Lucid Diagnostics(US:LUCD)2025-08-12 21:29Revenue and Financial Performance - The Company recognized revenue from the delivery of EsoGuard test results, with gross margin expected to fluctuate based on test volume and operating efficiencies [124][126]. - Revenue for the three months ended June 30, 2025, was $1.2 million, a 20% increase from $1.0 million in the same period of 2024, primarily due to higher consideration for EsoGuard Esophageal DNA Tests [135]. - Cost of revenue for the three months ended June 30, 2025, remained stable at approximately $1.6 million, unchanged from the prior year [136]. - The company experienced a net loss of approximately $31.3 million and used approximately $23.0 million of cash in operations during the six months ended June 30, 2025 [154]. - The company ended the quarter with cash on hand of $31.1 million as of June 30, 2025 [154]. - The company closed on the sale of 13,939,330 shares of common stock at $1.10 per share on March 5, 2025, generating net proceeds of approximately $14.9 million [156]. - The Company raised approximately $16.1 million from the sale of 14,375,000 shares at $1.20 per share in April 2025, intended for working capital [117]. - The company entered into an "at-the-market offering" for up to $25.0 million of its common stock, selling 215,421 shares for net proceeds of approximately $0.3 million in the six months ended June 30, 2025 [158]. Clinical and Research Developments - EsoGuard demonstrated a sensitivity of approximately 90% for detecting disease across the esophageal precancer to cancer spectrum, with a negative predictive value (NPV) of around 99% [109]. - The Company submitted a clinical evidence package to secure Medicare coverage for EsoGuard, which included six new peer-reviewed publications [112]. - A comprehensive esophageal precancer testing program using EsoGuard was launched by Hoag, a recognized healthcare delivery network [120]. - The Company received a positive coverage policy from Highmark Blue Cross Blue Shield for EsoGuard in New York state, effective May 26, 2025 [122]. - An $8 million NIH R01 grant was awarded to evaluate esophageal precancer detection using EsoCheck and EsoGuard among at-risk individuals without GERD symptoms [123]. - The diagnostic yield of Barrett's Esophagus detection increased by 2.4-fold in a study analyzing EsoGuard-positive patients compared to established performance goals [114]. Expenses and Operational Costs - General and administrative expenses are anticipated to increase as business operations grow, including costs related to being a public company [129]. - Sales and marketing expenses decreased to approximately $4.0 million in the three months ended June 30, 2025, down from $4.2 million, reflecting a net decrease of 4.8% primarily due to lower compensation costs [137]. - General and administrative expenses increased to approximately $5.6 million for the three months ended June 30, 2025, up from $4.9 million, marking a 14.3% increase attributed to various factors including research and development [138]. - Research and development costs for the three months ended June 30, 2025, were approximately $1.3 million, a slight decrease of 7.1% from $1.4 million in the prior year [138]. Market and Index Inclusion - The Company was added to the Russell 2000® and 3000® Indexes on June 27, 2025, following the annual reconstitution by FTSE Russell [119]. Other Financial Metrics - The change in fair value of convertible notes resulted in approximately $6.8 million of income for the three months ended June 30, 2025 [140].