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PAVmed Inc. (NASDAQ: PAVM) reported a notable financial turnaround in Q4 2024, driven by strategic debt restructuring and increased revenue from its subsidiary, Lucid Diagnostics. The company posted a GAAP net income of $1.3 million, equating to $0.12 per diluted share. This performance was bolstered by a $900,000 NIH grant, offsetting a non-GAAP loss of $688,000. Currently trading at $0.79, InvestingPro analysis suggests the stock is undervalued, despite showing a strong YTD return of 27.49%. The company’s market capitalization stands at $8.58 million, reflecting recent market movements.
Key Takeaways
- PAVmed achieved a GAAP net income of $1.3 million in Q4 2024.
- Lucid Diagnostics reported $1.2 million in revenue, with a 45% increase in EsoGuard test sales.
- The company reduced its debt by $25 million through restructuring efforts.
- PAVmed secured $2.4 million in financing for Verus Health, focusing on implantable physiologic monitors.
Company Performance
PAVmed’s Q4 2024 results reflect a strategic focus on innovation and financial restructuring. The company’s decision to deconsolidate Lucid Diagnostics, reducing its controlling interest from over 50% to 32%, indicates a shift towards optimizing operational efficiency. According to InvestingPro data, the company faces significant debt challenges with a total debt-to-capital ratio of 0.82 and a concerning current ratio of 0.06. This move, coupled with securing a significant NIH grant, underscores PAVmed’s commitment to advancing its healthcare technology portfolio while addressing financial constraints.
Financial Highlights
- Revenue from Lucid Diagnostics: $1.2 million
- GAAP net income: $1.3 million or $0.12 per diluted share
- Debt reduction: $25 million
- NIH grant proceeds: $900,000
Outlook & Guidance
Looking ahead, PAVmed is focused on advancing its implantable physiologic monitor for FDA clearance and expanding its partnership with Ohio State University. The company is also exploring additional pilot programs with cancer centers and developing AI-based clinical support tools. While revenue growth has been impressive at 166.27%, InvestingPro analysts highlight concerns about cash burn rates and profitability prospects. Future EPS forecasts indicate a continued focus on innovation, with projections of -$0.4 per quarter through 2025. For deeper insights into PAVmed’s financial health and growth potential, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
Executive Commentary
Dr. Lishan Aklog, CEO of PAVmed, remarked, "We believe we’re on the cusp of some major inflection milestones that will drive shareholder value." He emphasized the strategic importance of their implantable technology, stating, "The implantable is the real differentiator here over the medium and long term."
Risks and Challenges
- Regulatory hurdles with FDA clearance for new technologies.
- Market competition in the oncology-specific monitoring sector.
- Potential delays in securing additional funding for technology development.
- Economic uncertainties impacting healthcare investment.
PAVmed’s Q4 2024 performance highlights its strategic maneuvers to strengthen its financial position and innovate within the healthcare sector. As the company navigates upcoming regulatory and market challenges, its focus on technology development and strategic partnerships remains pivotal.
Full transcript - PAVmed Inc (PAVM) Q4 2024:
Conference Operator: Good morning, and welcome to PAVmed Fourth Quarter twenty twenty four Business Update Conference Call. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. Please note this event is being recorded. I would now like to turn the conference over to Matt Riley, Hemet’s Senior Director of Investor Relations.
Please go ahead.
Matt Riley, Senior Director of Investor Relations, PAVmed: Thank you, operator, and good morning, everyone. Thank you for participating in today’s business update call. Joining me today on the call are Doctor. Lishan Aklog, Chairman and Chief Executive Officer of PAVmed along with Dennis McGrath, Chief Financial Officer of PAVmed. The press release announcing our business update and financial results is available on PAVmed’s website.
Please take a moment to read the disclosure about forward looking statements in the press release. The business update, press release and the conference call all include forward looking statements. These forward looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from statements made. Factors that could cause actual results to differ are described in the disclaimer and in our filings with the SEC. For a list and a description of these and other important risks and uncertainties that may affect future operations, see Part one, Item 1A, entitled Risk Factors and PAVmed’s most recent Annual Report on Forms 10 K filed with the SEC and any subsequent updates filed in quarterly reports on Forms 10 Q and subsequent Forms eight K.
Except as required by law, PAVmed disclaims any intentions or obligations to publicly update or revise any forward looking statements to reflect changes in expectations or in events, conditions or circumstances on which the expectations may be based or that may affect the likelihood that actual results will differ from those contained in the forward looking statements.
