PAVmed Inc. Q4 FY2024 earnings call

• Stabilized corporate structure and balance sheet, completing strategic transformation including deconsolidation of Lucid Diagnostics and debt restructuring to meet NASDAQ requirements.
• Lucid Diagnostics saw revenue growth, NCCN update aiding insurance coverage, and a successful concierge medicine cash pay program.
• Veris Health secured financing, received NIH grant, and extended pilot with Ohio State, aiming for regulatory submission of implantable by end of 2024 or Q1 2025.
• PortIO continues to seek direct financing for final development costs.

Lucid Diagnostics generated $1.2 million in revenue with test volume of over 4,000 tests, a 45% quarter-on-quarter growth. EsoGuard revenue was approximately $1.2 million with 4,042 tests, a 45% quarter-on-quarter growth. Highmark Blue Cross Blue Shield established positive commercial insurance coverage for EsoGuard. NCCN updated to include esophageal precancer screening. Veris Health completed a private placement financing with $2.4 million gross proceeds at a $35 million pre-money valuation, was awarded a $1.8 million NIH grant, and extended its pilot program with The Ohio State University's James Cancer Center to end of April. The incubator (PortIO) is seeking direct financing with ongoing discussions with investors.

• Lucid is expected to reach major inflection milestones driving shareholder value.
• Veris aims to complete regulatory submission for implantable by end of 2024 or Q1 2025, with Ohio State partnership imminent.
• PortIO seeking financing to cover final development costs for its technology.

• Risks associated with forward-looking statements not materializing.
• Uncertainties in securing funding for R&D activities of Veris and PortIO.
• Compliance risks related to NASDAQ listing and ongoing regulatory processes.
• Competition in the life sciences sector affecting market position.

Q: Please go ahead on the Veris Healthcare cancer platform with the Ohio State pilot program, including details on the contract and implantable device timeline.

A: The pilot with Ohio State was extended to end of April to finalize the commercial and strategic partnership. The implantable device's regulatory submission is expected by end of 2024 or early 2026, with successful pre-submission meetings with FDA and plans to avoid full human clinical trial via skin study validation.

Q: Can you give us some color on the discussions you're having with other institutions on Veris to initiate pilot launches and any learnings from what you're doing at OSU when going into other centers?

A: Had meaningful conversations with a dozen cancer centers, with more advanced talks with four or five. Focused on advancing the implantable now, with positive feedback from OSU experience to apply to other centers.

Q: As you're possibly talking to other cancer centers, have you run into any competing products or competition out there?

A: Veris' software platform is specific to cancer patients undergoing systemic therapy, differentiating from generic remote patient monitoring. The implantable is proprietary and patent-protected, a barrier to entry for competitors.