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Noncontrolling Interest (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Noncontrolling Interest of Stockholders' Equity

The noncontrolling interest (“NCI”) included as a component of consolidated total stockholders’ equity is summarized for the periods indicated as follows:

	June 30, 2023
NCI – equity – December 31, 2022	$	20,615
Net loss attributable to NCI		(7,638	)
Impact of subsidiary equity transactions		(1,332	)
Lucid Diagnostics Inc. proceeds from issuance of preferred stock		13,625
Lucid Diagnostics Inc. proceeds from At-The-Market Facilities, net of deferred financing charges		284
Lucid Diagnostics Inc. issuance of common stock for settlement of APA-RDx installment and termination payment		713
Lucid Diagnostics Inc. issuance of common stock for settlement of vendor service agreement		147
Lucid Diagnostics Inc. Employee Stock Purchase Plan Purchase		276
Stock-based compensation expense - Lucid Diagnostics Inc. 2018 Equity Plan		3,982
Stock-based compensation expense - Veris Health Inc. 2021 Equity Plan		10
NCI – equity – June 30, 2023	$	30,682

Intangible Assets, net

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

Note 8 — Intangible Assets, net

Intangible assets, less accumulated amortization, consisted of the following as of:

	Estimated Useful Life	June 30, 2023			December 31, 2022
Defensive asset	60 months	$	2,105		$	2,105
Laboratory licenses and certifications and laboratory information management software	24 months		3,200			3,200
Other	1 year		70			70
Total Intangible assets			5,375			5,375
Less Accumulated Amortization			(2,940	)		(1,930	)
Intangible Assets, net		$	2,435		$	3,445

The defensive technology intangible asset was recognized upon its acquisition of CapNostics, an unrelated third-party, for total purchase consideration paid on the October 5, 2021 acquisition date of approximately $2.1 million in cash. The CapNostics transaction was accounted for as an asset acquisition, resulting in the recognition of the defensive technology intangible asset. The defensive technology intangible asset is being amortized on a straight-line basis over an expected useful life 60 months commencing on the acquisition date.

The intangible assets recognized under the APA-RDx are the laboratory licenses and certifications, inclusive of a CLIA certification, CAP accreditation, and clinical laboratory licenses for five (5) U.S. States transfer to the Company from RDx, and a laboratory information management software perpetual-use royalty-free license granted under the APA-RDx, with such intangible asset having a useful life of twenty-four months commencing on the APA-RDx February 25, 2022 transaction date.

Amortization expense of the intangible assets discussed above was $505 and $650 for the three month periods ended June 30, 2023 and 2022, respectively, and $1,010 and $773 for the six month periods ended June 30, 2023 and 2022, respectively, and is included in amortization of acquired intangible assets in the accompanying unaudited condensed consolidated statements of operations. As of June 30, 2023, the estimated future amortization expense associated with the Company’s finite-lived intangible assets for each of the five succeeding fiscal years is as follows:


2023 (remainder of year)	$	1,011
2024		688
2025		421
2026		315
Total	$	2,435

The Company	6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	Note 1 — The Company Description of the Business PAVmed Inc. and Subsidiaries, referred to herein as “PAVmed” or the “Company,” is comprised of PAVmed Inc. and its wholly-owned subsidiary and its majority-owned subsidiaries, inclusive of Lucid Diagnostics Inc. (“Lucid Diagnostics” or “Lucid”) and Veris Health Inc. (“Veris Health” or “Veris”). PAVmed is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors, including through Lucid Diagnostics, a commercial-stage cancer prevention diagnostics company, and Veris Health, a private digital health company focused on enhanced personalized cancer care through remote patient monitoring using implantable biologic sensors with wireless communication along with a custom suite of connected external devices. The Company’s current central focus is on the commercialization of Lucid’s EsoGuard assay and Veris Health’s Veris Cancer Care Platform. As resources permit, we will continue to explore internal and external innovations that fulfill our project selection criteria without limiting ourselves to any target specialty or condition. The Company has financed its operations principally through public and private issuances of its common stock, preferred stock, common stock purchase warrants, and debt. The Company is subject to all of the risks and uncertainties typically faced by medical device and diagnostic companies that devote substantially all of their efforts to the commercialization of their initial product and services and ongoing research and development activities and conducting clinical trials. The Company expects to continue to experience recurring losses from operations and will continue to fund its operations with debt and equity financing transactions. Notwithstanding, however, with the cash on-hand as of the date hereof and other debt and equity committed sources of financing, the Company expects to be able to fund its operations for one year from the date of the issue of the Company’s consolidated financial statements included herein in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2023.

The Company

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

Note 1 — The Company

Description of the Business

PAVmed Inc. and Subsidiaries, referred to herein as “PAVmed” or the “Company,” is comprised of PAVmed Inc. and its wholly-owned subsidiary and its majority-owned subsidiaries, inclusive of Lucid Diagnostics Inc. (“Lucid Diagnostics” or “Lucid”) and Veris Health Inc. (“Veris Health” or “Veris”).

PAVmed is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors, including through Lucid Diagnostics, a commercial-stage cancer prevention diagnostics company, and Veris Health, a private digital health company focused on enhanced personalized cancer care through remote patient monitoring using implantable biologic sensors with wireless communication along with a custom suite of connected external devices. The Company’s current central focus is on the commercialization of Lucid’s EsoGuard assay and Veris Health’s Veris Cancer Care Platform. As resources permit, we will continue to explore internal and external innovations that fulfill our project selection criteria without limiting ourselves to any target specialty or condition.

The Company has financed its operations principally through public and private issuances of its common stock, preferred stock, common stock purchase warrants, and debt. The Company is subject to all of the risks and uncertainties typically faced by medical device and diagnostic companies that devote substantially all of their efforts to the commercialization of their initial product and services and ongoing research and development activities and conducting clinical trials. The Company expects to continue to experience recurring losses from operations and will continue to fund its operations with debt and equity financing transactions. Notwithstanding, however, with the cash on-hand as of the date hereof and other debt and equity committed sources of financing, the Company expects to be able to fund its operations for one year from the date of the issue of the Company’s consolidated financial statements included herein in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2023.

Schedule of Stock-Based Compensation Expense Recognized by Lucid Diagnostics (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total stock-based compensation expense	$ 2,507	$ 5,007	$ 6,926	$ 9,820
Lucid Diagnostics Inc [Member]
Total stock-based compensation expense	1,399	3,844	4,607	7,679
Cost of Revenue [Member]
Total stock-based compensation expense	31		54
Selling and Marketing Expense [Member]
Total stock-based compensation expense	455	591	899	1,216
General and Administrative Expense [Member]
Total stock-based compensation expense	1,674	4,162	5,262	8,164
Research and Development Expense [Member]
Total stock-based compensation expense	347	254	711	440
Lucid Diagnostics Inc 2018 Equity Plan [Member] \| Cost of Revenue [Member]
Total stock-based compensation expense	16		28
Lucid Diagnostics Inc 2018 Equity Plan [Member] \| Selling and Marketing Expense [Member]
Total stock-based compensation expense	247	215	470	480
Lucid Diagnostics Inc 2018 Equity Plan [Member] \| General and Administrative Expense [Member]
Total stock-based compensation expense	836	3,313	3,348	6,514
Lucid Diagnostics Inc 2018 Equity Plan [Member] \| Research and Development Expense [Member]
Total stock-based compensation expense	66	26	136	97
PAVmed Inc 2014 Equity Plan [Member] \| Cost of Revenue [Member]
Total stock-based compensation expense	9		16
PAVmed Inc 2014 Equity Plan [Member] \| Selling and Marketing Expense [Member]
Total stock-based compensation expense	120	161	253	336
PAVmed Inc 2014 Equity Plan [Member] \| General and Administrative Expense [Member]
Total stock-based compensation expense	8	77	164	145
PAVmed Inc 2014 Equity Plan [Member] \| Research and Development Expense [Member]
Total stock-based compensation expense	$ 97	$ 52	$ 192	$ 107

