Lucid Diagnostics (LUCD) Registration Filing summary

Company overview and business model

• Commercial-stage medical diagnostics technology company focused on early detection and prevention of esophageal precancer and cancer, particularly esophageal adenocarcinoma (EAC).

• Flagship products include the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device, both based on patented technology licensed from Case Western Reserve University.

• EsoGuard is a next-generation sequencing DNA assay with ~90% sensitivity and ~99% negative predictive value for detecting esophageal precancer and cancer.

• EsoCheck is an FDA 510(k) and CE Mark cleared, noninvasive, swallowable balloon capsule device for targeted esophageal cell collection.

• Majority-owned subsidiary of PAVmed, with corporate headquarters in New York, NY.

Financial performance and metrics

• Has incurred operating losses since inception and has not achieved profitability.

• Substantial doubt exists regarding ability to continue as a going concern, as noted by the independent auditor.

• September 2025 public offering raised net proceeds of approximately $27.0 million from the sale of 28,750,000 shares at $1.00 per share.

• As of December 1, 2025, 137,683,002 shares of common stock and 54,274 shares of preferred stock were outstanding.

• Net tangible book value as of September 30, 2025 was $0.19 per share; pro forma as adjusted after the offering, $0.32 per share.

Use of proceeds and capital allocation

• Net proceeds from offerings are intended for working capital and general corporate purposes.

• Management has broad discretion over the use of proceeds, with no specific allocations identified.

• Pending application, proceeds may be held in cash, cash equivalents, or short-term investments.