PAVmed Secures $45M Financing, Processes 3,664 EsoGuard Tests, Advances Device Pipeline
PAVmed completed a $30m Series D preferred stock raise and a $15m senior secured note financing, eliminated all convertible securities, and issued $30m in callable warrants, extending its cash runway. It recognized $1.5m in Q4 EsoGuard revenue from 3,664 tests, secured a VA contract, advancing medical device and Veris programs.
1. Financing Strengthens Balance Sheet
PAVmed closed a $30 million Series D preferred stock offering and a $15 million senior secured note financing, using proceeds to eliminate all outstanding convertible securities and reduce legacy capital overhang. The Company also issued $30 million in Series D warrants callable upon publication of a draft CMS coverage policy for Lucid’s EsoGuard, significantly extending its cash runway.
2. Lucid Diagnostics Q4 Results and VA Contract
Lucid Diagnostics reported $1.5 million in EsoGuard Esophageal DNA Test revenue in Q4 2025, processing 3,664 tests, and secured a U.S. Department of Veterans Affairs contract to expand access across the VA’s integrated healthcare system. Positive real-world data from nearly 12,000 at-risk patients underscore EsoGuard and EsoCheck’s clinical performance.
3. Medical Device Relaunch and Veris Advances
PAVmed appointed Joseph Virgilio as Chief Business Officer of Medical Devices, relaunched its device portfolio with PortIO vascular access and Duke-licensed esophageal imaging technology, and progressed Veris Health’s implantable physiological monitor through EHR integration at OSU’s James Cancer Hospital. Veris is on track for a late-2026 FDA 510(k) submission.