LUCD · Lucid Diagnostics Inc.
Lucid Diagnostics Inc. operates as a commercial-stage medical diagnostics technology company in the United States. It focuses on patients with gastroesophageal reflux disease (GERD) who are at risk of developing esophageal precancer and cancer, primarily highly lethal esophageal adenocarcinoma. The company's flagship product, the EsoGuard Esophageal DNA Test performed on samples collected with the EsoCheck Esophageal Cell collection device, a testing tool with the goal of preventing EAC deaths through early detection of esophageal precancer in at-risk GERD patients. The company was incorporated in 2018 and is based in New York, New York. Lucid Diagnostics Inc. operates as a subsidiary of PAVmed Inc.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $1.05 |
| SO | 203.1M |
| Options | 12.4M |
| Warrants | 0.0M |
| FD SO | 215.4M |
| MC | $227.3M |
| Cash | $27.9M |
| Total debt | $25.2M |
| EV | $224.6M |
| TTM Multiples | |
|---|---|
| EV / Revenue | — |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 19.4% |
| Insiders | 26.5% |
| # Institutions | 131 |
| Analysts | 5 |
| Consensus | — |
| Avg target | $3.95 |
| Short % float | 6.1% |
| Days to cover | 5.60 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-11. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 1.26 | — | 1.21 | 1.16 |
| Revenue YoY % | 51.7% | — | 3.3% | 19.2% |
| Cost of Revenue | 1.62 | — | — | — |
| Gross Profit | (0.37) | — | — | — |
| Gross Profit YoY % | 49.0% | — | — | — |
| Gross Margin % | (29.4%) | — | — | — |
| SG&A | 10.43 | 11.83 | 9.90 | 9.62 |
| R&D | 1.21 | 1.72 | 1.27 | 1.25 |
| Operating Expense | 11.74 | — | — | — |
| Operating Income | (12.11) | (14.01) | (11.76) | (11.38) |
| Operating Income YoY % | 3.0% | (13.2%) | (0.6%) | (1.7%) |
| Operating Margin % | (964.5%) | — | (971.0%) | (978.8%) |
| EBITDA | (11.89) | (13.80) | (11.54) | (11.16) |
| EBITDA Margin % | (946.8%) | — | (952.8%) | (959.8%) |
| Interest Expense | 0.01 | — | 0.00 | 0.01 |
| Other Income / (Expense) | (1.79) | (2.25) | 1.36 | 6.95 |
| Pretax Income | (13.91) | (16.27) | (10.40) | (4.44) |
| Tax Provision | 0.00 | — | — | — |
| Net Income | (13.91) | (16.27) | (10.40) | (4.44) |
| Net Margin % | (1107.4%) | — | (858.5%) | (381.7%) |
| Diluted EPS | — | — | -$0.10 | -$0.08 |
| Basic EPS | -$0.17 | -$0.10 | -$0.10 | -$0.08 |
| Diluted Avg Shares | — | — | 108.2 | 99.0 |
| Basic Avg Shares | 140.1 | — | 108.2 | 99.0 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 5.13 | 4.71 | 4.35 | 2.43 | 0.38 |
| Revenue YoY % | 9.1% | 8.3% | 79.0% | 544.0% | — |
| Cost of Revenue | 6.74 | 6.67 | 7.10 | — | 0.00 |
| Gross Profit | (1.61) | (1.96) | (2.75) | — | 0.38 |
