Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.19.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Summarizes Information About Stock Options

PAVmed Inc 2014 Equity Plan - Stock Options

 

PAVmed Inc. 2014 Equity Plan - Stock Options   Number Stock Options     Weighted Average Exercise Price     Aggregate
Intrinsic Value
   

Remaining

Contractual

Term

(Years)

 
Outstanding stock options at December 31, 2018     3,327,140     $ 3.68     $     —          
Granted     1,875,000     $ 1.00                  
Exercised         $                  
Forfeited     (48,611 )   $ 5.00                  
Outstanding stock options at September 30, 2019     5,153,529     $ 2.70     $       8.4  
Vested and exercisable stock options at September 30, 2019     2,942,544     $ 3.62     $       7.7  
Unvested stock options at September 30, 2019     2,210,985     $ 1.46     $          

 

Lucid Diagnostics Inc 2018 Equity Plan - Stock Options

 

Lucid Diagnostics Inc. 2018 Equity Plan - Stock Options   Number Stock Options     Weighted Average
Exercise Price
    Remaining Contractual
Term
(Years)
 
Outstanding stock options at December 31, 2018     375,000     $ 0.60          
Granted     620,000     $ 1.02          
Exercised         $          
Forfeited           $          
Outstanding stock options at September 30, 2019     995,000     $ 0.86       9.2  
Vested and exercisable stock options at September 30, 2019     441,246     $ 0.83       9.1  
Unvested stock options at September 30, 2019     553,754     $ 0.88          

Schedule of Stock-Based Compensation Awards Granted

Consolidated stock-based compensation expense recognized 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, for the periods indicated, was as follows:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2019     2018     2019     2018  
General and administrative expenses   $ 268,859     $ 247,818     $ 852,868     $ 701,174  
Research and development expenses     61,374       76,655       324,414       198,475  
Total   $ 330,233     $ 324,473     $ 1,177,282     $ 899,649  

Schedule of Unrecognised Compensation Expense

As of September 30, 2019, total unrecognized stock-based compensation expense and weighted average remaining requisite service period under each of the PAVmed Inc. 2014 Equity Plan and the Lucid Diagnostics Inc 2018 Equity Plan, is as follows:

 

              Remaining  
      Unrecognized       Service  
      Expense       Period  
PAVmed Inc. 2014 Equity Plan                
Stock Options     $ 1.4 million       1.3 years  
Restricted Stock Awards     $ 0.6 million       2.4 years  
                 
Lucid Diagnostics Inc. 2018 Equity Plan                
Stock Options     $ 0.2 million       2.1 years  

Employees [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions

 

Stock-based compensation expense recognized with respect to stock options granted under the PAVmed Inc. 2014 Equity Plan to employees and members of the board of directors was based on a weighted average estimated fair value of such stock options of $0.92 and $1.22 per share during the nine months ended September 30, 2019 and 2018, respectively, calculated using the following weighted average Black-Scholes valuation model assumptions:

 

    Nine Months Ended September 30,  
    2019     2018  
Risk free interest rate     2.3 %     2.1 %
Expected term of stock options (in years)     5.7       5.8  
Expected stock price volatility     50 %     50 %
Expected dividend yield     0 %     0 %

 

Stock-based compensation expense recognized with respect to stock options granted under the Lucid Diagnostics Inc. 2018 Equity Plan to employees was based on a weighted average estimated fair value of such stock options of $0.32 and $0.40 per share during the three and nine months ended September 30, 2019 and 2018, respectively, and was calculated using the following weighted average Black-Scholes valuation model assumptions:

 

    Nine Months Ended  
    September 30,  
    2019  
Risk free interest rate     2.1 %
Expected term of stock options (in years)     5.8  
Expected stock price volatility     63 %
Expected dividend yield     0 %

Non-employees [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions

Stock-based compensation expense recognized with respect to stock options granted under the PAVmed Inc. 2014 Equity Plan to non-employees was based on a weighted average estimated fair value of such stock options of $1.87 and $2.07 per share during the nine months ended September 30, 2019 and 2018, respectively, calculated using the following weighted average Black-Scholes valuation model assumptions:

 

    Nine Months Ended September 30,  
    2019     2018  
Risk free interest rate     2.2 %     2.7 %
Expected term of stock options (in years)     8.6       8.8  
Expected stock price volatility     60 %     60 %
Expected dividend yield     0 %     0 %

 

Stock-based compensation expense recognized with respect to stock options granted under the Lucid Diagnostics Inc. 2018 Equity Plan to non-employees was based on a weighted average estimated fair value of such stock options of $0.36 and $0.40 per share during the three and nine months ended September 30, 2019 and 2018, respectively, and was calculated using the following weighted average Black-Scholes valuation model assumptions:

 

    Nine Months Ended  
    September 30,     September 30,  
    2019     2018  
Risk free interest rate     2.0 %     3.0 %
Expected term of stock options (in years)     9.0       9.7  
Expected stock price volatility     62 %     66 %
Expected dividend yield     0 %     0 %