# Lucid Diagnostics Lucid Diagnostics is an Asset Manager based in New York, United States. ## Overview - **Organization type:** Asset Manager - **Headquarters:** New York, United States - **Region:** North America - **Address:** New York, NY, United States - **Founded:** 2018 - **Assets under management:** Undisclosed - **Website:** luciddx.com - **LinkedIn:** https://www.linkedin.com/company/lucid-diagnostics ## Regulatory record - **Reports private funds:** No ## About Dr. Lishan Aklog co-founded Lucid Diagnostics in 2018 as a majority-owned subsidiary of PAVmed, a publicly traded medical device incubator he chairs. The firm operates as an independent public company, trading on the Nasdaq, rather than as a private family office. Its singular focus is the early detection of esophageal precancer and cancer, particularly targeting the millions of Americans with chronic gastroesophageal reflux disease (GERD) who face elevated risk. The company addresses a structural gap: endoscopy-based screening is too invasive and expensive for broad deployment, leaving a treatable condition dangerously underdiagnosed. Lucid's commercial engine is the EsoGuard Esophageal DNA Test, performed on cells collected via its companion EsoCheck Cell Collection Device. The test uses targeted bisulfite sequencing and machine learning to detect DNA methylation patterns associated with Barrett's Esophagus and esophageal adenocarcinoma. Deployment has concentrated on satellite testing sites called Lucid Test Centers, often co-located within gastroenterology practices and ambulatory surgery centers across the United States. In 2023, the firm secured foundational Medicare pricing and began processing a significant volume of tests at its centralized laboratory, marking its shift from pure R&D to commercial-stage diagnostics. While Lucid Diagnostics does not operate with a traditional family office's permanent capital pool, its financial architecture relies on the public equity markets and a research-backed commercial partnership with PAVmed, which retained a significant ownership stake post-spinout. Aklog, a board-certified cardiothoracic surgeon, directs strategy from the New York headquarters. The firm has expanded access through contracts with self-insured employers and large physician networks, building a revenue cycle around direct test sales. The executive roster includes Dennis M. McGrath as Chief Financial Officer, anchoring the finance function as the company scales its test volume. Lucid represents an unconventional entry in allocator conversations: a publicly traded operating company with a diagnostic-testing monopoly in a narrow therapeutic window. Its distinction lies in the PAVmed incubation model, which gives it a built-in clinical development pipeline and shared executive oversight rather than the standalone governance typical of a venture-backed health startup. This structure creates an unusual alignment dynamic for external investors evaluating its capital needs and growth trajectory. ## Sectors - Digital Health - Healthcare Services - AI/ML ## People - Lishan Aklog — Chairman & CEO ## Questions ### How does Lucid Diagnostics relate to PAVmed? Lucid was founded as a majority-owned subsidiary of PAVmed Inc., a publicly traded medical device incubator. Dr. Lishan Aklog co-founded both entities and serves as Chairman and CEO of each. PAVmed retains a significant equity stake and provides management services and shared infrastructure. ### How does Lucid generate revenue? Lucid sells the EsoGuard Esophageal DNA Test. Specimens are collected using its EsoCheck device at Lucid Test Centers and analyzed at its centralized lab. The company bills Medicare, commercial insurers, and self-insured employers for each test performed. ### What technology underpins EsoGuard? EsoGuard is a next-generation sequencing assay that detects DNA methylation on two genes, vimentin and CCNA1. It uses a proprietary machine-learning classifier to assess the likelihood of Barrett's Esophagus or esophageal adenocarcinoma from a swallowed balloon collection device. ### Does Lucid Diagnostics co-invest alongside traditional venture or growth equity funds? The firm does not operate as an investment vehicle or family office. It raises growth capital through public equity offerings rather than private co-investment rounds. Its go-to-market partners are physician networks and employer health plans, not fund managers. ## Related profiles - [eGain](https://altss.com/profile/egain-corp) - [ArrowMark Financial Corp.](https://altss.com/profile/arrowmark-financial-corp) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/lucid-diagnostics-inc Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology