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  4. [8-K] Lucid Diagnostics Inc. Reports Material Event

Lucid Diagnostics (LUCD) grows Q2 2026 revenue to $1.5M but posts wider loss

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Lucid Diagnostics Inc. reported second quarter 2026 results and a business update focused on its EsoGuard esophageal DNA test. The company recognized $1.5 million in EsoGuard revenue and processed 2,770 EsoGuard tests in the quarter. Management highlighted securing a commercial coverage policy through Concert, recently acquired by Lyric, which deems EsoGuard medically necessary for eligible patients and has been adopted by multiple client health plans, as well as progress with the VA and major health systems.

For the three months ended June 30, 2026, operating expenses were about $14.3 million, including $1.7 million of stock-based compensation. GAAP net loss was approximately $11.7 million, and net loss attributable to common stockholders was about $14.7 million, or $(0.08) per share. Non-GAAP adjusted loss was about $10.9 million, or $(0.06) per share. Cash and cash equivalents were $33.4 million as of June 30, 2026, compared with $34.7 million as of December 31, 2025.

Positive

  • Revenue grew over 25% year over year in Q2 2026, from $1.163 million to $1.474 million, reflecting increased EsoGuard test adoption.
  • Lucid secured a new commercial coverage policy for EsoGuard through Concert (acquired by Lyric), already adopted by multiple health plans, supporting reimbursement and future test volume.

Negative

  • Q2 2026 GAAP net loss widened to $11.7 million from $4.4 million a year earlier, indicating higher operating losses despite revenue growth.
  • Net loss attributable to common stockholders for Q2 2026 was $14.7 million, including $3.0 million of preferred stock dividends, reflecting a significant total loss burden.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $1,474 thousand Revenue for the three months ended June 30, 2026
Q2 2025 Revenue $1,163 thousand Revenue for the three months ended June 30, 2025
Q2 2026 GAAP Net Loss $11,687 thousand Net loss for the three months ended June 30, 2026
Q2 2026 Net Loss Attributable to Common $14,715 thousand Net loss attributable to common stockholders, including preferred dividends, Q2 2026
Q2 2026 Non-GAAP Adjusted Loss $10,854 thousand Non-GAAP adjusted loss for the three months ended June 30, 2026
Cash and Cash Equivalents $33.4 million Balance as of June 30, 2026
EsoGuard Tests Processed Q2 2026 2,770 tests EsoGuard Esophageal DNA Tests processed in the quarter
Basic and Diluted Shares Outstanding Q2 2026 183,124 thousand Basic and diluted shares outstanding for the three months ended June 30, 2026
laboratory benefit manager medical
"Secured first laboratory benefit manager (LBM) EsoGuard coverage policy"
non-GAAP adjusted loss financial
"the Company’s non-GAAP adjusted loss for the three months ended June 30, 2026"
EBITDA financial
"These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA)"
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
EsoGuard Esophageal DNA Test medical
"Lucid’s EsoGuard® Esophageal DNA Test, performed on samples collected"
stock-based compensation expense financial
"Operating expenses were approximately $14.3 million, which included stock-based compensation expenses"
Stock-based compensation expense is the value that a company records when it gives employees or executives shares or options to buy shares as part of their pay. It matters because it shows the true cost of paying employees this way, which can affect the company's profits and how investors see its financial health.
Revenue Q2 2026 vs 2025 $1,474 thousand vs $1,163 thousand Revenue increased from $1,163 thousand in Q2 2025 to $1,474 thousand in Q2 2026.
GAAP Net Loss Q2 2026 vs 2025 $(11,687) thousand vs $(4,439) thousand Net loss increased from $4,439 thousand in Q2 2025 to $11,687 thousand in Q2 2026.
Non-GAAP Adjusted Loss Q2 2026 vs 2025 $(10,854) thousand vs $(9,946) thousand Non-GAAP adjusted loss was $10,854 thousand in Q2 2026 compared with $9,946 thousand in Q2 2025.
Net Loss Six Months 2026 vs 2025 $(25,596) thousand vs $(31,347) thousand Net loss for the six months ended June 30 improved from $31,347 thousand in 2025 to $25,596 thousand in 2026.

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FAQ

How much revenue did Lucid Diagnostics (LUCD) report for Q2 2026?
Lucid Diagnostics reported $1.474 million in revenue for the quarter ended June 30, 2026, up from $1.163 million in Q2 2025. This revenue was primarily related to EsoGuard testing.

What was Lucid Diagnostics’ (LUCD) net loss in Q2 2026?
For Q2 2026, Lucid recorded a GAAP net loss of $11.687 million. Net loss attributable to common stockholders was approximately $14.715 million, or $(0.08) per basic and diluted share.

