Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-40901

LUCID DIAGNOSTICS INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware		82-5488042
(State or Other Jurisdiction of		(IRS Employer
Incorporation or Organization)		Identification No.)

360 Madison Avenue
25th Floor
New York, NY		10017
(Address of Principal Executive Offices)		(Zip Code)

(212) 949-4319

(Registrant’s Telephone Number, Including Area Code)

Securities registered under Section 12(b) of the Exchange Act:

Title of each Class		Trading Symbol(s)		Name of each Exchange on which Registered
Common Stock, $0.001 par value per share		LUCD		The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer” , “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer	☐	Accelerated filed	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(c) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 10, 2023 there were 43,725,703 shares of the registrant’s Common Stock, par value $0.001 per share, issued and outstanding (with such number of shares inclusive of shares of common stock underlying unvested restricted stock awards granted under the Lucid Diagnostics Inc. 2018 Long-Term Incentive Equity Plan as of such date).

TABLE OF CONTENTS

		Page
	Part I - Financial Information

Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets (unaudited) as of June 30, 2023 and December 31, 2022	1
	Condensed Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2023 and 2022	2
	Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (unaudited) for the three and six months ended June 30, 2023 and 2022	3
	Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2023 and 2022	5
	Notes to Unaudited Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 4.	Controls and Procedures	32

	Part II - Other Information

Item 1.	Legal Proceedings	33
Item 5.	Other Information	33
Item 6.	Exhibits	33
	Signature	34
	Exhibit Index	35

Part I - Financial Information

Item 1. Financial Statements

LUCID DIAGNOSTICS INC.

and SUBSIDIARIES

(a majority-owned subsidiary of PAVmed Inc.)

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands except number of shares and per share data - unaudited)

	June 30, 2023			December 31, 2022
Assets:
Current assets:
Cash	$	32,570		$	22,474
Accounts receivable		35			17
Prepaid expenses, deposits, and other current assets		3,144			1,865
Total current assets		35,749			24,356
Fixed assets, net		1,389			1,592
Operating lease right-of-use assets		1,835			2,008
Intangible assets, net		2,435			3,445
Other assets		1,078			1,108
Total assets	$	42,486		$	32,509
Liabilities, Preferred Stock and Stockholders’ Equity
Current liabilities:
Accounts payable	$	637		$	1,056
Accrued expenses and other current liabilities		2,640			1,447
Operating lease liabilities, current portion		1,099			962
Senior Secured Convertible Note - at fair value		11,610			—
Due To: PAVmed Inc. - MSA Fee and operating expenses		10,697			4,960
Total current liabilities		26,683			8,425
Operating lease liabilities, less current portion		732			1,037
Total liabilities		27,415			9,462
Commitments and contingencies		-			-
Stockholders’ Equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized; Series A Convertible Preferred Stock, issued and outstanding 13,625 at June 30, 2023 and no shares issued and outstanding at December 31, 2022		13,625			—
Common stock, $0.001 par value, 200,000,000 shares authorized; 41,853,603 and 40,518,792 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively		42			41
Additional paid-in capital		127,107			121,081
Accumulated deficit		(125,703	)		(98,075	)
Total Stockholders’ Equity		15,071			23,047
Total Liabilities and Stockholders’ Equity	$	42,486		$	32,509

See accompanying notes to the unaudited condensed consolidated financial statements.

LUCID DIAGNOSTICS INC.

and SUBSIDIARIES

(a majority-owned subsidiary of PAVmed Inc.)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except number of shares and per share data - unaudited)

	2023			2022			2023			2022
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Revenue	$	159		$	—		$	605		$	189
Operating expenses:
Cost of revenue		1,549			—			2,887			369
Sales and marketing		4,032			3,873			8,159			7,191
General and administrative		3,830			6,676			10,340			12,568
Amortization of acquired intangible assets		505			639			1,010			639
Research and development		1,827			3,440			4,109			6,321
Total operating expenses		11,743			14,628			26,505			27,088
Operating loss		(11,584	)		(14,628	)		(25,900	)		(26,899	)
Other income (expense):
Interest income		136			4			214			5
Interest expense		(223	)		—			(257	)		—
Change in fair value - Senior Secured Convertible Note		290			—			(499	)		—
Loss on issue and offering costs - Senior Secured Convertible Note		—			—			(1,186	)		—
Other income (expense), net		203			4			(1,728	)		5
Loss before provision for income tax		(11,381	)		(14,624	)		(27,628	)		(26,894	)
Provision for income taxes		—			—			—			—
Net loss	$	(11,381	)	$	(14,624	)	$	(27,628	)	$	(26,894	)
Net loss per share - basic and diluted	$	(0.27	)	$	(0.41	)	$	(0.67	)	$	(0.76	)
Weighted average common shares outstanding, basic and diluted		41,833,823			35,760,492			41,404,547			35,443,526

See accompanying notes to the unaudited condensed consolidated financial statements.

LUCID DIAGNOSTICS INC.

and SUBSIDIARIES

(a majority-owned subsidiary of PAVmed Inc.)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

for the THREE AND SIX MONTHS ENDED June 30, 2023

(in thousands except number of shares and per share data - unaudited)

	Shares		Amount		Shares		Amount		Capital		Deficit			Total
	Preferred Stock				Common Stock				Additional Paid-In		Accumulated
	Shares		Amount		Shares		Amount		Capital		Deficit			Total
Balance as of March 31, 2023		13,625		13,625		41,753,603	$	42	$	125,561	$	(114,322	)	$	24,906
Stock-based compensation - Lucid Diagnostics Inc.		—		—		—		—		1,165		—			1,165
Stock-based compensation - PAVmed Inc.		—		—		—		—		234		—			234
Issue common stock - vendor service agreement		—		—		100,000		—		147		—			147
Net loss		—		—		—		—		—		(11,381	)		(11,381	)
Balance as of June 30, 2023		13,625	$	13,625		41,853,603	$	42	$	127,107	$	(125,703	)	$	15,071
Balance		13,625	$	13,625		41,853,603	$	42	$	127,107	$	(125,703	)	$	15,071

	Preferred Stock				Common Stock				Additional Paid-In		Accumulated
	Shares		Amount		Shares		Amount		Capital		Deficit			Total
Balance as of December 31, 2022		—	$	—		40,518,792	$	41	$	121,081	$	(98,075	)	$	23,047
Balance		—	$	—		40,518,792	$	41	$	121,081	$	(98,075	)	$	23,047
Stock-based compensation - Lucid Diagnostics Inc. 2018 Equity Plan		—		—		—		—		3,982		—			3,982
Stock-based compensation - PAVmed Inc. 2014 Equity Plan		—		—		—		—		625		—			625
Vest - restricted stock awards		—		—		219,320		—		—		—			—
APA-RDx - Termination payment		—		—		553,436		—		713		—			713
Issuance - At-The-Market Facility, net of deferred financing charges		—		—		230,068		1		283		—			284
Purchase - Employee Stock Purchase Plan		—		—		231,987		—		276		—			276
Issuance - Series A Preferred Stock		13,625		13,625		—		—		—		—			13,625
Issue common stock - vendor service agreement		—		—		100,000				147		—			147
Net loss		—		—		—		—		—		(27,628	)		(27,628	)
Balance as of June 30, 2023		13,625	$	13,625		41,853,603	$	42	$	127,107	$	(125,703	)	$	15,071
Balance		13,625	$	13,625		41,853,603	$	42	$	127,107	$	(125,703	)	$	15,071

LUCID DIAGNOSTICS INC.

and SUBSIDIARIES

(a majority-owned subsidiary of PAVmed Inc.)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

for the THREE AND SIX MONTHS ENDED June 30, 2022

(in thousands except number of shares and per share data - unaudited)

	Shares		Amount		Capital			Deficit			Total
	Common Stock				Additional Paid-In			Accumulated
	Shares		Amount		Capital			Deficit			Total
Balance as of March 31, 2022		35,171,796	$	35	$	100,630		$	(54,174	)	$	46,491
Balance		35,171,796	$	35	$	100,630		$	(54,174	)	$	46,491
Exercise - stock options - Lucid Diagnostics Inc. 2018 Equity Plan		705,500		1		501			—			502
Stock-based compensation - Lucid Diagnostics Inc.		—		—		3,553			—			3,553
Stock-based compensation - PAVmed Inc.		—		—		290			—			290
CapNostics, LLC		—		—		(210	)		—			(210	)
APA-RDx - Installment Payment		117,371		—		239			—			239
Net loss		—		—		—			(14,624	)		(14,624	)
Balance as of June 30, 2022		35,994,667	$	36	$	105,003		$	(68,798	)	$	36,241
Balance		35,994,667	$	36	$	105,003		$	(68,798	)	$	36,241

	Common Stock				Additional Paid-In			Accumulated
	Shares		Amount		Capital			Deficit			Total
Balance as of December 31, 2021		34,917,907	$	35	$	96,608		$	(41,904	)	$	54,739
Balance		34,917,907	$	35	$	96,608		$	(41,904	)	$	54,739
Exercise - stock options - Lucid Diagnostics Inc. 2018 Equity Plan		959,389		1		687			—			688
Stock-based compensation - Lucid Diagnostics Inc. 2018 Equity Plan		—		—		7,091			—			7,091
Stock-based compensation - PAVmed Inc. 2014 Equity Plan		—		—		588			—			588
CapNostics, LLC		—		—		(210	)		—			(210	)
APA-RDx - Installment Payment		117,371		—		239			—			239
Net loss		—		—		—			(26,894	)		(26,894	)
Balance as of June 30, 2022		35,994,667	$	36	$	105,003		$	(68,798	)	$	36,241
Balance		35,994,667	$	36	$	105,003		$	(68,798	)	$	36,241

See accompanying notes to the unaudited condensed consolidated financial statements.

LUCID DIAGNOSTICS INC.

and SUBSIDIARIES

(a majority-owned subsidiary of PAVmed Inc.)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands except number of shares and per share data - unaudited)

	2023			2022
	Six Months Ended June 30,
	2023			2022
Cash flows from operating activities
Net loss	$	(27,628	)	$	(26,894	)

Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization expense		1,245			728
Stock-based compensation - Lucid Diagnostics Inc. 2018 Equity Plan		3,982			7,091
Stock-based compensation - PAVmed Inc. 2014 Equity Plan		625			588
Change in fair value - Senior Secured Convertible Note		499			—
Loss on issue - Senior Secured Convertible Note		1,111			—
APA-RDx: Issue common stock - settle termination payment		713			239
Issue common stock - vendor service agreement		23			—
Changes in operating assets and liabilities:
Accounts receivable		(18	)		200
Prepaid expenses and other current assets		(1,120	)		(748	)
Accounts payable		(419	)		916
Accrued expenses and other current liabilities		1,193			132
Due To: PAVmed Inc. - operating expenses, employee related costs, MSA Fee		5,737			(1,333	)
Net cash flows used in operating activities		(14,057	)		(19,081	)

Cash flows from investing activities
Purchase of equipment		(32	)		(384	)
Asset acquisition		—			(2,200	)
Net cash flows used in investing activities		(32	)		(2,584	)

Cash flows from financing activities
Proceeds – issue of preferred stock		13,625			—
Proceeds – issue of Senior Convertible Note		10,000			—
Proceeds – issue of common stock – Committed Equity Facility		284			—
Proceeds – exercise of stock options		—			688
Proceeds – issue common stock – Employee Stock Purchase Plan		276			—
Net cash flows provided by financing activities		24,185			688

Net increase (decrease) in cash		10,096			(20,977	)
Cash, beginning of period		22,474			53,656
Cash, end of period	$	32,570		$	32,679

See accompanying notes to the unaudited condensed consolidated financial statements.

LUCID DIAGNOSTICS INC.

and SUBSIDIARIES

(a majority-owned subsidiary of PAVmed Inc.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in these accompanying notes are presented in thousands, except number of shares and per-share amounts.)

Note 1 — Summary Description of the Company

Lucid Diagnostics Inc. (“Lucid”, “Lucid Diagnostics” or the “Company”) is a commercial-stage medical diagnostics technology company focused on the millions of patients with gastroesophageal reflux disease (“GERD”), also known as chronic heartburn, acid reflux or simply reflux, who are at risk of developing esophageal precancer and cancer, specifically highly lethal esophageal adenocarcinoma (“EAC”). Lucid is a majority-owned subsidiary of PAVmed Inc. (“PAVmed”).

The Company believes that its flagship product, the EsoGuard Esophageal DNA Test, performed on samples collected with the EsoCheck Esophageal Cell Collection Device, constitutes the first and only commercially available diagnostic test capable of serving as a widespread tool for the early detection of esophageal precancer in at-risk gastroesophageal reflux disease (“GERD,” also commonly known as chronic heartburn, acid reflux or simply reflux) patients. Early detection of esophageal precancer allows patients to undergo appropriate monitoring and treatment, as indicated by clinical practice guidelines, in an effort to prevent progression to esophageal cancer.

EsoGuard is a bisulfite-converted next-generation sequencing (NGS) DNA assay performed on surface esophageal cells collected with EsoCheck. Cell samples, including those collected with EsoCheck, as discussed below, are sent to our laboratory, for testing and analyses using our proprietary EsoGuard NGS DNA assay.

EsoCheck is an FDA 510(k) and CE Mark cleared noninvasive swallowable balloon capsule catheter device capable of sampling surface esophageal cells in a less than five-minute office procedure. It consists of a vitamin pill-sized rigid plastic capsule tethered to a thin silicone catheter from which a soft silicone balloon with textured ridges emerges to gently swab surface esophageal cells. When vacuum suction is applied, the balloon and sampled cells are pulled into the capsule, protecting them from contamination and dilution by cells outside of the targeted region during device withdrawal. The Company believes that this proprietary Collect+Protect™ technology makes EsoCheck the only noninvasive esophageal cell collection device capable of such anatomically targeted and protected sampling.

EsoGuard and EsoCheck are based on patented technology licensed by Lucid from Case Western Reserve University (“CWRU”). EsoGuard and EsoCheck have been developed to provide an accurate, non-invasive, patient-friendly test for the early detection of EAC and Barrett’s Esophagus (“BE”), including dysplastic BE and related pre-cursors to EAC in patients with chronic GERD.

The Company is subject to all of the risks and uncertainties typically faced by medical device and diagnostic companies that devote substantially all of their efforts to the commercialization of their initial product and services and ongoing research and development activities and conducting clinical trials. The Company expects to continue to experience recurring losses from operations and will continue to fund its operations with debt and equity financing transactions. Notwithstanding, however, with the cash on-hand as of the date hereof and committed equity sources of financing, the Company expects to be able to fund its operations and meet its financial obligations as they become due for the one year period from the date of the issue of the Company’s unaudited condensed consolidated financial statements, as included herein in this Quarterly Report on Form 10-Q for the period ended June 30, 2023.

Note 2 — Summary of Significant Accounting Policies

Significant Accounting Policies

The Company’s significant accounting policies are as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC on March 14, 2023, except as otherwise noted herein below.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”), and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company is a majority-owned consolidated subsidiary of PAVmed, which has a majority equity ownership interest and has financial control of the Company. The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions.

As permitted under SEC rules, certain footnotes or other financial information normally required by U.S. GAAP have been condensed or omitted. The balance sheet as of December 31, 2022 has been derived from audited consolidated financial statements at such date. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements, and in the opinion of management, include all adjustments, consisting only of routine recurring adjustments, necessary for a fair statement of the Company’s unaudited condensed consolidated financial information.

The consolidated results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the consolidated results to be expected for the year ending December 31, 2023 or for any other interim period or for any other future periods. The accompanying unaudited condensed consolidated financial statements and related unaudited condensed consolidated financial information should be read in conjunction with the Company’s audited consolidated financial statements and related notes thereto as of and for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 14, 2023.

All amounts in the accompanying unaudited condensed consolidated financial statements and the notes thereto are presented in thousands of dollars, if not otherwise noted as being presented in millions of dollars, except for shares and per share amounts.

Use of Estimates

In preparing the unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and the determination of corresponding carrying value reserves, if any, and liabilities and the disclosure of contingent losses, as of the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Significant estimates in these unaudited condensed consolidated financial statements include those related to the estimated fair value of debt obligations, stock-based equity awards and intangible assets. Other significant estimates include the estimated incremental borrowing rate, the provision or benefit for income taxes and the corresponding valuation allowance on deferred tax assets. Additionally, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. On an ongoing basis, the Company evaluates its estimates and assumptions. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates.

Revenue Recognition

Revenues are recognized when the satisfaction of the performance obligation occurs, in an amount that reflects the consideration the Company expects to collect in exchange for those services. The Company’s revenue is primarily generated by its laboratory testing services utilizing its EsoGuard Esophageal DNA tests. The services are completed upon release of a patient’s test result to the ordering healthcare provider. Revenue recognized is inclusive of both variable consideration in connection with an individual patient’s third-party insurance coverage policy and fixed consideration in connection with a contracted services arrangement with an unrelated third party legal entity. To determine revenue recognition for the arrangements that the Company determines are within the scope of ASC 606, Revenue from Contracts with Customers, the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation.

Note 2 — Summary of Significant Accounting Policies - continued

The key aspects considered by the Company include the following:

Contracts—The Company’s customer is primarily the patient, but the Company does not enter into a formal reimbursement contract with a patient. The Company establishes a contract with a patient in accordance with other customary business practices, which is the point in time an order is received from a provider and a patient specimen has been returned to the laboratory for testing. Payment terms are a function of a patient’s existing insurance benefits, including the impact of coverage decisions with Center for Medicare & Medicaid Services (“CMS”) and applicable reimbursement contracts established between the Company and payers. However, when a patient is considered self-pay, the Company requires payment from the patient prior to the commencement of the Company’s performance obligations. The Company’s consideration can be deemed variable or fixed depending on the structure of specific payer contracts, and the Company considers collection of such consideration to be probable to the extent that it is unconstrained.

