PAVmed Inc (PAVM) 2025 Q3 法說會逐字稿

Good morning and welcome to the PadMed's 3rd quarter 2025 business day conference call. At this time, all lines are in listen-only mode, and following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press 0 for the operator. This call is being recorded on Thursday, November 13, 2025.

早上好，歡迎參加 PadMed 2025 年第三季業務日電話會議。目前所有線路均為唯讀模式，演示結束後，我們將進行問答環節。通話期間，如果您需要立即協助，請按 0 聯絡接線員。本次通話於2025年11月13日星期四進行錄音。

I will now turn the call over to Mr. Matt Riley, Padmed senior director of investor relations. Please go ahead.

現在我將把電話轉給先生。Matt Riley，Padmed 投資者關係資深總監。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 Doctor Lishaw Ayo, Chairman and Chief Executive Officer of PathMed, along with Dennis McGrath, Chief Financial Officer of PathMed.

感謝您參加今天的業務更新電話會議。今天和我一起參加電話會議的有 PathMed 董事長兼執行長 Lishaw Ayo 博士，以及 PathMed 財務長 Dennis McGrath。

The press release announcing our business update and financial results is available on PathMed's 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 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 our filings with the SEC.

有關我們業務更新和財務表現的新聞稿已發佈在 PathMed 網站上。請花點時間閱讀新聞稿中關於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，而這些前瞻性陳述受到已知和未知風險及不確定性的影響，可能導致實際結果與所作陳述有重大差異。可能導致實際結果出現差異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。

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 in PathMed's most recent annual report on forms 10k filed SEC.

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說明，請參閱 PathMed 向美國證券交易委員會提交的最新 10-K 表格年度報告第一部分第 1A 項「風險因素」。

And any subsequent updates filed in the quarter reports on forms 10q and subsequent forms 8k.

以及隨後在季度報告（表格 10q）和後續表格 8k 中提交的任何更新。

Except as required by law, PathMed disclaims any intentions or obligations to publicly update or revise any forwardlooking 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 forwardlooking statements. I would now like to turn the call over to Dr. Alicia Aog, Chairman and CEO of Pat.

除法律要求外，PathMed 不承擔任何公開更新或修訂任何前瞻性聲明的意圖或義務，以反映預期或預期所依據的事件、條件或情況的變化，或可能影響實際結果與前瞻性聲明中所包含的結果存在差異的可能性的變化。現在我想把電話交給博士。艾莉西亞·奧格，Pat 董事長兼執行長。

Thank you, Matt, and good morning everyone.

謝謝你，馬特，大家早安。

Thank you for joining our quarterly update call. As always, I'd like to thank our long-term shareholders for your ongoing support and commitment. Before we delve into our recent operational highlights, as I've done in the last couple of calls, I want to just remind you that over the past 18 months, we've been taking some really critical steps to stabilize Patna's corporate structure and balance sheet. We've did a restructuring of debt.

感謝您參加我們的季度情況報告電話會議。一如既往，我要感謝我們長期股東們的持續支持與投入。在我們深入探討最近的營運亮點之前（就像我在前幾次電話會議中所做的那樣），我想提醒大家，在過去的 18 個月裡，我們一直在採取一些非常關鍵的措施來穩定 Patna 的公司結構和資產負債表。我們已經進行了債務重組。

In the early part of this year and we've been working on that, but there's still work to be done on that front. We have a couple of additional steps that we think we're going to be able to consummate in the very near future, whereby following that we think PatMed will be fixed and we'll be back to. The original proposition where we'll Patm will be really well positioned to operate per our vision as a diversified commercial life sciences company with multiple independently financed subsidiaries operating on their shared services model, and it'll give us the opportunity to start building that portfolio beyond our two major main commercial subsidiaries right now.

今年年初我們就開始著手這項工作，但在這方面仍有許多工作要做。我們認為，在不久的將來，我們將能夠完成幾個額外的步驟，之後我們認為 PatMed 的問題就會得到解決，一切就會恢復正常。最初的設想是，Patm 將真正處於有利地位，按照我們的願景運營，成為一家多元化的商業生命科學公司，擁有多個獨立融資的子公司，這些子公司按照共享服務模式運營，這將使我們有機會開始在目前我們兩家主要商業子公司之外構建投資組合。

So let me just talk about that briefly, and provide a brief overview of PatMed's portfolio.

那麼，讓我簡單地談談這一點，並簡要概述一下 PatMed 的產品組合。

PatMed is a vehicle to deliver innovative medical technologies, and we operate, continue to operate under a shared services model and, as our subsidiaries succeed, particularly Lucid, Patmed should also succeed. So let me just start with Lucid. Lucid's obviously our main asset. It's a publicly traded diagnostic company, and it's on the cusp of a transformative milestone, particularly Medicare coverage. It continues to succeed at raising its own capital, including this past quarter, and in that it has sufficient runway to accelerate its commercialization once Medicare coverage is secured.

PatMed 是一個提供創新醫療技術的平台，我們採用共享服務模式運營，並且隨著我們的子公司（特別是 Lucid）取得成功，PatMed 也應該取得成功。那麼，就讓我先從 Lucid 開始吧。Lucid顯然是我們的主要資產。這是一家上市的診斷公司，正處於一個具有變革意義的里程碑時刻，尤其是在醫療保險覆蓋範圍方面。該公司持續成功地籌集自身資金，包括上個季度，一旦獲得醫療保險覆蓋，就有足夠的資金加速其商業化進程。

Talk more about Veris in much more detail later, but, Veris is our digital health company that offers a cancer care platform to enhance personalized care for cancer patients who are initiating and undergoing, a systemic treatment with chemotherapy and immunotherapy. We made a big, some progress earlier in this year where we're able to secure financing that's allowed us to bring, our project plan forward, to develop the key implantable device and the. Submission is planned for next year as we talked about on previous calls, we have started to make some effort to bring other technologies within our portfolio as well as others that we have access to, and we are in the process of organizing around that and seeking to raise capital around that and this sort of final steps of our restructuring that I mentioned earlier we think will put us in a very strong position to. To be able to continue to build these subsidiaries, to finance them, and to pursue very promising assets across the life sciences sector that we're actively pursuing.

