PAVmed Inc.

2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. I would now like to turn the call over to your host, Michael Parks, Vice President, Investor Relations. Mr. Parks, you may begin.

Thank you, Jen, and good morning, everyone. Thank you for participating in today's fourth quarter 2022 business update call. The press release announcing this business update and the fourth quarter 2022 financials is available on the PAVMED website. Please take a moment to read the disclaimer about forward-looking statements in the press release. The business update press release and the conference call both 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 the statement's name. Factors that could cause results to differ are described in the disclaimer and in our filings with the U.S. Securities and Exchange Commission for a list description of these and other important risks and uncertainties that may affect future operations see part 1 item 1a entitled risk factors and path meds most recent annual report on form 10q filed with the SEC and subsequent updates filed in the quarterly reports on forms into and any subsequent form 8k filing except as required by law have that disclaims any intentions or obligations to publicly update or revise any forward-looking statements to reflect changes and expectations or an event conditions or circumstances on which those expectations may be based or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. I would now like to turn the call over to Dr. Lishan Akhlaq, Chairman and CEO of Patman. Dr. Akhlaq?

DR. LISHAN AKHLAQ Thanks, Mike, and good morning, everyone. It's great to have you on today, and welcome to our quarterly update call. I'd like to first start by reminding you that we did do a Lucid conference call yesterday and that the webcast of that is available online. We'll cover Lucid today, but in a limited fashion so we have time to talk about the other aspects of the PadMed business. So I would encourage everyone to review the webcast for the Lucid call yesterday. I'd like to start with a bit of an overview on our strategic restructuring and then some recent highlights with Veris and Lucid. In the early part of January 2022, we initiated a strategic restructuring plan, an initiative that was designed to really maximize cash flow and protect our shareholders' interests over the long term in what were and still remain challenging market conditions. We made substantial adjustments to our near-term strategic priorities and the associated resource allocations. In summary, we shifted substantially all of our resources and efforts on accelerating commercialization of the Lucid and Veris products. We had a meaningful reduction in our workforce, about 20%, and in our quarterly cash burn. That initiative is completed. The team did a great job of responding to it, and now we're leaner and are able to focus on the areas that I highlighted. It's had a positive impact. Our consolidated cash runway has been extended, and our balance sheet is now stronger. And that's been further enhanced by just under $25 million financing that we announced into Lucid that we announced yesterday.