Lucid Diagnostics Inc.

Lucid Diagnostics Inc. (NASDAQ: LUCD) is a commercial-stage cancer prevention medical diagnostics company focused on early detection of esophageal adenocarcinoma and its precursor, Barrett's esophagus, in patients with gastroesophageal reflux disease. The company's flagship product is the EsoGuard Esophageal DNA Test, a bisulfite-converted targeted next-generation sequencing assay that quantifies methylation at 31 sites on two genes to detect esophageal precancer. EsoGuard is performed on samples collected using the EsoCheck Esophageal Cell Collection Device, an FDA 510(k)-cleared noninvasive swallowable balloon capsule designed for in-office targeted sampling of esophageal surface cells in less than two minutes. The company's proprietary Collect+Protect technology enables anatomically targeted and protected cell sampling.

Lucid operates LucidDx Labs, a CLIA-certified, CAP-accredited clinical laboratory in Lake Forest, California, where EsoGuard testing is performed. The company also operates CapNostics, LLC as a subsidiary. EsoGuard technology is licensed from Case Western Reserve University under an exclusive worldwide license agreement with royalty obligations based on net sales and minimum annual payments.

The company commercializes its products through multiple channels including company-owned Lucid Test Centers, satellite test centers operated through mobile testing units, direct contracting with employers and unions, health system partnerships, and a telemedicine program. In December 2019, EsoGuard received a Medicare payment determination of $1,938.01 per test. The company has received FDA Breakthrough Device Designation for EsoGuard and holds CE Mark certification for both products in European markets.

EsoGuard and EsoCheck are protected by multiple patent families, with EsoCheck patent protection extending to May 2034 and EsoGuard patents extending to August 2024 and beyond through pending applications. The company maintains proprietary trademarks including EsoGuard, EsoCheck, Collect+Protect, and related marks. Lucid is substantially owned by PAVmed, which beneficially owns approximately 27.5 percent of outstanding common stock as of December 31, 2025.