PAVmed Inc (PAVM) 2025 Q1 法說會逐字稿

Good morning and welcome to the PAVmed first quarter 2025 business update conference call. (operator instructions). I would now like to turn the conference over to Matt Riley. I have met senior director of investor relations. Please go ahead.

早安，歡迎參加 PAVmed 2025 年第一季業務更新電話會議。（操作員指令）。現在我想將會議交給馬特萊利。我看過投資者關係高級總監。請繼續。

Thank you, operator, and good morning everyone.

謝謝接線員，大家早安。

Thank you for participating in today's business update call. Joining me today on the call are Dr. Lishan Aklog, Chairman and Chief Executive Officer of PAVmed, along with Dennis McGrath, Chief Financial Officer of PAVmed.

感謝您參加今天的業務更新電話會議。今天參加電話會議的還有 PAVmed 董事長兼執行長 Lishan Aklog 博士和 PAVmed 財務長 Dennis McGrath。

The press release announcing our business update and financial results is available on PAVmeds website. Please take a moment to read the disclaimers about forward-looking statements in the press release. The business update, press release, and the conference call all include forward-looking statements, and these forward-looking statements are subject to unknown and unknown risks and uncertainties that may cause actual results to differ materially from statements made.

宣布我們的業務更新和財務表現的新聞稿可在 PAVmeds 網站上查閱。請花一點時間閱讀新聞稿中有關前瞻性陳述的免責聲明。業務更新、新聞稿和電話會議均包含前瞻性陳述，這些前瞻性陳述受到未知和未知風險和不確定性的影響，可能導致實際結果與所做的陳述有重大差異。

Factors that could cause actual results to differ are described in the disclaimer and in our filings of the SEC. For a list and a description of these and other important risks and uncertainties that may affect future operations, see Part 1, item 1A entitled to risk factors in 's most recent annual report on Forms 10k filed with the FCC and any subsequent updates filed in quarterly reports on Forms 10 and subsequent Forms 8K.

可能導致實際結果不同的因素已在免責聲明和我們向美國證券交易委員會提交的文件中進行了描述。有關這些以及其他可能影響未來營運的重要風險和不確定性的清單和描述，請參閱公司向 FCC 提交的最新 10k 表格年度報告中的第 1 部分第 1A 項，其中標題為風險因素，以及在 10 表格和後續 8K 表格季度報告中提交的任何後續更新。

Except as required by law, PAVmed disclaims any intentions or obligations to publicly update or revise any forthlooking 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 forwarding statements.

除法律要求外，PAVmed 不承擔公開更新或修改任何前瞻性聲明的意圖或義務，以反映預期的變化或預期可能基於的事件、條件或情況的變化，或可能影響實際結果與轉發聲明中的結果不同的可能性的變化。

I would like to turn the call over to Doctor Lishan Aklog, Chairman and CEO of PAVmed. Lishan.

我想將電話轉給 PAVmed 董事長兼執行長 Lishan Aklog 博士。驍山。

Thank you, Matt, and good morning, everyone.

謝謝你，馬特，大家早安。

Thank you all for joining our quarterly update call. I'd always, as always, I'd like to thank our long-term shareholders for your ongoing support and commitment. We'll be delving into some of our operational highlights, but, just let's start with a few high-level comments.

感謝大家參加我們的季度更新電話會議。我將一如既往地感謝我們長期股東的持續支持和承諾。我們將深入探討一些營運亮點，但我們先從一些高層次的評論開始。

As we've talked about before, following the series of critical steps that we took to stabilize our corporate structure and balance sheet, PAVmed really now is very well positioned to operate, as a diversified commercial life science company. With multiple independently financed subsidiaries that operate under shared services model. So, that's just an overview for those of you who are not as familiar patent corporate structure and portfolio.

正如我們之前所討論的，在我們採取一系列關鍵措施來穩定公司結構和資產負債表之後，PAVmed 現在作為一家多元化商業生命科學公司，確實已經做好了良好的營運準備。擁有多家以共享服務模式營運的獨立融資子公司。因此，對於那些不太熟悉專利公司結構和組合的人來說，這只是一個概述。

So PAVmed is structured to be a parent company that delivers innovative medical technologies and addresses unmet clinical needs. And as our subsidiaries such as Lucid Succeed, PAVmed will also succeed.

因此，PAVmed 的結構是一家母公司，提供創新醫療技術並滿足未滿足的臨床需求。隨著我們的子公司 Lucid 等取得成功，PAVmed 也將成功。

Lucid, of course, is our publicly traded diagnostic company. It's our strongest and most advanced asset that's on the cusp of key milestones, including Medicare coverage, making commercial progress along certain new sales channels that I'll talk about a little bit more, and I just really focused on securing a broad coverage. We have plenty of runway and are well positioned to accelerate our commercialization, once we secure Medicare coverage.

