Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Note 4 — Related Party Transactions

Case Western Reserve University and Physician Inventors - Amended CWRU License Agreement

Case Western Reserve University (“CWRU”) and each of the three physician inventors (“Physician Inventors”) of the intellectual property licensed under the amended and restated patent license agreement with CWRU, dated August 23, 2021 (the “Amended CWRU License Agreement”), each hold a minority equity ownership interest in Lucid Diagnostics Inc. The expenses incurred with respect to the Amended CWRU License Agreement and the three Physician Inventors, as classified in the accompanying unaudited condensed consolidated statement of operations for the periods indicated are summarized as follows:

	Three Months Ended March 31,
	2023		2022
Cost of Revenue
CWRU – Royalty Fees	$	24	$	9
General and Administrative Expense
Stock-based compensation expense – Physician Inventors’ restricted stock awards		180		272
Research and Development Expense
Amended CWRU – License Agreement - reimbursement of patent legal fees		389		—
Fees - Physician Inventors’ consulting agreements		1		8
Sponsored research agreement		—		3
Stock-based compensation expense – Physician Inventors’ stock options		52		46
Total Related Party Expenses	$	646	$	338

Note 4 — Related Party Transactions - continued

See Note 12, 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 15, Noncontrolling Interest, for a discussion of Lucid Diagnostics Inc. and the corresponding noncontrolling interests.

Other Related Party Transactions

Effective June 2021, Veris Health entered into a consulting agreement with Andrew Thoreson, M.D. which provides for compensation on a contractual rate per hour for consulting services provided. Dr. Thoreson holds a partial ownership interest in the legal entity which holds a minority interest in Veris Health. Veris Health recognized general and administrative expense of $5 and $25 in the three months ended March 31, 2023 and 2022, respectively, in connection with the consulting agreement.