What were Lucid Diagnostics’ (LUCD) non-GAAP adjusted results for Q2 2026?
Lucid reported a non-GAAP adjusted loss of $10.854 million, or $(0.06) per share, for Q2 2026. This metric adjusts EBITDA for stock-based compensation and other non-cash or financing-related items.

How many EsoGuard tests did Lucid Diagnostics (LUCD) process in Q2 2026?
Lucid processed 2,770 EsoGuard Esophageal DNA Tests in the second quarter of 2026. These tests underpin the company’s revenue and illustrate ongoing commercial uptake of its esophageal cancer prevention technology.

What is Lucid Diagnostics’ (LUCD) cash position as of June 30, 2026?
As of June 30, 2026, Lucid held $33.4 million in cash and cash equivalents, compared with $34.7 million as of December 31, 2025, providing liquidity to support its operating and commercial activities.

What new coverage did Lucid Diagnostics (LUCD) secure for EsoGuard?
Lucid secured a commercial coverage policy for EsoGuard from Concert, a healthcare technology company acquired by Lyric. The policy deems EsoGuard medically necessary for certain patients and has been adopted by multiple client health plans.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): August 13, 2026

 

LUCID DIAGNOSTICS INC.
(Exact Name of Registrant as Specified in Charter)

 

Delaware   001-40901   82-5488042

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

360 Madison Avenue, 25thFloor, New York, New York   10017
(Address of Principal Executive Offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (917) 813-1828

 

N/A
(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, Par Value $0.001 Per Share   LUCD   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On August 13, 2026, Lucid Diagnostics Inc. (the “Company”) issued a press release announcing financial results for its fiscal quarter ended June 30, 2026 and providing a business update. A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

 

Item 7.01.Regulation FD Disclosure.

 

The disclosure set forth under Item 2.02 is incorporated herein by reference.

 

The information furnished under Items 2.02 and 7.01, including the exhibit related thereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.

 

Item 9.01.Financial Statements and Exhibits.

 

(d) Exhibits:

 

Exhibit No.   Description
99.1   Press release.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: August 13, 2026 LUCID DIAGNOSTICS INC.
     
  By: /s/ Dennis McGrath
    Dennis McGrath
    Chief Financial Officer

 

 

 

 

 

Exhibit 99.1

 

Lucid Diagnostics Provides Business Update and Reports Second Quarter 2026 Financial Results

 

Recognized 2Q26 revenue of $1.5 million

 

Processed 2,770 EsoGuard® tests

 

Secured first laboratory benefit manager (LBM) EsoGuard coverage policy

 

Conference call and webcast to be held today, August 13, at 8:30 AM EDT

 

NEW YORK, August 13, 2026 - 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 second quarter ended June 30, 2026.

 

Conference Call and Webcast

 

The webcast will take place on Thursday, August 13, 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

 

“Lucid’s commercial momentum strengthened throughout the second quarter and in recent weeks,” said Lishan Aklog, M.D., Lucid’s Chairman and Chief Executive Officer. “We continue to advance multiple commercial priorities while awaiting a positive draft Medicare coverage policy for EsoGuard. We secured positive commercial coverage policies, accelerated engagement with the VA and major health systems, and demonstrated the long-term economic value of EsoGuard testing. Progress across these initiatives positions Lucid to capitalize on EsoGuard’s significant clinical and commercial opportunity, while increasing the company’s visibility and thereby expanding opportunities for broader strategic engagement.”

 

 

 

 

Highlights from the second quarter and recent weeks:

 

●Recognized $1.5 million  in EsoGuard revenue for 2Q26.
●Processed 2,770 EsoGuard® Esophageal DNA Tests in 2Q26.
●Secured a commercial coverage policy for EsoGuard from Concert, a healthcare technology company recently acquired by Lyric that establishes laboratory testing policies its client health plans can adopt. The policy recognizes EsoGuard as medically necessary for patients meeting established screening criteria and has already been adopted by multiple Concert client health plans.
●Developed a health economic cost-effectiveness model evaluating EsoGuard screening to support commercial payor engagement and coverage decisions, with preliminary results demonstrating improved clinical outcomes and cost-effectiveness.

 

Financial Results

 

●For the three months ended June 30, 2026, EsoGuard related revenues were $1.5 million. Operating expenses were approximately $14.3 million, which included stock-based compensation expenses of $1.7 million. GAAP net loss attributable to common stockholders was approximately $14.7 million, inclusive of a deemed Preferred Stock dividend of $3.0 million, or $(0.08) per common share.
   
●As shown below and for the purpose of illustrating the effect of stock-based compensation and other non-cash income and expenses on the Company’s financial results, the Company’s non-GAAP adjusted loss for the three months ended June 30, 2026 was approximately $10.9 million or $(0.06) per common share.
   