Performance obligations—A performance obligation is a promise in a contract to transfer a distinct good or service (or a bundle of goods or services) to the customer. The Company’s contracts have a single performance obligation, which is satisfied upon rendering of services, which culminates in the release of a patient’s test result to the ordering healthcare provider. The Company elects the practical expedient related to the disclosure of unsatisfied performance obligations, as the duration of time between providing testing supplies, the receipt of a sample, and the release of a test result to the ordering healthcare provider is far less than one year.

Transaction price—The transaction price is the amount of consideration that the Company expects to collect in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (for example, some sales taxes). The consideration expected to be collected from a contract with a customer may include fixed amounts, variable amounts, or both.

If the consideration derived from the contracts is deemed to be variable, the Company estimates the amount of consideration to which it will be entitled in exchange for the promised goods or services. The Company limits the amount of variable consideration included in the transaction price to the unconstrained portion of such consideration. In other words, the Company recognizes revenue up to the amount of variable consideration that is not subject to a significant reversal until additional information is obtained or the uncertainty associated with the additional payments or refunds is subsequently resolved.

When the Company does not have significant historical experience or that experience has limited predictive value, the constraint over estimates of variable consideration may result in no revenue being recognized upon delivery of patient EsoGuard test results to the ordering healthcare provider. As such, the Company recognizes revenue up to the amount of variable consideration not subject to a significant reversal until additional information is obtained or the uncertainty associated with additional payments or refunds, if any, is subsequently resolved. Differences between original estimates and subsequent revisions, including final settlements, represent changes in estimated expected variable consideration, with the change in estimate recognized in the period of such revised estimate. With respect to a contracted service arrangement, the fixed consideration revenue is recognized on an as-billed basis upon delivery of the laboratory test report with realization of such fixed consideration deemed probable based upon actual historical experience.

Allocate transaction price—The transaction price is allocated entirely to the performance obligation contained within the contract with a customer on the basis of the relative standalone selling prices of each distinct good or service.

Practical Expedients—The Company does not adjust the transaction price for the effects of a significant financing component, as at contract inception, the Company expects the collection cycle to be one year or less.

Financial Instruments Fair Value Measurements

FASB ASC Topic 820, Fair Value Measurement, (ASC 820) defines fair value as the price which would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a transaction measurement date. The ASC 820 three-tier fair value hierarchy prioritizes the inputs used in the valuation methodologies, as follows:

	Level 1	Valuations based on quoted prices for identical assets and liabilities in active markets.

	Level 2	Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets which are not active, or other inputs observable or can be corroborated by observable market data.

	Level 3	Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

The Company evaluates its financial instruments to determine if those instruments or any embedded components of those instruments potentially qualify as derivatives required to be separately accounted for in accordance with FASB ASC Topic 815, Derivatives and Hedging (ASC 815).

Note 2 — Summary of Significant Accounting Policies - continued

The recurring and non-recurring estimated fair value measurements are subjective and are affected by changes in inputs to the valuation models, including the Company’s common stock price, and certain Level 3 inputs, including, the assumptions regarding the estimated volatility in the value of the Company’s common stock price; the Company’s dividend yield; the likelihood and timing of future dilutive transactions, as applicable, along with the risk-free rates based on U.S. Treasury security yields. Changes in these assumptions can materially affect the estimated fair values.

As of June 30, 2023 and December 31, 2022, the carrying values of cash, and accounts payable, approximate their respective fair value due to the short-term nature of these financial instruments.

Fair Value Option (“FVO”) Election

Under a Securities Purchase Agreement dated March 13, 2023, the Company issued a Senior Secured Convertible Note dated March 21, 2023, referred to herein as the “March 2023 Senior Convertible Note”, which is accounted under the “fair value option election” as discussed below.

Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 815, Derivative and Hedging, (“ASC 815”), a financial instrument containing embedded features and/or options may be required to be bifurcated from the financial instrument host and recognized as separate derivative asset or liability, with the bifurcated derivative asset or liability initially measured at estimated fair value as of the transaction issue date and then subsequently remeasured at estimated fair value as of each reporting period balance sheet date.

Alternatively, FASB ASC Topic 825, Financial Instruments, (“ASC 825”) provides for the “fair value option” (“FVO”) election. In this regard, ASC 825-10-15-4 provides for the FVO election (to the extent not otherwise prohibited by ASC 825-10-15-5) to be afforded to financial instruments, wherein the financial instrument is initially measured at estimated fair value as of the transaction issue date and then subsequently remeasured at estimated fair value as of each reporting period balance sheet date, with changes in the estimated fair value recognized as other income (expense) in the statement of operations. The estimated fair value adjustment of the March 2023 Senior Convertible Note is presented in a single line item within other income (expense) in the accompanying consolidated statement of operations (as provided for by ASC 825-10-50-30(b)). Further, as required by ASC 825-10-45-5, to the extent a portion of the fair value adjustment is attributed to a change in the instrument-specific credit risk, such portion would be recognized as a component of other comprehensive income (“OCI”) (for which there was no such adjustment with respect to the March 2023 Senior Convertible Note).

See Note 10, Financial Instruments Fair Value Measurements, with respect to the FVO election; and Note 11, Debt, for a discussion of the March 2023 Senior Convertible Note.

Reclassifications

Certain prior-year amounts have been reclassified to conform to the current year presentation, which includes presenting costs of revenue within operating expenses on the statements of operations, in the unaudited condensed consolidated financial statements and accompanying notes to the unaudited condensed consolidated financial statements. The impact of the reclassifications made to prior year amounts is not material and did not affect net loss.

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The updated guidance requires companies to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets, including trade receivables. The guidance was adopted by the Company on January 1, 2023. The adoption of the ASU did not have an impact on the Company’s unaudited condensed consolidated financial statements.

Note 3 — Revenue from Contracts with Customers

EsoGuard Commercialization Agreement

The Company entered into the EsoGuard Commercialization Agreement, dated August 1, 2021, with its former commercial laboratory service provider, ResearchDx Inc. (“RDx”), an unrelated third-party. The EsoGuard Commercialization Agreement was on a month-to-month basis and was terminated on February 25, 2022 upon the execution of an asset purchase agreement (“APA”) dated February 25, 2022, between LucidDx Labs Inc., a wholly-owned subsidiary of the Company, and RDx, with such agreement further discussed in Note 6, Asset Purchase Agreement and Management Services Agreement.

Revenue Recognized

In the three and six months ended June 30, 2023, the Company recognized revenue of $159 and $605, respectively, resulting from the delivery of patient EsoGuard test results. Revenue recognized from customer contracts deemed to include a variable consideration transaction price is limited to the unconstrained portion of the variable consideration. The Company’s revenue for the three and six months ended June 30, 2022 was $0 and $189, which solely reflects the revenue recognized under the EsoGuard Commercialization Agreement, which represented the minimum fixed monthly fee of $100 for the period January 1, 2022 to the February 25, 2022 termination date as discussed above. The monthly fee was deemed to be collectible for such period as RDx has timely paid the applicable respective monthly fee.

Cost of Revenue

The cost of revenues principally includes the costs related to the Company’s laboratory operations (excluding estimated costs associated with research activities), the costs related to the EsoCheck cell collection device, cell sample mailing kits and license royalties.

In the three and six months ended June 30, 2023, the cost of revenue was $1,549 and $2,887, respectively, and was primarily related to costs for our laboratory operations and EsoCheck device supplies. The Company’s cost of revenue for the three and six months ended June 30, 2022 was $0 and $369, which solely reflects the costs attributable to delivering the services under the EsoGuard Commercialization Agreement for the period January 1, 2022 to February 25, 2022. In the three months ended June 30, 2022, laboratory operations costs are included in operating expenses as general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations.

Note 4 — Related Party Transactions

Case Western Reserve University and Physician Inventors - Amended CWRU License Agreement

Case Western Reserve University (“CWRU”) and each of the three physician inventors (“Physician Inventors”) of the intellectual property licensed under the amended and restated patent license agreement with CWRU, dated August 23, 2021 (the “Amended CWRU License Agreement”), each hold a minority equity ownership interest in Lucid Diagnostics Inc. The expenses incurred with respect to the Amended CWRU License Agreement and the three Physician Inventors, as classified in the accompanying unaudited condensed consolidated statement of operations for the periods indicated are summarized as follows:

	2023		2022		2023		2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of Revenue
CWRU – Royalty Fees	$	10	$	—	$	34	$	9

General and Administrative Expense
Stock-based compensation expense – Physician Inventors’ restricted stock awards		—		272		180		544

Research and Development Expense
Amended CWRU – License Agreement - reimbursement of patent legal fees		—		209		389		209
Fees - Physician Inventors’ consulting agreements		9		10		10		18
Sponsored research agreement		—		—		—		3
Stock-based compensation expense – Physician Inventors’ stock options		52		52		105		99
Total Related Party Expenses	$	71	$	543	$	718	$	882

PAVmed Inc. - Management Services Agreement

The Company’s daily operations are also managed in part by personnel employed by PAVmed, for which the Company incurs a service fee, referred to as the “MSA Fee”, according to the provisions of a Management Services Agreement (“MSA”) with PAVmed. The MSA does not have a termination date, but may be terminated by the Company’s board of directors. The MSA Fee is charged on a monthly basis and is subject-to periodic adjustment corresponding with changes in the services provided by PAVmed personnel to the Company, with any such change in the MSA Fee being subject to approval of the boards of directors of each of the Company and PAVmed. The respective companies’ boards of directors approved a seventh amendment to the MSA to increase the MSA Fee to $750 per month, effective January 1, 2023, which was entered into by PAVmed and the Company on May 9, 2023. During the three and six months ended June 30, 2022, MSA Fees were $390 per month.

Note 4 — Related Party Transactions - continued

The MSA Fee expense classification in the unaudited condensed consolidated statement of operations for the periods noted is as follows:

	2023		2022		2023		2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Sales & Marketing		109		183		218		383
General & Administrative		1,554		640		3,108		1,284
Research & Development		587		347		1,174		673
Total MSA Fee	$	2,250	$	1,170	$	4,500	$	2,340

The classification of the MSA Fee as presented above is based on the PAVmed classification of employee salary expense and other operating expenses. In this regard, PAVmed classifies employee salary expense as sales and marketing expenses for employees performing sales, marketing, and reimbursement activities and functions, general and administrative, and research and development except for those employees who are engaged in product and services engineering development and design and /or clinical trials activities, for which such employee salary is classified as research and development expense.

Note 5 — Due To PAVmed Inc.

The aggregate Due To: PAVmed Inc. for the periods indicated is summarized as follows:

	MSA Fees		Employee-Related Costs		PAVmed Inc. OBO Payments			Total
Balance - December 31, 2022	$	1,650	$	3,026	$	284		$	4,960
MSA fees		4,500		—		—			4,500
ERC - Payroll & Benefits		—		922		—			922
On Behalf Of (OBO) activities		—		—		601			601
Cash payments to PAVmed Inc.		—		—		(286	)		(286	)
Balance - June 30, 2023	$	6,150	$	3,948	$	599		$	10,697

Note 6 — Asset Purchase Agreement and Management Services Agreement

Asset Purchase Agreement and Management Services Agreement - ResearchDx Inc.

Through its wholly-owned subsidiary, LucidDx Labs Inc. (“LucidDx Labs”), the Company entered into an asset purchase agreement (“APA”) dated February 25, 2022, with ResearchDx, Inc. (“RDx”), an unrelated third-party - “APA-RDx”. Under the APA-RDx, LucidDx Labs Inc. acquired certain assets from RDx which were combined with other property and equipment to establish a Company-owned CLIA certified, CAP accredited commercial clinical laboratory capable of performing the EsoGuard® Esophageal DNA assay, inclusive of DNA extraction, next generation sequencing (“NGS”) and specimen storage. Prior to February 25, 2022, RDx provided such laboratory services at its owned CLIA-certified, CAP-accredited clinical laboratory. In connection with the execution and delivery of the APA-RDx, LucidDx Labs Inc. and RDx entered into a separate management services agreement (“MSA-RDx”), dated and effective February 25, 2022, pursuant to which RDx provided certain testing and related services for the Laboratory.

The total purchase price consideration payable under the APA-RDx is a face value of $3,200 comprised of three contractually specified periodic payments. The APA-RDx is being accounted for as an asset acquisition, with the recognition of an intangible asset of approximately $3,200, which is included in “Intangible assets, net” on the accompanying unaudited condensed consolidated balance sheet, as further discussed in Note 9, Intangible Assets, net.

Termination of Management Services Agreement and Modification of Other Payment Obligations - ResearchDx Inc.

On February 14, 2023, through LucidDx Labs Inc, the Company entered into an agreement (the “MSA Termination Agreement”) with RDx, pursuant to which the parties mutually agreed to terminate the MSA-RDx without cause. The termination was effective as February 10, 2023. Until the termination of the management service agreement with RDx, RDx had continued to provide certain testing and related services for the Laboratory in accordance with the terms of the MSA-RDx.

The MSA Termination Agreement reduces the remaining amounts of the earnout payments and management fees due under the APA-RDx and the MSA-RDx to $713. The payment was satisfied through the issuance of 553,436 shares of the Company’s common stock in February 2023. The Company was not required to make any cash payments in connection with the termination.

Note 7 — Prepaid Expenses, Deposits, and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of:

	June 30, 2023		December 31, 2022
Advanced payments to service providers and suppliers	$	344	$	371
Prepaid insurance		171		52
Deposits		2,587		1,331
EsoCheck cell collection supplies		39		59
EsoGuard mailer supplies		3		52
Total prepaid expenses, deposits and other current assets	$	3,144	$	1,865

Note 8 — Leases

During the six months ended June 30, 2023, the Company entered into additional lease agreements that have commenced and are classified as operating leases and short-term leases for additional Lucid Test Centers.

The Company’s future lease payments as of June 30, 2023, which are presented as operating lease liabilities, current portion and operating lease liabilities, less current portion on the Company’s unaudited condensed consolidated balance sheets are as follows:


2023 (remainder of year)	$	611
2024		1,133
2025		127
2026		63
2027		24
Total lease payments	$	1,958
Less: imputed interest		(127	)
Present value of lease liabilities	$	1,831

Supplemental disclosure of cash flow information related to the Company’s cash and non-cash activities with its leases are as follows:

	Six Months Ended June 30,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	583		$	453
Non-cash investing and financing activities
Right-of-use assets obtained in exchange for new operating lease liabilities	$	341		$	2,448
Weighted-average remaining lease term - operating leases (in years)		1.80			2.48
Weighted-average discount rate - operating leases		7.875	%		7.875	%

As of June 30, 2023 and December 31, 2022, the Company’s right-of-use assets from operating leases were $1,835 and $2,008, respectively, which are reported in operating lease right-of-use assets in the unaudited condensed consolidated balance sheets. As of June 30, 2023 and December 31, 2022, the Company had outstanding operating lease obligations of $1,831 and $1,999, respectively, of which $1,099 and $962, respectively, are reported in operating lease liabilities, current portion and $732 and $1,037, respectively, are reported in operating lease liabilities less current portion in the Company’s unaudited condensed consolidated balance sheets. The Company calculates its incremental borrowing rates for specific lease terms, used to discount future lease payments, as a function of the financing terms the Company would likely receive on the open market.

Note 9 — Intangible Assets, net

Intangible assets, less accumulated amortization, consisted of the following as of:

	Estimated Useful Life	June 30, 2023			December 31, 2022
Defensive technology	60 months	$	2,105		$	2,105
Laboratory licenses and certifications and laboratory information management software	24 months		3,200		$	3,200
Total Intangible assets			5,305			5,305
Less Accumulated Amortization			(2,870	)		(1,860	)
Intangible Assets, net		$	2,435		$	3,445

The defensive technology intangible asset of $2.1 million (and approximately $0.2 million of accumulated amortization) was recognized by the Company as of the April 1, 2022 effective date of the transfer of CapNostics, LLC (“CapNostics”) to the Company from PAVmed Subsidiary Corp (a wholly-owned subsidiary of PAVmed). The transfer was accounted for as entities under common control. The defensive technology intangible asset was recognized by PAVmed Subsidiary Corp upon its acquisition of CapNostics, an unrelated third-party, for total purchase consideration paid on the October 5, 2021 acquisition date of approximately $2.1 million in cash. The CapNostics transaction was accounted for as an asset acquisition, resulting in the recognition of the defensive technology intangible asset. The defensive technology intangible asset is being amortized on a straight-line basis over an expected useful life 60 months commencing on the acquisition date.

As noted in Note 6, Asset Purchase Agreement and Management Services Agreement, the asset purchase agreement between the Company and ResearchDx Inc. (“APA-RDx”), is being accounted for as an asset acquisition. The intangible assets recognized under the APA-RDx are the laboratory licenses and certifications (inclusive of a CLIA certification, CAP accreditation, and clinical laboratory licenses for five (5) U.S. States transferred to the Company from RDx), and a laboratory information management software perpetual-use royalty-free license granted under the APA-RDx, with such intangible asset having a useful life of twenty-four months commencing on the APA-RDx February 25, 2022 transaction date.

Amortization expense of the intangible assets discussed above was $505 and $639 for the three month periods ended June 30, 2023 and 2022, respectively, and $1,010 and $639 for the six month periods ended June 30, 2023 and 2022, respectively, and is included in amortization of acquired intangible assets in the accompanying unaudited condensed consolidated statements of operations. As of June 30, 2023, the estimated future amortization expense associated with the Company’s finite-lived intangible assets for each of the five succeeding fiscal years is as follows:

Schedule of Future Amortization Expense


2023 (remainder of year)	$	1,011
2024		688
2025		421
2026		315
Total	$	2,435

Note 10 — Financial Instruments Fair Value Measurements

Recurring Fair Value Measurements

The fair value hierarchy table for the reporting date noted is as follows:

	Fair Value Measurement on a Recurring Basis at Reporting Date Using¹
	Level-1 Inputs		Level-2 Inputs		Level-3 Inputs		Total
June 30, 2023
March 2023 Senior Convertible Note	$	—	$	—	$	11,610	$	11,610
Totals	$	—	$	—	$	11,610	$	11,610

There were no transfers between the respective Levels during the period ended June 30, 2023.

