Lucid Diagnostics prices $25 million public offering of common stock

NEW YORK - Lucid Diagnostics Inc. (NASDAQ:LUCD), a cancer prevention medical diagnostics company, announced Wednesday the pricing of its underwritten public offering of 25 million shares of common stock at $1.00 per share. The stock, currently trading at $1.27, has shown remarkable strength with a 58.33% return over the past year, according to InvestingPro data.

The company, a subsidiary of PAVmed Inc. (NASDAQ:PAVM), expects to raise approximately $25 million in gross proceeds before deducting underwriting discounts and other offering expenses. Lucid has also granted underwriters a 30-day option to purchase up to an additional 3.75 million shares at the same price.

Proceeds will be used for working capital and general corporate purposes, according to the company’s statement. The offering is expected to close on or about September 11, 2025, subject to customary closing conditions.

Canaccord Genuity LLC and BTIG, LLC are serving as joint bookrunners for the offering, with Maxim Group LLC acting as co-manager.

Lucid Diagnostics focuses on patients with gastroesophageal reflux disease (GERD) who are at risk of developing esophageal precancer and cancer. The company markets the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device, which are designed for early detection of esophageal precancer.

The offering is being made pursuant to a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission in December 2022, according to the press release statement.

In other recent news, Lucid Diagnostics announced its intention to offer shares of common stock through an underwritten public offering. The company plans to grant underwriters a 30-day option to purchase additional shares, with proceeds aimed at supporting working capital and general corporate purposes. Lucid Diagnostics reported second-quarter 2025 revenue of $1.2 million, marking a year-over-year growth of approximately 19%, driven by increased volumes of its EsoGuard diagnostic test. This revenue surpassed FactSet consensus estimates of $1.1 million but did not meet Cantor Fitzgerald’s projection of $1.5 million.

Additionally, several analyst firms have weighed in on Lucid Diagnostics’ stock. Needham reiterated its Buy rating with a $3.00 price target following a positive Contractor Advisory Committee meeting by MolDX. BTIG also raised its price target to $2.50 from $2.00, maintaining a Buy rating after a Centers for Medicare & Medicaid Services meeting that discussed Medicare coverage for the EsoGuard test. The meeting featured unanimous positive statements from clinicians supporting the use of the test. Cantor Fitzgerald maintained an Overweight rating and a $3.00 price target after reviewing the company’s second-quarter results.

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