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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Stock-Based Compensation Expense

The consolidated stock-based compensation expense recognized by each of PAVmed and (through September 10, 2024, the date of PAVmed’s deconsolidation of Lucid) Lucid Diagnostics for both the PAVmed 2014 Equity Plan and the Lucid Diagnostics 2018 Equity Plan, with respect to stock options and restricted stock awards as discussed above, for the periods indicated, was as follows:

 

   2024   2023   2024   2023 
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2024   2023   2024   2023 
Cost of revenue  $32   $32   $112   $86 
Sales and marketing expenses   292    403    1,082    1,302 
General and administrative expenses   1,426    1,499    3,717    6,761 
Research and development expenses   181    311    805    1,022 
Total stock-based compensation expense  $1,931   $2,245   $5,716   $9,171 
Schedule of Stock-Based Compensation Expense Recognized by Lucid Diagnostics
   2024   2023   2024   2023 
  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2024   2023   2024   2023 
Lucid Diagnostics 2018 Equity Plan – cost of revenue  $24   $16   $81   $44 
Lucid Diagnostics 2018 Equity Plan – sales and marketing   252    228    849    697 
Lucid Diagnostics 2018 Equity Plan – general and administrative   548    721    1,484    4,069 
Lucid Diagnostics 2018 Equity Plan – research and development   98    67    356    204 
PAVmed 2014 Equity Plan - cost of revenue   9    10    30    26 
PAVmed 2014 Equity Plan - sales and marketing   18    106    136    359 
PAVmed 2014 Equity Plan - general and administrative   1    7    5    170 
PAVmed 2014 Equity Plan - research and development   5    97    148    290 
Total stock-based compensation expense – recognized by Lucid Diagnostics  $955   $1,252   $3,089   $5,859 
Schedule of Unrecognized Compensation Expense

The consolidated unrecognized stock-based compensation expense and weighted average remaining requisite service period with respect to stock options and restricted stock awards issued under the PAVmed 2014 Equity Plan, as discussed above, is as follows:

 

   Unrecognized Expense   Weighted Average Remaining Service Period (Years) 
PAVmed 2014 Equity Plan          
Stock Options  $1,377    1.5 
Restricted Stock Awards  $397    2.2 
2014 Equity Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Summarizes Information About Stock Options

PAVmed stock options granted under the PAVmed 2014 Equity Plan and stock options granted outside such plan are summarized as follows:

 

   Number of Stock Options   Weighted Average Exercise Price   Remaining Contractual Term (Years)   Intrinsic Value(2) 
Outstanding stock options at December 31, 2023   1,192,458   $26.18    7.3   $— 
Granted(1)   79,500   $2.28           
Exercised   —   $—           
Forfeited   (38,851)  $13.47           
Outstanding stock options at September 30, 2024(3)   1,233,107   $25.04    5.9   $— 
Vested and exercisable stock options at September 30, 2024   956,977   $30.27    5.1   $— 

 

(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 September 30, 2024 and December 31, 2023 and the exercise price of the underlying PAVmed stock options, to the extent such quoted price is greater than the exercise price.
(3)The outstanding stock options presented in the table above are inclusive of 60,054 stock options granted outside the PAVmed 2014 Equity Plan, as of September 30, 2024 and December 31, 2023.
Schedule of Restricted Stock Award Activity

PAVmed restricted stock awards granted under the PAVmed 2014 Equity Plan and restricted stock awards granted outside such plan are summarized as follows:

 

 

   Number of Restricted Stock Awards   Weighted Average Grant Date Fair Value 
Unvested restricted stock awards as of December 31, 2023   70,527   $38.77 
Granted   390,000    1.85 
Vested   (135,080)   2.00 
Forfeited   —    — 
Unvested restricted stock awards as of September 30, 2024   325,447   $9.79 
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions
   Nine Months Ended September 30, 
   2024   2023 
Expected term of stock options (in years)   5.8    5.7 
Expected stock price volatility   90%   88%
Risk free interest rate   4.3%   3.7%
Expected dividend yield   —%   —%
2018 Equity Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Summarizes Information About Stock Options

Lucid Diagnostics stock options granted under the Lucid Diagnostics 2018 Equity Plan and stock options granted outside such plan are summarized as follows:

 

   Number of Stock Options   Weighted Average Exercise Price   Remaining Contractual Term (Years)   Intrinsic Value(2) 
Outstanding stock options at December 31, 2023   5,504,383   $2.00    8.5   $765 
Granted(1)   3,604,000   $1.22           
Exercised   (3,333)  $1.31           
Forfeited   (417,501)  $1.63           
Outstanding stock options at September 10, 2024(3)   8,687,549   $1.69    8.3   $191 
Vested and exercisable stock options at September 10, 2024   3,084,682   $2.25    7.1   $191 

 

(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 September 10, 2024 and December 31, 2023 and the exercise price of the underlying Lucid Diagnostics stock options, to the extent such quoted price is greater than the exercise price.
(3)The outstanding stock options presented in the table above are inclusive of 523,300 stock options granted outside the Lucid Diagnostics 2018 Equity Plan, as of September 10, 2024 and December 31, 2023.
Schedule of Restricted Stock Award Activity

Lucid Diagnostics restricted stock awards granted under the Lucid Diagnostics 2018 Equity Plan and restricted stock awards granted outside such plan are summarized as follows:

 

   Number of Restricted Stock Awards   Weighted Average Grant Date Fair Value 
Unvested restricted stock awards as of December 31, 2023   2,337,440   $8.99 
Granted   1,600,000    1.03 
Vested   (26,912)   4.56 
Forfeited   (13,088)   4.56 
Unvested restricted stock awards as of September 10, 2024   3,897,440   $5.77 
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions

   Nine Months Ended September 30, 
   2024   2023 
Expected term of stock options (in years)   5.7    5.6 
Expected stock price volatility   73%   75%
Risk free interest rate   4.3%   3.7%
Expected dividend yield   —%   —%