當然，Lucid 是我們公開交易的診斷公司。這是我們最強大、最先進的資產，即將實現關鍵里程碑，包括醫療保險覆蓋，沿著某些新的銷售管道取得商業進展，我將對此進行更詳細的介紹，而我真正關注的是確保廣泛的覆蓋範圍。一旦我們獲得醫療保險覆蓋，我們就有足夠的空間並有能力加速我們的商業化進程。

Ferris is a privately held digital health company that offers a cancer care platform that enhances personalized cancer care. We have financing now secure to restart development of a critical implantable monitor, and we're excited to update you on those developments shortly.

Ferris 是一家私人數位健康公司，提供增強個人化癌症護理的癌症護理平台。我們現在已經獲得資金來重新啟動關鍵植入式監測器的開發，我們很高興很快就會向您通報這些進展。

PMX is our incubator that has several promising technologies that we're seeking to advance. We're focused right now on Port IO, which is a plant electrolysis device, and we're getting traction with some strategic potential strategic partners as we'll discuss further.

PMX 是我們的孵化器，它擁有幾項我們正在尋求推進的有前景的技術。我們現在專注於 Port IO，這是一種植物電解設備，我們正在與一些潛在的戰略合作夥伴建立聯繫，我們將進一步討論。

And then, as I've talked about before, we're always looking for other assets and other opportunities to diversify. We have a history of starting in medical devices and expanding into diagnostics and digital health, and an area that we're actually quite focused on right now is expanding into the biopharma space. We have a really credibility as a partner. Here based on our track record of advancing our subsidiaries and performing clinical trials, and we have a partnership with one of our directors where we've been able to review some very attractive biopharma assets out there that feel within that fit within our shared services business structure model that we're looking forward to see if we can consummate in the near future.

然後，正如我之前談到的，我們一直在尋找其他資產和其他機會來實現多元化。我們的歷史是從醫療設備起步，然後擴展到診斷和數位健康領域，而我們現在真正關注的領域是擴展到生物製藥領域。作為合作夥伴，我們確實值得信賴。基於我們推進子公司和進行臨床試驗的記錄，我們與一位董事建立了合作夥伴關係，我們能夠審查一些非常有吸引力的生物製藥資產，這些資產感覺符合我們的共享服務業務結構模型，我們期待著看看我們是否能在不久的將來實現。

With regards to Lucid, of course, I encourage you to listen to yesterday's Lucid Business update call for greater detail on each of these areas. I'll try to just focus on some of the main takeaways. Lucid is really now a better position than ever to capitalize on e-cigars, very large political and market opportunity. We reported revenue of $800,000 this last quarter and the test volume of 3,034, which is sort of at the upper end of our target range of $2500 to 3,000 tests per quarter. The key development this quarter was that we significantly strengthened our balance sheet with an unwritten public offering of netting $16.1 million and this really bolstered our balance sheets. We had $40 million in pro forma cash at the end of Q1, and it extends the runway well past well into 2026 and pass some key upcoming milestones.

關於 Lucid，當然，我鼓勵您收聽昨天的 Lucid Business 更新電話會議，以了解有關每個領域的更多詳細資訊。我將嘗試只專注於一些主要要點。現在，Lucid 確實比以往任何時候都更有能力利用電子雪茄，擁有巨大的政治和市場機會。我們報告上個季度的收入為 800,000 美元，測試量為 3,034 次，這處於我們每季度 2,500 至 3,000 美元的目標範圍的上限。本季的關鍵發展是，我們透過非書面公開發行淨資產 1,610 萬美元，顯著增強了我們的資產負債表，這確實增強了我們的資產負債表。在第一季末，我們擁有 4,000 萬美元的備考現金，這筆資金將幫助我們順利度過 2026 年，並實現一些關鍵的里程碑。

As we discussed yesterday, we have seen continued momentum on the some of these new sales channels that we're pursuing, particularly on the concierge medicine side, which is a cash pay channel, we and we're also making meaningful progress on executing employer market contrasts, all of this to complement our ongoing efforts at traditional seeking traditional coverage pathways, and we do continue to expect these initiatives, the concierge initiative and the employer market initiative, to have an impact on revenue in the second half of this year.

正如我們昨天討論的那樣，我們看到我們正在追求的一些新銷售渠道持續保持增長勢頭，特別是在禮賓醫療方面，這是一種現金支付渠道，我們在執行雇主市場對比方面也取得了有意義的進展，所有這些都是為了補充我們在傳統尋求傳統覆蓋途徑方面的持續努力，我們確實繼續預計這些舉措，禮賓計劃和雇主市場計劃，對今年下半年的收入產生影響。

We have a way a response from the multi-X program regarding Medicare coverage for e-cigar which we continue to believe is imminent. So let's move on to various health. We've, having completed financing recently, we've now successfully restarted the development of the key implantable physiologic monitor, and we've re-engaged with FDA. We had a recent, engagement with them that was so favorable that we did not have to follow up with an in-person meeting. We expect the work to continue through this year, with our, having re-engaged with our development partners, with an FDA filing, targeted for the first half of 2026. Our pilot program with OSU is complete, and we are really very close to our, to finalizing our long-term commercial and strategic partnership.

