Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

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,
	2024		2023
Cost of revenue	$	36	$	23
Sales and marketing expenses		403		444
General and administrative expenses		1,078		3,588
Research and development expenses		365		364
Total stock-based compensation expense	$	1,882	$	4,419

Schedule of Stock-Based Compensation Expense Recognized by Lucid Diagnostics

	Three Months Ended March 31,
	2024		2023
Lucid Diagnostics 2018 Equity Plan – cost of revenue	$	25	$	12
Lucid Diagnostics 2018 Equity Plan – sales and marketing		271		223
Lucid Diagnostics 2018 Equity Plan – general and administrative		328		2,512
Lucid Diagnostics 2018 Equity Plan – research and development		120		70
PAVmed 2014 Equity Plan - cost of revenue		11		7
PAVmed 2014 Equity Plan - sales and marketing		79		133
PAVmed 2014 Equity Plan - general and administrative		2		156
PAVmed 2014 Equity Plan - research and development		97		95
Total stock-based compensation expense – recognized by Lucid Diagnostics	$	933	$	3,208

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	$	2,732		1.8
Restricted Stock Awards	$	745		2.7
Lucid Diagnostics 2018 Equity Plan
Stock Options	$	5,282		2.3
Restricted Stock Awards	$	941		2.0

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, 2023		1,192,458		$	26.18		7.3	$	—
Granted(1)		74,500		$	2.30
Exercised		—		$	—
Forfeited		(23,025	)	$	10.32
Outstanding stock options at March 31, 2024(3)		1,243,933		$	25.04		7.0	$	17
Vested and exercisable stock options at March 31, 2024		799,947		$	34.11		6.0	$	—

(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, 2024 and December 31, 2023 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 60,054 stock options granted outside the PAVmed 2014 Equity Plan, as of March 31, 2024 and December 31, 2023.

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, 2023		70,527	$	38.77
Granted		390,000		1.85
Vested		—		—
Forfeited		—		—
Unvested restricted stock awards as of March 31, 2024		460,527	$	7.50

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

	Three Months Ended March 31,
	2024			2023
Expected term of stock options (in years)		5.8			5.7
Expected stock price volatility		90	%		88	%
Risk free interest rate		4.3	%		3.7	%
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, 2023		5,504,383		$	2.00		8.5	$	765
Granted(1)		3,000,000		$	1.25
Exercised		(3,333	)	$	1.31
Forfeited		(168,337	)	$	1.57
Outstanding stock options at March 31, 2024(3)		8,332,713		$	1.74		8.8	$	195
Vested and exercisable stock options at March 31, 2024		2,655,413		$	2.29		7.6	$	195

(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, 2024 and December 31, 2023 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, 2024 and December 31, 2023.

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, 2023		2,337,440		$	8.99
Granted		—			—
Vested		(26,912	)		4.56
Forfeited		(13,088	)		4.56
Unvested restricted stock awards as of March 31, 2024		2,297,440		$	9.07

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

	Three Months Ended March 31,
	2024			2023
Expected term of stock options (in years)		5.7			5.6
Expected stock price volatility		74	%		75	%
Risk free interest rate		4.3	%		3.7	%
Expected dividend yield		—	%		—	%