Financial stability is severely compromised, with cash reserves plummeting to $1.5 million as of 2025Q4 against a total debt burden of $13.3 million.
| Total Current Assets | 7.41M | 2.56M | 2.16M | 24.5M | 43.93M | 82.64M | 18.94M | 6.55M | 8.46M | 1.62M | 741.17K | 776.03K | 842.08K |
| Cash & Short-Term Investments | 6.46M | 1.54M | 1.19M | 19.64M | 42.75M | 79.25M | 17.52M | 6.22M | 8.22M | 1.54M | 585.68K | 767.27K | 839.08K |
| Cash Only | 6.46M | 1.54M | 1.19M | 19.64M | 39.74M | 77.26M | 17.26M | 6.22M | 8.22M | 1.54M | 585.68K | 767.27K | 839.08K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 3M | 1.99M | 262K | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 21K | 15K | 18K | 61K | 17K | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 0.17 | 77.11 | 2.19 | 9.08 | 16.46 | 146 | - | - | - | - | - | - | - |
| Inventory | 0 | 239K | 266K | 539K | 261K | 526K | 855K | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 0.24 | 270.08 | 16.08 | 30.64 | 26.36 | 328.19 | - | - | - | - | - | - | - |
| Other Current Assets | 615K | 0 | 0 | 3.41M | 599K | 808K | 507K | 34.12K | 0 | 0 | 155.49K | 8.76K | 0 |
| Total Non-Current Assets | 38M | 36.26M | 28.5M | 8.62M | 10.05M | 4.34M | 837K | 692.94K | 36.27K | 16.19K | 129.25K | 438.06K | 0 |
| Property, Plant & Equipment | 1.95M | 2.08M | 2.65M | 6.05M | 5.49M | 1.58M | 82K | 0 | 36.27K | 16.19K | 18K | 0 | 0 |
| Fixed Asset Turnover | 10.26x | 0.03x | 1.13x | 0.41x | 0.07x | 0.32x | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 1.42M | 3.44M | 2.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 137.73M | 34.12M | 25.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 56K | 56K | 208K | 1.15M | 1.12M | 725K | 755K | 692.94K | 0 | 0 | 111.25K | 438.06K | 0 |
| Total Assets | 45.42M | 38.81M | 30.66M | 33.12M | 53.98M | 86.98M | 19.78M | 7.24M | 8.5M | 1.64M | 870.42K | 1.21M | 842.08K |
| Asset Turnover | 0.53x | 0.00x | 0.10x | 0.07x | 0.01x | 0.01x | - | - | - | - | - | - | - |
| Asset Growth % | 48.55% | 26.59% | -7.42% | -38.65% | -37.94% | 339.76% | 173.16% | -14.78% | 418.18% | 88.38% | -28.31% | 44.18% | - |
| Total Current Liabilities | 3.66M | 14.84M | 35.45M | 54.18M | 41.2M | 7.56M | 20.25M | 11.88M | 10.97M | 2.54M | 1.19M | 580.17K | 47.25K |
| Accounts Payable | 983K | 678K | 657K | 1.79M | 2.7M | 3.3M | 2.97M | 2.35M | 1.74M | 864.4K | 949.41K | 165.32K | 14.75K |
| Days Payables Outstanding | 2.24 | 766.16 | 39.72 | 101.54 | 273.09 | 2.06K | - | 60.37K | 64.83K | 44.38K | 91.36K | - | - |
| Short-Term Debt | 588K | 11.1M | 29.1M | 44.2M | 33.65M | 0 | 14.96M | 8.14M | 7.9M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 656.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.09M | 1.97M | -654.83M | 4.12M | 10K | 25K | 355K | 311.63K | 272.43K | 983.6K | 0 | 8.39K | 0 |
| Current Ratio | 2.02x | 0.17x | 0.06x | 0.45x | 1.07x | 10.93x | 0.94x | 0.55x | 0.77x | 0.64x | 0.62x | 1.34x | 17.82x |
| Quick Ratio | 2.02x | 0.16x | 0.05x | 0.44x | 1.06x | 10.86x | 0.89x | 0.55x | 0.77x | 0.64x | 0.62x | 1.34x | 17.82x |
| Cash Conversion Cycle | -1.83 | -418.97 | -21.44 | -61.82 | -230.27 | -1.58K | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 16.77M | 1.68M | 2.25M | 2.96M | 1.85M | 0 | 0 | 10.49M | 9.64M | 1.94M | 949.41K | 165.32K | 0 |
| Long-Term Debt | 14.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.94M | 0 | 0 | 0 |
| Capital Lease Obligations | 6.99M | 1.68M | 2.25M | 2.96M | 1.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 345K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 20.43M | 16.51M | 37.69M | 57.14M | 43.05M | 7.56M | 20.25M | 11.88M | 10.97M | 4.49M | 1.19M | 580.17K | 47.25K |
| Total Debt | 17.01M | 13.35M | 31.86M | 48.73M | 36.64M | 0 | 14.96M | 8.14M | 7.9M | 1.94M | 0 | 0 | 0 |
| Net Debt | 10.55M | 11.81M | 30.68M | 29.09M | -3.11M | -77.26M | -2.3M | 1.92M | -319.12K | 409.25K | -585.68K | -767.27K | -839.08K |
| Debt / Equity | 0.68x | 0.60x | - | - | 3.35x | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -403006.30x | -1038.38x | 632.71x | -133.57x | -79.59x | - | -440.58x | -510.77x | -6.34x | -12.14x | - | - | - |
| Total Equity | 24.99M | 22.3M | -7.03M | -24.02M | 10.93M | 79.42M | -473K | -4.64M | -2.48M | -2.85M | -319.07K | 633.92K | 794.83K |
