Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | MYO | |
Entity Registrant Name | MYOMO, INC. | |
Entity Central Index Key | 0001369290 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 5,729,697 | |
Entity File Number | 001-38109 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Tax Identification Number | 47-0944526 | |
Entity Address, Address Line One | 137 Portland St. | |
Entity Address, Address Line Two | 4th Floor | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02114 | |
City Area Code | 617 | |
Local Phone Number | 996-9058 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Security Exchange Name | NYSEAMER | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 13,772,464 | $ 12,241,261 |
Accounts receivable, net | 1,132,078 | 924,916 |
Inventories, net | 728,638 | 707,114 |
Prepaid expenses and other | 999,027 | 572,684 |
Total Current Assets | 16,632,207 | 14,445,975 |
Equipment, net | 320,238 | 95,023 |
Operating lease assets with right-of-use | 756,221 | 168,784 |
Total Assets | 17,708,666 | 14,709,782 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 2,899,948 | 2,848,904 |
Current operating lease liability | 319,624 | 18,289 |
Deferred revenue | 2,512 | |
Total Current Liabilities | 3,219,572 | 2,869,705 |
Non-current operating lease liability | 562,887 | 155,148 |
Deferred revenue | 1,495 | 1,495 |
Other long-term liabilities | 113,423 | 118,060 |
Total Liabilities | 3,897,377 | 3,144,408 |
Commitments and Contingencies | ||
Stockholders’ Equity: | ||
Preferred stock, $0.0001 par value; 15,000,000 shares authorized; no shares issued or outstanding | ||
Common stock par value $0.0001 per share 60,000,000 shares authorized; 5,700,895 and 4,593,184 shares issued as of June 30, 2021 and December 31, 2020, respectively, and 5,700,868 and 4,593,157 shares outstanding as of June 30, 2021 and December 31, 2020, respectively. | 570 | 457 |
Additional paid-in capital | 87,091,409 | 79,273,964 |
Accumulated other comprehensive loss | (2,224) | (12,690) |
Accumulated deficit | (73,272,002) | (67,689,893) |
Treasury stock, 27 shares at cost | (6,464) | (6,464) |
Total Stockholders’ Equity | 13,811,289 | 11,565,374 |
Total Liabilities and Stockholders’ Equity | $ 17,708,666 | $ 14,709,782 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 5,700,895 | 4,593,184 |
Common stock, shares outstanding | 5,700,868 | 4,593,157 |
Treasury shares at cost | 27 | 27 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 3,104,294 | $ 858,590 | $ 5,440,783 | $ 1,866,735 |
Cost of revenue | 901,566 | 418,862 | 1,524,718 | 737,513 |
Gross margin | 2,202,728 | 439,728 | 3,916,065 | 1,129,222 |
Operating expenses: | ||||
Research and development | 600,116 | 397,811 | 1,126,083 | 904,764 |
Selling, general and administrative | 4,202,244 | 2,890,464 | 8,322,047 | 6,495,432 |
Total operating expenses | 4,802,360 | 3,288,275 | 9,448,130 | 7,400,196 |
Loss from operations | (2,599,632) | (2,848,547) | (5,532,065) | (6,270,974) |
Other expense (income) | ||||
Change in fair value of derivative liabilities | (39,717) | (121,818) | ||
Interest income and other expense, net | 6,018 | 88,915 | 6,137 | 224,124 |
Non-cash interest expense, debt discount | 40,025 | 206,668 | ||
Loss on extinguishment of debt | 348,079 | 507,281 | ||
Total other expense (income) | 6,018 | 437,302 | 6,137 | 816,255 |
Loss before income taxes | (2,605,650) | (3,285,849) | (5,538,202) | (7,087,229) |
Income tax expense | 15,665 | 1,085 | 43,907 | 1,698 |
Net loss | (2,621,315) | (3,286,934) | (5,582,109) | (7,088,927) |
Deemed dividend on repricing of warrants | (670,632) | |||
Net loss attributable to common stockholders | $ (2,621,315) | $ (3,286,934) | $ (5,582,109) | $ (7,759,559) |
Weighted average number of common shares outstanding: | ||||
Basic and diluted | 5,639,524 | 2,932,570 | 5,416,708 | 2,376,332 |
Net loss per share attributable to common stockholders | ||||
Basic and diluted | $ (0.46) | $ (1.12) | $ (1.03) | $ (3.27) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (2,621,315) | $ (3,286,934) | $ (5,582,109) | $ (7,088,927) |
Other comprehensive income, net of tax: | ||||
Foreign currency translation gain | 2,413 | 10,466 | ||
Other comprehensive income | 2,413 | 10,466 | ||
Comprehensive loss | $ (2,618,902) | $ (3,286,934) | $ (5,571,643) | $ (7,088,927) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-in Capital | Comprehensive Loss | Accumulated Deficit | Treasury Stock |
Beginning balance at Dec. 31, 2019 | $ 1,824,708 | $ 57 | $ 57,957,097 | $ (56,125,982) | $ (6,464) | |
Beginning balance, shares at Dec. 31, 2019 | 574,524 | 27 | ||||
Proceeds of public offering, net offering costs | 13,475,535 | $ 166 | 13,475,369 | |||
Proceeds of public offering, net offering costs, shares | 1,660,000 | |||||
Proceeds from issuance of pre-funded warrants in conjunction with public offering | 48 | $ 48 | ||||