Dr. Lishan Aklog, Chairman and CEO, PAVmed: I would now like to turn
Matt Riley, Senior Director of Investor Relations, PAVmed: the call over to Doctor. Lishan Aklaug, Chairman and CEO of AvMed. Take it away, Lishan.
Dr. Lishan Aklog, Chairman and CEO, PAVmed: Thank you, Matt, and good morning, everyone. Thank you for joining our quarterly update call. I’d like to thank our long term shareholders for your ongoing support and commitment. Corporate structure and balance sheet. Those changes are now complete and PAVmed is now in a strong position to fulfill our mission.
As you know, PAVmed is a parent company and has subsidiaries including Lucid Diagnostics and Averis Health and last year spun out an incubator PMX. As our subsidiaries succeed, particularly Lucid, it’s important to understand that we expect PAVmed will follow suit and succeed as well. Beginning of this year, we successfully completed what was a carefully designed strategic transformation to solidify PAVmed as a sustainable vehicle. As you recall, last year, we completed the deconsolidation of Lucid Diagnostics and restructured our convertible debt. This accomplished two things.
One, it preserved PadMed’s ownership and Lucid without having to absorb Lucid’s operating losses on its balance sheet and it allowed us to satisfy the NASDAQ minimum equity listing requirement. TABMed is now well positioned to operate as designed as a diversified commercial life sciences company with multiple independently financed subsidiaries operating under a shared services model. So now on to highlights from the fourth quarter and recent weeks. Let me start with Lucid Diagnostics. However, I do encourage you to listen to the Lucid business update call that from yesterday for greater detail on these programs.
But here’s some of the main takeaways. Alisa generated $1,200,000 in revenue and a test volume of just over 4,000 tests, which represented a 45% growth quarter on quarter. In the fourth quarter, EsoGuard revenue was approximately $1,200,000 and we booked record test volume of 4,042 tests about a 45% quarter on quarter growth above our targeted 2,500 to 3,000 tests per quarter that are necessary for us to achieve critical mass with our revenue cycle management and medical policy efforts, while protecting our cash burn. Highmark Blue Cross Blue Shield in New York established our first positive commercial insurance coverage policy for EsoGuard, so exciting development there. Another exciting development was the update to the National Comprehensive Cancer Network Clinical Practice Guideline, which now includes esophageal precancer screening consistent with the ACG Gastroenterology Guidelines.
As an important step, the NCCN is widely regarded as a key indicator of standards of excellence and we think this will help us drive positive commercial insurance coverage decisions in the coming quarters. Our concierge medicine cash pay program is off to a great start. We’ve executed over 20 concierge medicine contracts in just a few weeks since we started this program. We also strengthened our balance sheet with long term debt refinancing and registered direct common stock offering, extending our cash runway past the key upcoming reimbursement milestones. We’re also waiting for a response to our submission to the MolDX group for reconsideration of Visa Guard for Medicare coverage under the existing local coverage determination that was submitted in November and we expect some action on that and remain optimistic for action within the first half of this year.
Also lots of great progress with Verus Health. We were excited to complete a private placement financing with gross proceeds of $2,400,000 at a $35,000,000 pre money valuation. These were accredited investors who purchased Tab S Securities at the market as well as shares of various common stock. This financing supplement recently secured $1,800,000 non dilutive two year NIH grant. The financing allows us to advance our strategy.
We’re focusing on the completion of the regulatory process for the implantable physiologic monitor and a regulatory clearance regulatory submission by the end of this year or into the first quarter of next year. We believe that this Verus pre money valuation really reflects strong investor confidence in Verus’ long term commercial potential And we expect that once cleared, the implant will monitor will significantly enhance the commercial potential. We also continue to have a strong engagement with our partners at The Ohio State University, the James Cancer Center. We extended our pilot program with them to the April to give us time to close on a long term commercial strategic partnership, which we believe is imminent. On the incubator side, we’re continuing to seek direct financing to fund the PortIO and have had contact with with angel investors as well as with several strategics and those conversations remain active.
With that, I’ll pass the call on to Dennis.
