Slide 1: Esophageal Precancer Screening Solution
April 2026 NASDAQ: LUCD Esophageal Precancer Screening Solution A Breakthrough in Cancer Prevention
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 tha
Slide 3: Comprehensive Precancer Screening Solution
COMMERCIAL- STAGE CANCER PREVENTION COMPANY Comprehensive Precancer Screening Solution Our Mission is to Prevent Esophageal Cancer Deaths in At-risk Patients 3
Slide 4: Corporate Highlights
Corporate Highlights First and only Over $60 Billion Market Opportunity commercial solution for widespread early detection of esophageal Breakthrough Detection Results precancer and cancer Attractive Financial Profile Highly Effective Commercialization Strategy Robust IP Portfolio Early Market Adopt
Slide 5: Leadership
Leadership Board of Directors & Management Advisors Lishan Aklog, MD Shaun O’Neil, MBA Dennis McGrath Suman Verma, MD, PhD Stanley Lapidus Chairman & President & Chief Financial Officer Chief Scientific Officer Strategic Advisor & Chief Executive Officer Chief Operating Officer Vice Chairman Founder
Slide 6: Esophageal Cancer is Lethal and Rapidly Growing…
Esophageal Cancer is Lethal and Rapidly Growing… 5-Year Survival Rates(1) 16,250 Estimated 2025 U.S. Deaths Pancreas 13% Esophageal 22% Liver 22% ~80% Overall 5-Year Mortality Rate Change in Age-Adjusted Cancer Incidence / 100K by Type (1975 – 2020) 700% 600% EAC: 573% ~40% 500% 400% Breast: 25% 300
Slide 7: Esophageal Precancer Screening Guidelines
Esophageal Precancer Screening Guidelines ~30 Million Patients Recommended for Screening ACG Guidelines: GERD + 3 of 6 Risk Factors → Screening Less than 5% of Patients Recommended for Screening Undergo Endoscopy 50+ Age Over Male White GERD 50 Gender Race Esophageal Precancer 5-Year History or Seve
Slide 8: EsoCheck Esophageal Cell Collection
EsoCheck Esophageal Cell Collection Collect + Protect Technology Balloon and Capsule FDA 510k Cleared Pulls sampled cells on Proprietary textured balloon surface into capsule balloon ridges Rigid EsoCheck Daily Vitamin Plastic 2 Minutes capsule Non-invasive, Office-based Balloon Inverted Balloon Inf
Slide 9: 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 Recommended in major professional society clinical practice guidelines 9
Slide 10: Utilizes Next Generation Sequencing (NGS)
EsoGuard Precancer Utilizes Next Testing Process Generation Sequencing (NGS) Specimen Kit To Detect Epigenetic Changes Clinician collects LucidDx Labs Easy to Interpret Patient Report esophageal cell sample performs EsoGuard using EsoCheck assay Returns Positive or Negative Result ~10-Day Turn-aroun
Slide 11: EsoGuard Performance
EsoGuard Performance Vs. Comparable Early Detection Tests 89% Short Segment Early Precancer (SSBE) Sensitivity Sensitivity 96% 92% 88% 83% 85% 99% Overall Negative Predictive Value 42% (NPV) 0% 0% 13% Cancer Precancer Early Precancer 32% Positive Predictive EsoGuard Cologuard Guardant Shield Esophag
Slide 12: IP Portfolio
IP Portfolio United States 1 Granted, 11 Pending Foreign 4 Granted, 15 Pending United States 8 Granted, 9 Pending Foreign 6 Granted, 12 Pending 12
Slide 13: Every Esophageal Cancer Death is a Tragic Missed Opportunity
Every Esophageal Cancer Death is a Tragic Missed Opportunity Cancer Prevention Emerging EsoCheck is Through Early Large Gold Fast & Precancer TAM Detection Standard Convenient Widespread Use of EsoGuard Would Prevent Thousands of Esophageal Cancer Deaths per Year 13
Slide 14: Market Opportunity & Commercial Strategy
MARKET OPPORTUNITY & COMMERCIAL STRATEGY 14
Slide 15: EsoGuard Commercial Opportunity
EsoGuard Commercial Opportunity $1,938 ~30M ~$60B Medicare At-Risk GERD Total Addressable Payment Patients U.S. Market Recommended for Screening Over 90% Gross Margin per Test 15
Slide 16: Commercial Targets
Commercial Targets Primary Care Gastroenterologists Health Systems Health Fairs Physicians 16
Slide 17: EsoCheck Esophageal Cell Collection
EsoCheck Esophageal Cell Collection Lucid-Trained Physician Practices / Health Personnel Systems 17
Slide 18: Operational Milestones
[B) Lucid OPERATIONAL MILESTONES
Slide 19: EsoGuard Clinical Evidence Base
EsoGuard Clinical Evidence Base Clinical Validity Clinical Utility Pivotal Study PREVENT Registries: Interim Data BETRNet Study SAFD Study Cleveland VA Study CLUE Study: Interim Data ENVET-BE Study ESOGUARD BE-1 Study CLUE Study: Final Results 19
Slide 20: Reimbursement Update
1D) Lucid Reimbursement Update SHIGHMARK. National Comprehensive iNCeene Cancer Network® PALMETTO GBA © Cems CENTERS FOR MEDICARE & MEDICAID SERVICES. MolDX 20
Slide 21: Reimbursement Update (Cont’d)
Reimbursement Update (Cont’d) MolDX Local Coverage Determination (LCD) L39256 November 20, 2024 • Lucid request for LCD reconsideration covering EsoGuard • Clinical evidence package of clinical validity (CV), clinical utility (CU), and analytical validity (AV) data submitted September 4, 2025 • Mult
Slide 22: Health System Access
Health System Access VA Federal Supply Schedule Contract enables standardized EsoGuard procurement by VA facilities nationwide Hoag Health System launched a comprehensive EsoGuard testing program enabling system-wide clinical implementation 22
Slide 23: Financials and Summary
diagnostics FINANCIALS AND SUMMARY
Slide 24: EsoGuard Revenue & Test Volume
EsoGuard Revenue & Test Volume 45,000+ Cumulative EsoGuard Tests Performed Since Launch 24
Slide 25: Capitalization & Financial Highlights
Capitalization & Financial Highlights LUCD Common Stock 176.9M Conversion Price Options $1.61 (avg.) 12.1M OUTSTANDING Shares held in abeyance from Series B Preferred 13.3M SECURITIES Series B-1 Preferred Stock 10,134 shares * $0.72 14.0M Secured Convertible Debt ($22M) $1.00 22.0M Total 238.3M MARK
Slide 26: Q&A
Q&A
Slide 27: Appendix
(b) Lucid diagnostics se ey Appendix
Slide 28: CMS-MolDX Framework
ID) Lucid diag! CMS-MoIDX Framework CMS + Oversees Medicare framework + Delegates coverage policy responsibility to MACs Medicare Administrative Contractors (MACs) + Regional entities responsible for coverage policy + For molecular diagnostics, MACs coordinate through MoIDX | Palmetto GBA ] Noridian