Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35706 | |
Entity Registrant Name | APOLLO ENDOSURGERY, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 16-1630142 | |
Entity Address, Address Line One | 1120 S. Capital of Texas Highway | |
Entity Address, Address Line Two | Building 1, Suite #300 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78746 | |
City Area Code | 512 | |
Local Phone Number | 279-5100 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Trading Symbol | APEN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 27,035,842 | |
Entity Central Index Key | 0001251769 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 31,710 | $ 36,235 |
Accounts receivable, net of allowance for doubtful accounts of $606 and $634, respectively | 9,463 | 8,218 |
Inventory | 10,546 | 10,306 |
Prepaid expenses and other current assets | 4,173 | 3,771 |
Total current assets | 55,892 | 58,530 |
Restricted cash | 938 | 965 |
Property, equipment and right-of-use assets, net | 5,854 | 6,221 |
Goodwill | 5,290 | 5,290 |
Intangible assets, net of accumulated amortization of $13,686 and $13,231, respectively | 5,618 | 6,017 |
Other assets | 392 | 414 |
Total assets | 73,984 | 77,437 |
Current liabilities: | ||
Accounts payable | 4,576 | 3,675 |
Accrued expenses | 6,907 | 7,357 |
Current portion of long-term debt | 1,112 | 636 |
Total current liabilities | 12,595 | 11,668 |
Long-term debt | 36,998 | 37,192 |
Convertible debt | 19,363 | 19,387 |
Long-term liabilities | 2,337 | 2,439 |
Total liabilities | 71,293 | 70,686 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock; $0.001 par value; 100,000,000 shares authorized; 27,035,842 and 25,819,329 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 27 | 26 |
Additional paid-in capital | 277,994 | 276,569 |
Accumulated other comprehensive income | 2,044 | 2,929 |
Accumulated deficit | (277,374) | (272,773) |
Total stockholders' equity | 2,691 | 6,751 |
Total liabilities and stockholders' equity | $ 73,984 | $ 77,437 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 606 | $ 634 |
Accumulated amortization | $ 13,686 | $ 13,231 |
Common stock, par value (USD per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (shares) | 27,035,842 | 25,819,329 |
Common stock, shares outstanding (shares) | 27,035,842 | 25,819,329 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 13,857 | $ 10,718 |
Cost of sales | 6,350 | 5,081 |
Gross margin | 7,507 | 5,637 |
Operating expenses: | ||
Sales and marketing | 4,790 | 6,330 |
General and administrative | 4,069 | 3,339 |
Research and development | 1,928 | 2,147 |
Amortization of intangible assets | 474 | 496 |
Total operating expenses | 11,261 | 12,312 |
Loss from operations | (3,754) | (6,675) |
Other expenses: | ||
Interest expense, net | 1,352 | 1,244 |
Other (income) expense, net | (564) | 2,294 |
Net loss before income taxes | (4,542) | (10,213) |
Income tax expense | 59 | 43 |
Net loss | (4,601) | (10,256) |
Other comprehensive (loss)/income: | ||
Foreign currency translation | (885) | 1,812 |
Comprehensive loss | $ (5,486) | $ (8,444) |
Net loss per share, basic and diluted (USD per share) | $ (0.17) | $ (0.49) |
Shares used in computing net loss per share, basic and diluted (shares) | 26,306,442 | 21,117,126 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2019 | 20,951,963 | ||||
Beginning balance at Dec. 31, 2019 | $ 2,123 | $ 21 | $ 250,634 | $ 1,630 | $ (250,162) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of restricted stock units (in shares) | 11,341 | ||||
Issuance of common stock for convertible debt interest (in shares) | 164,797 | ||||
Issuance of common stock for convertible debt interest | 467 | 467 | |||
Stock-based compensation | 401 | 401 | |||
Foreign currency translation | 1,812 | 1,812 | |||
Net loss | (10,256) | (10,256) | |||
Ending balance (in shares) at Mar. 31, 2020 | 21,128,101 | ||||
Ending balance at Mar. 31, 2020 | $ (5,453) | $ 21 | 251,502 | 3,442 | (260,418) |
Beginning balance (in shares) at Dec. 31, 2020 | 25,819,329 | 25,819,329 | |||
Beginning balance at Dec. 31, 2020 | $ 6,751 | $ 26 | 276,569 | 2,929 | (272,773) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of common stock options (in shares) | 21,493 | ||||
Exercise of common stock options | 60 | 60 | |||
Exchange of shares for warrants (in shares) | 999,855 | ||||
Exercise of common stock warrants | 0 | $ 1 | (1) | ||
Issuance of restricted stock units (in shares) | 11,337 | ||||
Issuance of common stock for convertible debt interest (in shares) | 161,184 | ||||
Issuance of common stock for convertible debt interest | 572 | 572 | |||
Conversion of convertible debt (in shares) | 22,644 | ||||
Conversion of convertible debt | 74 | 74 | |||
Stock-based compensation | 720 | 720 | |||
Foreign currency translation | (885) | (885) | |||
Net loss | $ (4,601) | (4,601) | |||
Ending balance (in shares) at Mar. 31, 2021 | 27,035,842 | 27,035,842 | |||
Ending balance at Mar. 31, 2021 | $ 2,691 | $ 27 | $ 277,994 | $ 2,044 | $ (277,374) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (4,601) | $ (10,256) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 904 | 955 |
Amortization of deferred financing costs | 133 | 154 |
Non-cash interest | 446 | 356 |
Provision for (benefit from) doubtful accounts receivable | (18) | 77 |
Stock-based compensation | 720 | 401 |
Unrealized foreign exchange on intercompany payables | (545) | 2,240 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,443) | 1,430 |
Inventory | (236) | (1,522) |
Prepaid expenses and other assets | (347) | (113) |
Accounts payable and accrued expenses | 678 | 15 |
Net cash used in operating activities | (4,309) | (6,263) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (221) | (272) |
Purchases of intangibles and other assets | (76) | (46) |
Net cash used in investing activities | (297) | (318) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 60 | 0 |
Payments of deferred financing costs | 0 | (206) |
