Note 1  The Company and Description of the Business PAVmed Inc. (PAVmed or the Company) is a highly-differentiated multi-product technology medical device company organized to advance a broad pipeline of innovative medical technologies from concept to commercialization, employing a business model focused on capital efficiency and speed to market. The Company is focused on advancing its lead products towards regulatory approval and commercialization, protecting its intellectual property, and building its corporate infrastructure and management team. The Company was organized under the laws of the State of Delaware on June 26, 2014 (inception), originally under the name of PAXmed Inc., and on April 19, 2015, changed its name to PAVmed Inc. The Company operates in one segment as a medical device company. Under a registration statement on Form S-1 (File No. 333-203569) declared effective January 29, 2016, the Companys initial public offering (IPO) was consummated on April 28, 2016, resulting in $4.2 million of net cash proceeds, after deducting cash selling agent discounts and commissions and offering expenses, from the issuance of 1,060,000 units at an offering price of $5.00 per unit, with each such unit comprised of one share of common stock of the Company and one warrant to purchase a share of common stock of the Company, with such warrant referred to as a Series W Warrant - see Note 14, Stockholders Equity and Common Stock Purchase Warrants , for a discussion of the common stock of the Company and the Series W Warrant. On May 8, 2018, Lucid Diagnostics Inc., a majority-owned subsidiary of the Company, was incorporated in the State of Delaware. On May 12, 2018, Lucid Diagnostics Inc. entered into the EsoCheck License Agreement with Case Western Reserve University (CWRU), with respect to the EsoCheck Technology. See Note 7, Agreements Related to Acquired Intellectual Property Rights , for a discussion of the EsoCheck License Agreement and corresponding EsoCheck Technology. To date, the Company has not recognized revenue. The ability to generate revenue depends upon the Companys ability to successfully complete the development, obtain regulatory approval, and to initiate commercialization of its product candidates. Currently, the Companys activities are focused principally on obtaining FDA clearance and initializing commercialization of the lead product candidates, including CarpX and PortIO, and to commence preparing the EsoCheck TM Technology for FDA submission, along with advancing the DisappEAR and NextFlo TM product candidates through their respective research and development phase. The Company will also engage in research and development activities on other product candidates commensurate with the Companys available capital resources. The Company plans to incur research and development expenses for the foreseeable future from the continued development of its current and future product candidates. The Company has financed its operations principally through the issuances of its common stock, preferred stock, warrants, and debt, including: proceeds from private offerings of its common stock and common stock purchase warrants prior to the April 8, 2016 closing of its IPO; proceeds from the April 28, 2016 closing of the IPO; and, subsequent issue of shares of convertible preferred stock and common stock purchase warrants in private placements, the issue of shares of common stock of the Company and common stock purchase warrants under effective registration statements; and the issue of a senior secured note along with common stock purchase warrants. See Note 12, Note and Securities Purchase Agreement, Senior Secured Note, and Series S Warrants , for a further discussion of the issue of a senior secured note and common stock purchase warrants; Note 13, Preferred Stock, for a discussion of the convertible preferred stock; and Note 14, Stockholders Equity and Common Stock Purchase Warrants , for a discussion of the issue of common stock of the Company and common stock purchase warrants. Collectively, PAVmed Inc. and Lucid Diagnostics Inc. have proprietary rights to the trademarks used herein, including, among others, PAVmed, Lucid Diagnostics, Caldus, CarpX, DisappEAR, EsoCheck, NextCath, NextFlo, PortIO, and Innovating at the Speed of Life , among others. Solely as a matter of convenience, trademarks and trade names referred to herein may or may not be accompanied with the requisite marks of  or , however, the absence of such marks is not intended to indicate, in any way, each of PAVmed Inc. and /or Lucid Diagnostics Inc. will not assert, to the fullest extent possible under applicable law, its rights or the rights to such trademarks and trade names.