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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Revenue $ 996 $ 791 $ 2,985 $ 1,403
Operating expenses:        
Cost of revenue 1,381 1,779 4,792 4,809
Sales and marketing 2,920 4,016 11,472 12,893
General and administrative 6,649 6,858 20,337 23,916
Amortization of acquired intangible assets 82 505 559 1,516
Research and development 1,542 3,161 5,125 10,681
Total operating expenses 12,574 16,319 42,285 53,815
Operating loss (11,578) (15,528) (39,300) (52,412)
Other income (expense):        
Interest income 70 124 252 408
Interest expense (12) (159) (38) (570)
Gain on deconsolidation of subsidiary 72,287 72,287
Change in fair value - equity method investment 407 407
Change in fair value - Senior Secured Convertible Notes 240 (4,392) (2,488) (5,772)
Loss on issue and offering costs - Senior Secured Convertible Note (1,186)
Debt extinguishments loss - Senior Secured Convertible Notes (1,403) (1,764) (2,535) (3,032)
Debt modification expense (2,000)
Change in fair value - derivative liability (31) (291)
Management fee income 700 700
Gain on sale of intellectual property 1,000
Other income (expense), net 72,289 (6,222) 66,585 (9,443)
Income (loss) before provision for income tax 60,711 (21,750) 27,285 (61,855)
Provision for income taxes
Net income (loss) before noncontrolling interests 60,711 (21,750) 27,285 (61,855)
Net loss attributable to the noncontrolling interests 3,688 4,079 11,075 11,716
Net income (loss) attributable to PAVmed Inc. 64,399 (17,671) 38,360 (50,139)
Less: Series B Convertible Preferred Stock dividends earned (83) (77) (244) (226)
Less: Deemed dividend on Subsidiary Preferred Stock attributable to the noncontrolling interests (7,496)
Net income (loss) attributable to PAVmed Inc. common stockholders $ 64,316 $ (17,748) $ 30,620 $ (50,365)
Per share information:        
Net income (loss) per share attributable to PAVmed Inc. common stockholders – basic [1] $ 6.43 $ (2.38) $ 3.30 $ (7.23)
Net income (loss) per share attributable to PAVmed Inc. common stockholders – diluted [1] $ 1.44 $ (2.38) $ 0.79 $ (7.23)
Weighted average common shares outstanding, basic 10,005,379 7,462,751 9,286,999 6,967,764
Weighted average common shares outstanding, diluted 44,475,638 7,462,751 43,069,449 6,967,764
[1] - Convertible preferred stock and restricted stock awards would potentially be considered a participating security under the two-class method of calculating net income (loss) per share. For periods where losses are presented, such holders are not contractually obligated to share in the losses, there is no impact on the Company’s net income (loss) per share calculation for the periods indicated.