Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Stock-Based Compensation Expense

The consolidated stock-based compensation expense recognized by each of PAVmed and Lucid Diagnostics for both the PAVmed 2014 Equity Plan and the Lucid Diagnostics 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,
	2023		2022
Cost of revenue	$	23	$	—
Sales and marketing expenses		444		625
General and administrative expenses		3,588		4,002
Research and development expenses		364		187
Total stock-based compensation expense	$	4,419	$	4,814

Schedule of Stock-Based Compensation Expense Recognized by Lucid Diagnostics

	Three Months Ended March 31,
	2023		2022
Lucid Diagnostics 2018 Equity Plan – cost of revenue	$	12	$	—
Lucid Diagnostics 2018 Equity Plan – sales and marketing expenses		223		265
Lucid Diagnostics 2018 Equity Plan – general and administrative expenses		2,512		3,201
Lucid Diagnostics 2018 Equity Plan – research and development expenses		70		71
PAVmed 2014 Equity Plan - cost of revenue		7		—
PAVmed 2014 Equity Plan - sales and marketing expenses		133		175
PAVmed 2014 Equity Plan - general and administrative expenses		156		68
PAVmed 2014 Equity Plan - research and development expenses		95		55
Total stock-based compensation expense – recognized by Lucid Diagnostics	$	3,208	$	3,835

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 2014 Equity Plan and the Lucid Diagnostics 2018 Equity Plan, as discussed above, is as follows:

	Unrecognized Expense		Weighted Average Remaining Service Period (Years)
PAVmed 2014 Equity Plan
Stock Options	$	7,612		2.4
Restricted Stock Awards	$	541		0.4
Lucid Diagnostics 2018 Equity Plan
Stock Options	$	4,806		2.5
Restricted Stock Awards	$	1,706		1.1

2014 Equity Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Summarizes Information About Stock Options

PAVmed stock options granted under the PAVmed 2014 Equity Plan and stock options granted outside such plan are summarized as follows:

	Number of Stock Options			Weighted Average Exercise Price		Remaining Contractual Term (Years)		Intrinsic Value(2)
Outstanding stock options at December 31, 2022		11,568,655		$	2.71		7.4	$	—
Granted(1)		7,280,000		$	0.48
Exercised		—		$	—
Forfeited		(767,935	)	$	1.77
Outstanding stock options at March 31, 2023(3)		18,080,720		$	1.85		8.1	$	—
Vested and exercisable stock options at March 31, 2023		7,768,903		$	2.94		6.1	$	—

(1)	Stock options granted under the PAVmed 2014 Equity Plan and those granted outside such plan generally vest one-third in one year then ratably over the next eight quarters, 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 common stock on each of March 31, 2023 and December 31, 2022 and the exercise price of the underlying PAVmed stock options, to the extent such quoted price is greater than the exercise price.
(3)	The outstanding stock options presented in the table above, are inclusive of 500,854 stock options granted outside the PAVmed 2014 Equity Plan, as of March 31, 2023 and December 31, 2022.

Schedule of Restricted Stock Award Activity

PAVmed restricted stock awards granted under the PAVmed 2014 Equity Plan and restricted stock awards granted outside such plan are summarized as follows:

	Number of Restricted Stock Awards			Weighted Average Grant Date Fair Value
Unvested restricted stock awards as of December 31, 2022(1)		975,000		$	3.05
Granted		—			—
Vested		(100,000	)		3.10
Forfeited		—			—
Unvested restricted stock awards as of March 31, 2023		875,000		$	3.04

⁽¹⁾ The unvested restricted stock awards presented in the table above, are inclusive of 100,000 restricted stock awards granted outside the PAVmed 2014 Equity Plan as of December 31, 2022. These 100,000 restricted stock awards were fully vested during the period ended March 31, 2023.

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

	Three Months Ended March 31,
	2023			2022
Expected term of stock options (in years)		5.7			5.8
Expected stock price volatility		88	%		88	%
Risk free interest rate		3.7	%		1.8	%
Expected dividend yield		—	%		—	%

2018 Equity Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Summarizes Information About Stock Options

Lucid Diagnostics stock options granted under the Lucid Diagnostics 2018 Equity Plan and stock options granted outside such plan are summarized as follows:

	Number of Stock Options			Weighted Average Exercise Price		Remaining Contractual Term (Years)		Intrinsic Value(2)
Outstanding stock options at December 31, 2022		2,565,377		$	3.14		8.3	$	428
Granted(1)		2,697,500		$	1.31
Exercised		—		$	—
Forfeited		(210,419	)	$	2.46
Outstanding stock options at March 31, 2023(3)		5,052,458		$	2.19		8.9	$	676
Vested and exercisable stock options at March 31, 2023		1,254,494		$	2.67		7.0	$	444

(1)	Stock options granted under the Lucid Diagnostics 2018 Equity Plan and those granted outside such plan generally vest one-third in one year then ratably over the next eight quarters, 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 Lucid Diagnostics common stock on each of March 31, 2023 and December 31, 2022 and the exercise price of the underlying Lucid Diagnostics stock options, to the extent such quoted price is greater than the exercise price.
(3)	The outstanding stock options presented in the table above, are inclusive of 423,300 stock options granted outside the Lucid Diagnostics 2018 Equity Plan, as of March 31, 2023 and December 31, 2022.

Schedule of Restricted Stock Award Activity

Lucid Diagnostics restricted stock awards granted under the Lucid Diagnostics 2018 Equity Plan and restricted stock awards granted outside such plan are summarized as follows:

	Number of Restricted Stock Awards			Weighted Average Grant Date Fair Value
Unvested restricted stock awards as of December 31, 2022(1)		2,091,420		$	11.44
Granted		—			—
Vested		(219,320	)		11.27
Forfeited		—			—
Unvested restricted stock awards as of March 31, 2023		1,872,100		$	11.46

⁽¹⁾ The unvested restricted stock awards presented in the table above, are inclusive of 50,000 restricted stock awards granted outside the Lucid Diagnostics 2018 Equity Plan as of December 31, 2022. These 50,000 restricted stock awards were fully vested during the period ended March 31, 2023.

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

	Three Months Ended March 31,
	2023			2022
Expected term of stock options (in years)		5.6			5.6
Expected stock price volatility		75	%		86	%
Risk free interest rate		3.7	%		1.7	%
Expected dividend yield		—	%		—	%