Schedule of Estimated Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remainder of year)	$ 1,011
2024	688
2025	421
2026	315
Total	$ 2,435	$ 3,445

Preferred Stock (Details Narrative) - Series B Convertible Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended						6 Months Ended
	Aug. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Preferred stock shares outstanding		1,254,497		1,205,759				1,254,497
Dividend rate percentage								8.00%
Preferred stock par value per share		$ 3.00						$ 3.00
Dividends payable		$ 75			$ 70			$ 149	$ 138
Board of Directors [Member]
Class of Stock [Line Items]
Dividends payable				$ 72			$ 67	$ 146	$ 135
Dividends payable			$ 74			$ 68
Stock issued during period, shares, new issues								48,738	45,031
Dividends preferred stock			24,610	24,128		22,740	22,291
Board of Directors [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Dividends payable	$ 75
Stock issued during period, shares, new issues	25,104

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Comparison of Basic and Fully Diluted Net Loss Per Share

The Net loss per share - attributable to PAVmed Inc. - basic and diluted and Net loss per share - attributable to PAVmed Inc. common stockholders - basic and diluted - for the respective periods indicated - is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Numerator
Net loss - before noncontrolling interest	$	(17,892	)	$	(29,101	)	$	(40,106	)	$	(48,734	)
Net loss attributable to noncontrolling interest		3,355			3,576			7,638			6,337
Net loss - as reported, attributable to PAVmed Inc.	$	(14,537	)	$	(25,525	)	$	(32,468	)	$	(42,397	)

Series B Convertible Preferred Stock dividends – earned	$	(75	)	$	(70	)	$	(149	)	$	(138	)

Net loss attributable to PAVmed Inc. common stockholders	$	(14,612	)	$	(25,595	)	$	(32,617	)	$	(42,535	)

Denominator
Weighted average common shares outstanding, basic and diluted		104,349,822			86,957,352			100,742,530			86,689,857
Weighted average common shares outstanding, basic		104,349,822			86,957,352			100,742,530			86,689,857

Net loss per share
Basic and diluted
Net loss - as reported, attributable to PAVmed Inc.	$	(0.14	)	$	(0.29	)	$	(0.32	)	$	(0.49	)
Net loss - as reported, attributable to PAVmed Inc, basic	$	(0.14	)	$	(0.29	)	$	(0.32	)	$	(0.49	)
Net loss attributable to PAVmed Inc. common stockholders	$	(0.14	)	$	(0.29	)	$	(0.32	)	$	(0.49	)
Net loss attributable to PAVmed Inc. common stockholders, basic	$	(0.14	)	$	(0.29	)	$	(0.32	)	$	(0.49	)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share

	2023		2022
	June 30,
	2023		2022
Stock options and restricted stock awards		18,397,406		12,177,406
Series Z Warrants		11,937,450		11,937,450
Series B Convertible Preferred Stock		1,254,497		1,158,950
Total		31,589,353		25,273,806

Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expenses Deposits And Other Current Assets
Advanced payments to service providers and suppliers	$ 567	$ 599
Prepaid insurance	799	300
Deposits	4,314	3,005
EsoCheck cell collection supplies	39	59
EsoGuard mailer supplies	3	52
Veris Box supplies	201	150
Total prepaid expenses, deposits and other current assets	$ 5,923	$ 4,165

Financial Instruments Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Financial Instruments Fair Value Measurements

Note 10 — Financial Instruments Fair Value Measurements

Recurring Fair Value Measurements

The fair value hierarchy table for the periods indicated is as follows:

	Fair Value Measurement on a Recurring Basis at Reporting Date Using¹
	Level-1 Inputs		Level-2 Inputs		Level-3 Inputs		Total
June 30, 2023
Senior Secured Convertible Note - April 2022	$	—	$	—	$	19,530	$	19,530
Senior Secured Convertible Note - September 2022		—		—		11,850		11,850
Lucid Senior Secured Convertible Note - March 2023		—		—		11,610		11,610
Derivative liability		—		—		260		260
Totals	$	—	$	—	$	43,250	$	43,250

	Level-1 Inputs		Level-2 Inputs		Level-3 Inputs		Total
December 31, 2022
Senior Secured Convertible Note - April 2022	$	—	$	—	$	22,000	$	22,000
Senior Secured Convertible Note - September 2022		—		—		11,650		11,650
Totals	$	—	$	—	$	33,650	$	33,650

1	There were no transfers between the respective Levels during the period ended June 30, 2023.

As discussed in Note 11, Debt, the Company issued Senior Secured Convertible Notes dated April 4, 2022 and September 8, 2022, with an initial $27.5 million face value principal (“April 2022 Senior Convertible Note”) and an initial $11.25 million face value principal (“September 2022 Senior Convertible Note”), respectively. Both convertible notes are accounted for under the ASC 825-10-15-4 fair value option (“FVO”) election, wherein, the financial instrument is initially measured at its issue-date estimated fair value and subsequently remeasured at estimated fair value on a recurring basis at each reporting period date.

As discussed in Note 11, Debt, Lucid Diagnostics issued a Senior Secured Convertible Note dated March 21, 2023, with an initial $11.1 million face value principal (“Lucid March 2023 Senior Convertible Note”). This convertible note is also accounted for under the ASC 825-10-15-4 fair value option (“FVO”) election, wherein, the financial instrument is initially measured at its issue-date estimated fair value and subsequently remeasured at estimated fair value on a recurring basis at each reporting period date.

The estimated fair value of the financial instruments classified within the Level 3 category was determined using both observable inputs and unobservable inputs. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long- dated volatilities) inputs.

The estimated fair value of the Lucid March 2023 Senior Convertible Note as of each of March 21, 2023 and June 30, 2023, and the estimated fair value of the April 2022 Senior Convertible Note and the September 2022 Senior Convertible Note as of June 30, 2023, were computed using a Monte Carlo simulation of the present value of its cash flows using a synthetic credit rating analysis and a required rate-of-return, using the following assumptions:

	April 2022 Senior Convertible Note: June 30, 2023			September 2022 Senior Convertible Note: June 30, 2023			Lucid March 2023 Senior Convertible Note: March 21, 2023			Lucid March 2023 Senior Convertible Note: June 30, 2023
Fair Value	$	19,530		$	11,850		$	11,900		$	11,610
Face value principal payable	$	18,554		$	11,250		$	11,111		$	11,111
Required rate of return		11.400	%		11.300	%		11.00	%		11.00	%
Conversion Price	$	5.00		$	5.00		$	5.00		$	5.00
Value of common stock	$	0.41		$	0.41		$	1.54		$	1.39
Expected term (years)		0.29			1.19			2.00			1.73
Volatility		200.00	%		200.00	%		75.00	%		70.00	%
Risk free rate		5.29	%		5.21	%		4.09	%		4.89	%
Dividend yield		—	%		—	%		—	%		—	%

Note 10 — Financial Instruments Fair Value Measurements - continued

Derivative Liability - Written Protective Put

The Company, through its majority-owned subsidiary Veris Health, entered into a Research and Development Agreement, with an effective date of May 31, 2023, with an unrelated third-party technical services provider (the “May 31, 2023 R&D Agreement”). The principal service to be provided by the service provider under the May 31, 2023 R&D Agreement was the continued development of the electronics and firmware for the Veris Health implantable physiologic monitor.