As discussed in Note 11, Debt, the Company issued a Senior Secured Convertible Note dated March 21, 2023 with a $11.1 million face value principal (“March 2023 Senior Convertible Note”.) The convertible note is accounted for under the ASC 825-10-15-4 fair value option (“FVO”) election, wherein, the financial instrument is initially measured at its issue date estimated fair value and subsequently remeasured at estimated fair value on a recurring basis at each reporting period date.

The estimated fair value of the financial instruments classified within the Level 3 category was determined using both observable inputs and unobservable inputs. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long- dated volatilities) inputs.

The estimated fair value of the March 2023 Senior Convertible Note as of each of March 21, 2023 and June 30, 2023 were computed using a Monte Carlo simulation of the present value of its cash flows using a synthetic credit rating analysis and a required rate-of-return, using the following assumptions:

Schedule of Fair Value Assumption Used

	March 2023 Senior Convertible Note: March 21, 2023			March 2023 Senior Convertible Note: June 30, 2023
Fair Value	$	11,900		$	11,610
Face value principal payable	$	11,111		$	11,111
Required rate of return		11.00	%		11.00	%
Conversion Price	$	5.00		$	5.00
Value of common stock	$	1.54		$	1.39
Expected term (years)		2.00			1.73
Volatility		75.00	%		70.00	%
Risk free rate		4.09	%		4.89	%
Dividend yield		—	%		—	%

The estimated fair values reported utilized the Company’s common stock price along with certain Level 3 inputs (as discussed in the table above), in the development of Monte Carlo simulation models, discounted cash flow analyses, and /or Black-Scholes valuation models. The estimated fair values are subjective and are affected by changes in inputs to the valuation models and analyses, including the Company’s common stock price, the Company’s dividend yield, the risk-free rates based on U.S. Treasury security yields, and certain other Level-3 inputs including, assumptions regarding the estimated volatility in the value of the Company’s common stock price. Changes in these assumptions can materially affect the estimated fair values.

Note 11 — Debt

The fair value and face value principal outstanding of the March 2023 Senior Convertible Note as of the dates indicated are as follows:

Summary of Outstanding Debt

	Contractual Maturity Date	Stated Interest Rate			Conversion Price per Share		Face Value Principal Outstanding		Fair Value
March 2023 Senior Convertible Note	March 21, 2025		7.875	%	$	5.00	$	11,111	$	11,610
Balance as of June 30, 2023							$	11,111	$	11,610

The changes in the fair value of debt during the three and six months ended June 30, 2023 is as follows:

	March 2023 Senior Convertible Note			Other Income (expense)
Fair Value - December 31, 2022	$	—		$	—
Face value principal – issue date		11,111			—
Fair value adjustment – issue date		789			(789	)
Change in fair value		—			—
Fair Value at March 31, 2023	$	11,900			-
Other Income (Expense) - Change in fair value – three months ended March 31, 2023				$	(789	)

Change in fair value		(290	)		290
Fair Value at June 30, 2023	$	11,610			-
Other Income (Expense) - Change in fair value – three months ended June 30, 2023				$	290
Other Income (Expense) - Change in fair value – six months ended June 30, 2023				$	(499	)

March 2023 Senior Secured Convertible Note

Lucid Diagnostics entered into a Securities Purchase Agreement (“SPA”) dated March 13, 2023, with an accredited institutional investor (“Investor”, “Lender”, and /or “Holder”), wherein Lucid agreed to sell, and the Investor agreed to purchase, an aggregate of $11.1 million face value principal of debt.

Under the SPA, Lucid issued in a registered direct offering under its effective shelf registration statement a Senior Secured Convertible Note dated March 21, 2023, referred to herein as the “March 2023 Senior Convertible Note”, with such note having a $11.1 million face value principal, a 7.875% annual stated interest rate, a contractual conversion price of $5.00 per share of the Company’s common stock (subject to standard adjustments in the event of any stock split, stock dividend, stock combination, recapitalization or other similar transaction), and a contractual maturity date of March 21, 2025. The March 2023 Senior Convertible Note may be converted into shares of common stock of the Company at the Holder’s election.

The March 2023 Senior Convertible Note proceeds were $9.925 million after deducting a $1.186 million lender fee and offering costs. The lender fee and offering costs were recognized as of the March 21, 2023 issue date as a current period expense in other income (expense) in the Company’s unaudited condensed consolidated statement of operations.

During the period from March 21, 2023 to September 20, 2023, Lucid is required to pay interest expense only (on the $11.1 million face value principal), at 7.875% per annum, computed on a 360 day year. The Company paid in cash interest expense of $219 and $243 for the three and six months ended June 30, 2023, respectively.

Note 11 — Debt - continued

Commencing September 21, 2023, and then on each of the successive first and tenth trading day of each month thereafter through to and including March 14, 2025 (each referred to as an “Installment Date”); and on the March 21, 2025 maturity date, the Company will be required to make a principal repayment of $292 together with accrued interest thereon, with such 38 payments referred to herein as the “Installment Amount”, settled in shares of common stock of the Company, subject to customary equity conditions, including minimum share price and volume thresholds, or at the election of the Company, in cash, in whole or in part.

In addition to the Installment Amount repayments, the Holder may elect to accelerate the conversion of future Installment Amount repayments, and interest thereon, subject to certain restrictions, as defined, utilizing the then current conversion price of the most recent Installment Date conversion price.

The payment of all amounts due and payable under this senior convertible note is guaranteed by all of Lucid Diagnostics’ subsidiaries; and the obligations under this senior convertible note are secured by all of the assets of Lucid Diagnostics and its subsidiaries.

Lucid is subject to certain customary affirmative and negative covenants regarding the rank of the note, along with the incurrence of further indebtedness, the existence of liens, the repayment of indebtedness and the making of investments, the payment of cash in respect of dividends, distributions or redemptions, the transfer of assets, the maturity of other indebtedness, and transactions with affiliates, among other customary matters.

Lucid is subject to financial covenants requiring: (i) a minimum of $5.0 million of available cash at all times; (ii) the ratio of (a) the outstanding principal amount of the total senior convertible notes outstanding, accrued and unpaid interest thereon and accrued and unpaid late charges to (b) the Company’s average market capitalization over the prior ten trading days, as of the last day of any fiscal quarter commencing with September 30, 2023, to not exceed 30%; and (iii) the Company’s market capitalization to at no time be less than $30 million.

Note 12 — Stock-Based Compensation

Lucid Diagnostics Inc. 2018 Long-Term Incentive Equity Plan

The Lucid Diagnostics Inc. 2018 Long-Term Incentive Equity Plan (“Lucid Diagnostics 2018 Equity Plan”) is separate and apart from the PAVmed 2014 Equity Plan discussed below. The Lucid Diagnostics 2018 Equity Plan is designed to enable Lucid Diagnostics to offer employees, officers, directors, and consultants, an opportunity to acquire shares of common stock of Lucid Diagnostics. The types of awards that may be granted under the Lucid Diagnostics 2018 Equity Plan include stock options, stock appreciation rights, restricted stock, and other stock-based awards subject to limitations under applicable law. All awards are subject to approval by the Lucid Diagnostics compensation committee.

A total of 11,644,000 shares of common stock of Lucid Diagnostics are reserved for issuance under the Lucid Diagnostics 2018 Equity Plan, with 3,936,554 shares available for grant as of June 30, 2023. The share reservation is not diminished by a total of 423,300 stock options and 50,000 restricted stock awards granted outside the Lucid Diagnostics 2018 Equity Plan, as of June 30, 2023.

Lucid Diagnostics Stock Options

Lucid Diagnostics stock options granted under the Lucid Diagnostics 2018 Equity Plan and stock options granted outside such plan are summarized as follows:

	Number of Stock Options			Weighted Average Exercise Price		Remaining Contractual Term (Years)		Intrinsic Value⁽²⁾
Outstanding stock options at December 31, 2022		2,565,377		$	3.14		8.3	$	428
Granted⁽¹⁾		2,732,500		$	1.31
Exercised		—		$	—
Forfeited		(347,915	)	$	2.57
Outstanding stock options at June 30, 2023⁽³⁾		4,949,962		$	2.17		8.7	$	641
Vested and exercisable stock options at June 30, 2023		1,374,179		$	2.76		6.9	$	440

⁽¹⁾	Stock options granted under the Lucid Diagnostics 2018 Equity Plan and those granted outside such plan generally vest one-third in one year then ratably over the next eight quarters, and have a ten-year contractual term from date-of-grant.
⁽²⁾	The intrinsic value is computed as the difference between the quoted price of the Lucid Diagnostics common stock on each of June 30, 2023 and December 31, 2022 and the exercise price of the underlying Lucid Diagnostics stock options, to the extent such quoted price is greater than the exercise price.
⁽³⁾	The outstanding stock options presented in the table above, are inclusive of 423,300 stock options granted outside the Lucid Diagnostics 2018 Equity Plan, as of June 30, 2023 and December 31, 2022.

Note 12 — Stock-Based Compensation - continued

See Note 4, Related Party Transactions, for a summary of the stock-based compensation expense recognized with respect to the stock options granted under the Lucid Diagnostics 2018 Equity Plan to the Physician Inventors.

Lucid Diagnostics Restricted Stock Awards

Lucid Diagnostics restricted stock awards granted under the Lucid Diagnostics 2018 Equity Plan and restricted stock awards granted outside such plan are summarized as follows:

	Number of Restricted Stock Awards			Weighted Average Grant Date Fair Value
Unvested restricted stock awards as of December 31, 2022⁽¹⁾		2,091,420		$	11.44
Granted		—			—
Vested		(219,320	)		11.27
Forfeited		—			—
Unvested restricted stock awards as of June 30, 2023		1,872,100		$	11.46

⁽¹⁾	The unvested restricted stock awards presented in the table above, are inclusive of 50,000 restricted stock awards granted outside the Lucid Diagnostics 2018 Equity Plan as of December 31, 2022. These 50,000 restricted stock awards were fully vested during the period ended June 30, 2023.

PAVmed Inc. 2014 Equity Plan

The PAVmed Inc. 2014 Long-Term Incentive Equity Plan (the “PAVmed 2014 Equity Plan”), is separate and apart from the Lucid Diagnostics 2018 Equity Plan (as such equity plan is discussed above).

Stock-Based Compensation Expense

The stock-based compensation expense recognized by the Company for both the Lucid Diagnostics 2018 Equity Plan and the PAVmed 2014 Equity Plan, for the periods indicated, was as follows:

	2023		2022		2023		2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Lucid Diagnostics 2018 Equity Plan – cost of revenue	$	16	$	—	$	28	$	—
Lucid Diagnostics 2018 Equity Plan – sales and marketing		247		215		470		480
Lucid Diagnostics 2018 Equity Plan - general and administrative		836		3,313		3,348		6,514
Lucid Diagnostics 2018 Equity Plan - research and development		66		26		136		97
PAVmed 2014 Equity Plan - cost of revenue		9		—		16		—
PAVmed 2014 Equity Plan - sales and marketing		120		161		253		336
PAVmed 2014 Equity Plan - general and administrative		8		77		164		145
PAVmed 2014 Equity Plan - research and development		97		52		192		107
Total stock-based compensation expense	$	1,399	$	3,844	$	4,607	$	7,679

The stock-based compensation expense, as presented above, is inclusive of: stock options and restricted stock awards granted under the Lucid Diagnostics 2018 Equity Plan to employees of PAVmed, the Physician Inventors, and members of the board of directors of Lucid Diagnostics, as well as the stock options granted under the PAVmed 2014 Equity Plan to the Physician Inventors.

Note 12 — Stock-Based Compensation - continued

As of June 30, 2023, unrecognized stock-based compensation expense and weighted average remaining requisite service period with respect to stock options and restricted stock awards issued under each of the Lucid Diagnostics 2018 Equity Plan and the PAVmed 2014 Equity Plan, as discussed above, is as follows:

	Unrecognized Expense		Weighted Average Remaining Service Period (Years)
Lucid Diagnostics 2018 Equity Plan
Stock Options	$	4,129		2.3
Restricted Stock Awards	$	1,141		1.1
PAVmed 2014 Equity Plan
Stock Options	$	861		2.0

Stock-based compensation expense recognized with respect to stock options granted under the Lucid Diagnostics 2018 Equity Plan was based on a weighted average estimated fair value of such stock options of $0.87 per share and $1.48 per share during the periods ended June 30, 2023 and 2022, respectively, calculated using the following weighted average Black-Scholes valuation model assumptions:

	2023			2022
	Six Months Ended June 30,
	2023			2022
Expected term of stock options (in years)		5.6			5.7
Expected stock price volatility		75	%		71	%
Risk free interest rate		3.7	%		3.0	%
Expected dividend yield		—	%		—	%

Lucid Diagnostics Inc Employee Stock Purchase Plan (“Lucid ESPP”)

A total of 231,987 shares of common stock of Lucid Diagnostics were purchased for proceeds of approximately $276 on March 31, 2023 under the Lucid ESPP. The Lucid ESPP has a total reservation of 1,000,000 shares of common stock of which 683,983 shares are available-for-issue as of June 30, 2023. In January 2023, the number of shares available-for-issue was increased by 500,000 in accordance with the evergreen provisions of the plan.

Note 13 — Stockholders’ Equity

Series A Preferred Stock Offering

On March 7, 2023, the Company issued 13,625 shares of newly designated Series A Convertible Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock”), to accredited investors at a purchase price of $1,000 per share, for aggregate gross proceeds to the Company of $13.625 million. In connection with the issuance the Company filed a Certificate of Designation of Preferences, Rights and Limitations of the Series A Preferred Stock with the Secretary of State of the State of Delaware (the “Certificate of Designation”). The key terms of the Series A Preferred Stock are as follows:

Each share of Series A Preferred Stock is convertible at the option of the holder, subject to certain beneficial ownership limitations into such number of shares of the Company’s common stock, equal to the number of Series A Preferred Shares to be converted, multiplied by the stated value of $1,000 (the “Stated Value”), divided by the conversion price in effect at the time of the conversion. The initial conversion price is $1.394, subject to adjustment in the event of stock splits, stock dividends, and similar transactions. The Series A Preferred Stock is convertible into shares of our common stock at any time at the option of the holder from and after the six-month anniversary of its issuance, and automatically converts into shares of our common stock on March 7, 2025, the second anniversary of its issuance.

The Series A Preferred Stock will be senior to the Common Stock and any other class of the Company’s capital stock that is not by its terms senior to or pari passu with the Series A Preferred Stock.

Note 13 — Stockholders’ Equity - continued

The holders of Series A Preferred Stock will be entitled to dividends payable as follows: (i) a number of shares of Common Stock equal to 20% of the number of shares of Common Stock issuable upon conversion of the Series A Preferred Stock then held by such Holder on March 7, 2024, and (ii) a number of shares of Common Stock equal to 20% of the number of shares of Common Stock issuable upon conversion of the Series A Preferred Stock then held by such Holder on March 7, 2025. A holder that converts its Series A Preferred Stock prior to March 7, 2024 or March 7, 2025, as the case may be, will not receive the dividend that accrues on such date with respect to such converted Series A Preferred Stock. The holders of the Series A Preferred Stock also will be entitled to dividends equal, on an as-if-converted to shares of Common Stock basis, to and in the same form as dividends actually paid on shares of the Common Stock when, as, and if such dividends are paid on shares of the Common Stock.

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company (or any Deemed Liquidation Event as defined in the Certificate of Designation), the holders of shares of Series A Preferred Stock then outstanding will be entitled to be paid out of the assets of the Company available for distribution to its stockholders, before any payment shall be made to the holders of Common Stock by reason of their ownership thereof, an amount per share equal to the greater of (i) the Stated Value, plus any dividends accrued but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of Series A Preferred Stock been converted into Common Stock immediately prior to such event.

The Series A Preferred Stock is a non-voting security, other than with respect to limited matters related to changes in terms of the Series A Preferred Stock.

The Company will not effect any conversion of the Series A Preferred Stock, and a holder will not have the right to receive dividends or convert any portion of the Series A Preferred Stock, to the extent that, after giving effect to the receipt of dividends or the conversion, the holder (together with such holder’s affiliates, and any persons acting as a group together with such holder or any of the holder’s affiliates) would beneficially own in excess of 4.99% of the Company’s outstanding common stock (or, upon election of the holder, 9.99% of the Company’s outstanding common stock).

The Company and the investors in the offering also executed a registration rights agreement (the “Registration Rights Agreement”), pursuant to which the Company agreed to file a registration statement covering the resale of the shares of Common Stock issuable pursuant to the Series A Preferred Stock.

Lucid Diagnostics Common Stock

In June 2023, the Company received shareholder approval to issue up to 200 million shares of its common stock, an increase of 100 million shares.

As of June 30, 2023 and December 31, 2022 there were 41,853,603 and 40,518,792 shares of common stock issued and outstanding, respectively. As of June 30, 2023, PAVmed holds 31,302,420 shares, representing a majority-interest equity ownership and PAVmed has a controlling financial interest in the Company.

Committed Equity Facility and ATM Facility

On March 28, 2022, the Company entered into a committed equity facility with an affiliate of Cantor Fitzgerald (“Cantor”). Under the terms of the committed equity facility, Cantor has committed to purchase up to $50 million of the Company’s common stock from time to time at the request of the Company. While there are distinct differences, the facility is structured similarly to a traditional at-the-market equity facility, insofar as it allows the Company to raise primary equity capital on a periodic basis at prices based on the existing market price. Cumulatively a total of 680,263 shares of Lucid Diagnostics’ common stock were issued for net proceeds of approximately $1.8 million, after a 4% discount, as of June 30, 2023.

