PAVM on Nasdaq

PAVmed Inc.

PAVmed is a diversified commercial-stage life sciences company operating in the medical device, diagnostics, and digital health sectors.4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerPAVM on Nasdaq2
  • IndustrySurgical & Medical Instruments & Apparatus2
  • HeadquartersNew York, United States2
  • Incorporated inDE3
  • Business address360 Madison Avenue, 25Th Floor, New York, Ny 100173
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300V1JXXVXU7P80072
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o THE CORPORATION TRUST COMPANY, CORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 55592102

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PAVmed is a diversified commercial-stage life sciences company operating in the medical device, diagnostics, and digital health sectors. It operates through multiple independently financed subsidiaries under a shared services model. The Company’s strategy is to advance and commercialize innovative healthcare technologies through its subsidiaries while maintaining flexibility to structure financing at either the PAVmed level or within its subsidiaries.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-30712.7%Operating margin5
564.8%Net margin5
-97.6%Revenue growth, 20255
1.2%Return on equity5
-$5.2MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue4¢$218.0K
  • Research and development88¢$4.5M
  • Profit8¢$401.0K

Out of $71.0K in revenue.5

Financial statements

Revenue6785$71.0K in 2025−86% since 2021
0$1.0M$2.0M$3.0M2021: $500.0K$500.0K20212022: $377.0K$377.0K2022−25%2023: $2.5M$2.5M2023+550%2024: $3.0M$3.0M2024+22%2025: $71.0K$71.0K2025−98%
Operating income1096785-$21.8M in 2025+53% since 2019
-$100.0M-$75.0M-$50.0M-$25.0M02019: -$14.3M-$14.3M20192020: -$23.4M-$23.4M2020+63%2021: -$54.4M-$54.4M2021+133%2022: -$91.1M-$91.1M2022+67%2023: -$68.8M-$68.8M2023−24%2024: -$44.5M-$44.5M2024−35%2025: -$21.8M-$21.8M2025−51%
Net income1096785$401.0K in 2025
-$100.0M-$50.0M0$50.0M2019: -$16.5M-$16.5M20192020: -$34.3M-$34.3M2020+108%2021: -$50.3M-$50.3M2021+47%2022: -$89.0M-$89.0M2022+77%2023: -$64.2M-$64.2M2023−28%2024: $39.8M$39.8M20242025: $401.0K$401.0K2025−99%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Revenue$71.0K$3.0M
Cost of revenue$218.0K$4.8M
Sales and marketing$917.0K$11.6M
General and administrative$16.2M$24.5M
Amortization of acquired intangible assets$0$559.0K
Research and development$4.5M$5.9M
Total operating expenses$21.9M$47.5M
Operating loss-$21.8M-$44.5M
Interest income$29.0K$254.0K
Interest expense-$21.0K-$45.0K
Gain on deconsolidation of subsidiary$0$72.3M
Change in fair value - equity method investment$8.5M$532.0K
Change in fair value - Senior Secured Convertible Notes-$3.3M$462.0K
Debt extinguishments loss - Senior Secured Convertible Notes-$58.0K-$2.5M
Debt modification expense$0-$2.0M
Management fee income$13.8M$3.9M
Grant income$416.0K$109.0K
Other income (expense), net$19.3M$72.9M
Income (loss) before provision for income tax-$2.5M$28.4M
Provision for income taxes$0$0
Net income (loss) before noncontrolling interests-$2.5M$28.4M
Net loss attributable to the noncontrolling interests$2.9M$11.4M
Net income (loss) attributable to PAVmed Inc.$401.0K$39.8M
Net income (loss) attributable to PAVmed Inc. common stockholders-$3.8M$32.0M
Net income (loss) per share attributable to PAVmed Inc. common stockholders basic (in dollars per share)-$5.63$99.15
Net income (loss) per share attributable to PAVmed Inc. common stockholders diluted (in dollars per share)-$5.63$14.90
Weighted average common shares outstanding, basic (in shares)670.5K shares322.4K shares
Weighted average common shares outstanding, diluted (in shares)670.5K shares2.2M shares