As discussed in Note 14, Common Stock and Common Stock Purchase Warrants, 1.5 million shares of PAVmed common stock were issued to the service provider as the consideration for a $750 portion of the services to be rendered under the May 31, 2023 R&D Agreement. The issued shares of common stock are (contingently) settlement-in-full of the consideration obligations of the Company under the May 31, 2023 R&D Agreement, subject-to a contractual “minimum fair market value” as such amount is discussed below.

The resolution of the contingent settlement-in-full with respect to the issued shares of common stock of the Company is predicated on and subject-to such issued shares having a $750 minimum “fair market value” (as defined), with such derived fair market value computed using a contractual formula based on the PAVmed Inc. common stock volume weighted average price per share (“VWAP”) during the last ten days of the six month anniversary of the May 31, 2023 R&D Agreement.

If the fair market value, as such amount is computed as described above, is equal-to or greater than $750, then no further contractual consideration is required. However, if such fair market value is less than $750, then, the Company will incur an additional contractual consideration obligation in amount equal to the difference between the required minimum fair market value of $750 and the contractual formula based computed fair market value. At the election of the Company, the additional contractual consideration obligation, if any, may be paid in cash or settled with the issue of additional shares of PAVmed common stock.

The contingent additional contractual consideration obligation is deemed to be a separate unit-of-account, in the form of a written protective put, and recognized as a derivative liability measured at estimated fair value. The derivative liability had an initial May 31, 2023 estimated fair value of approximately $262 which was recognized as a current period charge classified in other income (expense) in the accompanying (unaudited) condensed consolidated statement of operations. Further, such recognized derivative liability is further remeasured at estimated fair value as of each quarterly reporting period date, with changes in the estimated fair value recognized as current period other income (expense), with such remeasurement recognized through the date of the final determination and settlement or extinguishment of the contingent additional contractual consideration obligation, if any. In this regard, as of June 30, 2023, the remeasured estimated fair value was approximately $260, with the change in the estimated fair value recognized as other income (expense).

The estimated fair value of the written protective put derivative liability, as such is discussed above, were computed using a Monte Carlo simulation to generate stock price paths (assuming geometric-Brownian motion) of the PAVmed Inc. common stock to compute the respective written protective put expected fair value, with the principal assumptions of such estimated fair value computation, for the respective measurement dates noted, as follows:

	As of: May 31, 2023			As of: June 30, 2023
Fair Value	$	262		$	260
Contractual minimum effective conversion price	$	0.50		$	0.50
Price per share	$	0.40		$	0.41
Remaining expected term (years)		0.50			0.42
Volatility		160.00	%		200.00	%
Risk free rate		5.30	%		5.30	%
Dividend yield		—	%		—	%

The estimated fair values recognized with respect to the senior secured convertible debt and the written protective put derivative liability, as each is discussed above, utilized PAVmed and Lucid Diagnostics common stock prices, along with certain Level 3 inputs (as presented in the respective tables above), in the development of Monte Carlo simulation models, discounted cash flow analyses, and /or Black-Scholes valuation models. The estimated fair values are subjective and are affected by changes in inputs to the valuation models and analyses, including the respective common stock prices, the dividend yields, the risk-free rates based on U.S. Treasury security yields, and certain other Level-3 inputs including, assumptions regarding the estimated volatility in the value of the respective common stock prices. Changes in these assumptions can materially affect the recognized estimated fair values.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
2014 Equity Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term of stock options (in years)	5 years 8 months 12 days	5 years 9 months 18 days
Expected stock price volatility	88.00%	84.00%
Risk free interest rate	3.70%	3.00%
Expected dividend yield
2018 Equity Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term of stock options (in years)	5 years 7 months 6 days	5 years 8 months 12 days
Expected stock price volatility	75.00%	71.00%
Risk free interest rate	3.70%	3.00%
Expected dividend yield

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

Note 16 — Net Loss Per Share


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Numerator
Net loss - before noncontrolling interest	$	(17,892	)	$	(29,101	)	$	(40,106	)	$	(48,734	)
Net loss attributable to noncontrolling interest		3,355			3,576			7,638			6,337
Net loss - as reported, attributable to PAVmed Inc.	$	(14,537	)	$	(25,525	)	$	(32,468	)	$	(42,397	)

Series B Convertible Preferred Stock dividends – earned	$	(75	)	$	(70	)	$	(149	)	$	(138	)

Net loss attributable to PAVmed Inc. common stockholders	$	(14,612	)	$	(25,595	)	$	(32,617	)	$	(42,535	)

Denominator
Weighted average common shares outstanding, basic and diluted		104,349,822			86,957,352			100,742,530			86,689,857
Weighted average common shares outstanding, basic		104,349,822			86,957,352			100,742,530			86,689,857

Net loss per share
Basic and diluted
Net loss - as reported, attributable to PAVmed Inc.	$	(0.14	)	$	(0.29	)	$	(0.32	)	$	(0.49	)
Net loss - as reported, attributable to PAVmed Inc, basic	$	(0.14	)	$	(0.29	)	$	(0.32	)	$	(0.49	)
Net loss attributable to PAVmed Inc. common stockholders	$	(0.14	)	$	(0.29	)	$	(0.32	)	$	(0.49	)
Net loss attributable to PAVmed Inc. common stockholders, basic	$	(0.14	)	$	(0.29	)	$	(0.32	)	$	(0.49	)

The common stock equivalents have been excluded from the computation of diluted weighted average shares outstanding as their inclusion would be anti-dilutive, are as follows:

The Series B Convertible Preferred Stock dividends earned as of each of the respective periods noted, are included in the calculation of basic and diluted net loss attributable to PAVmed common stockholders for each respective period presented. Notwithstanding, the Series B Convertible Preferred Stock dividends are recognized as a dividend payable only upon the dividend being declared payable by the Company’s board of directors.

Basic weighted-average number of shares of common stock outstanding for the periods ended June 30, 2023 and 2022 include the shares of the Company issued and outstanding during such periods, each on a weighted average basis. The basic weighted average number of shares of common stock outstanding excludes common stock equivalent incremental shares, while diluted weighted average number of shares outstanding includes such incremental shares. However, as the Company was in a loss position for all periods presented, basic and diluted weighted average shares outstanding are the same, as the inclusion of the incremental shares would be anti-dilutive. The common stock equivalents excluded from the computation of diluted weighted average shares outstanding are as follows:

	2023		2022
	June 30,
	2023		2022
Stock options and restricted stock awards		18,397,406		12,177,406
Series Z Warrants		11,937,450		11,937,450
Series B Convertible Preferred Stock		1,254,497		1,158,950
Total		31,589,353		25,273,806

The total stock options and restricted stock awards are inclusive of 500,854 stock options as of June 30, 2023 and 2022; and 100,000 restricted stock awards as of June 30, 2022 granted outside the PAVmed 2014 Equity Plan. These 100,000 restricted stock awards were fully vested during the period ended June 30, 2023.

Asset Purchase Agreement and Management Services Agreement

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Asset Purchase Agreement and Management Services Agreement

Note 5 — Asset Purchase Agreement and Management Services Agreement

Asset Purchase Agreement and Management Services Agreement - ResearchDx Inc.

LucidDx Labs, a wholly-owned subsidiary of Lucid Diagnostics, entered into an asset purchase agreement (“APA”) dated February 25, 2022, with ResearchDx, Inc. (“RDx”), an unrelated third-party (“APA-RDx”). Under the APA-RDx, LucidDx Labs acquired certain assets from RDx which were combined with LucidDx Labs purchased and leased property and equipment to establish a Company-owned Commercial Lab Improvements Act (“CLIA”) certified, College of American Pathologists (“CAP”) accredited commercial clinical laboratory capable of performing the EsoGuard® Esophageal DNA assay, inclusive of DNA extraction, next generation sequencing (“NGS”) and specimen storage. Prior to February 25, 2022, RDx provided such laboratory services at its owned CLIA-certified, CAP-accredited clinical laboratory. In connection with the execution and delivery of the APA-RDx, LucidDx Labs and RDx entered into a separate management services agreement (“MSA-RDx”), dated and effective February 25, 2022, pursuant to which RDx provided certain testing and related services for the Laboratory.