In November 2022, the Company entered into an “at-the-market offering” (“ATM”) for up to $6.5 million of its common stock that may be offered and sold under a Controlled Equity Offering Agreement between the Company and Cantor Fitzgerald & Co. In the six months ended June 30, 2023, the Company sold 230,068 shares through the at-the-market equity facility for net proceeds of approximately $0.3 million, after payments of 3% commissions. No shares were sold under the at-the-market equity facility during the three months ended June 30, 2023.

Note 14 — Net Loss Per Share

The Net loss per share basic and diluted for the respective periods indicated is as follows:

	2023			2022			2023			2022
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Numerator
Net loss	$	(11,381	)	$	(14,624	)	$	(27,628	)	$	(26,894	)

Denominator
Weighted average common shares outstanding, basic and diluted		41,833,823			35,760,492			41,404,547			35,443,526

Net loss per share
Net loss per share - basic and diluted	$	(0.27	)	$	(0.41	)	$	(0.67	)	$	(0.76	)

Basic weighted-average number of shares of common stock outstanding for the periods ended June 30, 2023 and 2022 include the shares of the Company issued and outstanding during such periods, each on a weighted average basis. The basic weighted average number of shares common stock outstanding excludes common stock equivalent incremental shares, while diluted weighted average number of shares outstanding includes such incremental shares. However, as the Company was in a loss position for all periods presented, basic and diluted weighted average shares outstanding are the same, as the inclusion of the incremental shares would be anti-dilutive. The common stock equivalents excluded from the computation of diluted weighted average shares outstanding are as follows:

	2023		2022
	June 30,
	2023		2022

Stock options		4,949,962		2,459,666
Unvested restricted stock awards		1,872,100		2,260,740
Preferred stock		13,695,850		—
Total		20,517,912		4,720,406

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our unaudited condensed consolidated financial condition and results of operations should be read together with our Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”), as filed with the Securities and Exchange Commission (the “SEC”).

Unless the context otherwise requires, references herein to (i) “we”, “us”, and “our”, and to the “Company”, “Lucid” or “Lucid Diagnostics” are to the Company and its subsidiaries LucidDx Labs Inc. (“LucidDx Labs”) and CapNostics, LLC (“CapNostics”), (ii) “FDA” are to the Food and Drug Administration, (iii) “510(k)” are to a premarket notification, submitted to the FDA by a manufacturer pursuant to § 510(k) of the Food, Drug and Cosmetic Act and 21 CFR § 807 subpart E, (iv) “CLIA” are to the Clinical Laboratory Improvement Amendments of 1988 and associated regulations set forth in 42 CFR § 493, and (v) “CE Mark” are to a “Conformité Européenne” Mark, a mark indicating that a product such as a medical device conforms to the essential requirements of the relevant European directive.

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Form 10-Q”) including the following discussion and analysis of our unaudited condensed consolidated financial condition and results of operations, contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this Form 10-Q, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from those expressed or implied in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Item 1A of Part I of the Form 10-K under the heading “Risk Factors.”

Important factors that may affect our actual results include:

	●	our limited operating history;
	●	our financial performance, including our ability to generate revenue;
	●	our ability to obtain regulatory approval for the commercialization of our products;
	●	the ability of our products to achieve market acceptance;
	●	our success in retaining or recruiting, or changes required in, our officers, key employees or directors;
	●	our potential ability to obtain additional financing when and if needed;
	●	our ability to protect our intellectual property;
	●	our ability to complete strategic acquisitions;
	●	our ability to manage growth and integrate acquired operations;
	●	the potential liquidity and trading of our securities;
	●	our regulatory and operational risks;
	●	cybersecurity risks;
	●	risks related to the COVID-19 pandemic and other health-related emergencies;
	●	risks related to our relationship with PAVmed; and
	●	our estimates regarding expenses, future revenue, capital requirements and needs for additional financing.

In addition, our forward-looking statements do not reflect the potential impact of any future financings, acquisitions, mergers, dispositions, joint ventures or investments we may make.

We may not actually achieve the plans, intentions, and/or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. You should read this Form 10-Q, the documents we have filed as exhibits to this Form 10-Q, and the Form 10-K completely and with the understanding our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Overview

We are a commercial-stage medical diagnostics technology company focused on the millions of patients with gastroesophageal reflux disease (“GERD”), also known as chronic heartburn, acid reflux or simply reflux, who are at risk of developing esophageal precancer and cancer, specifically highly lethal esophageal adenocarcinoma (“EAC”).

We believe that our flagship product, the EsoGuard Esophageal DNA Test, performed on samples collected with the EsoCheck Esophageal Cell Collection Device, constitutes the first and only commercially available diagnostic test capable of serving as a widespread tool for the early detection of esophageal precancer, including Barrett’s Esophagus (“BE”), in at-risk GERD patients. Early detection of esophageal precancer allows patients to undergo appropriate monitoring and treatment, as indicated by clinical practice guidelines, in an effort to prevent progression to esophageal cancer.

EsoGuard is a bisulfite-converted next-generation sequencing (NGS) DNA assay performed on surface esophageal cells collected with EsoCheck. It quantifies methylation at 31 sites on two genes, Vimentin (VIM) and Cyclin A1 (CCNA1). The assay was evaluated in a 408-patient multicenter case-control study published in Science Translational Medicine and showed greater than 90% sensitivity and specificity at detecting esophageal precancer and all conditions along the BE-EAC spectrum, including on samples collected with EsoCheck (Moinova, et al. Sci Transl Med. 2018 Jan 17;10(424): eaao5848). EsoGuard is commercially available in the U.S. as a Laboratory Developed Test (LDT) performed at our CLIA-certified laboratory. Cell samples, including those collected with EsoCheck, as discussed below, are sent to our laboratory, for testing and analyses using EsoGuard.

Overview - continued

EsoCheck is an FDA 510(k) and CE Mark cleared noninvasive swallowable balloon capsule catheter device capable of sampling surface esophageal cells in a less than five-minute office. It consists of a vitamin pill-sized rigid plastic capsule tethered to a thin silicone catheter from which a soft silicone balloon with textured ridges emerges to gently swab surface esophageal cells. When vacuum suction is applied, the balloon and sampled cells are pulled into the capsule, protecting them from contamination and dilution by cells outside of the targeted region during device withdrawal. We believe this proprietary Collect+Protect™ technology makes EsoCheck the only noninvasive esophageal cell collection device capable of such anatomically targeted and protected sampling.

EsoGuard and EsoCheck are based on patented technology licensed by Lucid from Case Western Reserve University (“CWRU”). EsoGuard and EsoCheck have been developed to provide an accurate, non-invasive, patient-friendly test for the early detection of EAC and BE, including dysplastic BE and related precursors to EAC in patients with chronic GERD.

Recent Developments

Business

Status of Clinical Trials

Lucid is currently seeking to accelerate its collection of clinical utility data through a range of trials that can be efficiently executed. These efforts include a planned investigator-initiated, retrospective analysis of prospectively collected data on the 391 San Antonio fire fighters who underwent testing as part of a community-sponsored cancer awareness event described below (in respect of which we expect to publish results in the second half of 2023); a virtual-patient randomized controlled trial with intended recruitment of at least 100 physician participants (in respect of which we expect to publish results this year); a Lucid-sponsored multi-center, prospective, observational study with 500 patients; and a Lucid-sponsored registry at existing Lucid Test Centers, whereby all patients undergoing EsoCheck testing will be given the opportunity to provide informed consent and contribute data about their risk factors, EsoGuard results, and subsequent diagnostic and/or therapeutic journey. Both Lucid-sponsored observational/registry studies expect to have preliminary results and/or interim analysis submitted for peer review before the end of 2023.

#CheckYourFoodTube Events

In January 2023, Lucid completed its first #CheckYourFoodTube Precancer Testing Event, with the San Antonio Fire Department (the “SAFD”) during Firefighter Cancer Awareness Month as designated by the International Association of Fire Fighters (IAFF). A total of 391 members who were deemed to be at-risk for esophageal precancer, underwent a brief, on-site, noninvasive cell collection procedure, performed by our clinical personnel using EsoCheck. Firefighters with suspected esophageal precancer based on a positive EsoGuard result were identified, including some less than 40 years of age, and will undergo appropriate monitoring and treatment, as indicated by clinical practice guidelines, to prevent progression to esophageal cancer.

Since then, additional testing events have been hosted with the SAFD, and similar events have been held with fire departments throughout the country. These events are ongoing and are an extension of Lucid’s satellite Lucid Test Center (“sLTC”) program, which brings Lucid precancer testing directly to patients—at their physician’s office and now at testing day events.

Launch of EsoGuard #CheckYourFoodTube Mobile Testing Unit

In June 2023, Lucid launched its first EsoGuard #CheckYourFoodTube Mobile Test Unit (“mobile testing unit”), with the inaugural mobile testing unit event being held in Sarasota, Florida. The mobile testing unit is another channel by which we are bringing EsoGuard testing to at-risk patients.

Launch of Direct Contracting Strategic Initiative

In March 2023, we launched a Direct Contracting Strategic Initiative (“DCSI”) to engage directly with large Administrative Services Only (“ASO”) self-insured employers, unions and other entities, seeking to replicate the successes of other cancer screening diagnostic companies that have deployed similar strategies. In August 2023, the company announced it had contracted with the Ancira Automotive Group as a result of this initiative, providing access to esophageal precancer testing for its employees at all 12 San Antonio locations.

New Revenue Cycle Management Provider

In May 2023, Lucid began to transition claims submission responsibility to a new revenue cycle management provider that offered more robust capabilities for, among other things, claims processing and appeals. The provider upgrade has been completed and claim submissions resumed in June 2023. Since completing the transition, the upgrade has demonstrated an improvement in speed of collections, turnaround time to claim submission, percentage of claims paid, and actionable data for appeals.

Financing

Series A Preferred Stock Offering

On March 7, 2023, we entered into subscription agreements for the sale of 13,625 shares of Series A convertible preferred stock, par value $0.001 per share (the “Series A Preferred Stock”). Each share of the Series A Preferred Stock has a stated value of $1,000 and a conversion price of $1.394. The Series A Preferred Stock is convertible into shares of our common stock at any time at the option of the holder from and after the six-month anniversary of its issuance (or, if later, the effective date of an increase in our authorized share capital or the effective date of a registration statement covering the resale of the underlying shares), and automatically converts into shares of our common stock on the second anniversary of its issuance. The terms of the Series A Preferred Stock also include a preference on liquidation and a right to receive dividends equal to 20% of the number of shares into which such Series A Preferred Stock is convertible, payable on each of the one-year and two-year anniversary of the issuance date. The Series A Preferred Stock is a non-voting security, other than with respect to limited matters related to changes in terms of the Series A Preferred Stock. The aggregate gross proceeds from the sale of shares in such offering were $13.625 million.

Private Placement - Securities Purchase Agreement

Effective as of March 13, 2023, we entered into a Securities Purchase Agreement (“SPA”) with an accredited institutional investor, pursuant to which we agreed to sell, and the investor agreed to purchase, a Senior Secured Convertible Note with a face value principal of $11.1 million (the “March 2023 Senior Convertible Note”). We issued the March 2023 Senior Convertible Note on March 21, 2023 pursuant to the SPA. The March 2023 Senior Convertible Note proceeds were $9.925 million after deducting a $1.186 million lender fee and offering costs.

The March 2023 Senior Secured Convertible Note has a 7.875% annual stated interest rate, a contractual conversion price of $5.00 per share of the Company’s common stock (subject to standard adjustments in the event of any stock split, stock dividend, stock combination, recapitalization or other similar transaction), and a contractual maturity date of the two-year anniversary of the date of issuance. The principal and interest on the March 2023 Senior Convertible Note is convertible into or otherwise payable in shares of the Company’s common stock (subject to the satisfaction of certain customary equity conditions and except for interest payable prior to September 21, 2023).

Under the March 2023 Senior Convertible Note, the Company is subject to certain customary affirmative and negative covenants regarding the incurrence of indebtedness, the existence of liens, the repayment of indebtedness and the making of investments, the payment of cash in respect of dividends, distributions or redemptions, the transfer of assets, the maturity of other indebtedness, and transactions with affiliates, among other customary matters. Under the March 2023 Senior Convertible Note, the Company is also subject to financial covenants requiring that (i) the amount of our available cash equal or exceed $5.0 million at all times, (ii) the ratio of (a) the outstanding principal amount of the notes issued under the SPA, accrued and unpaid interest thereon and accrued and unpaid late charges as of the last day of any fiscal quarter commencing with September 30, 2023 to (b) the Company’s average market capitalization over the prior ten trading days, not exceed 30%, and (iii) that the Company’s market capitalization shall at no time be less than $30 million.

ATM Facility

In November 2022, Lucid Diagnostics entered into an “at-the-market offering” for up to $6.5 million of its common stock that may be offered and sold under a Controlled Equity Offering Agreement between Lucid Diagnostics and Cantor Fitzgerald & Co. (“Cantor”). In the six months ended June 30, 2023, we sold 230,068 shares through our at-the-market equity facility for net proceeds of approximately $0.3 million, after payment of 3% commissions. No shares were sold through our at-the-market equity facility during the three months ended June 30, 2023.

Results of Operations

Overview

Revenue

The Company recognized revenue resulting from the delivery of patient EsoGuard test results when the Company considered the collection of such consideration to be probable to the extent that it is unconstrained. Additionally, in the three months ended March 31, 2022, revenue was recognized with respect to the EsoGuard Commercialization Agreement, dated August 1, 2021, between the Company and RDx, a CLIA certified commercial laboratory service provider. On February 25, 2022, the EsoGuard Commercialization Agreement was terminated upon the execution of the APA-RDx.

Cost of revenue

Cost of revenues recognized from the delivery of patient EsoGuard test results includes costs related to EsoCheck device usage, shipment of test collection kits, royalties and the cost of services to process tests and provide results to physicians. We incur expenses for tests in the period in which the activities occur, therefore, gross margin as a percentage of revenue may vary from quarter to quarter due to costs being incurred in one period that relate to revenues recognized in a later period.

We expect that gross margin for our services will continue to fluctuate and be affected by EsoGuard test volume, our operating efficiencies, patient compliance rates, payer mix, the levels of reimbursement, and payment patterns of payers and patients.

For the previously terminated EsoGuard Commercialization Agreement in February 2022, the cost of revenue recognized is inclusive of: a royalty fee incurred under the Amended CWRU License Agreement (as defined in Note 4, Related Party Transactions, to our accompanying unaudited condensed consolidated financial statements); the cost of EsoCheck devices and EsoGuard mailers (cell sample shipping costs); and Lucid Test Centers operating expenses, including rent expense and supplies.

Sales and marketing expenses

Sales and marketing expenses consist primarily of salaries and related costs for employees engaged in sales and marketing activities, as well as the portion of the MSA Fee allocated to sales and marketing expenses, which are principally costs related to PAVmed employees who are performing services for the Company. We anticipate our sales and marketing expenses will increase in the future, to the extent we expand our commercial sales and marketing operations as resources permit and insurance reimbursement coverage for our EsoGuard test expands.

General and administrative expenses

General and administrative expenses consist primarily of professional fees for accounting, tax, audit and legal services (including those fees incurred as a result of our being a public company), consulting fees, expenses associated with obtaining and maintaining patents within our intellectual property portfolio, and certain employee costs, along with the portion of the MSA Fee (as defined in Note 4, Related Party Transactions, to our accompanying unaudited condensed consolidated financial statements) allocated to general and administrative expenses.

We anticipate our general and administrative expenses will increase in the future to the extent our business operations grow. Furthermore, we anticipate continued expenses related to being a public company, including fees and expenses for audit, legal, regulatory, tax-related services, insurance premiums and investor relations costs associated with maintaining compliance as a public company.

Research and development expenses

Research and development expenses are recognized in the period they are incurred and consist principally of internal and external expenses incurred for the development of our technologies and conducting clinical trials, including:

	●	costs associated with regulatory filings;
	●	patent license fees;
	●	cost of laboratory supplies and acquiring, developing, and manufacturing preclinical prototypes; and
	●	MSA Fee allocated to research and development.

We plan to incur research and development expenses for the foreseeable future as we continue the development of our existing products as well as new innovations. Our research and development activities, including our clinical trials, are focused principally on facilitating insurer reimbursement, encouraging physician adoption and developing product improvements or extending the utility of the lead products in our pipeline, including EsoCheck and EsoGuard.

Results of Operations - continued

Overview - continued

Presentation of Dollar Amounts

All dollar amounts in this Management’s Discussion and Analysis of Financial Condition and Results of Operations are presented as dollars in millions, except for share and per share amounts.

Three months ended June 30, 2023 as compared to three months ended June 30, 2022

Revenue

In the three months ended June 30, 2023, revenue was $0.2 million as compared to $0.0 million for the corresponding period in the prior year. The $0.2 million increase principally relates to the revenue for our EsoGuard Esophageal DNA Test performed in our own CLIA laboratory, as compared to revenue from the EsoGuard Commercialization Agreement with RDx, in the prior year period, which was terminated on February 25, 2022 when the Company transitioned to its own laboratory operations.

Cost of revenue

In the three months ended June 30, 2023, cost of revenue was approximately $1.5 million as compared to $0.0 million for the corresponding period in the prior year. The $1.5 million increase was principally related to:

	●	approximately $0.6 million increase in laboratory facility and operations costs;
	●	approximately $0.5 million increase in EsoCheck and EsoGuard supplies costs; and
	●	approximately $0.4 million increase in compensation related costs.

Sales and marketing expenses

In the three months ended June 30, 2023, sales and marketing costs were approximately $4.0 million as compared to $3.9 million for the corresponding period in the prior year. The net increase of $0.1 million was principally related to:

	●	approximately $0.6 million increase in compensation related costs principally as a result of an increase in headcount;
	●	approximately $0.1 million increase in facility costs; and
	●	approximately $0.6 million decrease in third party marketing expenses.

