Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of Stock-Based Compensation Awards Granted |
The consolidated stock-based
compensation expense recognized for both the PAVmed Inc. 2014 Equity Plan and the Lucid Diagnostics Inc. 2018 Equity Plan, with
respect to stock options and restricted stock awards as discussed above, for the periods indicated, was as follows:
| |
|
Year Ended |
|
| |
|
December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| General and administrative expenses |
|
$ |
1,582 |
|
|
$ |
1,163 |
|
| Research and development expenses |
|
|
462 |
|
|
|
408 |
|
| Total |
|
$ |
2,044 |
|
|
$ |
1,571 |
|
|
| Schedule of Stock-Based Compensation Expense Classified in Research and Development Expenses |
| |
|
Year Ended |
|
| |
|
December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Lucid Diagnostics Inc 2018 Equity Plan – research and development expenses |
|
$ |
52 |
|
|
$ |
158 |
|
| PAVmed Inc 2014 Equity Plan - research and development expenses |
|
|
13 |
|
|
|
16 |
|
| Total stock-based compensation expense – recognized by Lucid Diagnostics Inc |
|
$ |
65 |
|
|
$ |
174 |
|
|
| Schedule of Unrecognized Compensation Expense |
As of December 31, 2020,
unrecognized stock-based compensation expense and weighted average remaining requisite service period with respect to stock options
and restricted stock awards issued under each of the PAVmed Inc. 2014 Equity Plan and the Lucid Diagnostics Inc. 2018 Equity Plan,
as discussed above, is as follows:
| |
|
Unrecognized
Expense |
|
|
Weighted Average
Remaining
Service
Period |
|
| PAVmed Inc. 2014 Equity Plan |
|
|
|
|
|
|
|
|
| Stock Options |
|
$ |
1,866 |
|
|
|
0.9 years |
|
| Restricted Stock Awards |
|
$ |
1,796 |
|
|
|
2.1 years |
|
| |
|
|
|
|
|
|
|
|
| Lucid Diagnostics Inc. 2018 Equity Plan |
|
|
|
|
|
|
|
|
| Stock Options |
|
$ |
49 |
|
|
|
0.8 years |
|
|
| 2014 Equity Plan [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of Summarizes Information About Stock Options |
Stock options issued and
outstanding under the PAVmed Inc. 2014 Equity Plan are as follows:
| |
|
Number
Stock
Options |
|
|
Weighted
Average
Exercise
Price |
|
|
Remaining
Contractual
Term
(Years) |
|
|
Intrinsic Value(2) |
|
| Outstanding stock options at December 31, 2018 |
|
|
3,327,140 |
|
|
$ |
3.68 |
|
|
|
8.3 |
|
|
|
|
|
| Granted(1) |
|
|
1,925,000 |
|
|
$ |
1.00 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
(48,611 |
) |
|
$ |
5.00 |
|
|
|
|
|
|
|
|
|
| Outstanding stock options at December 31, 2019 |
|
|
5,203,529 |
|
|
|
2.58 |
|
|
|
8.1 |
|
|
$ |
394 |
|
| Vested and exercisable stock options at December 31, 2019 |
|
|
3,270,487 |
|
|
$ |
3.45 |
|
|
|
7.5 |
|
|
$ |
126 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding stock options at December 31, 2019 |
|
|
5,203,529 |
|
|
$ |
2.58 |
|
|
|
|
|
|
|
|
|
| Granted(1) |
|
|
1,595,000 |
|
|
$ |
2.13 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
| Outstanding stock options at December 31, 2020 |
|
|
6,798,529 |
|
|
$ |
2.55 |
|
|
|
7.3 |
|
|
$ |
2,558 |
|
| Vested and exercisable stock options at December 31, 2020 |
|
|
4,861,433 |
|
|
$ |
2.88 |
|
|
|
6.7 |
|
|
$ |
1,707 |
|
| (1) |
Stock options granted under the PAVmed Inc. 2014 Equity Plan vest ratably over twelve quarters generally commencing with the grant date quarter and have a ten year contractual term from date-of-grant. |
| |
|
| (2) |
The intrinsic value is computed as the difference between the quoted price of the PAVmed Inc. common stock on each of December 31, 2020 and 2019 and the exercise price of the underlying PAVmed Inc. stock options, to the extent such quoted price is greater than the exercise price. |
|
| Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions |
The stock options granted
under the PAVmed Inc. 2014 Equity Plan during the years ended December 31, 2020 and 2019, had a weighted average estimated fair
value of $1.27 per share and $0.48 per share, respectively, calculated using the following weighted average Black-Scholes valuation
model assumptions:
| |
|
Year Ended December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| |
|
|
|
|
|
|
| Expected term of stock options (in years) |
|
|
5.8 |
|
|
|
5.7 |
|
| Expected stock price volatility |
|
|
73 |
% |
|
|
50 |
% |
| Risk free interest rate |
|
|
0.5 |
% |
|
|
2.4 |
% |
| Expected dividend yield |
|
|
0 |
% |
|
|
0 |
% |
|
| 2018 Equity Plan [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of Summarizes Information About Stock Options |
Stock options issued and
outstanding under the Lucid Diagnostics Inc. 2018 Equity Plan for the period noted is as follows:
| |
|
Number
Stock
Options |
|
|
Weighted
Average
Exercise
Price |
|
|
Remaining
Contractual
Term
(Years) |
|
| Outstanding stock options at December 31, 2018 |
|
|
375,000 |
|
|
$ |
0.60 |
|
|
|
9.4 |
|
| Granted |
|
|
620,000 |
|
|
$ |
1.02 |
|
|
|
|
|
| Exercised |
|
|
— |
|
|
$ |
— |
|
|
|
|
|
| Forfeited |
|
|
— |
|
|
$ |
— |
|
|
|
|
|
| Outstanding stock options at December 31, 2019 |
|
|
995,000 |
|
|
$ |
0.86 |
|
|
|
9.0 |
|
| Granted |
|
|
— |
|
|
$ |
— |
|
|
|
|
|
| Exercised |
|
|
(3,333 |
) |
|
$ |
1.50 |
|
|
|
|
|
| Forfeited |
|
|
— |
|
|
$ |
— |
|
|
|
|
|
| Outstanding stock options at December 31, 2020 |
|
|
991,667 |
|
|
$ |
0.86 |
|
|
|
8.0 |
|
| Vested and exercisable stock options at December 31, 2020 |
|
|
772,491 |
|
|
$ |
0.83 |
|
|
|
7.9 |
|
| (1) |
Stock options granted under the Lucid Diagnostics Inc. 2018 Equity Plan, have a ten-year contractual term from date of grant, and vest ratably over twelve successive calendar quarters, with first vesting date in the quarter of the date of grant. |
|
| Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions |
As noted above, in the year
ended December 31, 2020, there were no stock-based awards granted under the Lucid Diagnostics Inc 2018 Equity Plan. In the previous
year ended December 31, 2019, stock-based compensation expense recognized with respect to stock options granted under the Lucid
Diagnostics Inc. 2018 Equity Plan was based on a weighted average estimated fair value of such stock options of $0.32 per share,
and was calculated using the following weighted average Black-Scholes valuation model assumptions:
| Expected term of stock options (in years) |
|
|
5.8 |
|
| Expected stock price volatility |
|
|
63 |
% |
| Risk free interest rate |
|
|
2.1 |
% |
| Expected dividend yield |
|
|
0 |
% |
|