The total purchase price consideration payable under the APA-RDx is a face value of $3,200 comprised of three contractually specified periodic payments. The APA-RDx is being accounted for as an asset acquisition, with the recognition of an intangible asset of approximately $3,200, which is included in “Intangible assets, net” on the accompanying unaudited condensed consolidated balance sheet, as further discussed in Note 8, Intangible Assets, net.

Termination of Management Services Agreement and Modification of Other Payment Obligations - ResearchDx Inc

On February 14, 2023, Lucid Diagnostics and LucidDx Labs entered into an agreement (the “MSA Termination Agreement”) with RDx, pursuant to which the parties mutually agreed to terminate the MSA-RDx without cause. The termination was effective as February 10, 2023. Until the termination of the management service agreement with RDx, RDx had continued to provide certain testing and related services for the Laboratory in accordance with the terms of the MSA-RDx.

The MSA Termination Agreement reduces the remaining amounts of the earnout payments and management fees due under the APA-RDx and the MSA-RDx to $713. The payment was satisfied through the issuance of 553,436 shares of Lucid Diagnostics’ common stock in February 2023. Lucid Diagnostics was not required to make any cash payments in connection with the termination.

Debt (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 21, 2023	Aug. 10, 2023	Mar. 13, 2023	Sep. 08, 2022	Apr. 04, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Sep. 20, 2023	Mar. 21, 2023	Mar. 31, 2022
Short-Term Debt [Line Items]
Debt instrument, face amount						$ 40,915		$ 40,915		$ 32,747
Debt instrument fair value						42,990		42,990		33,650
Interest expense						228	$ 523	411	$ 523
April 2022 Senior Convertible Note [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount					$ 27,500	$ 18,554		$ 18,554		$ 21,497
Debt instrument stated percentage					7.875%	7.875%		7.875%		7.875%
Conversion price					$ 5.00	$ 5.00		$ 5.00		$ 5.00
Debt instrument maturity date					Apr. 04, 2024			Apr. 04, 2024		Apr. 04, 2024
Debt instrument fair value						$ 19,530		$ 19,530		$ 22,000
April 2022 Senior Convertible Note [Member] \| Subsequent Event [Member]
Short-Term Debt [Line Items]
Repayment of convertible debt		$ 601
Interest expense		$ 25
Issuance of common stock share		2,005,685
September 2022 Senior Convertible Note [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount				$ 11,250		$ 11,250		$ 11,250		$ 11,250
Debt instrument stated percentage				7.875%		7.875%		7.875%		7.875%
Conversion price				$ 5.00		$ 5.00		$ 5.00		$ 5.00
Debt instrument maturity date				Sep. 06, 2024				Sep. 06, 2024		Sep. 06, 2024
Debt instrument description				The Company is subject to financial covenants requiring: (i) a minimum of $8.0 million of available cash at all times; (ii) the ratio of (a) the outstanding principal amount of the total senior convertible notes outstanding, accrued and unpaid interest thereon and accrued and unpaid late charges to (b) the Company’s average market capitalization over the prior ten trading days, to not exceed 30% (except that such maximum percentage was 50% for the period from September 8, 2022 through March 5, 2023) (the “Debt to Market Cap Ratio Test”); and (iii) the Company’s market capitalization to at no time be less than $75 million
Repayment of convertible debt								$ 3,151
Interest expense								$ 57
Issuance of common stock share						9,523,481		9,523,481
Debt instrument fair value						$ 11,850		$ 11,850		$ 11,650
Loss on extinguishment of debt						743		1,268
Lucid March 2023 Senior Convertible Note [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount			$ 11,100			$ 11,111		$ 11,111				$ 11,111
Debt instrument stated percentage			7.875%			7.875%		7.875%
Conversion price			$ 5.00			$ 5.00		$ 5.00
Debt instrument maturity date			Mar. 21, 2025					Mar. 21, 2025
Debt instrument description								(i) a minimum of $5.0 million of available cash at all times; (ii) the ratio of (a) the outstanding principal amount of the total senior convertible notes outstanding, accrued and unpaid interest thereon and accrued and unpaid late charges to (b) Lucid’s average market capitalization over the prior ten trading days, as of the last day of any fiscal quarter commencing with September 30, 2023, to not exceed 30%; and (iii) Lucid’s market capitalization to at no time be less than $30 million
Debt instrument fair value						$ 11,610		$ 11,610				$ 11,900
Loss on extinguishment of debt						743		1,268
Proceeds from convertible debt			$ 9,925
Debt instrument fee amount			$ 1,186
Interest expense						219		243
Lucid March 2023 Senior Convertible Note [Member] \| Subsequent Event [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount											$ 11,100
Debt instrument stated percentage											7.875%
Debt instrument maturity date	Mar. 21, 2025
Principal repayment	$ 292
Investor [Member] \| April 2022 Senior Convertible Note [Member] \| Subsequent Event [Member]
Short-Term Debt [Line Items]
Debt instrument fair value		$ 771
Investor [Member] \| September 2022 Senior Convertible Note [Member]
Short-Term Debt [Line Items]
Debt instrument fair value						$ 4,419		$ 4,419
Securities Purchase Agreement [Member] \| Accredited Institutional Investor [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount													$ 50,000
Securities Purchase Agreement [Member] \| Accredited Institutional Investor [Member] \| Initial Issuance [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount													27,500
Securities Purchase Agreement [Member] \| Accredited Institutional Investor [Member] \| Additional Issuance [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount													$ 22,500

Schedule of Comparison of Basic and Fully Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss - before noncontrolling interest	$ (17,892)	$ (29,101)	$ (40,106)	$ (48,734)
Net loss attributable to noncontrolling interest	3,355	3,576	7,638	6,337
Net loss - as reported, attributable to PAVmed Inc.	(14,537)	(25,525)	(32,468)	(42,397)
Series B Convertible Preferred Stock dividends – earned	(75)	(70)	(149)	(138)
Net loss attributable to PAVmed Inc. common stockholders	$ (14,612)	$ (25,595)	$ (32,617)	$ (42,535)
Weighted average common shares outstanding, basic	104,349,822	86,957,352	100,742,530	86,689,857
Weighted average common shares outstanding, diluted	104,349,822	86,957,352	100,742,530	86,689,857
Net loss - as reported, attributable to PAVmed Inc, basic	$ (0.14)	$ (0.29)	$ (0.32)	$ (0.49)
Net loss - as reported, attributable to PAVmed Inc, diluted	(0.14)	(0.29)	(0.32)	(0.49)
Net loss attributable to PAVmed Inc. common stockholders, basic	(0.14)	(0.29)	(0.32)	(0.49)
Net loss attributable to PAVmed Inc. common stockholders, diluted	$ (0.14)	$ (0.29)	$ (0.32)	$ (0.49)

