Lucid Diagnostics Inc.

Good morning, and welcome to the Lucid Diagnostics third quarter 2025 business update conference call. Please note, this event is being recorded. I would now like to turn the conference over to Matt Riley, Director, Investor Relations. Please go ahead, sir.

Thank you, operator, and good morning, everyone. Thank you for participating in today's business update call. Joining me today on the call are Dr. Leishan Aklag, Chairman and CEO of Lucid Diagnostics, along with Dennis McGrath, CFO. The press release announcing our business update and financial results is available on Lucid's website. Please take a moment to read the disclaimers about forward-looking statements in the press release. The business update, press release, and the conference call all include forward-looking statements, and these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from statements made. Factors that could cause actual results to differ are described in the disclaimer and in our filings with the SEC. For a list and description of these and other important risks and uncertainties that may affect future operations, see Part 1, Item 1A, entitled Risk Factors in Lucid's most recent annual report on Forms 10-K filed with SEC and any subsequent updates filed in quarterly reports on Forms 10-Q and subsequent Forms 8-K. Except as required by law, Lucid disclaims any intentions or obligations to publicly update or revise any forward-looking statements to reflect changes in expectations, or in events, conditions, or circumstances on which the expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. I would now like to turn the call over to Dr. Lee Sean Acklog, Chairman, CEO of Lucid.

Thank you, Matt, and good morning, everyone. Thank you for joining our quarterly update call today. As always, I'd like to thank our long-term shareholders for your ongoing support and commitment. Our team is extremely excited and remains singularly focused on driving this enterprise towards its substantial commercial potential and to enhance our long-term shareholder value. Since our last update, of course, the most significant event was the MobX CAC, or Contractor Advisory Committee meeting that was held on September 4th. The meeting went extremely well. There was strong consensus among the experts on this live on-the-record call that really reinforced our confidence that we're in the final stages of securing positive Medicare coverage policy outcome, and we'll obviously have more on this later. The meeting led directly to a successful subsequent financing in September that gives us plenty of runway to successfully navigate these final steps and accelerate these commercialization once Medicare coverage is secured. So let's, as always, start with some key highlights related to our commercial execution. In the third quarter, our test volume was 2,841 tests, and our revenue is approximately 1.2 million. Both the revenue and the volume are in line with the last quarter, with the second quarter of 25, and our volume is within the target range that we've articulated of approximately 2,500 to 3,000 tests per quarter that we need to maintain our ongoing engagements with commercial payers. We're pleased that the team continues to be successful at maintaining this volume, while focusing on transitioning our targeting to include Medicare patients, as well as securing event-based contractually guaranteed revenue opportunities, which we'll discuss a bit further later. Really excited that we've been able to strengthen our market access leadership team to provide, excuse me, to drive payer engagement and secure broader commercial insurance coverage and expanded patient access. We strengthened and scaled our market access infrastructure ahead of these reimbursement milestones, such as Medicare. And the team is going to focus on market access for our commercial payers and broad reimbursement, as well as governmental affairs issues. And I'll be highlighting our team, but we really get excited to have a best-in-class team join us. We're excited to be holding our very first Firefighter Esophageal Cancer Prevention Summit event next week. I'm extremely excited about this. As many of you know, we have a strong partnership with fire departments across the country that's extended over several years, and they've developed a really longstanding relationship with leaders in the firefighter leaders across the country, and particularly those that are focused on cancer prevention in these groups. It's been a really very gratifying opportunity to help firefighters. As we've discussed before, firefighters have an increased risk of esophageal cancer, 62% of increased risk and an elevated risk of dying as well. We'll talk a little bit more about this a little bit later. As we've discussed, we are continuing our momentum to drive our Medicare testing. If you recall, about up to 50% of our 30 million target population are in fact Medicare eligible patients. We've historically not focused on this target population as we've been focused more on maintaining our volume to drive engagement with our commercial payers as we've discussed repeatedly in the past. In anticipation of Medicare, now implemented measures and incentives to our commercial teams to start targeting Medicare patients to drive our Medicare volume towards and perhaps exceeding the portion, the 50% portion of the target population. We're in the early stages of this. The initial target, the initial group of, subgroup of our commercial team initiated this a few months ago, but we're starting to see some success. This is also important because if you may recall, Once we get Medicare coverage, we'll be able to submit claims going back one year, so we're looking to maximize the amount of that look-back revenue that we can receive once we secure that Medicare coverage. Now let's discuss some of our recent strategic accomplishments. Again, the most important one, of course, is the Medicare Contract Advisory Committee that was held in September. The results of that were extremely positive. panel of clinical experts unanimously endorsed ESAGARD Medicare coverage, and they cited strong clinical evidence, guideline support, and real-world experience. As we stated repeatedly, we believe this is the important final step towards securing Medicare coverage. And in a moment, we'll provide some additional context on this process, a little bit of update of some additional information we've received related to what we expect to be an upcoming draft LCP.