Lucid Diagnostics Inc. LUCD
Lucid Diagnostics is a commercial-stage cancer prevention medical diagnostics technology company. 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, specifically highly lethal esophageal adenocarcinoma ("EAC").
We believe that our flagship product, the EsoGuard Esophageal DNA Test, performed on samples collected with the EsoCheck Esophageal Cell Collection Device, constitutes the first and only commercially available diagnostic test capable of serving as a widespread testing tool with the goal of preventing EAC deaths, through early detection of esophageal precancer in at-risk GERD patients.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $4.7M | $4.3M | $2.4M | $377.0K | $500.0K | — | — |
| Cost of revenue | $6.7M | $7.1M | — | $100.0M | $585.0K | — | — |
| Gross profit | -$2.0M | -$2.8M | — | $377.0K | $500.0K | — | — |
| R&D | $5.7M | $6.0M | $7.3M | $11.3M | $9.3M | $5.4M | — |
| SG&A | $23.9M | $20.2M | $19.3M | $24.0M | $21.0K | $7.0K | — |
| Total operating expenses | $54.3M | $50.4M | $50.9M | $56.6M | $27.9M | $8.3M | — |
| Operating income | -$49.6M | -$46.1M | -$48.5M | -$56.3M | -$27.4M | -$8.3M | — |
| Interest expense | $22.0K | $26.0K | $416.0K | $8.0K | — | — | — |
| Pre-tax income | -$58.0M | -$45.5M | -$52.7M | -$56.2M | -$28.1M | -$8.3M | — |
| Income tax | $0 | $0 | — | — | — | — | — |
| Net income | -$58.0M | -$45.5M | -$52.7M | -$56.2M | -$28.1M | -$8.3M | — |
| EPS, basic | -0.69 | -1.05 | -1.26 | -1.55 | -1.51 | — | — |
| EPS, diluted | — | -1.05 | -1.26 | -1.55 | -1.51 | -0.59 | — |
| Shares, diluted (wtd. avg.) | $101.9M | $50.5M | $41.8M | $36.2M | $18.6M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | — | $22.4M | $18.9M | $22.5M | $53.7M | — | — |
| Receivables | $643.0K | $45.0K | $45.0K | $17.0K | $200.0K | — | — |
| Inventory | $353.0K | $341.0K | $278.0K | $111.0K | — | — | — |
| Total current assets | $37.5M | $25.1M | $22.1M | $24.4M | $57.3M | $1.4M | — |
| Property, plant and equipment | $809.0K | $1.1M | $1.3M | $1.6M | $971.0K | — | — |
| Other intangibles | $315.0K | $736.0K | $1.4M | $3.4M | — | — | — |
| Total assets | $40.4M | $30.7M | $27.3M | $32.5M | $59.0M | $2.2M | — |
| Accounts payable | $970.0K | $1.2M | $1.1M | $1.1M | $1.5M | $2.1M | — |
| Total current liabilities | $28.6M | $23.5M | $29.4M | $8.4M | $4.3M | — | — |
| Total liabilities | $29.5M | $25.3M | $29.6M | $9.5M | $4.3M | $15.7M | — |
| Retained earnings | -$274.3M | -$203.8M | -$150.7M | -$98.1M | -$41.9M | -$13.8M | — |
| Total equity | $10.9M | $5.4M | -$2.3M | $23.0M | $54.7M | -$13.5M | -$5.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$46.5M | -$44.1M | -$32.8M | -$29.7M | -$17.7M | -$5.6M | — |
| Depreciation and amortisation | $872.0K | $1.2M | $2.5M | $1.9M | $4.0K | — | — |
| Stock-based compensation | — | $4.2M | $5.8M | $13.9M | $9.1M | $65.0K | — |
| Capital expenditure | $197.0K | $296.0K | — | $3.2M | $862.0K | — | — |
| Investing cash flow | -$197.0K | -$646.0K | -$221.0K | -$4.1M | -$862.0K | — | — |
| Financing cash flow | $59.0M | $48.2M | $29.5M | $2.6M | $72.1M | $5.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-009805.
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