Net cash provided by/(used in) financing activities | 60 | (206) |
Effect of exchange rate changes on cash | (6) | (95) |
Net change in cash, cash equivalents and restricted cash | (4,552) | (6,882) |
Cash, cash equivalents and restricted cash at beginning of year | 37,200 | 30,921 |
Cash, cash equivalents and restricted cash at end of period | 32,648 | 24,039 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 775 | 814 |
Cash paid for income taxes | 4 | 7 |
Right-of-use assets recognized in exchange for lease obligations (non-cash) | $ 0 | $ 36 |
Organization and Business Descr
Organization and Business Description | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Description | Organization and Business Description Apollo Endosurgery, Inc. is a Delaware corporation with both domestic and foreign wholly-owned subsidiaries. Throughout these Notes, "Apollo" and the "Company" refer to Apollo Endosurgery, Inc. and its consolidated subsidiaries. Apollo is a medical technology company primarily focused on the development of next-generation, less invasive medical devices to advance gastrointestinal therapeutic endoscopy. The Company develops and distributes devices that are used by surgeons and gastroenterologists for a variety of procedures related to gastrointestinal conditions including closure of gastrointestinal defects, managing gastrointestinal complications and the treatment of obesity. The Company's core products include the OverStitch™ Endoscopic Suturing System, the OverStitch Sx™ Endoscopic Suturing System, X-Tack TM Endoscopic HeliX Tacking System (collectively "ESS") and the ORBERA® Intragastric Balloon ("IGB"). The Company has offices in the United Kingdom and Italy that oversee commercial activities outside the U.S. and a products manufacturing facility in Costa Rica. All other activities are managed and operated from facilities in Austin, Texas. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies (a) Basis of Presentation The Company prepared its interim condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"). They do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying condensed consolidated financial statements include the Company's accounts and the accounts of its wholly-owned subsidiaries. The Company has eliminated all intercompany balances and transactions. The Company has made estimates and judgments affecting the amounts reported in its condensed consolidated financial statements and the accompanying notes. The actual results that the Company experiences may differ materially from the Company's estimates. The accounting estimates that require the Company's most significant, difficult and subjective judgments include revenue recognition and inventory valuation. (b) Unaudited Interim Results In management's opinion, the unaudited financial information for the interim periods presented includes all adjustments necessary for a fair presentation of the results of operations, financial position, and cash flows. All adjustments are of a normal recurring nature unless otherwise disclosed. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be the same as those for the full year. This interim information should be read in conjunction with the audited consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. (c) Recent Accounting Pronouncements In March 2020, ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Concentrations
Concentrations | 3 Months Ended |
Mar. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations | ConcentrationsConsolidated financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents and accounts receivable. At March 31, 2021, the Company's cash, cash equivalents and restricted cash are held in deposit accounts at five different banks totaling $32,648. The Company has not experienced any losses in such accounts, and management does not believe the Company is exposed to any significant credit risk. Management further believes that credit risk in the Company's accounts receivable is substantially mitigated by the Company's evaluation process, relatively short collection terms, and the high level of creditworthiness of its customers. The Company continually monitors the compliance of its customers with the Company's payment terms, but generally requires no collateral.The Company had no concentrations greater than 10% of the Company's net accounts receivable as of March 31, 2021. The Company had no single customer that comprised more than 10% of the Company's total revenues for the three months ended March 31, 2021 and 2020. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory consists of the following as of: March 31, 2021 December 31, 2020 (unaudited) Raw materials $ 2,745 $ 2,344 Work in progress 539 558 Finished goods 7,262 7,404 Total inventory $ 10,546 $ 10,306 Finished goods included $137 of consigned inventory at March 31, 2021. |
Property, Equipment and Right-o
Property, Equipment and Right-of-Use Assets | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Right-of-Use Assets | Property, Equipment and Right-of-Use Assets Property, equipment and right-of-use assets consists of the following: Depreciable Lives March 31, 2021 December 31, 2020 (unaudited) Equipment 5 years $ 7,476 $ 7,452 Right-of-use assets 1-5 years 4,028 4,031 Furniture, fixtures and tooling 4-8 years 2,375 2,156 Computer hardware 3-5 years 1,263 1,244 Leasehold improvements 3-7 years 1,743 1,744 Construction in process 470 466 17,355 17,093 Less accumulated depreciation (11,501) (10,872) Property, equipment and right-of-use assets $ 5,854 $ 6,221 The Company recorded depreciation expense of $429 and $458 for the three months ended March 31, 2021 and 2020, respectively. There were no impairment charges for the three months ended March 31, 2021 or 2020. The Company has operating leases for office space in Texas, the United Kingdom, and Italy, and for the manufacturing facility in Costa Rica. The Company also has various operating lease agreements for equipment