STOCK TITAN
  1. Home
  2. Sec-filings
  3. LUCD
  4. [8-K] Lucid Diagnostics Inc. Reports Material Event

Lucid Diagnostics (NASDAQ: LUCD) narrows loss and extends cash runway into 2027

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

Rhea-AI Filing Summary

Lucid Diagnostics Inc. reported first-quarter 2026 results and a business update centered on its EsoGuard esophageal DNA test. The company processed 3,177 EsoGuard tests and generated $1.3 million in EsoGuard revenue for the quarter.

GAAP net loss was approximately $13.9 million, or $(0.17) per common share, including a deemed Preferred Stock dividend that brought net loss attributable to common stockholders to about $23.6 million. Non-GAAP adjusted loss was roughly $10.5 million, or $(0.07) per share.

Lucid ended March 31, 2026 with $27.9 million in cash and cash equivalents and had recently completed an underwritten public offering of common stock, netting about $17 million, resulting in $45 million in proforma cash and a runway extending into 2027. Management emphasized progress toward Medicare coverage, growing EsoGuard demand, and broader engagement with health systems, the VA, and commercial payors.

Positive

  • None.

Negative

  • None.
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.
EsoGuard revenue $1.3 million For the three months ended March 31, 2026
EsoGuard tests processed 3,177 tests First quarter 2026 volume
GAAP net loss $13.9 million For the three months ended March 31, 2026
Non-GAAP adjusted loss $10.5 million For the three months ended March 31, 2026
Net loss per share $(0.17) per share GAAP basic and diluted, Q1 2026
Cash and cash equivalents $27.9 million As of March 31, 2026
Underwritten offering proceeds $17 million Net proceeds from public offering of common stock
Proforma cash $45 million After offering; runway extends into 2027
non-GAAP adjusted loss financial
"the Company’s non-GAAP adjusted loss for the three months ended March 31, 2026 was approximately $10.5 million"
EBITDA financial
"EBITDA | | | (13,751 | ) | | | (26,744 | )"
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.
stock-based compensation expense financial
"Operating expenses were approximately $13.4 million, which included stock-based compensation expenses of $1.4 million."
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.
Preferred Stock dividends financial
"GAAP net loss attributable to common stockholders was approximately $23.6 million, inclusive of a deemed Preferred Stock dividend of $9.7 million"
Payments made to holders of preferred shares that typically provide a fixed, regular income and are paid before any dividends go to common shareholders. Think of them like a steady paycheck or coupon on a bond that has priority over ordinary stock payments; they matter because they affect a company’s cash obligations, investor income expectations, and the relative safety and valuation of preferred shares compared with common equity.
Medicare coverage financial
"Securing Medicare coverage remains our most important pending milestone, and our confidence in a positive outcome has not wavered"
Medicare coverage is the set of health insurance benefits provided by the U.S. federal Medicare program that pays for hospital care, doctor services, prescription drugs and certain medical supplies for eligible beneficiaries. Investors pay attention because changes in what Medicare will cover, how much it reimburses, or who qualifies can materially affect revenue and pricing for hospitals, drugmakers, medical device manufacturers and insurers—like rewriting the rulebook for a very large, steady customer.
runway financial
"ended 1Q26 with $45 million in proforma cash, extending runway into 2027"
Revenue $1.3 million
GAAP net loss $13.9 million
Non-GAAP adjusted loss $10.5 million
Cash and cash equivalents $27.9 million
Understanding 8-K Material Events →
false 0001799011 0001799011 2026-05-14 2026-05-14 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

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): May 14, 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, 25th Floor, 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 May 14, 2026, Lucid Diagnostics Inc. (the “Company”) issued a press release announcing financial results for its fiscal quarter ended March 31, 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).

 

2
 

 

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: May 14, 2026 LUCID DIAGNOSTICS INC.
     
  By: /s/ Dennis McGrath
    Dennis McGrath
    Chief Financial Officer

 

3

 

 

Exhibit 99.1

 

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

 

Processed 3,177 EsoGuard® tests and recognized 1Q26 revenue of $1.3 million, ending quarter with $45 million in proforma cash and a runway that extends into 2027 and past upcoming reimbursement milestones

 

Conference call and webcast to be held today, May 14, at 8:30 AM EDT

 

NEW YORK, May 14, 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 first quarter ended March 31, 2026.

 

Conference Call and Webcast

 

The webcast will take place on Thursday, May 14, 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

 

“Securing Medicare coverage remains our most important pending milestone, and our confidence in a positive outcome has not wavered,” said Lishan Aklog, M.D., Lucid’s Chairman and Chief Executive Officer. “We continue to build commercial momentum for EsoGuard by generating consistent demand, progressing our Medicare and VA targeting efforts, and expanding engagement with health systems and commercial payors. Together with our strengthened balance sheet, these initiatives have us well-positioned to convert EsoGuard demand to revenue and further accelerate commercialization as Medicare and other key reimbursement milestones are achieved.”

 

 

 

 

Highlights from the first quarter and recent weeks:

 

  ● Processed 3,177 EsoGuard® Esophageal DNA Tests in 1Q26.
  ● Recognized $1.3 million in EsoGuard revenue for 1Q26.
  ● Strengthened balance sheet with underwritten public offering of common stock, netting approximately $17 million in proceeds; ended 1Q26 with $45 million in proforma cash, extending runway into 2027.
  ● Strong presence at Digestive Disease Week (DDW), which included multiple EsoGuard abstracts, extensive engagement with the gastroenterology community, and a preview of a major upcoming clinical practice guideline update recommending EsoGuard and EsoCheck® as the only non-endoscopic test with high certainty of evidence.

