PAVmed Reports Q2 2025 Financial Results: $13.3M Net Loss, $1.2M in Lucid Diagnostics Revenue

PAVmed reported a Q2 2025 GAAP net loss of $13.3 million and earned $1.2 million from 2,756 EsoGuard tests processed by Lucid Diagnostics. The company secured $16.1 million from a public offering, enhancing its financial stability. This injection extends the financial runway into 2026, providing flexibility for upcoming projects. Lucid secured its first positive commercial insurance coverage for EsoGuard from Highmark Blue Cross Blue Shield.

Lucid Diagnostics Inc. (Nasdaq: LUCD), a commercial-stage cancer prevention medical diagnostics company and subsidiary of PAVmed Inc. (Nasdaq: PAVM), reported its financial results for the second quarter of 2025. The company processed 2,756 EsoGuard® esophageal DNA tests, generating $1.2 million in revenue. The quarter ended with over $30 million in proforma cash, extending the company's financial runway into 2026.

Lucid secured $16.1 million from a public offering, which strengthened its balance sheet. The company also initiated patient testing and billing under the first positive commercial insurance coverage policy for EsoGuard from Highmark Blue Cross Blue Shield, effective May 26, 2025. Additionally, Lucid partnered with Hoag to launch a comprehensive esophageal precancer testing program, expanding access to at-risk patients.

The company's GAAP net loss for the quarter was approximately $7.9 million, or $(0.08) per common share. Non-GAAP adjusted loss was approximately $9.9 million, or $(0.10) per common share. As of June 30, 2025, Lucid had $31.1 million in cash and cash equivalents, compared to $22.4 million as of December 31, 2024.

Lucid's MolDX participating Medicare Administrative Contractors (MACs) convened a Contractor Advisory Committee (CAC) meeting on September 4, 2025, to review and discuss the clinical evidence related to Local Coverage Determination (LCD) L39256 for EsoGuard. The company is confident that the upcoming CAC meeting will be a significant milestone in securing positive Medicare coverage for its product.

References:

[1] https://www.biospace.com/press-releases/lucid-diagnostics-provides-business-update-and-reports-second-quarter-2025-financial-results