| Gross Profit YoY % | 18.0% | 28.7% | — | — | — |
| Gross Margin % | (31.4%) | (41.7%) | (63.3%) | — | 100.0% |
| SG&A | 41.78 | 41.58 | 36.62 | 35.66 | 40.11 |
| R&D | 5.46 | 5.68 | 5.99 | 7.25 | 11.26 |
| Operating Expense | 47.66 | 47.68 | 43.30 | — | 56.63 |
| Operating Income | (49.27) | (49.64) | (46.05) | (48.48) | (56.25) |
| Operating Income YoY % | 0.7% | (7.8%) | 5.0% | 13.8% | — |
| Operating Margin % | (959.6%) | (1054.8%) | (1059.6%) | (1996.8%) | (14920.7%) |
| EBITDA | (48.40) | (48.77) | (44.88) | (45.98) | (54.31) |
| EBITDA Margin % | (942.6%) | (1036.3%) | (1032.8%) | (1893.9%) | (14407.2%) |
| Interest Expense | 0.02 | 0.02 | 0.03 | 0.42 | 0.01 |
| Other Income / (Expense) | 4.28 | (8.35) | 0.55 | (3.77) | — |
| Pretax Income | (45.01) | (58.01) | (45.53) | (52.67) | (56.17) |
| Tax Provision | 0.00 | 0.00 | 0.00 | — | — |
| Net Income | (45.01) | (58.01) | (45.53) | (52.67) | (56.17) |
| Net Margin % | (876.7%) | (1232.7%) | (1047.6%) | (2169.1%) | (14899.5%) |
| Diluted EPS | — | — | -$1.05 | -$1.26 | -$1.55 |
| Basic EPS | -$0.45 | -$0.69 | -$1.05 | -$1.26 | -$1.55 |
| Diluted Avg Shares | — | — | 50.5 | 41.8 | 36.2 |
| Basic Avg Shares | 140.1 | 101.9 | 50.5 | 41.8 | 36.2 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 27.88 | 34.70 | 47.33 | 31.12 |
| Receivables | 0.69 | 0.64 | 0.55 | 0.37 |
| Inventory | 0.47 | 0.35 | 0.49 | 0.51 |
| Other Current Assets | 2.33 | 1.77 | 1.47 | 1.83 |
| Total Current Assets | 31.36 | 37.47 | 49.84 | 33.83 |
| Net PPE | 0.91 | 0.81 | 0.86 | 0.95 |
| Operating Lease ROU | 1.59 | 1.81 | 2.02 | 2.24 |
| Intangible Assets | 0.21 | 0.32 | 0.42 | 0.53 |
| Other Assets | — | — | — | 1.12 |
| Total Assets | 34.08 | 40.45 | 53.20 | 38.67 |
| Accounts Payable | 1.08 | 0.97 | 0.75 | 0.83 |
| Current Lease Liabilities | 0.91 | 0.89 | 0.88 | 0.87 |
| Other Current Liabilities | 27.40 | 26.72 | 24.58 | 27.72 |
| Total Current Liabilities | 29.39 | 28.58 | 26.21 | 29.43 |
| Long-term Lease Liabilities | 0.69 | 0.93 | 1.16 | 1.38 |
| Total Liabilities | 30.08 | 29.51 | 27.36 | 30.81 |
| Retained Earnings | (297.96) | (274.33) | (258.07) | (247.67) |
| Total Equity | 4.00 | 10.94 | 25.84 | 7.86 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 27.88 | 34.70 | 22.36 | 18.90 | 22.47 |
| Receivables | 0.69 | 0.64 | 0.04 | 0.04 | 0.02 |
| Inventory | 0.47 | 0.35 | 0.34 | 0.28 | 0.11 |
| Other Current Assets | 2.33 | 1.77 | 2.40 | 2.85 | 1.75 |
| Total Current Assets | 31.36 | 37.47 | 25.15 | 22.07 | 24.36 |
| Net PPE | 0.91 | 0.81 | 1.06 | 1.33 | 1.59 |
| Operating Lease ROU | 1.59 | 1.81 | 2.64 | 1.31 | 2.01 |
| Intangible Assets | 0.21 | 0.32 | 0.74 | 1.42 | 3.44 |
| Other Assets | — | — | 1.13 | 1.13 | 1.11 |
| Total Assets | 34.08 | 40.45 | 30.71 | 27.27 | 32.51 |
