Lucid Diagnostics (LUCD) Registration filing summary

Company overview and business model

• Commercial-stage diagnostics company focused on cancer prevention for GERD patients at risk of esophageal adenocarcinoma (EAC).

• Flagship products are EsoGuard (DNA test) and EsoCheck (cell collection device), targeting early detection of esophageal precancer.

• Products are based on patented technology licensed from Case Western Reserve University.

• Recent milestones include a contract with the U.S. Department of Veterans Affairs and submission for Medicare coverage reconsideration.

• Majority-owned subsidiary of PAVmed, incorporated in Delaware in 2018.

Financial performance and metrics

• Has incurred operating losses since inception and may not achieve profitability.

• Substantial doubt exists regarding ability to continue as a going concern, as noted by independent auditors.

• Net tangible book value as of December 31, 2025, was $0.08 per share; pro forma as adjusted after offering would be $0.18 per share.

• Expects to need additional capital funding, compounded by obligations to parent company PAVmed.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for working capital and general corporate purposes.

• No specific allocation identified; proceeds may be temporarily invested in short-term, interest-bearing securities.