稍後會更詳細地介紹 Veris，但 Veris 是我們的數位健康公司，它提供癌症護理平台，以增強正在接受化療和免疫療法等全身性治療的癌症患者的個人化護理。今年早些時候，我們取得了巨大的進展，獲得了資金，這使我們能夠推進專案計劃，開發關鍵的植入式設備。正如我們在之前的電話會議中討論的那樣，我們計劃明年提交申請。我們已經開始努力將其他技術以及我們能夠獲得的其他技術納入我們的投資組合，我們正在圍繞這些技術進行組織，並尋求為此籌集資金。我之前提到的這些重組的最後步驟，我們認為將使我們處於非常有利的地位。為了能夠繼續發展這些子公司，為它們提供資金，並積極尋求在生命科學領域內極具前景的資產。

One of those technologies which we mentioned in a press release earlier this year was an exciting technology that that involves a licensing agreement, a partnership with both Duke University and the University of North Carolina, and it's been a breakthrough endoscopic imaging technology for oesophageal precancer that can provide real-time detection of dysplasia. For advanced precancer with the potential to completely transform the way that's treated and to do so at the same time as a diagnostic procedure, we're partnering with Dr. Adam Wax at Duke who pioneered this technology and Dr. Nick Shaheen from UNC who is working with him closely.

我們在今年稍早的新聞稿中提到的其中一項技術是一項令人興奮的技術，它涉及許可協議，與杜克大學和北卡羅來納大學合作，是一項突破性的食道癌前內視鏡成像技術，可以即時檢測發育不良。針對晚期癌前病變，我們正與 Dr. 合作，希望透過一項可能徹底改變治療方式並同時進行診斷的療法，實現這一目標。杜克大學的 Adam Wax 是這項技術的先驅，還有博士。來自北卡羅來納大學的尼克·沙欣正與他密切合作。

This fits with In our partnership model, the same one that we launched, Lucid and Veris, we have, we're at the last stages of finalizing the license agreement and looking for, building a team around, this technology and a pathway towards, the, early stages of product development, finalizing regulatory strategy, and really just sort of getting this project, that's what we're really excited about off the ground.

這符合我們的合作模式，就像我們推出的 Lucid 和 Veris 合作模式一樣，我們目前正處於最終敲定許可協議的最後階段，並正在尋找圍繞這項技術組建團隊的方法，以及進入產品開發的早期階段、最終確定監管策略的途徑，真正讓這個項目啟動起來，這才是我們真正感到興奮的地方。

Let's get into the operational side of things. I do encourage you to, as always, to listen to yesterday's lucid business update call for greater detail on some of these areas, but the main takeaway for Lucid is that we are now better positioned than ever to to capitalize on e-cigard's, a large market opportunity, a large clinical opportunity, and their near term milestones which we believe will ultimately positively impact PavMed as PavMed remains the largest shareholder of Lucid. E-cigar revenue is $1.2 million for the quarter and the test volume is 28, just over 2,800. Both of those are in line with last quarter and our volume is consistent, has been consistent with the target range of 22,500 to 3,000 tests that we've articulated. That we are seeking to maintain to facilitate our engagement with commercial payers while we await Medicare coverage. The big highlight, as we talk about in our elusive call, was the Medicare contractor meeting that was held.

讓我們來談談具體操作方面的問題。我仍然鼓勵大家像往常一樣收聽昨天 Lucid 的業務更新電話會議，以了解更多相關領域的細節。但 Lucid 的主要結論是，我們現在比以往任何時候都更有能力利用電子煙的巨大市場機會、巨大的臨床機會及其近期里程碑，我們相信這些最終將對 PavMed 產生積極影響，因為 PavMed 仍然是 Lucid 的最大股東。本季電子雪茄收入為 120 萬美元，測試量為 28，略高於 2800 支。這兩個數字都與上個季度一致，我們的檢測量也保持穩定，一直符合我們設定的 22,500 至 3,000 次檢測的目標範圍。我們正在努力維持這種關係，以便在等待 Medicare 承保期間，能夠更好地與商業支付方合作。正如我們在那通難以捉摸的電話中談到的那樣，最大的亮點是召開的醫療保險承包商會議。

In September, it was wildly successful. The experts unanimously endorsed Medicare coverage, for e-cigard, and this is really the final step towards what we believe is a, near term Medicare coverage for that, for that test.

9月份，它取得了巨大的成功。專家們一致支持將電子煙納入醫療保險範圍，這確實是我們認為在不久的將來醫保能夠涵蓋此項檢測的最後一步。

We also, raise capital, strengthened the balance sheet for Lucid with an underwritten public offering of 20 just under $27 million in proceeds, and so as I mentioned earlier, the extends lucid runway through 2026, was a very, shows very strong investor interest and confidence, including institutional investors and insiders, and, bodes well for, Lucid's ability to execute on a strategic plan.

我們也籌集了資金，透過承銷公開發行籌集了近 2,700 萬美元，從而加強了 Lucid 的資產負債表。正如我之前提到的，這將 Lucid 的營運週期延長至 2026 年，這充分錶明了投資者（包括機構投資者和內部人士）的濃厚興趣和信心，並預示著 Lucid 有能力執行其策略計劃。

So let's move on to Veris.

那我們接下來來談談Veris。

So the most important development in this past quarter was that we launched the commercial phase of our strategic partnership with OSU.

因此，上個季度最重要的進展是我們啟動了與俄亥俄州立大學策略合作的商業階段。

If you may recall, we've had a long-standing working relationship with OSU where we completed a pilot study.

您可能還記得，我們​​與俄亥俄州立大學有著長期的合作關係，我們曾在那裡完成了一項試點研究。

That study was very successful. It was found to be the technology was found to be valuable to their patients by all objective measures and predefined performance criteria. And so we are. In the commercial phase we are finalizing EHR integration, but we've already started to proceed with building the commercial side of things with the initial 3 departments within within OSU's James Cancer Center now launching this in a broader patient population beyond the pilot, and the agreement targets 1,000 patients in the 1st year that will be enrolled in a registry.