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Leadership

Who has led PAVmed Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Lishan Aklog2016–now

Chair

  1. Lishan Aklog2016–now

President

  1. Dennis M. McGrath2019–now

Chief financial officer

  1. Richard F. Fitzgerald2016
  2. Dennis M. McGrath2017–now

Chief operating officer

  1. Shaun O'Neil2022–now
20202025
Board members and other officers (15)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorRonald M. Sparks named Feb 7, 2025 to Feb 17, 202634

Former names

  • PAXmed Inc.Nov 19, 2014 to Mar 26, 20153

Timeline

  1. Jan 29, 2016New chief executive Lishan Aklog becomes CEO15
  2. Jun 26, 2014Founded PAVmed Inc. is founded2

Filings

257 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 78 major events, 58 insider forms, 28 large holders, 2 private raises, 71 other. The latest 20:

  1. Sep 10, 20268-K EDGAR
  2. Sep 10, 2026424B5 EDGAR
  3. Aug 14, 20268-K EDGAR
  4. Aug 13, 202610-Q EDGAR
  5. Aug 13, 2026SCHEDULE 13G/A EDGAR
  6. Jul 30, 2026S-8 EDGAR
  7. Jun 24, 20268-K EDGAR
  8. May 15, 20268-K EDGAR
  9. May 15, 2026SCHEDULE 13G EDGAR
  10. May 14, 202610-Q EDGAR
  11. May 14, 2026SCHEDULE 13G EDGAR
  12. May 11, 2026SCHEDULE 13G/A EDGAR
  13. Apr 30, 2026DEFA14A EDGAR
  14. Apr 30, 2026ARS EDGAR
  15. Apr 30, 2026DEF 14A EDGAR
  16. Apr 29, 2026EFFECT EDGAR
  17. Apr 29, 2026424B3 EDGAR
  18. Apr 27, 2026CORRESP EDGAR
  19. Apr 24, 2026UPLOAD EDGAR
  20. Apr 21, 2026S-3 EDGAR

The 257 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

3 open-market trades by officers, directors and large owners since October 2021: 3 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 7, 2022Glennon Michael JDirectorBuy100,000$0.62$62.0KForm 4
Dec 6, 2022Glennon Michael JDirectorBuy88,000$0.64$56.3KForm 4
Dec 5, 2022Glennon Michael JDirectorBuy62,000$0.69$42.8KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Feb 3, 2026Raised $30 million in a private offering of equity Form D: $60 million offered in all Form D
  2. Jan 24, 2025Raised $2.7 million in a private offering of equity Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Two Seas Capital LP461,539$2.7M0.1%No change
First Manhattan Co. Llc.332,911$2.0M0.0%+309,106
Vanguard Capital Management LLC61,604$365.9K0.0%+55,687
Geode Capital Management, LLC36,678$217.9K0.0%+24,901
Vanguard Fiduciary Trust Co25,605$152.1K0.0%+20,176
BlackRock, Inc.17,092$101.5K0.0%+14,676
Morgan Stanley163$9680.0%−2
Barclays PLC75$4460.0%New
SBI Securities Co., Ltd.67$3980.0%No change
UBS Group AG57$3390.0%−18
Wells Fargo & Company/mn45$2670.0%No change
Integrated Wealth Concepts LLC13$780.0%New
Allworth Financial LP5$300.0%−1
Federation des caisses Desjardins du Quebec4$230.0%New
Osaic Holdings, Inc.4$210.0%No change
Steward Partners Investment Advisory, LLC2$120.0%+1
Bnp Paribas Financial Markets1$60.0%No change
Caitong International Asset Management Co., Ltd1$60.0%New
Jones Financial Companies Lllp1$50.0%No change
Royal Bank Of Canada1$00.0%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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