General and administrative expenses

In the three months ended June 30, 2023, general and administrative costs were approximately $3.8 million as compared to $6.7 million for the corresponding period in the prior year. The net decrease of $2.8 million was principally related to:

	●	approximately $0.9 million increase related to the amended MSA with PAVmed due to the growth and expansion of our business and the services incurred through PAVmed;
	●	approximately $2.5 million decrease in stock-based compensation from RSA and stock option grants to Lucid employees and non-employees; and
	●	approximately $1.2 million decrease related to the termination of the MSA-RDx and lower general business expenses primarily related to reduced insurance premiums and reduced third-party consulting fees and professional recruiting services.

Results of Operations - continued

Three months ended June 30, 2023 as compared to three months ended June 30, 2022 - continued

Research and development expenses

In the three months ended June 30, 2023, research and development costs were approximately $1.8 million, compared to $3.4 million for the corresponding period in the prior year. The net decrease of $1.6 million was principally related to:

	●	approximately $1.8 million decrease in development costs, particularly in clinical trial activities and outside professional and consulting fees with respect to EsoCure; and
	●	approximately $0.2 million increase in compensation related costs.

Amortization of Acquired Intangible Assets

The amortization of acquired intangible assets remained relatively level in the three months ended June 30, 2023, as compared to the corresponding period in the prior year.

Other Income and Expense

Change in fair value of convertible debt

In the three months ended June 30, 2023, the change in the fair value of our convertible note was approximately $0.3 million of income, related to the March 2023 Senior Convertible Note. The March 2023 Convertible Note was initially measured at its issue-date estimated fair value and subsequently remeasured at estimated fair value as of the reporting period date. The Company initially recognized a $0.8 million fair value non-cash expense on the issue date.

See Note 11, Debt, to our accompanying unaudited condensed consolidated financial statements, for additional information with respect to the March 2023 Senior Convertible Note.

Results of Operations - continued

Six months ended June 30, 2023 as compared to six months ended June 30, 2022

Revenue

In the six months ended June 30, 2023, revenue was $0.6 million as compared to $0.2 million for the corresponding period in the prior year. The $0.4 million increase principally relates to the revenue for our EsoGuard Esophageal DNA Test performed in our own CLIA laboratory, as compared to revenue from the EsoGuard Commercialization Agreement with RDx, in the prior year period, which was terminated on February 25, 2022 when the Company transitioned to its own laboratory operations.

Cost of revenue

In the six months ended June 30, 2023, cost of revenue was approximately $2.9 million as compared to $0.4 million for the corresponding period in the prior year. The $2.5 million increase was principally related to:

	●	approximately $1.1 million increase in laboratory facility and operations costs;
	●	approximately $0.9 million increase in EsoCheck and EsoGuard supplies costs; and
	●	approximately $0.5 million increase in compensation related costs.

Sales and marketing expenses

In the six months ended June 30, 2023, sales and marketing costs were approximately $8.2 million as compared to $7.2 million for the corresponding period in the prior year. The net increase of $1.0 million was principally related to:

	●	approximately $1.9 million increase in compensation related costs principally as a result of an increase in headcount; and
	●	approximately $0.9 million decrease in third party marketing expenses.

General and administrative expenses

In the six months ended June 30, 2023, general and administrative costs were approximately $10.3 million as compared to $12.6 million for the corresponding period in the prior year. The net decrease of $2.3 million was principally related to:

	●	approximately $1.8 million increase related to the amended MSA with PAVmed due to the growth and expansion of our business and the services incurred through PAVmed;
	●	approximately $3.1 million decrease in stock-based compensation from RSA and stock option grants to Lucid employees and non-employees; and
	●	approximately $1.0 million decrease related to the termination of the MSA-RDx and lower general business expenses primarily related to reduced insurance premiums and reduced third-party consulting fees and professional recruiting services.

Results of Operations - continued

Six months ended June 30, 2023 as compared to six months ended June 30, 2022 - continued

Research and development expenses

In the six months ended June 30, 2023, research and development costs were approximately $4.1 million, compared to $6.3 million for the corresponding period in the prior year. The net decrease of $2.2 million was principally related to:

	●	approximately $2.9 million decrease in development costs, particularly in clinical trial activities and outside professional and consulting fees with respect to EsoCure;
	●	approximately $0.5 million increase related to the amended MSA with PAVmed due to the growth and expansion of our business and the services incurred through PAVmed; and
	●	approximately $0.2 million increase in compensation related costs.

Amortization of Acquired Intangible Assets

The amortization of acquired intangible assets remained relatively level in the six months ended June 30, 2023, as compared to the corresponding period in the prior year.

Other Income and Expense

Change in fair value of convertible debt

In the six months ended June 30, 2023, the change in the fair value of our convertible note was approximately $0.5 million of expense, related to the March 2023 Senior Convertible Note. The March 2023 Convertible Note was initially measured at its issue date estimated fair value and subsequently remeasured at estimated fair value as of the reporting period date. The Company initially recognized a $0.8 million fair value non-cash expense on the issue date.

Loss on Issue and Offering Costs - Senior Secured Convertible Note

In the six months ended June 30, 2023, in connection with the issue of the March 2023 Senior Convertible Note, we recognized a total of approximately $1.2 million of lender fee and offering costs paid by us.

See Note 11, Debt, to our accompanying unaudited condensed consolidated financial statements, for additional information with respect to the March 2023 Senior Convertible Note.

Liquidity and Capital Resources

Our current operational activities are principally focused on the commercialization of EsoGuard. We are pursuing commercialization across multiple sales channels, including: the communication to and education of medical practitioners and clinicians regarding EsoGuard; the establishment of Lucid Diagnostics Test Centers for the collection of cell samples using EsoCheck; the launch of the mobile testing unit; ongoing #CheckYourFoodTube testing days; and our direct contracting strategic initiative. Additionally, we are developing expanded clinical evidence to support insurance reimbursement adoption by government and private insurers. Further, as resources permit, the Company also intends to pursue development of other products and services, including EsoCure, an Esophageal Ablation Device.

Our ability to generate revenue depends upon our ability to successfully advance the commercialization of EsoGuard, including significantly expanding insurance reimbursement coverage, while also completing the clinical studies, product and service development, and necessary regulatory approval thereof. There are no assurances, however, we will be able to obtain an adequate level of financial resources required for the long-term commercialization and development of our products and services.

We are subject to all of the risks and uncertainties typically faced by medical device and diagnostic companies that devote substantially all of their efforts to the commercialization of their initial product and services and ongoing research and development activities and conducting clinical trials. We experienced a net loss of approximately $27.6 million and used approximately $14.1 million of cash in operations for the six months ended June 30, 2023. Financing activities provided $24.2 million of cash during the six months ended June 30, 2023. We ended the quarter with cash on-hand of $32.6 million as of June 30, 2023. We expect to continue to experience recurring losses and negative cash flow from operations and will continue to fund our operations with debt and equity financing transactions. Notwithstanding, however, with our cash on-hand as of the date hereof and the committed equity sources of financing described below, the Company expects to be able to fund its operations and meet its financial obligations as they become due for the one year period from the date of the issue of the Company’s unaudited condensed consolidated financial statements, as included herein in this Form 10-Q.

Series A Preferred Stock Offering

On March 7, 2023, we entered into subscription agreements for the sale of 13,625 shares of Series A Preferred Stock. Each share of the Series A Preferred Stock has a stated value of $1,000 and a conversion price of $1.394. The Series A Preferred Stock is convertible into shares of our common stock at any time at the option of the holder from and after the six-month anniversary of its issuance (or, if later, the effective date of an increase in our authorized share capital or the effective date of a registration statement covering the resale of the underlying shares), and automatically converts into shares of our common stock on the second anniversary of its issuance. The terms of the Series A Preferred Stock also include a preference on liquidation and a right to receive dividends equal to 20% of the number of shares into which such Series A Preferred Stock is convertible, payable on each of the one-year and two-year anniversary of the issuance date. The Series A Preferred Stock is a non-voting security, other than with respect to limited matters related to changes in terms of the Series A Preferred Stock. The aggregate gross proceeds from the sale of shares in such offering were $13.625 million.

Private Placement - Securities Purchase Agreement

Effective as of March 13, 2023, we entered into the SPA with an accredited institutional investor, pursuant to which we agreed to sell, and the investor agreed to purchase the March 2023 Senior Secured Convertible Note with a face value principal of $11.1 million. We issued the March 2023 Senior Convertible Note on March 21, 2023 pursuant to the SPA. The March 2023 Senior Convertible Note proceeds were $9.925 million after deducting a $1.186 million lender fee and offering costs.

Under the March 2023 Senior Convertible Note, the Company is subject to certain customary affirmative and negative covenants regarding the incurrence of indebtedness, the existence of liens, the repayment of indebtedness and the making of investments, the payment of cash in respect of dividends, distributions or redemptions, the transfer of assets, the maturity of other indebtedness, and transactions with affiliates, among other customary matters. Under the March 2023 Senior Convertible Note, the Company is also subject to financial covenants requiring that (i) the amount of our available cash equal or exceed $5.0 million at all times, (ii) the ratio of (a) the outstanding principal amount of the notes issued under the SPA, accrued and unpaid interest thereon and accrued and unpaid late charges, as of the last day of any fiscal quarter commencing with September 30, 2023 to (b) the Company’s average market capitalization over the prior ten trading days, not exceed 30%, and (iii) that the Company’s market capitalization shall at no time be less than $30 million (the “Financial Tests”). As of June 30, 2023, the Company was in compliance, and as of the date hereof, the Company is in compliance, with the Financial Tests.

Committed Equity Facility and ATM Facility

In March 2022, we entered into a committed equity facility with a Cantor affiliate. Under the terms of the committed equity facility, the Cantor affiliate has committed to purchase up to $50 million of our common stock from time to time at our request. While there are distinct differences, the committed equity facility is structured similarly to a traditional at-the-market equity facility, insofar as it allows us to raise primary equity capital on a periodic basis at prices based on the existing market price. Cumulatively a total of 680,263 shares of common stock of the Company were issued for net proceeds of approximately $1.8 million, after a 4% discount, as of June 30, 2023. No shares were sold through this facility during the three months ended June 30, 2023.

In November 2022, Lucid Diagnostics also entered into an “at-the-market offering” for up to $6.5 million of its common stock that may be offered and sold under a Controlled Equity Offering Agreement between Lucid Diagnostics and Cantor. In the six months ended June 30, 2023, we sold 230,068 shares through our at-the-market equity facility for net proceeds of approximately $0.3 million, after payment of 3% commissions. No shares were sold through our at-the-market equity facility during the three months ended June 30, 2023.

Due To: PAVmed Inc.

Since our inception in May 2018 through our IPO in October 2021, our operations were funded by PAVmed providing working capital cash advances and by PAVmed paying certain operating expenses on our behalf. Additionally, our daily operations have been and continue to be conducted in part by personnel employed by PAVmed, for which we incur an MSA Fee expense. The MSA Fee is charged on a monthly basis and is subject-to periodic adjustment corresponding with changes in the services provided by PAVmed personnel to the Company, with any such change in the MSA Fee being subject to approval of the Company and PAVmed boards of directors. In this regard, in May 2023, the respective companies’ boards of directors approved a seventh amendment to the MSA to increase the MSA Fee to $750 per month, effective January 1, 2023. Pursuant to the MSA, as amended by the seventh amendment, the parties agreed PAVmed may elect to receive payment of the monthly MSA Fee in cash or in shares of our common stock, with such shares valued at the volume weighted average price (“VWAP”) during the final ten trading days of the applicable month (subject to a floor price of $0.70 per share). However, in no event will PAVmed be entitled to receive under the MSA, as amended, more than 7,709,836 shares of our common stock (representing 19.99% of our outstanding shares of common stock as of immediately prior to the execution of the sixth amendment).

In addition, on November 30, 2022, PAVmed and we entered into a payroll and benefit expense reimbursement agreement (the “PBERA”). Historically, PAVmed has paid for certain payroll and benefit-related expenses in respect of our personnel on our behalf, and we have reimbursed PAVmed for the same. Pursuant to the PBERA, PAVmed will continue to pay such expenses, and we will continue to reimburse PAVmed for the same. The PBERA provides that the expenses will be reimbursed on a quarterly basis or at such other frequency as the parties may determine, in cash or, subject to approval by PAVmed’s and our boards of directors, in shares of our common stock, with such shares valued at the volume weighted average price of such stock during the final ten trading days preceding the later of the two dates on which such stock issuance is approved by PAVmed’s and our boards of directors (subject to a floor price of $0.40 per share), or in a combination of cash and shares. However, in no event will we issue any shares of our common stock to PAVmed in satisfaction of all or any portion of the expenses if the issuance of such shares of our common stock would exceed the maximum number of shares of common stock that we may issue under the rules or regulations of Nasdaq, unless we obtain the approval of our stockholders as required by the applicable rules of the Nasdaq for issuances of shares of our common stock in excess of such amount.

As of June 30, 2023, we had a Due To: PAVmed Inc. payment obligation liability of approximately $10.7 million, which liability is primarily comprised of our obligations under the PBERA and the MSA, as well other operating expenses paid by PAVmed on our behalf. See our accompanying unaudited condensed consolidated financial statements Note 5, Due To PAVmed Inc.

Critical Accounting Policies and Significant Judgments and Estimates

The discussion and analysis of our financial condition and results of operations is based on our unaudited condensed consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the amounts reporting in our unaudited condensed consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates and judgements. In accordance with U.S. GAAP, we base our estimates on historical experience and on various other factors that are believed to be appropriate under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. Our critical accounting policies are as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC on March 14, 2023, except as otherwise noted in “Fair Value Option (“FVO”) Election” subsection of Note 2, Summary of Significant Accounting Policies, to our unaudited condensed consolidated financial statements included herein in this Form 10-Q with respect to the March 2023 Senior Convertible Note. We determined upon the issuance of our March 2023 Senior Convertible Note to elect the fair value option. At issuance, the carrying value of the March 2023 Senior Convertible Note was recorded at estimated fair value. The estimated fair values reported utilized Lucid’s common stock price along with certain Level 3 inputs, in the development of Monte Carlo simulation models, discounted cash flow analyses, and /or Black-Scholes valuation models. The estimated fair values are subjective and are affected by changes in inputs to the valuation models and analyses, including the Company’s common stock price, the Company’s dividend yield, the risk-free rates based on U.S. Treasury security yields, and certain other Level-3 inputs including, assumptions regarding the estimated volatility in the value of the Company’s common stock price. We remeasure the March 2023 Senior Convertible Note to its estimated fair value at each reporting period using valuation techniques similar to those applied at issuance. The change in the fair value is recognized as other income (expense) in the statement of operations. A significant change in the volatility could have a material impact to the carrying value of the March 2023 Senior Convertible Note as well as the amount of change recognized during the period.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our principal executive officer and our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2023. Based on such evaluation, our principal executive officer and principal financial officer concluded our disclosure controls and procedures (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) were effective as of such date to provide reasonable assurance the information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes to Internal Controls Over Financial Reporting

There has been no change in internal controls over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during our fiscal quarter ended June 30, 2023 that has materially affected, or is reasonably likely to materially affect, our internals control over financial reporting.

Part II - Other Information

Item 1. Legal Proceedings

In the ordinary course of our business, particularly as it begins commercialization of its products, the Company may be subject to certain other legal actions and claims, including product liability, consumer, commercial, tax and governmental matters, which may arise from time to time. The Company is not aware of any such pending legal or other proceedings that are reasonably likely to have a material impact on the Company. Notwithstanding, legal proceedings are subject to inherent uncertainties, and an unfavorable outcome could include monetary damages, and excessive verdicts can result from litigation, and as such, could result in a material adverse impact on the Company’s business, financial position, results of operations, and /or cash flows. Additionally, although the Company has specific insurance for certain potential risks, the Company may in the future incur judgments or enter into settlements of claims which may have a material adverse impact on the Company’s business, financial position, results of operations, and /or cash flows.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Except as previously disclosed in our current reports on Form 8-K, we did not sell any unregistered securities or repurchase any of our securities during the three months ended June 30, 2023.

On October 14, 2021, we completed our initial public offering (“IPO”) of our common stock under an effective registration statement on Form S-1 (SEC File No. 333-259721). As of June 30, 2023, of the net proceeds of $64.4 million, approximately $57.5 million has been used, in a manner consistent with the use of proceeds set forth in the prospectus for our IPO, as follows: approximately $5.3 million of net repayments of Due To: PAVmed Inc.; approximately $5.0 million for the purchase of our laboratory equipment, software, and its operating expenses; and $47.2 million of working capital expenditures. None of the proceeds have been paid to any of our directors, officers, 10% stockholders, or affiliates, other than as described above.

Item 5. Other Information

None.

Item 6. Exhibits

The exhibits filed as part of this Quarterly Report on Form 10-Q are set forth in the “Exhibit Index” below.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Lucid Diagnostics Inc.

August 14, 2023	By:	/s/ Dennis M McGrath
		Dennis M McGrath
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EXHIBIT INDEX

		Incorporation by Reference
Exhibit No.	Description	Form	Exhibit No.	Date
10.1	Seventh Amendment to Management Services Agreement, dated as of May 9, 2023, by and between PAVmed Inc. and Lucid Diagnostics Inc.	10-Q	10.7	5/15/2023
31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	*
31.2	Certification of Principal Financial and Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	*
32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	*
32.2	Certification of Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	*

101.INS	Inline XBRL Instance Document	*
101.CAL	Inline XBRL Taxonomy Extension Schema	*
101.DEF	Inline XBRL Taxonomy Extension Calculation Linkbase	*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase	*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase	*
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)	*

* Filed herewith.

‡ Certain exhibits and schedules have been omitted pursuant to Item 601(b)(10) of Regulation S-K. The registrant hereby undertakes to furnish supplementally a copy of any omitted exhibit or schedule upon request by the Securities and Exchange Commission.

Exhibit 31.1

CERTIFICATION BY PRINCIPAL EXECUTIVE OFFICER

I, Lishan Aklog, M.D., certify that:

1	I have reviewed this Quarterly Report on Form 10-Q of Lucid Diagnostics Inc. and Subsidiaries;

2	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2023

By:

/s/ Lishan Aklog, M.D.