那項研究非常成功。經過所有客觀指標和預先設定的性能標準驗證，該技術對患者來說具有重要價值。我們也是如此。在商業階段，我們正在完成 EHR 集成，但我們已經開始著手構建商業方面的內容，俄亥俄州立大學詹姆斯癌症中心的最初 3 個部門現在正在試點之外的更廣泛的患者群體中推出這項服務，該協議的目標是在第一年招募 1000 名患者加入登記冊。

We've also, finally, after completing our financing, have fully relaunched the development work on the implantable physiologic monitor and to work towards the 2026 FDA submission.

最後，在完成融資後，我們已全面重新啟動了植入式生理監測器的研發工作，並朝著 2026 年向 FDA 提交申請的目標邁進。

We've.

我們已經。

Locked down the or restarted or locked down new vendors for that product development and it's actually going quite well and there's sufficiently capitalized to fund that development all the way through FDA clearance and subsequent commercial launch so that's going really extremely well and we're looking forward to getting that wrapped up in 2026.

我們已經鎖定或重新啟動或鎖定了該產品開發的新供應商，而且進展非常順利，資金充足，足以支持該產品從研發到獲得 FDA 批准以及隨後的商業上市，所以進展非常順利，我們期待在 2026 年完成這項工作。

So beyond that, now that Veris is stabilized, it's well capitalized, the implantable is on its way. We've gotten our really a very solid proof of concept with regard to our commercial partnership with with OSU. We do, we are working on executing an expanded vision for Veris, and we're not necessarily going to wait for the implantable to do so. So we have an opportunity to now that we have the template from OSU to expand our commerci. Offering to include other academic medical centers and as part of that we're incorporating the lessons that we've learned from our engagement with OSU to as we as we launch engaging with other centers to provide value-added to these centers an offering that goes beyond simply remote patient monitoring and the economics and the business model around that. So one of the things that we've learned.

除此之外，現在 Veris 已經穩定下來，資金充足，植入式裝置也即將問世。我們已經獲得了與俄亥俄州立大學商業合作非常可靠的概念驗證。是的，我們正在努力實現 Veris 的擴展願景，我們不一定會等到植入式裝置問世才去實現它。既然我們現在有了俄亥俄州立大學提供的模板，我們就有機會拓展我們的商業版圖。我們計劃與其他學術醫療中心合作，並將我們從與俄亥俄州立大學的合作中學到的經驗教訓融入其中，以便在與其他中心合作的過程中，為這些中心提供增值服務，而不僅僅是遠距病人監護以及相關的經濟和商業模式。這是我們學到的其中一件事。

Over the past year is that clinical support services are really important. Ohio State has a call center and we've learned how to interface with them so that the alerts that come from the platform are processed in an efficient way. But many centers don't have that, don't have call centers, and any type of digital health tool can actually be somewhat overwhelming to the personnel with regard to. Alerts and so forth. So we've hired our first full-time physician assistant, and we're looking to build a clinical support team around that to provide such clinical support services as a value-added service to our commercial partners whereby our team will be able to provide varying levels. We have a menu of varying levels of clinical support to triage alerts that come through the system. And to make the process of incorporating our platform much more efficient and consistent with the with the personnel needs that these centers have so that's a really important additional value-added offering that we're we're we're looking to provide. Another one is really we're seeking to transform Lucid sorry Veris beyond just remote patient monitoring to actually be a. Become a modern day AI based company where we can provide AI-based clinical decision tools that help the physicians just manage their patients better, manage them more cost effectively, improve outcomes, improve the economics of healthcare delivery, and so forth, and we've had a very intense internal process where we've have mapped out what we intend to. And we are looking to build, risk stratification tools, that will provide such input, AI based input to the, practitioners, and we're looking to partner with OSU to, build and train such a decision tool that will be, ultimately fully integrated within the platform and again, provide value to the center beyond, the simple billing around remote patient monitoring. So with that, I'll hand, the call over to Dennis for an update on our financials.

過去一年來，臨床支援服務變得尤為重要。俄亥俄州立大學設有呼叫中心，我們已經學會如何與他們對接，以便有效率地處理來自平台的警報。但很多中心沒有這些，沒有呼叫中心，任何類型的數位健康工具實際上都可能讓工作人員感到不知所措。警報等等。因此，我們聘請了第一位全職醫師助理，並希望圍繞他組建一支臨床支援團隊，為我們的商業夥伴提供增值臨床支援服務，我們的團隊將能夠提供不同級別的服務。我們提供不同級別的臨床支援服務，用於對系統發出的警報進行分診。為了使整合我們平台的過程更加高效，並與這些中心的人員需求保持一致，我們正在努力提供一項非常重要的加值服務。另一個方面是，我們確實希望將 Lucid（抱歉，Veris）從遠距病人監護轉變為真正的…成為一家現代化的AI公司，我們可以提供基於AI的臨床決策工具，幫助醫生更好地管理病人，更有效地管理病人，改善治療效果，改善醫療服務的經濟效益等等。我們已經進行了非常深入的內部流程，規劃了我們的發展方向。我們正在尋求建立風險分層工具，為從業人員提供基於人工智慧的輸入，並且我們正在尋求與俄亥俄州立大學合作，建立和訓練這樣一個決策工具，最終將其完全整合到平台中，並再次為中心提供價值，而不僅僅是圍繞遠端患者監測的簡單計費。那麼，接下來我將把電話交給丹尼斯，讓他報告我們的財務狀況。

Thanks, Leesh and good morning everyone. Our summary financial results for the 3rd quarter were reported in our press release that has been distribute it.

謝謝 Leesh，大家早安。我們已在新聞稿中公佈了第三季的財務業績概要。

On the next 3 slides, I'll emphasize a few key highlights from the 3rd quarter, but I encourage you to consider those remarks in the context of full disclosures covered in our quarterly report on Form 10-Q as filed with the SEC.

接下來的 3 張投影片，我將重點介紹第三季的一些關鍵亮點，但我鼓勵您結合我們向美國證券交易委員會提交的 10-Q 表格季度報告中的全部揭露資訊來考慮這些內容。

As a couple of reminders, as our, financials, particularly the income statement with year over year comparisons, will for this last quarter, illustrate periods before September 10, 2024 with Lucid's operating results being consolidated into the PadMed results.

再次提醒大家，由於我們的財務報表，特別是包含同比比較的損益表，本季將反映 2024 年 9 月 10 日之前的期間，Lucid 的經營業績將併入 PadMed 的業績。

First, the, presentation of the 2025 periods they are without Lucid's operating results being consolidated into the PavMed financials.

