted average exercise price, beginning balance |
|
$ 2.00
|
|
|
Remaining contractual term (years) |
|
8 years 9 months 18 days
|
[4] |
8 years 6 months
|
Intrinsic value outstanding, beginning balance |
[5] |
$ 765
|
|
|
Number of stock options, granted |
[6] |
3,000,000
|
|
|
Weighted average exercise price, granted |
[6] |
$ 1.25
|
|
|
Number of stock option, exercised |
|
(3,333)
|
|
|
Weighted average exercise price, exercised |
|
$ 1.31
|
|
|
Number of stock option, forfeited |
|
(168,337)
|
|
|
Weighted average exercise price, forfeited |
|
$ 1.57
|
|
|
Number of stock options outstanding, ending balance |
|
8,332,713
|
[4] |
5,504,383
|
Weighted average exercise price, ending balance |
|
$ 1.74
|
[4] |
$ 2.00
|
Intrinsic value outstanding, ending balance |
[5] |
$ 195
|
[4] |
$ 765
|
Number of stock options vested and exercisable stock options |
|
2,655,413
|
|
|
Weighted average exercise price, vested and exercisable stock options |
|
$ 2.29
|
|
|
Remaining contractual term (years), vested and exercisable stock options |
|
7 years 7 months 6 days
|
|
|
Intrinsic value exercisable, ending balance |
[5] |
$ 195
|
|
|
|
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Schedule of Restricted Stock Award Activity (Details) - Restricted Stock Units (RSUs) [Member]
|
3 Months Ended |
Mar. 31, 2024
$ / shares
shares
|
2014 Equity Plan [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of Restricted Stock Awards, Unvested restricted stock awards, Beginning balance | shares |
70,527
|
|
Weighted Average Grant Date Fair Value, Unvested restricted stock awards, Beginning balance | $ / shares |
$ 38.77
|
|
Number of Restricted Stock Awards, Granted | shares |
390,000
|
|
Weighted Average Grant Date Fair Value, Granted | $ / shares |
$ 1.85
|
|
Number of Restricted Stock Awards, Vested | shares |
|
|
Weighted Average Grant Date Fair Value, Vested | $ / shares |
|
|
Number of Restricted Stock Awards, Forfeited | shares |
|
|
Weighted Average Grant Date Fair Value, Forfeited | $ / shares |
|
|
Number of Restricted Stock Awards, Unvested restricted stock awards, Ending balance | shares |
460,527
|
|
Weighted Average Grant Date Fair Value, Unvested restricted stock awards, Ending balance | $ / shares |
$ 7.50
|
|
2018 Equity Plan [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of Restricted Stock Awards, Unvested restricted stock awards, Beginning balance | shares |
2,337,440
|
|
Weighted Average Grant Date Fair Value, Unvested restricted stock awards, Beginning balance | $ / shares |
$ 8.99
|
|
Number of Restricted Stock Awards, Granted | shares |
|
|
Weighted Average Grant Date Fair Value, Granted | $ / shares |
|
|
Number of Restricted Stock Awards, Vested | shares |
(26,912)
|
|
Weighted Average Grant Date Fair Value, Vested | $ / shares |
$ 4.56
|
|
Number of Restricted Stock Awards, Forfeited | shares |
(13,088)
|
|
Weighted Average Grant Date Fair Value, Forfeited | $ / shares |
$ 4.56
|
|
Number of Restricted Stock Awards, Unvested restricted stock awards, Ending balance | shares |
2,297,440
|
[1] |
Weighted Average Grant Date Fair Value, Unvested restricted stock awards, Ending balance | $ / shares |
$ 9.07
|
[1] |
|
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X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.