Proceeds from issuance of pre-funded warrants in conjunction with public offering, shares | 483,000 | |||||
Exercise of warrants | 161,250 | $ 10 | 161,240 | |||
Exercise of warrants, shares | 96,169 | |||||
Exercise of stock options, shares | 61 | |||||
Common stock issued upon vesting of restricted stock units, Shares | 1,033 | |||||
Restricted stock vested, shares | 16 | |||||
Adjustment due to reverse stock split | (69) | |||||
Stock-based compensation | 123,209 | 123,209 | ||||
Net loss | (3,801,993) | (3,801,993) | ||||
Ending balance at Mar. 31, 2020 | 11,782,757 | $ 281 | 71,716,915 | (59,927,975) | $ (6,464) | |
Ending balance, shares at Mar. 31, 2020 | 2,814,734 | 27 | ||||
Beginning balance at Dec. 31, 2019 | 1,824,708 | $ 57 | 57,957,097 | (56,125,982) | $ (6,464) | |
Beginning balance, shares at Dec. 31, 2019 | 574,524 | 27 | ||||
Net loss | (7,088,927) | |||||
Ending balance at Jun. 30, 2020 | 10,053,258 | $ 322 | 73,274,309 | (59,927,975) | $ (6,464) | |
Ending balance, shares at Jun. 30, 2020 | 3,223,876 | 27 | ||||
Beginning balance at Mar. 31, 2020 | 11,782,757 | $ 281 | 71,716,915 | (59,927,975) | $ (6,464) | |
Beginning balance, shares at Mar. 31, 2020 | 2,814,734 | 27 | ||||
Proceeds from issuances under at-market sales facility, net of offering costs | 542,586 | $ 18 | 542,568 | |||
Proceeds from issuances under at-market sales facility, net of offering costs, shares | 179,828 | |||||
Issuances of common stock to repay debt | 910,420 | $ 23 | 910,397 | |||
Issuances of common stock to repay debt, shares | 224,414 | |||||
Exercise of warrants, shares | 500 | |||||
Exercise of stock options | 3 | 3 | ||||
Exercise of stock options, shares | 62 | |||||
Common stock issued upon vesting of restricted stock units | $ (1,855) | (1,855) | ||||
Common stock issued upon vesting of restricted stock units, Shares | 4,237 | |||||
Restricted stock vested, shares | 489 | 101 | ||||
Stock-based compensation | $ 106,281 | 106,281 | ||||
Net loss | (3,286,934) | (3,286,934) | ||||
Ending balance at Jun. 30, 2020 | 10,053,258 | $ 322 | 73,274,309 | (59,927,975) | $ (6,464) | |
Ending balance, shares at Jun. 30, 2020 | 3,223,876 | 27 | ||||
Beginning balance at Dec. 31, 2020 | 11,565,374 | $ 457 | 79,273,964 | $ (12,690) | (67,689,893) | $ (6,464) |
Beginning balance, shares at Dec. 31, 2020 | 4,593,184 | 27 | ||||
Exercise of warrants | 7,288,275 | $ 102 | 7,288,173 | |||
Exercise of warrants, shares | 999,445 | |||||
Common stock issued upon vesting of restricted stock units | $ 1 | (1) | ||||
Common stock issued upon vesting of restricted stock units, Shares | 11,397 | |||||
Restricted stock vested, shares | 10 | |||||
Stock-based compensation | 165,971 | 165,971 | ||||
Unrealized gain on foreign currency | 8,323 | 8,323 | ||||
Net loss | (2,960,794) | (2,960,794) | ||||
Ending balance at Mar. 31, 2021 | 16,067,149 | $ 560 | 86,728,107 | (4,367) | (70,650,687) | $ (6,464) |
Ending balance, shares at Mar. 31, 2021 | 5,604,036 | 27 | ||||
Beginning balance at Dec. 31, 2020 | 11,565,374 | $ 457 | 79,273,964 | (12,690) | (67,689,893) | $ (6,464) |
Beginning balance, shares at Dec. 31, 2020 | 4,593,184 | 27 | ||||
Net loss | (5,582,109) | |||||
Ending balance at Jun. 30, 2021 | 13,811,289 | $ 570 | 87,091,409 | (2,224) | (73,272,002) | $ (6,464) |
Ending balance, shares at Jun. 30, 2021 | 5,700,895 | 27 | ||||
Beginning balance at Mar. 31, 2021 | 16,067,149 | $ 560 | 86,728,107 | (4,367) | (70,650,687) | $ (6,464) |
Beginning balance, shares at Mar. 31, 2021 | 5,604,036 | 27 | ||||
Common stock issued upon vesting of restricted stock units | $ 10 | (10) | ||||
Common stock issued upon vesting of restricted stock units, Shares | 96,849 | |||||
Restricted stock vested, shares | 10 | |||||
Stock-based compensation | 363,312 | 363,312 | ||||
Unrealized gain on foreign currency | 2,143 | 2,143 | ||||
Net loss | (2,621,315) | (2,621,315) | ||||
Ending balance at Jun. 30, 2021 | $ 13,811,289 | $ 570 | $ 87,091,409 | $ (2,224) | $ (73,272,002) | $ (6,464) |
Ending balance, shares at Jun. 30, 2021 | 5,700,895 | 27 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Offering cost from sale of stock | $ 1,499,370 | $ 29,277 | |
Net withheld for employee taxes | 489 | ||
At-market Sales Facility [Member] | |||
Offering cost from sale of stock | $ 131,976 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (5,582,109) | $ (7,088,927) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation | 58,329 | 53,021 |
Stock-based compensation | 529,283 | 229,490 |
Bad debt expense | 45,839 | |
Non-cash interest expense, debt discount | 206,668 | |
Amortization of original issue discount | 66,653 | 143,026 |
Loss on extinguishment of debt | 507,281 | |
Change in fair value of derivative liabilities | (121,818) | |
Loss on disposal of asset | 202 | 177 |