Financial Instruments Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands		1 Months Ended
	May 31, 2023	May 31, 2023	Jun. 30, 2023	Mar. 21, 2023	Dec. 31, 2022	Sep. 08, 2022	Apr. 04, 2022
Short-Term Debt [Line Items]
Face value principal payable			$ 40,915		$ 32,747
Fair value measurements, description		is equal-to or greater than $750, then no further contractual consideration is required. However, if such fair market value is less than $750, then, the Company will incur an additional contractual consideration obligation in amount equal to the difference between the required minimum fair market value of $750 and the contractual formula based computed fair market value
Derivative liability, fair value	$ 262	$ 262	260
Research and Development Agreement [Member]
Short-Term Debt [Line Items]
Stock issued for services, shares	1,500,000	1,500,000
Consideration service to be rendered	$ 602	$ 750
Fair market value		$ 750
April 2022 Senior Secured Convertible Note [Member]
Short-Term Debt [Line Items]
Face value principal payable			$ 18,554				$ 27,500
September 2022 Senior Secured Convertible Note [Member]
Short-Term Debt [Line Items]
Face value principal payable						$ 11,250
March 2023 Lucid Senior Secured Convertible Note [Member]
Short-Term Debt [Line Items]
Face value principal payable				$ 11,100

Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions

Note 4 — Related Party Transactions

Case Western Reserve University and Physician Inventors - Amended CWRU License Agreement

Case Western Reserve University (“CWRU”) and each of the three physician inventors (“Physician Inventors”) of the intellectual property licensed under the amended and restated patent license agreement with CWRU, dated August 23, 2021 (the “Amended CWRU License Agreement”), each hold a minority equity ownership interest in Lucid Diagnostics Inc. The expenses incurred with respect to the Amended CWRU License Agreement and the three Physician Inventors, as classified in the accompanying unaudited condensed consolidated statement of operations for the periods indicated are summarized as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of Revenue
CWRU – Royalty Fees	$	10	$	—	$	34	$	9

General and Administrative Expense
Stock-based compensation expense – Physician Inventors’ restricted stock awards		—		272		180		544

Research and Development Expense
Amended CWRU – License Agreement - reimbursement of patent legal fees		—		209		389		209
Fees - Physician Inventors’ consulting agreements		9		10		10		18
Sponsored research agreement		—		—		—		3
Stock-based compensation expense – Physician Inventors’ stock options		52		52		105		99
Total Related Party Expenses	$	71	$	543	$	718	$	882

See Note 12, Stock-Based Compensation, for information regarding each of the “PAVmed Inc. 2014 Long-Term Incentive Equity Plan” and the separate “Lucid Diagnostics Inc 2018 Long-Term Incentive Equity Plan”; and Note 15, Noncontrolling Interest, for a discussion of Lucid Diagnostics Inc. and the corresponding noncontrolling interests.

Other Related Party Transactions

Effective June 2021, Veris Health entered into a consulting agreement with Andrew Thoreson, M.D. which provides for compensation on a contractual rate per hour for consulting services provided. Dr. Thoreson holds a partial ownership interest in the legal entity which holds a minority interest in Veris Health. Veris Health recognized general and administrative expense of $13 and $18 in the three and six months ended June 30, 2023, respectively, and $13 and $37 in the three and six months ended June 30, 2022, respectively, in connection with the consulting agreement.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Schedule of Restricted Stock Award Activity (Details) - Restricted Stock Units (RSUs) [Member]

6 Months Ended

Jun. 30, 2023

$ / shares

2014 Equity Plan [Member]

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

Number of Restricted Stock Awards, Unvested restricted stock awards, Beginning balance | shares

975,000

^[1]

Weighted Average Grant Date Fair Value, Unvested restricted stock awards, Beginning balance | $ / shares

$ 3.05

^[1]

Number of Restricted Stock Awards, Granted | shares

Weighted Average Grant Date Fair Value, Granted | $ / shares

Number of Restricted Stock Awards, Vested | shares

(100,000)

Weighted Average Grant Date Fair Value, Vested | $ / shares

$ 3.10

Number of Restricted Stock Awards, Forfeited | shares

Weighted Average Grant Date Fair Value, Forfeited | $ / shares

Number of Restricted Stock Awards, Ending balance | shares

875,000

^[1]

Weighted Average Grant Date Fair Value, Unvested restricted stock awards, Ending balance | $ / shares

$ 3.04

^[1]

2018 Equity Plan [Member]

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

Number of Restricted Stock Awards, Unvested restricted stock awards, Beginning balance | shares

2,091,420

^[2]

Weighted Average Grant Date Fair Value, Unvested restricted stock awards, Beginning balance | $ / shares

$ 11.44

^[2]

Number of Restricted Stock Awards, Granted | shares

Weighted Average Grant Date Fair Value, Granted | $ / shares

Number of Restricted Stock Awards, Vested | shares

(219,320)

Weighted Average Grant Date Fair Value, Vested | $ / shares

$ 11.27

Number of Restricted Stock Awards, Forfeited | shares

Weighted Average Grant Date Fair Value, Forfeited | $ / shares

Number of Restricted Stock Awards, Ending balance | shares

1,872,100

^[2]

Weighted Average Grant Date Fair Value, Unvested restricted stock awards, Ending balance | $ / shares

$ 11.46

^[2]

[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 June 30, 2023.
[2]	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 June 30, 2023.

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Summary of Outstanding Debt

The fair value and face value principal outstanding of the Senior Convertible Notes as of the dates indicated are as follows:

	Contractual Maturity Date	Stated Interest Rate			Conversion Price per Share		Face Value Principal Outstanding		Fair Value
April 2022 Senior Convertible Note	April 4, 2024		7.875	%	$	5.00	$	18,554	$	19,530
September 2022 Senior Convertible Note	September 6, 2024		7.875	%	$	5.00	$	11,250	$	11,850
Lucid March 2023 Senior Convertible Note	March 21, 2025		7.875	%	$	5.00	$	11,111	$	11,610
Balance as of June 30, 2023							$	40,915	$	42,990

	Contractual Maturity Date	Stated Interest Rate			Conversion Price per Share		Face Value Principal Outstanding		Fair Value
April 2022 Senior Convertible Note	April 4, 2024		7.875	%	$	5.00	$	21,497	$	22,000
September 2022 Senior Convertible Note	September 6, 2024		7.875	%	$	5.00	$	11,250	$	11,650
Balance as of December 31, 2022							$	32,747	$	33,650

Schedule of Changes in Fair Value of Debt

The changes in the fair value of debt during the three and six months ended June 30, 2023 is as follows:

	April 2022 Senior Convertible Note			September 2022 Senior Convertible Note		Lucid March 2023 Senior Convertible Note			Sum of Balance Sheet Fair Value Components			Other Income (expense)
Fair Value - December 31, 2022	$	22,000		$	11,650	$	—		$	33,650		$	—
Face value principal – issue date		—			—		11,111			11,111			—
Fair value adjustment – issue date		—			—		789			789			(789	)
Installment repayments – common stock		(1,335	)		—		—			(1,335	)		—
Non-installment payments – common stock		(166	)		—		—			(166	)		—
Change in fair value		251			—		—			251			(251	)
Fair Value at March 31, 2023	$	20,750		$	11,650	$	11,900		$	44,300			—
Fair Value, Beginning	$	20,750		$	11,650	$	11,900		$	44,300			—
Other Income (Expense) - Change in fair value – three months ended March 31, 2023												$	(1,040	)
Installment repayments – common stock		(1,608	)		—		—			(1,608	)		—
Non-installment payments – common stock		(42	)		—		—			(42	)		—
Change in fair value		430			200		(290	)		340			(340	)
Fair Value at June 30, 2023	$	19,530		$	11,850	$	11,610		$	42,990			—
Fair Value, Ending	$	19,530		$	11,850	$	11,610		$	42,990			—
Other Income (Expense) - Change in fair value – three months ended June 30, 2023												$	(340	)
Other Income (Expense) - Change in fair value – six months ended June 30, 2023												$	(1,380	)

