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Lucid Diagnostics Inc. (LUCD-2.67%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss of $45.5 million for the year, compared to a net loss of $52.7 million in the previous year. The decrease in net loss is attributed to an increase in revenue and changes in fair value of convertible notes.
Revenue for 2024 was $4.3 million, up from $2.4 million in 2023. The increase was primarily driven by the performance of the EsoGuard Esophageal DNA Test.
Cost of revenue increased to $7.1 million from $6.0 million, due to higher compensation costs, professional fees, and laboratory supplies.
Sales and marketing expenses remained relatively flat at $16.5 million, while general and administrative expenses rose to $20.2 million from $19.3 million, driven by increased cash compensation and professional fees.
Research and development expenses decreased to $6.0 million from $7.3 million, largely due to reduced clinical trial activities.
The company completed a registered direct offering in March 2025, raising approximately $14.5 million in net proceeds, intended for working capital and general corporate purposes.
Lucid Diagnostics also closed on the sale of $21.975 million in principal amount of 12.0% Senior Secured Convertible Notes due 2029, using part of the proceeds to redeem a previous convertible note.
The company continues to focus on the commercialization of its EsoGuard test and expanding insurance reimbursement coverage, while developing additional clinical evidence to support its products.
Lucid Diagnostics acknowledges the substantial doubt about its ability to continue as a going concern, citing the need for additional capital and increased revenue to sustain operations beyond March 2026.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lucid Diagnostics Inc. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.