PAVM - Earnings call transcript Q4 2023

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Operator

Good morning, and welcome to PAVmed's Fourth Quarter and Full Year 2023 Business Update Conference Call. [Operator Instructions] This call is being recorded on Wednesday, March 27, 2024.

I would now like to turn the conference over to Dennis McGrath, PAVmed President and Chief Financial Officer. Please go ahead, Dennis.

Dennis McGrath

Thank you, operator. thank Quarter participating XXXX and quarter today's everyone, Fourth -- Business morning, you in for third Good Update Call. our the the announcing financial on the XX, release business the available for Press website. company XXXX, results is for year fourth full and PAVmed quarter ended December update and

uncertainties and the subject moment and risks call forward-looking both unknown forward-looking about statements, statements. results to and statements that The take a to disclaimer differ made. release conference Please Commission. the business forward-looking filings this are statements these known to read to Factors the described update Exchange results and our disclaimer are cause actual press and with may include actual Securities materially the and in that from could differ U.S. in cause

and Factors description risk XX-Q Form report most those affect reflect or PAVmed filed any Form future Except on X-K and publicly and likelihood other actual list may expectations required that to and in affect subsequent intention forward-looking or on in risks forward-looking may contained uncertainties Item a any update from in conditions expectations the in results I, filings. in the with or that on XX-K Risk Part updates as quarterly statements obligations any filed these disclaims which the or law, by statements. will to a XA that reports important events, and changes circumstances revise or Form of be differ entitled subsequent PAVmed's operations, may the or SEC factors annual For recent see based

turn CEO. Aklog, to like over it would Lishan and to Lishan? PAVmed's Chairman now Dr. I

Lishan Aklog

Update joining afternoon, you for Call. and everyone. Dennis, our good you, Thank Thank Quarterly

couple of Before proceeding, a things.

support weather. in shareholder we'll apologize yesterday, unturned ongoing we for voice. value. greater the shareholders commitment. continue a to through some And like to enhance I'd to stone as We've discuss leave little times. also challenging long-term for together like thank bit your long-term and no been under my I'd our I'm As scratchy depth, to

most very to and operations -- broadly ability like we're Lucid leverage remains to the market by raised looking drive and financed We're model to strategy PAVmed's commercial independently strongest and have and which clearly more revised PAVmed's can its subsidiaries, promising Lucid's conditions. finance replicate its shared despite PAVmed's progress asset, value challenging Lucid, pleased infrastructure. shareholder overall through PAVmed's

Consistent market financeable with we've Hatch We've this partnership opportunities approach, PMX large with launched And we've incubator technologies of accordingly. Medical. with agnostic center. strategy independently groundbreaking sought Veris' in updated commercial our aggressively

-- had Lucid So transcript encourage everyone let's full some to of details webinar recent a that, couple of to highlights, webinar just a yesterday, reminder A or we so Lucid, I with regarding further that with start get that presentation Lucid. with the would view Diagnostics. starting

just give events And highlights. quarter. revenue these nicely health some traction. #CYFT from rose prior high-volume to I'll gain Quarterly the continue at fair XX%

validity data is improving clinical in-network coverage, Medicare. to pricing, with we've including support out-of-network and clinical reimbursement our expanded Our utility and stable

in it depth in further talk -- in mentioned, I As about a and bit. I'll more

to very the we've expected is near engagement term. and regional and shifted target first strategy such centers, Veris Health, For cancer our in large our academic

to the implantable We we have FDA and meeting path successful had FDA a pre-submission we pending a clearance, final for clear feel monitor, financing. and independent

