Slides
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LISHAN AKLOG, MD Chairman & CEO DENNIS MCGRATH President & CFO Q2 2025 Business Update August 14, 2025 Nasdaq: PAVM
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▪ This presentation may contain certain forward-looking statements related to PAVmed Inc. or Lucid Diagnostics Inc. (the “Companies”) that involve risks and uncertainties. ▪ Actual results and events may differ significantly from results and events discussed in forward- looking statements. ▪ Factors that might cause or contribute to such differences include, but are not limited to, those discussed in “Risk Factors” in the Companies’ Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. ▪ The Companies undertake no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date they were made. ▪ This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. ▪ The Companies may not yet have received clearance from the FDA or any other regulatory agency for some of the products described in this presentation. Disclaimer 2
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Nasdaq: PAVM Lishan Aklog, M.D. Chairman & CEO
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Nasdaq: LUCD Early Detection of Esophageal Precancer D I A G N O S T I C S Nasdaq: PAVM PAVmed Corporate Structure Privately Held Digital Cancer Care Platform & Smart Vascular Access Port D I G I T A L H E A L T H Privately Held Incubator for MedTech Technologies, including PortIO, EsoCure, and CarpX M E D T E C H PMX Privately Held TBD B I O P H A R M A TBD 4
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Lucid Diagnostics ▪ 2Q25 EsoGuard revenue $1.2M, 1Q25 test volume 2,756 ▪ MolDX Contractor Advisory Committee (CAC) Meeting scheduled for September 4 ▪ Partnered with Hoag to launch comprehensive EsoGuard esophageal precancer testing program ▪ Strengthened balance sheet with underwritten public offering of common stock, netting approximately $16.1 million in proceeds ▪ Highmark Blue Cross Blue Shield coverage policy for EsoGuard became effective May 26 Recent Highlights 5
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Veris Health ▪ Completed $2.5 million direct equity financing, supplementing previous $2.4 million financing at a $35 million pre-money valuation ▪ Successfully restarted development of implantable physiological monitor after completing private placement financing; reengaged with FDA ▪ Long-term strategic partnership with OSU complete ▪ Focused on long-term strategic plan Recent Highlights 6
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Nasdaq: PAVM Q2 2025 Financial Update
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8 Balance Sheet ($ in thousands) 2Q25 1Q25 Change Assets Cash $4,004 $2,700 $1,304 Equity Method Investments (Lucid) $35,998 $46,641 $(10,643) All other Assets $3,891 $3,482 $409 Liabilities Accounts Payable $387 $369 $18 Senior Secured Convertible Notes $6,800 $6,600 $200 Other Current Liabilities $3,319 $2,812 $507 Long-T erm Liabilities $1,968 $2,110 $(142) Preferred Shares Outstanding 23,480 24,480 (1,000) Shares Outstanding 20.1M 16.8M 3.3M
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9 P&L ($ in thousands) 2Q25 2Q24 Change 2Q25 - YTD 2Q24 - YTD Change Revenue + Management Fee Income $3,156 $3,479 $(323) $6,314 $6,989 $(675) Operating Expenses $4,721 $14,663 $(9,942) $10,174 $29,71 1 $(19,537) Net Income (Loss) $(12,324) $(14,914) $2,590 $6,300 $(33,426) $39,726 EBITDA $(1 1,903) $(10,661) $(1,242) $7,105 $(25,484) $32,589 Stock-Based Compensation $162 $1,904 $(1,742) $1,092 $3,786 $(2,694) Non-GAAP Adjusted Loss $(845) $(7,651) $6,806 $(1,754) $(16,277) $14,523 Non-GAAP Adjusted Loss per Share $(0.05) $(0.84) $0.79 $(0.11) $(1.82) $1.70 To supplement our unaudited financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company’s financial results. Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision-making. These non- GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook and believes non-GAAP financial measures enhance the comparability of results against prior periods. A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this presentation and the corresponding press release for the three and six months ended June 30, 2025 are reflected above.
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10 Non-GAAP Operating Expense To supplement our unaudited financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company’s financial results. Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision-making. These non- GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook and believes non-GAAP financial measures enhance the comparability of results against prior periods. A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this presentation and the corresponding press release for the three and six months ended June 30, 2025 are reflected above.
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Nasdaq: PAVM Q&A
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Nasdaq: PAVM Closing Remarks