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November 13, 2024 Q3 2024 Business Update Nasdaq: LUCD Lishan Aklog MD Dennis McGrath Chairman & CEO CFO
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▪ 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 that might cause or contribute to such differences include, but are not limited to, those discussed in “Risk Factors” in the Company’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. ▪ The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date they were made. ▪ This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Disclaimer 2
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Lishan Aklog, M.D. Chairman & CEO
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▪ Commercial Execution – 3Q24 Revenue $1.2M: +20% Quarterly Record quarterly revenue – 3Q24 EsoGuard test volume 2,787 – Expanded direct contracting initiative with multiple programs focused on driving near-term revenue, building on first large #CYFT event with upfront contracted payment – 7,000+ total firefighters have undergone EsoGuard esophageal precancer testing Highlights 4
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▪ Key Strategic Accomplishments – ESOGUARD BE-1 clinical validation study accepted for peer-reviewed publication – Publication completes Lucid’s clinical evidence package for submission to formally seek Medicare coverage – Peer-reviewed publication of analytical validation study of EsoGuard – Received Notice of Allowance for key patent underlying EsoGuard – Met with CMS Medicare Administrative Contractor (MAC) Palmetto GBA’s Molecular Diagnostics Program (MolDX) to discuss EsoGuard clinical evidence package for upcoming submission for Medicare coverage Highlights 5
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6 Comprehensive Precancer Screening Solution COMMERCIAL- STAGE CANCER PREVENTION SOLUTION Our Mission is to Prevent Esophageal Cancer Deaths in At-risk Patients
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7 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 EsoGuard Esophageal DNA Test
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EsoGuard Performance Vs. Comparable Early Detection Tests 89% Short Segment Early Precancer (SSBE) Sensitivity 99% Overall Negative Predictive Value (NPV) 32% Positive Predictive Value (PPV) 88% 0% 0% 96% 94% 83% EsoGuard Esophageal Cologuard Colorectal Stool Guardant Shield Colorectal Blood 85% 42% 13% Sensitivity Cancer Precancer Early Precancer Pooled EsoGuard data from multiple recent clinical validation studies
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EsoGuard Commercial Opportunity 9 $1,938 Medicare Payment ~30 Million At-Risk Patients Recommended for Screening ~$60 Billion Total Addressable US Market X = Gross Margin per Test Over 90%
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EsoGuard Revenue & Test Volume 0 500 1,000 1,500 2,000 2,500 3,000 3,500 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Revenue Tests 10
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Business Update
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EsoGuard Clinical Evidence Base Analytical Validity Clinical Utility Pivotal Study BETRNet Study Cleveland VA Study ESOGUARD BE -1 Study Publication Design Prospective, multicenter case-control Prospective, multicenter case-control Prospective, single-center, single-arm Prospective, multicenter, single-arm Date Published Jan. 17, 2018 Published May 2, 2024 Published July 11, 2024 Accepted Nov. 1, 2024 PREVENT Registries: Interim Data Snapshot SAFD Study CLUE Study: Interim Data Snapshot* ENVET-BE Study Publication Design Prospective, multicenter registry Retrospective analysis Prospective, multicenter, observational Retrospective analysis Date Published Nov. 10, 2023 Published Nov. 22, 2023 Published Dec. 6, 2023 Submitted Oct. 24, 2024 AV Study Publication Design Conducted according to CLIA, CAP, and NY-CLEP requirements for analytical validation of molecular assays Date Published Aug. 15, 2024 Clinical Validity *Full CLUE study was recently completed and the manuscript was submitted to: Medicina on Nov. 1, 2024 12
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Commercial Focus on Driving Revenue 1. Fully-Contracted #CYFT Precancer Testing Events 2. Concierge Medicine 3. Employer Markets 14
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Q3 2024 Financial Update Dennis McGrath, CFO
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Balance Sheet 16 ($ in thousands) 2Q24 3Q24 Change Assets Cash $24,920 $14,489 $(10,431) Fixed Assets 1,050 940 (110) All other Assets 8,143 7,169 (974) Liabilities Accounts Payable 903 1,135 232 Other Current Liabilities 15,077 13,114 (1,963) Long-Term Liabilities 2,154 2,011 (143) Shares Outstanding 49.3M 51.6M 2.3M
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P&L 17 ($ in thousands) 3Q23 3Q24 Change 3Q23 - YTD 3Q24 - YTD Change Revenue $783 $1,172 $389 $1,388 $3,149 $1,761 Operating Expenses $11,911 $12,866 $955 $38,417 $36,826 $(1,591) Net Loss $(14,208) $(12,371) $1,837 $(41,836) $(33,988) $7,848 EBITDA $(13,550) $(12,236) $1,314 $(39,891) $(33,280) $6,611 Stock-Based Compensation $1,252 $1,228 $(24) $5,859 $3,363 $(2,496) Non-GAAP Adjusted Loss $(9,251) $(10,116) $(865) $(28,564) $(29,121) $(557) Non-GAAP Adjusted Loss per Share $(0.22) $(0.20) $0.02 $(0.69) $(0.61) $0.08 To supplement our audited financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), managementprovides certain non-GAAP financial measures of the Company’s financial results. Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision- making. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook and believes non-GAAP financial measures enhance the comparability of results against prior periods. A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this presentation and the corresponding press release for the three and nine months ended September 30, 2024 are reflected above.
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Non-GAAP Operating Expense 18 To supplement our audited financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), managementprovides certain non-GAAP financial measures of the Company’s financial results. Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision- making. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook and believes non-GAAP financial measures enhance the comparability of results against prior periods. A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this presentation and the corresponding press release for the three and nine months ended September 30, 2024 are reflected above.
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Q&A
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Closing Remarks