Lucid Diagnostics Inc. (NASDAQ: LUCD) reported fourth quarter 2025 revenue of $1.5 million and processed 3,664 EsoGuard tests, according to financial results released by the company.

The medical diagnostics company recorded operating expenses of approximately $15.5 million for the quarter, which included $1.2 million in stock-based compensation expenses. The GAAP net loss attributable to common stockholders was approximately $16.3 million, or $(0.12) per common share.

For the full year 2025, Lucid reported revenue of $4.7 million compared to $4.3 million in 2024. The company's net loss for the year was $58.0 million, or $(0.69) per share, compared to a net loss of $45.5 million, or $(1.05) per share in 2024.

Lucid had cash and cash equivalents of $34.7 million as of December 31, 2025, compared to $22.4 million at the end of 2024.

The company announced it was awarded a U.S. Department of Veterans Affairs contract for its EsoGuard test, expanding access across approximately 170 VA medical centers nationwide. The contract includes Medicare-aligned pricing of $1,938 per test.

Lucid also released data from what it described as the largest reported real-world experience of esophageal precancer detection, evaluating its EsoGuard and EsoCheck devices in nearly 12,000 at-risk patients. The data showed EsoCheck achieved a 95% technical success rate with 95% of procedures completed in under two minutes.

The company's non-GAAP adjusted loss for the fourth quarter was approximately $12.6 million, or $(0.10) per common share, after adjusting for stock-based compensation and other non-cash expenses.

Lucid Diagnostics is a subsidiary of PAVmed Inc. (NASDAQ: PAVM) and focuses on early detection tools for esophageal precancer and cancer in patients with GERD.