Lishan Aklog, M.D., Chief Executive Officer

(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION BY PRINCIPAL FINANCIAL OFFICER

I, Dennis M. McGrath, certify that:

1	I have reviewed this Quarterly Report on Form 10-Q of Lucid Diagnostics Inc. and Subsidiaries;

2	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2023

By:

/s/ Dennis M. McGrath

Dennis M. McGrath

Chief Financial Officer

(Principal Financial and Accounting Officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Lucid Diagnostics Inc. and Subsidiaries (the “Company”) for the quarter ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Lishan Aklog, M.D., Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that to his knowledge:

(1)	the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 14, 2023

By:

/s/ Lishan Aklog, M.D.

Lishan Aklog, M.D.

Chief Executive Officer

(Principal Executive Officer)

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Lucid Diagnostics Inc. and Subsidiaries (the “Company”) for the quarter ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Dennis M. McGrath, President and Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that to his knowledge:

(1)	the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 14, 2023

By:

/s/ Dennis M. McGrath

Dennis M. McGrath

Chief Financial Officer

(Principal Financial and Accounting Officer)

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 10, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-40901
Entity Registrant Name	LUCID DIAGNOSTICS INC.
Entity Central Index Key	0001799011
Entity Tax Identification Number	82-5488042
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	360 Madison Avenue
Entity Address, Address Line Two	25th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	(212)
Local Phone Number	949-4319
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	LUCD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,725,703

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 32,570	$ 22,474
Accounts receivable	35	17
Prepaid expenses, deposits, and other current assets	3,144	1,865
Total current assets	35,749	24,356
Fixed assets, net	1,389	1,592
Operating lease right-of-use assets	1,835	2,008
Intangible assets, net	2,435	3,445
Other assets	1,078	1,108
Total assets	42,486	32,509
Current liabilities:
Accounts payable	637	1,056
Accrued expenses and other current liabilities	2,640	1,447
Operating lease liabilities, current portion	1,099	962
Senior Secured Convertible Note - at fair value	11,610
Due To: PAVmed Inc. - MSA Fee and operating expenses	10,697	4,960
Total current liabilities	26,683	8,425
Operating lease liabilities, less current portion	732	1,037
Total liabilities	27,415	9,462
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized; Series A Convertible Preferred Stock, issued and outstanding 13,625 at June 30, 2023 and no shares issued and outstanding at December 31, 2022	13,625
Common stock, $0.001 par value, 200,000,000 shares authorized; 41,853,603 and 40,518,792 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	42	41
Additional paid-in capital	127,107	121,081
Accumulated deficit	(125,703)	(98,075)
Total Stockholders’ Equity	15,071	23,047
Total Liabilities and Stockholders’ Equity	$ 42,486	$ 32,509

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	41,853,603	40,518,792
Common stock, shares outstanding	41,853,603	40,518,792
Series A Preferred Stock [Member]
Preferred stock, shares issued	13,625	0
Preferred stock, shares outstanding	13,625	0

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 159		$ 605	$ 189
Operating expenses:
Cost of revenue	1,549		2,887	369
Sales and marketing	4,032	3,873	8,159	7,191
General and administrative	3,830	6,676	10,340	12,568
Amortization of acquired intangible assets	505	639	1,010	639
Research and development	1,827	3,440	4,109	6,321
Total operating expenses	11,743	14,628	26,505	27,088
Operating loss	(11,584)	(14,628)	(25,900)	(26,899)
Other income (expense):
Interest income	136	4	214	5
Interest expense	(223)		(257)
Change in fair value - Senior Secured Convertible Note	290		(499)
Loss on issue and offering costs - Senior Secured Convertible Note			(1,186)
Other income (expense), net	203	4	(1,728)	5
Loss before provision for income tax	(11,381)	(14,624)	(27,628)	(26,894)
Provision for income taxes
Net loss	$ (11,381)	$ (14,624)	$ (27,628)	$ (26,894)
Net loss per share - basic	$ (0.27)	$ (0.41)	$ (0.67)	$ (0.76)
Net loss per share - diluted	$ (0.27)	$ (0.41)	$ (0.67)	$ (0.76)
Weighted average common shares outstanding, basic	41,833,823	35,760,492	41,404,547	35,443,526
Weighted average common shares outstanding, diluted	41,833,823	35,760,492	41,404,547	35,443,526

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021		$ 35	$ 96,608	$ (41,904)	$ 54,739
Balance, shares at Dec. 31, 2021		34,917,907
Stock-based compensation - Lucid Diagnostics Inc. 2018 Equity Plan			7,091		7,091
Stock-based compensation - PAVmed Inc. 2014 Equity Plan			588		588
Net loss				(26,894)	(26,894)
Exercise - stock options - Lucid Diagnostics Inc. 2018 Equity Plan		$ 1	687		688
Exercise - stock options - Lucid Diagnostics Inc. 2018 Equity Plan, shares		959,389
CapNostics, LLC			(210)		(210)
APA-RDx - Installment Payment			239		239
APA-RDx - Installment Payment, shares		117,371
Balance at Jun. 30, 2022		$ 36	105,003	(68,798)	36,241
Balance, shares at Jun. 30, 2022		35,994,667
Balance at Mar. 31, 2022		$ 35	100,630	(54,174)	46,491
Balance, shares at Mar. 31, 2022		35,171,796
Stock-based compensation - Lucid Diagnostics Inc. 2018 Equity Plan			3,553		3,553
Stock-based compensation - PAVmed Inc. 2014 Equity Plan			290		290
Net loss				(14,624)	(14,624)
Exercise - stock options - Lucid Diagnostics Inc. 2018 Equity Plan		$ 1	501		502
Exercise - stock options - Lucid Diagnostics Inc. 2018 Equity Plan, shares		705,500
CapNostics, LLC			(210)		(210)
APA-RDx - Installment Payment			239		239
APA-RDx - Installment Payment, shares		117,371
Balance at Jun. 30, 2022		$ 36	105,003	(68,798)	36,241
Balance, shares at Jun. 30, 2022		35,994,667
Balance at Dec. 31, 2022		$ 41	121,081	(98,075)	23,047
Balance, shares at Dec. 31, 2022		40,518,792
Stock-based compensation - Lucid Diagnostics Inc. 2018 Equity Plan			3,982		3,982
Stock-based compensation - PAVmed Inc. 2014 Equity Plan			625		625
Issue common stock - vendor service agreement			147		147
Issuance - Operating expenses, shares		100,000
Net loss				(27,628)	(27,628)
Vest - restricted stock awards
Vest restricted stock awards, shares		219,320
APA-RDx - Termination payment			713		713
APA-RDx - Termination payment, shares		553,436
Issuance - At-The-Market Facility, net of deferred financing charges		$ 1	283		284
Issuance - At-The-Market Facility, net of deferred financing charges, shares		230,068
Purchase - Employee Stock Purchase Plan			276		276
Purchase - Employee Stock Purchase Plan, shares		231,987
Issuance - Series A Preferred Stock	$ 13,625				13,625
Issuance - Series A Preferred Stock, shares	13,625
Balance at Jun. 30, 2023	$ 13,625	$ 42	127,107	(125,703)	15,071
Balance, shares at Jun. 30, 2023	13,625	41,853,603
Balance at Mar. 31, 2023	$ 13,625	$ 42	125,561	(114,322)	24,906
Balance, shares at Mar. 31, 2023	13,625	41,753,603
Stock-based compensation - Lucid Diagnostics Inc. 2018 Equity Plan			1,165		1,165
Stock-based compensation - PAVmed Inc. 2014 Equity Plan			234		234
Issue common stock - vendor service agreement			147		147
Issuance - Operating expenses, shares		100,000
Net loss				(11,381)	(11,381)
Balance at Jun. 30, 2023	$ 13,625	$ 42	$ 127,107	$ (125,703)	$ 15,071
Balance, shares at Jun. 30, 2023	13,625	41,853,603

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (27,628)	$ (26,894)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization expense	1,245	728
Stock-based compensation - Lucid Diagnostics Inc. 2018 Equity Plan	3,982	7,091
Stock-based compensation - PAVmed Inc. 2014 Equity Plan	625	588
Change in fair value - Senior Secured Convertible Note	499
Loss on issue - Senior Secured Convertible Note	1,111
APA-RDx: Issue common stock - settle termination payment	713	239
Issue common stock - vendor service agreement	23
Changes in operating assets and liabilities:
Accounts receivable	(18)	200
Prepaid expenses and other current assets	(1,120)	(748)
Accounts payable	(419)	916
Accrued expenses and other current liabilities	1,193	132
Due To: PAVmed Inc. - operating expenses, employee related costs, MSA Fee	5,737	(1,333)
Net cash flows used in operating activities	(14,057)	(19,081)
Cash flows from investing activities
Purchase of equipment	(32)	(384)
Asset acquisition		(2,200)
Net cash flows used in investing activities	(32)	(2,584)
Cash flows from financing activities
Proceeds – issue of preferred stock	13,625
Proceeds – issue of Senior Convertible Note	10,000
Proceeds – issue of common stock – Committed Equity Facility	284
Proceeds – exercise of stock options		688
Proceeds – issue common stock – Employee Stock Purchase Plan	276
Net cash flows provided by financing activities	24,185	688
Net increase (decrease) in cash	10,096	(20,977)
Cash, beginning of period	22,474	53,656
Cash, end of period	$ 32,570	$ 32,679

Summary Description of the Company

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary Description of the Company

Note 1 — Summary Description of the Company

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies

Significant Accounting Policies

Basis of Presentation

Use of Estimates

Revenue Recognition

Note 2 — Summary of Significant Accounting Policies - continued

The key aspects considered by the Company include the following:

Financial Instruments Fair Value Measurements

	Level 1	Valuations based on quoted prices for identical assets and liabilities in active markets.

	Level 2	Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets which are not active, or other inputs observable or can be corroborated by observable market data.

	Level 3	Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

Note 2 — Summary of Significant Accounting Policies - continued

As of June 30, 2023 and December 31, 2022, the carrying values of cash, and accounts payable, approximate their respective fair value due to the short-term nature of these financial instruments.

Fair Value Option (“FVO”) Election

See Note 10, Financial Instruments Fair Value Measurements, with respect to the FVO election; and Note 11, Debt, for a discussion of the March 2023 Senior Convertible Note.

Reclassifications

Recently Adopted Accounting Pronouncements

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Note 3 — Revenue from Contracts with Customers

EsoGuard Commercialization Agreement

Revenue Recognized

Cost of Revenue

Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions

Note 4 — Related Party Transactions

Case Western Reserve University and Physician Inventors - Amended CWRU License Agreement

	2023		2022		2023		2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of Revenue
CWRU – Royalty Fees	$	10	$	—	$	34	$	9

General and Administrative Expense
Stock-based compensation expense – Physician Inventors’ restricted stock awards		—		272		180		544

Research and Development Expense
Amended CWRU – License Agreement - reimbursement of patent legal fees		—		209		389		209
Fees - Physician Inventors’ consulting agreements		9		10		10		18
Sponsored research agreement		—		—		—		3
Stock-based compensation expense – Physician Inventors’ stock options		52		52		105		99
Total Related Party Expenses	$	71	$	543	$	718	$	882

PAVmed Inc. - Management Services Agreement

Note 4 — Related Party Transactions - continued

The MSA Fee expense classification in the unaudited condensed consolidated statement of operations for the periods noted is as follows:

	2023		2022		2023		2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Sales & Marketing		109		183		218		383
General & Administrative		1,554		640		3,108		1,284
Research & Development		587		347		1,174		673
Total MSA Fee	$	2,250	$	1,170	$	4,500	$	2,340

Due To PAVmed Inc.

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Due To PAVmed Inc.

Note 5 — Due To PAVmed Inc.

The aggregate Due To: PAVmed Inc. for the periods indicated is summarized as follows:

	MSA Fees		Employee-Related Costs		PAVmed Inc. OBO Payments			Total
Balance - December 31, 2022	$	1,650	$	3,026	$	284		$	4,960
MSA fees		4,500		—		—			4,500
ERC - Payroll & Benefits		—		922		—			922
On Behalf Of (OBO) activities		—		—		601			601
Cash payments to PAVmed Inc.		—		—		(286	)		(286	)
Balance - June 30, 2023	$	6,150	$	3,948	$	599		$	10,697

Asset Purchase Agreement and Management Services Agreement

6 Months Ended

Jun. 30, 2023

Asset Purchase Agreement And Management Services Agreement

Asset Purchase Agreement and Management Services Agreement

Note 6 — Asset Purchase Agreement and Management Services Agreement

Asset Purchase Agreement and Management Services Agreement - ResearchDx Inc.

Termination of Management Services Agreement and Modification of Other Payment Obligations - ResearchDx Inc.

Prepaid Expenses, Deposits, and Other Current Assets

6 Months Ended

Jun. 30, 2023

Prepaid Expenses Deposits And Other Current Assets

Prepaid Expenses, Deposits, and Other Current Assets

Note 7 — Prepaid Expenses, Deposits, and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of:

	June 30, 2023		December 31, 2022
Advanced payments to service providers and suppliers	$	344	$	371
Prepaid insurance		171		52
Deposits		2,587		1,331
EsoCheck cell collection supplies		39		59
EsoGuard mailer supplies		3		52
Total prepaid expenses, deposits and other current assets	$	3,144	$	1,865

Leases

6 Months Ended

Jun. 30, 2023

Leases

Leases

Note 8 — Leases


2023 (remainder of year)	$	611
2024		1,133
2025		127
2026		63
2027		24
Total lease payments	$	1,958
Less: imputed interest		(127	)
Present value of lease liabilities	$	1,831

Supplemental disclosure of cash flow information related to the Company’s cash and non-cash activities with its leases are as follows:

	Six Months Ended June 30,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	583		$	453
Non-cash investing and financing activities
Right-of-use assets obtained in exchange for new operating lease liabilities	$	341		$	2,448
Weighted-average remaining lease term - operating leases (in years)		1.80			2.48
Weighted-average discount rate - operating leases		7.875	%		7.875	%

Intangible Assets, net

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

Note 9 — Intangible Assets, net

Intangible assets, less accumulated amortization, consisted of the following as of:

	Estimated Useful Life	June 30, 2023			December 31, 2022
Defensive technology	60 months	$	2,105		$	2,105
Laboratory licenses and certifications and laboratory information management software	24 months		3,200		$	3,200
Total Intangible assets			5,305			5,305
Less Accumulated Amortization			(2,870	)		(1,860	)
Intangible Assets, net		$	2,435		$	3,445

Schedule of Future Amortization Expense


2023 (remainder of year)	$	1,011
2024		688
2025		421
2026		315
Total	$	2,435

Financial Instruments Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Financial Instruments Fair Value Measurements

Note 10 — Financial Instruments Fair Value Measurements

Recurring Fair Value Measurements

The fair value hierarchy table for the reporting date noted is as follows:

	Fair Value Measurement on a Recurring Basis at Reporting Date Using¹
	Level-1 Inputs		Level-2 Inputs		Level-3 Inputs		Total
June 30, 2023
March 2023 Senior Convertible Note	$	—	$	—	$	11,610	$	11,610
Totals	$	—	$	—	$	11,610	$	11,610

There were no transfers between the respective Levels during the period ended June 30, 2023.

Schedule of Fair Value Assumption Used

	March 2023 Senior Convertible Note: March 21, 2023			March 2023 Senior Convertible Note: June 30, 2023
Fair Value	$	11,900		$	11,610
Face value principal payable	$	11,111		$	11,111
Required rate of return		11.00	%		11.00	%
Conversion Price	$	5.00		$	5.00
Value of common stock	$	1.54		$	1.39
Expected term (years)		2.00			1.73
Volatility		75.00	%		70.00	%
Risk free rate		4.09	%		4.89	%
Dividend yield		—	%		—	%

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Note 11 — Debt

The fair value and face value principal outstanding of the March 2023 Senior Convertible Note as of the dates indicated are as follows:

Summary of Outstanding Debt

	Contractual Maturity Date	Stated Interest Rate			Conversion Price per Share		Face Value Principal Outstanding		Fair Value
March 2023 Senior Convertible Note	March 21, 2025		7.875	%	$	5.00	$	11,111	$	11,610
Balance as of June 30, 2023							$	11,111	$	11,610

The changes in the fair value of debt during the three and six months ended June 30, 2023 is as follows:

	March 2023 Senior Convertible Note			Other Income (expense)
Fair Value - December 31, 2022	$	—		$	—
Face value principal – issue date		11,111			—
Fair value adjustment – issue date		789			(789	)
Change in fair value		—			—
Fair Value at March 31, 2023	$	11,900			-
Other Income (Expense) - Change in fair value – three months ended March 31, 2023				$	(789	)

Change in fair value		(290	)		290
Fair Value at June 30, 2023	$	11,610			-
Other Income (Expense) - Change in fair value – three months ended June 30, 2023				$	290
Other Income (Expense) - Change in fair value – six months ended June 30, 2023				$	(499	)

March 2023 Senior Secured Convertible Note

Note 11 — Debt - continued

Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 12 — Stock-Based Compensation

Lucid Diagnostics Inc. 2018 Long-Term Incentive Equity Plan

Lucid Diagnostics Stock Options

Lucid Diagnostics stock options granted under the Lucid Diagnostics 2018 Equity Plan and stock options granted outside such plan are summarized as follows:

	Number of Stock Options			Weighted Average Exercise Price		Remaining Contractual Term (Years)		Intrinsic Value⁽²⁾
Outstanding stock options at December 31, 2022		2,565,377		$	3.14		8.3	$	428
Granted⁽¹⁾		2,732,500		$	1.31
Exercised		—		$	—
Forfeited		(347,915	)	$	2.57
Outstanding stock options at June 30, 2023⁽³⁾		4,949,962		$	2.17		8.7	$	641
Vested and exercisable stock options at June 30, 2023		1,374,179		$	2.76		6.9	$	440

⁽¹⁾	Stock options granted under the Lucid Diagnostics 2018 Equity Plan and those granted outside such plan generally vest one-third in one year then ratably over the next eight quarters, and have a ten-year contractual term from date-of-grant.
⁽²⁾	The intrinsic value is computed as the difference between the quoted price of the Lucid Diagnostics common stock on each of June 30, 2023 and December 31, 2022 and the exercise price of the underlying Lucid Diagnostics stock options, to the extent such quoted price is greater than the exercise price.
⁽³⁾	The outstanding stock options presented in the table above, are inclusive of 423,300 stock options granted outside the Lucid Diagnostics 2018 Equity Plan, as of June 30, 2023 and December 31, 2022.

