Lucid Diagnostics Provides Business Update and Reports Fourth Quarter and Full Year 2025 Financial Results

Lucid Diagnostics Provides Business Update and Reports Fourth Quarter and Full Year 2025 Financial Results Processed 3,664 EsoGuard ® tests and recognized 4Q25 revenue of $1.5 million

Expanded EsoGuard access with U.S. Department of Veterans Affairs contract award and strengthened clinical evidence with positive data from the largest reported real-world experience of esophageal precancer detection

Conference call and webcast to be held today, March 26, at 8:30 AM EST

NEW YORK, March 26, 2026 /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 fourth quarter and full year ended December 31, 2025.

Conference Call and Webcast

The webcast will take place on Thursday, March 26, 2026, 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

"Throughout 2025, we established a strong commercial foundation for EsoGuard, demonstrating that we can consistently generate and sustain demand, drive physician adoption, and engage effectively with both health systems and commercial payors," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "As we move into 2026, our focus is on building on that foundation by converting demand into revenue, with priorities including deepening our relationship with the VA, expanding adoption across health systems, advancing coverage with commercial payors, and securing Medicare coverage, which we still expect in the near-term."

Highlights from the fourth quarter and recent weeks:

Financial Results

Lucid Non-GAAP Measures

Condensed consolidated statements of operations (unaudited)

(in thousands except per-share amounts)

For the three months ended

December 31,

For the year ended

December 31,

2025

2024

2025

2024

Revenue

$ 1,504

$ 1,197

$ 4,706

$ 4,346

Operating expenses

15,514

13,571

54,346

50,398

Other (Income) expense

2,256

(833)

8,370

(523)

Net Loss

(16,266)

(11,541)

(58,010)

(45,529)

Net income (loss) per common share, basic and diluted

$ (0.12)

$ (0.20)

$ (0.69)

$ (1.05)

Net loss attributable to common stockholders

(16,266)

(11,541)

(70,569)

(53,025)

Preferred Stock dividends and deemed dividends

—

12,559

7,496

Net income (loss) as reported

(16,266)

(11,541)

(58,010)

(45,529)

Adjustments:

Depreciation and amortization expense 1

210

222

872

1,167

Interest expense, net 2

(104)

(58)

(364)

(296)

EBITDA

(16,160)

(11,377)

(57,502)

(44,658)

Other non-cash or financing related expenses:

Stock-based compensation expense 3

1,165

1,172

4,491

4,534

Operating expenses issued in stock 1

—

234

346

Change in FV convertible debt 2

2,359

(4,825)

7,656

(5,394)

Debt extinguishments loss - Senior Secured Convertible Note 2

—

1,078

—

Equity issuance cost extinguishment

—

4,050

—

5,167

Non-GAAP adjusted (loss)

$ (12,636)

$ (10,882)

$ (44,043)

$ (40,005)

Basic and Diluted shares outstanding

131,070

58,378

101,947

50,516

Non-GAAP adjusted (loss) income per share

$(0.10)

$(0.19)

$(0.43)

$(0.79)

1 Included in general and administrative expenses in the financial statements.

2 Included in other income and expenses.

3 Stock-based compensation ("SBC") expense included in operating expenses is detailed as follows in the table below by category within operating expenses for the non-GAAP Net operating expenses:

Reconciliation of GAAP Operating Expenses to Non-GAAP Net Operating Expenses

(in thousands except per-share amounts)

For the three months ended

December 31,

For the year ended

December 31,

2025

2024

2025

2024

Cost of revenues

$ 1,859

$ 2,145

$ 6,670

$ 7,099

Stock-based compensation expense 3

(39)

(42)

(191)

(164)

Net cost of revenues

1,820

2,103

6,479

6,935

Amortization of intangible assets

106

105

421

688

Sales and marketing

5,343

4,003

17,710

16,463

Stock-based compensation expense 3

(269)

(300)

(1,021)

(1,365)

Net sales and marketing

5,074

3,703

16,689

15,098

General and administrative

6,483

5,865

23,867

20,156

Depreciation expense

(104)

(117)

(451)

(479)

Operating expenses issued in stock

—

(98)

(234)

(346)

Stock-based compensation expense 3

(734)

(691)

(2,795)

(2,330)

Net general and administrative

5,645

4,959

20,387

17,001

Research and development

1,723

1,453

5,678

5,992

Stock-based compensation expense 3

(123)

(139)

(484)

(675)

Net research and development

1,600

1,314

5,194

5,317

Total operating expenses

15,514

13,571

54,346

50,398

Depreciation and amortization expense

(210)

(222)

(872)

(1,167)

Operating expenses issued in stock

—

(98)

(234)

(346)

Stock-based compensation expense 3

(1,165)

(1,172)

(4,491)

(4,534)

Net operating expenses

$ 14,139

$ 12,079

$ 48,749

$ 44,351

About Lucid Diagnostics

Lucid Diagnostics Inc. is a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. Lucid is focused on the millions of patients with GERD, also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer. Lucid's EsoGuard ® Esophageal DNA Test, performed on samples collected in a brief, noninvasive office procedure with its EsoCheck ® Esophageal Cell Collection Device - the first and only commercially available tools designed with the goal of preventing esophageal cancer and cancer deaths through widespread, early detection of esophageal precancer in at-risk patients.

For more information, please visit luciddx.com and for more information about its parent company PAVmed, please visit pavmed.com.

Forward-Looking Statements

This press release includes forward-looking statements that involve risk and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of Lucid Diagnostics' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of Lucid Diagnostics' common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance Lucid Diagnostics' products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from Lucid Diagnostics' clinical and preclinical studies; whether and when Lucid Diagnostics' products are cleared by regulatory authorities; market acceptance of Lucid Diagnostics' products once cleared and commercialized; Lucid Diagnostics' ability to raise additional funding as needed; and other competitive developments. These factors are difficult or impossible to predict accurately and many of them are beyond Lucid Diagnostics' control. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect Lucid Diagnostics' future operations, see Part I, Item 1A, "Risk Factors," in Lucid Diagnostics' most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, "Risk Factors" in any Quarterly Report on Form 10-Q filed by Lucid Diagnostics after its most recent Annual Report. Lucid Diagnostics disclaims any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.

SOURCE Lucid Diagnostics