You might also like
Lucid Diagnostics Inc. is a commercial-stage medical diagnostics technology company focused on cancer prevention. The company specializes in detecting esophageal precancer in patients with gastroesophageal reflux disease (GERD) who are at risk of developing esophageal adenocarcinoma (EAC). Lucid Diagnostics primarily sells laboratory testing services, notably the EsoGuard Esophageal DNA Test, which is central to its revenue generation.
- EsoGuard Esophageal DNA Test - Detects esophageal precancer in at-risk GERD patients using a bisulfite-converted targeted next-generation sequencing (NGS) DNA assay performed on surface esophageal cells collected with the EsoCheck device.
- EsoCheck Esophageal Cell Collection Device - A noninvasive swallowable balloon capsule catheter device capable of sampling surface esophageal cells in a less than five-minute office procedure, utilizing proprietary Collect+Protect™ technology for anatomically targeted and protected sampling.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Lishan Aklog ExecutiveBoard | Chairman and Chief Executive Officer | Chairman and Chief Executive Officer at PAVmed Inc.; Executive Chairman at Veris Health Inc. | Lishan Aklog, M.D., is the Chairman and Chief Executive Officer of LUCD since the IPO and previously served as Executive Chairman of the company until the IPO, while also leading PAVmed Inc. as its CEO since June 2014. | View Report → |
Dennis M. McGrath Executive | Chief Financial Officer | President of PAVmed Inc. (since March 2019); Chief Financial Officer of PAVmed Inc. (since March 2017); Board Member of Veris Health Inc. (since May 2021) | Dennis M. McGrath has served as the Chief Financial Officer at Lucid Diagnostics Inc. since its inception. He previously served as a director until the company’s IPO and concurrently holds executive roles at PAVmed Inc. as President (since March 2019) and CFO (since March 2017). | |
Michael A. Gordon Executive | General Counsel and Secretary | Michael A. Gordon is General Counsel and Secretary at LUCD since May 2022. Previously, he served as a partner and management committee member at Friedman Kaplan Seiler & Adelman LLP from January 2013 to May 2022. | ||
Shaun M. O’Neil Executive | President and Chief Operating Officer | Shaun M. O’Neil currently serves as President and Chief Operating Officer at LUCD since November 2023. Previously, he served as Executive Vice President and Chief Operating Officer from April 2022 to November 2023 and as Chief Commercial Officer from July 2018 to March 2022. |
- In light of the current 10%-15% Medicare mix versus your target of 40% post-coverage, what specific strategies and timelines do you have in place to accelerate the transition, and how will you address potential delays in the draft LCD issuance?
- With revenue recognition heavily dependent on collections and noted issues such as lumpiness from large testing events and the Z-code delays with UnitedHealthcare, how do you plan to smooth revenue variability and minimize the impact of delayed collections on your financial performance?
- Given your recent strategic shift toward concierge medicine and employer contracting, can you provide detailed insights on how these channels will scale relative to traditional payer revenue, and what actions will be taken if these alternative channels underperform?
- Considering the promising clinical data from the NCI-sponsored study and the forthcoming NIH study, how will you manage any potential disparities between early clinical outcomes and real-world performance as testing volumes increase, and what impact might these have on payer confidence?
- Despite strengthening your balance sheet to a pro forma cash level of approximately $41 million, your quarterly burn rate remains high at $11.3 million; what specific measures are you implementing to reduce cash burn without compromising vital commercial and operational investments amid ongoing reimbursement challenges?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Cyted | A UK-based medical technology firm with a diagnostic platform to detect Barrett's Esophagus (BE) has announced that it is seeking capital to fund expansion into the U.S. market. It commercializes EndoSign, a small mesh sponge within a soluble gelatin capsule that brushes the lining of the esophagus, although it does not provide anatomic targeting or protect its sample from contamination during withdrawal, unlike EsoCheck. |
The company, in collaboration with the Mayo Clinic, has published preliminary data on biomarkers designed to detect esophageal precancer and has publicly expressed a commitment to advancing them to commercialization. | |
Previse | A privately held firm associated with investigators at Johns Hopkins University has published limited data on methylation biomarkers for Barrett's Esophagus (BE). The group used the EsophaCap 'sponge-on-a-string' cell collection device in their studies. |
Previously marketed Cytosponge in the U.S., a spherical mesh sponge encapsulated in soluble gelatin that brushes the lining of the esophagus upon withdrawal. This device is similar to EsophaCap and is utilized almost exclusively for clinical research. | |
The eNose Company | Based in the Netherlands, this company has developed an 'electric nose' device that measures volatile organic compounds (VOCs) and may be able to identify patients with Barrett's Esophagus (BE) based on early data. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
ResearchDx, Inc. | 2022 | **Lucid Diagnostics Inc., via its subsidiary LucidDx Labs, acquired select assets from ResearchDx to establish a CLIA-certified, CAP-accredited lab for its EsoGuard assay, with a deal valued up to $6.2M (including $1.0M non-contingent and $5.2M contingent considerations) and a three-year management services agreement for laboratory operations. ** |
Recent press releases and 8-K filings for LUCD.
- Lucid Diagnostics Inc. announced that MolDX-participating Medicare Administrative Contractors (MACs) will convene a MolDX Contractor Advisory Committee (CAC) Meeting on September 4, 2025, from 2:00 to 4:00 p.m. ET.
- This meeting is a critical step in the reconsideration of Local Coverage Determination (LCD) L39256, "MolDX: Molecular Testing for Detection of Upper Gastrointestinal Metaplasia, Dysplasia, Neoplasia," which Lucid requested in November 2024 to secure Medicare coverage for its EsoGuard® Esophageal DNA Test.
- Lucid's Chairman and CEO, Lishan Aklog, M.D., views this meeting as strong evidence of progress toward a positive Medicare coverage policy outcome for EsoGuard, which is designed for the early detection of esophageal precancer.
- On May 30, 2025, Lucid Diagnostics entered into an at-the-market sales agreement with Maxim Group LLC to sell up to $25 million of its common stock under its Form S-3 shelf registration.
- The Company will pay the Agent a 3.0% commission on aggregate gross sales and reimburse legal fees up to $60,000 at closing and $7,500 per quarter thereafter.
- Settlement of share sales occurs on the first trading day after execution, with net proceeds delivered in same-day funds.
- Net proceeds are intended for working capital and general corporate purposes.
- NCI-sponsored pilot data showed EsoGuard’s 100% negative predictive value in asymptomatic at-risk patients with an 8% prevalence, suggesting a potential 70% expansion of its $60 B total addressable market .
- 3,034 EsoGuard tests performed in Q1 2025 with $7.5 M billed pro forma and $0.8 M collected amid reimbursement headwinds .
- Reported a GAAP net loss of $36.0 M (or $(0.52) per share) and a non-GAAP adjusted loss of $(11.2 M) (or $(0.16) per share) .
- Raised $30.6 M (or $16.1 M net from an underwritten offering) and ended Q1 with over $40 M in pro forma cash, extending the runway into 2026 .
- Reimbursement progress achieved by securing positive policy coverage with Highmark BCBS NY, updating NCCN guidelines, and anticipating imminent Medicare LCD coverage .
- Expanded cash-pay channels by doubling concierge medicine and employer contracts in Q1, with revenue impact expected in H2 2025 .
- Launched the “Embrace the Future” campaign and partnered with a major health system to expand EsoGuard testing across primary care, digestive health, and concierge programs .