XML 41 R30.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 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:

 

   2024   2023   2024   2023 
  

Three Months Ended

June 30,

  

Six Months Ended

June 30,

 
   2024   2023   2024   2023 
Cost of revenue  $44   $31   $80   $54 
Sales and marketing expenses   387    455    790    899 
General and administrative expenses   1,214    1,674    2,292    5,262 
Research and development expenses   259    347    624    711 
Total stock-based compensation expense  $1,904   $2,507   $3,786   $6,926 
Schedule of Stock-Based Compensation Expense Recognized by Lucid Diagnostics

   2024   2023   2024   2023 
  

Three Months Ended

June 30,

  

Six Months Ended

June 30,

 
   2024   2023   2024   2023 
Lucid Diagnostics 2018 Equity Plan – cost of revenue  $33   $16   $58   $28 
Lucid Diagnostics 2018 Equity Plan – sales and marketing   326    247    597    470 
Lucid Diagnostics 2018 Equity Plan – general and administrative   609    836    937    3,348 
Lucid Diagnostics 2018 Equity Plan – research and development   138    66    258    136 
PAVmed 2014 Equity Plan - cost of revenue   11    9    22    16 
PAVmed 2014 Equity Plan - sales and marketing   39    120    118    253 
PAVmed 2014 Equity Plan - general and administrative   1    8    4    164 
PAVmed 2014 Equity Plan - research and development   44    97    141    192 
Total stock-based compensation expense – recognized by Lucid Diagnostics  $1,201   $1,399   $2,135   $4,607 
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  $2,103    1.7 
Restricted Stock Awards  $660    2.4 
           
Lucid Diagnostics 2018 Equity Plan          
Stock Options  $4,665    2.1 
Restricted Stock Awards  $2,305    1.8 
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)   79,500   $2.28           
Exercised   —   $—           
Forfeited   (36,909)  $12.25           
Outstanding stock options at June 30, 2024(3)   1,235,049   $25.06    6.8   $— 
Vested and exercisable stock options at June 30, 2024   850,180   $32.88    5.9   $— 

 

(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 June 30, 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 June 30, 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   (4,064)   5.79 
Forfeited   —    — 
Unvested restricted stock awards as of June 30, 2024   456,463   $7.45 
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions

   Six Months Ended June 30, 
   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)   3,519,000   $1.23           
Exercised   (3,333)  $1.31           
Forfeited   (275,424)  $1.63           
Outstanding stock options at June 30, 2024(3)   8,744,626   $1.70    8.6   $199 
Vested and exercisable stock options at June 30, 2024   3,082,590   $2.26    7.3   $199 

 

(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 June 30, 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 523,300 stock options granted outside the Lucid Diagnostics 2018 Equity Plan, as of June 30, 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   1,600,000    1.03 
Vested   (26,912)   4.56 
Forfeited   (13,088)   4.56 
Unvested restricted stock awards as of June 30, 2024   3,897,440   $5.77 
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions

   Six Months Ended June 30, 
   2024   2023 
Expected term of stock options (in years)   5.7    5.6 
Expected stock price volatility   74%   75%
Risk free interest rate   4.4%   3.7%
Expected dividend yield   —%   —%