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Stock-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
1 Months Ended |
3 Months Ended |
|
May 13, 2024 |
Feb. 22, 2024 |
Jan. 31, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Number of stock options outstanding |
|
|
|
|
66,720
|
|
|
|
Proceeds from common stock |
|
|
|
|
$ 786
|
|
$ 557
|
|
Employee Stock Purchase Plan [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Common stock capital shares reserved for future issuance |
|
|
|
|
300,001
|
|
|
|
Increase in available for grant |
|
|
|
|
139,863
|
|
|
|
Number of common stock purchased |
|
|
|
|
34,332
|
|
38,216
|
|
Proceeds from common stock |
|
|
|
|
$ 62
|
|
$ 182
|
|
Treasury stock |
|
|
|
|
|
|
12,590
|
|
Increase in reserve stock |
|
|
|
166,667
|
|
|
|
|
Employee Stock Purchase Plan [Member] | Lucid Diagnostics Inc [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Common stock capital shares reserved for future issuance |
|
|
|
|
1,500,000
|
|
|
|
Increase in available for grant |
|
|
|
|
395,886
|
|
|
|
Number of common stock purchased |
|
|
|
|
511,884
|
|
231,987
|
|
Proceeds from common stock |
|
|
|
|
$ 353
|
|
$ 276
|
|
Increase in reserve stock |
|
|
|
500,000
|
|
|
|
|
2014 Equity Plan [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Common stock capital shares reserved for future issuance |
|
|
|
|
1,835,970
|
|
|
|
Increase in available for grant |
|
|
|
432,452
|
68,495
|
|
|
|
Number of stock options outstanding |
|
|
|
|
1,243,933
|
[1] |
|
1,192,458
|
Granted |
[2] |
|
|
|
74,500
|
|
|
|
Weighted average fair value of stock options |
|
|
|
|
$ 1.46
|
|
$ 5.25
|
|
2014 Equity Plan [Member] | Parent Company [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Granted |
|
|
59,500
|
|
|
|
|
|
Weighted average exercise price |
|
|
$ 1.85
|
|
|
|
|
|
2014 Equity Plan [Member] | Parent Company [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Granted |
|
|
390,000
|
|
|
|
|
|
Aggregate fair value |
|
|
$ 700
|
|
|
|
|
|
2018 Equity Plan [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Number of stock options outstanding |
|
|
|
|
8,332,713
|
[3] |
|
5,504,383
|
Granted |
[4] |
|
|
|
3,000,000
|
|
|
|
Weighted average fair value of stock options |
|
|
|
|
$ 0.84
|
|
$ 0.87
|
|
2018 Equity Plan [Member] | Lucid Diagnostics Inc [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Common stock capital shares reserved for future issuance |
|
|
|
|
14,324,038
|
|
|
|
Increase in available for grant |
|
|
|
2,680,038
|
2,680,508
|
|
|
|
Granted |
|
|
2,895,000
|
|
423,300
|
|
|
|
Weighted average exercise price |
|
|
$ 1.25
|
|
|
|
|
|
Number of restricted stock awards granted, shares |
|
|
|
|
50,000
|
|
|
|
2018 Equity Plan [Member] | Restricted Stock [Member] | Lucid Diagnostics Inc [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Granted |
|
1,600,000
|
|
|
|
|
|
|
Aggregate fair value |
|
$ 1,500
|
|
|
|
|
|
|
|
|
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v3.24.1.1.u2
Preferred Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
3 Months Ended |
12 Months Ended |
May 13, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Class of Stock [Line Items] |
|
|
|
|
|
Preferred stock, par value |
|
$ 0.001
|
|
$ 0.001
|
|
Dividends earned |
|
$ 80
|
$ 74
|
|
|
Aggregate preferred stock dividends earned |
|
|
|
|
|
Series B Convertible Preferred Stock [Member] |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Preferred stock shares outstanding |
|
1,331,336
|
|
1,305,213
|
|
Preferred stock, par value |
|
$ 0.001
|
|
$ 0.001
|
|
Preferred stock par value per share |
|
$ 3.00
|
|
|
|
Dividend rate percentage |
|
8.00%
|
|
|
|
Dividends earned |
|
$ 80
|
74
|
|
|
Series B Convertible Preferred Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Aggregate preferred stock dividends earned |
$ 80
|
|
|
|
|
Additioanal aggregate shares of convertible preferred stock |
26,640
|
|
|
|
|
Series B Convertible Preferred Stock [Member] | Preferred Stock [Member] |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Aggregate preferred stock dividends earned |
