Lucid Diagnostics Announces Closing 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 completed its previously announced public offering. The company successfully sold 28,750,000 shares of common stock at $1.00 per share, which includes 3,750,000 shares from the full exercise of the underwriters' option.

The offering generated net proceeds of approximately $26.9 million, after deducting underwriting discounts, commissions, and estimated expenses. The funds will be used for working capital and general corporate purposes. Canaccord Genuity LLC and BTIG, LLC served as joint bookrunners, with Maxim Group LLC as co-manager.

Positive

• Generated $26.9 million in net proceeds to strengthen working capital
• Successfully completed the full exercise of underwriters' option for additional shares
• Secured backing from reputable financial institutions as underwriters

Negative

• Significant shareholder dilution through issuance of 28.75 million new shares
• Offering price of $1.00 per share indicates relatively low stock valuation

Insights

Financial Analyst

Lucid Diagnostics raised $26.9M through stock offering at $1.00/share, significantly diluting existing shareholders but strengthening its financial position.

Lucid Diagnostics has successfully completed a sizable $28.75 million public offering by issuing 28.75 million shares at $1.00 per share, with net proceeds of $26.9 million after expenses. This represents substantial dilution for existing shareholders, as the company has dramatically increased its outstanding share count. The offering included a fully exercised overallotment option of 3.75 million additional shares, suggesting strong demand from institutional investors.

The $1.00 per share pricing provides critical context - typically, companies price public offerings at a discount to market to ensure full subscription. This pricing level may reflect current market conditions and investor sentiment toward this commercial-stage cancer diagnostics company.

With $26.9 million in fresh capital earmarked for "working capital and general corporate purposes," Lucid has significantly strengthened its balance sheet. For a commercial-stage diagnostics company, this likely translates to funding ongoing operations, expanding sales and marketing efforts for its cancer prevention products, and potentially advancing R&D initiatives. The absence of specific allocation details suggests management wants flexibility in capital deployment.

The offering was managed by established investment banks (Canaccord Genuity, BTIG, and Maxim Group), lending credibility to the transaction. The shelf registration used for this offering (Form S-3) indicates Lucid had previously established the groundwork for raising capital when market conditions proved favorable.

NEW YORK, Sept. 11, 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 closing of its previously announced underwritten public offering of 28,750,000 shares of its common stock, including 3,750,000 shares issued pursuant to the full exercise of the underwriters' option to purchase additional shares, at a public offering price of $1.00 per share.

The total net proceeds from the offering, after deducting the underwriting discounts and commissions and other estimated offering expenses, are expected to be approximately $26.9 million. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.

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

The securities were offered 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 was filed with the Securities and Exchange Commission, together with an accompanying base prospectus, on September 10, 2025. Copies of the prospectus supplement relating to the offering, together with the accompanying base prospectus, may be obtained 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 any securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to 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

How much money did Lucid Diagnostics (LUCD) raise in its September 2025 public offering?

Lucid Diagnostics raised net proceeds of approximately $26.9 million through the offering of 28.75 million shares at $1.00 per share.

What is the purpose of Lucid Diagnostics' (LUCD) 2025 public offering?

The company intends to use the proceeds for working capital and general corporate purposes.

How many shares did Lucid Diagnostics (LUCD) sell in its September 2025 offering?

Lucid Diagnostics sold 28,750,000 shares, including 3,750,000 shares from the full exercise of the underwriters' option.

Who were the underwriters for Lucid Diagnostics' (LUCD) 2025 public offering?

Canaccord Genuity LLC and BTIG, LLC acted as joint bookrunners, while Maxim Group LLC served as co-manager.

What was the price per share for Lucid Diagnostics' (LUCD) September 2025 offering?

The public offering price was set at $1.00 per share.