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:
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, 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 |
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:
Schedule
of Stock-Based Compensation Expense
| |
|
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:
Schedule
of Unrecognized Compensation Expense and Weighted Average Remaining Service Period
| |
|
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 |
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 |
|
|
— |
% |
|
|
— |
% |
|