首先，2025 年期間的業績報告並未將 Lucid 的經營績效併入 PavMed 的財務報表。

We do present some supplementary information in footnote 4 of the 10-Q that will help with some of those comparisons. So with regard to the balance sheet.

我們在 10-Q 的腳註 4 中提供了一些補充信息，這些信息將有助於進行一些比較。那麼，關於資產負債表。

You'll recall from our investor update call since this time last year that the company was engaged in a multi-step process to regain compliance with NASDAQ listing standard for minimum equity, which it did in February, and also positioned the company for longer-term financial stability. The two key components were deconsolidating lucid from Pavnet's consolidated financial statements and restructuring our debt, whereby we exchanged about 80% of our outstanding debt for a new Series C preferred equity.

您可能還記得，自去年以來，我們在投資者更新電話會議上提到，公司正在採取多步驟措施，以重新符合納斯達克上市的最低股權標準，公司已於 2 月份實現了這一目標，並為公司的長期財務穩定奠定了基礎。兩個關鍵組成部分是將 lucid 從 Pavnet 的合併財務報表中剝離出來，以及重組我們的債務，我們將大約 80% 的未償債務換成了新的 C 系列優先股。

The slide reflects the balance sheets for the 3rd quarter and second quarter of this year, both after the consolidation, which again occurred in the 3rd quarter of 2024.

該投影片反映了今年第三季和第二季的資產負債表，均在合併之後，合併將於 2024 年第三季再次進行。

So a couple key things to point out each of these balance sheets. First, the cash burn rate of 900,000 for the third quarter reflects the various operating costs, including approximately $500,000 of outside contractor development costs associated with the implantable device, which had been funded by the two various related financings, namely $2.4 million in the first quarter and $2.5 million in the second quarter to support the development and FDA submission of V's, implantable device.

因此，關於這些資產負債表，有幾點需要特別指出。首先，第三季現金消耗率為 90 萬美元，反映了各種營運成本，其中包括與植入式裝置相關的約 50 萬美元外部承包商開發成本，這些成本由兩筆相關的融資提供資金，即第一季的 240 萬美元和第二季的 250 萬美元，用於支援 V 的植入式裝置的開發和向 FDA 提交申請。

Secondly, The equity method investment balance of $32 million in September 30th reflects the $31.3 million lucid shares mark to market and reflects a $4.4 million sequential reduction consistent with the change in lucid stock price.

其次，9 月 30 日的權益法投資餘額為 3,200 萬美元，反映了價值 3,130 萬美元的 Lucid 股票按市值計價，並反映了與 Lucid 股票價格變動一致的 440 萬美元的環比減少。

This amount was previously eliminated from PavMed's balance sheet prior to the deconsolidation for most of the quarterly periods of 2024.

在 2024 年大部分季度期間的拆分之前，該金額已從 PavMed 的資產負債表中消除。

Note, there's plenty of information in the 100 and 10k on both the debt exchange, Series C preferred stock, and the equity method treatment of PavMed's investment in lucid shares.

請注意，100 和 10k 文件中包含大量關於債務交換、C 系列優先股以及 PavMed 對 lucid 股票投資的權益法處理的資訊。

At present, Admed continues to be the single largest shareholder of Lucid Diagnostics with ownership of approximately 23% of the common shares outstanding.

目前，Admed 仍然是 Lucid Diagnostics 的最大單一股東，持有約 23% 的已發行普通股。

Although PavMed no longer has voting control of Lucid, PavMed, its board, and its management still have significant influence over Lucid, with approximately a 28% voting interest.

儘管 PavMed 不再擁有 Lucid 的投票控制權，但 PavMed、其董事會和管理層仍然對 Lucid 擁有重大影響力，持有約 28% 的投票權。

Shares outstanding today, including unvested restricted stock awards are approximately $29.7 million shares. The GAAP quarter ending outstanding shares of $23.1 million are reflected in on the slide as well as on the face of the balance sheet and the 100.

目前流通股（包括未歸屬的限制性股票獎勵）約為 2,970 萬股。GAAP季末流通股為2,310萬股，反映在投影片、資產負債表和100的正面。

GAAP shares do not reflect unvested RSA amounts.

GAAP股份不反映未歸屬的RSA金額。

Additionally, we issued 25,000 Series C preferred shares as part of the debt restructure at the beginning of the year.

此外，作為年初債務重組的一部分，我們發行了 25,000 股 C 系列優先股。

To date, approximately 4,300 Series C have been converted to approximately 11 million common shares. If the balance were converted at the contractual $1.07 conversion price, an additional 20.5 million common shares would be issued.

截至目前，約有 4,300 股 C 系列債券已轉換為約 1,100 萬股普通股。如果餘額以合約約定的每股 1.07 美元的轉換價格進行轉換，則將額外發行 2,050 萬股普通股。

Next slide please.

請看下一張投影片。

Similar to the past presentations, this P&L slide provides some GAAP and non-GAAP year over year, quarterly and annual comparisons.

與以往的簡報類似，此損益表投影片提供了一些 GAAP 和非 GAAP 同比、季度和年度比較。

As cautioned earlier in my comments, there are some significant differences in how the information is compiled between the comparative periods given the changes in PadMed's financial control of Lucid. Importantly, the GAAP construct for deconsolidating Lucid on September 10th of last year. Somewhat blurs the historical understanding of the information for Patmet as a stand-alone entity, and GAAP does not allow the presentation for prior periods on the face of the financial statements to be similarly adjusted. Although, as mentioned, there is some supplemental information in the footnotes.

正如我之前在評論中提到的，由於PadMed對Lucid的財務控制發生了變化，比較期間的資訊匯總方式存在一些重大差異。重要的是，這是去年 9 月 10 日 Lucid 停止合併的 GAAP 結構。這在某種程度上模糊了人們對 Patmet 作為獨立實體的歷史資訊的理解，而且 GAAP 不允許對財務報表上以前期間的列報進行類似的調整。不過，如同前面提到的，腳註中還有一些補充資料。

On a pro forma basis and purely for illustrative purposes on the slide only, the various revenue and the lucid management fee income are combined collectively more than $3 million per quarter to visually align Pavmet's income sources versus its operating expenses. For SEC reporting purposes, the MSA income is a below the line item.

