Slide 1: Q2 2023 Business Update
Nasdaq: LUCD Q2 2023 Business Update August 15, 2023 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: 2Q23 Highlights
2Q23 Highlights § Commercial Execution – 2,202 commercial EsoGuard tests: +20% Quarterly, +159% Annually – Driven by increased seller productivity and satellite LTC/high volume testing event activity § Strategic Accomplishments – Upgraded revenue cycle management infrastructure completed (May-June)
Slide 4: Lucid Products
Lucid Products First and only commercially available test capable of serving as a widespread tool to prevent cancer deaths through early detection of esophageal precancer Nonendoscopic biomarker testing supported by both major gastroenterology societies as an acceptable alternative to endoscopy 4
Slide 5: Esophageal Cancer: Highly Lethal and Preventable
Esophageal Cancer Highly Lethal and Preventable Over Estimated 2021 Over Incidence Increase 16,000 US Deaths 2nd Most Lethal Cancer 500% Since 1975 Over 80% Overall 5-Year Mortality Over 40% Stage I 5-Year Mortality Early PRECANCER detection is necessary to prevent EAC deaths Less than 5% of those r
Slide 6: Early Detection Saves Lives
Early Detection Saves Lives #CheckYourFoodTube § Patient “Steve” – 70–year-old white male former smoker from Pacific NW – Long-time chronic heartburn sufferer on PPI medication – Last endoscopy over 20 years ago § Freddy Foodtube® says “#CYFT” – Saw EsoGuard educational poster ü in allergist waiting
Slide 7: EsoGuard Commercial Opportunity
EsoGuard Commercial Opportunity ~30 Million X $1938 = ~$60 Billion At-Risk Medicare Total Addressable Chronic Heartburn Payment US Market Patients Recommended for Precancer Testing Over EsoGuard Estimated 90% Gross Margin at Volume 7
Slide 8: EsoGuard Testing Volume by Quarter
EsoGuard Testing Volume by Quarter 2500 2000 20% Near-term 1500 Laboratory & >10,000 tests 159% Manufacturing per quarter Capacity 2,202 1000 1,841 1,088 1,174 500 850 533 202 203 302 0 91 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 8
Slide 9: 2Q23 EsoGuard Testing Volume
2Q23 EsoGuard Testing Volume By Referral Source By Operator 14% 31% 46% 54% 55% Primary Care Physician Lucid Test Center (LTC) Satellite LTC Specialist / Institution Physician Practice 9
Slide 10: EsoGuard Test Volume Growth Drivers
Commercial Execution EsoGuard Test Volume Growth Drivers § Field Team – Per-seller productivity increased substantially – Improved coordination between sales and clinical team – 99% technical success and >95% sufficient DNA rates holding § Satellite Lucid Test Centers – sLTC model thriving – Broader
Slide 11: Claims, Payments, Coverage
Claims, Payments, Coverage § Revenue Cycle Management Upgrade – Engaged market leader in diagnostics RCM – Claims submission/adjudication paused during May 1 to Jun 12 transition – Immediate positive impact for July on all fronts including average Clinical allowed success and payments, net ASP Claim
Slide 12: Clinical Utility Studies
Clinical Utility Studies Enrolled / Data Study Design Study Status Collected to Date Post and submit first Prospective CLUE manuscript Aug 206 Multi-center Ongoing recruitment Post and submit first Lucid Prospective manuscript Aug 320 Registry Multi-center Ongoing recruitment Retrospective analysis
Slide 13: NCI BETRNet Consortium EsoGuard Study
NCI BETRNet Consortium EsoGuard Study Barrett's Esophagus Translational Research Network § EsoGuard v. Endoscopy Case-Control Study – Room temperature preservative § Study Population 365 Patients Enrolled 303 Patients Completed EsoCheck • 83% (77%-92%) Technical Success Moinova, Dumont, Faulx, • 94%
Slide 14: BETRNet EsoGuard Performance Highlights
BETRNet EsoGuard Performance Highlights Vs. Comparable Early Cancer Detection Targets EsoGuard Cologuard Guardant Shield Guardant Stage I Esophageal Colorectal Stool Colorectal Blood 100% 100% 92% Estimated Overall Negative 90% 83% 81% 85% Predictive Value (NPV): 99% 80% Specificity: 84% 70% 60% 55%
Slide 15: Q2 2023 Financial Update
Lucid. gees ey Q2 2023 Financial Update 45
Slide 16: Balance Sheet
Balance Sheet ($ in thousands) 1Q23 2Q23 Change Assets Cash $39,522 $32,570 ($6,952) Fixed Assets 1,502 1,389 (113) All other Assets 8,101 8,527 426 Liabilities Accounts Payable 625 637 12 Intercompany Debt due to PAVmed 7,627 10,697 3,070 Other Current Liabilities 15,141 15,349 208 Long-term Liabil
Slide 17: P&L
P&L ($ in thousands) 2Q22 2Q23 Change 1H22 1H23 Change Revenue $0 $159 $159 $189 $605 $416 Operating Expenses 14,628 11,743 (2,885) 27,088 26,505 (583) Net Loss (14,624) (11,381) 3,243 (26,894) (27,628) (734) EBITDA (13,924) (10,661) 3,263 (26,171) (26,340) (169) Stock-Based Compensation 3,844 1,399
Slide 18: Non-GAAP Operating Expense
Non-GAAP Operating Expense 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. Non-GAAP financial measures are presented with the i
Slide 19: Q&A
Q&A 19