Common Stock and Common Stock Purchase Warrants (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2023	Dec. 29, 2022	May 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reverse stock split		the Company received a notice from the Listing Qualifications Department of Nasdaq stating that, for the prior 30 consecutive business days (through December 28, 2022), the closing bid price of the Company’s common stock had been below the minimum of $1 per share required for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). The notification letter stated that the Company would be afforded 180 calendar days (until June 27, 2023) to regain compliance. On June 28, 2023, the Company received a second notice from the Listing Qualifications Department of Nasdaq granting the Company a 180-day extension (or until December 26, 2023) to regain compliance with the minimum bid price requirement. In order to regain compliance, the closing bid price of the Company’s common stock must be at least $1 for a minimum of ten consecutive business days		the Company’s Certificate of Incorporation, to effect, at any time prior to the one-year anniversary date of the Special Meeting, (i) a reverse split of the Company’s outstanding shares of common stock at a specific ratio, ranging from 1-for-5 to 1-for-15, to be determined by the board of directors of the Company in its sole discretion, and (ii) an associated reduction in the number of shares of common stock the Company is authorized to issue, from 250,000,000 shares to 50,000,000 shares. If the Company’s board of directors authorizes the Company to consummate the reverse stock split, the Company anticipates it will regain compliance with the Nasdaq requirements for continued listing through such transaction
At-the-market equity facility, shares						2,330,747
At-the-market equity facility, value						$ 1,165
Series Z Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						11,937,450	11,937,450
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 1.60	$ 1.60
Warrants and Rights Outstanding, Maturity Date						Apr. 30, 2024	Apr. 30, 2024
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Payments for commissions percentage						3.00%
April 2022 Senior Convertible Note [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Convertible common stock shares issued upon conversion						9,523,481
Debt Instrument, Convertible, If-converted Value in Excess of Principal						$ 3,151
Employee Stock Purchase Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of common stock purchased				573,229	194,240	573,229
Research and Development Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued for services, shares	1,500,000		1,500,000
Stock issued for services	$ 602		$ 750

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies

Significant Accounting Policies

The Company’s significant accounting policies are as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC on March 14, 2023, except as otherwise noted herein below.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of PAVmed and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”), and include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company holds a majority-ownership interest and has controlling financial interest in each of: Lucid Diagnostics and Veris Health, with the corresponding noncontrolling interest included as a separate component of consolidated stockholders’ equity (deficit), including the recognition in the unaudited condensed consolidated statement of operations of a net loss attributable to the noncontrolling interest based on the respective minority-interest equity ownership of each majority-owned subsidiary. See Note 15, Noncontrolling Interest, for a discussion of each of the majority-owned subsidiaries noted above. The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions.

As permitted under SEC rules, certain footnotes or other financial information normally required by U.S. GAAP have been condensed or omitted. The balance sheet as of December 31, 2022 has been derived from audited consolidated financial statements at such date. The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements, and in the opinion of management, include all adjustments, consisting only of routine recurring adjustments, necessary for a fair statement of the Company’s unaudited condensed consolidated financial information.

Note 2 — Summary of Significant Accounting Policies - continued

The consolidated results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the consolidated results to be expected for the year ending December 31, 2023 or for any other interim period or for any other future periods. The accompanying unaudited condensed consolidated financial statements and related unaudited condensed consolidated financial information should be read in conjunction with the Company’s audited consolidated financial statements and related notes thereto as of and for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 14, 2023.

All amounts in the accompanying unaudited condensed consolidated financial statements and the notes thereto are presented in thousands of dollars, if not otherwise noted as being presented in millions of dollars, except for shares and per share amounts.

Use of Estimates

In preparing the unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and the determination of corresponding carrying value reserve, if any, and liabilities and the disclosure of contingent losses, as of the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Significant estimates in these unaudited condensed consolidated financial statements include those related to the estimated fair value of debt obligations, stock-based equity awards, intangible assets and common stock purchase warrants. Other significant estimates include the estimated incremental borrowing rate, the provision or benefit for income taxes and the corresponding valuation allowance on deferred tax assets. Additionally, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. On an ongoing basis, the Company evaluates its estimates and assumptions. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates.

Revenue Recognition

Revenues are recognized when the satisfaction of the performance obligation occurs, in an amount that reflects the consideration the Company expects to collect in exchange for those services. The Company’s revenue is primarily generated by its laboratory testing services utilizing its EsoGuard Esophageal DNA tests. The services are completed upon release of a patient’s test result to the ordering healthcare provider. Revenue recognized is inclusive of both variable consideration in connection with an individual patient’s third-party insurance coverage policy and fixed consideration in connection with a contracted services arrangement with an unrelated third party legal entity. To determine revenue recognition for the arrangements that the Company determines are within the scope of ASC 606, Revenue from Contracts with Customers, the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation.

The key aspects considered by the Company include the following:

Contracts—The Company’s customer is primarily the patient, but the Company does not enter into a formal reimbursement contract with a patient. The Company establishes a contract with a patient in accordance with other customary business practices, which is the point in time an order is received from a provider and a patient specimen has been returned to the laboratory for testing. Payment terms are a function of a patient’s existing insurance benefits, including the impact of coverage decisions with Center for Medicare & Medicaid Services (“CMS”) and applicable reimbursement contracts established between the Company and payers. However, when a patient is considered self-pay, the Company requires payment from the patient prior to the commencement of the Company’s performance obligations. The Company’s consideration can be deemed variable or fixed depending on the structure of specific payer contracts, and the Company considers collection of such consideration to be probable to the extent that it is unconstrained.

Performance obligations—A performance obligation is a promise in a contract to transfer a distinct good or service (or a bundle of goods or services) to the customer. The Company’s contracts have a single performance obligation, which is satisfied upon rendering of services, which culminates in the release of a patient’s test result to the ordering healthcare provider. The Company elects the practical expedient related to the disclosure of unsatisfied performance obligations, as the duration of time between providing testing supplies, the receipt of a sample, and the release of a test result to the ordering healthcare provider is far less than one year.

Note 2 — Summary of Significant Accounting Policies - continued

Transaction price—The transaction price is the amount of consideration that the Company expects to collect in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (for example, some sales taxes). The consideration expected to be collected from a contract with a customer may include fixed amounts, variable amounts, or both.

If the consideration derived from the contracts is deemed to be variable, the Company estimates the amount of consideration to which it will be entitled in exchange for the promised goods or services. The Company limits the amount of variable consideration included in the transaction price to the unconstrained portion of such consideration. In other words, the Company recognizes revenue up to the amount of variable consideration that is not subject to a significant reversal until additional information is obtained or the uncertainty associated with the additional payments or refunds is subsequently resolved.

When the Company does not have significant historical experience or that experience has limited predictive value, the constraint over estimates of variable consideration may result in no revenue being recognized upon delivery of patient EsoGuard test results to the ordering healthcare provider. As such, the Company recognizes revenue up to the amount of variable consideration not subject to a significant reversal until additional information is obtained or the uncertainty associated with additional payments or refunds, if any, is subsequently resolved. Differences between original estimates and subsequent revisions, including final settlements, represent changes in estimated expected variable consideration, with the change in estimate recognized in the period of such revised estimate. With respect to a contracted service arrangement, the fixed consideration revenue is recognized on an as-billed basis upon delivery of the laboratory test report with realization of such fixed consideration deemed probable based upon actual historical experience.

Allocate transaction price—The transaction price is allocated entirely to the performance obligation contained within the contract with a customer on the basis of the relative standalone selling prices of each distinct good or service.

Practical Expedients—The Company does not adjust the transaction price for the effects of a significant financing component, as at contract inception, the Company expects the collection cycle to be one year or less.

