Lucid Diagnostics (LUCD) investor relations material

Executive summary

• Processed 2,841 EsoGuard tests in Q3 2025, generating $1.2 million in revenue, with expanded direct contracting and market access initiatives targeting near-term growth.

• Achieved unanimous expert consensus at a Medicare CAC meeting supporting coverage for EsoGuard, reinforcing confidence in Medicare progress.

• Expanded and strengthened market access team, including new leadership, to drive payer engagement and broaden insurance coverage.

• Hosted the Firefighter Esophageal Cancer Prevention Summit, with over 7,000 firefighters tested and expansion into employer and concierge medicine markets.

• Multiple equity offerings and an at-the-market facility raised significant capital for working capital and general corporate purposes.

Financial highlights

• Q3 2025 revenue was $1.2 million, nearly flat year-over-year and up slightly from $1.17 million in Q3 2024; nine-month revenue was $3.2 million.

• GAAP net loss attributable to common stockholders was $10.4 million, or $(0.10) per share; non-GAAP adjusted loss was $10.3 million.

• Cash and cash equivalents rose to $47.3 million as of September 30, 2025, aided by a $27 million public offering.

• Operating expenses for Q3 2025 were $13.0 million, including $1.2 million in stock-based compensation.

• Gross margin remains negative, with cost of revenue exceeding revenue in both periods.

Outlook and guidance

• Management expects to accelerate EsoGuard commercialization as Medicare coverage and other reimbursement milestones are secured.

• Financial runway is projected through 2026, supporting ongoing operations and growth initiatives.

• Continued operations depend on achieving substantial revenue growth, especially through expanded insurance reimbursement and direct contracting.

• Substantial doubt exists about the ability to continue as a going concern within one year without additional capital or significant revenue increases.