and vehicles. As of March 31, 2021, the maturities of the Company's operating lease liabilities are as follows: 2021 $ 729 2022 570 2023 490 2024 425 2025 404 Thereafter 1,172 Total lease payments 3,790 Less imputed interest (997) Total operating lease liabilities $ 2,793 Operating lease liabilities of $565 are included in accrued expenses long-term liabilities |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consists of the following as of: March 31, 2021 December 31, 2020 (unaudited) Accrued employee compensation and expenses $ 3,350 $ 3,946 Accrued professional service fees 747 358 Lease liability 565 675 Accrued insurance and taxes 577 442 Accrued interest 350 616 Accrued returns and rebates 82 129 Other 1,236 1,191 Total accrued expenses $ 6,907 $ 7,357 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following as of: March 31, 2021 December 31, 2020 (unaudited) Term loan facility $ 35,000 $ 35,000 PPP loan 2,824 2,824 Deferred interest 1,416 1,217 Deferred financing costs (1,130) (1,213) Less current portion (1,112) (636) Long-term debt $ 36,998 $ 37,192 Term Loan Facility In March 2019, the Company entered into a Term Loan Facility (the "Credit Agreement") with Solar Capital Ltd. ("Solar") to borrow $35,000. The Credit Agreement, as amended by the Seventh Amendment, provided a six-month extension of the interest only period and the maturity date if certain revenue milestones were achieved before December 2021. These revenue milestones were achieved as of March 31, 2021 and thus the Credit Agreement maturity was extended to March 1, 2025 with principal payments beginning in September 2022. The Credit Agreement bears interest at LIBOR, subject to a minimum floor, plus 7.5%. Principal payments are due on a straight-line basis after the interest-only period concludes. An additional 7.0% of the outstanding amount will be due at end of the loan term and an additional 5.5% fee will be due at the earlier of an Exit Event (as defined in the Credit Agreement) or if the Company achieves trailing twelve-month revenue of $100,000 before December 4, 2030. The Credit Agreement includes customary affirmative covenants, negative covenants and financial covenants, including a minimum liquidity requirement and minimum product revenues. In February 2021, the Eighth Amendment to the Credit Agreement established the revenue covenant requirements for 2021. As of March 31, 2021, the Company was in compliance with all financial covenants. PPP Loan In March 2020, the CARES Act was signed into law providing certain economic aid packages for qualified entities. In April 2020, the Company was granted a loan of $2,824 under the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) established under the CARES Act. The Loan matures on February 27, 2023 and bears interest at a rate of 1.0% per annum with equal interest and principal payments beginning on September 27, 2021. Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of the loan granted under the PPP, with such forgiveness to be determined, subject to limitations, based on the use of the loan proceeds for payment of payroll costs, rent, utilities, and interest on debt. In December 2020, the Company applied for the forgiveness of the full amount of the $2,824 loan from the SBA. The Company will continue to include this PPP loan within long-term debt until confirmation of forgiveness is received from the SBA. Interest expense on the Company's long term debt was $1,058 and $1,041 for the three months ended March 31, 2021 and 2020, respectively. Principal payments of the Company's long-term debt are as follows: 2021 $ 627 2022 6,550 2023 14,314 2024 14,000 2025 2,333 Thereafter — $ 37,824 |
Convertible Debt
Convertible Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Debt | Convertible Debt Convertible debt consists of the following as of: March 31, 2021 December 31, 2020 (unaudited) Convertible debt $ 20,445 $ 20,519 Deferred financing costs (1,082) (1,132) Total convertible debt $ 19,363 $ 19,387 In August 2019, the Company issued $20,000 aggregate principal amount of 6.0% convertible senior debentures due 2026 (the "Convertible Debt"), primarily to existing stockholders and officers of the Company. Interest on the Convertible Debt is payable semi-annually in shares of the Company's common stock on January 1 and July 1 of each year at a rate of 6.0% per year. The number of shares of common stock required to settle the amount of interest payable will be based on the volume-weighted average price ("VWAP") of the Company's common stock for the 10 consecutive trading days immediately preceding the applicable interest payment date. However, in the event that the trailing 10-trading day VWAP of the Company's common stock is less than $2.50 per share, interest accrued and payable for the applicable interest payment period will accrete to the principal amount then outstanding. The Convertible Debt will mature on August 12, 2026 unless earlier converted or repaid in accordance with its terms. In January 2021, the Company issued 161,184 shares of the Company's common stock to holders of the Convertible Debt in fulfillment of $572 of accrued interest as of December 31, 2020. As of March 31, 2021, accrued interest on the Convertible Debt is $350. The Convertible Debt converts, at the option of the holders, into shares of the Company's common stock at an initial conversion price of $3.25 per share, subject to adjustment. If the VWAP of the Company's common stock has been at least $9.75 (subject to adjustment) for at least 20 trading days during any 30 consecutive trading day period, the Company may force the conversion of all or any part of the outstanding principal amount of the Convertible Debt, accrued and unpaid interest and any other amounts then owing, subject to certain conditions. In February 2021, $74 of the Convertible Debt, including accrued interest was converted into 22,644 shares of common stock. Interest expense on the Convertible Debt was $357 and $378 for the three months ended March 31, 2021 and 2020, respectively. |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Warrants | WarrantsIn March 2021, 1,000,000 of pre-funded warrants were exercised into shares of common stock. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation A summary of the stock option activity as of March 31, 2021 is presented below. Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding, December 31, 2020 2,921,946 $ 3.86 7.6 years $ 1,664 Options granted 1,096,517 5.95 Options exercised (21,493) 2.81 Options forfeited (19,077) 4.56 Options outstanding, vested and expected to vest, March 31, 2021 3,977,893 $ 4.44 8.1 years $ 6,216 Options exercisable 1,389,467 $ 5.22 5.9 years $ 1,761 Shares subject to awards granted under the 2017 Plan which expire, are repurchased, or are canceled or forfeited will again become available for issuance under the 2017 Plan. The shares available will not be reduced by awards settled in cash or by shares withheld to satisfy tax withholding obligations. Only the net number of shares issued upon the exercise of options by means of a net exercise will be deducted from the shares available under the 2017 Plan. The fair value of stock option grants has been estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Three Months Ended Risk free interest rate 1.0% Expected dividend yield —% Estimated volatility 81.0% Expected life 6.1 years Additional information regarding options is as follows: Three Months Ended Weighted-average grant date fair value of options granted during the period $ 4.12 Aggregate intrinsic value of options exercised during the period $ 57 The aggregate intrinsic value in the tables above represents the total pre-tax value of the options shown, calculated as the difference between the Company’s closing stock price on March 31, 2021 and the exercise prices of the options shown, multiplied by the number of in-the money options. This is the aggregate amount that would have been received by the option holders if they had all exercised their options on March 31, 2021 and sold the shares thereby received at the closing price of the Company’s common stock on that date. This amount changes based on the closing price of the Company’s common stock. No options were granted during the three months ended March 31, 2020. In March 2021, the Company awarded 848,733 stock options to the Company’s chief executive officer in connection with the commencement of his employment. The option grant will vest over a period of four years, with one-quarter of the shares underlying the option vesting on the first anniversary of the grant date and the remainder vesting in equal monthly installments thereafter. Unrecognized compensation expense related to unvested options was approximately $6,248 at March 31, 2021, with a remaining amortization period of 3.3 years. A summary of the restricted stock unit and performance stock unit activity under the Company's Equity Plans as of March 31, 2021 is presented below. Units Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Unvested units, December 31, 2020 664,666 $ 2.55 $ 2,260 Restricted stock units and performance stock units granted 816,997 5.95 Restricted stock units vested (11,337) 6.58 Unvested units, March 31, 2021 1,470,326 $ 4.41 $ 8,101 In March 2021, the Company awarded 707,278 performance-based restricted stock units to the Company’s chief executive officer in connection with the commencement of his employment. The performance-based restricted stock units vest in four equal tranches upon the achievement of revenue for the trailing four quarters equal to $50,000, $65,000, $80,000, and $95,000, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes for the three months ended March 31, 2021 and 2020 primarily consists of foreign income taxes. The Company has established a valuation allowance due to uncertainties regarding the realization of deferred tax assets based on the Company's lack of earnings history and potential limitations pursuant to changes in ownership under Internal Revenue Code Section 382. As of March 31, 2021, the Company has no unrecognized tax benefits or accrued interest or penalties associated with uncertain tax positions. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The basic and diluted net loss per common share presented in the condensed consolidated statements of operations and comprehensive loss is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Potentially dilutive shares, which include warrants for the purchase of common stock, convertible debt, restricted stock units, and options outstanding under the Company's equity incentive plans, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. Potentially dilutive securities that are not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows (in common stock equivalent shares on a weighted-average basis): Three Months Ended March 31, 2021 2020 Warrants for common stock 15,617,335 1,204,371 Convertible debt 6,349,515 6,293,076 Common stock options 3,137,230 1,896,856 Restricted stock units 843,962 232,354 25,948,042 9,626,657 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying amounts of the Company's financial instruments, which primarily include cash, cash equivalents, and restricted cash, accounts receivable, accounts payable and accrued expenses, approximate their fair values due to their short maturities. The fair value of the Company's long-term debt and Convertible Debt is estimated by management to approximate $41,100 and $20,400, respectively at March 31, 2021. Management's estimates are based on comparisons of the characteristics of the Company's obligations, comparable ranges of interest rates on recently issued debt, and maturity. Such valuation inputs are considered a Level 3 measurement in the fair value valuation hierarchy. The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
Segment and Geographic Informat
