Item 1B. Unresolved Staff Comments
Item 1B. Unresolved Staff Comments
Not applicable.
Item 1C. Cybersecurity
Governance
Our board administers its cybersecurity
risk oversight function directly through our audit committee. Our audit committee has primary responsibility for overseeing our risk
assessment and risk management policies (including with respect to cybersecurity matters). Our audit committee regularly discusses with
management, counsel, and auditors the Company’s major risk exposures. This includes potential financial impact on the Company and the
steps taken to monitor and control those risks. Additionally, our board is informed regarding the risks facing the Company and coordinates
with management and our cybersecurity team to ensure our board receives regular risk assessment updates from management.
We retain Techneto, Inc. d/b/a
CyberTeam (“CyberTeam”), a third party vendor that reports directly to our president and chief operating officer, to be responsible
for identifying, assessing and managing the Company’s risks from cybersecurity threats. CyberTeam has been with the Company since
the Company’s inception and has over 25 years of experience in cybersecurity.
CyberTeam provides our board
and executive leadership team with periodic updates about our cybersecurity program and material risks. This includes updates on cybersecurity
practices, programs, and the status of projects designed to strengthen internal cybersecurity and data protection.
Risk Management and Strategy
Processes for identifying and assessing cybersecurity
risks
Senior management, with the support
of CyberTeam, monitors current events and trends related to cybersecurity and assesses any potential impact on current systems and operations.
Third-party partners who are in possession of our confidential information are generally required to notify us in the event of a cybersecurity
incident within their systems that have, or are reasonably likely to, compromise the security of such information. When appropriate,
we enlist CyberTeam to perform a risk and security assessment of the cybersecurity protocols and procedures of critical third-party partners.
Processes for managing cybersecurity risks
CyberTeam tracks risks and incidents
related to cybersecurity until the risk is mitigated to an acceptable level or fully remediated . When risks are identified, CyberTeam
oversees mitigation plans with the risk owner which are communicated to necessary teams and remediation steps are taken.
Processes for incorporating cybersecurity risks
into the overall risk management process
Our process for identifying,
assessing, and managing risks related to cybersecurity generally involves CyberTeam regularly meeting with our executive leadership team,
and when appropriate, our board and/or audit committee to discuss cybersecurity related risks identified and the potential likelihood
and severity of each risk.
Currently, we are not aware of
any risks from cybersecurity threats, or from previous cybersecurity incidents, that have materially affected or are reasonably likely
to materially affect the Company.
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Item 2. Property
Our corporate offices are located
at 360 Madison Avenue, 25th Floor, New York, NY 10017, which is leased through our parent corporation PAVmed Inc. The lease for this
space is for seven years and eight months, starting on February 1, 2023, and may not be terminated prior to expiration of its stated
term, except in limited circumstances due to misconduct by our landlord.
The Company has a lease agreement
for its CLIA laboratory in California with 21,019 square feet, which has a remaining term expiring December 31, 2027. We also have lease
agreements for our Lucid Test Centers in various locations in Arizona, California, Colorado, Florida, Georgia, Idaho, Michigan, Nevada,
Texas and Utah that in the aggregate approximate 5,764 square feet. At this time, we consider our facility space to be commensurate with
our current operations. Notwithstanding, we may obtain additional office space in the future, as warranted by our business operations.