PortIO. launched PMX, and in wholly owned development -- with starting we launched with portfolio existing its week, Medical commercialization Hatch incubator, last announced to medtech PAVmed technologies, partnership we As complete its of

slide. Next

updated revised our more bit strategy. a So strategy about or

value -- moving through on through subsidiaries forward mentioned, independently finance managed services our As driving success in decided the I Lucid holdings independently shared focus PAVmed and shareholder structure. of we've our itself, financed Lucid's given ability to to to

to Veris as subsidiaries well directly of seeking path -- based the successful incubator the PAVmed on Lucid's subsidiaries. Following and and future on technologies financing our opportunities as -- seek PMX we'll

centers drive large as Veris and mentioned, PMX to order the to in I a finance will The to shifting has be -- independently initial in enhance is effort subsidiary. launch PortIO As proceeded academic its order financeability. to

new We're market that infrastructure. also that PAVmed's independently to financeable center, actively we've and technologies several we're to -- looking we're existing seeking groundbreaking These on. have have working and agnostic we're large leverage targets opportunities been

So as shared follows. With providing a of PAVmed the corporate structure summary services.

Diagnostics. We have Lucid

platform. We have Veris digital as our Health health

products incubator, financiable. looking, medtech independently PMX. consistent our we're the held have of add And within assets We privately additional them again, to each our with structure,

further Again, on I Lucid. a the our couple brief of webinar. reviewing in recommend would details Just slides

As revenue our efforts since out-of-network at And cycle -- early through can X,XXX nicely as took direct range, and updated I revenue reimbursement revenue contracting. our to in had This over grown test see you we is pending all -- has reimbursement. in mentioned remain X,XXX our stabilized expected well in that we in we've driving the as slide, volume, improvements the to -- management.

Next highlights slide. a just Lucid execution commercial And side. of on on the couple

I strategic As July. centers now we're fully testing other progress a dozen. over academic have We're accounts and through are health and #CYFT are and events our large our increasing These fair great making centers. mentioned, medical booked regional with activity in

our out side, has being $X,XXX. network management the And stabilized approximately And now by on of about the payers. are about at getting allowed of revenue claims we're commercial amount payment cycle XX%

shy just a bit it's shy of the -- price. So Medicare

happen gratified again, able peer sheet now of to quite raising on stock the and strategic in reengagement CV its data well IPO. The policy the strengthened determinations has puts MolDx that own strengthened preferred of Lucid's million balance in well by of They studies. the publication raise are Group accomplishments. note, $XXX Lucid engage Medicare. medical that to million, of utility with publication, the $XX.X support including I'll upon to one financing behalf the for clinical We've soon broader this of capital, coverage number key us and for context Some works and validity to broad positioning put are over clinical a it positioned looking local We financing. been EsoGuard. on its to coverage Lucid, been We're that financeability. that the review

last just in using to determinations to We've data with month forward request outcomes commercial major that. -- medical meetings and payers formally or look of this so policy the started hold using positive to our the

self-insured I a offer As brokers on have mentioned, contracting as program where, working we're and pipeline really bullish have covered offered and And third-party of pursuing this EsoGuard administrators, these. our with EsoGuard fashion. this with benefit team direct we a in employers, to entities, robust expanded

slide. Next

Veris. an of on bit a overview So

enhance Veris Bluetooth-connected Cancer Care Veris a digital X physicians which currently has that The interacts personalized that devices. are Next commercial-stage company use is information; has external enters using health with track platform patient components. other care, collected and a and seeks slide. patient-reported cancer to physiologic that along smartphone platform, with outcome, the caretakers app Health a parameters that to the

is and early with implantation plan monitor care to risk access that a goal The port an for to improve chemotherapy, longitudinal at would vascular trends patient the long-term of market remote time And management. that through of immunotherapy. this to detection monitoring complications, implantable the platform inserted of works the tools utilize modern be is

Next slide.

the of where commercial that strategy regard. strategy. interest that Again, So to own the cancer and our thousands patients the have centers capital. therapy, best we targeted number the raise tend and its Veris academic large and infusion We've thousands had can goal oncologists regional And felt to it in revised that about patients. commercial get to independent a point be staff, of here a to large prestigious path large large, centers advance is on such bit These strong was there. a that of number of

to in NCI-designated have had our of cancer areas. interest conversations These arms. And the investing that's we're be something into are centers. They concentrated actually, Veris, with comprehensive them, And tend many in venture centers in and metropolitan directly them typically we've pursuing.