Segment and Geographic Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic InformationOperating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company globally manages the business within one reportable segment. Segment information is consistent with how management reviews the business, makes investing and resource allocation decisions and assesses operating performance. Product sales by product group and geographic market, based on the location of the customer, whether the U.S. or outside the U.S. ("OUS") for the periods shown were as follows: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (unaudited) U.S. OUS Total Revenues % Total Revenues U.S. OUS Total Revenues % Total Revenues ESS $ 5,395 $ 3,244 $ 8,639 62.4 % $ 3,755 $ 3,077 $ 6,832 63.7 % IGB 1,470 3,493 4,963 35.8 % 898 2,628 3,526 32.9 % Other 242 13 255 1.8 % 327 33 360 3.4 % Total revenues $ 7,107 $ 6,750 $ 13,857 100.0 % $ 4,980 $ 5,738 $ 10,718 100.0 % % Total revenues 51.3 % 48.7 % 46.5 % 53.5 % Total distributor sales were 43.7% and 34.0% of total OUS revenues for the three months ended March 31, 2021 and 2020, respectively. In March 2020, the Company ceased its direct sales operations in Brazil and entered into a distributor agreement with a third party. Sales in the next largest individual country outside the U.S. were 6.8% and 8.1% of total revenues for the three months ended March 31, 2021 and 2020, respectively. The following table represents property, equipment and right-of-use assets based on the physical location of the asset: March 31, 2021 December 31, 2020 (unaudited) U.S. $ 1,984 $ 2,149 Costa Rica 3,489 3,641 Other 381 431 Total property, equipment and right-of-use assets, net $ 5,854 $ 6,221 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization and Business Description | Apollo Endosurgery, Inc. is a Delaware corporation with both domestic and foreign wholly-owned subsidiaries. Throughout these Notes, "Apollo" and the "Company" refer to Apollo Endosurgery, Inc. and its consolidated subsidiaries. Apollo is a medical technology company primarily focused on the development of next-generation, less invasive medical devices to advance gastrointestinal therapeutic endoscopy. The Company develops and distributes devices that are used by surgeons and gastroenterologists for a variety of procedures related to gastrointestinal conditions including closure of gastrointestinal defects, managing gastrointestinal complications and the treatment of obesity. The Company's core products include the OverStitch™ Endoscopic Suturing System, the OverStitch Sx™ Endoscopic Suturing System, X-Tack TM Endoscopic HeliX Tacking System (collectively "ESS") and the ORBERA® Intragastric Balloon ("IGB"). The Company has offices in the United Kingdom and Italy that oversee commercial activities outside the U.S. and a products manufacturing facility in Costa Rica. All other activities are managed and operated from facilities in Austin, Texas. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Net Loss Per Share | The basic and diluted net loss per common share presented in the condensed consolidated statements of operations and comprehensive loss is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Potentially dilutive shares, which include warrants for the purchase of common stock, convertible debt, restricted stock units, and options outstanding under the Company's equity incentive plans, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory consists of the following as of: March 31, 2021 December 31, 2020 (unaudited) Raw materials $ 2,745 $ 2,344 Work in progress 539 558 Finished goods 7,262 7,404 Total inventory $ 10,546 $ 10,306 |
Property, Equipment and Right_2
Property, Equipment and Right-of-Use Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property, equipment and right-of-use assets consists of the following: Depreciable Lives March 31, 2021 December 31, 2020 (unaudited) Equipment 5 years $ 7,476 $ 7,452 Right-of-use assets 1-5 years 4,028 4,031 Furniture, fixtures and tooling 4-8 years 2,375 2,156 Computer hardware 3-5 years 1,263 1,244 Leasehold improvements 3-7 years 1,743 1,744 Construction in process 470 466 17,355 17,093 Less accumulated depreciation (11,501) (10,872) Property, equipment and right-of-use assets $ 5,854 $ 6,221 |
Operating Lease Maturity | As of March 31, 2021, the maturities of the Company's operating lease liabilities are as follows: 2021 $ 729 2022 570 2023 490 2024 425 2025 404 Thereafter 1,172 Total lease payments 3,790 Less imputed interest (997) Total operating lease liabilities $ 2,793 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consists of the following as of: March 31, 2021 December 31, 2020 (unaudited) Accrued employee compensation and expenses $ 3,350 $ 3,946 Accrued professional service fees 747 358 Lease liability 565 675 Accrued insurance and taxes 577 442 Accrued interest 350 616 Accrued returns and rebates 82 129 Other 1,236 1,191 Total accrued expenses $ 6,907 $ 7,357 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following as of: March 31, 2021 December 31, 2020 (unaudited) Term loan facility $ 35,000 $ 35,000 PPP loan 2,824 2,824 Deferred interest 1,416 1,217 Deferred financing costs (1,130) (1,213) Less current portion (1,112) (636) Long-term debt $ 36,998 $ 37,192 |
Schedule of Maturities of Long-term Debt | Principal payments of the Company's long-term debt are as follows: 2021 $ 627 2022 6,550 2023 14,314 2024 14,000 2025 2,333 Thereafter — $ 37,824 |
Convertible Debt (Tables)
Convertible Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Debt | Convertible debt consists of the following as of: March 31, 2021 December 31, 2020 (unaudited) Convertible debt $ 20,445 $ 20,519 Deferred financing costs (1,082) (1,132) Total convertible debt $ 19,363 $ 19,387 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | A summary of the stock option activity as of March 31, 2021 is presented below. Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding, December 31, 2020 2,921,946 $ 3.86 7.6 years $ 1,664 Options granted 1,096,517 5.95 Options exercised (21,493) 2.81 Options forfeited (19,077) 4.56 Options outstanding, vested and expected to vest, March 31, 2021 3,977,893 $ 4.44 8.1 years $ 6,216 Options exercisable 1,389,467 $ 5.22 5.9 years $ 1,761 |
