Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Options Issued and Outstanding Activities

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)     2,697,500     $ 1.31                  
Exercised         $                  
Forfeited     (210,419 )   $ 2.46                  
Outstanding stock options at March 31, 2023(3)     5,052,458     $ 2.19       8.9     $ 676  
Vested and exercisable stock options at March 31, 2023     1,254,494     $ 2.67       7.0     $ 444  

 

(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 March 31, 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 March 31, 2023 and December 31, 2022.
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, 2022(1)     2,091,420     $ 11.44  
Granted            
Vested     (219,320 )     11.27  
Forfeited            
Unvested restricted stock awards as of March 31, 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 March 31, 2023.
Schedule of Stock-Based Compensation Expense

The stock-based compensation expense recognized by the Company for both the Lucid Diagnostics 2018 Equity Plan and the PAVmed 2014 Equity Plan, for the periods indicated, was as follows:

 

    2023     2022  
    Three Months Ended March 31,  
    2023     2022  
Lucid Diagnostics 2018 Equity Plan – cost of revenue   $ 12     $  
Lucid Diagnostics 2018 Equity Plan – sales and marketing expenses     223       265  
Lucid Diagnostics 2018 Equity Plan - general and administrative expenses     2,512       3,201  
Lucid Diagnostics 2018 Equity Plan - research and development expenses     70       71  
PAVmed 2014 Equity Plan - cost of revenue     7        
PAVmed 2014 Equity Plan - sales and marketing expenses     133       175  
PAVmed 2014 Equity Plan - general and administrative expenses     156       68  
PAVmed 2014 Equity Plan - research and development expenses     95       55  
Total stock-based compensation expense   $ 3,208     $ 3,835  
Schedule of Unrecognized Compensation Expense and Weighted Average Remaining Service Period

As of March 31, 2023, 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 2018 Equity Plan and the PAVmed 2014 Equity Plan, as discussed above, is as follows:

 

   

Unrecognized

Expense

   

Weighted Average

Remaining Service

Period (Years)

 
Lucid Diagnostics 2018 Equity Plan                
Stock Options   $ 4,806       2.5  
Restricted Stock Awards   $ 1,706       1.1  
PAVmed 2014 Equity Plan                
Stock Options   $ 1,165       1.4  
Restricted Stock Awards   $       0.0  
Schedule of Stock-based Compensation Valuation Assumptions

 

    2023     2022  
    Three Months Ended March 31,  
    2023     2022  
Expected term of stock options (in years)     5.6       5.6  
Expected stock price volatility     75 %     86 %
Risk free interest rate     3.7 %     1.7 %
Expected dividend yield     %     %