Fair Value Option (“FVO”) Election

Under a Securities Purchase Agreement dated March 31, 2022, the Company issued a Senior Secured Convertible Note dated April 4, 2022, referred to herein as the “April 2022 Senior Convertible Note”, and a Senior Secured Convertible Note dated September 8, 2022, referred to herein as the “September 2022 Senior Convertible Note”, which are accounted under the “fair value option election” as discussed below.

Under a Securities Purchase Agreement dated March 13, 2023, Lucid Diagnostics issued a Senior Secured Convertible Note dated March 21, 2023, referred to herein as the “Lucid March 2023 Senior Convertible Note”, which is accounted under the “fair value option election” as discussed below.

Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 815, Derivative and Hedging, (“ASC 815”), a financial instrument containing embedded features and/or options may be required to be bifurcated from the financial instrument host and recognized as separate derivative asset or liability, with the bifurcated derivative asset or liability initially measured at estimated fair value as of the transaction issue date and then subsequently remeasured at estimated fair value as of each reporting period balance sheet date.

Alternatively, FASB ASC Topic 825, Financial Instruments, (“ASC 825”) provides for the “fair value option” (“FVO”) election. In this regard, ASC 825-10-15-4 provides for the FVO election (to the extent not otherwise prohibited by ASC 825-10-15-5) to be afforded to financial instruments, wherein the financial instrument is initially measured at estimated fair value as of the transaction issue date and then subsequently remeasured at estimated fair value as of each reporting period balance sheet date, with changes in the estimated fair value recognized as other income (expense) in the statement of operations. The estimated fair value adjustment of the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note and the Lucid March 2023 Senior Convertible Note are presented in a single line item within other income (expense) in the accompanying unaudited condensed consolidated statement of operations (as provided for by ASC 825-10-50-30(b)). Further, as required by ASC 825-10-45-5, to the extent a portion of the fair value adjustment is attributed to a change in the instrument-specific credit risk, such portion would be recognized as a component of other comprehensive income (“OCI”) (for which there was no such adjustment with respect to the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note or the Lucid March 2023 Senior Convertible Note).

See Note 10, Financial Instruments Fair Value Measurements, with respect to the FVO election; and Note 11, Debt, for a discussion of the April 2022 Senior Convertible Note, the September 2022 Senior Convertible Note and the Lucid March 2023 Senior Convertible Note.

Reclassifications

Certain prior-year amounts have been reclassified to conform to the current year presentation, which includes presenting costs of revenue within operating expenses on the statements of operations, in the unaudited condensed consolidated financial statements and accompanying notes to the unaudited condensed consolidated financial statements. The impact of the reclassifications made to prior year amounts is not material and did not affect net loss.

Note 2 — Summary of Significant Accounting Policies - continued

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The updated guidance requires companies to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets, including trade receivables. The guidance was adopted by the Company on January 1, 2023. The adoption of the ASU did not have an impact on the Company’s unaudited condensed consolidated financial statements.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss - before noncontrolling interest (“NCI”)	$ (40,106)	$ (48,734)
Adjustments to reconcile net loss - before NCI to net cash used in operating activities
Depreciation and amortization expense	1,474	1,031
Stock-based compensation	6,926	9,820
Gain on sale of intellectual property	(1,000)
APA-RDx: Issue common stock of majority-owned subsidiary - settle termination payment	713	239
Issue common stock - vendor service agreement	625
Change in fair value - Senior Secured Convertible Notes	1,380	2,000
Loss on issue - Senior Secured Convertible Note	1,111	2,500
Debt extinguishment loss - Senior Secured Convertible Note	1,268
Change in fair value - derivative liability	260
Non-cash lease expense	192	57
Changes in operating assets and liabilities:
Accounts receivable	(24)	200
Prepaid expenses, deposits and current and other assets	(1,592)	(1,665)
Accounts payable	(1,541)	1,057
Accrued expenses and other current liabilities	1,241	(1,326)
Net cash flows used in operating activities	(29,073)	(34,821)
Cash flows from investing activities
Purchase of equipment	(41)	(926)
Proceeds from sale of intellectual property	1,000
Asset acquisitions		(2,200)
Net cash flows used in investing activities	959	(3,126)
Cash flows from financing activities
Proceeds – issue of preferred stock - majority-owned subsidiary	13,625
Proceeds – issue of Senior Secured Convertible Note	10,000	25,000
Proceeds – issue of common stock - At-The-Market Facility	1,166
Proceeds – majority-owned subsidiary common stock - At-The-Market Facility	284
Proceeds – exercise of stock options		303
Proceeds – issue common stock – Employee Stock Purchase Plan	182	217
Proceeds – majority-owned subsidiary common stock – Employee Stock Purchase Plan	276
Proceeds – exercise of stock options issued under equity plan of majority owned subsidiary		688
Purchase Treasury Stock – payment of employee payroll tax obligation in connection with stock-based compensation		(366)
Net cash flows provided by financing activities	25,533	25,842
Net increase (decrease) in cash	(2,581)	(12,105)
Cash, beginning of period	39,744	77,258
Cash, end of period	$ 37,163	$ 65,153

Schedule of Summarizes Information About Stock Options (Details) (Parenthetical) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
2018 Equity Plan [Member] \| Lucid Diagnostics Inc [Member]
Number of stock options granted. shares	423,300	423,300
Parent Company [Member] \| 2014 Equity Plan [Member]
Number of stock options granted. shares	500,854	500,854

Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Stock-Based Compensation

Note 12 — Stock-Based Compensation

PAVmed Inc. 2014 Long-Term Incentive Equity Plan

The PAVmed Inc. 2014 Long-Term Incentive Equity Plan (the “PAVmed 2014 Equity Plan”) is designed to enable PAVmed to offer employees, officers, directors, and consultants, as defined, an opportunity to acquire shares of common stock of PAVmed. The types of awards that may be granted under the PAVmed 2014 Equity Plan include stock options, stock appreciation rights, restricted stock, and other stock-based awards subject to limitations under applicable law. All awards are subject to approval by the PAVmed compensation committee.

A total of 21,052,807 shares of common stock of PAVmed are reserved for issuance under the PAVmed 2014 Equity Plan, with 1,310,092 shares available for grant as of June 30, 2023. The share reservation is not diminished by a total of 600,854 PAVmed Inc. stock options and restricted stock awards granted outside the PAVmed 2014 Equity Plan as of June 30, 2023. In January 2023, the number of shares available for grant was increased by 4,700,000 in accordance with the evergreen provisions of the plan.

PAVmed 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		(1,326,249	)	$	1.87
Outstanding stock options at June 30, 2023⁽³⁾		17,522,406		$	1.85		7.9	$	7
Vested and exercisable stock options at June 30, 2023		7,998,032		$	2.92		6.2	$	—

⁽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, 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 June 30, 2023 and December 31, 2022.

Note 12 — Stock-Based Compensation - continued

PAVmed Restricted Stock Awards

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 June 30, 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 June 30, 2023.

Lucid Diagnostics Inc. 2018 Long-Term Incentive Equity Plan

The Lucid Diagnostics Inc. 2018 Long-Term Incentive Equity Plan (“Lucid Diagnostics 2018 Equity Plan”) is separate and apart from the PAVmed 2014 Equity Plan discussed above. The Lucid Diagnostics 2018 Equity Plan is designed to enable Lucid Diagnostics to offer employees, officers, directors, and consultants, an opportunity to acquire shares of common stock of Lucid Diagnostics. The types of awards that may be granted under the Lucid Diagnostics 2018 Equity Plan include stock options, stock appreciation rights, restricted stock, and other stock-based awards subject to limitations under applicable law. All awards are subject to approval by the Lucid Diagnostics compensation committee.