Dennis McGrath, Chief Financial Officer, PAVmed: Thanks, Lee John, and good morning, everyone. Our summary financial results for the fourth quarter and the year were reported in our press release that has been distributed. On the next three slides, I’ll emphasize a few key highlights from the fourth quarter, but I encourage you to consider those remarks in the context of the full disclosures covered in our annual report on Form 10 ks as filed with the SEC. With regard to the balance sheet, you will recall from our last call in November, the company was engaged in a multi step process to regain compliance with NASDAQ’s listing standard for minimum equity and also position the company for long term financial stability. Among the strategic endeavors that Lishan spoke about, there were three immediate tactical financial targets we were intent on accomplishing, namely: one, deconsolidating Lucid from PAVmed’s consolidated financial statements two, restructuring our debt and three, focusing on financing Verus and PortIO.
This slide reflects the balance sheets for the third quarter and fourth quarter after deconsolidation, which occurred on September 10. But prior to the effect of the debt exchange, which became effect on 01/17/2025, right after the shareholders approved the exchange and two, prior to Nasdaq’s notice of listing compliance on February, prior to the PAVNET VERUS financing that occurred on February 21. So a couple of key things to point out on each of these balance sheets. Cash does not include any lucid cash. To the equity method investment balances reflect the 31,300,000.0 Lucid shares mark to market on each balance sheet date, which at December 31, the date of the balance sheet was $0.82 per share.
This amount was previously eliminated from PAVmed’s balance sheet prior to deconsolidation. The stock price between September 30 and December 31 was relatively flat. Hence, the balance did not change much between the beginning and ending dates of the fourth quarter. However, the Lucid stock price is way up since year end and so the impact of a rising stock price could have a dramatic impact on PAVmed’s first quarter results. The way to think about that impact of this line item and how it affects the building financial stability of PAVmed is as follows.
For every $0.032 of Lucid price change from a base of 0.82 the balance sheet amount will change by $1,000,000 in total. As an example, just in the last couple of weeks, this amount has increased to just under $50,000,000 Note, there is plenty more information in 10 ks on this topic, particularly note four to the financial statements. Three, the senior secured note balances are before the debt exchange that occurred after year end on January 17. A general way to think about how the balance sheet amount changes as a result of the January debt exchange is to decrease the debt by 25,000,000 and increase preferred equity by $25,000,000 AvMed continues to be the single largest shareholder of the common stock. However, the controlling voting interest dropped from more than 50% to about 32% as a result of these intentional actions by management and the Board clearing the pathway to deconsolidate Lucid from PAVmed.
Some additional tactical steps have been taken by management and the Board. One, the encourage of future R and D expenses to advance the next development stages of the Versa cancer care platform and PortIO technology will be largely dependent upon obtaining funding for those entities to cover the incremental development costs. Hence, any increased burn rate from those endeavors will be offset from the incremental financing. As a good start in that direction, we previously announced being awarded an NIH grant of $1,800,000 for Verus, it’s payable over two years, for which we collected 50% of the award in December, which covered Verus’ expenses in the fourth quarter. The additional funding efforts have been were paused pending the outcome of the NASDAQ hearings panel.
With the NASDAQ approval on hand on February 14, the PAPMed Verus financing was then later completed on February 21. The Verus component of the financing was negotiated at $35,000,000 pre money value. PortIO Corp. Has ongoing discussions with both financial and strategic investors for direct investment into PortIO Corp. At a pre money valuation of $42,000,000 to cover the final development costs.
Shares outstanding today include unvested RSAs at approximately 17,500,000.0 shares outstanding. The GAAP year end outstanding shares of $11,200,000 are reflected on the slide as well as on the face of the balance sheet in the 10 ks. GAAP shares do not reflect unvested RSA amounts. Next slide please. Similar to past presentations, this P and L slide provides some GAAP and non GAAP year over year quarterly and annual comparisons.
However, there are some significant differences in how the information is compiled between the comparative periods given the changes in PAVmed’s financial control of Lucid. Importantly, the GAAP construct for deconsolidating Lucid on September 10 somewhat blurs the historical understanding of the information for PAVmed as a standalone entity and GAAP does not allow the presentation for prior periods to be similarly adjusted. The GAAP annual results as presented reflect inclusion or consolidation of Lucid’s results through September 10 and then differently after that date, mainly without Lucid’s results. Furthermore, you will see a large net income of $28,400,000 on the GAAP P and L before non controlling interest. And the 10 ks shows a GAAP positive primary EPS of $3.3 per share and a positive diluted EPS of $0.5 per share.