為了便於理解，僅從形式上看，為了更直觀地展示 Pavmet 的收入來源與其營運支出，我們將各種收入和清晰的管理費收入合併計算，每季合計超過 300 萬美元。就向美國證券交易委員會 (SEC) 提交的報告而言，主服務協議 (MSA) 收入屬於明細項目。

Furthermore, for the third quarter, you see on the slide and in the 10 a GAAP net loss of $6 million before NCI and before preferred dividends. This includes a non-cash loss of $4.4 million for the change in the fair value of the equity investment. And together with the preferred dividend stock-based comp reconciles to a non-get loss of $446,000. Basically, the equivalent to the incremental contractor development costs for the Vlatoff device.

此外，從投影片和第 10 頁可以看出，第三季 GAAP 淨虧損為 600 萬美元，未計入 NCI 和優先股股息。這其中包括因股權投資公允價值變動而產生的 440 萬美元非現金損失。加上優先股股息，最終導致非營利虧損 446,000 美元。基本上相當於 Vlatoff 設備新增的承包商開發成本。

Happy to answer any detailed questions on the slide in the Q&A, but I think it's more informative to look at the 3rd quarter standalone information presented in this slide and in, and the full 3rd quarter information presented in our press release that shows the company baseline bias of operating at cash flow break even and incurring incremental pavMed expenses for development activities that are offset by dedicated funding. So in the third quarter, you see a non-GAAP loss of 446,000, which has been funded in part by the NIH grant proceeds of $1.1 million since the end of last year and $4.9 million of PadMed Vus financing earlier this year.

我很樂意回答問答環節中關於幻燈片的任何詳細問題，但我認為更有意義的是查看此幻燈片中以及新聞稿中提供的第三季度獨立信息，以及完整的第三季度信息，這些信息顯示了公司的基本運營偏好，即現金流收支平衡，並產生用於研發活動的增量 pavMed 支出，這些支出由專項資金抵消。因此，第三季非GAAP虧損為44.6萬美元，部分資金來自去年年底以來NIH的110萬美元撥款，以及今年稍早PadMed Vus提供的490萬美元融資。

Non-GAAP operating expenses for the last four quarters have averaged approximately $4.4 million with very small variation from quarter to quarter.

過去四個季度的非GAAP營運費用平均約為440萬美元，季度之間的波動很小。

Slide please.

請滑一下。

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

關於非GAAP營運費用，您可以在幻燈片中看到我們營運費用隨時間變化的圖表，我們的新聞稿中將更詳細地介紹這些費用。

The non-GAAP OpEx since the lucid deconsolidation last year has been nearly flat for the last 4 quarters.

自去年進行明確的非GAAP營運支出拆分以來，過去4個季度以來，非GAAP營運支出幾乎保持不變。

OpEx increases moving forward are likely to be tied directly to the R&D efforts to get the various implantable device submitted and cleared by the FDA for which the recent V related financings are supported.

未來營運支出增加很可能與研發工作直接相關，這些研發工作旨在將各種植入式裝置提交給 FDA 並獲得批准，而最近的 V 相關融資正是為此而支持的。

With that operator, let's open it up for questions.

有了這位操作員，我們就開放提問環節。

(Operator instruction)

（操作說明）

For At this time there are no questions. I will now turn the call over to Mr. Doctor Lee Shaw Akla. Please go ahead.

目前還沒有任何問題。現在我將把電話轉給先生。李肖·阿克拉醫生。請繼續。

Great, thank you, operator, and thank you all for joining today. Let me just restate something that I stated earlier that Dennis, highlighted, Patmed was founded to be an engine of innovation that's capable of ingesting groundbreaking technologies and advancing them. And although Lucid is, really in a great position and ri s is progressing well. Our ability to consummate this broader vision has been constrained by capital markets and structural challenges. It's taken a series of steps which Dennis has outlined over a period of time to address these challenges, and we really feel like we are now poised to complete that work so we can reignite the broader vision and continue to pursue. The next lucid, the next Veriss, and we really have some excellent prospects, some of which we've talked about the Duke technology, and others and the waiting in the wings for us to finally transition back to the original vision of PathMed. So we look forward, we look forward to that, and we look forward to continually continuing to address those opportunities and finalize, this restructuring that has put us in a position to expand those horizons. So, with that.

太好了，謝謝接線員，也謝謝今天所有參與的朋友。讓我重申我之前說過的話，丹尼斯也強調過，Patmed 的創立宗旨是成為一個創新引擎，能夠吸收突破性技術並推動其發展。雖然 Lucid 目前處境非常有利，而且 ris 的發展也很順利。資本市場和結構性挑戰制約了我們實現這個宏偉願景的能力。為了應對這些挑戰，我們採取了一系列措施，正如丹尼斯在一段時間內所概述的那樣。我們真的感覺現在已經準備好完成這項工作，以便我們可以重燃更廣闊的願景並繼續追求。下一個 Lucid，下一個 Veriss，我們確實有一些非常好的前景，其中一些我們已經討論過杜克大學的技術，還有一些正在等待我們最終回歸 PathMed 的最初願景。因此，我們展望未來，我們期待著，我們期待著繼續抓住這些機遇，並最終完成這項重組，使我們能夠拓展視野。就這樣。

Oh, actually it looks like we have somebody back in the Q&A. Should we bring him, yeah, let's, so let me go back to the operator. I believe we have one question on the Q&A that we'd like to.

哦，看來問答環節又有人回來了。要不要帶他去？好，那就帶他去吧，那我回去找接線生。我認為我們有一個問題想在問答環節提出。

Anthony Vendetti from Axim Group.

來自 Axim 集團的 Anthony Vendetti。

Okay, thank you. Hi Anthony, good morning.

好的，謝謝。嗨，安東尼，早安。

Hi Dennis.

你好，丹尼斯。

Lehaw, I was wondering if you could just talk about where you exactly are with the implantable monitor. Are there any other clinical steps necessary other than, completing.

Lehaw，我想問問您能否具體談談您植入式監測器的使用情況。除了完成上述步驟之外，是否還需要其他臨床步驟？

The, OSU.