Other non-cash charges | 1,772 | (2,981) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (194,455) | 67,931 |
Inventories | (28,200) | (243,336) |
Prepaid expenses and other current assets | (426,749) | (100,127) |
Other assets | 57,987 | |
Accounts payable and accrued expenses | 17,926 | 51,292 |
Operating lease liabilities | 54,983 | |
Deferred revenue | (2,512) | 5,787 |
Other liabilities | (4,637) | 77,892 |
Net cash used in operating activities | (5,509,514) | (6,110,798) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of equipment | (247,644) | (7,878) |
Net cash used in investing activities | (247,644) | (7,878) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayment of debt | (1,703,552) | |
Payment of prepayment penalty on debt | (255,533) | |
Net settlement of vested restricted stock units to fund related employee statutory tax withholding | (1,855) | |
Proceeds from exercise of stock options | 3 | |
Proceeds from exercise of warrants | 7,288,275 | 161,298 |
Proceeds from issuance under at-market sales facility | 674,562 | |
Proceeds from public offering | 13,504,812 | |
Proceeds from payment of grants | 1,208 | 6,928 |
Net cash provided by financing activities | 7,289,483 | 12,386,663 |
Effect of foreign exchange rate changes on cash | (1,122) | (23) |
Net increase in cash, cash equivalents and restricted cash | 1,531,203 | 6,267,964 |
Cash, cash equivalents and restricted cash, beginning of period | 12,241,261 | 4,540,455 |
Cash, cash equivalents and restricted cash, end of period | 13,772,464 | 10,808,419 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Right of use assets obtained in exchange for lease liabilities | 654,091 | |
Property and equipment included in accounts payable and in accrued expenses and other liabilities | $ 36,102 | |
Inventory capitalized as sales demo equipment | 2,743 | |
Sales Demo equipment transferred to rental inventory | 2,514 | |
Deferred issuance costs to additional paid-in capital paid in prior period | 161,253 | |
Issuance of common stock for debt | $ 910,420 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | Note 1 — Description of Business Myomo Inc. (“Myomo” or the Company”) is a wearable medical robotics company that develops, designs, and produces myoelectric orthotics for people with neuromuscular disorders. The MyoPro ® myoelectric upper limb orthosis product is registered with the U.S. Food and Drug Administration as a Class II medical device. The Company sells its products directly to patients, to orthotics and prosthetics (O&P) providers, the Veterans Health Administration, rehabilitation hospitals, and through distributors. Liquidity The Company incurred net losses of approximately $5.6 million and $7.1 million during the six months ended June 30, 2021 and 2020, respectively. The Company’s operating plans are primarily focused on scaling up its operations, increasing the proportion of patients carrying commercial health insurance with payers that have historically reimbursed for the Company’s products and continued work with the Centers for Medicare and Medicaid Services, or CMS, and their administrative contractors regarding reimbursement of its products. In addition, the Company believes that it has access to capital resources through payment of a license fee associated with the Company’s entry into a joint venture and technology license agreement with Beijing Ryzur Medical Investment Co., Ltd., possible public or private equity offerings, including sales of common stock through its At-Market Sales Facility (“ATM”), exercises of outstanding warrants, debt financings, or other means. Debt financing may require the Company to pledge other assets and enter into covenants that could restrict certain business activities or its ability to incur further indebtedness; and may contain other terms that are not favorable to the Company or its stockholders. Based on the Company’s cash balance of approximately $13.8 million as of June 30, 2021 and its expected cash flows, the Company believes that its available cash will fund its operations for at least the next 12 months from issuance date of these financials. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Interim Financial Statements The accompanying unaudited condensed consolidated financial statements and notes are representations of the Company’s management, who are responsible for their integrity and objectivity. These statements have been prepared in accordance with GAAP for interim financial information pursuant to Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for annual financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) that are considered necessary for a fair presentation of the condensed consolidated financial statements of the Company as of June 30, 2021 and for the three and six months ended June 30, 2021. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results for the fiscal year ending December 31, 2021, or any other period. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and related disclosures of the Company as of December 31, 2020 and 2019 and for the years then ended, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Myomo Europe GmbH. All significant intercompany balances and transactions are eliminated. Comprehensive Loss Comprehensive loss inclu des all changes in equity during a period, except those resulting from investments by stockholders and distributions to stockholders. The Company's comprehensive loss includes changes in foreign currency translation adjustments. There were no reclassifications out of accumulated other comprehensive loss in the three and six months ended June 30, 2021 and 2020. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect certain reported amounts and disclosures. These estimates and assumptions are reviewed on an on-going basis and updated as appropriate. Actual results could differ from these estimates. The Company’s significant estimates include the allowance for doubtful accounts, deferred tax valuation allowances and warranty obligations. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist principally of deposit accounts and money market accounts at June 30, 2021 and December 31, 2020. Accounts Payable and Other Accrued Expenses: June 30, 2021 December 31, 2020 Trade payables $ 612,497 $ 180,499 Accrued compensation and benefits 1,318,501 1,843,402 Accrued professional services 139,709 92,399 Deferred payroll taxes under CARES Act 113,423 118,060 Warranty reserve 157,225 119,713 Other 558,593 494,831 $ 2,899,948 $ 2,848,904 Revenue Recognition Revenues under ASC 606 and related amendments (Topic 606) are required to be recognized either at a “point in time” or “over time,” depending on the facts and circumstances of the arrangement, and are evaluated using a five-step model. The Company recognizes revenue after applying the following five steps: 1) Identification of the contract, or contracts, with a customer, 2) Identification of the performance obligations in the contract, including whether they are distinct within the context of the contract 3) Determination of the transaction price, including the constraint on variable consideration 4) Allocation of the transaction price to the performance obligations in the contract 5) Recognition of revenue when, or as, performance obligations are satisfied Revenue is recognized when control of these services is transferred to our customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Increasingly, the Company derives its revenue from direct billing. The Company also derives revenue from the sale of its products to O&P providers in the United States and internationally, the VA and rehabilitation hospitals. Under direct billing, the Company recognizes revenue when all of the following criteria are met: (i) The product has been delivered to the patient, including completion of initial instruction on its use. (ii) Collection is deemed probable and it has been determined that a significant reversal of the revenue to be recognized is not deemed probable when the uncertainty associated with the variable consideration is resolved. As an example, the Company will record revenue if it notified that insurance intends to pay and a payment amount is provided. (iii) The amount to be collected is estimable using the “expected value” estimation techniques, or the “most likely amount” as defined in ASC 606. For revenue derived from certain insurance companies where the Company has demonstrated sufficient payment history, the Company recognizes revenue when it receives a pre-authorization from the insurance company and control passes to the patient upon delivery of the device in an amount the reflects the consideration the Company expects to receive in exchange for the device. During the fourth quarter of 2020, the Company made such a determination for certain insurers. These insurers represented 40% and 38% hof direct billing channel revenue during the three and six months ended June 30, 2021. Depending on the timing of product deliveries to customers, which is when cost of revenue must be recorded, and when the Company meets the criteria to record revenue, there may be fluctuations in gross margin. During the three months ended June 30, 2021 and 2020, the Company recognized revenue of approximately $397,100 and $151,800, respectively, and during the six months ended June 30, 2021 and 2020, the Company recognized revenue of approximately $1,489,700 and $541,300, respectively, from O&P providers or third-party payers for which costs related to the completion of the Company’s performance obligations were recorded in a prior period. For revenues derived from O&P providers, the VA and rehabilitation hospitals, the Company recognizes