我們已經找到了一種方法來回應多X計劃關於電子雪茄醫療保險的回應，我們仍然相信這項計劃即將實現。那麼讓我們繼續討論各種健康問題。我們最近完成了融資，現在我們已成功重新啟動關鍵植入式生理監測器的開發，並已重新與 FDA 合作。我們最近與他們進行了一次非常愉快的合作，因此我們無需再進行面對面的會議。我們預計這項工作將在今年繼續進行，我們將與開發合作夥伴重新合作，並向 FDA 提交申請，目標是在 2026 年上半年完成。我們與俄勒岡州立大學的試點計畫已經完成，我們即將完成我們的長期商業和策略合作夥伴關係。

Really it's imminent. It's been signed off by the lawyers. It's just really awaiting signatures. The commercial agreement will start once we complete the process of integrating the various platform with the electronic health record at OSU, and once that launches, which again we expect to be very soon, the commercial agreement is to enroll at least 1,000 patients in the 1st year and 300 various implants once it's cleared. So we're very much looking forward to getting rolling on that. The incubator, as I mentioned, we focused on, seeking out direct financing with Port IO and engaging with strategics. That process is actually accelerating. We've had, continue to have, discussions with now about a dozen strategics who've expressed interest in. Are active in this space and we look forward to hopefully conservating a strategic partnership that comes with a strategic investment to allow us to launch, to relaunch port IO and initiate the clinical trial to get it towards clearance. So with that, I'll pass the call out to Dennis.

確實迫在眉睫。它已由律師簽署批准。它只是在等待簽名。一旦我們完成將各種平台與俄勒岡州立大學的電子健康記錄進行整合的過程，商業協議就會開始生效，並且一旦啟動，我們預計很快就會啟動，商業協議將在第一年招募至少 1,000 名患者，並在審批通過後招募 300 個各種植入物。因此，我們非常期待這項工作的順利進行。正如我所提到的，我們專注於孵化器，尋求與 Port IO 的直接融資並參與策略制定。這一進程實際上正在加速。我們已經與十幾位對此表示感興趣的策略專家進行了討論，並且仍在繼續。我們積極活躍於這一領域，並希望能夠維持策略合作夥伴關係，透過策略性投資使我們能夠啟動、重新啟動連接埠 IO 並啟動臨床試驗以使其獲得批准。因此，我將把電話轉給丹尼斯。

Thanks Lishan, good morning everyone. Our summary financial results for the 1st quarter were reported in our press release that has been distributed.

謝謝李山，大家早安。我們已在發布的新聞稿中報告了第一季的財務業績摘要。

On the next 3 slides I'll emphasize a few key highlights from the first quarter, but I encourage you to consider those remarks in the context of the full disclosures covered in our quarterly report 1,410 is filed with the SEC. Couple of reminders as our financials, particularly the income statement with year over year comparisons will for the next couple quarters illustrate periods before September 10, 2024.

在接下來的 3 張幻燈片中，我將強調第一季的一些關鍵亮點，但我鼓勵您在我們向美國證券交易委員會提交的 1,410 號季度報告所涵蓋的完整披露背景下考慮這些評論。需要提醒的是，我們的財務狀況，特別是與去年同期相比的損益表，將在接下來的幾個季度中顯示 2024 年 9 月 10 日之前的時期。

With Lucid's operating results being consolidated into the percentage PAVmed results versus the 2025 periods will be without lucid's operating results. It's all related to the consolidation and deconsolidation of the PAVmed financials.

隨著 Lucid 的經營業績被合併到 PAVmed 的百分比績效中，2025 年期間將不包含 Lucid 的經營績效。這一切都與 PAVmed 財務的合併和拆分有關。

We do present some supplementary information in footnote 4 of the 10Q. That should help with some of the comparisons with regard to the balance sheet.

我們確實在 10Q 的註腳 4 中提供了一些補充資訊。這應該有助於進行一些與資產負債表有關的比較。

You will recall from our last two calls in November 2024 in March of this year that the company is engaged in a multi-step process to gain compliance with Nasdaq listing standard for a minimum equity, which it did in February, and also positioned the company for long-term financial stability. The two key components we're deconsolidating lucid from Pat's consolidated financial statements and restructuring our debt whereby we exchange about 80% of our outstanding debt for a new series C preferred equity.

您會記得，我們​​在今年 3 月和 2024 年 11 月的最後兩次電話會議中提到，公司正在進行一個多步驟流程，以符合納斯達克最低股權上市標準，該公司已於 2 月份完成了這一流程，同時也為公司的長期財務穩定做好了準備。我們正在將 Lucid 從 Pat 的合併財務報表中分離出來，並對兩個關鍵部分進行重組，即用我們約 80% 的未償債務換取新的 C 系列優先股。

The slide reflects the balance sheets for both the 1st quarter and the 4th quarter.