robust a have we pipeline. centers, these among So

multiple have expect I near active over targets with to we have in in it consummate And that a as and it's We stages, late the beginning, we term. discussions. one at very engagement the mentioned dozen

and approached with And Our approach very they so other include start care the and than platform. these programs, with as and pilot engagements, with more collaborations practices. developing these shared oncology are partnerships research smaller our involve on they long-term activities, we innovations commercial so collaborations, biomarkers other as this that different strategic regard, well digital the pathways, comprehensive -- in initially as smaller development is

slide. Next

without continuously Again, XXX% you the Veris play part need relevant will So an monitor patient necessary billing. compliance be monitoring designed of important and can physiologic provides it's central time requirements a this vascular port -- a patient of technology. the future a implanted parameters for at is external advancing for think physiologic We things, implantable necessary -- compliance to fulfill the listed many see of there with assures this it ultimately the access parameters in Among devices. other remote role the to endeavor.

independent -- has and we with gone device which we believe launch, had ago. ultimately have secures we a our to engagements presubmission financing, This few multiple We meeting once hope now path commercial FDA the that clear FDA. FDA through a And successful will soon. final we Veris held and on multiple weeks to clearance accomplish we've push and forward

recently Next, incubator, area our announced the is that new final we PMX.

Next slide.

EsoCure will completed; PortIO intraosseous as long-term to syndrome. commercialization last implantable which carpal once commercialization The licensed esophageal device device, ablation the invasive -- tunnel many minimally device; existing for vascular launched and we portfolio week, PMX, CarpX products of So which to development complete we been has shareholders access technologies, announced PAVmed for remember. Lucid

of CarpX second-generation back very had of medtech technologies context These history a well strategic the quite through development. device and a as undergoing Hatch of launched advancing Each acquisitions. who of these in as and time group very advanced product a been on ago, have with veterans these a medtech we're again with to technologies about experienced year Medical, and been partnerships cleared of far, brokering incubator burner venture was at put the excited have this have having restructuring the joint long

to that. looking we're So really forward

first resistant implantable poor flushes we each independently develop regular and getting need started device. preserve and PortIO. will to or we're seeking for the incubator, the the devices. for separate to It's infections occlusion eliminates target, for The to dialysis just technology. our access And solutions the financing first this, compared is intraosseous and commercialize finance to such with with offers to a for seek maintenance on access first subsidiary, veins is and vascular structure traditional the is device, need patients that and veins It

in estimated just no dialysis as complications The function, XXXX, opportunity, designed, in demonstrated patients study market completed We device is operated and excellent nine population, including first in any in-human were in patients. Colombia of that there million. study the not the and about $XXX those

and FDA, have the de to Using this hope be exemption regulatory engagement to IDE path investigational U.S. necessary we've add to clear had with believe a we get we or will extensive we now data, clearance. a study to already device novo clinical a

moving So to pathways commercial then or forward to in getting this for financed CarpX. EsoCure and forward potential, in and fulfill and looking parallel, similar pursue series its

over about I'll Dennis to to things with And pass talk update. financial that, our

Dennis McGrath

Thanks, Lishan.

for were Our published in the press financial was and fourth last the night. that reported year quarter release results our

from with On highlights quarter, those available in key filed full and the disclosures context of X that next to remarks consider you on I our the Form was slides, on in PAVmed SEC the afternoon I'll covered website. annual but encourage is report Monday a the few emphasize the XX-K the

of of $XX.X of with put XX% $XX.X are sheet, continued in XXXX. control initiatives rate balance we Cash beginning successive So year each cost here. the million million. place quarter. of of burn the Cut the the burn at reflects by related our improvements These XX to since sequential year beginning quarterly with improvement the Slide

increases of Obviously, fund Lucid to the as and our both for from We reflect next the cash successful that X largely submitted operations in X balance million in with corporate the X shapes, weeks disclosed payment health $XX.X how which ramp our in year does self-insured contracting beyond revenues and/or funding just today the well is not XX-K ago. over additional upon insurers, efforts dependent activities. quarters, government is finance landscape for reimbursement how realization private highly direct as the on dependent claims employer ability

is deposits current advanced application assets normal the other expenses. certain of current prepaid vendor the and The to insurance as example, in amortization related intangibles, an to of change period largely

