Lucid Diagnostics Inc. Earnings Per Share Disclosure
Note 17 — Net Loss Per Share
The Net loss per share basic and diluted for the respective periods indicated is as follows:
| | Years Ended December 31, | | |||||
| | 2025 | | | 2024 | | ||
Numerator | | | | | | | | |
Net loss | | $ | (58,010 | ) | | $ | (45,529 | ) |
Deemed dividend on Series A and Series A-1 Convertible Preferred Stock | | | — | | | | (7,496 | ) |
Series B and Series B-1 Convertible Preferred Stock dividends earned | | | (12,559 | ) | | | — | |
Net loss attributable to Lucid Diagnostics Inc. common stockholders | | $ | (70,569 | ) | | $ | (53,025 | ) |
| | | | | | | | |
Denominator | | | | | | | | |
Weighted average common shares outstanding, basic and diluted | | | 101,946,871 | | | | 50,515,773 | |
| | | | | | | | |
Net loss per share (1) | | | | | | | | |
Net loss per share - basic and diluted | | $ | (0.69 | ) | | $ | (1.05 | ) |
(1) - Convertible Preferred Stock would potentially be considered a participating security under the two-class method of calculating net loss per share. However, the Company has incurred net losses to-date, and as such holders are not contractually obligated to share in the losses, there is no impact on the Company’s net loss per share calculation for the periods indicated. |
Basic weighted-average number of shares of common stock outstanding for the years ended December 31, 2025 and 2024 include the shares of the Company issued and outstanding during such periods, each on a weighted average basis. The basic weighted average number of shares common stock outstanding excludes common stock equivalent incremental shares, while diluted weighted average number of shares outstanding includes such incremental shares. However, as the Company was in a loss position for all years presented, basic and diluted weighted average shares outstanding are the same, as the inclusion of the incremental shares would be anti-dilutive. The common stock equivalents excluded from the computation of diluted weighted average shares outstanding are as follows:
| | December 31, | | |||||
| | 2025 | | | 2024 | | ||
| | | | | | | | |
Stock options | | | 10,272,642 | | | | 8,646,758 | |
Unvested restricted stock awards | | | 6,584,240 | | | | 3,897,440 | |
Preferred stock | | | 49,490,593 | | | | 49,607,115 | |
Total | | | 66,347,475 | | | | 62,151,313 | |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 25, 2026 | Showing above |
| 2024 | Mar 24, 2025 | |
| 2023 | Mar 25, 2024 | |
| 2022 | Mar 14, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.