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 endedMarch 31, 2026 OR ☐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) Delaware82-5488042(State or Other Jurisdiction of(IRS EmployerIncorporation or Organization)Identification No.) 360 Madison Avenue25th FloorNew York, NY10017(Address of Principal Executive Offices)(Zip Code) (917) 813-1828(Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Exchange Act: Name of each Exchange on which RegisteredThe NASDAQ Stock Market LLC LUCD Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange 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 toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrantwas 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 smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer” , “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filedSmaller reporting companyEmerging growth company Large Accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying 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 ofMarch 31, 2026andMay 11, 2026there were 177,188,256 and 203,066,783, respectively, shares of the registrant’s CommonStock, par value $0.001 per share, issued and outstanding (with such number of shares inclusive of shares of common stock underlyingunvested restricted stock awards granted under the Lucid Diagnostics Inc. 2018 Long-Term Incentive Equity Plan as of such date). TABLE OF CONTENTS Part I - Financial Information Item 1.Financial StatementsCondensed Consolidated Balance Sheets (unaudited) as of March 31, 2026 and December 31, 20251Condensed Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2026 and20252Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (unaudited) for the three monthsended March 31, 2026 and 20253Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2026 and20254Notes to Unaudited Condensed Consolidated Financial Statements5Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations23Item 4.Controls and Procedures32 Part II - Other Information Item 1.Legal ProceedingsItem 5.Other InformationItem 6.ExhibitsSignatureExhibit Index Table of Contents LUCID DIAGNOSTICS INC.and SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands except number of shares and per share data - unaudited) LUCID DIAGNOSTICS INC.and SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands except number of shares and per share data - unaudited) Three Months EndedMarch 31,20262025Revenue$1,256$828Operating expenses:Cost of revenue1,6251,551Sales and marketing5,0024,069General and administrative5,4326,162Amortization of acquired intangible assets105105Research and development1,2061,428Total operating expenses13,37013,315Operating loss(12,114)(12,487)Other income (expense):Interest income7066Interest expense(6)(9)Change in fair value - Senior Secured Convertible Note(1,859)(14,478)Other income (expense), net(1,795)(14,421)Loss before provision for income tax(13,909)(26,908)Provision for income taxes——Net loss attributable to Lucid Diagnostics Inc.$(13,909)$(26,908)Less: Series B Convertible Preferred Stock dividends earned(9,719)(9,110)Net loss attributable to Lucid Diagnostics Inc. common stockholders$(23,628)$(36,018)Net loss per share attributable to Lucid Diagnostics Inc. common stockholders - basic anddiluted$(0.17)$(0.52)Weighted average common shares outstanding, basic and diluted140,096,78268,796,392 LUCID DIAGNOSTICS INC.and SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’EQUITY (DEFICIT)for the THREE MONTHS ENDEDMa