俄亥俄州立大學。

Trials and so forth or.

審判等等。

Yeah, let's, let me just jump in if that's okay, Anthony. So, the, this, the development of the implantable, remember the implantable is a, is an implantable device that allows, the physician to, implant an intracardiac, a cardiac implantable cardiac monitor in conjunction with a, port at the time of, beginning of therapy, although. So we have part of our strategic partnership with OSU involves them being the first site and then doing the initial pilot work once the plantable is cleared. The development work actually is unrelated to our relationship with OSU.

好的，那我就插一句吧，安東尼，可以嗎？所以，這種植入式設備的發展，記住，植入式設備是一種植入式裝置，它允許醫生在治療開始時，將心臟植入式心臟監護儀與端口一起植入體內。因此，我們與俄亥俄州立大學的策略夥伴關係的一部分內容是，他們將成為第一個試驗地點，然後在可種植區域清理後進行初步的試點工作。這項開發工作實際上與我們和俄亥俄州立大學的關係無關。

So we, with the finan financing that we secured earlier this year, we have relaunched the work that had been on pause when we were awaiting. Access to capital to do so and that relaunch actually included us transitioning to a new development and manufacturing partner who has extensive experience with making such implantable implantable devices such as stimulators and others and so we've transitioned, we've launched that product development work with this. Partner, going extremely well and, there's a variety of, just bread and butter engineering work that's required to get us to a final to complete the, that part of the development work and get us into a position to submit with FDA to FDA. You had mentioned you had asked about the, any clinical trials. So 11 of the things that we had been doing.

因此，憑藉今年稍早獲得的融資，我們重新啟動了先前因等待而暫停的工作。獲得資金支持，重新啟動實際上包括我們過渡到一個新的開發和製造合作夥伴，該合作夥伴在製造此類植入式設備（如刺激器等）方面擁有豐富的經驗，因此我們已經完成了過渡，並啟動了該產品開發工作。合作夥伴，一切進展非常順利，我們需要完成各種基礎工程工作，才能最終完成開發工作的這一部分，並使我們能夠向 FDA 提交申請。你曾提到你詢問過有關臨床試驗的資訊。所以，我們一直在做的11件事。

Was we had, we've had an ongoing engagement with FDA over many meetings to establish first our pre-clinical requirements of animal studies that have been ongoing and will continue to be ongoing as part of this work, and that was already previously locked down. The final step, which I think we talked about in our last call, was to get a final sign off from FDA on any clinical work we would need to do since the predicate. This is a 5 10k. So since the predicate here is an existing implantable cardiac monitor, the clinical requirements were actually quite modest, and we did eventually work with the FDA to establish that the only clinical work, clinical data we'd need is a what we refer to as a skin study. So instead of having to implant the device to perform this study, it's, you can, we can actually just stick it on. Skin and measure its ability to detect primarily the cardiac rhythm and show that it's equivalent to the predicates. It's a pretty straightforward, simple, small study that'll be required as part of that. That's not the rate limiting factor, frankly, the rate limiting factor between us and a submission is all of the development work, the traditional biocom packaging, things like that that are, that are that that are things that typically.

我們一直以來都與 FDA 保持著密切的溝通，透過多次會議，首先確定了我們臨床前動物研究的要求，這些研究一直在進行，並將繼續作為這項工作的一部分進行，而這之前已經確定下來了。最後一步，我想我們在上次通話中也討論過，就是從 FDA 獲得自先決條件以來我們需要進行的任何臨床工作的最終批准。這是 5 10k。由於這裡的前提是現有的植入式心臟監測器，因此臨床要求實際上相當適中，我們最終與 FDA 合作，確定我們唯一需要的臨床工作和臨床數據是我們所說的皮膚研究。所以，進行這項研究時，我們不需要植入設備，而是可以把它貼在身上。皮膚並測量其檢測心律的能力，並證明它與謂詞等效。這是一項非常簡單直接的小型研究，也是其中的一部分。坦白說，這並不是限制因素，限制我們提交申請的因素是所有的開發工作、傳統的生物資訊包裝等等，這些都是通常會遇到的問題。

Use up that, use up the clock.

把時間用完，把時間用完。

Okay great so so it should, it sounds like with the predicate, it should be, I'm not saying anything with the FDA's routine but should be relatively routine versus if you were using.

好的，太好了，聽起來好像有了這個前提條件，應該是，我不是說FDA的常規流程是什麼，但應該相對常規，如果你正在使用的話。

Oh yeah, it was the, I think it's fair to say that the path is very clear. The requirements are clear, it's just, we just need to execute on it. I think there's very little uncertainty as to what's required. There's really good guidance from FDA on what they expect for these kinds of devices. So, we have a very. Carefully, tuned regulatory strategy that's designed to really, leverage this predicate, carefully, and there's always opportunities in the future to seek additional, indications, expanded language and things like that. So, we're pretty happy, we're extremely happy, frankly, with the path that we have ahead of us and, expect it to be straightforward.

哦，是的，我認為可以公平地說，這條路非常清晰。要求很明確，我們只需要執行。我認為對於需要做什麼，幾乎沒有什麼不確定因素。美國食品藥物管理局（FDA）對這類設備有非常好的指引。所以，我們非常。精心調整的監管策略旨在真正利用這一前提，並且未來總有機會尋求額外的適應症、擴展的措辭等等。所以，坦白說，我們對未來的道路感到非常滿意，甚至可以說是極其滿意，而且我們預計這條路會一帆風順。

And I know the focus is on that and OSU, but is it too early, to, start having, commercialization conversations with other cancer centers, or you're going to wait.

我知道重點是俄亥俄州立大學，但現在開始與其他癌症中心進行商業化對話是否為時過早，還是你們打算再等等。

A little bit longer until, even though you know like you said it should be relatively straightforward with the FDA, are you going to start having those.

再過一段時間，雖然你知道，就像你說的，FDA那邊應該比較容易，但你打算開始申請這些嗎？

Conversations so that.

對話就是這樣。

That was what I was trying, yeah, that was sorry to interrupt Anthony, that was what I was, hinting at, earlier. So let me just kind of restate it a little bit more directly. So the answer to your question is yes, when.