 

Financial Results

 

  ● For the three months ended March 31, 2026, EsoGuard related revenues were $1.3 million. Operating expenses were approximately $13.4 million, which included stock-based compensation expenses of $1.4 million. GAAP net loss attributable to common stockholders was approximately $23.6 million, inclusive of a deemed Preferred Stock dividend of $9.7 million or $(0.17) 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 March 31, 2026 was approximately $10.5 million or $(0.07) per common share.
     
  ● Lucid had cash and cash equivalents of $27.9 million as of March 31, 2026, compared to $34.7 million as of December 31, 2025.
     
  ● The unaudited financial results for the three months ended March 31, 2026, were filed with the SEC on Form 10-Q on May 13, 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 months ended March 31, 2026, and 2025 are as follows:

 

(in thousands except per-share amounts) 

For the three months ended

March 31,

 
   2026   2025 
         
Revenue  $1,256   $828 
           
Operating expenses   13,370    13,315 
Other (Income) expense, net   1,795    14,421 
Net Loss   (13,909)   (26,908)
Net income (loss) per common share, basic and diluted  $(0.17)  $(0.52)
Net loss attributable to common stockholders   (23,628)   (36,018)
Preferred Stock dividends   9,719    9,110 
Net income (loss) as reported   (13,909)   (26,908)
Adjustments:          
Depreciation and amortization expense1   222    221 
Interest expense, net2   (64)   (57)
EBITDA   (13,751)   (26,744)
           
Other non-cash or financing related expenses:          
Stock-based compensation expense3   1,411    1,030 
Operating expenses issued in stock1   29    74 
Change in FV convertible debt2   1,859    14,478 
Non-GAAP adjusted (loss)  $(10,452)  $(11,162)
Basic and Diluted shares outstanding   140,097    68,796 
Non-GAAP adjusted (loss) income per share  $(0.07)  $(0.16)

 

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

March 31,

 
   2026   2025 
Cost of revenues  $1,625   $1,551 
Stock-based compensation expense3   (114)   (71)
Net cost of revenues   1,511    1,480 
           
Amortization of intangible assets   105    105 
           
Sales and marketing   5,002    4,069 
Stock-based compensation expense3   (255)   (239)
Net sales and marketing   4,747    3,830 
           
General and administrative   5,432    6,162 
Depreciation expense   (117)   (116)
Operating expenses issued in stock   (29)   (74)
Stock-based compensation expense3   (907)   (601)
Net general and administrative   4,379    5,371 
           
Research and development   1,206    1,428 
Stock-based compensation expense3   (135)   (119)
Net research and development   1,071    1,309 
           
Total operating expenses   13,370    13,315 
Depreciation and amortization expense   (222)   (221)
Operating expenses issued in stock   (29)   (74)
Stock-based compensation expense3   (1,411)   (1,030)
Net operating expenses  $11,708   $11,990 

 

 

 

 

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

FAQ

How much revenue did Lucid Diagnostics (LUCD) report for Q1 2026?

Lucid Diagnostics reported $1.3 million in EsoGuard-related revenue for the first quarter of 2026. This was generated from its commercial esophageal DNA testing business and reflects growing utilization of the EsoGuard test in patients at risk for esophageal precancer and cancer.

What was Lucid Diagnostics’ (LUCD) net loss and EPS for Q1 2026?

Lucid Diagnostics posted a GAAP net loss of about $13.9 million, or $(0.17) per common share, for Q1 2026. Net loss attributable to common stockholders was roughly $23.6 million, reflecting a deemed Preferred Stock dividend of $9.7 million in the quarter.

What non-GAAP results did Lucid Diagnostics (LUCD) highlight for Q1 2026?

Lucid Diagnostics reported a non-GAAP adjusted loss of approximately $10.5 million, or $(0.07) per share, for Q1 2026. This measure adjusts for stock-based compensation, non-cash items related to convertible securities, and other financing-related expenses to show underlying operating performance.

How much cash does Lucid Diagnostics (LUCD) have and what is its runway?

Lucid Diagnostics held $27.9 million in cash and cash equivalents as of March 31, 2026, and completed an underwritten equity offering netting about $17 million. Proforma cash of $45 million gives the company a stated runway extending into 2027.

How many EsoGuard tests did Lucid Diagnostics (LUCD) perform in Q1 2026?

Lucid Diagnostics processed 3,177 EsoGuard Esophageal DNA Tests during the first quarter of 2026. These tests are performed using the company’s noninvasive EsoCheck collection device, targeting patients with GERD who are at risk for esophageal precancer and cancer.

What strategic priorities did Lucid Diagnostics (LUCD) emphasize in its Q1 2026 update?

Lucid Diagnostics highlighted securing Medicare coverage for EsoGuard as its most important pending milestone. The company also stressed building commercial momentum through demand generation, Medicare and VA targeting, health system engagement, and strengthening its balance sheet to support future commercialization efforts.

Filing Exhibits & Attachments

4 documents

Press Releases

Other Documents