幻燈片反映了第一季和第四季的資產負債表。

Both after deconsolidation, which occurred on September 10, 2024, but now, The first quarter shows the impact of the debt exchange, which occurred after December 31, notably, the liability reduction of about $25 million coming in part from a significant reduction in the convertible notes, about $23 million and a $2 million reduction in accrued expenses in exchange for an increase of approximately $25 million preferred stock.

兩者都是在 2024 年 9 月 10 日進行拆分之後，但現在，第一季顯示了 12 月 31 日之後進行的債務交換的影響，特別是減少了約 2500 萬美元的負債，部分原因是可轉換票據大幅減少約 2300 萬美元，應計費用減少 200 萬美元，以換取約 250 萬美元的 200 萬美元。

So a couple of key things to point out on each of these balance sheets, cash does not include any lucid cash. The equity method investment balance of almost $47 million on March 31 reflects the $31.3 million lucid shares mark to market, a $21 million dollar gain since year end representing an 82% increase in the lucid stock price between the periods. This amount was previously eliminated from PAVmed's balance sheet prior to deconsolidation.

因此，需要指出的是，在每張資產負債表上，有幾點關鍵點：現金不包括任何清醒現金。3 月 31 日，權益法投資餘額接近 4,700 萬美元，反映了 3,130 萬美元的 Lucid 股票市值，自年底以來收益 2,100 萬美元，代表期內 Lucid 股價上漲了 82%。在拆分之前，該金額已從 PAVmed 的資產負債表中消除。

For a note that there's plenty more information than 10 on both the debt exchange, the series C preferred stock. And the equity method treatment of PAVmed's investment in lucid shares.

需要注意的是，關於債務交換和 C 系列優先股的資訊遠不止 10 條。以及PAVmed對Lucid股份投資的權益法處理。

At present PAVmed continues to be the single largest shareholder of Lucid diagnostics with ownership of approximately 29% of the common shares outstanding. Although Pave no longer has voting control of Lucid.

目前，PAVmed 仍然是 Lucid Diagnostics 的最大單一股東，擁有其約 29% 的流通普通股。儘管 Pave 不再擁有 Lucid 的投票控制權。

PAVmed, its board and management still have significant influence over Lua with more than 20, 27% voting interest. Shares outstanding today, including unvested, restricted stock awards and pre-funded warrants, are approximately 18.4 million shares.

PAVmed、其董事會和管理層仍然對 Lua 擁有重大影響力，擁有超過 20%、27% 的投票權。目前流通股數（包括未歸屬限制性股票獎勵和預先出資認股權證）約為 1,840 萬股。

The GAAP outstanding shares at the end of the quarter of $16.8 million are reflected on the slide as well as on the face of the balance sheet in the 10. GAAP shares do not reflect unvested RSA amounts.

本季末的 GAAP 流通股為 1,680 萬美元，這在幻燈片和 10 號資產負債表中均有體現。GAAP 股票不反映未歸屬的 RSA 金額。

Additionally, there are about 25,000 series C preferred shares outstanding. And if they were converted at its conversion price of $1.07 per share, would represent an increase of approximately 23 million common shares.

此外，還有約25,000股C系列優先股流通在外。如果以每股 1.07 美元的轉換價格進行轉換，則將增加約 2,300 萬股普通股。

The Z warrants having a conversion price of $24 and after having been extended for 1 year beyond their initial 5 year term expired on April 30.

Z 類認股權證的轉換價格為 24 美元，其有效期比最初的 5 年延長了 1 年，並於 4 月 30 日到期。

Next slide please.

請看下一張投影片。

Similar to the past presentation, this P&L slide provides some GAAP and non-gap year over year quarterly and annual comparisons. As cautioned earlier in my comments, there's some significant differences in how the information is compiled between the comparative periods, given the changes in patents financial control of lucid.

與過去的簡報類似，此損益表投影片提供了一些 GAAP 和非差距年度季度和年度比較。正如我之前在評論中提醒的那樣，考慮到 Lucid 專利財務控制的變化，比較期間的資訊彙編方式存在一些顯著差異。

Importantly, the GAAP construct for deconsolidating Gleason on September 10th of last year somewhat blurs the historical understanding of the information habit as a standalone entity, and GAAP does not allow the presentation for prior periods on the face of the financial statements to be similarly adjusted.

重要的是，去年 9 月 10 日將 Gleason 拆分出來的 GAAP 結構在某種程度上模糊了對資訊習慣作為獨立實體的歷史理解，並且 GAAP 不允許對財務報表表面上的前期呈現進行類似的調整。

Although as mentioned, there is some supplemental information in the footnotes of the financial statements in the thank you. On a pro forum basis and purely for illustrative purposes on this slide only.

儘管如上所述，感謝信中的財務報表腳註中有一些補充資訊。以專業論壇為基礎，僅用於此投影片的說明目的。

The various revenue and the lucid management fee income are combined collectively more than $3 million per quarter. To visually alignav's income sources versus its operating expenses for SEC reporting purposes, the MSA income is up below the line item.

