# EDGAR Filing Document

**Accession Number:** 0001799011
**File Stem:** 0001493152-26-022877
**Filing Date:** 2026-5
**Character Count:** 18123
**Document Hash:** 2ad16c3191c4998a7fc5de3b4d97f9fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-022877.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001493152-26-022877

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260514

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lucid Diagnostics Inc.
- **CENTRAL INDEX KEY:** 0001799011
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 825488042
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40901
- **FILM NUMBER:** 26975933

**BUSINESS ADDRESS:**
- **STREET 1:** 360 MADISON AVENUE
- **STREET 2:** 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212 949 4319

**MAIL ADDRESS:**
- **STREET 1:** 360 MADISON AVENUE
- **STREET 2:** 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **<u>May 14, 2026</u>**

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| |
|:---|
| **LUCID DIAGNOSTICS INC.** |
| (Exact Name of Registrant as Specified in Charter) |

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| | | |
|:---|:---|:---|
| **Delaware** | **001-40901** | **82-5488042** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

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| | |
|:---|:---|
| **360 Madison Avenue** **, 25<sup>th</sup> Floor, New York, New York** | **10017** |
| (Address of Principal Executive Offices) | (Zip Code) |

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Registrant's telephone number, including area code: **<u>(917) 813-1828</u>**

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| |
|:---|
| **N/A** |
| (Former Name or Former Address, if Changed Since Last Report) |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, Par Value $0.001 Per Share | LUCD | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02 Results of Operations and Financial Condition.**

On May 14, 2026, Lucid Diagnostics Inc. (the "<u>Company</u>") issued a press release announcing financial results for its fiscal quarter ended March 31, 2026 and providing a business update. A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

**Item 7.01. Regulation FD Disclosure.**

The disclosure set forth under Item 2.02 is incorporated herein by reference.

The information furnished under Items 2.02 and 7.01, including the exhibit related thereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits:

<u>Exhibit No.</u> <u>Description</u> <br> 99.1 [Press release.](ex99-1.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Dated: May 14, 2026 | LUCID DIAGNOSTICS INC. | LUCID DIAGNOSTICS INC. |
|  | By: | */s/ Dennis McGrath* |
|  |  | Dennis McGrath |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Lucid Diagnostics Provides Business Update and Reports First Quarter 2026 Financial Results**

*Processed 3,177 EsoGuard<sup>®</sup> tests and recognized 1Q26 revenue of $1.3 million, ending quarter with $45 million in proforma cash and a runway that extends into 2027 and past upcoming reimbursement milestones*

 

*Conference call and webcast to be held today, May 14, at 8:30 AM EDT*

**NEW YORK, May 14, 2026 - <u>Lucid Diagnostics Inc.</u> (Nasdaq: LUCD)** ("Lucid" or the "Company") a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. (Nasdaq: PAVM) ("PAVmed"), today provided a business update for the Company and reported financial results for the first quarter ended March 31, 2026.

**Conference Call and Webcast**

The webcast will take place on Thursday, May 14, 2026, at 8:30 AM and will be accessible in the investor relations section of the Company's website at <u>luciddx.com.</u> Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-800-836-8184 and international listeners should dial 1-646-357-8785. All listeners should provide the operator with the conference call name "Lucid Diagnostics Business Update" to join.

Following the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's website at <u>luciddx.com</u>.

**Business Highlights**

"Securing Medicare coverage remains our most important pending milestone, and our confidence in a positive outcome has not wavered," said <u>Lishan Aklog, M.D.,</u> Lucid's Chairman and Chief Executive Officer. "We continue to build commercial momentum for EsoGuard by generating consistent demand, progressing our Medicare and VA targeting efforts, and expanding engagement with health systems and commercial payors. Together with our strengthened balance sheet, these initiatives have us well-positioned to convert EsoGuard demand to revenue and further accelerate commercialization as Medicare and other key reimbursement milestones are achieved."

**Highlights from the first quarter and recent weeks**:

● Processed 3,177 <u>EsoGuard<sup>®</sup> Esophageal DNA Tests</u> in 1Q26.

● Recognized $1.3 million in EsoGuard revenue for 1Q26.

● <u>Strengthened balance sheet</u> with underwritten public offering of common stock, netting approximately $17 million in proceeds; ended 1Q26 with $45 million in proforma cash, extending runway into 2027.

● Strong presence at <u>Digestive Disease Week</u> (DDW), which included multiple EsoGuard abstracts, extensive engagement with the gastroenterology community, and a preview of a major upcoming clinical practice guideline update recommending EsoGuard and EsoCheck<sup>®</sup> as the only non-endoscopic test with high certainty of evidence.

**Financial Results**

● For the three months ended March 31, 2026, EsoGuard related revenues were $1.3 million. Operating expenses were approximately $13.4 million, which included stock-based compensation expenses of $1.4 million. GAAP net loss attributable to common stockholders was approximately $23.6 million, inclusive of a deemed Preferred Stock dividend of $9.7 million or $(0.17) per common share.

● As shown below and for the purpose of illustrating the effect of stock-based compensation and other non-cash income and expenses on the Company's financial results, the Company's non-GAAP adjusted loss for the three months ended March 31, 2026 was approximately $10.5 million or $(0.07) per common share.

● Lucid had cash and cash equivalents of $27.9 million as of March 31, 2026, compared to $34.7 million as of December 31, 2025.

● The unaudited financial results for the three months ended March 31, 2026, were filed with the SEC on Form 10-Q on May 13, 2026, and available at www.luciddx.com or www.sec.gov.

