XML 41 R31.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

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 by each of PAVmed Inc. and Lucid Diagnostics Inc. 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:

		Three Months Ended March 31,
		2022				2021
Sales and marketing expenses		$	625			$	202
General and administrative expenses			4,002				1,124
Research and development expenses			187				110
Total stock-based compensation expense		$	4,814			$	1,436

Schedule of Stock-Based Compensation Expense Classified in Research and Development Expenses

		Three Months Ended March 31,
		2022				2021
Lucid Diagnostics Inc 2018 Equity Plan – sales and marketing expenses		$	265			$	—
Lucid Diagnostics Inc 2018 Equity Plan – general and administrative expenses			3,201				789
Lucid Diagnostics Inc 2018 Equity Plan – research and development expenses			71				13
PAVmed Inc 2014 Equity Plan - sales and marketing expenses			175				—
PAVmed Inc 2014 Equity Plan - general and administrative expenses			68				—
PAVmed Inc 2014 Equity Plan - research and development expenses			55				3
Total stock-based compensation expense – recognized by Lucid Diagnostics Inc		$	3,835			$	805

Schedule of Unrecognized Compensation Expense

The consolidated 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 (Years)
PAVmed Inc. 2014 Equity Plan
Stock Options		$	9,667				2.4
Restricted Stock Awards		$	1,796				1.4

Lucid Diagnostics Inc. 2018 Equity Plan
Stock Options		$	4,660				2.7
Restricted Stock Awards		$	14,080				1.3

Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions

		Three Months Ended March 31,
		2022				2021
Expected term of stock options (in years)			5.8				5.7
Expected stock price volatility			87.7	%			75.0	%
Risk free interest rate			1.8	%			1.0	%
Expected dividend yield			—	%			—	%

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 and including PAVmed stock options granted outside the plan is as follows:

		Number of Stock Options				Weighted Average Exercise Price				Remaining Contractual Term (Years)				Intrinsic Value⁽²⁾
Outstanding stock options at December 31, 2021			8,720,198			$	3.39				6.8			$	3,516
Granted⁽¹⁾			3,109,350			$	1.67
Exercised			(237,499	)		$	1.02
Forfeited			(273,757	)		$	2.94
Outstanding stock options at March 31, 2022			11,318,292			$	2.98				7.1			$	439
Vested and exercisable stock options at March 31, 2022			6,519,615			$	3.08				5.4			$	428

⁽¹⁾	Stock options granted under the PAVmed Inc. 2014 Equity Plan generally vest ratably over twelve quarters, with the vesting 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 March 31, 2022 and December 31, 2021 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 Restricted Stock Award Activity

A summary of PAVmed Inc. 2014 Equity Plan restricted stock award activity is as follows:

		Number of Stock Options				Weighted Average Grant Date Fair Value
Unvested restricted stock awards as of December 31, 2021			1,566,666			$	2.31
Granted			—				—
Vested			(466,666	)			1.06
Forfeited			(150,000	)			2.04
Unvested restricted stock awards as of March 31, 2022			950,000			$	2.97

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 and including Lucid Diagnostics options granted outside the plan is as follows:

		Number of Stock Options				Weighted Average Exercise Price				Remaining Contractual Term (Years)
Outstanding stock options at December 31, 2021			1,419,242			$	0.73				7.0
Granted⁽¹⁾			1,760,000			$	4.16
Exercised			(253,889	)		$	0.74
Forfeited			(60,926	)		$	4.61
Outstanding stock options at March 31, 2022			2,864,427			$	2.75				6.9
Vested and exercisable stock options at March 31, 2022			1,277,026			$	0.99				3.3

⁽¹⁾	Stock options granted under the Lucid Diagnostics Inc. 2018 Equity Plan generally vest ratably over twelve quarters, with the vesting commencing with the grant date quarter, and have a ten-year contractual term from date-of-grant.

Schedule of Restricted Stock Award Activity

A summary of Lucid Diagnostics Inc. 2018 Equity Plan restricted stock award activity is as follows:

		Number of Restricted Stock Awards				Weighted Average Grant Date Fair Value
Unvested restricted stock awards as of December 31, 2021			1,890,740			$	12.94
Granted			320,000				4.53
Vested			—				—
Forfeited			—				—
Unvested restricted stock awards as of March 31, 2022			2,210,740			$	11.07

Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions

		Three Months Ended March 31,
		2022
Expected term of stock options (in years)			5.6
Expected stock price volatility			85.7	%
Risk free interest rate			1.7	%
Expected dividend yield			—	%