各項收入加上清晰的管理費收入每季總計超過300萬美元。為了直觀地將 AV 的收入來源與其營運費用對齊以用於向美國證券交易委員會 (SEC) 報告，MSA 收入位於項目下方。

Furthermore, for the first quarter, you see on the slide and in the 10. A large GAAP net income of $18.6 million before NCI and preferred dividends. This results in GAAP positive primary EPS of $1.28 per share and a positive diluted EPS of $0.34 per share. PAVmed's ownership of 31.3 million lucid common shares are marked to market quarterly, and with an 82% increase in the stock price, a gain of $21 million is recognized in the P&L for the period.

此外，對於第一季度，您可以在投影片和第 10 頁中看到。扣除 NCI 和優先股股息前的 GAAP 淨收入高達 1,860 萬美元。這導致 GAAP 主要每股收益為正 1.28 美元，稀釋每股收益為正 0.34 美元。PAVmed 持有 3,130 萬股 Lucid 普通股，按季度計價，隨著股價上漲 82%，當期損益表中確認了 2,100 萬美元的收益。

I'm happy to answer any detailed questions from the slide in the Q&A. But I think it's more informative to look at the first quarter standalone information presented in this slide. And the full first quarter information presented in our press release. That shows a company baseline bias of operating a cash flow break even.

我很樂意回答問答環節幻燈片中的任何詳細問題。但我認為查看此投影片中呈現的第一季獨立資訊會更有參考價值。我們的新聞稿中提供了完整的第一季資訊。這顯示公司經營現金流基本上趨於損益平衡。

And incurring incremental PAVmed expenses for development activities that are offset by dedicated funding. So in the first quarter you see a non-GAAP loss of 910,000.

並且產生用於開發活動的增量 PAVmed 費用，這些費用由專款抵銷。因此，第一季非公認會計準則虧損 910,000。

Which has been funded in part by the NIH grant proceeds of $900,000 in the fourth quarter And a PAVmed $2.4 million financing during the quarter. Operating expenses for the first quarter were approximately 5.4 million. Which includes stock-based compensation expenses of 1 million and deal expenses of $200,000.

該計畫部分資金來自第四季度美國國立衛生研究院 (NIH) 的 90 萬美元撥款以及本季 PAVmed 的 240 萬美元融資。第一季營運費用約540萬美元。其中包括100萬美元的股票薪酬費用和20萬美元的交易費用。

Next slide please.

請看下一張投影片。

With regard to the non-gap operating expenses on this slide, you see a graphic illustration of our operating expenses over time as presented in more detail in the press release.

關於此投影片中的非差距營運費用，您可以看到我們隨時間變化的營運費用的圖形說明，新聞稿中有更詳細的介紹。

Total non-GAAP OpEx is $4.4 million for the first quarter of 25, which is almost the exact same amount incurred in the fourth quarter after accounting for $200,000 of deal expenses in the first quarter.

25 年第一季的非 GAAP 營運支出總額為 440 萬美元，扣除第一季 20 萬美元的交易費用後，幾乎與第四季的營運支出金額完全相同。

The decrease is equally related to A, the impact of the deconsolidation, and B, the fact that the combined OpEx, ignoring deconsolidation for PAE and lucid, would have been in line with the previous quarters anyway. With that operator let's open it up for questions.

這種下降同樣與 A（拆分的影響）和 B（忽略 PAE 和 Lucid 的拆分）有關，合併後的營運支出無論如何都會與前幾季保持一致。有了這位操作員，我們就可以開始提問了。

Jeremy Perlman, Maxim Group.

傑里米·珀爾曼（Jeremy Perlman），馬克西姆集團（Maxim Group）。

If you take my question. How are you doing?

如果你接受我的問題。你好嗎？

Right. So maybe that now that the pilot program is complete, is there any metrics or information feedback maybe you could share from the physicians and the patients and is that and is that any of that feedback influenced any changes you're going to make to the platform before you fully commercialize it?

正確的。那麼，現在試點計畫已經完成，您是否可以分享一些來自醫生和患者的指標或資訊回饋？這些回饋是否影響了您在平台完全商業化之前所做的任何更改？

Oh, great question. And the answer is yes, we've had excellent feedback. And this is a formal pilot program, so it included pre-specified metrics and performance metrics, patient satisfaction, demonstrating of clinical success and outcomes, logging of sort of anecdotal clinical success stories where the monitoring of the patient led to improved outcomes and all of those.

哦，好問題。答案是肯定的，我們收到了非常好的回饋。這是一個正式的試點項目，因此它包括預先指定的指標和績效指標、患者滿意度、臨床成功和結果的展示、記錄軼事臨床成功案例（其中對患者的監測可以改善結果）等等。

Pre-specified performance metrics were met, and there's really a lot of enthusiasm. I mean, big academic medical centers can be, can move slowly, they're just big. And the speed with which the desire and the demand for this technology across the cancer center has been, really encouraging.

預先指定的性能指標已滿足，並且確實充滿熱情。我的意思是，大型學術醫療中心可以發展緩慢，因為它們很大。整個癌症中心對這項技術的渴望和需求的速度確實令人鼓舞。

It hasn't required any, and we don't expect there to be any, immediate, changes to the platform. The platform works. People are very excited and what's driving some of that enthusiasm is the.

