0001493152-23-040620.txt : 20231113 0001493152-23-040620.hdr.sgml : 20231113 20231113171343 ACCESSION NUMBER: 0001493152-23-040620 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 82 CONFORMED PERIOD OF REPORT: 20230930 FILED AS OF DATE: 20231113 DATE AS OF CHANGE: 20231113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAVmed Inc. CENTRAL INDEX KEY: 0001624326 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 471214177 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37685 FILM NUMBER: 231400026 BUSINESS ADDRESS: STREET 1: 360 MADISON AVENUE STREET 2: 25TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: (212) 949-4319 MAIL ADDRESS: STREET 1: 360 MADISON AVENUE STREET 2: 25TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: PAXmed Inc. DATE OF NAME CHANGE: 20141105 10-Q 1 form10-q.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2023

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____ to _____

 

Commission File Number: 001-37685

 

PAVMED INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware   47-1214177
(State or Other Jurisdiction of   (IRS Employer
Incorporation or Organization)   Identification No.)
   
360 Madison Avenue  
25th Floor  
New York, NY   10017
(Address of Principal Executive Offices)   (Zip Code)

 

(917) 813-1828

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each Class   Trading Symbol(s)   Name of each Exchange on which Registered
Common Stock, $0.001 par value per share   PAVM   The NASDAQ Stock Market LLC
Series Z Warrants, each to purchase one share of Common Stock   PAVMZ   The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of ”large accelerated filer”, “accelerated filer” , “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated filer Accelerated filed
Non-accelerated filer Smaller reporting company
    Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(c) of the Exchange Act

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

As of November 9, 2023, there were 120,759,886 shares of the registrant’s Common Stock, par value $0.001 per share, issued and outstanding (with such number of shares inclusive of shares of common stock underlying unvested restricted stock awards granted under the PAVmed Inc. 2014 Long-Term Incentive Equity Plan as of such date).

 

 

 

 

 

 

TABLE OF CONTENTS

 

  Page
  Part I - Financial Information  
     
Item 1. Financial Statements  
  Condensed Consolidated Balance Sheets (unaudited) as of September 30, 2023 and December 31, 2022 1
  Condensed Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2023 and 2022 2
  Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (unaudited) for the three and nine months ended September 30, 2023 and 2022 3
  Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2023 and 2022 7
  Notes to Unaudited Condensed Consolidated Financial Statements 8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 27
Item 4. Controls and Procedures 38
     
  Part II - Other Information  
     
Item 1. Legal Proceedings 39
Item 5. Other Information 39
Item 6. Exhibits 39
  Signature 40
  Exhibit Index 41

 

i

 

 

Part I - Financial Information

 

Item 1. Financial Statements

 

PAVMED INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands except number of shares and per share data - unaudited)

 

   September 30, 2023   December 31, 2022 
Assets:          
Current assets:          
Cash  $26,408   $39,744 
Accounts receivable   36    17 
Prepaid expenses, deposits, and other current assets   6,017    4,165 
Total current assets   32,461    43,926 
Fixed assets, net   1,820    2,451 
Operating lease right-of-use assets   4,663    3,037 
Intangible assets, net   1,929    3,445 
Other assets   1,147    1,121 
Total assets  $42,020   $53,980 
Liabilities, Preferred Stock and Stockholders’ Equity          
Current liabilities:          
Accounts payable  $2,165   $2,704 
Accrued expenses and other current liabilities   5,485    3,705 
Operating lease liabilities, current portion   1,574    1,141 
Senior Secured Convertible Notes - at fair value   44,990    33,650 
Derivative liability - at fair value   291     
Total current liabilities   54,505    41,200 
Operating lease liabilities, less current portion   3,343    1,846 
Total liabilities   57,848    43,046 
Commitments and contingencies (Note 9)   -     -  
Stockholders’ Equity:          
Preferred stock, $0.001 par value. Authorized, 20,000,000 shares; Series B Convertible Preferred Stock, par value $0.001, issued and outstanding 1,279,601 at September 30, 2023 and 1,205,759 shares at December 31, 2022   2,916    2,695 
Common stock, $0.001 par value. Authorized, 250,000,000 shares; 119,701,959 and 94,510,537 shares outstanding as of September 30, 2023 and December 31, 2022, respectively   120    95 
Additional paid-in capital   232,234    216,106 
Accumulated deficit   (278,529)   (228,169)
Treasury stock       (408)
Total PAVmed Inc. Stockholders’ Equity (Deficit)   (43,259)   (9,681)
Noncontrolling interests   27,431    20,615 
Total Stockholders’ Equity (Deficit)   (15,828)   10,934 
Total Liabilities and Stockholders’ Equity (Deficit)  $42,020   $53,980 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

