Full Press Release Details
Diagnostics Provides Business Update and Reports Second Quarter 2025 Financial Results
2,756 EsoGuard tests and recognized 2Q25 revenue of $1.2 million, ending quarter with over $30 million in proforma cash
and extending runway well past upcoming reimbursement milestones
Multi-Jurisdictional
Contractor Advisory Committee (CAC) meeting on Medicare Local Coverage Determination (LCD) for EsoGuard to be held on September 4
call and webcast to be held today, August 13, at 8:30 AM EDT
YORK, August 13, 2025 - Lucid Diagnostics Inc. (Nasdaq: LUCD) ("Lucid" or the "Company") a commercial-stage,
cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. (Nasdaq: PAVM) ("PAVmed"), today provided a
business update for the Company and reported financial results for the three months ended June 30, 2025.
webcast will take place on Wednesday, August 13, 2025, at 8:30 AM and will be accessible in the investor relations section of the Company's
website at luciddx.com. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-800-836-8184
and international listeners should dial 1-646-357-8785. All listeners should provide the operator with the conference call name "Lucid
Diagnostics Business Update" to join.
the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's
website at luciddx.com.
are looking forward to the upcoming MolDx CAC meeting-a significant milestone and strong
indicator that we are entering the final stages of securing positive Medicare coverage for EsoGuard,"
said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "We
are confident that participating medical experts-with deep domain expertise and real-world experience in nonendoscopic esophageal
precancer testing-will provide strong public support for the clinical utility of EsoGuard. Our strengthened balance sheet,
ongoing commercial execution, and new initiatives targeting the Medicare population, have us well-positioned to accelerate EsoGuard commercialization
as Medicare coverage and other upcoming reimbursement milestones are achieved."
consolidated statements of operations (unaudited)
| (in thousands except per-share amounts) | For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 1,163 | $ | 976 | $ | 1,991 | $ | 1,977 | ||||||||
| Operating expenses | 12,547 | 12,168 | 25,862 | 23,960 | ||||||||||||
| Other (Income) expense | (6,945 | ) | (187 | ) | 7,476 | (366 | ) | |||||||||
| Net Loss | (4,439 | ) | (11,005 | ) | (31,347 | ) | (21,617 | ) | ||||||||
| Net income (loss) per common share, basic and diluted | $ | (0.08 | ) | $ | (0.23 | ) | $ | (0.52 | ) | $ | (0.62 | ) | ||||
| Net loss attributable to common stockholders | (7,888 | ) | (11,005 | ) | (43,906 | ) | (29,113 | ) | ||||||||
| Preferred Stock dividends and deemed dividends | 3,449 | - | 12,559 | 7,496 | ||||||||||||
| Net income (loss) as reported | (4,439 | ) | (11,005 | ) | (31,347 | ) | (21,617 | ) | ||||||||
| Adjustments: | ||||||||||||||||
| Depreciation and amortization expense 1 | 222 | 229 | 443 | 730 | ||||||||||||
| Interest expense, net 2 | (104 | ) | (101 | ) | (162 | ) | (157 | ) | ||||||||
| EBITDA | (4,321 | ) | (10,877 | ) | (31,066 | ) | (21,044 | ) | ||||||||
| Other non-cash or financing related expenses: | ||||||||||||||||
| Stock-based compensation expense 3 | 1,143 | 1,201 | 2,174 | 2,135 | ||||||||||||
| Operating expenses issued in stock 1 | 73 | 90 | 147 | 113 | ||||||||||||
| Change in FV convertible debt 2 | (6,841 | ) | (599 | ) | 7,638 | (890 | ) | |||||||||
| Debt extinguishments loss - Senior Secured Convertible Note 2 | - | 513 | - | 681 | ||||||||||||
| Non-GAAP adjusted (loss) | $ | (9,946 | ) | $ | (9,672 | ) | $ | (21,107 | ) | $ | (19,005 | ) | ||||
| Basic and Diluted shares outstanding | 98,989 | 48,212 | 83,976 | 46,613 | ||||||||||||
| Non-GAAP adjusted (loss) income per share | $ | (0.10 | ) | $ | (0.20 | ) | $ | (0.25 | ) | $ | (0.41 | ) |
Included in general and administrative expenses in the financial statements.
