Lucid Diagnostics Provides Business Update and Reports First Quarter 2026 Financial Results

Original from: Lucid Diagnostics

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 first quarter ended March 31, 2026.

Business Highlights 

"Securing Medicare coverage remains our most important pending milestone, and our confidence in a positive outcome has not wavered," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "We continue to build commercial momentum for EsoGuard by generating consistent demand, progressing our Medicare and VA targeting efforts, and expanding engagement with health systems and commercial payors. Together with our strengthened balance sheet, these initiatives have us well-positioned to convert EsoGuard demand to revenue and further accelerate commercialization as Medicare and other key reimbursement milestones are achieved."

Highlights from the first quarter and recent weeks:

- Processed 3,177 EsoGuard® Esophageal DNA Tests in 1Q26.

- Recognized $1.3 million in EsoGuard revenue for 1Q26.

- Strengthened balance sheet with underwritten public offering of common stock, netting approximately $17 million in proceeds; ended 1Q26 with $45 million in proforma cash, extending runway into 2027.

- Strong presence at Digestive Disease Week (DDW), which included multiple EsoGuard abstracts, extensive engagement with the gastroenterology community, and a preview of a major upcoming clinical practice guideline update recommending EsoGuard and EsoCheck® as the only non-endoscopic test with high certainty of evidence.

Financial Results

- For the three months ended March 31, 2026, EsoGuard related revenues were $1.3 million. Operating expenses were approximately $13.4 million, which included stock-based compensation expenses of $1.4 million. GAAP net loss attributable to common stockholders was approximately $23.6 million, inclusive of a deemed Preferred Stock dividend of $9.7 million or $(0.17) 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 March 31, 2026 was approximately $10.5 million or $(0.07) per common share.

- Lucid had cash and cash equivalents of $27.9 million as of March 31, 2026, compared to $34.7 million as of December 31, 2025.

Source: Lucid Diagnostics Provides Business Update and Reports First Quarter 2026 Financial Results