Schedule of Stock Options, Valuation Assumptions | The fair value of stock option grants has been estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Three Months Ended Risk free interest rate 1.0% Expected dividend yield —% Estimated volatility 81.0% Expected life 6.1 years |
Schedule of Other Stock Option Information | Additional information regarding options is as follows: Three Months Ended Weighted-average grant date fair value of options granted during the period $ 4.12 Aggregate intrinsic value of options exercised during the period $ 57 |
Schedule of Restricted Stock Unit Activity | A summary of the restricted stock unit and performance stock unit activity under the Company's Equity Plans as of March 31, 2021 is presented below. Units Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Unvested units, December 31, 2020 664,666 $ 2.55 $ 2,260 Restricted stock units and performance stock units granted 816,997 5.95 Restricted stock units vested (11,337) 6.58 Unvested units, March 31, 2021 1,470,326 $ 4.41 $ 8,101 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Loss Per Share | Potentially dilutive securities that are not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows (in common stock equivalent shares on a weighted-average basis): Three Months Ended March 31, 2021 2020 Warrants for common stock 15,617,335 1,204,371 Convertible debt 6,349,515 6,293,076 Common stock options 3,137,230 1,896,856 Restricted stock units 843,962 232,354 25,948,042 9,626,657 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Product Sales by Product Group and Geographic Market | Product sales by product group and geographic market, based on the location of the customer, whether the U.S. or outside the U.S. ("OUS") for the periods shown were as follows: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (unaudited) U.S. OUS Total Revenues % Total Revenues U.S. OUS Total Revenues % Total Revenues ESS $ 5,395 $ 3,244 $ 8,639 62.4 % $ 3,755 $ 3,077 $ 6,832 63.7 % IGB 1,470 3,493 4,963 35.8 % 898 2,628 3,526 32.9 % Other 242 13 255 1.8 % 327 33 360 3.4 % Total revenues $ 7,107 $ 6,750 $ 13,857 100.0 % $ 4,980 $ 5,738 $ 10,718 100.0 % % Total revenues 51.3 % 48.7 % 46.5 % 53.5 % |
Schedule of Long-Lived Assets by Geographic Area | The following table represents property, equipment and right-of-use assets based on the physical location of the asset: March 31, 2021 December 31, 2020 (unaudited) U.S. $ 1,984 $ 2,149 Costa Rica 3,489 3,641 Other 381 431 Total property, equipment and right-of-use assets, net $ 5,854 $ 6,221 |
Concentrations (Details)
Concentrations (Details) $ in Thousands | Mar. 31, 2021USD ($)bank | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Risks and Uncertainties [Abstract] | ||||
Number of banks | bank | 5 | |||
Cash and cash equivalents and restricted cash | $ | $ 32,648 | $ 37,200 | $ 24,039 | $ 30,921 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 2,745 | $ 2,344 |
Work in progress | 539 | 558 |
Finished goods | 7,262 | 7,404 |
Total inventory | 10,546 | $ 10,306 |
Consigned inventory | $ 137 |
Property, Equipment and Right_3
Property, Equipment and Right-of-Use Assets (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Right-of-use assets | $ 4,028,000 | $ 4,031,000 | |
Property and equipment, gross | 17,355,000 | 17,093,000 | |
Less accumulated depreciation | (11,501,000) | (10,872,000) | |
Property, equipment and right-of-use assets | 5,854,000 | 6,221,000 | |
Depreciation | 429,000 | $ 458,000 | |
Impairment charges | $ 0 | $ 0 | |
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives, Right of use assets | 1 year | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives, Right of use assets | 5 years | ||
Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 7,476,000 | 7,452,000 | |
Depreciable Lives | 5 years | ||
Furniture, fixtures and tooling | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 2,375,000 | 2,156,000 | |
Furniture, fixtures and tooling | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 4 years | ||
Furniture, fixtures and tooling | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 8 years | ||
Computer hardware | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 1,263,000 | 1,244,000 | |
Computer hardware | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 3 years | ||
Computer hardware | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 5 years | ||
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 1,743,000 | 1,744,000 | |
Leasehold improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 3 years | ||
Leasehold improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable Lives | 7 years | ||
Construction in process | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 470,000 | $ 466,000 |
Property, Equipment and Right_4
Property, Equipment and Right-of-Use Assets (Lease Maturity) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Property, Plant and Equipment [Abstract] | |
2021 | $ 729 |
2022 | 570 |
2023 | 490 |
2024 | 425 |
2025 | 404 |
Thereafter | 1,172 |
Total lease payments | 3,790 |
Less imputed interest | (997) |
Total operating lease liabilities | $ 2,793 |
Property, Equipment and Right_5
Property, Equipment and Right-of-Use Assets (Lease Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Operating lease, current | $ 565 | $ 675 | |
Operating lease, current, financial statement location | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | |
Operating lease, noncurrent | $ 2,228 | ||
Operating lease, noncurrent, financial statement location | us-gaap:OtherLiabilitiesNoncurrent | ||
Cash paid within operating cash flows for operating leases | $ 267 | $ 294 | |
Weighted average remaining lease term | 4 years 9 months 18 days | ||