PAVmed million fair amount amount convertible note. noncash $XX.X million which The value a the balance to that added value plus principal purposes. regard reflects face face $XX is between million With and gets respectively. in approximately at for in principal principal split convention, and Lucid accounting The value $XX to accounting $X.X is that a million,

XXX,XXX face by the the quarter, of $X issuance shares. approximately principal with of reduced million During common post-split value shares, fourth the shares, was about

capitalized to million. Shares XX-K. outstanding, reflected outstanding our liabilities are of leases the slide restricted awards bases. are well balance stock office of X.X million long-term the face including from of lab Other the related and X.X as on GAAP the unvested shares The sheet on as

Slide quarter information bottom trust fourth the this particularly XX. items. supplemental last key comments year's about you Slide non-GAAP will and information, my XX certain yearly to review totals fourth at light the of quarter I compares for disclosure slide similarly the information. and year's in the cautionary of the on

just Group fourth quarter there the about collections Care underway tests Revenue the actual invoiced $X,XXX, to Veris platform. Plus Lucid the fourth got invoiced for $XX,XXX VA Ancira under reimbursable about Auto for for EsoGuard some for the quarter. cash contract. at in the direct insurance, plus quarter Cancer Testing claims, largely late reflects to amounts,

call As previewed tests our for quarter $X,XXX. the detailed of Lucid the XX% submitted represented at quarter claims for market. $X the third over to volume what our at Lucid yesterday, in just million ASP fourth quarterly the in Test with increase standard in $X,XXX,XXX, a and of was represent line previously over quarter X,XXX revenue recognized was

its Lucid are versus to of will policy. when private in for is the be patient is the recognition reimbursement for key reimbursement. collection. that or process, submitted the of early And means is and invoiced stages collected government probability for due submitted claim report revenue recognition therefore, revenue the the recognized determinant actually claims fact we insurers when or recognized traditional health A

GAAP's there report revenue predictive test revenue recognition reflect this to delivered. we XXX, see of is called the in insufficient ASC you'll As presently, our is is XX-K, And consideration, variable guidelines to the live jargon need a when data actually by.

directly fixed recognize revenue. we'll amounts employers determinable, that billable contracted with there's a are For how in and difference

physician. the when will delivered. recognize the delivered And referring report that We the contracted means is is revenue generally service contracted the service when to

was very the fourth million, average $XX.X loss high much year. loss $XX.X a for quarterly Our $XX.X million. for the quarterly non-GAAP $XX quarter the year with in million of non-GAAP with million was and average of a The line

in Slide XX. detail a operating is expenses our in of press release. XX as graphic in presented our illustration Slide -- detail presented

certain related costs OpEx quarter $XXX,XXX between in patent to fourth implantable. that is evenly The yesterday work research events, increase investor split Veris advance animal detailed call, studies Lucid As our about on related clinical the our about and studies of our the to particularly Health, balance related onetime some to at to published point, sales expenses.

Lucid X,XXX have cycle As revenue in repeating, manager, in also yesterday. reimbursement. took mentioned on Quadax, $XX Since call almost stats representing of reimbursement submitted about the mid-June, for as the new claims some revenue, forma over noteworthy pro million been

have the $X,XXX X,XXX with those are of XX% XX% have of an average XX% company About allowable that XX% Out resulted the in pending. an allowable already, by adjudicated test. adjudicated, claims insurance been of per amount which still been means about

established, of and the denied, the different information, which that about XX% probably of about that most X% because them; a that's medically that well buckets. guidelines, puzzling those patients were into XX%, couple we those denied, denied was of are either they're Of those additional were piece were required guidelines the fell necessary, meet not deemed of They tested XX% bill. was

were not is About prior So deemed bucket, Or authorization. that's not denial for denied as XX% covered. necessary last of require those medically one appeal. ripe a a XX%

