PAVmed is a diversified commercial-stage life sciences company operating through independently financed subsidiaries, including Lucid Diagnostics (cancer prevention diagnostics) and Veris Health (digital cancer care). The company reported a net loss attributable to PAVmed Inc. common stockholders of $3.774 million for the year ended December 31, 2025, compared to a net income of $31.966 million in 2024 (which included a $72.3 million gain on deconsolidation of Lucid Diagnostics). Revenue significantly decreased to $0.071 million in 2025 from $2.995 million in 2024, primarily due to the deconsolidation of Lucid Diagnostics in September 2024. Operating loss for 2025 was $21.806 million, compared to $44.487 million in 2024. Cash used in operating activities amounted to $5.206 million in 2025, with cash on hand of $1.538 million as of December 31, 2025. A 1-for-30 reverse stock split became effective on January 2, 2026, along with a reduction in authorized common stock to 25 million shares, to regain Nasdaq compliance. In February 2026, PAVmed raised $30 million through the issuance of Series D Convertible Preferred Stock and warrants, yielding approximately $7.6 million in net proceeds after redeeming Series C Preferred Stock and refinancing the 2022 Note. Lucid Diagnostics secured a contract with the U.S. Department of Veterans Affairs for EsoGuard in January 2026, expanding access to esophageal precancer testing. Veris Health launched the commercial phase of its strategic partnership with The Ohio State University Comprehensive Cancer Center in October 2025. PAVmed licensed exclusive worldwide rights to endoscopic imaging technology from Duke University in February 2026 and appointed Joseph Virgilio as Chief Business Officer for Medical Devices in March 2026. The independent registered public accounting firm's report includes an explanatory paragraph expressing substantial doubt about the company's ability to continue as a going concern.