PAVmed Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $71,000 | $3.0M | $2.5M | $377,000 | $500,000 |
| Cost of revenue | $218,000 | $4.8M | $6.4M | $3.6M | $585,000 |
| Gross profit | — | — | — | — | -$85,000 |
| Research and development | $4.5M | $5.9M | $14.3M | $25.3M | $19.8M |
| Operating expenses | — | — | — | — | $54.3M |
| Operating income | -$21.8M | -$44.5M | -$68.8M | -$91.1M | -$54.4M |
| Interest expense | $21,000 | $45,000 | — | — | — |
| Pretax income | -$2.5M | $28.4M | -$79.3M | -$103.2M | -$56.1M |
| Income tax expense | $0 | $0 | — | — | — |
| Net income | $401,000 | $39.8M | -$64.2M | -$89.0M | -$50.3M |
| Balance Sheet | |||||
| Cash and equivalents | $1.5M | $1.2M | $19.6M | $39.7M | $77.3M |
| Current assets | $2.6M | $2.2M | $24.5M | $43.9M | $82.6M |
| Total assets | $38.8M | $30.7M | $33.1M | $54.0M | $87.0M |
| Current liabilities | $14.8M | $35.4M | $54.2M | $41.2M | $7.6M |
| Total liabilities | $16.5M | $37.7M | $57.1M | $43.0M | $7.6M |
| Total debt | $7.8M | $25.2M | $44.2M | $33.6M | — |
| Stockholders' equity | $34.0M | -$2.5M | -$53.8M | -$9.7M | $61.7M |
| Cash Flow Statement | |||||
| Cash from operations | -$5.2M | -$33.6M | -$52.0M | -$71.0M | -$40.6M |
| Depreciation and amortization | $105,000 | $1.2M | $2.9M | $2.5M | $226,000 |
| Stock-based compensation | $1.7M | $6.4M | $11.1M | $19.5M | $15.0M |
| Capital expenditure | $31,000 | $55,000 | $242,000 | $1.5M | $1.5M |
| Free cash flow | -$5.2M | -$33.6M | -$52.3M | -$72.5M | -$42.1M |
Shares outstanding 7.3M · Free float 77.5%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.