●Lucid had cash and cash equivalents of $33.4 million as of June 30, 2026, compared to $34.7 million as of December 31, 2025.
   
●The unaudited financial results for the three and six months ended June 30, 2026, were filed with the SEC on Form 10-Q on August 12, 2026, and available at www.luciddx.com or www.sec.gov.

 

Lucid Non-GAAP Measures

 

 ●To supplement our unaudited financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company’s financial results. These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA), and non-GAAP adjusted loss, which further adjusts EBITDA for stock-based compensation expense and other non-cash income and expenses, if any. The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted loss are not recognized terms under U.S. GAAP.
  
 ●Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision-making. We believe these non-GAAP financial measures provide meaningful information to assist investors, shareholders, and other readers of our unaudited financial statements in making comparisons to our historical financial results and analyzing the underlying performance of our results of operations. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures.
   
  ●Non-GAAP financial measures are provided to enhance readers’ overall understanding of our current financial results and to provide further information for comparative purposes. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook. Specifically, the non-GAAP financial measures include non-GAAP adjusted loss, and its presentation is intended to help the reader understand the effect of the loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, the loss on debt extinguishment, and the corresponding accounting for non-cash charges on financial performance. In addition, management believes non-GAAP financial measures enhance the comparability of results against prior periods.

 

 

 

 

  ●A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this press release for the three and six months ended June 30, 2026, and 2025 are as follows:

 

(in thousands except per-share amounts)  For the three months ended
June 30,		   For the six months ended
June 30,		 
   2026   2025   2026   2025 
                 
Revenue  $1,474   $1,163   $2,730   $1,991 
                     
Operating expenses   14,275    12,547    27,644    25,862 
Other (Income) expense, net   (1,114)   (6,945)   682    7,476 
Net Loss   (11,687)   (4,439)   (25,596)   (31,347)
Net income (loss) per common share, basic and diluted  $(0.08)  $(0.08)  $(0.24)  $(0.52)
Net loss attributable to common stockholders   (14,715)   (7,888)   (38,343)   (43,906)
Preferred Stock dividends and deemed dividends   3,028    3,449    12,747    12,559 
Net income (loss) as reported   (11,687)   (4,439)   (25,596)   (31,347)
Adjustments:                    
Depreciation and amortization expense1   224    222    446    443 
Interest expense, net2   (73)   (104)   (137)   (162)
EBITDA   (11,536)   (4,321)   (25,287)   (31,066)
                     
Other non-cash or financing related expenses:                    
Stock-based compensation expense3   1,694    1,143    3,104    2,174 
Operating expenses issued in stock1   29    73    57    147 
Change in FV convertible debt2   (1,041)   (6,841)   819    7,638 
Non-GAAP adjusted (loss)  $(10,854)  $(9,946   $(21,307)  $(21,107)
Basic and Diluted shares outstanding   183,124    98,989    161,729    83,976 
Non-GAAP adjusted (loss) income per share  $(0.06)  $(0.10)  $(0.13)  $(0.25)

 

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:

 

(in thousands except per-share amounts)  For the three months ended
June 30,		   For the six months ended
June 30,		 
   2026   2025   2026   2025 
Cost of revenues  $1,445   $1,563   $3,070   $3,114 
Stock-based compensation expense3   (14)   (38)   (128)   (109)
Net cost of revenues   1,431    1,525    2,942    3,005 
                     
Amortization of intangible assets   105    105    210    210 
                     
Sales and marketing   5,757    4,007    10,777    8,076 
Stock-based compensation expense3   (338)   (245)   (593)   (485)
Net sales and marketing   5,419    3,762    10,184    7,591 
                     
General and administrative   5,776    5,617    11,188    11,779 
Depreciation expense   (119)   (117)   (236)   (233)
Operating expenses issued in stock   (29)   (73)   (57)   (147)
Stock-based compensation expense3   (1,169)   (741)   (2,075)   (1,342)
Net general and administrative   4,459    4,686    8,820    10,057 
                     
Research and development   1,192    1,255    2,399    2,683 
Stock-based compensation expense3   (173)   (119)   (308)   (238)
Net research and development   1,019    1,136    2,091    2,445 
                     
Total operating expenses   14,275    12,547    27,644    25,862 
Depreciation and amortization expense   (224)   (222)   (446)   (443)
Operating expenses issued in stock   (29)   (73)   (57)   (147)
Stock-based compensation expense3   (1,694)   (1,143)   (3,104)   (2,174)
Net operating expenses  $12,328   $11,109   $24,037   $23,098 

 

 

 

 

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.

 

Investor and Media Contact

 

Matt Riley

Vice President, Investor Relations

PAVmed and Lucid Diagnostics
mjr@pavmed.com

 

 

Source: View Original Filing on SEC EDGAR

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