Lucid Diagnostics(LUCD) - 2024 Q1 - Quarterly Results

Financial Performance - EsoGuard revenue for Q1 2024 was $1.0 million, flat compared to Q4 2023, representing a 124% annual increase from Q1 2023[7] - Operating expenses for Q1 2024 were approximately $11.8 million, including stock-based compensation expenses of $0.9 million[7] - GAAP net loss attributable to common stockholders was approximately $18.1 million, or $(0.40) per common share[7] - Non-GAAP adjusted loss for Q1 2024 was approximately $9.4 million, or $(0.21) per common share[7] - The company had cash and cash equivalents of $24.8 million as of March 31, 2024, up from $18.9 million as of December 31, 2023[7] - A $29.8 million Series B Preferred Stock Offering was completed, strengthening the company's balance sheet[7] Business Operations - The company performed 2,420 commercial EsoGuard tests in Q1 2024, a 10% sequential increase from Q4 2023 and a 31% annual increase from Q1 2023[7] - A pre-submission meeting with MolDX is scheduled for July 17, 2024, to discuss coverage for EsoGuard[4] - The company is actively pursuing market access strategies to secure medical policy coverage with regional plans[7] - EsoGuard is the only commercially available test for early detection of esophageal precancer in at-risk GERD patients[14] Risks and Uncertainties - Lucid Diagnostics' management acknowledges risks and uncertainties that could impact future performance, including stock price volatility and market conditions[19] - There is uncertainty regarding whether regulatory authorities will approve Lucid Diagnostics' products based on clinical and preclinical study results[19] - Market acceptance of Lucid Diagnostics' products post-clearance is a critical factor for future success[19] - The company may need to raise additional funding to support its operations and product development[19] - New risks and uncertainties may arise that are difficult to predict and could affect Lucid Diagnostics' operations[19] - The company is focused on advancing its products through regulatory submission, which involves significant costs and time[19]