我當時就是想表達這個意思，是的，很抱歉打斷安東尼，我之前暗示的就是這個意思。那我就更直接地再說一次。所以你的問題的答案是肯定的，何時。

Earlier in this year, as we were able to finally secure some capital to develop this, our strategy had been one of just sort of, sticking to the OSU, partnership, getting, a bunch of commercial experience there and waiting until the implantable to broaden our, commercial activity. We've shifted that strategy, so that's no longer, we really do believe, given how well things have gone with OSU. That we are in a position likely starting in the 1st quarter after we've had some some volume at OSU to start looking to to expand at other centers and the key factor there, it's not like we hadn't had. Ongoing conversations and and solicited other centers we just didn't do it very aggressively because we we knew that we had limited capital to, for commercial expansion over the last couple of years but one of the things that we learned will be key in that is is one of the things I mentioned which is to offer not just the software platform ultimately not. As the implantable, which is, economically a very attractive thing for them, but to offer some additional value-added, I have a bit of an expanded vision for them, the offering from from Veris, and one of those things includes offering clinical support services, as I mentioned earlier, to. Really streamline and make more efficient the process of using our platform.

今年早些時候，當我們終於獲得一些資金來開發這項技術時，我們的策略是堅持與俄亥俄州立大學的合作關係，在那裡積累大量的商業經驗，然後等待植入式設備問世後再擴大我們的商業活動。我們已經改變了策略，所以鑑於與俄亥俄州立大學的合作進展順利，我們真的相信這種情況已經不再發生了。我們現在處於有利地位，在俄亥俄州立大學取得一些成績後，我們可能會在第一季開始考慮在其他中心擴張，而關鍵因素是，這並不是說我們之前沒有取得過這樣的成績。我們一直在與其他中心進行對話和洽談，只是因為我們知道過去幾年用於商業擴張的資金有限，所以並沒有非常積極地推進。但我們學到的關鍵一點是，正如我所提到的，最終提供的不僅僅是軟體平台。植入式設備在經濟上對他們來說非常有吸引力，但為了提供一些額外的增值服務，我對 Veris 的產品有一個更廣闊的願景，其中一項就是提供臨床支援服務，正如我之前提到的那樣。真正簡化並提高我們平台的使用流程效率。

Hospitals, cancer centers, including cancer centers, are pretty overwhelmed.

醫院、癌症中心等都已不堪負荷。

The clinicians are pretty overwhelmed. They're understaffed, and although there's clear clinical value in the data and having this continuous data that is sent to them to monitor their patients, often they're strapped for.

臨床醫師們壓力很大。他們人手不足，雖然這些數據具有明顯的臨床價值，而且這些持續發送的數據對他們監測患者也很有幫助，但他們常常捉襟見肘。

Personnel time to be able to interpret these alerts and so forth and you know within while we were soliciting other accounts, it became clear that us being able to centralize that and offer clinical support services and it's essentially to be able to triage alerts. So if there's an alert on our system that says, the patient's temperature is rising or they're reporting certain symptoms that may be consistent with a complication of chemotherapy to have to be able to offer the account. Value-added service that they can kind of select from a menu to have a clinician, our clinician, be the front line to check in with the patient and sort of sort it out and then pass it, pass the baton on to the clinical team. Lots of interest in that, the, and so we're going to start building that. We have our first PA who's going to be working closely with OSU on that, and we think there's a real opportunity and a real revenue. Around that as well. And then the other thing which we're going to not wait for the implantable on and we're going to start working on our AI-based tools that can provide value-added both from a clinical point of view and an economic point of view for the client that we do expect to work closely with ASU OSU on because those products, as I assume require, clinical data to train models and so forth. So for us to build a risk strat. Tool that can predict which patients on which on a particular, therapy chemotherapy or immunotherapy are at risk for re-hospitalization or for complications, that's extremely valuable, but that will require training with data that we would expect that we'd be able to partner with, that we're planning on trying to partner with OSU on that. So all those activities are going to start gearing up in the first quarter, even before we have the implant ready.

我們需要投入人員時間來解讀這些警報等等，而且你知道，在我們尋求其他客戶的過程中，我們逐漸意識到，我們需要集中處理這些警報並提供臨床支援服務，這本質上是為了能夠對警報進行分類。因此，如果我們的系統發出警報，顯示患者體溫升高，或患者報告某些症狀可能與化療併發症一致，我們必須能夠提供帳戶。增值服務，他們可以從菜單中選擇，由臨床醫生（我們的臨床醫生）作為第一線人員與患者聯繫，進行初步溝通，解決問題，然後將接力棒傳遞給臨床團隊。很多人對此很感興趣，所以我們將開始著手建造。我們有了第一位助理醫師，他將與俄亥俄州立大學密切合作進行這項工作，我們認為這是一個真正的機會和真正的收入來源。也包括那方面。還有一件事，我們不會等到植入式設備問世，而是開始研發基於人工智慧的工具，這些工具可以從臨床和經濟角度為客戶提供增值服務。我們希望與亞利桑那州立大學和俄亥俄州立大學密切合作，因為這些產品，正如我所料，需要臨床數據來訓練模型等等。所以我們需要製定風險策略。如果能開發出一種工具，可以預測哪些患者在接受特定療法（化療或免疫療法）時有再次住院或出現併發症的風險，這將非常有價值，但這需要用我們期望能夠獲得的數據進行訓練，我們計劃嘗試與俄亥俄州立大學就此展開合作。因此，所有這些活動都將在第一季開始啟動，甚至在我們準備好植入物之前。

Okay, great, no that's that's great clarity. I appreciate that and then lastly is the letter letter of intent for the endoscopic imaging technology and I know LOI sometimes, doesn't result in a definitive agreement, but, do you have some exclusivity with this LOI and what's the timing do you believe that it could lead to a definitive agreement. And then would you first take that in, it sounds like because it's.

好的，太好了，這真是太清晰了。我很感激。最後是關於內視鏡成像技術的意向書，我知道意向書有時並不能促成最終協議，但是，這份意向書是否具有排他性？您認為它何時能夠促成最終協議？然後，你會先接受這一點，聽起來好像是因為…

In the Pavmed press release with that first go into the PavMed, portfolio and then it would there be a plan to eventually shift that To Lucid Diagnostics.