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

Operator

Lake Markets. comes question Frank first Takkinen Your Capital Instructions] Street with from [Operator

Nelson Cox

commentary look coverage Nelson you impacting can yesterday's I that? call. about on if you is think biomarker do in how some the obtain provide the additional mentioned to overall? opportunity was wondering do What for like legislation steps business your Frank. on This And that with

Lishan Aklog

Thanks on little Yes. It's a to opportunity exciting important for really that area. elaborate and the a bit. actually

some type state. XX that from are they states biomarker mentioned, but to legislation, there state we have As vary of

mandate has tests. each biomarker language The a the different they by payers different. for Generally, state one commercial So coverage seek is flavor. within to

not. specific are them to cancer, of Some some

And and language. so consultation that under and regard one determining, case commercial the the making that with looking is the require at it opportunity state work there, we're but in payers some does to time language at each great, there with the covered a

we're if subject in as end be all for that not that by we test is, but that -- And with hope, mandatory so of we many those still stages up a we find them, traction prevention coverage EsoGuard, would which the in engagements, it we some get early there. to of biomarker would payers to in is And cancer in we're that starting determination it a ultimately will, believe state. believe fact,

steps are along there promising. are way, So in the foundational these statutes language the although

Nelson Cox

Veris. revenue academic And in switching then but of a centers, there's 'XX we think that? I Got and moving about shift regional contribution lot should it. you over as into that we pieces How still, maybe about potential should how to large the and those understand from think 'XX?

Lishan Aklog

let to I'll a a -- higher, the accounts existing we cost was of away. are But acquisition and conceptually do some we've of oncology -- bit. in accounts significantly we're strategically, full that. that these practices. needed We of Dennis sort of Yes. But chime still with have maybe sort team sales moving

accounts dimension take While because engaging the they're strategic to is strategic time there's strategic because longer lead named, there's more more accounts with these engagements. reason -- as they're a has times. They called

is revenue longer in opportunity have the particular lead commercial do they opportunity So the and times, higher. but

are projecting. yet in But of I has that let how little with think the accounts discussing the one patients XX,XXX not maybe on in larger -- bit -- therapy. accounts, I I'll Dennis getting a chime we're really infusion these late stages -- So larger the of we're of would sort

And and practices. opportunity the cancer is smaller dozens so it's revenue equivalent to substantial, oncology of

some to where area of The getting work And our within those to to subgroup not in patients short. on that pilot center, higher-risk transplants. particular a with like program a the often, we But broader is then we have position necessarily way application. portion a expect one process for bone-marrow would for start would meaningful being in platform a cancer example,

revenue it value Dennis trajectory, color think financeability. towards So why I if and don't of and I creation path a yet clearly, is see insights. Veris don't there a but believe, has we sustained further within this on the any we'll have leave lot

Dennis McGrath

Yes, maybe a other few just data points.

Lishan So strategic large top accounts a patient Lishan large of the of that put in was United if as kind indicated, large there. pools. And number have in cancer XX these the population. about you all patient think States, they're XX,XXX centers framework that the

per you'll as And revenue much we each an collect just about issue. recurring is a patient already $XX model not of person notion us. recall, general the Lishan selling platform. for is per single opportunity. Reimbursement on is a costs because a less month established. be that getting mentioned, will It's larger already this The patient that's for would our

tenant, and a you they or finance not Whether they ultimately one will larger devices, become they that they be for implantable penetration influence as program, have will, one in pool in themselves, and decision-making, this pilot ability down if tend financing a The opportunity. adds initially anchor arm. or These higher devices to transition on the the it. the to connected the of have -- adoption to road, of institutions venture part patient this an whether platform participate

demonstrated patients. it, of effectiveness the with the ability parts completeness we smaller the platform, So of make monitor cancer that have the started to centers of have the all The sense. piece

involved to opportunities now So scaling been of It's larger institutions smaller side we've and with with up a the give recurring the accomplished the now been with. us time of which opportunity step these validation scaling greater the revenue. has to all for technology

several fast -- we but the of in speed quarters you'll about adoption And over So what us. terms next be for X will be could that years, more occur this. that's here, of remains optimistic I what seen think over are see to how next pretty the

Operator

Cantor question Fitzgerald. next comes Osborn Your from with Ross

Ross Osborn

understand I the opportunity curious post-market interesting? be the would centers, to larger but biopharma switch So is the to Maybe in still study hear, space?

