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LUCD

Lucid Diagnostics Inc.

LUCD

Lucid Diagnostics Inc. • NASDAQ
$1.06 ▼ -0.93% (-0.01)
Market Cap $107.87 M
52w High $1.80
52w Low $0.75
Dividend Yield 0%
P/E -1.38
Volume 288.16K
Outstanding Shares 101.76M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.211B ▲ $11.273B ▲ $-10.397B ▼ -858.547% ▼ $-0.1 ▼ $-9.954B ▼
Q2-2025 $1.163M ▲ $10.762M ▼ $-4.439M ▲ -381.685% ▲ $-0.08 ▲ $-4.211M ▲
Q1-2025 $828K ▼ $11.764M ▲ $-26.908M ▼ -3.25K% ▼ $-0.52 ▼ $-26.678M ▼
Q4-2024 $1.197M ▲ $11.427M ▲ $-11.541M ▲ -964.16% ▲ $-0.2 ▲ $-11.312M ▲
Q3-2024 $1.172M $11.182M $-12.371M -1.056K% $-0.25 $-12.155M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $47.332M ▲ $53.198M ▲ $27.363M ▼ $25.835M ▲
Q2-2025 $31.123M ▲ $38.67M ▲ $30.808M ▼ $7.862M ▲
Q1-2025 $25.238M ▲ $32.795M ▲ $38.172M ▲ $-5.377M ▼
Q4-2024 $22.358M ▲ $30.715M ▲ $25.324M ▲ $5.391M ▼
Q3-2024 $14.489M $22.598M $16.26M $6.338M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-10.397M ▼ $-10.893M ▼ $-28K ▼ $27.13M ▲ $16.209M ▲ $-10.921M ▼
Q2-2025 $-4.439M ▲ $-10.549M ▲ $-25K ▲ $16.459M ▲ $5.885M ▲ $-10.574M ▲
Q1-2025 $-26.908M ▼ $-12.465M ▼ $-93K ▲ $15.438M ▼ $2.88M ▼ $-12.558M ▼
Q4-2024 $-11.541M ▲ $-9.871M ▲ $-259K ▲ $17.999M ▲ $7.869M ▲ $-10.13M ▲
Q3-2024 $-12.371M $-10.175M $-350K $94K $-10.431M $-10.525M

Five-Year Company Overview

Income Statement

Income Statement Lucid looks like a classic early-stage, pre-revenue diagnostics company. Over the past several years, it has essentially not generated meaningful sales, while carrying ongoing operating expenses for research, clinical work, commercialization, and overhead. That means the company has been consistently loss-making, with per-share losses that have been sizeable for such a small business. The pattern suggests a company still in the build-out and validation phase rather than one that has yet scaled commercial adoption of its tests. The modest improvement in losses in the most recent year hints at some cost control or efficiency gains, but the core picture remains: spending today in hopes of future revenue rather than an already functioning, profitable business model.

Balance Sheet

Balance Sheet The balance sheet is small and relatively thin for a medical technology company. Total assets and cash are modest, and cash makes up most of what the company owns, which is typical for a young diagnostics firm but also signals limited hard assets. Equity has fluctuated, including a period of negative equity, reflecting cumulative losses and capital raises. Debt has appeared and grown, now sitting roughly in the same neighborhood as the cash balance, which adds financial risk given the lack of revenue to service it organically. Overall, Lucid operates with a light asset base, limited cushions, and a capital structure that depends on continued external support rather than internally generated funds.

Cash Flow

Cash Flow Cash flow shows a steady pattern of outflows: the business is burning cash each year to fund operations, with no offsetting inflow from profitable activities. Operating cash outflow is persistent and roughly matches free cash flow because investment in physical equipment has been minimal. This tells a clear story: the main use of cash is running the business—R&D, clinical programs, sales infrastructure—rather than heavy capital spending. The level of burn relative to the cash balance means the company’s runway is finite and sensitive to any delays in reimbursement, adoption, or new funding. The cash flow profile fits a company still in the “prove and scale” stage rather than one that is self-sustaining.

Competitive Edge

Competitive Edge Competitively, Lucid occupies a focused niche: non-invasive early detection of esophageal precancer and cancer. Its EsoGuard and EsoCheck system offers a clear alternative to traditional endoscopy—simpler, less invasive, and more suitable for broad screening. The company appears to enjoy a first-mover edge in the U.S. for this exact combination of device and molecular test, backed by regulatory recognition and growing clinical evidence. That said, the moat is not guaranteed. Large diagnostics players and other technologies (like sponge-based devices and alternative endoscopic approaches) are also targeting this space. One notable near-term advantage is the recall of a key competing device in the U.S., which temporarily clears some competitive noise. Longer term, Lucid’s position will depend on how quickly it can build physician trust, secure broad payer coverage, and entrench its solution before bigger competitors fully arrive.

Innovation and R&D

Innovation and R&D Innovation is the core strength of the Lucid story. The company’s technology solves several pain points at once: it replaces an invasive, costly, and inconvenient procedure with a brief office-based test, and then couples that with a sophisticated DNA methylation assay. The Collect+Protect design in EsoCheck and the next-generation sequencing approach in EsoGuard show meaningful technical differentiation rather than incremental tweaks. The shift to “EsoGuard 2.0” also demonstrates active improvement, not a static product. Importantly, the company is building an evidence base via clinical studies and leveraging novel deployment models (for example, screening high-risk groups through targeted partnerships). Future innovation could include new tests using the same collection platform or broader applications of the technology. The main R&D risks are executional: proving long-term clinical utility, maintaining performance advantages, and keeping ahead of well-funded rivals entering the same space.

Summary

Lucid Diagnostics is an early-stage, high-risk/high-upside diagnostics developer: scientifically interesting, commercially unproven, and financially dependent on outside capital. The income statement shows essentially no revenue and ongoing losses, consistent with a company still in the adoption and reimbursement build-out phase. The balance sheet is lean, with limited cash and modest but meaningful debt relative to its size, leaving little room for prolonged setbacks. Cash flow is negative and steady, underscoring that the business is not yet self-funding. On the positive side, the company addresses a significant unmet need with a genuinely differentiated, non-invasive technology and appears to hold a first-mover position in U.S. esophageal precancer screening. Regulatory recognition, clinical data, and temporary relief from one key competitor’s recall all strengthen its near-term standing. However, the eventual entrance or re-entry of large diagnostics players and other technologies, plus the critical importance of reimbursement and physician adoption, introduce substantial uncertainty. Overall, Lucid’s story is about whether its innovation and early lead can be converted into a durable, scaled business before financial constraints or competition catch up. Key things to watch are reimbursement milestones, real-world test volume growth, competitive responses, and how the company manages its cash runway.

NEWS

November 20, 2025 · 8:15 AM UTC

Lucid Diagnostics Named a GenomeWeb 2025 Best Places to Work Top-Ranking Honoree

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November 13, 2025 · 8:15 AM UTC

Lucid Diagnostics to Participate in the Canaccord Genuity MedTech, Diagnostics and Digital Health & Services Forum

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November 13, 2025 · 8:00 AM UTC

PAVmed Provides Business Update and Reports Third Quarter 2025 Financial Results

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November 12, 2025 · 8:00 AM UTC

Lucid Diagnostics Provides Business Update and Reports Third Quarter 2025 Financial Results

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October 30, 2025 · 8:01 AM UTC

PAVmed to Hold a Business Update Conference Call and Webcast on November 13, 2025

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