A total of 11,644,000 shares of common stock of Lucid Diagnostics are reserved for issuance under the Lucid Diagnostics 2018 Equity Plan, with 3,936,554 shares available for grant as of June 30, 2023. The share reservation is not diminished by a total of 423,300 stock options and 50,000 restricted stock awards granted outside the Lucid Diagnostics 2018 Equity Plan, as of June 30, 2023. In January 2023, the number of shares available for grant was increased by 2,500,000 in accordance with the evergreen provisions of the plan.

Lucid Diagnostics 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⁾		2,732,500		$	1.31
Exercised		—		$	—
Forfeited		(347,915	)	$	2.57
Outstanding stock options at June 30, 2023⁽³⁾		4,949,962		$	2.17		8.7	$	641
Vested and exercisable stock options at June 30, 2023		1,374,179		$	2.76		6.9	$	440

⁽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, 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 June 30, 2023 and December 31, 2022.

Note 12 — Stock-Based Compensation - continued

Lucid Diagnostics Restricted Stock Awards

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 June 30, 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 June 30, 2023.

Consolidated 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of revenue	$	31	$	—	$	54	$	—
Sales and marketing expenses		455		591		899		1,216
General and administrative expenses		1,674		4,162		5,262		8,164
Research and development expenses		347		254		711		440
Total stock-based compensation expense	$	2,507	$	5,007	$	6,926	$	9,820

Stock-Based Compensation Expense Recognized by Lucid Diagnostics

As noted, the consolidated stock-based compensation expense presented above is inclusive of stock-based compensation expense recognized by Lucid Diagnostics, inclusive of each of: stock options granted under the PAVmed 2014 Equity Plan to the three physician inventors of the intellectual property underlying the CWRU License Agreement (“Physician Inventors”) (as discussed above in Note 4, Related Party Transactions); and stock options and restricted stock awards granted to employees of PAVmed and non-employee consultants under the Lucid Diagnostics 2018 Equity Plan. The stock-based compensation expense recognized by 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Lucid Diagnostics 2018 Equity Plan – cost of revenue	$	16	$	—	$	28	$	—
Lucid Diagnostics 2018 Equity Plan – sales and marketing		247		215		470		480
Lucid Diagnostics 2018 Equity Plan – general and administrative		836		3,313		3,348		6,514
Lucid Diagnostics 2018 Equity Plan – research and development		66		26		136		97
PAVmed 2014 Equity Plan - cost of revenue		9		—		16		—
PAVmed 2014 Equity Plan - sales and marketing		120		161		253		336
PAVmed 2014 Equity Plan - general and administrative		8		77		164		145
PAVmed 2014 Equity Plan - research and development		97		52		192		107
Total stock-based compensation expense – recognized by Lucid Diagnostics	$	1,399	$	3,844	$	4,607	$	7,679
Total stock-based compensation expense	$	1,399	$	3,844	$	4,607	$	7,679

Note 12 — Stock-Based Compensation - continued

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	$	6,192		2.2
Restricted Stock Awards	$	375		0.8

Lucid Diagnostics 2018 Equity Plan
Stock Options	$	4,129		2.3
Restricted Stock Awards	$	1,141		1.1

Stock-based compensation expense recognized with respect to stock options granted under the PAVmed 2014 Equity Plan was based on a weighted average estimated fair value of such stock options of $0.35 per share and $0.74 per share during the periods ended June 30, 2023 and 2022, respectively, calculated using the following weighted average Black-Scholes valuation model assumptions:

	Six Months Ended June 30,
	2023			2022
Expected term of stock options (in years)		5.7			5.8
Expected stock price volatility		88	%		84	%
Risk free interest rate		3.7	%		3.0	%
Expected dividend yield		—	%		—	%

Stock-based compensation expense recognized with respect to stock options granted under the Lucid Diagnostics 2018 Equity Plan was based on a weighted average estimated fair value of such stock options of $0.87 per share and $1.48 per share during the periods ended June 30, 2023 and 2022, respectively, calculated using the following weighted average Black-Scholes valuation model assumptions:

	Six Months Ended June 30,
	2023			2022
Expected term of stock options (in years)		5.6			5.7
Expected stock price volatility		75	%		71	%
Risk free interest rate		3.7	%		3.0	%
Expected dividend yield		—	%		—	%

PAVmed Inc. Employee Stock Purchase Plan (“PAVmed ESPP”)

A total of 573,229 shares and 194,240 shares of common stock of the Company were purchased for proceeds of approximately $182 and $218, on March 31, 2023 and 2022, respectively under the PAVmed ESPP. The March 31, 2023 purchase was partially settled through the redeployment of 188,846 shares of treasury stock. The PAVmed ESPP has a total reserve of 2,000,000 shares of common stock of PAVmed of which 416,914 shares are available for issue as of June 30, 2023. In January 2023, the number of shares available-for-issue was increased by 250,000 in accordance with the evergreen provisions of the plan.

Lucid Diagnostics Inc. Employee Stock Purchase Plan (“Lucid ESPP”)

A total of 231,987 shares of common stock of Lucid Diagnostics were purchased for proceeds of approximately $276 on March 31, 2023 under the Lucid ESPP. The Lucid ESPP has a total reserve of 1,000,000 shares of common stock of Lucid Diagnostics of which 683,983 shares are available-for-issue as of June 30, 2023. In January 2023, the number of shares available for issue was increased by 500,000 in accordance with the evergreen provisions of the plan.

Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total stock-based compensation expense	$ 2,507	$ 5,007	$ 6,926	$ 9,820
Cost of Revenue [Member]
Total stock-based compensation expense	31		54
Selling and Marketing Expense [Member]
Total stock-based compensation expense	455	591	899	1,216
General and Administrative Expense [Member]
Total stock-based compensation expense	1,674	4,162	5,262	8,164
Research and Development Expense [Member]
Total stock-based compensation expense	$ 347	$ 254	$ 711	$ 440

Stock-Based Compensation (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

Jan. 31, 2023

Mar. 31, 2023

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Employee Stock Purchase Plan [Member]

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

Common stock capital shares reserved for future issuance

2,000,000

Shares available for issue

416,914

Number of common stock purchased

573,229

194,240

573,229

Proceeds from common stock

$ 182

$ 218

Treasury stock

188,846

Number of shares issued

250,000

Lucid Diagnostics Inc [Member] | Employee Stock Purchase Plan [Member]

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

Common stock capital shares reserved for future issuance

1,000,000

Shares available for issue

683,983

Number of common stock purchased

231,987

Proceeds from common stock

$ 276

Increase in reserve

500,000

2014 Equity Plan [Member]

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

Common stock capital shares reserved for future issuance

21,052,807

Shares available for issue

4,700,000

1,310,092

Number of stock options outstanding

600,854

Weighted average fair value of stock options

$ 0.35

$ 0.74

Number of shares issued

500,854

2018 Equity Plan [Member]

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

Number of stock options outstanding

4,949,962

^[1]

2,565,377

Number of Stock Options, Granted

^[2]

2,732,500

2018 Equity Plan [Member] | Lucid Diagnostics Inc [Member]

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

Common stock capital shares reserved for future issuance

11,644,000

Shares available for issue

2,500,000

3,936,554

Number of Stock Options, Granted

423,300

Number of restricted stock awards granted, shares

50,000

[1]	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 June 30, 2023 and December 31, 2022.
[2]	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.

Leases (Details Narrative) - USD ($) $ in Thousands	1 Months Ended
Leases (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease, right-of-use assets		$ 5,014	$ 3,037
Operating lease obligations		5,155	2,987
Operating lease, liability, current		1,427	1,141
Operating lease liability noncurrent		$ 3,728	$ 1,846
Payments for rent	$ 3,200
Lease Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lessee operating lease description	The lease agreement term is from the September 15, 2022 execution date to the date which is seven years and eight months from the lease commencement date, with the rent abated for the first eight months of the lease term