Note 12 — Stock-Based Compensation - continued

Lucid Diagnostics Restricted Stock Awards

Lucid Diagnostics restricted stock awards granted under the Lucid Diagnostics 2018 Equity Plan and restricted stock awards granted outside such plan are summarized as follows:

	Number of Restricted Stock Awards			Weighted Average Grant Date Fair Value
Unvested restricted stock awards as of December 31, 2022⁽¹⁾		2,091,420		$	11.44
Granted		—			—
Vested		(219,320	)		11.27
Forfeited		—			—
Unvested restricted stock awards as of June 30, 2023		1,872,100		$	11.46

⁽¹⁾	The unvested restricted stock awards presented in the table above, are inclusive of 50,000 restricted stock awards granted outside the Lucid Diagnostics 2018 Equity Plan as of December 31, 2022. These 50,000 restricted stock awards were fully vested during the period ended June 30, 2023.

PAVmed Inc. 2014 Equity Plan

The PAVmed Inc. 2014 Long-Term Incentive Equity Plan (the “PAVmed 2014 Equity Plan”), is separate and apart from the Lucid Diagnostics 2018 Equity Plan (as such equity plan is discussed above).

Stock-Based Compensation Expense

The stock-based compensation expense recognized by the Company for both the Lucid Diagnostics 2018 Equity Plan and the PAVmed 2014 Equity Plan, for the periods indicated, was as follows:

	2023		2022		2023		2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Lucid Diagnostics 2018 Equity Plan – cost of revenue	$	16	$	—	$	28	$	—
Lucid Diagnostics 2018 Equity Plan – sales and marketing		247		215		470		480
Lucid Diagnostics 2018 Equity Plan - general and administrative		836		3,313		3,348		6,514
Lucid Diagnostics 2018 Equity Plan - research and development		66		26		136		97
PAVmed 2014 Equity Plan - cost of revenue		9		—		16		—
PAVmed 2014 Equity Plan - sales and marketing		120		161		253		336
PAVmed 2014 Equity Plan - general and administrative		8		77		164		145
PAVmed 2014 Equity Plan - research and development		97		52		192		107
Total stock-based compensation expense	$	1,399	$	3,844	$	4,607	$	7,679

Note 12 — Stock-Based Compensation - continued

	Unrecognized Expense		Weighted Average Remaining Service Period (Years)
Lucid Diagnostics 2018 Equity Plan
Stock Options	$	4,129		2.3
Restricted Stock Awards	$	1,141		1.1
PAVmed 2014 Equity Plan
Stock Options	$	861		2.0

	2023			2022
	Six Months Ended June 30,
	2023			2022
Expected term of stock options (in years)		5.6			5.7
Expected stock price volatility		75	%		71	%
Risk free interest rate		3.7	%		3.0	%
Expected dividend yield		—	%		—	%

Lucid Diagnostics Inc Employee Stock Purchase Plan (“Lucid ESPP”)

Stockholders’ Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders’ Equity

Note 13 — Stockholders’ Equity

Series A Preferred Stock Offering

Note 13 — Stockholders’ Equity - continued

The Series A Preferred Stock is a non-voting security, other than with respect to limited matters related to changes in terms of the Series A Preferred Stock.

Lucid Diagnostics Common Stock

In June 2023, the Company received shareholder approval to issue up to 200 million shares of its common stock, an increase of 100 million shares.

Committed Equity Facility and ATM Facility

Net Loss Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

Note 14 — Net Loss Per Share

The Net loss per share basic and diluted for the respective periods indicated is as follows:

	2023			2022			2023			2022
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Numerator
Net loss	$	(11,381	)	$	(14,624	)	$	(27,628	)	$	(26,894	)

Denominator
Weighted average common shares outstanding, basic and diluted		41,833,823			35,760,492			41,404,547			35,443,526

Net loss per share
Net loss per share - basic and diluted	$	(0.27	)	$	(0.41	)	$	(0.67	)	$	(0.76	)

	2023		2022
	June 30,
	2023		2022

Stock options		4,949,962		2,459,666
Unvested restricted stock awards		1,872,100		2,260,740
Preferred stock		13,695,850		—
Total		20,517,912		4,720,406

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Revenue Recognition

Revenue Recognition

Note 2 — Summary of Significant Accounting Policies - continued

The key aspects considered by the Company include the following:

Financial Instruments Fair Value Measurements

Financial Instruments Fair Value Measurements

	Level 1	Valuations based on quoted prices for identical assets and liabilities in active markets.

	Level 2	Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets which are not active, or other inputs observable or can be corroborated by observable market data.

	Level 3	Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

Note 2 — Summary of Significant Accounting Policies - continued

As of June 30, 2023 and December 31, 2022, the carrying values of cash, and accounts payable, approximate their respective fair value due to the short-term nature of these financial instruments.

Fair Value Option (“FVO”) Election

Fair Value Option (“FVO”) Election

See Note 10, Financial Instruments Fair Value Measurements, with respect to the FVO election; and Note 11, Debt, for a discussion of the March 2023 Senior Convertible Note.

Reclassifications

Reclassifications

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Incurred Expenses of Minority Shareholders

	2023		2022		2023		2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of Revenue
CWRU – Royalty Fees	$	10	$	—	$	34	$	9

General and Administrative Expense
Stock-based compensation expense – Physician Inventors’ restricted stock awards		—		272		180		544

Research and Development Expense
Amended CWRU – License Agreement - reimbursement of patent legal fees		—		209		389		209
Fees - Physician Inventors’ consulting agreements		9		10		10		18
Sponsored research agreement		—		—		—		3
Stock-based compensation expense – Physician Inventors’ stock options		52		52		105		99
Total Related Party Expenses	$	71	$	543	$	718	$	882

Schedule of MSA Fee Expense Classification in Statements of Operations

	2023		2022		2023		2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Sales & Marketing		109		183		218		383
General & Administrative		1,554		640		3,108		1,284
Research & Development		587		347		1,174		673
Total MSA Fee	$	2,250	$	1,170	$	4,500	$	2,340

Due To PAVmed Inc. (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Senior Unsecured Promissory Note

The aggregate Due To: PAVmed Inc. for the periods indicated is summarized as follows:

	MSA Fees		Employee-Related Costs		PAVmed Inc. OBO Payments			Total
Balance - December 31, 2022	$	1,650	$	3,026	$	284		$	4,960
MSA fees		4,500		—		—			4,500
ERC - Payroll & Benefits		—		922		—			922
On Behalf Of (OBO) activities		—		—		601			601
Cash payments to PAVmed Inc.		—		—		(286	)		(286	)
Balance - June 30, 2023	$	6,150	$	3,948	$	599		$	10,697

Prepaid Expenses, Deposits, and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2023

Prepaid Expenses Deposits And Other Current Assets

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of:

	June 30, 2023		December 31, 2022
Advanced payments to service providers and suppliers	$	344	$	371
Prepaid insurance		171		52
Deposits		2,587		1,331
EsoCheck cell collection supplies		39		59
EsoGuard mailer supplies		3		52
Total prepaid expenses, deposits and other current assets	$	3,144	$	1,865

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases

Schedule Of Future Lease Payments Of Operating Lease Liabilities


2023 (remainder of year)	$	611
2024		1,133
2025		127
2026		63
2027		24
Total lease payments	$	1,958
Less: imputed interest		(127	)
Present value of lease liabilities	$	1,831

Schedule Of Cash Flow Supplemental Information

Supplemental disclosure of cash flow information related to the Company’s cash and non-cash activities with its leases are as follows:

	Six Months Ended June 30,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	583		$	453
Non-cash investing and financing activities
Right-of-use assets obtained in exchange for new operating lease liabilities	$	341		$	2,448
Weighted-average remaining lease term - operating leases (in years)		1.80			2.48
Weighted-average discount rate - operating leases		7.875	%		7.875	%

Intangible Assets, net (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Accumulated Amortization

Intangible assets, less accumulated amortization, consisted of the following as of:

	Estimated Useful Life	June 30, 2023			December 31, 2022
Defensive technology	60 months	$	2,105		$	2,105
Laboratory licenses and certifications and laboratory information management software	24 months		3,200		$	3,200
Total Intangible assets			5,305			5,305
Less Accumulated Amortization			(2,870	)		(1,860	)
Intangible Assets, net		$	2,435		$	3,445

Schedule of Future Amortization Expense


2023 (remainder of year)	$	1,011
2024		688
2025		421
2026		315
Total	$	2,435

Financial Instruments Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis

The fair value hierarchy table for the reporting date noted is as follows:

	Fair Value Measurement on a Recurring Basis at Reporting Date Using¹
	Level-1 Inputs		Level-2 Inputs		Level-3 Inputs		Total
June 30, 2023
March 2023 Senior Convertible Note	$	—	$	—	$	11,610	$	11,610
Totals	$	—	$	—	$	11,610	$	11,610

There were no transfers between the respective Levels during the period ended June 30, 2023.

Schedule of Fair Value Assumption Used

	March 2023 Senior Convertible Note: March 21, 2023			March 2023 Senior Convertible Note: June 30, 2023
Fair Value	$	11,900		$	11,610
Face value principal payable	$	11,111		$	11,111
Required rate of return		11.00	%		11.00	%
Conversion Price	$	5.00		$	5.00
Value of common stock	$	1.54		$	1.39
Expected term (years)		2.00			1.73
Volatility		75.00	%		70.00	%
Risk free rate		4.09	%		4.89	%
Dividend yield		—	%		—	%

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Summary of Outstanding Debt

The fair value and face value principal outstanding of the March 2023 Senior Convertible Note as of the dates indicated are as follows:

Summary of Outstanding Debt

	Contractual Maturity Date	Stated Interest Rate			Conversion Price per Share		Face Value Principal Outstanding		Fair Value
March 2023 Senior Convertible Note	March 21, 2025		7.875	%	$	5.00	$	11,111	$	11,610
Balance as of June 30, 2023							$	11,111	$	11,610

Schedule of Changes in Fair Value of Debt

The changes in the fair value of debt during the three and six months ended June 30, 2023 is as follows:

	March 2023 Senior Convertible Note			Other Income (expense)
Fair Value - December 31, 2022	$	—		$	—
Face value principal – issue date		11,111			—
Fair value adjustment – issue date		789			(789	)
Change in fair value		—			—
Fair Value at March 31, 2023	$	11,900			-
Other Income (Expense) - Change in fair value – three months ended March 31, 2023				$	(789	)

Change in fair value		(290	)		290
Fair Value at June 30, 2023	$	11,610			-
Other Income (Expense) - Change in fair value – three months ended June 30, 2023				$	290
Other Income (Expense) - Change in fair value – six months ended June 30, 2023				$	(499	)

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Issued and Outstanding Activities

Lucid Diagnostics stock options granted under the Lucid Diagnostics 2018 Equity Plan and stock options granted outside such plan are summarized as follows:

	Number of Stock Options			Weighted Average Exercise Price		Remaining Contractual Term (Years)		Intrinsic Value⁽²⁾
Outstanding stock options at December 31, 2022		2,565,377		$	3.14		8.3	$	428
Granted⁽¹⁾		2,732,500		$	1.31
Exercised		—		$	—
Forfeited		(347,915	)	$	2.57
Outstanding stock options at June 30, 2023⁽³⁾		4,949,962		$	2.17		8.7	$	641
Vested and exercisable stock options at June 30, 2023		1,374,179		$	2.76		6.9	$	440

⁽¹⁾	Stock options granted under the Lucid Diagnostics 2018 Equity Plan and those granted outside such plan generally vest one-third in one year then ratably over the next eight quarters, and have a ten-year contractual term from date-of-grant.
⁽²⁾	The intrinsic value is computed as the difference between the quoted price of the Lucid Diagnostics common stock on each of June 30, 2023 and December 31, 2022 and the exercise price of the underlying Lucid Diagnostics stock options, to the extent such quoted price is greater than the exercise price.
⁽³⁾	The outstanding stock options presented in the table above, are inclusive of 423,300 stock options granted outside the Lucid Diagnostics 2018 Equity Plan, as of June 30, 2023 and December 31, 2022.

Schedule of Restricted Stock Award Activity

	Number of Restricted Stock Awards			Weighted Average Grant Date Fair Value
Unvested restricted stock awards as of December 31, 2022⁽¹⁾		2,091,420		$	11.44
Granted		—			—
Vested		(219,320	)		11.27
Forfeited		—			—
Unvested restricted stock awards as of June 30, 2023		1,872,100		$	11.46

⁽¹⁾	The unvested restricted stock awards presented in the table above, are inclusive of 50,000 restricted stock awards granted outside the Lucid Diagnostics 2018 Equity Plan as of December 31, 2022. These 50,000 restricted stock awards were fully vested during the period ended June 30, 2023.

Schedule of Stock-Based Compensation Expense

The stock-based compensation expense recognized by the Company for both the Lucid Diagnostics 2018 Equity Plan and the PAVmed 2014 Equity Plan, for the periods indicated, was as follows:

	2023		2022		2023		2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Lucid Diagnostics 2018 Equity Plan – cost of revenue	$	16	$	—	$	28	$	—
Lucid Diagnostics 2018 Equity Plan – sales and marketing		247		215		470		480
Lucid Diagnostics 2018 Equity Plan - general and administrative		836		3,313		3,348		6,514
Lucid Diagnostics 2018 Equity Plan - research and development		66		26		136		97
PAVmed 2014 Equity Plan - cost of revenue		9		—		16		—
PAVmed 2014 Equity Plan - sales and marketing		120		161		253		336
PAVmed 2014 Equity Plan - general and administrative		8		77		164		145
PAVmed 2014 Equity Plan - research and development		97		52		192		107
Total stock-based compensation expense	$	1,399	$	3,844	$	4,607	$	7,679

Schedule of Unrecognized Compensation Expense and Weighted Average Remaining Service Period

	Unrecognized Expense		Weighted Average Remaining Service Period (Years)
Lucid Diagnostics 2018 Equity Plan
Stock Options	$	4,129		2.3
Restricted Stock Awards	$	1,141		1.1
PAVmed 2014 Equity Plan
Stock Options	$	861		2.0

Schedule of Stock-based Compensation Valuation Assumptions

	2023			2022
	Six Months Ended June 30,
	2023			2022
Expected term of stock options (in years)		5.6			5.7
Expected stock price volatility		75	%		71	%
Risk free interest rate		3.7	%		3.0	%
Expected dividend yield		—	%		—	%

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Fully Diluted Net Loss Per Share

The Net loss per share basic and diluted for the respective periods indicated is as follows:

	2023			2022			2023			2022
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Numerator
Net loss	$	(11,381	)	$	(14,624	)	$	(27,628	)	$	(26,894	)

Denominator
Weighted average common shares outstanding, basic and diluted		41,833,823			35,760,492			41,404,547			35,443,526

Net loss per share
Net loss per share - basic and diluted	$	(0.27	)	$	(0.41	)	$	(0.67	)	$	(0.76	)

Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Earnings Per Share

	2023		2022
	June 30,
	2023		2022

Stock options		4,949,962		2,459,666
Unvested restricted stock awards		1,872,100		2,260,740
Preferred stock		13,695,850		—
Total		20,517,912		4,720,406

Revenue from Contracts with Customers (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer	$ 159		$ 605
Cost of revenue	$ 1,549		$ 2,887
EsoGuard Commercialization Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer		$ 0		$ 189
Payment for fixed monthly fee				100
Cost of revenue		$ 0		$ 369

Schedule of Incurred Expenses of Minority Shareholders (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total Related Party Expenses	$ 71	$ 543	$ 718	$ 882
Royalty [Member]
CWRU – Royalty Fees	10		34	9
General and Administrative Expense [Member]
Stock-based compensation expense – Physician Inventors’ stock options		272	180	544
Research and Development Expense [Member]
Stock-based compensation expense – Physician Inventors’ stock options	52	52	105	99
Amended CWRU – License Agreement - reimbursement of patent legal fees		209	389	209
Fees - Physician Inventors’ consulting agreements	9	10	10	18
Sponsored research agreement				$ 3

Schedule of MSA Fee Expense Classification in Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Sales & Marketing	$ 4,032	$ 3,873	$ 8,159	$ 7,191
General & Administrative	3,830	6,676	10,340	12,568
Research & Development	1,827	3,440	4,109	6,321
Pavmed Inc [Member]
Related Party Transaction [Line Items]
Total MSA Fee		390	750	390
Pavmed Inc [Member] \| Management Services Agreement [Member]
Related Party Transaction [Line Items]
Sales & Marketing	109	183	218	383
General & Administrative	1,554	640	3,108	1,284
Research & Development	587	347	1,174	673
Total MSA Fee	$ 2,250	$ 1,170	$ 4,500	$ 2,340

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pavmed Inc [Member]
Related Party Transaction [Line Items]
MSA fee	$ 390	$ 750	$ 390