它不需要對平台做出任何改變，我們也不期望平台立即做出任何改變。該平台正在運行。人們非常興奮，而推動這種熱情的因素是。

Opportunity to add the implantable monitor and in the not too distant future. So everyone's looking forward to that. And frankly, they're looking forward to being the first site to do the first implant and part of the proposed strategic partnership includes a registry for the implantable, which we're looking forward to. We have learned some lessons on how to implement. This and that's obviously the, that was our goal to really focus on one big, the OSU, the James is the third biggest cancer hospital in the country. And so one of the goals of focusing on them was to get to learn the, to learn lessons on how to implement this more broadly. And yeah, we learned some lessons. On sort of how to utilize their call center, they have a very sophisticated process where they have call centers and are able to triage calls and how to adjust alerts, customize alerts based on their individual needs and so forth. So, process wise, sure we've learned a lot and we're implementing it, but the core software platform was very well received, and fulfilled all of them, all of the metrics.

在不久的將來就有機會添加可植入的監視器。所以每個人都很期待這一點。坦白說，他們期待成為第一個進行首次植入的站點，擬議的策略合作夥伴關係的一部分包括植入物的註冊，我們對此充滿期待。我們已經學到了一些關於如何實施的經驗教訓。這顯然是我們真正關注的一個大目標，俄亥俄州立大學詹姆斯醫院是全國第三大癌症醫院。因此，關注它們的目標之一就是學習如何更廣泛地實施這一目標。是的，我們學到了一些教訓。關於如何利用他們的呼叫中心，他們有一個非常複雜的流程，他們有呼叫中心，能夠對呼叫進行分類，以及如何調整警報，根據個人需求自訂警報等等。因此，從流程角度來看，我們當然學到了很多東西，並且正在實施它，但核心軟體平台受到了熱烈歡迎，並且滿足了所有的指標。

Okay great and then is there a mix I don't think there is but just to remind us if there's did they have an exclusive right to the to the various platform or are you still in negotiations to talks with other large centers, possibly as well.

好的，太好了，那麼是否有混合？我認為沒有，但只是提醒我們，他們是否對各種平台擁有獨家權利，或者您是否仍在與其他大型中心進行談判，也可能如此。

Yes, I mean there's some local you know there there's some local you know rights to sort of, advance it locally but not in any way that limits our broader our broader ability to move forward on this this is a. It's that we expect this to be a commercial agreement that includes a registry for both patients enrolled on the platform as well as when the implantable starts, there, we did commit to letting them be the first to do the to do the implantable, but that would, that's going to be natural anyway because they're going to have a.

是的，我的意思是，你知道，有一些地方有權利在當地推進這項事業，但絕不會以任何方式限制我們更廣泛的、更廣泛的推進這項事業的能力。我們預計這將是一項商業協議，其中包括在平台上註冊的患者以及植入物開始時的註冊表，我們確實承諾讓他們成為第一個進行植入的人，但無論如何這都是自然而然的，因為他們將會擁有。

They they'll have a big head start, we expect 1,000 minimum 1,000 commercial patients in the 1st year, and they'll be, well into that by the time the implantable is FDA cleared and ready to go. But no, we're not, we're, the broader vision here is to, was really, as I said earlier, to Use, this, very, what's now become a very strong relationship with, one of the top cancer centers in the country to, work out a template and work out a model that can be replicated at, dozens of other MCIs designated cancer centers across the country.

他們將擁有巨大的領先優勢，我們預計第一年將至少有 1,000 名商業患者，當植入物獲得 FDA 批准並準備投入使用時，他們將能夠順利實現這一目標。但不，我們不是，我們更廣泛的願景是，正如我之前所說的那樣，利用這種與全國頂尖癌症中心之一建立的非常牢固的關係，制定一個模板並製定一個可以在全國數十個其他 MCI 指定癌症中心複製的模型。

Okay, great. And then just one last question shifting to the new year measuring your expansion goals into the biopharma segment just maybe a little bit more information around the rationale, the strategic rationale why now I mean you have, it seems like you have a lot of pokers in the fire. You have you still have lucid you have Veris port IO so now and then.

好的，太好了。然後最後一個問題轉向新的一年衡量你們在生物製藥領域的擴張目標，也許可以多提供一點關於基本原理的信息，戰略基本原理，我的意思是，看起來你們有很多事情要做。您仍然清楚，您時不時會有 Veris 連接埠 IO。

The financing for this, will it be similar to like the incubator style where you look for external fi financing before you move ahead with, procuring a potential asset or will this be financed within tend itself?

該融資方式是否類似於孵化器模式，即在推進採購潛在資產之前尋求外部融資，還是由公司內部融資？

Yes, this is a great question. So look at the way I would like you to think of this is that, we spend a good amount of time. Just kind of getting our corporate structure right, getting our balance sheet adjusted, all of the moves that we made over the last, now it's coming on 6months to 8 months. It really put us in a position to put kind of Pain back to its roots with a twist, right?