| Accounts Payable | 1.08 | 0.97 | 1.24 | 1.15 | 1.06 |
| Current Lease Liabilities | 0.91 | 0.89 | 0.85 | 1.11 | 0.96 |
| Other Current Liabilities | 27.40 | 26.72 | 21.43 | 27.13 | 6.41 |
| Total Current Liabilities | 29.39 | 28.58 | 23.52 | 29.38 | 8.43 |
| Long-term Lease Liabilities | 0.69 | 0.93 | 1.80 | 0.20 | 1.04 |
| Total Liabilities | 30.08 | 29.51 | 25.32 | 29.58 | 9.46 |
| Retained Earnings | (297.96) | (274.33) | (203.77) | (150.74) | (98.08) |
| Total Equity | 4.00 | 10.94 | 5.39 | (2.31) | 23.05 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (13.91) | (16.27) | (10.40) | (4.44) |
| D&A | 0.22 | 0.21 | 0.22 | 0.22 |
| Stock-Based Comp | 1.41 | 1.17 | 1.14 | 1.14 |
| Δ Working Cap & Other | 0.17 | 2.31 | (1.85) | (7.47) |
| Operating Cash Flow | (12.10) | (12.58) | (10.89) | (10.55) |
| CapEx | (0.21) | — | — | — |
| Investing Cash Flow | (0.21) | (0.05) | (0.03) | (0.03) |
| Other Financing | 5.49 | — | 27.13 | 16.46 |
| Financing Cash Flow | 5.49 | 0.00 | 27.13 | 16.46 |
| Free Cash Flow | (12.32) | — | — | — |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (45.01) | (58.01) | (45.53) | (52.67) | (56.17) |
| D&A | 0.87 | 0.87 | 1.17 | 2.50 | 1.94 |
| Stock-Based Comp | 4.85 | 4.49 | 4.18 | 5.76 | 13.86 |
| Δ Working Cap & Other | (6.84) | 6.16 | (3.96) | 11.59 | 10.69 |
| Operating Cash Flow | (46.12) | (46.48) | (44.14) | (32.82) | (29.68) |
| CapEx | (0.32) | (0.20) | (0.30) | — | (3.20) |
| Other Investing | — | — | — | — | (0.91) |
| Investing Cash Flow | (0.32) | (0.20) | (0.65) | (0.22) | (4.11) |
| Debt Repayment | — | — | (2.65) | — | — |
| Stock Issuance | — | — | — | — | 1.81 |
| Other Financing | 49.08 | 59.03 | 50.90 | 29.46 | 0.80 |
| Financing Cash Flow | 49.08 | 59.03 | 48.25 | 29.46 | 2.61 |
| Free Cash Flow | (46.44) | (46.68) | (44.44) | — | (32.88) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 1.07 | 1.31 | 1.90 | 1.15 |
| Quick Ratio | 1.05 | 1.30 | 1.88 | 1.13 |
| Debt / Equity | 7.52 | 2.70 | 1.06 | 3.92 |
| EBITDA Margin % | (946.8%) | — | (952.8%) | (959.8%) |
| Working Capital | 1.98 | 8.89 | 23.64 | 4.41 |
| Net Debt | — | — | — | — |
| ROE % | (347.7%) | (148.7%) | (40.2%) | (56.5%) |
| ROA % | (40.8%) | (40.2%) | (19.5%) | (11.5%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 1.07 | 1.31 | 1.07 | 0.75 | 2.89 |
| Quick Ratio | 1.05 | 1.30 | 1.05 | 0.74 | 2.88 |
| Debt / Equity | 7.52 | 2.70 | 4.70 | -12.80 | 0.41 |
| EBITDA Margin % | (942.6%) | (1036.3%) | (1032.8%) | (1893.9%) | (14407.2%) |
| Working Capital | 1.98 | 8.89 | 1.62 | (7.31) | 15.93 |
| Net Debt | — | — | — | — | — |
| ROE % | (1125.3%) | (530.4%) | (844.5%) | 2278.9% | (243.7%) |
