Second quarter 2026
Filed Aug 14, 2026PAVmed reported second-quarter revenue of $33 (in thousands), a GAAP net loss attributable to common stockholders of $(5,479) (in thousands), and commercial and development progress across Veris, Lucid, PortIO, and Octeris.
Veris and Lucid reported commercial and development progress, while reported revenue remained $33 (in thousands), operating expenses increased to $7,055 (in thousands), and cash and cash equivalents were $3.8 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $33 (in thousands) | – | – |
| Cost of revenueGAAP | $122 (in thousands) | – | – |
| Sales and marketing expenseGAAP | $215 (in thousands) | – | – |
| General and administrative expenseGAAP | $4,651 (in thousands) | – | – |
| Research and development expenseGAAP | $2,067 (in thousands) | – | – |
| Total operating expensesGAAP | $7,055 (in thousands) | – | – |
| Other (Income) Expense, netGAAP | $(424) (in thousands) | – | – |
| Net (Income) LossGAAP | $6,598 (in thousands) | – | – |
| Net income (loss) attributable to common stockholdersGAAP | $(5,479) (in thousands) | – | – |
| Net income (loss) per common share, dilutedGAAP | $(0.87) | – | – |
| Preferred Stock dividends and deemed dividendsGAAP | $95 (in thousands) | – | – |
| Net income (loss) as reportedGAAP | $(5,384) (in thousands) | – | – |
| EBITDAnon-GAAP | $(5,629) (in thousands) | – | – |
| Stock-based compensation expenseother | $917 (in thousands) | – | – |
| Change in FV equity method investmentsother | $2,504 (in thousands) | – | – |
| Change in FV convertible debtother | $565 (in thousands) | – | – |
| Change in fair value – rights liabilityother | $(24) (in thousands) | – | – |
| Non-GAAP adjusted (loss)non-GAAP | $(1,667) (in thousands) | – | – |
| Non-GAAP shares outstanding, basic and dilutednon-GAAP | 6,269 | – | – |
| Non-GAAP adjusted (loss) income per share, basic and dilutednon-GAAP | $(0.27) | – | – |
| Six-month revenueGAAP | $55 (in thousands) | – | – |
| Six-month total operating expensesGAAP | $15,112 (in thousands) | – | – |
| Six-month net income (loss) attributable to common stockholdersGAAP | $(12,467) (in thousands) | – | – |
| Six-month net income (loss) per common share, dilutedGAAP | $(3.17) | – | – |
| Six-month EBITDAnon-GAAP | $(5,936) (in thousands) | – | – |
| Six-month non-GAAP adjusted (loss)non-GAAP | $(3,518) (in thousands) | – | – |
| Six-month non-GAAP adjusted (loss) income per share, basic and dilutednon-GAAP | $(0.89) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Lucid DiagnosticsProcessed 2,770 EsoGuard tests and secured its first laboratory benefit manager coverage policy for EsoGuard. | $1.5 million in EsoGuard® Esophageal DNA Test revenue for 2Q26 | – | – |
What drove it
- Veris increased patient onboarding at OSU-The James as the commercial phase of its strategic engagement accelerated and clinical rollout continued across additional departments.
- Lucid processed 2,770 EsoGuard tests and recognized $1.5 million in EsoGuard® Esophageal DNA Test revenue for 2Q26.
- Lucid secured its first laboratory benefit manager coverage policy for EsoGuard, which recognizes the test as medically necessary for patients meeting established screening criteria and has been adopted by multiple client health plans.
- PortIO first-in-human results published in the Journal of Vascular Access demonstrated 100% device patency, 90% completion of the intended implant duration, and no device-related adverse events.
- Octeris improved the form factor and image-processing speed of its multimodal endoscopic imaging probe and completed its FDA pre-submission draft.
Concerns
- Revenue was $33 (in thousands) for the three months ended June 30, 2026, while total operating expenses were $7,055 (in thousands).
- GAAP net loss attributable to common stockholders was $(5,479) (in thousands), or $(0.87) per common share on a diluted basis.
- Non-GAAP adjusted loss was $(1,667) (in thousands), or $(0.27) per common share.
- Research and development expense was $2,067 (in thousands), compared to $790 (in thousands) in the prior-year period.
- Cash and cash equivalents were $3.8 million as of June 30, 2026.
What to watch
- Veris design freeze completion, final clinical testing, and progress toward an early 2027 FDA 510(k) submission for its implantable physiological monitor.
- Expansion of Veris patient onboarding and clinical rollout across additional OSU-The James departments.
- Adoption of Lucid's laboratory benefit manager coverage policy by client health plans and broader commercial payor engagement supported by its health economic model.
- PAVmed's planned PortIO FDA meeting request in 4Q26.
- Octeris' planned clinical validation study at the University of North Carolina.
Balance sheet and cash flow
- Cash and cash equivalents were $3.8 million as of June 30, 2026, compared to $1.5 million as of December 31, 2025.
Analysis
PAVmed reported $33 (in thousands) of revenue in the second quarter, compared with $6 (in thousands) in the prior-year period. The release also reported that Lucid recognized $1.5 million in EsoGuard® Esophageal DNA Test revenue for 2Q26 and processed 2,770 EsoGuard tests. Lucid's first laboratory benefit manager coverage policy is a central commercial development because the policy recognizes EsoGuard as medically necessary for patients meeting established screening criteria and has already been adopted by multiple client health plans.
Costs remained substantially above reported consolidated revenue. Total operating expenses were $7,055 (in thousands), compared with $4,721 (in thousands) in the prior-year period, including $4,651 (in thousands) of general and administrative expense and $2,067 (in thousands) of research and development expense. Stock-based compensation expense was $917 (in thousands). The company reported a GAAP net loss attributable to common stockholders of $(5,479) (in thousands), or $(0.87) per common share on a diluted basis, and a non-GAAP adjusted loss of $(1,667) (in thousands), or $(0.27) per common share.
The quarter's operating narrative was led by Veris and product-development milestones. Veris increased patient onboarding at OSU-The James and expanded clinical rollout across additional departments. Its implantable physiological monitor was approaching design freeze, with manufacturing test runs performing well in preliminary verification and validation ahead of final clinical testing. PortIO's published first-in-human results reported 100% device patency, 90% completion of the intended implant duration, and no device-related adverse events. Octeris continued preparing for a clinical validation study at the University of North Carolina.
Liquidity was $3.8 million of cash and cash equivalents as of June 30, 2026, compared with $1.5 million as of December 31, 2025. The release did not provide operating cash flow, free cash flow, debt, capital-return activity, or quantitative financial guidance. Near-term milestones identified by the company include a planned PortIO FDA meeting request in 4Q26 and an early 2027 FDA 510(k) submission target for the Veris implantable physiological monitor.
Management, verbatim
PAVmed saw tangible progress across its core businesses during this past quarter and recent weeks.
Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer
Veris accelerated its commercial engagement with OSU-The James while progressing development of its implantable physiological monitor toward FDA submission.
Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Operating income or loss was not reported.
- Prior-quarter revenue, expense, net income or loss, and EPS comparisons were not reported.
- Percentage year-over-year and quarter-over-quarter changes for reported financial metrics were not reported.
- PAVmed segment revenue was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Debt was not reported.
- Share repurchases and dividends were not reported.
- Quantitative forward revenue, gross-margin, operating-expense, tax-rate, or other financial guidance was not reported.
- Previous-quarter outlook was not provided.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.