Multi-Jurisdictional Contractor Advisory Committee (CAC) meeting on Medicare Local Coverage Determination (LCD) for Lucid's EsoGuard yielded unanimous expert consensus supporting Medicare coverage
Conference call and webcast to be held today, November 12, at 8:30 AM EST
NEW YORK, Nov. 12, 2025 /PRNewswire/ -- 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 September 30, 2025.
Conference Call and Webcast
The webcast will take place on Wednesday, November 12, 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.
Following 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.
Business Highlights
"The overwhelmingly positive MolDx CAC meeting in September—with medical experts unanimously supporting Medicare coverage for EsoGuard—further reinforces our confidence that we are now firmly in the final stages of achieving this transformative coverage milestone," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "Our strengthened balance sheet, continued commercial execution, targeted initiatives aimed at the Medicare population, and a new world-class market access team driving payor engagement have us well-prepared to accelerate EsoGuard commercialization as Medicare coverage and other upcoming reimbursement milestones are secured."
Processed 2,841 EsoGuard® Esophageal DNA Tests in 3Q25.
Recognized $1.2 million in EsoGuard revenue for 3Q25.
MolDX-participating Medicare Administrative Contractors (MACs) convened a Contractor Advisory Committee (CAC) meeting on September 4, 2025, where medical experts unanimously supported Medicare coverage for EsoGuard. The meeting represented a key step in the final stages of the Local Coverage Determination (LCD) reconsideration process previously requested by Lucid.
Strengthened balance sheet with underwritten public offering of common stock, netting approximately $27.0 million in proceeds; ended 3Q25 with over $47 million in proforma cash, extending runway through 2026.
Appointed Danielle Scelfo as Senior Vice President, Market Access & Government Affairs to strengthen and scale Lucid's market access infrastructure and lead rapidly expanding reimbursement activities focused on payor engagement, broad insurance coverage, and patient access.
Firefighter Esophageal Cancer Prevention Summit scheduled for November 19–20, focused on advancing cancer prevention through early detection in the fire service and bolstering the pipeline of contracted #CheckYourFoodTube precancer testing events.
Financial Results
For the three months ended September 30, 2025, EsoGuard related revenues were $1.2 million. Operating expenses were approximately $13.0 million, which included stock-based compensation expenses of $1.2 million. GAAP net loss attributable to common stockholders was approximately $10.4 million or $(0.10) per common share.
As shown below and for the purpose of illustrating the effect of stock-based compensation and other non-cash income and expenses on the Company's financial results, the Company's non-GAAP adjusted loss for the three months ended September 30, 2025, was approximately $10.3 million or $(0.10) per common share.
Lucid had cash and cash equivalents of $47.3 million as of September 30, 2025, compared to $22.4 million as of December 31, 2024. During the quarter ended September 30, 2025, the Company completed a Confidentially Marketed Public Offering resulting in net proceeds of approximately $27.0 million.
The unaudited financial results for the three and nine months ended September 30, 2025, were filed with the SEC on Form 10-Q on November 12, 2025, and available at www.luciddx.com or www.sec.gov.
Lucid Non-GAAP Measures
To supplement our unaudited financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company's financial results. These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA), and non-GAAP adjusted loss, which further adjusts EBITDA for stock-based compensation expense and other non-cash income and expenses, if any. The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted loss are not recognized terms under U.S. GAAP.
Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision-making. We believe these non-GAAP financial measures provide meaningful information to assist investors, shareholders, and other readers of our unaudited financial statements in making comparisons to our historical financial results and analyzing the underlying performance of our results of operations. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures.
Non-GAAP financial measures are provided to enhance readers' overall understanding of our current financial results and to provide further information for comparative purposes. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook. Specifically, the non-GAAP financial measures include non-GAAP adjusted loss, and its presentation is intended to help the reader understand the effect of the loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, the loss on debt extinguishment, and the corresponding accounting for non-cash charges on financial performance. In addition, management believes non-GAAP financial measures enhance the comparability of results against prior periods.
A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this press release for the three and nine months ended September 30, 2025, and 2024 are as follows:
Condensed consolidated statements of operations (unaudited)
(in thousands except per-share amounts)
For the three months ended
September 30,
For the nine months ended
September 30,
2025
2024
2025
2024
Revenue
$ 1,211
$ 1,172
$ 3,202
$ 3,149