revenue when control passes to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those services. Revenues may be recognized upon shipment or upon delivery, depending on the terms of the arrangement, provided that persuasive evidence of an arrangement exists, there are no uncertainties regarding customer acceptance and collectability is deemed probable. In certain cases, the Company ships its products to O&P providers pending reimbursement from non-government, third party payers. As a result of this arrangement, elements of the revenue recognition criteria have not been met upon shipment. In this instance, the Company recognizes revenue when the amount is estimable and the Company determines it is probable that payment will be received. In many cases, the Company is not able to recognize revenue in these situations until payment is received, as then all of the revenue recognition criteria have been met. The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or cost of revenue. Contract Balances The timing of revenue recognition may differ from the timing of payment by customers. The Company records a receivable when revenue is recognized prior to payment and there is an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. The Company had approximately $1,500 and $4,000 deferred revenue as of June 30, 2021 and December 31, 2020. Disaggregated Revenue from Contracts with Customers The following table presents revenue by major source: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Clinical/Medical providers $ 804,165 $ 433,180 $ 1,413,724 $ 821,069 Direct to patient 2,300,129 425,410 4,027,059 1,045,666 Total revenue from contracts with customer $ 3,104,294 $ 858,590 $ 5,440,783 $ 1,866,735 Cost of Revenue In conjunction with the adoption of ASC 606, there are certain cases in which the Company will expense costs when incurred as required by ASC 340-40-25. In certain cases, the Company ships the MyoPro device to O&P providers, or provides the device directly to patients, pending reimbursement from third-party payers. Under ASC 340-40-25, this inventory is expensed to cost of revenue as of the date of shipment. Under direct billing, fees paid to O&P providers for services they provide in conjunction with patient evaluations are expensed as incurred as required by ASC 340-40-25, as a cost of obtaining a contract. These costs are recorded as sales and marketing expense. Internal costs incurred and fees paid to O&P providers to cast, fit and deliver the device to patients are expensed to cost of revenue upon delivery to the patient. Foreign Currency Translation The functional currency of the Company’s foreign subsidiary, Myomo Europe GmbH, is the Euro during the three and six months ended June 30, 2021. Net foreign currency gains and losses during the three and six months ended June 30, 2021 were immaterial and included in accumulated other comprehensive loss in the condensed consolidated balance sheet. Foreign exchange transaction gains and losses are included in net loss. Foreign exchange translation gains and losses from the functional currency, the Euro, to U.S. dollars are captured in other comprehensive loss. During the three and six months ended June 30, 2020, the functional currency of Myomo Europe GmbH was the U.S dollar. Net foreign currency gains and losses during the three and six months ended June 30, 2020 were immaterial and included in interest (income) expense and other expense, net, in the condensed consolidated statement of operations. The balance sheet is translated using the spot rate on the day of reporting and the income statement is translated monthly using the average rate for the month. Net Loss per Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus potentially dilutive common shares. If present, convertible debt, preferred stock, restricted stock, restricted stock units, stock options and warrants are excluded from the diluted net loss per share calculation when their impact is antidilutive. The Company reported a net loss for the three and six months ended June 30, 2021 and 2020, and as a result, all potentially dilutive common shares are considered antidilutive for these periods. Potential common shares issuable consist of the following at: June 30, 2021 2020 Stock options 29,326 20,610 Restricted stock units 299,484 37,295 Restricted stock 10 459 Stock warrants 1,709,441 2,482,235 Total 2,038,261 2,540,599 Recent Accounting Standards In December 2019, the FASB issued ASU 2019-12 “Income Taxes (Topic 740) -- Simplifying the Accounting for Income Taxes. This ASU modifies certain provisions of ASC 740 to simplify the accounting for income taxes. The amendments in ASU 2019-12 are effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. Subsequent Events The Company evaluates whether there have been subsequent events through the date the financial statements were issued and determines whether subsequent events that would require recognition in the financial statements or disclosure in the notes to the financial statements. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3 — Inventories Inventories consist of the following at: June 30, 2021 December 31, 2020 Finished goods $ 111,997 $ 40,682 Work in process 35,000 18,000 Rental units 62,531 62,531 Parts and subassemblies 547,112 603,443 756,640 724,656 Less: reserve for rental units (28,002 ) (17,542 ) Inventories, net $ 728,638 $ 707,114 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 4 — Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”), which defines fair value, establishes a framework for measuring fair value, and establishes disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices available in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quotable prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar valuation techniques that use significant unobservable inputs. The carrying amounts of the Company’s financial instruments such as cash and cash equivalents, restricted cash, accounts receivable and accounts payable, approximate fair value due to the short-term nature of these instruments. Cash equivalents are a money market fund that limits its investments to only short-term U.S. Treasury securities and repurchase agreements related to these securities. Cash equivalents measured at fair value on a recurring basis at June 30, 2021 were as follows: In Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash equivalents $ 13,086,835 $ — $ — $ 13,086,835 The following table presents the fair value reconciliation of Level 3 liabilities measured at fair value during the three and six months ended June 30, 2020: Warrants Debt Derivative Total Balance – January 1, 2020 $ 7,268 $ 370,971 $ 378,239 Payment against derivative liability — (255,533 ) (255,533 ) Change in fair value of derivative liabilities (6,420 ) (75,681 ) (82,101 ) Balance – March 30, 2020 848 39,757 40,605 Change in fair value of derivative liabilities (848 ) (38,869 ) (39,717 ) Balance – June 30, 2020 $ - $ 888 $ 888 See Note 5 for further discussion of the debt derivative liability and Note 7 for further discussion of the valuation of the warrant liability. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 5 - Debt On October 22, 2019, the Company entered into a term loan (the “Term Loan”) with Chicago Venture Partners (“CVP”). Under the Term Loan, the Company received gross proceeds of $3.0 million (excluding fees and expenses). Including an original issue discount, the Company repaid CVP $3.3 million. The Term Loan bore interest at a rate of 10% and matured 18 months from the issuance date. Monthly redemptions of up to $300,000 began six months from the inception date, with the actual amount to be determined by CVP. On February 14, 2020, the Company paid 50% of the then outstanding balance of the Term Loan from the proceeds from the Company’s underwritten public offering. In addition, the Company paid a prepayment penalty of approximately $256,000. In connection with the partial extinguishment of the debt, the Company recorded a loss on extinguishment of debt of approximately $348,100 and $507,300 during the three and six months ended June 30, 2020 respectively. On May 12, 2020, the Company amended the Term Loan (the “Amendment”) to provide for the conversion of outstanding amounts into shares of common stock in satisfaction of its repayment obligations at the Company’s option (as amended, the convertible instrument is referred to herein as the “Note”). The Company concluded that the Note should be accounted for as a modification as a result of not meeting the criteria in the two-step approach defined in ASC 470-20 and the determination that conversion option is non-substantive, as it is at the Company’s option. Pursuant to the terms of the Note, CVP had the right to redeem up to $400,000 of the Borrowings per calendar month for the first three redemptions after the inception date, and $300,000 per calendar month thereafter by submitting a notice to the Company (a “Redemption Notice”). Upon receipt of a Redemption Notice, the Company could, at its election, either (i) pay the amount set forth in the Redemption Notice in cash within seven trading days of Company’s receipt of such Redemption Notice, or (ii) convert the amount set forth in the Redemption Notice into shares of common stock within three trading days of Company’s receipt of such Redemption Notice. CVP’s per share conversion price was 91% of the lowest daily volume weighted average price per share of the common stock on the NYSE American for the ten trading days immediately preceding such conversion. The Company could not make redemptions in shares of common stock and was required to satisfy such redemption