在 Pavmed 的新聞稿中，首先介紹了 PavMed 的產品組合，然後計劃最終將其轉移到 Lucid Diagnostics。

Great, a lot to unpack there. So just let me know if I missed anything. So, the first answer to your question is that no, this LOI will translate into a licensing agreement, and it, it's, it'll be forthcoming very soon. We're in the final stages of ironing out that language, so we expect to sign the definitive, license. This Agreement for this technology very shortly, that will, and that will be within a subsidiary, a separate subsidiary of Padmed, to advance the technology through some additional development work and then ultimately to a through an FDA submission and clearance that work will begin immediately upon us.

太好了，這裡面資訊量很大。如果我遺漏了什麼，請告訴我。所以，對於你的問題，第一個答案是：不，這份意向書不會轉化為授權協議，很快就會推出。我們正在對相關措辭進行最後的敲定，預計很快就能簽署最終的許可協議。這項技術的協議很快就會達成，而且這項技術將由 Padmed 的一個獨立子公司負責，透過一些額外的開發工作來推進這項技術，最終透過向 FDA 提交申請並獲得批准，這項工作將立即開始。

Signing the license agreement, there's development work to be done, that will be done at the, laboratory, where this technology is being developed at Duke, to TRY to make some adjustments to the sizing, just maybe a little bit of. Background, we haven't spent a lot of time on this. This is technology that has actually been used in humans. One of our longtime colleagues and partners, Dr. Nick Shaheen, who's a PI in our studies and the head of Lucid MAB, is the clinical gastroenterologist who's been working with Duke on this. So they've used this in humans and have demonstrated its efficacy in being able to detect dysplasia at the time of a diagnostic endoscopy. There's additional design work to kind of, so from a form factor point of view and how it sort of snaps together with the endoscope and so forth that we'll be supporting at Duke, and once that has been completed, we'll transition it into a commercial product development. Pathway, and then ultimately submit. We have a, we do have a regulatory, we've kind of finalized our regulatory strategy around how to pursue this.

簽署許可協議後，還有一些開發工作要做，這些工作將在杜克大學開發這項技術的實驗室中進行，目的是嘗試對尺寸進行一些調整，可能只是一點點調整。背景方面，我們並沒有在這方面投入太多時間。這項技術其實已經在人體上應用過了。我們的一位長期同事和合作夥伴，博士Nick Shaheen 是我們研究的首席研究員，也是 Lucid MAB 的負責人，他是一位臨床胃腸病學家，一直與杜克大學合作進行這項研究。因此，他們已將這項技術應用於人體，並證明了其在診斷性內視鏡檢查時能夠有效檢測出發育不良。還有一些設計工作要做，例如從外形尺寸的角度，以及它如何與內視鏡等設備連接起來等等，我們將在杜克大學提供支持，一旦這些工作完成，我們將把它過渡到商業產品開發階段。路徑，然後最終提交。我們已經制定了監管策略，並就如何推進這項工作進行了最終確定。

We are convinced this is also a 510k.

我們確信這也是一台 510k。

It'll likely require a small clinical study. But nothing too large or resource intensive, so that's the, plan. So it's coming, we're going to get this thing done. It's just, dotting I's and crossing T's on the, on the documents understood.

這可能需要進行一項小型臨床研究。但不會做太大或太耗費資源的事情，這就是計劃。所以它即將到來，我們會完成這件事的。就是把文件上的每個細節都仔細核對一遍，這一點大家都懂。

Perfect. And you, sorry, you had mentioned the relationship with lucid. Sorry, I forgot and, so look, the, obviously lucid is in the space, these are patients that Eoguard will be finding, right, who will be undergoing a confirmatory endoscopy, based on a positive Eoguard test that will.

完美的。還有你，抱歉，你提到了與 Lucid 的關係。抱歉，我忘了，所以你看，很明顯，清醒的人就在這個空間裡，這些是 Eoguard 將要發現的患者，對吧，他們將根據 Eoguard 檢測呈陽性的結果接受確認性內視鏡檢查。

Require an endoscopy to determine whether they, whether they're a true positive and if they're a true positive, where they are along the spectrum for further follow-up, right? So, clearly, the work of Lucid is linked to the application of this technology. We've decided for the time being to keep it separate. Lucid has plenty on its plate. It's kind of positioned as a molecular diagnostic company.

需要進行內視鏡檢查以確定他們是否為真陽性，如果是真陽性，則確定他們在疾病譜的哪個階段，以便進行進一步的隨訪，對嗎？所以很明顯，Lucid 的工作與這項技術的應用息息相關。我們決定暫時將其分開處理。Lucid公司目前面臨許多挑戰。它的定位有點像是分子診斷公司。

Lucid. There's an agreement between Lucid and Padm for, a modest equity position in the subsidiary, so Lucid will have, upside on that. And then, when it's near commercialization, we'll decide, sort of what the right, what the right pathway, for it. If there's synergies that make sense at the time with Lucid, we'll pursue that. If it's a distraction to Lucid, we will, we'll pursue it separately.

清醒。Lucid 和 Padm 之間達成了一項協議，Lucid 將持有子公司的少量股權，因此 Lucid 將從中獲得收益。然後，當它接近商業化時，我們會決定，什麼樣的道路對它是正確的。如果屆時與 Lucid 存在合理的協同效應，我們會尋求實現這一目標。如果這會分散 Lucid 的注意力，我們會單獨處理。

Okay great thanks for all that color I appreciate it.

好的，非常感謝你帶來的色彩，我很感激。

Great, thanks, Anthony. So with that said, let's, wrap things up. Just, would like to again encourage you to remain connected to us and our progress, follow our press releases and the, these quarterly update calls, subscribe to our email alerts and, just contact us by phone if necessary. So thank you very much and everybody have a great day.

太好了，謝謝你，安東尼。那麼，就此結束吧。再次鼓勵您與我們保持聯繫，了解我們的最新進展，並關注我們的新聞稿和季度更新電話會議，訂閱我們的電子郵件提醒，如有必要，請致電與我們聯繫。非常感謝，祝大家今天過得愉快。

Ladies and gentlemen, this does conclude your conference call for today. We thank you very much for your participation, and you may now disconnect. Have a great day.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與，您現在可以斷開連接了。祝你有美好的一天。