Included in other income and expenses.
Stock-based compensation ("SBC") expense included in operating expenses is detailed as follows in the table below by
category within operating expenses for the non-GAAP Net operating expenses:
of GAAP Operating Expenses to Non-GAAP Net Operating Expenses
| (in thousands except per-share amounts) | For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Cost of revenues | $ | 1,563 | $ | 1,614 | $ | 3,114 | $ | 3,269 | ||||||||
| Stock-based compensation expense 3 | (38 | ) | (44 | ) | (109 | ) | (80 | ) | ||||||||
| Net cost of revenues | 1,525 | 1,570 | 3,005 | 3,189 | ||||||||||||
| Amortization of intangible assets | 105 | 105 | 210 | 477 | ||||||||||||
| Sales and marketing | 4,007 | 4,210 | 8,076 | 8,404 | ||||||||||||
| Stock-based compensation expense 3 | (245 | ) | (365 | ) | (485 | ) | (715 | ) | ||||||||
| Net sales and marketing | 3,762 | 3,845 | 7,591 | 7,689 | ||||||||||||
| General and administrative | 5,617 | 4,867 | 11,779 | 8,937 | ||||||||||||
| Depreciation expense | (117 | ) | (124 | ) | (233 | ) | (253 | ) | ||||||||
| Operating expenses issued in stock | (73 | ) | (90 | ) | (147 | ) | (113 | ) | ||||||||
| Stock-based compensation expense 3 | (741 | ) | (610 | ) | (1,342 | ) | (941 | ) | ||||||||
| Net general and administrative | 4,686 | 4,043 | 10,057 | 7,630 | ||||||||||||
| Research and development | 1,255 | 1,372 | 2,683 | 2,873 | ||||||||||||
| Stock-based compensation expense 3 | (119 | ) | (182 | ) | (238 | ) | (399 | ) | ||||||||
| Net research and development | 1,136 | 1,190 | 2,445 | 2,474 | ||||||||||||
| Total operating expenses | 12,547 | 12,168 | 25,862 | 23,960 | ||||||||||||
| Depreciation and amortization expense | (222 | ) | (229 | ) | (443 | ) | (730 | ) | ||||||||
| Operating expenses issued in stock | (73 | ) | (90 | ) | (147 | ) | (113 | ) | ||||||||
| Stock-based compensation expense 3 | (1,143 | ) | (1,201 | ) | (2,174 | ) | (2,135 | ) | ||||||||
| Net operating expenses | $ | 11,109 | $ | 10,648 | $ | 23,098 | $ | 20,982 |
Diagnostics Inc. is a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. Lucid is focused
on the millions of patients with GERD, also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer.
Lucid's EsoGuard Esophageal DNA Test, performed on samples collected in a brief, noninvasive office procedure with its EsoCheck
Esophageal Cell Collection Device - the first and only commercially available tools designed with the goal of preventing esophageal cancer
and cancer deaths through widespread, early detection of esophageal precancer in at-risk patients.
more information, please visit luciddx.com and for more information about its parent company PAVmed, please visit pavmed.com.
press release includes forward-looking statements that involve risk and uncertainties. Forward-looking statements are any statements
that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of Lucid Diagnostics'
management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks
and uncertainties that may cause such differences include, among other things, volatility in the price of Lucid Diagnostics' common
stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required
to advance Lucid Diagnostics' products to regulatory submission; whether regulatory authorities will be satisfied with the design
of and results from Lucid Diagnostics' clinical and preclinical studies; whether and when Lucid Diagnostics' products are
cleared by regulatory authorities; market acceptance of Lucid Diagnostics' products once cleared and commercialized; Lucid Diagnostics'
ability to raise additional funding as needed; and other competitive developments. These factors are difficult or impossible to predict
accurately and many of them are beyond Lucid Diagnostics' control. In addition, new risks and uncertainties may arise from time
to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may
affect Lucid Diagnostics' future operations, see Part I, Item 1A, "Risk Factors," in Lucid Diagnostics' most
recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A,
"Risk Factors" in any Quarterly Report on Form 10-Q filed by Lucid Diagnostics after its most recent Annual Report. Lucid
Diagnostics disclaims any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in
its expectations or in events, 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.
and Lucid Diagnostics