Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Stock Options Issued and Outstanding Activities |
Lucid
Diagnostics Inc. stock options granted under the Lucid Diagnostics Inc. 2018 Equity Plan and stock options granted outside such plan
are summarized as follows:
Schedule
of Stock Options Issued and Outstanding Activities
| |
|
Number
of Stock Options |
|
|
Weighted
Average Exercise Price |
|
|
Remaining
Contractual Term (Years) |
|
|
Intrinsic
Value(2) |
|
| Outstanding
stock options at December 31, 2020 |
|
|
1,399,242 |
|
|
$ |
0.61 |
|
|
|
8.0 |
|
|
|
-
|
|
| Granted(1) |
|
|
20,000 |
|
|
$ |
9.08 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
| Outstanding
stock options at December 31, 2021 |
|
|
1,419,242 |
|
|
$ |
0.73 |
|
|
|
7.0 |
|
|
$ |
6,665 |
|
| Granted(1) |
|
|
2,365,000 |
|
|
$ |
3.68 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
(965,341 |
) |
|
$ |
0.72 |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
(253,524 |
) |
|
$ |
3.83 |
|
|
|
|
|
|
|
|
|
| Outstanding
stock options at December 31, 2022(3) |
|
|
2,565,377 |
|
|
$ |
3.14 |
|
|
|
8.3 |
|
|
$ |
428 |
|
| Vested
and exercisable stock options at December 31, 2022 |
|
|
1,119,006 |
|
|
$ |
2.53 |
|
|
|
7.1 |
|
|
$ |
428 |
|
|
(1)
|
Stock
options granted under the Lucid Diagnostics Inc. 2018 Equity Plan and those granted outside
such plan generally vest ratably over twelve quarters, with the vesting commencing with the
grant date quarter-end, and have a ten-year contractual term from date-of-grant. |
| (2) |
The
intrinsic value is computed as the difference between the quoted price of the Lucid Diagnostics
Inc. common stock on each of December 31, 2022 and December 31, 2021 and the exercise price
of the underlying Lucid Diagnostics Inc. stock options, to the extent such quoted price is
greater than the exercise price. |
| (3) |
The
outstanding stock options presented in the table above, are inclusive of 423,300 stock options
granted outside the Lucid Diagnostics Inc. 2018 Equity Plan, as of December 31, 2022 and
December 31, 2021. |
|
| Schedule of Restricted Stock Award Activity |
Schedule
of Restricted Stock Award Activity
| |
|
Number
of Restricted Stock Awards |
|
|
Weighted
Average Grant Date Fair Value |
|
| Unvested restricted
stock awards as of December 31, 2020 |
|
|
— |
|
|
$ |
— |
|
| Granted |
|
|
1,947,795 |
|
|
|
12.76 |
|
| Vested |
|
|
— |
|
|
|
— |
|
| Forfeited |
|
|
(7,055 |
) |
|
|
13.11 |
|
| Unvested
restricted stock awards as of December 31, 2021(1) |
|
|
1,940,740 |
|
|
$ |
12.76 |
|
| |
|
|
|
|
|
|
|
|
| Unvested restricted
stock awards as of December 31, 2021 |
|
|
1,940,740 |
|
|
$ |
12.76 |
|
| Granted |
|
|
320,000 |
|
|
|
4.53 |
|
| Vested |
|
|
(169,320 |
) |
|
|
13.48 |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
| Unvested
restricted stock awards as of December 31, 2022(1) |
|
|
2,091,420 |
|
|
$ |
11.44 |
|
|
| Schedule of Stock-Based Compensation Expense |
The
stock-based compensation expense recognized by the Company for both the Lucid Diagnostics Inc. 2018 Equity Plan and the PAVmed Inc. 2014
Equity Plan, for the periods indicated, was as follows:
Schedule
of Stock-Based Compensation Expense
| |
|
2022 |
|
|
2021 |
|
| |
|
Years
Ended December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| Lucid
Diagnostics Inc 2018 Equity Plan – cost of revenue |
|
$ |
13 |
|
|
$ |
— |
|
| Lucid
Diagnostics Inc 2018 Equity Plan – sales and marketing expenses |
|
|
968 |
|
|
|
8 |
|
| Lucid
Diagnostics Inc 2018 Equity Plan - general and administrative expenses |
|
|
12,691 |
|
|
|
9,073 |
|
| Lucid
Diagnostics Inc 2018 Equity Plan - research and development expenses |
|
|
187 |
|
|
|
66 |
|
| PAVmed
Inc 2014 Equity Plan - cost of revenue |
|
|
3 |
|
|
|
— |
|
| PAVmed
Inc 2014 Equity Plan - sales and marketing expenses |
|
|
654 |
|
|
|
202 |
|
| PAVmed
Inc 2014 Equity Plan - general and administrative expenses |
|
|
262 |
|
|
|
38 |
|
| PAVmed
Inc 2014 Equity Plan - research and development expenses |
|
|
213 |
|
|
|
212 |
|
| Total
stock-based compensation expense |
|
$ |
14,991 |
|
|
$ |
9,599 |
|
|
| Schedule of Unrecognized Compensation Expense and Weighted Average Remaining Service Period |
As
of December 31, 2022, 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 Lucid Diagnostics Inc. 2018 Equity Plan and the PAVmed Inc. 2014
Equity Plan, as discussed above, is as follows:
Schedule
of Unrecognized Compensation Expense and Weighted Average Remaining Service Period
| |
|
Unrecognized
Expense |
|
|
Weighted
Average Remaining Service Period (Years) |
|
| Lucid
Diagnostics Inc. 2018 Equity Plan |
|
|
|
|
|
|
|
|
| Stock
Options |
|
$ |
3,248 |
|
|
|
2.1 |
|
| Restricted
Stock Awards |
|
$ |
4,064 |
|
|
|
0.5 |
|
| PAVmed
Inc. 2014 Equity Plan |
|
|
|
|
|
|
|
|
| Stock
Options |
|
$ |
1,139 |
|
|
|
1.4 |
|
| Restricted
Stock Awards |
|
$ |
148 |
|
|
|
1.0 |
|
|
| Schedule of Stock-based Compensation Valuation Assumptions |
Schedule of Stock-based Compensation Valuation Assumptions
| |
|
2022 |
|
|
2021 |
|
| |
|
Years
Ended December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| Expected
term of stock options (in years) |
|
|
5.6 |
|
|
|
5.7 |
|
| Expected
stock price volatility |
|
|
71 |
% |
|
|
70 |
% |
| Risk
free interest rate |
|
|
2.1 |
% |
|
|
1.3 |
% |
| Expected
dividend yield |
|
|
— |
% |
|
|
— |
% |
|