1

 

 

PAVMED INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except number of shares and per share data - unaudited)

 

   2023   2022   2023   2022 
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2023   2022   2023   2022 
Revenue  $791   $76   $1,403   $265 
Operating expenses:                    
Cost of revenue   1,779    1,626    4,809    1,996 
Sales and marketing   4,016    4,736    12,893    13,559 
General and administrative   6,858    10,374    23,916    31,254 
Amortization of acquired intangible assets   505    505    1,516    1,278 
Research and development   3,161    6,202    10,681    18,664 
Total operating expenses   16,319    23,443    53,815    66,751 
Operating loss   (15,528)   (23,367)   (52,412)   (66,486)
Other income (expense):                    
Interest income   124    54    408    63 
Interest expense   (159)   (525)   (570)   (1,049)
Change in fair value - Senior Secured Convertible Notes   (4,392)   261    (5,772)   (1,739)
Loss on issue and offering costs - Senior Secured Convertible Note       (1,232)   (1,186)   (4,332)
Debt extinguishments loss - Senior Secured Convertible Notes   (1,764)   (5,123)   (3,032)   (5,123)
Change in fair value - derivative liability   (31)       (291)    
Gain on sale of intellectual property           1,000     
Other income (expense), net   (6,222)   (6,565)   (9,443)   (12,180)
Loss before provision for income tax   (21,750)   (29,932)   (61,855)   (78,666)
Provision for income taxes                
Net loss before noncontrolling interests   (21,750)   (29,932)   (61,855)   (78,666)
Net loss attributable to the noncontrolling interests   4,079    3,806    11,716    10,143 
Net loss attributable to PAVmed Inc.   (17,671)   (26,126)   (50,139)   (68,523)
Less: Series B Convertible Preferred Stock dividends earned   (77)   (71)   (226)   (209)
Net loss attributable to PAVmed Inc. common stockholders  $(17,748)  $(26,197)  $(50,365)  $(68,732)
Per share information:                    
Net loss per share attributable to PAVmed Inc. - basic and diluted  $(0.16)  $(0.29)  $(0.48)  $(0.78)
Net loss per share attributable to PAVmed Inc. common stockholders – basic and diluted  $(0.16)  $(0.29)  $(0.48)  $(0.78)
Weighted average common shares outstanding, basic and diluted   111,941,269    89,758,927    104,516,464    87,724,124 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

2

 

 

PAVMED INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (DEFICIT)

for the THREE MONTHS ENDED September 30, 2023

(in thousands except number of shares and per share data)

 

   Shares   Amount   Shares   Amount   Capital   Deficit   Stock   Interest   Total 
   PAVmed Inc. Stockholders’ Equity (Deficit)         
   Series B Convertible Preferred Stock   Common Stock   Additional Paid-In   Accumulated   Treasury    Non controlling     
   Shares   Amount   Shares   Amount   Capital   Deficit   Stock   Interest   Total 
                                     
Balance - June 30, 2023   1,254,497   $2,841    108,537,994   $109   $226,321   $(260,783)  $   $30,682   $(830)
Dividends declared - Series B Convertible Preferred Stock   25,104    75                (75)            
Conversions - Senior Secured Convertible Note           10,859,964    10    3,978                3,988 
Conversions - majority-owned subsidiary common stock - Senior Secured Convertible Note                               167    167 
Purchase - Employee Stock Purchase Plan           304,001    1    76                77 
Purchase - majority-owned subsidiary common stock - Employee Stock Purchase Plan                               275    275 
Impact of subsidiary equity transactions                   651            (651)    
Stock-based compensation - PAVmed Inc.                   978                978 
Stock-based compensation - majority-owned subsidiary                   230            1,037    1,267 
Net loss                       (17,671)       (4,079)   (21,750)
Balance - September 30, 2023   1,279,601   $2,916    119,701,959   $120   $232,234   $(278,529)  $          $27,431   $(15,828)

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

3

 

 

PAVMED INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (DEFICIT)

for the NINE MONTHS ENDED September 30, 2023

(in thousands, except number of shares and per share data - unaudited)

 

   PAVmed Inc. Stockholders’ Equity (Deficit)         
   Series B Convertible Preferred Stock   Common Stock   Additional Paid-In   Accumulated    Treasury   Non controlling     
   Shares   Amount   Shares   Amount   Capital   Deficit    Stock   Interest   Total 
                                      