This is all the result of eliminating Lucid from Padvin’s balance sheet and extracting the impact of Lucid’s cumulative historical losses. The net adjustments to the balance sheet create a $72,000,000 gain that then flows through the P and L to obtain the net equity impact of all the deconsolidation adjustments. Happy to answer any detailed questions on the slide in the Q and A, but I think it’s more informative to look at the fourth quarter standalone information presented in this slide and the full fourth quarter information presented in our press release that shows a company baseline bias of operating at cash flow breakeven and incurring incremental PAVmed expenses for development activities that are offset by dedicated funding. So in the fourth quarter, you see a non GAAP loss of $688,000 which has been offset by the NIH grant proceeds of $900,000 For the three months ended 12/31/2024, PAVmed revenues reflect approximately 125 patients on the Verus cancer care platform, while largely in connection with the expanded pilot program with OSU. EsoGuard related revenues are no longer consolidated with PAVmed results with the deconsolidation that became effective in September.
PAVmed’s management service income from Lucid Diagnostics of $3,200,000 for the quarter is reflected in other income. Operating expenses were approximately $5,200,000 which includes stock based compensation expenses of $700,000 GAAP net income attributable to common stockholders was approximately $1,300,000 dollars or approximately $0.12 per common share on a diluted basis for the quarter. Next slide please. With regard to the non GAAP operating expenses, on this slide, you’ll see a graphic illustration of our operating expenses over time as presented in more detail in our press release. Total non GAAP OpEx is $4,200,000 for the fourth quarter of twenty twenty four.
The decrease is equally related to the impact of deconsolidation and the fact that the combined OpEx ignoring deconsolidation of Pavin and Lucid would have been in line with the previous quarters. With that operator, let’s open it up for questions.
Conference Operator: Thank you. Your first question comes from the line of Jeremy Fermont with Maxim Group. Please go ahead.
Dr. Lishan Aklog, Chairman and CEO, PAVmed: Jeremy, good morning. Good morning.
Jeremy Fermont, Analyst, Maxim Group: Yes, thank you for taking my question. Just so quickly on the Verus health care cancer platform with the Ohio State that pilot program, it seems like it was extended through April. It seems like the finalizing a contract is imminent. What is based on your conversations you’re having with them, what does that contract you think look like? How is it going to play out?
Yes,
Dr. Lishan Aklog, Chairman and CEO, PAVmed: it’s really exciting because it’s not only a commercial engagement and our first major commercial engagement. It will be our first major commercial engagement with the third largest cancer center in the country. It’s also a strategic partnership and that’s been part of the nature of our engagement with Ohio State with the James Cancer Center going back to the very beginning and the contemplation of the memorandum of understanding, the design and the launch of the pilot program, the sort of joint assessment of the successes of the pilot program with regard to the various key performance indicators, KPIs, as well as clinical success, fine tuning to how the platform works within the construct of their workflow. And so all of that’s been great. So the reason we extended the pilot was frankly because as we were working through the details of what the agreement would look like, there was just demand from the clinical sites to continue to enroll in patients.
And so we just agreed to continue it, while we were ironing out the final details. There will be a commitment from Ohio State to enroll a substantial portion of patients over the first year. These will be commercial patients, but also patients enrolled in a registry. So we’ll be able to use that data, collect that data for ongoing improvements, but also for a pathway towards data analytics and development of clinical decision support tools using AI. They’ve also committed to being the first site for once the agreement is consummated for them to be the first site for the initial implantation of the implantable device once it’s FDA cleared and to do a separate registry for that to help us document its role in it to use.
So it’s really a comprehensive commercial as well as strategic partnerships. What it does during this interval of time where the primary focus for Verus is going to be on advancing the implantable and launching the agreement with Ohio State. What it will do for us as we culminate that process and we end up crossing the threshold with FDA clearance is it will really be a poster child, a standard bearer for our ability to engage with other large cancer centers. And The James is very committed to helping us do that and for them to be at the forefront of using a dedicated cancer care platform to enhance the care of their patients.
Jeremy Fermont, Analyst, Maxim Group: Understood. Thank you. And then just one follow-up question, you mentioned implantable device. Now that you have funding for that, do you have any more clarity how that timeline would look until you hopefully get potential FDA approval for that?
Dr. Lishan Aklog, Chairman and CEO, PAVmed: Yes, sure. So we’re getting the manufacturing partners with us back online and getting all the as you may recall, we are pretty far along with that process. And so that’s just that’s all getting rebooted. Right now, it looks like that process will be completed and we’ll be ready for submission in the very end of this year or the early part of twenty twenty six. The I just want to maybe use this opportunity to note that we’ve had numerous engagements, pre submission meetings with the FDA.
