LUCD

MKT CAP:$112M

Lucid Diagnostics Inc.

Market Cap

$112M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$1.36+$0.24 (+21.43%)

Apr 22, 2026

Company Details

Lucid Diagnostics Inc. operates as a commercial-stage medical diagnostics technology company. The company focuses on patients with gastroesophageal reflux disease, which is also known as chronic heartburn, acid reflux, or simply reflux, who...

CEO

Lishan Aklog

IPO Date

Oct 14, 2021

Website

www.luciddx.com

Key Metrics TTM

Revenue

$4M

+5.0% YoY

Net Income

-$53M

EPS (Diluted)

-$0.90

Free Cash Flow

-$44M

Revenue / Share

$0.04

Gross Margin

-68.2%

Operating Margin

-1091.3%

Net Margin

-1211.3%

FCF Margin

-1004.4%

P/S

25.5x

P/E

—

Earnings Reports

Q4 2025

May 13, 2026

PENDING

Q3 2025

Nov 12, 2025

$1M+3.3%EPS -$0.10

Q2 2025

Aug 12, 2025

$1M+19.2%EPS -$0.08

Q1 2025

May 13, 2025

$828.0K-17.3%EPS -$0.52

FY 2024

Mar 24, 2025

$4M+79.0%EPS -$1.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$300.0K	-$140.7K	-$11M
Q1 22	$189.0K	-$180.0K	-$12M
Q2 22	$0	$0	-$15M
Q3 22	$76.0K	-$2M	-$14M
Q4 22	$112.0K	-$2M	-$15M
Q1 23	$446.0K	-$892.0K	-$14M
Q2 23	$159.0K	-$1M	-$12M
Q3 23	$783.0K	-$851.0K	-$11M
Q4 23	$1M	-$417.0K	-$11M
Q1 24	$1M	-$655.0K	-$11M
Q2 24	$976.0K	-$638.0K	-$11M
Q3 24	$1M	-$512.0K	-$12M
Q4 24	$1M	-$948.0K	-$12M
Q1 25	$828.0K	-$723.0K	-$12M
Q2 25	$1M	-$622.0K	-$11M
Q3 25	$1M	-$706.0K	-$12M

Valuation

Quarter	P/S	P/E
Q4 21	368.1x	—
Q1 22	155.5x	—
Q2 22	117.0x	—
Q3 22	109.7x	—
Q4 22	142.4x	—
Q1 23	87.8x	—
Q2 23	73.9x	—
Q3 23	35.0x	—
Q4 23	25.6x	—
Q1 24	12.7x	—
Q2 24	9.3x	—
Q3 24	9.4x	—
Q4 24	9.3x	—
Q1 25	18.0x	—
Q2 25	18.1x	—
Q3 25	23.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$9M	-$10M
Q1 22	-$6M	-$6M
Q2 22	-$13M	-$14M
Q3 22	-$6M	-$7M
Q4 22	-$4M	-$4M
Q1 23	-$7M	-$7M
Q2 23	-$7M	-$7M
Q3 23	-$9M	-$9M
Q4 23	-$10M	-$10M
Q1 24	-$13M	-$13M
Q2 24	-$11M	-$11M
Q3 24	-$10M	-$11M
Q4 24	-$10M	-$10M
Q1 25	-$12M	-$13M
Q2 25	-$11M	-$11M
Q3 25	-$11M	-$11M

Capital Expenditures

Quarter	CapEx
Q4 21	$824.1K
Q1 22	$148.0K
Q2 22	$236.0K
Q3 22	$321.0K
Q4 22	$203.0K
Q1 23	$17.0K
Q2 23	$15.0K
Q3 23	$14.0K
Q4 23	$175.0K
Q1 24	$37.0K
Q2 24	$0
Q3 24	$350.0K
Q4 24	$259.0K
Q1 25	$93.0K
Q2 25	$25.0K
Q3 25	$28.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	+322.6%
Q1 22	—	+241.1%
Q2 22	—	+143.2%
Q3 22	-62.0%	+115.4%
Q4 22	-62.7%	+30.3%
Q1 23	+136.0%	+18.5%
Q2 23	—	-19.7%
Q3 23	+930.3%	-17.6%
Q4 23	+828.6%	-16.9%
Q1 24	+124.4%	-20.1%
Q2 24	+513.8%	+3.6%
Q3 24	+49.7%	+8.0%
Q4 24	+15.1%	+8.6%
Q1 25	-17.3%	+12.9%
Q2 25	+19.2%	+3.1%
Q3 25	+3.3%	+0.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$3M	1147.5%
Q1 22	$0	0.0%
Q2 22	$0	—
Q3 22	$4M	4700.0%
Q4 22	$4M	3339.3%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$1M	159.9%
Q4 23	$963.0K	92.6%
Q1 24	$932.0K	93.1%
Q2 24	$1M	123.3%
Q3 24	$1M	104.8%
Q4 24	$1M	97.8%
Q1 25	$1M	124.4%
Q2 25	$1M	98.4%
Q3 25	$1M	95.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$3M	$2M	$5M
Q1 22	$3M	$6M	$3M
Q2 22	$3M	$7M	$4M
Q3 22	$3M	$6M	$4M
Q4 22	$2M	$5M	$5M
Q1 23	$2M	$7M	$4M
Q2 23	$2M	$4M	$4M
Q3 23	$2M	$4M	$4M
Q4 23	$2M	$4M	$4M
Q1 24	$2M	$4M	$4M
Q2 24	$1M	$5M	$4M
Q3 24	$2M	$5M	$4M
Q4 24	$1M	$6M	$4M
Q1 25	$1M	$6M	$4M
Q2 25	$1M	$5.6B	$4.0B
Q3 25	$1.3B	$5.6B	$4.3B

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$54M	$0	$54M
Q1 22	$48M	$0	$48M
Q2 22	$33M	$0	$33M
Q3 22	$27M	$0	$27M
Q4 22	$22M	$0	$22M
Q1 23	$40M	$0	$40M
Q2 23	$33M	$0	$33M
Q3 23	$24M	$0	$24M
Q4 23	$19M	$0	$19M
Q1 24	$25M	$0	$25M
Q2 24	$25M	$0	$25M
Q3 24	$14M	$0	$14M
Q4 24	$22M	$0	$22M
Q1 25	$25M	$0	$25M
Q2 25	$31M	$0	$31M
Q3 25	$47M	$0	$47M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	37M	0.0%	0.0%
Q1 22	35M	-5.1%	-5.1%
Q2 22	36M	+1.8%	-3.3%
Q3 22	36M	+1.8%	-1.6%
Q4 22	37M	+2.6%	+0.9%
Q1 23	41M	+9.7%	+16.7%
Q2 23	42M	+2.1%	+17.0%
Q3 23	42M	+0.1%	+15.0%
Q4 23	42M	-0.3%	+11.8%
Q1 24	45M	+7.8%	+9.9%
Q2 24	48M	+7.1%	+15.2%
Q3 24	50M	+4.5%	+20.3%
Q4 24	58M	+14.6%	+38.2%
Q1 25	69M	+19.2%	+52.8%
Q2 25	99M	+43.9%	+105.3%
Q3 25	108M	+9.3%	+114.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$1.5K	74
Q1 23	$6.0K	74
Q2 23	$2.1K	74
Q3 23	$10.6K	74
Q4 23	$14.9K	70
Q1 24	$14.3K	70
Q2 24	$13.9K	70
Q3 24	$16.7K	70
Q4 24	$16.6K	72
Q1 25	$11.5K	72
Q2 25	$16.2K	72
Q3 25	$16.8K	72

Revenue / Employee