Net Loss Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

Note 15 — Net Loss Per Share

The Net loss per share - attributable to PAVmed Inc. - basic and diluted and Net loss per share - attributable to PAVmed Inc. common stockholders - basic and diluted - for the respective periods indicated - is as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Numerator
Net loss - before noncontrolling interest	$	(14,914	)	$	(17,892	)	$	(33,426	)	$	(40,106	)
Net loss attributable to noncontrolling interest		4,087			3,355			7,387			7,638
Net loss - as reported, attributable to PAVmed Inc.	$	(10,827	)	$	(14,537	)	$	(26,039	)	$	(32,468	)
Series B Convertible Preferred Stock dividends – earned	$	(81	)	$	(75	)	$	(161	)	$	(149	)
Deemed dividend on Subsidiary Preferred Stock attributable to the noncontrolling interests	$	—		$	—		$	(7,496	)	$	—
Net loss attributable to PAVmed Inc. common stockholders	$	(10,908	)	$	(14,612	)	$	(33,696	)	$	(32,617	)
Denominator
Weighted average common shares outstanding, basic and diluted		9,152,819			6,956,655			8,923,862			6,716,169
Net loss per share (1)
Basic and diluted
Net loss attributable to PAVmed Inc. common stockholders	$	(1.19	)	$	(2.10	)	$	(3.78	)	$	(4.86	)

(1) - Convertible Preferred Stock would potentially be considered a participating security under the two-class method of calculating net loss per share. However, the Company has incurred net losses to-date, and as such holders are not contractually obligated to share in the losses, there is no impact on the Company’s net loss per share calculation for the periods indicated.

The common stock equivalents have been excluded from the computation of diluted weighted average shares outstanding as their inclusion would be anti-dilutive, are as follows:

The Series B Convertible Preferred Stock dividends earned as of each of the respective years noted, are included in the calculation of basic and diluted net loss attributable to PAVmed common stockholders for each respective period presented. Notwithstanding, the Series B Convertible Preferred Stock dividends are recognized as a dividend payable only upon the dividend being declared payable by the Company’s board of directors.

Note 15 — Net Loss Per Share - continued

Basic weighted-average number of shares of common stock outstanding for the six month periods ended June 30, 2024 and 2023 include the shares of the Company issued and outstanding during such periods, each on a weighted average basis. The basic weighted average number of shares of common stock outstanding excludes common stock equivalent incremental shares, while diluted weighted average number of shares outstanding includes such incremental shares. However, as the Company was in a loss position for all years presented, basic and diluted weighted average shares outstanding are the same, as the inclusion of the incremental shares would be anti-dilutive. The common stock equivalents excluded from the computation of diluted weighted average shares outstanding are as follows:

	June 30,
	2024		2023
Stock options and restricted stock awards		1,691,512		1,263,715
Series Z Warrants		795,830		795,830
Series B Convertible Preferred Stock		90,532		83,634
Total		2,577,874		2,143,179

The total stock options and restricted stock awards are inclusive of 60,054 and 33,391 stock options as of June 30, 2024 and 2023, respectively, granted outside the PAVmed 2014 Equity Plan.