Lucid Diagnostics Announces Pricing of Public Offering of Common Stock

Rhea-AI Summary

Lucid Diagnostics (NASDAQ: LUCD), a cancer prevention medical diagnostics company and subsidiary of PAVmed (NASDAQ: PAVM), has announced the pricing of its public offering of 25 million shares of common stock at $1.00 per share.

The company expects to raise approximately $25.0 million in gross proceeds, with an additional 30-day option granted to underwriters to purchase up to 3.75 million additional shares. The offering, managed by Canaccord Genuity LLC and BTIG, LLC as joint bookrunners, is expected to close around September 11, 2025. Proceeds will be used for working capital and general corporate purposes.

Positive

• None.

Negative

• Significant shareholder dilution with 25 million new shares being issued
• Offering price of $1.00 per share indicates relatively low market valuation

Insights

Financial Analyst

Lucid's $25M stock offering at $1.00/share indicates dilution but strengthens working capital for this cancer diagnostics subsidiary of PAVmed.

Lucid Diagnostics has priced a significant public offering of 25 million shares at $1.00 per share, with an option for underwriters to purchase an additional 3.75 million shares. This move is designed to raise approximately $25 million in gross proceeds before deducting offering expenses.

This capital raise comes with notable dilution for existing shareholders, as the 25 million new shares represent a substantial increase to the company's outstanding share count. The pricing at $1.00 per share provides a clear market valuation benchmark for this commercial-stage cancer prevention diagnostics company.

While the press release states the proceeds will be used for "working capital and general corporate purposes," the lack of specific allocation suggests potential flexibility in deployment but also provides limited visibility for investors regarding strategic priorities. As a subsidiary of PAVmed Inc., this capital raise appears focused on Lucid's independent operations rather than its parent company.

The involvement of established underwriters Canaccord Genuity, BTIG, and Maxim Group indicates institutional support for the offering. With expected closing around September 11, 2025, this funding should strengthen Lucid's balance sheet, though the company's burn rate and pathway to profitability remain critical factors for long-term investors to monitor given the non-specific use of proceeds.

NEW YORK, Sept. 10, 2025 /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), today announced the pricing of its underwritten public offering of 25,000,000 shares of its common stock at a public offering price of $1.00 per share. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of common stock at the public offering price, less underwriting discounts and commissions.

The gross proceeds from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses, are expected to be approximately $25.0 million, excluding any proceeds from the exercise of the underwriters' option to purchase additional shares. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.

The offering is expected to close on or about September 11, 2025, subject to customary closing conditions.

Canaccord Genuity LLC and BTIG, LLC are acting as the joint bookrunners of the offering and Maxim Group LLC is acting as co-manager of the offering.

The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-268560) declared effective by the Securities and Exchange Commission on December 6, 2022. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission, together with an accompanying base prospectus. The securities may be offered only by means of a written prospectus forming a part of the effective registration statement. Copies of the prospectus supplement relating to the offering, together with the accompanying base prospectus, may be obtained, when available, from the Securities and Exchange Commission's website at http://www.sec.gov, or from Canaccord Genuity LLC, Attention: Syndicate Department, One Post Office Square, Suite 3000, Boston, MA 02109, or by email at prospectus@cgf.com or BTIG, LLC, 65 East 55th Street, New York, New York 10022, or by email at btig-ibd-equitycapitalmarkets@btig.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares of common stock. Lucid will not, and has been advised by the underwriters that they and their affiliates will not, sell any of the shares of common stock in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Lucid Diagnostics
Lucid Diagnostics Inc. is a commercial-stage, cancer prevention medical diagnostics company and subsidiary of PAVmed Inc. (Nasdaq: PAVM). Lucid is focused on the millions of patients with gastroesophageal reflux disease (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, represent the first and only commercially available tools designed with the goal of preventing cancer and cancer deaths through widespread, early detection of esophageal precancer in at-risk patients.

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

 

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SOURCE Lucid Diagnostics

FAQ

What is the size and price of Lucid Diagnostics (LUCD) public offering in September 2025?

Lucid Diagnostics is offering 25 million shares at $1.00 per share, with potential gross proceeds of approximately $25.0 million.

How will Lucid Diagnostics use the proceeds from its 2025 stock offering?

Lucid Diagnostics plans to use the net proceeds for working capital and general corporate purposes.

Who are the underwriters for Lucid Diagnostics' September 2025 stock offering?

Canaccord Genuity LLC and BTIG, LLC are acting as joint bookrunners, with Maxim Group LLC as co-manager of the offering.

When will Lucid Diagnostics' (LUCD) public offering close?

The offering is expected to close on or about September 11, 2025, subject to customary closing conditions.

What is the additional share purchase option in LUCD's offering?

Underwriters have a 30-day option to purchase up to an additional 3.75 million shares at the public offering price, less underwriting discounts and commissions.