 

*Lucid Non-GAAP Measures*

● To supplement our unaudited financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company's financial results. These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA), and non-GAAP adjusted loss, which further adjusts EBITDA for stock-based compensation expense and other non-cash income and expenses, if any. The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted loss are not recognized terms under U.S. GAAP.

● Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision-making. We believe these non-GAAP financial measures provide meaningful information to assist investors, shareholders, and other readers of our unaudited financial statements in making comparisons to our historical financial results and analyzing the underlying performance of our results of operations. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures.

● Non-GAAP financial measures are provided to enhance readers' overall understanding of our current financial results and to provide further information for comparative purposes. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook. Specifically, the non-GAAP financial measures include non-GAAP adjusted loss, and its presentation is intended to help the reader understand the effect of the loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, the loss on debt extinguishment, and the corresponding accounting for non-cash charges on financial performance. In addition, management believes non-GAAP financial measures enhance the comparability of results against prior periods.

● A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this press release for the three months ended March 31, 2026, and 2025 are as follows:

 

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| | | |
|:---|:---|:---|
| (in thousands except per-share amounts) | For the three months ended<br> March 31, | For the three months ended<br> March 31, |
|  | **2026** | **2025** |
| **Revenue** | $1256 | $828 |
| **Operating expenses** | 13370 | 13315 |
| **Other (Income) expense, net** | 1795 | 14421 |
| &nbsp;&nbsp;&nbsp;**Net Loss** | (13909) | (26908) |
| &nbsp;&nbsp;&nbsp;**Net income (loss) per common share, basic and diluted** | $(0.17) | $(0.52) |
| **Net loss attributable to common stockholders** | (23628) | (36018) |
| Preferred Stock dividends | 9719 | 9110 |
| &nbsp;&nbsp;&nbsp;**Net income (loss) as reported** | (13909) | (26908) |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense<sup>1</sup> | 222 | 221 |
| &nbsp;&nbsp;&nbsp;Interest expense, net<sup>2</sup> | (64) | (57) |
| **EBITDA** | (13751) | (26744) |
| **Other non-cash or financing related expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>3</sup> | 1411 | 1030 |
| &nbsp;&nbsp;&nbsp;Operating expenses issued in stock<sup>1</sup> | 29 | 74 |
| &nbsp;&nbsp;&nbsp;Change in FV convertible debt<sup>2</sup> | 1859 | 14478 |
| **Non-GAAP adjusted (loss)** | $(10452) | $(11162) |
| &nbsp;&nbsp;&nbsp;Basic and Diluted shares outstanding | 140097 | 68796 |
| &nbsp;&nbsp;&nbsp;Non-GAAP adjusted (loss) income per share | $(0.07) | $(0.16) |

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**<sup>1</sup>** Included in general and administrative expenses in the financial statements.

<sup>2</sup> Included in other income and expenses.

<sup>3</sup> Stock-based compensation ("SBC") expense included in operating expenses is detailed as follows in the table below by category within operating expenses for the non-GAAP Net operating expenses:

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| | | |
|:---|:---|:---|
| (in thousands except per-share amounts) | For the three months ended<br> March 31, | For the three months ended<br> March 31, |
|  | **2026** | **2025** |
| **Cost of revenues** | $1625 | $1551 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>3</sup> | (114) | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cost of revenues | 1511 | 1480 |
| **Amortization of intangible assets** | 105 | 105 |
| **Sales and marketing** | 5002 | 4069 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>3</sup> | (255) | (239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales and marketing | 4747 | 3830 |
| **General and administrative** | 5432 | 6162 |
| &nbsp;&nbsp;&nbsp;Depreciation expense | (117) | (116) |
| &nbsp;&nbsp;&nbsp;Operating expenses issued in stock | (29) | (74) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>3</sup> | (907) | (601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net general and administrative | 4379 | 5371 |
| **Research and development** | 1206 | 1428 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>3</sup> | (135) | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net research and development | 1071 | 1309 |
| **Total operating expenses** | 13370 | 13315 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | (222) | (221) |
| &nbsp;&nbsp;&nbsp;Operating expenses issued in stock | (29) | (74) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>3</sup> | (1411) | (1030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating expenses | $11708 | $11990 |

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**About Lucid Diagnostics**

Lucid Diagnostics Inc. is a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. Lucid is focused on the millions of patients with GERD, also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer. Lucid's EsoGuard<sup>®</sup> Esophageal DNA Test, performed on samples collected in a brief, noninvasive office procedure with its EsoCheck<sup>®</sup> Esophageal Cell Collection Device - the first and only commercially available tools designed with the goal of preventing esophageal cancer and cancer deaths through widespread, early detection of esophageal precancer in at-risk patients.

For more information, please visit luciddx.com and for more information about its parent company PAVmed, please visit pavmed.com.

**Forward-Looking Statements**

This press release includes forward-looking statements that involve risk and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of Lucid Diagnostics' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of Lucid Diagnostics' common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance Lucid Diagnostics' products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from Lucid Diagnostics' clinical and preclinical studies; whether and when Lucid Diagnostics' products are cleared by regulatory authorities; market acceptance of Lucid Diagnostics' products once cleared and commercialized; Lucid Diagnostics' ability to raise additional funding as needed; and other competitive developments. These factors are difficult or impossible to predict accurately and many of them are beyond Lucid Diagnostics' control. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect Lucid Diagnostics' future operations, see Part I, Item 1A, "Risk Factors," in Lucid Diagnostics' most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, "Risk Factors" in any Quarterly Report on Form 10-Q filed by Lucid Diagnostics after its most recent Annual Report. Lucid Diagnostics disclaims any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.

**Investor and Media Contact**

Matt Riley

Vice President, Investor Relations

PAVmed and Lucid Diagnostics<br> mjr@pavmed.com