We have a very clear idea they have a very clear idea of what we intend to do and we have a very clear idea of what they’re going to ask us to do. It’s been a very successful engagement and that it looks like we’ll be able to avoid having to do any kind of sort of meaningful human clinical trial of the implantable where it’s actually implanted. And we’re in the final stages of kind of just checking one last box with them around the way to validate a skin study where the device is just put on the skin and used to monitor patients for short periods of time to demonstrate that that to demonstrate its efficacy without having to do a full blown clinical study. So really intense engagement with FDA that’s really born fruit with regard to what we’ll have to do to get this thing cleared.
Jeremy Fermont, Analyst, Maxim Group: Okay, great. Thank you for that information. And I’ll hop back in the queue. Great.
Dr. Lishan Aklog, Chairman and CEO, PAVmed: Thanks, Jeremy.
Conference Operator: And your next question comes from the line of Ross Aspen with Cantor Fitzgerald. Please go ahead.
Dr. Lishan Aklog, Chairman and CEO, PAVmed: Hi, Ross. How are you?
Matthew Park, Analyst, Cantor Fitzgerald: Hey, guys. This is Matthew Park on for Ross today. Thanks for taking my call. Questions. I guess just one for me.
Can you give us some color on discussions you’re having with other institutions on Verus to initiate pilot launches and any learnings you can take from what you’re doing at OSU when going into other centers?
Dr. Lishan Aklog, Chairman and CEO, PAVmed: Yes. So we have a pretty comprehensive process of screening, sort of hundreds of cancer centers in this country screening for targets that are that have NCI designation that have that are large, have significant number of patients getting advanced therapies. And I would say of that group, we’ve had meaningful conversations with about a dozen or so and more advanced conversations with a handful of say four or five of those. We’re not pushing real hard on advancing new pilots because we want to take the sort of limited resources right now and make sure that we’re advancing the that we’re applying those to the implantable. We really believe from the pilot engagement with OSU that, although we’ve had really great success with the software platform in conjunction with the VerusBox of connected devices that the real differentiator here over the medium and long term is with the implantable.
So we continue to have dialogues with a handful of other major centers. There’s been positive feedback with regard to our experience to date with Ohio State and the opportunity to enhance care. So those relationships are being kept warm. It’s certainly possible we’ll add a pilot or two during this period, where we’re focused primarily on the OSU engagement and the advancement of the implantable. But we don’t expect to make a major push to expand the number of sites until after the implantable is clear.
And we believe that that’s the best utilization of our resources. And frankly, by then we’ll have a meaningful amount of data from the more formal post pilot commercial engagement with OSU that we’ll be able to leverage. There are also a variety of other things that we’re going to be working on over during this period of time. We’re looking to work with OSU on helping us develop a clinical support offering. So we can offer sites the ability for various personnel to provide some clinical support to triage alerts and so forth to help them maximally utilize the platform itself.
So that’s something that’s in progress as well as developing tools beyond the baseline remote patient monitoring functionality that already exists. So AI based tools for clinical physician support. So all of those are really things that will enhance the product, both the implantable as well as the software element, which will put us in a strong position to expand beyond a handful of centers once the implantable is cleared.
Matthew Park, Analyst, Cantor Fitzgerald: Got it. Super helpful. Makes sense. And then I guess one more for me on PortIO. So pending any incremental financing, can you just walk us through what the path to FDA approval would look like here and any additional studies you need to go through?
Thanks.
Dr. Lishan Aklog, Chairman and CEO, PAVmed: Sure, sure. We don’t, I guess, have to talk too much, but just maybe on PortIO, so just a reminder of what PortIO actually is. PortIO is the first, excuse me, the first implantable long term vascular access device that uses the bone marrow at the site. That’s the intraosseous or IO portion of the name PortIO. And it’s using it provides a really an opportunity to provide long term vascular access for patients who have poor veins, for patients who need their veins for future dialysis and a variety of other very large market opportunities that totaled about $2,000,000,000 So to get more directly to your question, the pathway is quite straightforward.
PadMed has already invested a substantial amount in getting the device through the first the GEN-one device through verification and validation testing. And if you recall, we completed a successful first in human study in Colombia, South America that went perfectly. Excellent results in all nine patients that worked exactly as intended. And that’s the basis for discussions with FDA on what IDE would look like. The regulatory path here is a de novo, but a fairly straightforward de novo.