Lishan Aklog

Yes. anchor But that's we're near involved. here we in yes, expectation with near didn't in large what very pursuing because is our of the terms mention are term, of the actively sort that -- of still opportunities with there. We the are

companies. X have We major discussions with biopharma

a Just to to talk are opportunity triggering technology to can a platform monitoring. which therapy their therapies, related, everybody. who are the biopharma launching of new many expensive companies are benefit apply with remind Ross. Thanks can of many cancer therefore very complications There's about this -- in which and partnership of separate large opportunity number for lead this, from separate intense to but and and in

the around IV, the launched, Phase the cleared between therapy And is failed be launched of these even fifth-line and new balance say, aspect but cancer fourth- a who still conversations are or but a, where and -- of this, launched effectiveness. other of because post-market to therapy focused is or proven a as drug surveillance therapies third- safety for -- patients only

there's monitoring so drugs the will remote strong and safety IV surveillance before in with enhance studies these the to patient these result the post-market strong Phase by to complications. they a to those the platform changes in and outcomes picking and a companies opportunity monitor during patient of for interest And a improve up

going yes, strategic so lead large happen of strong remain But the I not still synergy. sort academic near-term our are There's those important focus. as of conversations, being clearly conversations does overnight. that ongoing. But emphasize There's to a time a long they're centers the strategy. also interest. it of remain sort And area of are linchpin would an They

Ross Osborn

Would provide Veris. the with development where PortIO sticking an update you then in offerings? next-gen you on on work stand And Great. Okay.

Lishan Aklog

make correct, I gen, want just Ross. you you sure heard I next For PortIO? mean to for

Ross Osborn

Yes.

Lishan Aklog

and the we that no So complications. first-in-human in the with PortIO use study, is device really demonstrated results first-generation excellent

things. structure, few usability and enhanced the it built-in same. some the handle actual that device its stages of was the second-generation a Fundamentally, and portion has other was development a have of that in implantable We a late

bit a additional use ready there's So for and study. in and to clinical testing validation through work get of that verification a

decided yet proceed can financing device to with So the path, PortIO the term, secure the with for would if likely and first-generation then going second-generation ready. whether say the would proceed. as that the But transition we -- near if in IDE we're to we becomes I to haven't the midstream into be most

We're a -- on real years spent IDE to we're first as over in think development were the with We position We've lot the on year an to the of when of results, IDE anxious of develop an we start done study. a in-human work a variety FDA to design. fine-tuning previous we stopped various study when ago. paused good well approved time get based aspects preclinical we a the the work as do gearing which

pretty Hopefully question, that's we where Ross. So answers much your that stand.

Operator

Your next Ascendiant question comes from Ed Capital. Woo with

Edward Woo

commitments your Have My -- Any for -- what question is guys exact you incubator? incubator developing. financial is that responsibility? announced are on the you to the recently

Lishan Aklog

subsidiary for in would seeking of be each to clearance regulatory and be commercialization additional there who -- that particular. And separate a subsidiary development anybody including a product. secure just seeking incubator to, is the a wholly would that so a it's stakeholders, dropping financing the freestanding assets and structurally, those you would basis, product-by-product we're of with And So financing, just incubator. PAVmed, incubator on the into individual like It's secure commercial owned where we're owned. finances XXX% individual

finance individual So opportunity products. an there's to

process incentivizes to a would wholly Medical sort But that that help PAVmed. Hatch -- itself with by an partnership individual them on We owned with of remains product-by-product basis. incubator that the have

do to Dennis, color you that? to want add any

Dennis McGrath

Yes.