in cash within three trading days of receipt of the redemption notice if there was an Equity Conditions Failure (as defined in the Amendment). The Company retained the ability to defer up to three redemptions for up to thirty days as discussed above. In addition, the Company could not issue shares of common stock to CVP if such issuance would cause CVP to beneficially own in excess of 9.99% of the Company’s common stock outstanding on the date of such issuance. The Company was also prohibited from issuing shares of common stock to the extent that such issuance would exceed the amounts described in Section 713 of the NYSE American LLC Company Guide that would require stockholder approval of the Company. The Company also agreed to pay to CVP a fee of $105,000 in consideration of the CVP’s agreement to make the Note convertible, which fee was added onto the outstanding balance of the Note. The note was repaid in full during the three months ended December 31, 2020. The provision in the Note that the Company must pay CVP 50% of the outstanding balance of the Note plus a 15% prepayment fee from the net proceeds it receives from an equity offering as discussed above, was determined by the Company to not be clearly and closely related to the host instrument. Therefore, the Company bifurcated the embedded component from the Note and accounted for it separately as a derivative liability with an offsetting increase in the debt discount. To determine the fair value of the entire Note, the debt component was separated from the equity payment derivative liability component. The cash flows of both components were then discounted using fair value assumptions. The Company recorded a derivative liability and corresponding debt discount of approximately $372,800 at the inception date of the Note. The Company amortized the debt discount associated with the derivative liability using the effective interest method over the estimated remaining term of the Note. Interest expense under the Note, including amortization of the debt discount was approximately $131,800 and $450,700 |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Common Stock | Note 6 — Common Stock On February 13, 2020, the Company completed an underwritten public offering (the “ February 2020 Offering”) in which the Company sold 1,660,000 shares of its common stock at a price of $7.00 per share and 483,000 pre-funded warrants at a price of $6.9999 per share, generating net proceeds (including paid and unpaid offering expenses) of approximately $13,475,500. The pre-funded warrants had a nominal exercise price of $0.0001 per share. Investors also received 2,143,000 warrants (“Investor Warrants”), each entitling the holder to purchase one share of the Company’s common stock at an exercise price of $7.50 per share. The Investor Warrants expire on February 13, 2025. The underwriters in the February 2020 Offering were entitled to an over-allotment option to purchase to up to 321,450 shares of common stock at $6.99 per share, and 321,450 Investor Warrants at a price of $0.01 per share. The underwriters exercised their option to purchase the additional Investor Warrants concurrent with the closing of the transaction. All pre-funded warrants issued in the February 2020 Offering were exercised as of March 31, 2020. As part of the February 2020 offering, The Investor Warrants and Underwriter Warrants are being accounted for as equity. There were no exercises of Investor or Underwriter Warrants during the three months ended June 30, 2021 and 2020, respectively. During the six months ended June 30, 2021 and 2020, 826,700 and 21,500 Investor Warrants were exercised, respectively. During the six months ended June 30, 2021, 162,575 Underwriter Warrants were exercised. Proceeds received from the exercise of warrants were approximately $7,288,300 and $161,200 during the six month periods ended June 30, 2021 and 2020, respectively. On June 25, 2021, the Company terminated its ATM facility with B. Riley FBR and entered into a new facility with Alliance Global Partners (“AGP”). The Company may offer and sell from time to time up to $15 million of shares of the Company’s common stock. The ATM facility with AGP has substantially the same terms as its prior facility with B. Riley FBR, including a commission payable to AGP in the amount of 3.0% of the gross proceeds from sales of common stock. During the three and six months ended June 30, 2021, there were no sales of common stock under these ATM facilities. During the three and six months ended June 30, 2021, 10 and 20 shares of restricted stock vested and 96,849 and 108,246 restricted stock units vested. During the three and six months ended June 30, 2020, 101 and 117 shares of restricted stock vested, respectively, and 4,257 and 5,270 restricted stock units vested, respectively. |
Warrants
