Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.22.2.2
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 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

June 30,

   

Six Months Ended

June 30,

 
    2022     2021     2022     2021  
Sales and marketing expenses   $ 591     $ 298     $ 1,216     $ 500  
General and administrative expenses     4,162       4,599       8,164       5,722  
Research and development expenses     254       306       440       417  
Total stock-based compensation expense   $ 5,007     $ 5,203     $ 9,820     $ 6,639  
Schedule of Stock-Based Compensation Expense Classified in Research and Development Expenses

                                 
   

Three Months Ended

June 30,

   

Six Months Ended

June 30,

 
    2022     2021     2022     2021  
Lucid Diagnostics Inc 2018 Equity Plan – sales and marketing expenses   $ 215     $     $ 480     $  
Lucid Diagnostics Inc 2018 Equity Plan – general and administrative expenses     3,313       2,505       6,514       3,295  
Lucid Diagnostics Inc 2018 Equity Plan – research and development expenses     26       22       97       34  
PAVmed Inc 2014 Equity Plan - sales and marketing expenses     161             336        
PAVmed Inc 2014 Equity Plan - general and administrative expenses     77             145        
PAVmed Inc 2014 Equity Plan - research and development expenses     52       53       107       56  
Total stock-based compensation expense – recognized by Lucid Diagnostics Inc   $ 3,844     $ 2,580     $ 7,679     $ 3,385  
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   $ 9,127       2.3  
Restricted Stock Awards   $ 1,510       1.2  
                 
Lucid Diagnostics Inc. 2018 Equity Plan                
Stock Options   $ 4,030       2.6  
Restricted Stock Awards   $ 10,873       1.0  
2014 Equity Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Summarizes Information About Stock Options

PAVmed Inc. stock options granted under the PAVmed Inc. Inc. 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, 2021     8,720,198     $ 3.39       6.8     $ 3,516  
Granted(1)     4,219,350     $ 1.49                  
Exercised     (299,999 )   $ 1.01                  
Forfeited     (1,437,143 )   $ 3.04                  
Outstanding stock options at June 30, 2022(3)     11,202,406     $ 2.79       7.9     $ 8  
Vested and exercisable stock options at June 30, 2022     5,994,046     $ 3.07       6.5     $ 1  

 

(1) Stock options granted under the PAVmed Inc. 2014 Equity Plan and those granted outside such plan generally vest ratably over twelve quarters, with the vesting commencing with the grant date quarter-end, 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 June 30, 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.
   
(3) The outstanding stock options presented in the table above, are inclusive of 500,854 stock options granted outside the PAVmed Inc. 2014 Equity Plan. as of June 30, 2022 and December 31, 2021.
Schedule of Restricted Stock Award Activity

PAVmed Inc. restricted stock awards granted under the PAVmed Inc. 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, 2021     1,666,666     $ 2.36  
Granted            
Vested     (541,666 )     1.20  
Forfeited     (150,000 )     2.04  
Unvested restricted stock awards as of June 30, 2022(1)     975,000     $ 3.05  

 

(1) The unvested restricted stock awards presented in the table above, are inclusive of 100,000 restricted stock awards granted outside the PAVmed Inc. 2014 Equity Plan. as of June 30, 2022 and December 31, 2021.
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions

   

Six Months Ended

June 30,

 
    2022     2021  
Expected term of stock options (in years)     5.8       5.6  
Expected stock price volatility     84.0 %     75.0 %
Risk free interest rate     3.0 %     1.0 %
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 Inc. stock options granted under the Lucid Diagnostics Inc. 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)  
Outstanding stock options at December 31, 2021     1,419,242     $ 0.73       7.0  
Granted(1)     2,107,500     $ 3.82          
Exercised     (959,389 )   $ 0.72          
Forfeited     (107,687 )   $ 4.45          
Outstanding stock options at June 30, 2022(2)     2,459,666     $ 3.22       9.0  
Vested and exercisable stock options at June 30, 2022     741,869     $ 1.90       7.4  

 

(1) Stock options granted under the Lucid Diagnostics Inc. 2018 Equity Plan and those granted outside such 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 outstanding stock options presented in the table above, are inclusive of 423,300 stock options granted outside the Lucid Diagnostics Inc. 2018 Equity Plan. as of June 30, 2022 and December 31, 2021.
Schedule of Restricted Stock Award Activity

Lucid Diagnostics Inc. restricted stock awards granted under the Lucid Diagnostics Inc. 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, 2021     1,940,740     $ 12.76  
Granted     320,000       4.53  
Vested            
Forfeited            
Unvested restricted stock awards as of June 30, 2022(1)     2,260,740     $ 11.59  

 

(1) The unvested restricted stock awards presented in the table above, are inclusive of 50,000 restricted stock awards granted outside the Lucid Diagnostics Inc. 2018 Equity Plan. as of June 30, 2022 and December 31, 2021.
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions

   

Six Months Ended

June 30,

 
    2022  
Expected term of stock options (in years)     5.7  
Expected stock price volatility     71.0 %
Risk free interest rate     3.0 %
Expected dividend yield     %