Weighted average discount rate, percent | 8.90% |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued employee compensation and expenses | $ 3,350 | $ 3,946 |
Accrued professional service fees | 747 | 358 |
Lease liability | 565 | 675 |
Accrued insurance and taxes | 577 | 442 |
Accrued interest | 350 | 616 |
Accrued returns and rebates | 82 | 129 |
Other | 1,236 | 1,191 |
Total accrued expenses | $ 6,907 | $ 7,357 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Debt Instrument [Line Items] | |||
Deferred financing costs | $ (1,130) | $ (1,213) | |
Less current portion | (1,112) | (636) | |
Long-term debt | 36,998 | 37,192 | |
Deferred interest | |||
Debt Instrument [Line Items] | |||
Long-term debt | 1,416 | 1,217 | |
PPP loan | |||
Debt Instrument [Line Items] | |||
Long-term debt | 2,824 | $ 2,824 | |
Term loan facility | Term loan facility | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 35,000 | $ 35,000 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||
Line of credit | $ 37,824,000 | |||
Interest expense | 1,058,000 | $ 1,041,000 | ||
PPP loan | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 2,824,000 | $ 2,824,000 | ||
Interest rate | 1.00% | |||
Term loan facility | Term loan facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit | $ 35,000,000 | |||
Percent of outstanding amount due | 7.00% | |||
Commitment fee percentage | 5.50% | |||
Twelve month revenue amount | $ 100,000 | |||
Long-term debt | $ 35,000,000 | $ 35,000,000 | ||
Term loan facility | Term loan facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 7.50% |
Long-Term Debt (Schedule of Mat
Long-Term Debt (Schedule of Maturity of Long-term Debt) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 627 |
2022 | 6,550 |
2023 | 14,314 |
2024 | 14,000 |
2025 | 2,333 |
Thereafter | 0 |
Line of credit | $ 37,824 |
Convertible Debt (Schedule of C
Convertible Debt (Schedule of Convertible Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (1,130) | $ (1,213) |
Long-term debt | 36,998 | 37,192 |
Convertible debt | ||
Debt Instrument [Line Items] | ||
Convertible debt | 20,445 | 20,519 |
Deferred financing costs | (1,082) | (1,132) |
Long-term debt | $ 19,363 | $ 19,387 |
Convertible Debt (Narrative) (D
Convertible Debt (Narrative) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Feb. 28, 2021USD ($)shares | Jan. 31, 2021shares | Aug. 31, 2019USD ($)d$ / shares | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||||||
Accrued interest | $ 350 | $ 616 | ||||
Conversion of convertible debt | $ 74 | |||||
Interest expense | 1,058 | $ 1,041 | ||||
Common Stock | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of common stock for convertible debt interest (in shares) | shares | 22,644 | |||||
Convertible debt | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from convertible debt | $ 20,000 | |||||
Interest rate | 6.00% | |||||
Stock price (USD per share) | $ / shares | $ 2.50 | |||||
Issuance of common stock for convertible debt interest (in shares) | shares | 161,184 | |||||
Fulfillment of accrued interest | $ 572 | |||||
Interest expense | $ 357 | $ 378 | ||||
Convertible debt | Conversion Ratio Less Than 2.50 | ||||||
Debt Instrument [Line Items] | ||||||
Consecutive trading days (in days) | d | 10 | |||||
Convertible debt | Conversion Ratio Of 3.25 | ||||||
Debt Instrument [Line Items] | ||||||
Consecutive trading days (in days) | d | 30 | |||||
Conversion price (USD per share) | $ / shares | $ 3.25 | |||||
Stock price trigger (USD per share) | $ / shares | $ 9.75 | |||||
Trading days (in days) | d | 20 |
Warrants (Details)
Warrants (Details) | Mar. 31, 2021shares |
Warrant | |
Class of Warrant or Right [Line Items] | |
Issued warrants to purchase shares, number of shares (in shares) | 1,000,000 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Activity) (Details) - Stock Option - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Options | |||
Options outstanding, beginning balance (in shares) | 2,921,946 | ||
Options granted (in shares) | 1,096,517 | 0 | |
Options exercised (in shares) | (21,493) | ||
Options forfeited (in shares) | (19,077) | ||
Options vested and expected to vest (in shares) | 3,977,893 | ||
Options exercisable (in shares) | 1,389,467 | ||
Weighted Average Exercise Price | |||
Weighted average exercise price, beginning balance (in USD per share) | $ 3.86 | ||
Options granted (in USD per share) | $ 5.95 | ||
Options exercised (in USD per share) | 2.81 | ||
Options forfeited (in USD per share) | 4.56 | ||
Options vested and expected to vest (in USD per share) | 4.44 | ||
Options exercisable (in USD per share) | $ 5.22 | ||
Weighted Average Remaining Contractual Term | |||
Weighted Average Remaining Contractual Term | 7 years 7 months 6 days | ||
Options vested and expected to vest | 8 years 1 month 6 days | ||
Options exercisable | 5 years 10 months 24 days | ||
Aggregate Intrinsic Value | |||
Aggregate intrinsic value | $ 1,664 | ||
Options vested and expected to vest | $ 6,216 | ||
Options exercisable | $ 1,761 |
Stock-Based Compensation (Fair
Stock-Based Compensation (Fair Value of Stock Options) (Details) - Stock Option | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk free interest rate | 1.00% |
Expected dividend yield | 0.00% |
Estimated volatility | 81.00% |
Expected life | 6 years 1 month 6 days |
Stock-Based Compensation (Addit
Stock-Based Compensation (Additional Information) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2021USD ($)trancheshares | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to unvested options | $ 6,248 | $ 6,248 | |
Remaining amortization period | 3 years 3 months 18 days | ||
Common stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value of options granted during period (in USD per share) | $ / shares | $ 4.12 | ||
Aggregate intrinsic value of options exercised during the period | $ 57 | ||
Options granted (in shares) | shares | 1,096,517 | 0 | |