Balance - December 31, 2022   1,205,759   $2,695    94,510,537   $95   $216,106   $(228,169)   $(408)  $20,615   $10,934 
Dividends declared - Series B Convertible Preferred Stock   73,842    221                (221)             
Issue common stock - PAVM ATM Facility           2,330,747    2    1,164                 1,166 
Vest - restricted stock awards           100,000                          
Conversions - Senior Secured Convertible Note           20,383,445    20    8,388                 8,408 
Conversions - majority-owned subsidiary common stock - Senior Secured Convertible Note                                167    167 
Purchase - Employee Stock Purchase Plan           688,384    1    198         60        259 
Purchase - majority-owned subsidiary common stock - Employee Stock Purchase Plan                                551    551 
Issuance - majority-owned subsidiary common stock - At-The-Market Facility, net of financing charges                                284    284 
Impact of subsidiary equity transactions                   1,984             (1,984)    
Issuance - majority-owned subsidiary common stock - Settlement APA-RDx - Termination Payment                                713    713 
Issuance - vendor service agreement           1,500,000    2    600             147    749 
Issuance - majority-owned subsidiary preferred stock                                13,625    13,625 
Stock-based compensation - PAVmed Inc.                   3,266                 3,266 
Stock-based compensation - majority-owned subsidiaries                   876             5,029    5,905 
Treasury stock           188,846        (348)        348         
Net loss                       (50,139)        (11,716)   (61,855)
Balance - September 30, 2023   1,279,601   $2,916    119,701,959   $120   $232,234   $(278,529)   $   $27,431   $(15,828)

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

4

 

 

PAVMED INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (DEFICIT)

for the THREE MONTHS ENDED September 30, 2022

(in thousands, except number of shares and per share data - unaudited)

 

   PAVmed Inc. Stockholders’ Equity (Deficit)         
   Series B Convertible Preferred Stock   Common Stock   Additional Paid-In   Accumulated   Treasury   Non controlling     
   Shares   Amount   Shares   Amount   Capital   Deficit   Stock   Interest   Total 
                                     
Balance - June 30, 2022   1,158,950   $2,554    87,023,211   $87   $201,327   $(181,442)  $(548)  $19,426   $41,404 
Dividends declared - Series B Convertible Preferred Stock   23,196    70                (70)            
Conversions - Series B Convertible Preferred Stock   (45)       45                         
Conversions - Senior Secured Convertible Note           5,013,908    5    10,107                10,112 
Exercise - stock options of majority-owned subsidiary                               6    6 
Purchase - Employee Stock Purchase Plan                           140        140 
Purchase - majority-owned subsidiary common stock - Employee Stock Purchase Plan                               109    109 
Issuance - majority-owned subsidiary common stock - Committed Equity Facility, net of financing charges                               1,767    1,767 
Impact of subsidiary equity transactions                   1,363            (1,363)    
Issuance - majority-owned subsidiary common stock - Settlement APA-RDx - Installment Payment                               186    186 
Stock-based compensation - PAVmed Inc.                   1,481                1,481 
Stock-based compensation - majority-owned subsidiary                               3,283    3,283 
Treasury stock           191,698                         
Net loss                       (26,126)       (3,806)   (29,932)
Balance - September 30, 2022   1,182,101   $2,624    92,228,862   $92   $214,278   $(207,638)  $(408)  $19,608   $28,556 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

5

 

 

PAVMED INC.

and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (DEFICIT)

for the NINE MONTHS ENDED September 30, 2022

(in thousands, except number of shares and per share data - unaudited)

 

   PAVmed Inc. Stockholders’ Equity (Deficit)         
   Series B Convertible Preferred Stock   Common Stock   Additional Paid-In   Accumulated   Treasury   Non controlling     
   Shares   Amount   Shares   Amount   Capital   Deficit   Stock   Interest   Total 
                                     
Balance - December 31, 2021   1,113,919   $2,419    86,367,845   $86   $198,071   $(138,910)  $   $17,752   $79,418 
Dividends declared - Series B Convertible Preferred Stock   68,227    205                (205)            
Conversions - Series B Convertible Preferred Stock   (45)       45                         
Vest - restricted stock awards           541,666        (1)               (1)
Exercise - Series Z warrants           5                         
Conversions - Senior Secured Convertible Note           5,013,908    5    10,107                10,112 
Exercise - stock options           299,999    1    302                303 
Exercise - stock options of majority-owned subsidiary                               694    694 
Purchase - Employee Stock Purchase Plan           194,240        218        140        358 
Purchase - majority-owned subsidiary common stock - Employee Stock Purchase Plan                               109    109 
Issuance - majority-owned subsidiary common stock - Committed Equity Facility, net of financing charges                               1,767    1,767 
Impact of subsidiary equity transactions                   1,375            (1,375)    
Issuance - majority-owned subsidiary common stock - Settlement APA-RDx - Installment Payment   <