The company's capital structure appears increasingly fragile, evidenced by a debt-to-equity ratio that surged to 6.70 in 2026Q1 alongside a shrinking equity base of $4.0 million.
| Total Current Assets | 31.36M | 37.47M | 25.15M | 22.07M | 24.36M | 57.3M | 1.44M | 390.9K | 17.8K |
| Cash & Short-Term Investments | 27.88M | 34.7M | 22.36M | 18.9M | 22.47M | 53.66M | 111K | 156.4K | 17.8K |
| Cash Only | 27.88M | 34.7M | 22.36M | 18.9M | 22.47M | 53.66M | 111K | 156.4K | 17.8K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 689K | 643K | 405K | 45K | 17K | 200K | 0 | 0 | 0 |
| Days Sales Outstanding | 40.08 | 49.87 | 34.01 | 6.76 | 16.46 | 146 | - | - | - |
| Inventory | 1M | 353K | 341K | 278K | 111K | 493K | 834K | 0 | 0 |
| Days Inventory Outstanding | 4.52K | 17.08 | 15.06 | 11.97 | 11.21 | 307.6 | - | - | - |
| Other Current Assets | 1.49M | 0 | 0 | 1.98M | 0 | 0 | 0 | 118.09K | 0 |
| Total Non-Current Assets | 2.72M | 2.98M | 5.57M | 5.2M | 8.15M | 1.7M | 755K | 643K | 0 |
| Property, Plant & Equipment | 2.5M | 2.62M | 3.7M | 2.64M | 3.6M | 971K | 0 | 0 | 0 |
| Fixed Asset Turnover | 0.01x | 1.80x | 1.17x | 0.92x | 0.10x | 0.51x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 210K | 315K | 736K | 1.42M | 3.44M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 10K | 47K | 1.13M | 1.13M | 1.11M | 725K | 755K | 643K | 0 |
| Total Assets | 34.08M | 40.45M | 30.71M | 27.27M | 32.51M | 59M | 2.19M | 1.03M | 17.8K |
| Asset Turnover | 0.12x | 0.12x | 0.14x | 0.09x | 0.01x | 0.01x | - | - | - |
| Asset Growth % | 184.37% | 31.68% | 12.63% | -16.12% | -44.9% | 2587.88% | 112.3% | 5708.43% | - |
| Total Current Liabilities | 29.39M | 28.58M | 23.52M | 29.38M | 8.43M | 4.26M | 15.71M | 6.34M | 1.08M |
| Accounts Payable | 1.08M | 970K | 1.24M | 1.15M | 1.06M | 1.49M | 2.06M | 799.08K | 497.23K |
| Days Payables Outstanding | 46.09 | 46.94 | 54.8 | 49.34 | 106.65 | 929.66 | - | - | - |
| Short-Term Debt | 26.11M | 24M | 18.6M | 13.95M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 936K | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.2M | 2.04M | 1.35M | 791K | 5.53M | 557K | 0 | 5.32M | 583.26K |
| Current Ratio | 1.07x | 1.31x | 1.07x | 0.75x | 2.89x | 13.45x | 0.09x | 0.06x | 0.02x |
| Quick Ratio | 1.03x | 1.30x | 1.05x | 0.74x | 2.88x | 13.34x | 0.04x | 0.06x | 0.02x |
| Cash Conversion Cycle | 4.51K | 20.01 | -5.73 | -30.6 | -78.98 | -476.06 | - | - | - |
| Total Non-Current Liabilities | 695K | 927K | 1.8M | 199K | 1.04M | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 4.16M | 927K | 1.8M | 199K | 1.04M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 30.08M | 29.51M | 25.32M | 29.58M | 9.46M | 4.26M | 15.71M | 6.34M | 1.08M |
| Total Debt | 26.8M | 25.82M | 21.25M | 15.26M | 2M | 0 | 0 | 0 | 0 |
| Net Debt | -1.07M | -8.88M | -1.1M | -3.64M | -20.48M | -53.66M | -111K | -156.4K | -17.8K |
| Debt / Equity | 6.70x | 2.36x | 3.94x | - | 0.09x | - | - | - | - |
| Debt / EBITDA | -0.55x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.02x | - | - | - | - | - | - | - | -0.03x |
| Interest Coverage | -2160.10x | -2256.36x | -1750.12x | -125.60x | -7021.38x | -41.61x | - | - | - |
| Total Equity | 4M | 10.94M | 5.39M | -2.31M | 23.05M | 54.74M | -13.52M | -5.31M | -1.06M |
| Equity Growth % | 534.07% | 102.86% | 333.28% | -110.03% | -57.9% | 504.93% | -154.61% | -399.61% | - |
| Book Value per Share | 0.04 | 0.11 | 0.11 | -0.06 | 0.64 | 1.52 | -0.37 | -0.14 | -0.03 |
| Total Shareholders' Equity | 4M | 10.94M | 5.39M | -2.31M | 23.05M | 54.74M | -13.52M | -5.31M | -1.06M |
| Common Stock | 165K | 131K | 63K | 42K | 41K | 35K | 14K | 14.11K | 10K |
| Retained Earnings | -297.96M | -274.33M | -203.77M | -150.74M | -98.08M | -41.9M | -13.83M | -5.55M | -1.13M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital structure insolvency risk
As reported in recent financial statements, Lucid Diagnostics' equity base has experienced extreme volatility, contracting from $25.8 million in 2025Q3 to just $4.0 million by 2026Q1, signaling a precarious trajectory that leaves the company with minimal cushion against its persistent and substantial operating losses.
The rapid erosion of shareholder equity suggests that the company is consuming its capital base to fund ongoing commercialization efforts rather than building intrinsic value. Investors should monitor whether this trend of equity depletion necessitates further dilutive financing, which appears increasingly likely given the current burn rate.
Based on the provided balance sheet data, the company's debt-to-equity ratio surged to 6.70 in 2026Q1, reflecting a reliance on debt financing that appears unsustainable given the absence of positive operating cash flow to service these obligations or support the underlying capital structure.
The escalation in leverage metrics indicates that debt is being utilized as a survival mechanism rather than a strategic growth tool. This reliance on debt in a high-burn environment warrants investigation into potential refinancing risks and the impact of interest expenses on future liquidity.
According to quarterly filings, the company's cash position dropped to $27.9 million in 2026Q1 from $47.3 million in 2025Q4, indicating that the current liquidity buffer is rapidly diminishing relative to the scale of the company's ongoing operational cash requirements and high fixed-cost structure.
A current ratio hovering near 1.07 suggests that the company possesses little margin for error in managing its short-term liabilities. The narrowing gap between cash reserves and operational burn implies that the firm may face significant liquidity constraints in the near term without a capital infusion.
As indicated by the historical balance sheet, the company's asset composition is heavily skewed by intangible assets and volatile cash balances, with net PPE remaining relatively stagnant at $2.5 million, which may suggest that the firm's physical infrastructure is not scaling in proportion to its capital expenditures.
The discrepancy between reported asset values and the company's inability to generate positive margins suggests that the balance sheet may overstate the utility of its current infrastructure. Analysts should consider whether the carrying value of these assets remains appropriate given the persistent lack of commercial traction.
Quick answers to the most common questions about buying LUCD stock.
As of 2025, Lucid Diagnostics Inc. (LUCD) had total assets of $40.4M including $37.5M in current assets.
Lucid Diagnostics Inc. (LUCD) carries total debt of $25.8M, offset by $34.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lucid Diagnostics Inc. (LUCD) has total shareholders' equity (book value) of $10.9M ($0.11 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lucid Diagnostics Inc. (LUCD) reported a current ratio of 1.31x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.