Common stock options | Chief Executive Officer | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted (in shares) | shares | 848,733 | ||
Vesting period | 4 years | ||
Vesting percentage | 25.00% | ||
Restricted stock units and Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining amortization period | 2 years | ||
Restricted stock units and Performance shares | Chief Executive Officer | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted (in shares) | shares | 707,278 | ||
Number of tranches | tranche | 4 | ||
Restricted stock units and Performance shares | Chief Executive Officer | Quarter one | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Amount vested | $ 50,000 | ||
Restricted stock units and Performance shares | Chief Executive Officer | Quarter two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Amount vested | 65,000 | ||
Restricted stock units and Performance shares | Chief Executive Officer | Quarter three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Amount vested | 80,000 | ||
Restricted stock units and Performance shares | Chief Executive Officer | Quarter four | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Amount vested | 95,000 | ||
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to unvested restricted stock units | 1,726 | $ 1,726 | |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to unvested restricted stock units | $ 4,052 | $ 4,052 |
Stock-Based Compensation(Restri
Stock-Based Compensation(Restricted Stock Units Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Restricted stock units and Performance shares | ||
Units | ||
Restricted stock units and performance stock units granted (shares) | 816,997 | |
Weighted Average Grant Date Fair Value | ||
Restricted stock units and performance stock units granted (USD per share) | $ 5.95 | |
Restricted stock units | ||
Units | ||
Unvested Units (shares) | 664,666 | |
Restricted stock units vested (shares) | (11,337) | |
Unvested Units (shares) | 1,470,326 | |
Weighted Average Grant Date Fair Value | ||
Unvested Units (USD per share) | $ 2.55 | |
Restricted stock units vested (USD per share) | 6.58 | |
Unvested Units (USD per share) | $ 4.41 | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value | $ 8,101 | $ 2,260 |
Income Taxes (Details)
Income Taxes (Details) | Mar. 31, 2021USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $ 0 |
Accrued interest | 0 |
Tax penalties | $ 0 |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted loss per share (in shares) | 25,948,042 | 9,626,657 |
Warrants for common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted loss per share (in shares) | 15,617,335 | 1,204,371 |
Convertible debt | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted loss per share (in shares) | 6,349,515 | 6,293,076 |
Common stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted loss per share (in shares) | 3,137,230 | 1,896,856 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted loss per share (in shares) | 843,962 | 232,354 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value of long-term debt | $ 41,100 |
Convertible debt, fair value | $ 20,400 |
Segment and Geographic Inform_3
Segment and Geographic Information (Segment Information) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 1 | |
Revenue, Major Customer [Line Items] | ||
Revenues | $ 13,857 | $ 10,718 |
Segment Revenue | Product Risk | ||
Revenue, Major Customer [Line Items] | ||
Percentage of revenue or sales | 100.00% | 100.00% |
U.S. | ||
Revenue, Major Customer [Line Items] | ||
Revenues | $ 7,107 | $ 4,980 |
U.S. | Segment Revenue | Product Risk | ||
Revenue, Major Customer [Line Items] | ||
Percentage of revenue or sales | 51.30% | 46.50% |
OUS | ||
Revenue, Major Customer [Line Items] | ||
Revenues | $ 6,750 | $ 5,738 |
OUS | Segment Revenue | Product Risk | ||
Revenue, Major Customer [Line Items] | ||
Percentage of revenue or sales | 48.70% | 53.50% |
OUS | Distributor Sales | Product Risk | ||
Revenue, Major Customer [Line Items] | ||
Percentage of revenue or sales | 43.70% | 34.00% |
Non-US, Next Largest Single Country | Distributor Sales | Product Risk | ||
Revenue, Major Customer [Line Items] | ||
Percentage of revenue or sales | 6.80% | 8.10% |
ESS | ||
Revenue, Major Customer [Line Items] | ||
Revenues | $ 8,639 | $ 6,832 |
ESS | Segment Revenue | Product Risk | ||
Revenue, Major Customer [Line Items] | ||
Percentage of revenue or sales | 62.40% | 63.70% |
ESS | U.S. | ||
Revenue, Major Customer [Line Items] | ||
Revenues | $ 5,395 | $ 3,755 |
ESS | OUS | ||
Revenue, Major Customer [Line Items] | ||
Revenues | 3,244 | 3,077 |
IGB | ||
Revenue, Major Customer [Line Items] | ||
Revenues | $ 4,963 | $ 3,526 |
IGB | Segment Revenue | Product Risk | ||
Revenue, Major Customer [Line Items] | ||
Percentage of revenue or sales | 35.80% | 32.90% |
IGB | U.S. | ||
Revenue, Major Customer [Line Items] | ||
Revenues | $ 1,470 | $ 898 |
IGB | OUS | ||
Revenue, Major Customer [Line Items] | ||
Revenues | 3,493 | 2,628 |
Other | ||
Revenue, Major Customer [Line Items] | ||
Revenues | $ 255 | $ 360 |
Other | Segment Revenue | Product Risk | ||
Revenue, Major Customer [Line Items] | ||
Percentage of revenue or sales | 1.80% | 3.40% |
Other | U.S. | ||
Revenue, Major Customer [Line Items] | ||
Revenues | $ 242 | $ 327 |
Other | OUS | ||
Revenue, Major Customer [Line Items] | ||
Revenues | $ 13 | $ 33 |
Segment and Geographic Inform_4
Segment and Geographic Information (Long-Lived Assets by Geographic Area) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property, equipment and right-of-use assets, net | $ 5,854 | $ 6,221 |
U.S. | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property, equipment and right-of-use assets, net | 1,984 | 2,149 |
Costa Rica | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property, equipment and right-of-use assets, net | 3,489 | 3,641 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property, equipment and right-of-use assets, net | $ 381 | $ 431 |