Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions [Abstract]

Related Party Transactions

Note 4 — Related Party Transactions

In connection with the CWRU License Agreement, CWRU and each of the three physician inventors of the intellectual property licensed under the CWRU License Agreement hold minority equity ownership interests in Lucid Diagnostics Inc., a majority-owned subsidiary of PAVmed Inc. During the years ended December 31, 2020 and 2019 the Company incurred the following expenses with respect to the minority shareholders of Lucid Diagnostics Inc.:

	For the year ended December 31,
	2020		2019
CWRU License Agreement – reimbursement of patent legal fees	$	250	$	200
CWRU License Agreement Amendment fee		100		75
EsoCheck devices provided to CWRU		15		—
Fees - Physician Inventors’ consulting agreements		83		110
Stock-based compensation expense - Physician Inventors’ stock option grants		23		57
Total	$	471	$	442

Lucid Diagnostics Inc. entered into consulting agreements with each of the three physician inventors of the CWRU License Agreement intellectual property, providing for compensation on a contractual rate per hour for consulting services provided. The consulting agreements have a thirty-six month term ending May 12, 2021. Additionally, each of the three physician inventors were granted stock options under the PAVmed Inc. 2014 Long-Term Incentive Equity Plan and the Lucid Diagnostics Inc. 2018 Long-Term Incentive Equity Plan.

See Note 3, Agreements Related to Acquired Intellectual Property Rights - Patent License Agreement - CWRU, for a discussion of the “CWRU License Agreement”; Note 10, Stock-Based Compensation, for information regarding each of the “PAVmed Inc. 2014 Long-Term Incentive Equity Plan” and the separate “Lucid Diagnostics Inc. 2018 Long-Term Incentive Equity Plan”; and Note 12, Stockholders’ Equity, Common Stock Purchase Warrants, and Noncontrolling Interest, for a discussion of each of the Company’s majority-owned subsidiaries and the corresponding noncontrolling interests.