Slide 1: Q1 2024 Business Update
Nasdaq: LUCD Q1 2024 Business Update May 13, 2024 Lishan Aklog MD Dennis McGrath Chairman & CEO CFO
Slide 2: Disclaimer
Disclaimer § This presentation may contain certain forward-looking statements related to or Lucid Diagnostics Inc. (the “Company”) that involve risks and uncertainties. § Actual results and events may differ significantly from results and events discussed in forward- looking statements. § Factors th
Slide 3: Highlights: Commercial Execution
Highlights § Commercial Execution – 1Q24 Revenue $1.0M: Flat Quarterly, +124% Annually – 1Q24 EsoGuard test volume 2,420, +10% Quarterly, +31% Annually – Tests per seller productivity improving – Held 32 high-volume health fair #CYFT testing events, now with streamlined, centralized telehealth opera
Slide 4: Highlights: Key Strategic Accomplishments
Highlights § Key Strategic Accomplishments – Strengthened balance sheet by completing $29.8 million Series B Preferred Stock Offering – Peer-reviewed publication of positive data from landmark NCI-sponsored clinical validation study of EsoGuard esophageal precancer testing demonstrating unprecedente
Slide 5: Commercial-stage Cancer Prevention Medical Diagnostics Company
Nasdaq: LUCD Commercial-stage Cancer Prevention Medical Diagnostics Company Focused on Early Precancer Detection MISSION: Prevent Esophageal Cancer Deaths in At-risk Patients 5
Slide 6: EsoGuard Esophageal DNA Test
EsoGuard® Esophageal DNA Test First and only commercially available test capable of serving as a widespread screening tool to prevent esophageal cancer deaths through early detection of esophageal precancer 6
Slide 7: EsoGuard Performance
EsoGuard Performance Vs. Comparable Early Detection Tests EsoGuard Cologuard Guardant Shield Guardant Stage I Esophageal Colorectal Stool Colorectal Blood 100% 96% 92% 89% 91% 90% Short Segment 90% 83% Early Precancer 80% (SSBE) Sensitivity: 89% 70% 60% 55% Estimated Overall Negative Predictive 50%
Slide 8: ~$60 Billion Total Addressable Market Opportunity
30 Million $1,938 At-Risk Patients Recommended Medicare Payment for Precancer Testing ~$60 Billion Total Addressable Market Opportunity ~90 Percent Gross Margin 8
Slide 9: Multi-Pronged Commercial Strategy
Multi-Pronged Commercial Strategy Lucid Test Centers (LTC) Satellite LTC Physician Practices Mobile LTC #CYFT Health Fairs 9
Slide 10: EsoGuard Revenue & Test Volume
EsoGuard Revenue & Test Volume $1 ,20 0,000 3,000 Revenue Tests $1 ,00 0,000 2,500 $8 00,000 2,000 $6 00,000 1,500 $4 00,000 1,000 $2 00,000 50 0 $0 0 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 10
Slide 11: Commercial Execution
Commercial Execution § #CYFT Precancer Detection Events – Held 32 high-volume health fair #CYFT testing events – Implemented streamlined, centralized telehealth operation – Attended FDIC International, North America’s leading firefighter conference, with onsite EsoGuard testing § Direct Contracting
Slide 12: Direct Contracting
Direct Contracting EsoGuard offered as covered benefit to drive contractually-guaranteed revenues Benefits Brokers & Self-Insured Other Partners Third-Party Entities 9/11 Fund Administrators Employers Residential Communities Unions Direct Ongoing Contract – Charge per patient tested Benefit Plan Ame
Slide 13: Claims, Payments, Coverage
Claims, Payments, Coverage § Revenue Cycle Management – Continuous revenue cycle management improvements, including prior authorization appeals, physician advocacy, etc. – ~50% of adjudicated claims allowed – Average allowed payment stable at ~$1,800 § Medical Policy Coverage – Secured July 17 MolDX
Slide 14: State Biomarker Legislation
State Biomarker Legislation 14
Slide 15: NCI-Sponsored BETRNet Study
NCI-Sponsored BETRNet Study Highlights § Cancer sensitivity: 100% § Overall sensitivity and specificity: 85% § SSBE sensitivity: 89% § NPV: 98% § Average procedure time: 2.5 minutes § No adverse events 15
Slide 16: Oncoguard Esophagus
Oncoguard Esophagus Highlights § 63% SSBE sensitivity § 20% mild abrasions § 2% serious abrasions with bleeding § 2 catastrophic device failures 16
Slide 17: EsoGuard vs. Oncoguard Esophagus
EsoGuard vs. Oncoguard Esophagus 17
Slide 18: Q1 2024 Financial Update
(b) Lucid diagnostics a Q1 2024 Financial Update 18
Slide 19: Balance Sheet
Balance Sheet ($ in thousands) 4Q23 1Q24 Change Assets Cash $18,896 $24,769 $5,873 Fixed Assets 1,334 1,242 (92) All other Assets 7,040 6,037 (1,003) Liabilities Accounts Payable 1,146 969 (177) Intercompany Debt due to PAVmed 9,339 1,871 (7,468) Other Current Liabilities 18,897 17,137 (1,760) Long-
Slide 20: P&L
P&L ($ in thousands) 1Q23 1Q24 Change Revenue $446 $1,001 $555 Operating Expenses $14,763 $11,793 $(2,970) Net Loss $(16,247) $(10,612) $5,635 EBITDA $(15,680) $(10,167) $5,513 Stock-Based Compensation $3,208 $933 $(2,275) Non-GAAP Adjusted Loss $(9,784) $(9,358) $426 Non-GAAP Adjusted Loss per Shar
Slide 21: Non-GAAP Operating Expense
Non-GAAP Operating Expense To supplement our audited 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. Non-GAAP financial measures are presented with the int
Slide 22: Q&A
Q&A 22