SCHEDULE 13G/A 0001493152-24-006566 0001698148 XXXXXXXX LIVE 1 Common Stock, $0.001 par value 12/31/2024 0001624326 PAVMED INC. 70387R403 360 Madison Avenue, 25th Floor New York NY 10017 Rule 13d-1(b) Ayrton Capital LLC b DE 1226316.00 0.00 1226316.00 0.00 1226316.00 N 9.9 IA Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B b E9 1226316.00 0.00 1226316.00 0.00 1226316.00 N 9.9 CO Waqas Khatri b X1 1226316.00 0.00 1226316.00 0.00 1226316.00 N 9.9 IN PAVMED INC. 360 Madison Avenue, 25th Floor, New York, NY, 10017 (i) Ayrton Capital LLC; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B; and (iii) Waqas Khatri (i) Ayrton Capital LLC, 55 Post Rd West, 2nd Floor, Westport, CT 06880, (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, Suite #7 Grand Pavilion Commercial Centre, 802 West Bay Road, Grand Cayman, P.O. Box 10250, Cayman Islands, and (iii) Waqas Khatri, 55 Post Rd West, 2nd Floor, Westport, CT 06880 (i) Ayrton Capital LLC: United States, (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: Cayman Islands; and (iii)Waqas Khatri: United States N IA (i) Ayrton Capital LLC: 1,226,316; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 1,226,316; and (iii) Waqas Khatri: 1,226,316. Represents (i) 29,816 shares of Common Stock held by the Reporting Persons; and (ii) 1,196,500 shares of Common Stock issuable on the conversion of certain convertible notes (the "Notes") held by the Reporting Persons at December 31, 2024. The issuable shares of Common Stock related to the conversion of the Notes are subject to a 9.99% beneficial ownership blocker. The shares reported herein represent Common Stock of PAVMED INC. (the "Issuer") held by Alto Opportunity Master Fund, SPC- Segregated Master Portfolio B, a Cayman Islands exempted company (the "Fund"). The Fund is a private investment vehicle for which Ayrton Capital LLC, a Delaware limited liability company (the "Investment Manager"), serves as the investment manager. Waqas Khatri serves as the managing member of the Investment Manager (all of the foregoing, collectively, the "Reporting Persons"). The percentages below are based on (i) 11,068,566 shares of Common Stock of the Issuer that were outstanding as of November 11, 2024; and (ii) 1,196,500 shares of Common Stock issuable on the conversion of the Notes held by the Reporting Persons. The amount of shares outstanding was based upon a statement in the Issuer's Form 10-Q, filed on November 14, 2024. For the sake of clarity, the holdings of the Reporting Persons reported herein are as of December 31, 2024. (i) Ayrton Capital LLC: 9.9%; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 9.9%; and (iii) Waqas Khatri: 9.9% (i) Ayrton Capital LLC: 1,226,316; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 1,226,316; and (iii) Waqas Khatri: 1,226,316 (i) Ayrton Capital LLC: 0; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 0; and (iii) Waqas Khatri: 0 (i) Ayrton Capital LLC: 1,226,316; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 1,226,316; and (iii) Waqas Khatri: 1,226,316 (i) Ayrton Capital LLC: 0; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 0; and (iii) Waqas Khatri: 0 Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Ayrton Capital LLC /s/ Waqas Khatri 02/13/2025 Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B /s/ Waqas Khatri 02/13/2025 Waqas Khatri /s/ Waqas Khatri 02/13/2025