|
$ 78
|
$ 72
|
|
|
Additioanal aggregate shares of convertible preferred stock |
|
26,123
|
24,128
|
|
|
Series B Convertible Preferred Stock [Member] | Preferred Stock [Member] | Board Of Directors [Member] |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Aggregate preferred stock dividends earned |
|
$ 78
|
$ 72
|
|
|
Additioanal aggregate shares of convertible preferred stock |
|
|
|
26,123
|
24,128
|
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v3.24.1.1.u2
Common Stock and Common Stock Purchase Warrants (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
1 Months Ended |
3 Months Ended |
|
Feb. 15, 2024 |
Feb. 15, 2024 |
Jan. 26, 2024 |
Jan. 15, 2024 |
Feb. 28, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
50,000,000
|
|
50,000,000
|
Stock issued during period shares ATM facilities |
|
|
|
|
|
133,299
|
|
|
Stock issued during period value ATM facilities |
|
|
|
|
|
$ 495
|
|
|
Payments for commissions percentage |
|
|
|
|
|
3.00%
|
|
|
Warrant price decrease |
$ 0.52
|
|
|
|
|
|
|
|
Share price |
0.37709668
|
$ 0.37709668
|
|
|
|
|
|
|
Exercise price |
$ 23.48
|
$ 23.48
|
|
|
|
|
|
|
Series Z Warrants [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
|
|
$ 23.48
|
|
|
Class of Warrant or Right, Outstanding |
|
|
|
|
|
|
|
11,937,450
|
Purchase of warrants |
|
|
|
|
|
|
|
795,830
|
Exercise price, post reverse-split |
|
|
|
|
|
$ 24.00
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Common stock, dividends shares |
|
|
3,331,771
|
|
|
133,299
|
72,134
|
|
Lucid Diagnostics Inc [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Common stock, dividends shares |
|
3,331,747
|
|
38
|
|
|
|
|
Lucid Diagnostics Inc [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Common stock, dividends shares |
|
|
|
100
|
|
|
|
|
April 2022 Senior Convertible Note and September 2022 Senior Convertible Note [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Convertible common stock shares issued upon conversion |
|
|
|
|
|
112,461
|
|
|
Debt Instrument, Convertible, If-converted Value in Excess of Principal |
|
|
|
|
|
$ 280
|
|
|
Employee Stock Purchase Plan [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Number of common stock issued |
|
|
|
|
|
34,332
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
|
|
1-for-5
|
|
|
|
Common stock, shares authorized |
|
|
|
|
50,000,000
|
|
|
|
Minimum [Member] | Series Z Warrants [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Exercise price, post reverse-split |
|
|
|
|
|
$ 0.52
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
|
|
1-for-15
|
|
|
|
Common stock, shares authorized |
|
|
|
|
250,000,000
|
|
|
|
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Schedule of Noncontrolling Interest of Stockholders' Equity (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Noncontrolling Interest [Abstract] |
|
|
NCI – equity - December 31, 2023 |
$ 29,813
|
|
Net loss attributable to NCI |
(3,300)
|
$ (4,283)
|
Impact of subsidiary equity transactions |
1,734
|
|
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 |
(24,295)
|
|
Lucid Diagnostics proceeds from issuance of preferred stock Series B |
44,285
|
|
Lucid Diagnostics deemed dividend on preferred stock |
(7,495)
|
|
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 |
687
|
|
Stock-based compensation expense - Lucid Diagnostics 2018 Equity Plan |
744
|
|
Stock-based compensation expense - Veris Health 2021 Equity Plan |
5
|
|
NCI – equity - March 31, 2024 |
$ 48,205
|
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v3.24.1.1.u2
Noncontrolling Interest (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
|
|
|
3 Months Ended |
|
May 06, 2024 |
Mar. 13, 2024 |
Feb. 15, 2024 |
Jan. 26, 2024 |
Jan. 15, 2024 |
Mar. 07, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Noncontrolling Interest [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock shares outstanding |
|
|
|
|
|
|
8,858,597
|
|
8,578,505
|
Issuance of shares, stated value |
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
Gross proceeds |
|
|
|
|
|
|
$ 18,165