是的，這是一個很好的問題。所以我希望你們會這樣想，我們花了大量的時間。只是讓我們的公司結構正確，調整我們的資產負債表，以及我們在過去所做的所有舉措，現在將在 6 個月到 8 個月內完成。它確實讓我們能夠以一種扭曲的方式將痛苦帶回它的根源，對嗎？

So PAVmed's always been, it was designed really from its inception to be nimble and able to go look for Shareholder value kind of wherever it might be. And the reason we're in a position to, have what we think is a, substantial a near term opportunity, for our for our shareholders with Lucid is because we were willing to pounce on that opportunity when it became available, when at the time we were focused on medical devices. And that's similarly true with Veris, right?

因此，PAVmed 從一開始就被設計得靈活，能夠隨時隨地尋找股東價值。我們之所以能夠擁有我們認為對 Lucid 股東來說巨大的短期機遇，是因為我們願意在機會出現時抓住它，而當時我們專注於醫療設備。Veris 也是如此，對嗎？

We added digital health as an area that where we thought there were opportunities and this is something that's, been a bit on our radar for a while, but it really accelerated when we joined forces and engaged with a longtime biotech investor who is now on our board, on PAVmed's board, Dr. Sande Agarwal. He has just a ton of experience in the space over several decades and is, came to us with sort of a thesis that PAVmed's infrastructure, it's manage services structure, it's, history of having access to public capital, the history of doing, public financing, IPOs and otherwise, and the sort of model of independently financed subsidiaries is one that he felt within the ecosystem of by pharma biotech, could be really interesting and attractive because, earlier stage assets were struggling to raise private capital under traditional means, particularly those that have really interesting assets that are sitting outside the US.

我們將數位健康作為一個我們認為存在機會的領域，而這個領域已經進入我們的視野一段時間了，但是當我們聯手並與一位長期的生物技術投資者（現在是我們的董事會成員，PAVmed 的董事會成員）Sande Agarwal 博士合作時，我們的發展速度真正加快了。他在該領域擁有數十年的豐富經驗，並向我們提出了這樣的論點：PAVmed 的基礎設施、管理服務結構、獲取公共資本的歷史、進行公共融資、IPO 等的歷史，以及獨立融資子公司的模式，他認為在製藥生物技術生態系統中，可能非常有趣和有吸引力，因為早期資產難以通過傳統方式籌集私人資本，特別是那些擁有真正有趣資產的資產。

And, when we thought about it further, it's actually in some ways less of a less of a deviation from, what we had to do to Become a diagnostics, to create a diagnostic subsidiary which required, getting a lab and figuring out how to run effectively and efficiently and, at a high level, diagnostic lab and so forth. These assets are, there's just a large pipeline of assets in oncology and in cardio metabolic that are in the early late preclinical phase or in early, phase one or late in phase one. Clinical stage that just need to, really just need clinical research, and we have that. We have a clinical research team, they've shown success at getting studies across the across the finish line, operating them successfully, and frankly, not much else from our, kind of internal resources. So, we don't, we believe that we have infrastructure here that we can leverage. We have a track record.

而且，當我們進一步思考時，實際上從某種程度上來說，這與我們要成為一家診斷公司、創建一個診斷子公司所要做的事情並沒有太大偏差，這需要建立一個實驗室，並弄清楚如何有效、高效地運行，以及在高水平上建立診斷實驗室等等。這些資產是腫瘤學和心臟代謝領域的大量資產，處於早期後期臨床前階段或早期、第一階段或第一階段後期。臨床階段只需要，實際上只需要臨床研究，我們已經有了。我們有一個臨床研究團隊，他們成功地完成了研究，並成功地進行了研究，坦白說，他們沒有從我們的內部資源中獲得太多其他的東西。所以，我們不相信，我們相信我們這裡有可以利用的基礎設施。我們擁有良好的業績記錄。

And there are assets out there that can use this. So your point about financing, as I've said, we said, ever since we've kind of made some adjustments with how PAVmed operates that our model is that the individual subsidiaries raise their own capital. And so that's been true with Lucid now going all the way back to the Lucid IPO it's been true with Veris, including this most recent financing, and that would be the case with within the Bharma space.

並且有一些資產可以利用這一點。所以你關於融資的觀點，正如我所說，我們說過，自從我們對 PAVmed 的運作方式進行了一些調整以來，我們的模式就是各個子公司自行籌集資金。所以，Lucid 的情況就是這樣，可以追溯到 Lucid 的 IPO，Veris 的情況也是如此，包括最近的融資，Bharma 領域的情況也是如此。

Anyone who's following the life sciences sector broadly knows that there's a lot more capital available in in biotech assets, and it's a bit more of a, kind of streamlined straightforward pathway to value creation if you can find a good asset. So, we're just, we're not there yet, but just wanted to, make it clear that that's something we've hinted that before that we're really actively pursuing and hope to, dive into in the short term and no concerns about how it might impact our bandwidth or ability of the company to continue to push forward on these other structures on these other, assets like Lucid and Veris, because the way it's designed is they're, they operate effectively, independently, with services from the parent company as needed.