| ROA % | (132.1%) | (143.4%) | (148.2%) | (193.1%) | (172.8%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-21 | Matheis Dennis | Director | 2026-05-20 | P | 245,000 | $1.00 | $245,270 |
| 2026-02-24 | Aklog Lishan | Director, Officer (Chief Executive Officer) | 2026-02-20 | A | 2,170,000 | — | $0 |
| 2026-02-24 | Matheis Dennis | Director | 2026-02-20 | A | 123,000 | — | $0 |
| 2026-02-24 | White Debra | Director | 2026-02-20 | A | 123,000 | — | $0 |
| 2026-02-24 | Sparks Ronald M | Director | 2026-02-20 | A | 123,000 | — | $0 |
| 2026-02-24 | SOKOLOV JACQUE J | Director | 2026-02-20 | A | 123,000 | — | $0 |
| 2026-02-24 | PALUMBO JOHN R | Director | 2026-02-20 | A | 123,000 | — | $0 |
| 2026-02-24 | Lapidus Stanley | Director | 2026-02-20 | A | 123,000 | — | $0 |
| 2026-02-24 | Cox James L | Director | 2026-02-20 | A | 123,000 | — | $0 |
| 2026-02-24 | MCGRATH DENNIS M | Officer (Chief Financial Officer) | 2026-02-20 | A | 470,000 | — | $0 |
| 2026-02-24 | O'Neil Shaun | Officer (President and COO) | 2026-02-20 | A | 620,000 | — | $0 |
| 2026-02-24 | Gordon Michael Adam | Officer (General Counsel and Secretary) | 2026-02-20 | A | 300,000 | — | $0 |
| 2025-10-07 | PALUMBO JOHN R | Director | 2025-10-06 | A | 215,000 | — | $0 |
| 2025-08-22 | Matheis Dennis | Director | 2025-08-20 | P | 100,000 | $1.02 | $101,840 |
| 2025-05-23 | Matheis Dennis | Director | 2025-05-22 | P | 33,218 | $1.32 | $43,795 |
| 2025-05-23 | Matheis Dennis | Director | 2025-05-21 | P | 129,684 | $1.32 | $171,520 |
| 2025-05-23 | Matheis Dennis | Director | 2025-05-20 | P | 187,098 | $1.29 | $242,292 |
| 2025-05-22 | Matheis Dennis | Director | 2025-05-22 | P | 33,218 | $1.32 | $43,795 |
| 2025-05-22 | Matheis Dennis | Director | 2025-05-21 | P | 129,684 | $1.32 | $171,520 |
| 2025-05-22 | Matheis Dennis | Director | 2025-05-20 | P | 187,098 | $1.29 | $242,292 |
| 2025-02-21 | O'Neil Shaun | Officer (President and COO) | 2025-02-20 | A | 300,000 | — | $0 |
| 2025-02-21 | Aklog Lishan | Director, Officer (Chief Executive Officer) | 2025-02-20 | A | 300,000 | — | $0 |
| 2025-02-21 | SOKOLOV JACQUE J | Director | 2025-02-20 | A | 112,800 | — | $0 |
| 2025-02-21 | Lapidus Stanley | Director | 2025-02-20 | A | 112,800 | — | $0 |
| 2025-02-21 | Matheis Dennis | Director | 2025-02-20 | A | 112,800 | — | $0 |
| 2025-02-21 | Cox James L | Director | 2025-02-20 | A | 112,800 | — | $0 |
| 2025-02-21 | MCGRATH DENNIS M | Officer (Chief Financial Officer) | 2025-02-20 | A | 300,000 | — | $0 |
| 2025-02-21 | Gordon Michael Adam | Officer (General Counsel and Secretary) | 2025-02-20 | A | 300,000 | — | $0 |
| 2025-02-21 | White Debra | Director | 2025-02-20 | A | 112,800 | — | $0 |
| 2025-02-21 | Sparks Ronald M | Director | 2025-02-20 | A | 112,800 | — | $0 |