|
$ 13,625
|
|
Debt instrument fair value |
|
|
|
|
|
|
45,540
|
|
$ 44,200
|
Preferred stock carrying value |
|
|
|
|
|
|
$ 24,295
|
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued, additional |
|
|
|
|
|
13,625
|
|
|
|
Issuance of shares, stated value |
|
|
|
|
|
$ 1,000
|
|
|
|
Preferred shares conversion price |
|
|
|
|
|
$ 1.394
|
|
|
|
Dividend percentage |
|
|
|
|
|
20.00%
|
|
|
|
Sale of stock, transaction value |
|
|
|
|
|
$ 13,625
|
|
|
|
Series A-1 Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued, additional |
|
5,670
|
|
|
|
|
|
|
|
Gross proceeds |
|
$ 5,670
|
|
|
|
|
|
|
|
Series B Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued, additional |
|
44,285
|
|
|
|
|
|
|
|
Issuance of shares, stated value |
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
Dividend percentage |
|
|
|
|
|
|
8.00%
|
|
|
Gross proceeds, sale of shares |
|
$ 18,100
|
|
|
|
|
|
|
|
Shares of convertible preferred stock |
|
|
|
|
|
|
44,285
|
|
|
Debt instrument fair value |
|
|
|
|
|
|
$ 12,495
|
|
|
Fair value of deemed dividend |
|
|
|
|
|
|
$ 7,500
|
|
|
Series A-1 and Series B Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
|
|
|
|
|
Conversion price |
|
$ 1.2444
|
|
|
|
|
|
|
|
Lucid Series A and Lucid Series A-1 Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
|
|
|
|
|
Outstanding shares, percentage |
|
100.00%
|
|
|
|
|
|
|
|
Series B 1 Preferred Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued, additional |
11,634
|
|
|
|
|
|
|
|
|
Conversion price |
$ 0.7228
|
|
|
|
|
|
|
|
|
Gross proceeds, sale of shares |
$ 11,600
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
|
|
|
|
|
Received from payment of fees |
|
|
|
$ 4,675
|
|
|
|
|
|
Number of shares issued, additional |
|
|
|
3,331,771
|
|
|
133,299
|
72,134
|
|
Preferred stock carrying value |
|
|
|
|
|
|
|
|
|
Noncontrolling Interest [Member] |
|
|
|
|
|
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
|
|
|
|
|
Preferred stock carrying value |
|
|
|
|
|
|
$ 24,295
|
|
|
Lucid Diagnostics Inc [Member] |
|
|
|
|
|
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock shares issued |
|
|
|
|
|
|
46,747,062
|
|
|
Common stock shares outstanding |
|
|
|
|
|
|
46,747,062
|
|
|
Partners capital account units acquisitions |
|
|
|
|
|
|
31,302,444
|
|
|
Common stock, dividends shares |
|
|
3,331,747
|
|
38
|
|
|
|
|
Lucid Diagnostics Inc [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued, additional |
|
|
|
|
100
|
|
|
|
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v3.24.1.1.u2
Schedule of Comparison of Basic and Fully Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Earnings Per Share [Abstract] |
|
|
|
Net loss - before noncontrolling interest |
|
$ (18,512)
|
$ (22,214)
|
Net loss attributable to noncontrolling interest |
|
3,300
|
4,283
|
Net loss - as reported, attributable to PAVmed Inc. |
|
(15,212)
|
(17,931)
|
Series B Convertible Preferred Stock dividends – earned |
|
(80)
|
(74)
|
Deemed dividend on Subsidiary Preferred Stock attributable to the noncontrolling interests |
|
(7,496)
|
|
Net loss attributable to PAVmed Inc. common stockholders |
|
$ (22,788)
|
$ (18,005)
|
Weighted average common shares outstanding, basic |
|
8,694,904
|
6,473,010
|
Weighted average common shares outstanding, diluted |
|
8,694,904
|
6,473,010
|
Net loss attributable to PAVmed Inc. common stockholders, basic |
[1] |
$ (2.62)
|
$ (2.78)
|
Net loss attributable to PAVmed Inc. common stockholders, diluted |
[1] |
$ (2.62)
|
$ (2.78)
|
|
|
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v3.24.1.1.u2
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Details) - shares
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
2,589,046
|
2,141,538
|
Stock Options and Restricted Stock Awards [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
1,704,460
|
1,263,715
|
Series Z Warrants [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
795,830
|
795,830
|
Series B Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
88,756
|
81,993
|
X |
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