is where So a here to with will joint Hatch provide they capital. venture plan have the game

knowledge ultimately, once with is a And broker engineering or has this entity, decision commercial we'll talent, Hatch provide will look fully ability the about know-how as whether We that about partner to the transaction to market. a well. made is and commercialized

to full service can that and provide entity bring internally, financing, its both the combined talent that to we realization. have with So development this the brokerage, exit work, the full

Lishan Aklog

Just one of point clarification.

will it raising of or that capital. entities, the the PAVmed So be the entity the be subsidiary will incubator the

Hatch the success with And the they've angel transactions. strategic whether had to years it's financial partnership potential brokering in helping development. help to over Our is in said, also an where and introduce participate in partners, all Dennis designed aspects, great as area commercial ultimately, and networks,

Operator

next Sherwood comes Group. from question Your Nick Maxim with

Nicholas Sherwood

do products that of you minority incubator, stakes products? you being or majority the open those are Or of incubator? the in the other are to of plan on spun-off For owners having any the CarpX

Lishan Aklog

expectation They're I those terms have of amount not each we financings huge. in They're each through clearance to mean, get for required target of capital our products modest is regulatory relatively the and of launch. of them. commercial

And ended with so dilutive minority be would a them the to financing not into PAVmed stake. we expect so that up

that the math. each that expectation and is reflect the to still our of because So of would products the kind and valuations capital owned needs subsidiaries be majority we expect

Look, that open could shareholders. an these transactions resources entities include that and there's by the best launched to to with up they're -- partner larger once interest are we're that advance looking of opportunities that are to technology of term, commercialization, And to whatever and accelerated of strategic. deploy if acquisition over long anything the our commercially a kinds are in to

in would and in enough these. me the PAVmed stake amount say, is the But Dennis, in otherwise, raise of I you the relaunch each to seeking to would that products, any correct if these majority anticipate of these don't expect capital its I initial really of losing that think we're initial transaction, -- financing modest

Dennis McGrath

agree. I

Nicholas Sherwood

FDA in what for the question path how for final -- financing securing the independent along clear and XXX(k) submission progress my then clearance? the far And Awesome. is, to the to Veris system

Lishan Aklog

interest cancer academic demonstrate expressed concept groups that and So can look of have various we discussions interest. continue decided do consummate of a do we've we a demonstrate and is center what there's engage do to to sort have proof to that We've to first large that. with our had major that. in with And to opportunity to that an

that thereafter. is to be have expressed consummate then various a first shortly this expectation our financing we that, folks do we will able engage sign contract, So and once interest with

Nicholas Sherwood

institutions? Can you size the target with of pool us that share of the

Lishan Aklog

Yes.

we've that mean, NCI minimum of and oncologists, getting way. outlined We a very systemic patients the number have obviously centers criteria of centers, -- I country. the -- based magnet of I systematic they're forth. about a sort least across There yes, such XX on slide, based so at in on And on minimum centers, therapy done are dozens this infusion of that a

dozen our where would with. have actually X dozen couple we discussions. a had that list have or say We making inquiries on target of we've I and about a are active that we're active X

One late a gives of of along at Hopefully, that progress them, you other of with. others, a stage, is -- and making color. least and some couple far again, couple are one pretty is others we're very

Operator

[Operator Instructions] Please at no proceed. time. this further are questions There

Dennis McGrath

Lishan?

Lishan Aklog

us would and press PAVmed the was as to I Lucid LinkedIn updates always, is alerts Investor abreast the as well. I to as encourage websites today for on to conference both sign Thank up all events questions. on one. and Relations way or look or we releases, and up Sorry, joining to forward keeping keep of for via you news you Twitter follow e-mail on with or our mute. our such best us The for great progress And this and Lucid PAVmed calls

day. So very great everybody, much, thank you a have and

Operator

ask Ladies and thank please gentlemen, lines. you for that disconnect for participating call today. your this We you concludes your conference and

PAVmed (PAVM) 27 Mar 242023 Q4 Earnings call transcript