任何關註生命科學領域的人都知道，生物技術資產中可用的資本要多得多，而且如果你能找到好的資產，這將是一條更為簡化、直接的價值創造途徑。所以，我們還沒有到達那一步，但我們只是想明確表示，這是我們之前暗示過的事情，我們正在積極追求並希望在短期內深入研究，並且不擔心它會如何影響我們的頻寬或公司繼續推進這些其他結構的能力，例如 Lucid 和 Veris 等資產，因為它的設計方式是，它們可以獨立有效運營，並根據需要使用母公司的服務。

Okay great thank you for all that information and I'll read to you. Have a nice Day.

好的，非常感謝您提供的所有信息，我會讀給您聽。祝你今天過得愉快。

Yes, thanks Jeremy.

是的，謝謝傑里米。

Edward Wu, Ascension Capital.

愛德華‧吳 (Edward Wu)，Ascension Capital。

Yes thanks for answering my questions. Has the volatility in the market affected, your ability, to raise capital in terms of, do you have wide fluctuations, when you're trying to go out to the capital markets to, raise money?

是的，感謝您回答我的問題。市場波動是否影響了您籌集資金的能力？當您試圖進入資本市場籌集資金時，市場波動是否很大？

Dennis, why don't you go ahead and answer that? The answer is no. We've been fortunate to have. Good luck from investors who buy into our vision both for the parent company as well as the subsidiaries, but I'll let Dennis provide a little bit more color.

丹尼斯，你為什麼不繼續回答這個問題？答案是否定的。我們很幸運能夠擁有它。希望認同我們對母公司和子公司願景的投資者好運，但我會讓丹尼斯提供更多細節。

Well said, as evidenced by the financing we did in the first quarter, we did a combination with, PAVmed and various equities, that, is indicative was indicative of the implicit value of Veris was done at a $35 million pre-market, pre-money value, and, it we have access to. Investors that align with our vision and we believe that the additional tranches needed for Veris, will be available when needed. And given the assets we're looking at and narrowing down on the biopharma side, we believe that will also have we will also have access to both private capital and ultimately public capital as well so we think we're in pretty good shape to execute on both of them and the money will be available as needed, when the time is right to sign those agreements.

說得好，正如我們在第一季進行的融資所證明的那樣，我們與 PAVmed 和各種股票進行了合併，這表明 Veris 的隱性價值為 3500 萬美元的上市前、融資前價值，而且我們可以使用它。與我們的願景一致的投資者以及我們相信 Veris 所需的額外資金將在需要時提供。考慮到我們正在考慮的資產以及在生物製藥方面的範圍縮小，我們相信我們也將能夠獲得私人資本以及最終的公共資本，因此我們認為我們有能力執行這兩項計劃，並且當簽署這些協議的時機成熟時，資金將根據需要提供。

Great. Well, thanks for answering my questions and I wish you guys good luck.

偉大的。好吧，謝謝你們回答我的問題，祝你們好運。

Thanks, Edward, appreciated.

謝謝，愛德華，非常感謝。

Thank you, ladies and gentlemen. That concludes our question and answer session. I will now turn the conference back over to Dr. Lishan Aklog. Please go Ahead.

謝謝各位，女士們、先生們。我們的問答環節到此結束。現在我將會議交還給 Lishan Aklog 博士。請繼續。

Great, thank you, operator, and thank you all for joining today and for the great questions. Really PAVmed is really well positioned as I just articulated in some additional detail, and we are going to aggressively execute on the strategic vision that I just outlined. Lucid and Veris are now well capitalized through key upcoming milestones, we believe they'll be value creators in the in in the.

太好了，謝謝接線員，也謝謝大家今天的收看和提出這麼好的問題。正如我剛才詳細闡述的那樣，PAVmed 確實處於非常有利的位置，我們將積極執行我剛才概述的策略願景。Lucid 和 Veris 現在已經透過即將到來的關鍵里程碑獲得了充足的資本，我們相信他們將成為未來的價值創造者。

Near term, and we're just excited to and ready to pursue the significant opportunities we have to leverage our model and our infrastructure and further diversify into a new sector. And we hope to make some progress on that in the in the very near future.

短期內，我們很高興並準備好抓住重大機遇，利用我們的模式和基礎設施，進一步向新的領域多元化發展。我們希望在不久的將來在這方面取得一些進展。

So with that said, again, I do encourage you to stay connected with our progress through news releases, these calls, sign up for email alerts on our website and, follow us on social media. So thank you so much and everyone have a great day.

所以，話雖如此，我再次鼓勵您透過新聞稿、這些電話、在我們的網站上註冊電子郵件提醒以及在社交媒體上關注我們來了解我們的進展。非常感謝大家，祝大家有個愉快的一天。

This concludes today's conference. Thank you for attending. You may now disconnect your lines.

今天的會議到此結束。謝謝您的出席。現在您可以斷開線路了。