It’s a de novo because this is a new category of device. There’s never ever been a device that can use the intraosseous route for long term use. The plan upon securing the financing either through investors or through what are fairly active discussions right now with strategics in the space would be to launch the IDE study. We estimate the number of patients in that study on the low end of the sort of a 50 to 80 patient range. And so that we believe we could enroll somewhere in the eighteen month period, perhaps less, perhaps a bit longer depending on the sites that we secure.
So that will get us through FDA, completing that study will allow us to submit and secure clearance with FDA. Certainly, our goal would be within two years of the launch of the clinical study, hopefully or possibly less than that. In parallel, we’ve made significant progress on a Gen two device that has the same basic core elements, it has some improvements with regard to the silicon septum and some of the ergonomics of the delivery device. We will also use a portion of the capital raised to advance the GEN2 device in parallel and frankly just swap it out in the middle of the study using the appropriate mechanisms that FDA allows for that so that the commercial launch would be with the GEN2 device.
Matthew Park, Analyst, Cantor Fitzgerald: Got it. That makes sense. Thanks for taking the questions guys.
Dr. Lishan Aklog, Chairman and CEO, PAVmed: Yes. Great. Thanks a lot. Appreciate it.
Conference Operator: And your next question comes from the line of Ed Woo with Ascendiant Capital. Please go ahead.
Dr. Lishan Aklog, Chairman and CEO, PAVmed: Hi, Ed. Yes. Congratulations on all the progress. My question is on Verus. As you’re possibly talking to other cancer centers, have you run into any competing products or competition out there?
Thank you. Yes, great question. So the competitive landscape here is very attractive in a variety of ways. So let’s just start at the highest level. Yes, there is a fair number of companies that offer rather generic remote patient monitoring software tools that just allow you to track patients in a very generic way.
So it gives me an opportunity to remind you and others that what’s great about the software platform, Verus’ software platform is it’s designed from the bottom up by oncologists to be very specific to patients undergoing systemic therapy, chemotherapy, immunotherapy for cancer. What does that actually mean in practice? It means that the patient, the part that interfaces with patients and asks them about their symptoms and so forth is very highly tuned to what cancer patients are undergoing. So that’s one differentiating factor compared to just traditional remote patient monitoring RPM technologies that are used sort of across the board, across patients with chronic disease, acute disease, and so forth. So there’s really nothing out there that is competitive with regard to targeting cancer patients.
Perhaps even more important over the long term or not even that much of a long term because we’re not that far from having the implantable is the implantable. That’s a proprietary technology patent protected, that will be a barrier to entry for others trying to get in this space. So we believe certainly right now we have the only dedicated product that’s really of interest. I’ll note that I’m not just saying that we participated in a Verus participated in a medical center wide RFP or request for proposals with OSU and we were able to secure approval for the Verus platform to be the dedicated platform for their cancer center. There really wasn’t any meaningful competition in that exercise.
But once we have the implantable that really is the mode, That’s the significant value added and it’s a barrier to entry for others trying to get into the space. Very well. Thanks for answering my questions. I wish you guys good luck. Thank you.
Yes. Thanks a lot, Ed.
Conference Operator: And I’m showing no further questions at this time. I would like to turn it back to Doctor. Lishan Aklak for closing remarks.
Dr. Lishan Aklog, Chairman and CEO, PAVmed: Great. Thank you, operator, and thank you all for joining us today. Hopefully, it’s clear from our comments here that with the various challenges over the past year now really squarely behind us and PadMed on a very strong footing, our team is really looking forward to a very strong remainder of 2025. Lucid is making really strong progress on multiple fronts. We believe we’re on the cusp of some major inflection milestones that will drive shareholder value and the work we’ve done over the last six months on the PadMed restructure will really allow PadMed to directly benefit from the lease and value creation side.
And as you’ve heard, including during the Q and A period here, Verus is also in a much stronger position. We’ve demonstrated that it’s financeable. It’s been able to raise sufficient capital to implant to advance its key asset, which is the implantable monitor. And we’re on the verge of launching our first strategic and commercial engagement with a major academic center, which really bodes well for the long term commercial success. The stability, we haven’t really talked about it much today.
We’ve touched on it before, also allows PAVmed to continue to pursue other assets in the broader life sciences sector to drive value and that’s an active process that we’re continuing. So with that said, I do encourage you to stay connected with our progress through our news releases, these calls, as well as signing up for our email alerts from our website and you can also follow us on Twitter and LinkedIn. So thank you everybody and have a great day.
Conference Operator: Thank you. And ladies and gentlemen, this concludes today’s conference call. Thank you all for joining. You may now disconnect.
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