| Equity Growth % | 1021.37% | 417.08% | 70.72% | -319.66% | -86.23% | 16890.27% | 89.8% | -87.31% | 13.07% | -792.71% | -150.33% | -20.24% | - |
| Book Value per Share | 1580.82 | 33.26 | -3.23 | -99.64 | 55.24 | 461.04 | -4.49 | -69.12 | -50.02 | -94.97 | -11.07 | 21.43 | 26.59 |
| Total Shareholders' Equity | 39.52M | 33.97M | -2.5M | -53.83M | -9.68M | 61.67M | 1.9M | -3.82M | -2.31M | -2.85M | -319.07K | 633.92K | 794.83K |
| Common Stock | 6K | 1K | 11K | 9K | 6K | 86K | 64K | 40.48K | 27.14K | 14.55K | 13.33K | 12.25K | 10.86K |
| Retained Earnings | -259.03M | -258.73M | -254.97M | -294.43M | -228.17M | -138.91M | -88.28M | -53.71M | -36.99M | -17.91M | -7.7M | -2.05M | -274.38K |
| Treasury Stock | 0 | 0 | 0 | 0 | -408K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.03M | -1.03M | 0 | 0 | 0 |
| Minority Interest | -14.54M | -11.67M | -4.54M | 29.81M | 20.61M | 17.75M | -2.37M | -814.28K | -161.51K | 0 | 0 | 0 | 0 |
Immediate liquidity and insolvency
According to the most recent quarterly data, PAVM's cash and equivalents have plummeted to $1.5 million as of 2025Q4, representing a severe liquidity contraction that leaves the company with a dangerously thin buffer against its ongoing operating losses and high fixed-cost structure.
The current ratio of 0.17 in 2025Q4 highlights a profound inability to meet short-term obligations, suggesting that the firm is likely reliant on external financing to maintain basic operations. Investors should monitor the company's ability to secure additional capital, as the current cash position appears insufficient to support the business for more than a very limited period.
As reported in financial statements, the company's total debt reached $13.3 million in 2025Q4, creating a precarious leverage profile where debt obligations significantly outweigh the firm's current cash reserves and negligible revenue-generating capacity.
The debt-to-equity ratio of 0.60 indicates that the company is increasingly reliant on debt financing to bridge the gap between its high burn rate and lack of commercial success. This leverage structure appears unsustainable, and the firm may face significant challenges in refinancing these obligations without further dilutive equity issuance or restructuring.
Based on the ten-quarter trend, PAVM's balance sheet has undergone a significant deterioration, with total assets declining from $45.4 million in 2026Q1 to $38.8 million in 2025Q4, reflecting a consistent erosion of the firm's underlying resource base.
The persistent accumulation of negative retained earnings, which reached -$258.7 million in 2025Q4, underscores a long-term pattern of value destruction that has effectively hollowed out the company's equity base. This trajectory suggests that the business model has failed to achieve the necessary scale to stabilize its financial position, leaving the balance sheet in a highly vulnerable state.
Analysis of the provided figures suggests that the company's equity position is heavily influenced by non-operating accounting adjustments, as evidenced by the volatile swings in net assets that do not correlate with the firm's actual commercial performance or cash flow generation.
The historical shift from negative equity in 2024 to positive equity in 2025 appears to be driven by accounting maneuvers rather than organic growth, which warrants caution for investors evaluating the firm's true net worth. This discrepancy implies that the headline equity figures may significantly overstate the company's tangible value and resilience in the face of ongoing operational distress.
Quick answers to the most common questions about buying PAVM stock.
As of 2025, PAVmed Inc. (PAVM) had total assets of $38.8M including $2.6M in current assets.
PAVmed Inc. (PAVM) carries total debt of $13.3M, offset by $1.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
PAVmed Inc. (PAVM) has total shareholders' equity (book value) of $34.0M ($33.26 book value per share). Book value represents the net worth of the company belonging to common stock holders.
PAVmed Inc. (PAVM) reported a current ratio of 0.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.