Schedule of Senior Unsecured Promissory Note (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Short-Term Debt [Line Items]
Balance - December 31, 2022	$ 4,960
MSA fees	4,500
ERC - Payroll & Benefits	922
On Behalf Of (OBO) activities	601
Cash payments to PAVmed Inc.	(286)
Balance - June 30, 2023	10,697
MSA Fees [Member]
Short-Term Debt [Line Items]
Balance - December 31, 2022	1,650
MSA fees	4,500
ERC - Payroll & Benefits
On Behalf Of (OBO) activities
Cash payments to PAVmed Inc.
Balance - June 30, 2023	6,150
ERC Payroll Benefits [Member]
Short-Term Debt [Line Items]
Balance - December 31, 2022	3,026
MSA fees
ERC - Payroll & Benefits	922
On Behalf Of (OBO) activities
Cash payments to PAVmed Inc.
Balance - June 30, 2023	3,948
OBO Payments [Member]
Short-Term Debt [Line Items]
Balance - December 31, 2022	284
MSA fees
ERC - Payroll & Benefits
On Behalf Of (OBO) activities	601
Cash payments to PAVmed Inc.	(286)
Balance - June 30, 2023	$ 599

Asset Purchase Agreement and Management Services Agreement (Details Narrative) - USD ($) $ in Thousands			1 Months Ended
	Feb. 14, 2023	Feb. 25, 2022	Feb. 28, 2023
Asset Acquisition [Line Items]
Termination expense	$ 713
Common Stock [Member]
Asset Acquisition [Line Items]
Issuance of common shares			553,436
Research DX Inc [Member] \| Purchase Asset Agreement and Management Services Agreement [Member]
Asset Acquisition [Line Items]
Face value		$ 3,200
Intangible assets		$ 3,200

Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expenses Deposits And Other Current Assets
Advanced payments to service providers and suppliers	$ 344	$ 371
Prepaid insurance	171	52
Deposits	2,587	1,331
EsoCheck cell collection supplies	39	59
EsoGuard mailer supplies	3	52
Total prepaid expenses, deposits and other current assets	$ 3,144	$ 1,865

Schedule Of Future Lease Payments Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases
2023 (remainder of year)	$ 611
2024	1,133
2025	127
2026	63
2027	24
Total lease payments	1,958
Less: imputed interest	(127)
Present value of lease liabilities	$ 1,831	$ 1,999

Schedule Of Cash Flow Supplemental Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases
Operating cash flows from operating leases	$ 583	$ 453
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 341	$ 2,448
Weighted-average remaining lease term - operating leases (in years)	1 year 9 months 18 days	2 years 5 months 23 days
Weighted-average discount rate - operating leases	7.875%	7.875%

Leases (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases
Operating lease right of use asset	$ 1,835	$ 2,008
Operating lease obligations	1,831	1,999
Operating lease liabilities, current	1,099	962
Operating lease liabilities, non-current	$ 732	$ 1,037

Schedule of Intangible Assets Accumulated Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Total Intangible assets	$ 5,305	$ 5,305
Less Accumulated Amortization	(2,870)	(1,860)
Total Intangible Assets, net	$ 2,435	$ 3,445
Defensive Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	60 months	60 months
Total Intangible assets	$ 2,105	$ 2,105
Laboratory Information Management Software [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	24 months	24 months
Total Intangible assets	$ 3,200	$ 3,200

Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remainder of year)	$ 1,011
2024	688
2025	421
2026	315
Total	$ 2,435	$ 3,445

Intangible Assets, net (Details Narrative) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Oct. 05, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Apr. 02, 2022
Impairment Effects on Earnings Per Share [Line Items]
Intangible assets		$ 5,305		$ 5,305		$ 5,305
Accumulated amortization		(2,870)		(2,870)		$ (1,860)
Amortization expense of intangible assets		$ 505	$ 639	$ 1,010	$ 639
Defensive Technology [Member] \| Pavmed Inc [Member]
Impairment Effects on Earnings Per Share [Line Items]
Intangible assets							$ 2,100
Accumulated amortization							$ 200
Purchase consideration paid	$ 2,100
Finite lived intangible asset useful life		60 months		60 months

Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis (Details)
$ in Thousands

Jun. 30, 2023

USD ($)

^[1]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value of liability

$ 11,610

Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value of liability

Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value of liability

Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value of liability

11,610

March 2023 Senior Convertible Note [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value of liability

11,610

March 2023 Senior Convertible Note [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value of liability

March 2023 Senior Convertible Note [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value of liability

March 2023 Senior Convertible Note [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value of liability

$ 11,610

[1]	There were no transfers between the respective Levels during the period ended June 30, 2023.

Schedule of Fair Value Assumption Used (Details) $ in Thousands		6 Months Ended
	Mar. 21, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value		$ 11,610
Face value principal payable	$ 11,100	11,111
March 2023 Senior Convertible Note [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	11,900	11,610	$ 11,900
Face value principal payable	$ 11,111	$ 11,111
March 2023 Senior Convertible Note [Member] \| Measurement Input Required Rate of Return [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value assumption measurement input	11.00	11.00
March 2023 Senior Convertible Note [Member] \| Measurement Input, Conversion Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value assumption measurement input	5.00	5.00
March 2023 Senior Convertible Note [Member] \| Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value assumption measurement input	1.54	1.39
March 2023 Senior Convertible Note [Member] \| Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term years	2 years	1 year 8 months 23 days
March 2023 Senior Convertible Note [Member] \| Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value assumption measurement input	75.00	70.00
March 2023 Senior Convertible Note [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value assumption measurement input	4.09	4.89
March 2023 Senior Convertible Note [Member] \| Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value assumption measurement input

Financial Instruments Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 21, 2023
Fair Value Disclosures [Abstract]
Face value principal payable	$ 11,111	$ 11,100

Summary of Outstanding Debt (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Mar. 21, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Face Value Principal Outstanding	$ 11,111		$ 11,100
Fair Value	$ 11,610
March 2023 Senior Convertible Note [Member]
Short-Term Debt [Line Items]
Maturity Date	Mar. 21, 2025
Stated Interest Rate	7.875%		7.875%
Conversion Price	$ 5.00		$ 5.00
Face Value Principal Outstanding	$ 11,111		$ 11,111
Fair Value	$ 11,610	$ 11,900	$ 11,900

Schedule of Changes in Fair Value of Debt (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Short-Term Debt [Line Items]
Fair value adjustment – issue date	$ (290)			$ 499
Fair Value at June 30, 2023	11,610			11,610
Other Operating Income (Expense) [Member]
Short-Term Debt [Line Items]
Fair Value at March 31, 2023
Face value principal – issue date
Fair value adjustment – issue date		(789)
Change in fair value	290
Other Income (Expense) - Change in fair value	290	(789)		(499)
Fair Value at June 30, 2023
March 2023 Senior Convertible Note [Member]
Short-Term Debt [Line Items]
Fair Value at March 31, 2023	11,900
Face value principal – issue date		11,111
Fair value adjustment – issue date		789
Change in fair value	(290)
Fair Value at June 30, 2023	$ 11,610	$ 11,900		$ 11,610

Debt (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended
	Sep. 21, 2023	Mar. 21, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Sep. 20, 2023
Short-Term Debt [Line Items]
Face value principal payable		$ 11,100	$ 11,111	$ 11,111
Proceeds from convertible debt				$ 10,000
Covenant description				(i) a minimum of $5.0 million of available cash at all times; (ii) the ratio of (a) the outstanding principal amount of the total senior convertible notes outstanding, accrued and unpaid interest thereon and accrued and unpaid late charges to (b) the Company’s average market capitalization over the prior ten trading days, as of the last day of any fiscal quarter commencing with September 30, 2023, to not exceed 30%; and (iii) the Company’s market capitalization to at no time be less than $30 million
March 2023 Senior Convertible Note [Member]
Short-Term Debt [Line Items]
Face value principal payable		$ 11,111	$ 11,111	$ 11,111
Stated interest rate		7.875%	7.875%	7.875%
Conversion price		$ 5.00	$ 5.00	$ 5.00
Proceeds from convertible debt		$ 9,925
Debt fees amount		$ 1,186
Interest expense			$ 219	$ 243
Debt instrument maturity date				Mar. 21, 2025
March 2023 Senior Convertible Note [Member] \| Forecast [Member]
Short-Term Debt [Line Items]
Stated interest rate						7.875%
Debt fees amount						$ 11,100
Debt instrument maturity date	Mar. 21, 2025
Principal repayment	$ 292

Schedule of Stock Options Issued and Outstanding Activities (Details) - 2018 Equity Plan [Member] - USD ($)
$ / shares in Units, $ in Thousands

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of Stock Options, Outstanding Stock Options Beginning

2,565,377

Weighted Average Exercise Price, Weighted Average Grant Date Fair Value, Outstanding Stock Options Beginning

$ 3.14

Remaining Contractual Term (Years), Outstanding Stock Options Ending

8 years 8 months 12 days

^[1]

8 years 3 months 18 days

Outstanding Stock Options, Intrinsic Value Beginning

^[2]

$ 428

Number of Stock Options, Granted

^[3]

2,732,500

Weighted Average Exercise Price, Granted

^[3]

$ 1.31

Number of Stock Options, Exercised

Weighted Average Exercise Price, Exercised

Number of Stock Options, Forfeited

(347,915)

Weighted Average Exercise Price, Forfeited

$ 2.57

Number of Stock Options, Outstanding Stock Options Ending

4,949,962

^[1]

2,565,377

Weighted Average Exercise Price, Weighted Average Grant Date Fair Value, Outstanding Stock Options Ending

$ 2.17

^[1]

$ 3.14

Outstanding Stock Options, Intrinsic Value Ending

^[2]

$ 641

^[1]

$ 428

Number of Stock Options, Vested and exercisable stock options

1,374,179

Weighted Average Exercise Price, Vested and exercisable stock options

$ 2.76

Remaining Contractual Term (Years), Vested and Exercisable

6 years 10 months 24 days

Vested and Exercisable Stock Options, intrinsic value

^[2]

$ 440

[1]	The outstanding stock options presented in the table above, are inclusive of 423,300 stock options granted outside the Lucid Diagnostics 2018 Equity Plan, as of June 30, 2023 and December 31, 2022.
[2]	The intrinsic value is computed as the difference between the quoted price of the Lucid Diagnostics common stock on each of June 30, 2023 and December 31, 2022 and the exercise price of the underlying Lucid Diagnostics stock options, to the extent such quoted price is greater than the exercise price.
[3]	Stock options granted under the Lucid Diagnostics 2018 Equity Plan and those granted outside such plan generally vest one-third in one year then ratably over the next eight quarters, and have a ten-year contractual term from date-of-grant.

Schedule of Stock Options Issued and Outstanding Activities (Details) (Paranthetical) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
2018 Equity Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option grants	423,300	423,300

Schedule of Restricted Stock Award Activity (Details) - Restricted Stock [Member]

6 Months Ended

Jun. 30, 2023

$ / shares

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of Restricted Stock Awards, Outstanding Beginning | shares

2,091,420

^[1]

Weighted Average Grant Date Fair Value, Outstanding Beginning | $ / shares

$ 11.44

^[1]

Number of Restricted Stock Awards, Granted | shares

Weighted Average Grant Date Fair Value, Granted | $ / shares

Number of Restricted Stock Awards, Vested | shares

(219,320)

Weighted Average Grant Date Fair Value, Vested | $ / shares

$ 11.27

Number of Restricted Stock Awards, Forfeited | shares

Weighted Average Grant Date Fair Value, Forfeited | $ / shares

Number of Restricted Stock Awards, Outstanding Ending | shares

1,872,100

Weighted Average Grant Date Fair Value, Outstanding Ending | $ / shares

$ 11.46

[1]	The unvested restricted stock awards presented in the table above, are inclusive of 50,000 restricted stock awards granted outside the Lucid Diagnostics 2018 Equity Plan as of December 31, 2022. These 50,000 restricted stock awards were fully vested during the period ended June 30, 2023.

Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,399	$ 3,844	$ 4,607	$ 7,679
2018 Equity Plan [Member] \| Cost of Revenue [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	16		28
2018 Equity Plan [Member] \| Selling and Marketing Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	247	215	470	480
2018 Equity Plan [Member] \| General and Administrative Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	836	3,313	3,348	6,514
2018 Equity Plan [Member] \| Research and Development Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	66	26	136	97
PAVmed Inc 2014 Equity Plan [Member] \| Selling and Marketing Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	120	161	253	336
PAVmed Inc 2014 Equity Plan [Member] \| General and Administrative Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	8	77	164	145
PAVmed Inc 2014 Equity Plan [Member] \| Research and Development Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	97	52	192	107
PAVmed Inc 2014 Equity Plan [Member] \| Cost of Revenue Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 9		$ 16

Schedule of Unrecognized Compensation Expense and Weighted Average Remaining Service Period (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Share-Based Payment Arrangement, Option [Member] \| 2018 Equity Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Expense	$ 4,129
Weighted Average Remaining Service Period (Years)	2 years 3 months 18 days
Share-Based Payment Arrangement, Option [Member] \| PAVmed Inc 2014 Equity Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Expense	$ 861
Weighted Average Remaining Service Period (Years)	2 years
Restricted Stock [Member] \| 2018 Equity Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Expense	$ 1,141
Weighted Average Remaining Service Period (Years)	1 year 1 month 6 days

Schedule of Stock-based Compensation Valuation Assumptions (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Expected term of stock options (in years)	5 years 7 months 6 days	5 years 8 months 12 days
Expected stock price volatility	75.00%	71.00%
Risk free interest rate	3.70%	3.00%
Expected dividend yield

Stock-Based Compensation (Details Narrative) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended	9606 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2823	Jan. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds for issuance	$ 276
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock awards granted
2018 Equity Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares reserved	11,644,000
Shares available for issue	3,936,554
Stock option grants	423,300	423,300
2018 Equity Plan [Member] \| Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock awards granted	50,000
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares reserved	1,000,000
Shares available for issue	683,983			500,000
Number of common stock purchased	231,987
Proceeds for issuance			$ 276

Stockholders’ Equity (Details Narrative) - USD ($)			1 Months Ended	3 Months Ended	6 Months Ended
Stockholders’ Equity (Details Narrative) - USD ($)	Mar. 07, 2023	Mar. 28, 2022	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Nov. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Designated preferred stock, shares			20,000,000	20,000,000	20,000,000			20,000,000
Preferred stock, per share			$ 0.001	$ 0.001	$ 0.001			$ 0.001
Preferred stock, stated value			$ 13,625,000	$ 13,625,000	$ 13,625,000
Number of shares authorized			200,000,000	200,000,000	200,000,000			200,000,000
Common stock, shares issued			41,853,603	41,853,603	41,853,603			40,518,792
Common stock, shares outstanding			41,853,603	41,853,603	41,853,603			40,518,792
Proceeds from issuance of common stock					$ 284,000
Common Stock, Value, Issued			$ 42,000	$ 42,000	$ 42,000			$ 41,000
Controlled Equity Offering Agreement [Member]
Class of Stock [Line Items]
Common Stock, Value, Issued									$ 6,500,000
Sale of Stock, Number of Shares Issued in Transaction					230,068
Sale of Stock, Consideration Received Per Transaction					$ 300,000
Percentage of commission paid to broker				3.00%	3.00%
Cantor Fitzgerald [Member] \| Commited Equity Facility [Member]
Class of Stock [Line Items]
Sale of Stock, Consideration Received on Transaction		$ 50,000,000
Issuance of common stock					680,263
Proceeds from issuance of common stock					$ 1,800,000
Percentage of discount on sale of stock					4.00%
Lucid Diagnostics Inc [Member]
Class of Stock [Line Items]
Majority-interest equity ownership shares			31,302,420	31,302,420	31,302,420
Common Stock [Member]
Class of Stock [Line Items]
Number of shares authorized			200,000,000	200,000,000	200,000,000
Increase in common stock			$ 100,000,000
Majority-interest equity ownership shares			41,853,603	41,853,603	41,853,603	35,994,667	41,753,603	40,518,792		35,171,796	34,917,907
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Designated preferred stock, shares	13,625
Preferred stock, per share	$ 0.001
Share price, per share	$ 1,000
Proceeds from convertible preferred stock	$ 13,625,000
Preferred stock, stated value	$ 1,000
Preferred stock, conversion price per share	$ 1.394
Preferred stock dividend payment terms	The holders of Series A Preferred Stock will be entitled to dividends payable as follows: (i) a number of shares of Common Stock equal to 20% of the number of shares of Common Stock issuable upon conversion of the Series A Preferred Stock then held by such Holder on March 7, 2024, and (ii) a number of shares of Common Stock equal to 20% of the number of shares of Common Stock issuable upon conversion of the Series A Preferred Stock then held by such Holder on March 7, 2025. A holder that converts its Series A Preferred Stock prior to March 7, 2024 or March 7, 2025, as the case may be, will not receive the dividend that accrues on such date with respect to such converted Series A Preferred Stock. The holders of the Series A Preferred Stock also will be entitled to dividends equal, on an as-if-converted to shares of Common Stock basis, to and in the same form as dividends actually paid on shares of the Common Stock when, as, and if such dividends are paid on shares of the Common Stock
Conversion of stock, description	The Company will not effect any conversion of the Series A Preferred Stock, and a holder will not have the right to receive dividends or convert any portion of the Series A Preferred Stock, to the extent that, after giving effect to the receipt of dividends or the conversion, the holder (together with such holder’s affiliates, and any persons acting as a group together with such holder or any of the holder’s affiliates) would beneficially own in excess of 4.99% of the Company’s outstanding common stock (or, upon election of the holder, 9.99% of the Company’s outstanding common stock)

Schedule of Basic and Fully Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (11,381)	$ (14,624)	$ (27,628)	$ (26,894)
Weighted average common shares outstanding, basic	41,833,823	35,760,492	41,404,547	35,443,526
Weighted average common shares outstanding, diluted	41,833,823	35,760,492	41,404,547	35,443,526
Net loss per common share - basic	$ (0.27)	$ (0.41)	$ (0.67)	$ (0.76)
Net loss per common share - diluted	$ (0.27)	$ (0.41)	$ (0.67)	$ (0.76)

Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	20,517,912	4,720,406
Lucid Diagnostics in 2018 Equity Plan Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,949,962	2,459,666
Lucid Diagnostics in 2018 Equity Plan Unvested Restricted Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,872,100	2,260,740
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	13,695,850

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