PAVmed Q1 GAAP Loss $7M, Cash Climbs to $6.5M; Lucid $1.3M Revenue
PAVmed ended Q1 2026 with a GAAP net loss of $7.0M ($4.42/share), non-GAAP loss of $1.9M ($1.17/share), operating expenses of $8.1M, and cash of $6.5M versus $1.5M at December 31. Veris advanced its implantable physiological monitor toward FDA 510(k) submission and Lucid generated $1.3M in EsoGuard revenue (3,177 tests).
1. Q1 Financial Results
For the quarter ended March 31, 2026, PAVmed reported a GAAP net loss of $7.0 million, or $4.42 per diluted share, and a non-GAAP adjusted loss of $1.9 million, or $1.17 per share. Operating expenses totaled $8.1 million, and cash and cash equivalents rose to $6.5 million from $1.5 million at December 31, 2025.
2. Lucid Diagnostics Performance
Lucid Diagnostics achieved $1.3 million in EsoGuard esophageal DNA test revenue during Q1, processing 3,177 tests. The subsidiary strengthened its balance sheet with an underwritten public offering that netted approximately $17 million, boosting proforma cash to $45 million and extending its operational runway into 2027.
3. Veris Health Advancements
Veris Health progressed development of its implantable physiological monitor, with presubmission and testing activities scheduled to support a planned FDA 510(k) submission. The commercial phase at The Ohio State University’s James Cancer Hospital is underway, with expansion into additional departments and positive clinical and administrative feedback.
4. Medical Device Portfolio Relaunch
Under Joseph Virgilio’s leadership, PAVmed relaunched its medical device portfolio, advancing multiple opportunities including the PortIO implantable intraosseous vascular access device and Duke-licensed endoscopic esophageal imaging technology. Virgilio’s expanded role will oversee development, commercialization and evaluation of additional acquisition targets aligned with long-term growth strategy.