New York-based Lucid Diagnostics has announced financial results for the first quarter (Q1) of 2025.
The company reported $0.8 million in revenue from its precancer detection, EsoGuard esophageal DNA Tests, noting that it processed 3,034 tests in Q1.
Lucid’s Financials
Lucid also reported $40 million in proforma cash and “extended runway well into 2026 and past key milestones” at the end of Q1. The company raised approximately $30.6 million in proceeds from two common stock offerings in March.
“We are now better positioned than ever to capitalize on EsoGuard’s significant clinical and commercial opportunity,” said Lishan Aklog, Lucid’s Chairman and Chief Executive Officer.
“We continue to make strong progress on multiple fronts – expanding our cash-pay and contracted programs targeting concierge medicine practices and self-insured employers, while also gaining traction with regional commercial insurers for EsoGuard coverage. With additional capital secured, we have extended our operational runway well beyond key upcoming reimbursement milestones, including Medicare. This positions us to accelerate commercialization efforts once these milestones are achieved.”
Following the news, Lucid’s stock rose by 13.7% at the market close on 14 May, compared to the market open on the same day.
Lucid is a subsidiary of PAVmed, a medical technology company, which ended Q1 2025 with $2.7 million in cash reserves. While PAVmed considers Lucid its subsidiary, it does not consolidate EsoGuard-related revenues with its results, owing to deconsolidation effective from 10 September 2024.
Lucid also reported that it is gaining “traction in cash-pay concierge medicine and employer markets sales channels, both of which are expected to begin driving contractually-guaranteed revenue in the second half of 2025”.
EsoGuard data
EsoGuard is conducted using samples taken through a simple, noninvasive office procedure with Lucid’s EsoCheck esophageal cell collection device, a commercially available tool aimed at preventing esophageal cancer and mortality by enabling early detection of precancerous conditions in at-risk patients.
In April, Lucid reported data from a National Cancer Institute (NCI)-sponsored study demonstrating that its EsoGuard test can effectively detect esophageal precancer (Barrett’s Esophagus or BE) among at-risk patients without symptoms of chronic gastroesophageal reflux disease (GERD), such as heartburn. The test demonstrated a negative predictive value (NPV) of 100% for detecting esophageal precancer
The company is also evaluating the test in a larger ongoing five-year multicenter clinical study evaluating EsoGuard in asymptomatic patients supported by an $8 million National Institutes of Health (NIH) R01 grant. The study is expected to enroll 800 patients without GERD symptoms who meet the American Gastroenterological Association’s (AGA) risk criteria for screening.