Warrants | 6 Months Ended |
Jun. 30, 2021 | |
Warrants And Rights Note Disclosure [Abstract] | |
Warrants | Note 7 — Warrants On February 8, 2019, the Company issued a warrant for the purchase of 12,113 shares of common stock to its February 2019 Offering selling agent (the “February 2019 Warrants”). The February 2019 Warrants are exercisable at any time after August 8, 2019 by the holder at an exercise price of $52.50 per share and have a life of four years. The warrants include a fundamental transaction clause that include transactions that may not require approval by the Company, such as a hostile tender offer. These transactions could require the Company to settle in cash upon exercise. Upon a fundamental transaction, the warrant holder would receive the equivalent securities or alternate considerations just prior to the triggering event by apportioning the exercise price among the equivalent securities. The expected stock price volatility for the Company’s common stock warrant liabilities was determined by a blend of the historical volatilities for industry peers and using an average of those volatilities, combined with the historical volatility of the Company. Risk free interest rates were obtained from U.S. Treasury rates for the applicable periods. The expected term used is the contractual life of the instrument being valued. The expected dividend yield was not considered in the valuation of the common stock liabilities as the Company has never paid, nor has the intention to pay, cash dividends. The Company issued 160,041 warrants to purchase shares of its common stock in its December 2017 public offering (the “Roth 2017 Warrants”), of which 118,696 warrants were outstanding immediately prior to the closing of the Company’s 2020 Offering and 1,191 warrants remain outstanding as of June 30, 2021. These common stock warrants that were issued in the Company’s December 2017 public offering had an original exercise price of $ 88.50 per share with such exercise price adjustable if we effect a stock split or combination or similar transaction, depending on the relative trading prices before and after the transaction . The Roth 2017 Warrants also have anti-dilution protection in the event that the Company issues equity securities in the future below the then-exercise price of such warrants. Though the Roth 2017 Warrants contain a price reset provision in the event of a dilutive issuance of the Company’s securities, because the Roth 2017 Warrants can only be settled in shares of common stock, they were recorded as a component of s tock holders’ equity at issuance. As a result of the Company’s February 2019 Offering, the exercise price of the Roth 2017 Warrants was reset to $ 42.00 per share , and as a result of the Company’s February 2020 Offering, the exercise price of these warrants was further re set to $ 0.0001 per share. Since the exercise price of the Roth 2017 Warrants is the par value of the Company’s stock, these warrants have been included in weighted average shares outstanding as of the closing of the 2020 Offering. The price reset provision required the Company to compute a deemed dividend on the exercise price reduction of the Roth 2017 Warrants as a result of the February 2020 Offering. The Company utilized the black-scholes valuation model to calculate the fair value of the Roth 2017 Warrants upon the pricing of the February 2020 Offering at the previous and new exercise prices. The deemed dividends as a result of the February 2020 Offering was as follows: February 2020 Offering Fair value per share of warrants at new exercise price $ 7.00 Fair value per share of warrants at previous exercise price 1.35 Dividend per share $ 5.65 Warrants outstanding prior to offering 118,696 Deemed dividend $ 670,632 Because the Company has an accumulated deficit, the dividends were recorded as a component of additional paid-in capital and a deduction from net loss to determine net loss attributable to common stockholders in the statements of operations for the six months ended June 30, 2020. Assumptions utilized in the valuations of the Roth 2017 Warrant upon the pricing of the February 2020 Offering and the February 2019 Offering, were as follows: February 2020 Offering Risk-free interest rate 1.39% Expected life (in years) 2.81 Expected volatility of underlying stock 91.71% Expected dividend yield — |
Stock Award Plans and Stock-bas
Stock Award Plans and Stock-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Award Plans and Stock-based Compensation | Note 8 — Stock Award Plans and Stock-based Compensation Stock Option Awards The Company uses the Black-Scholes option pricing model to estimate the grant date fair value of its stock options. There was no income tax benefit recognized in the financial statements for share-based compensation arrangements for the three and six months ended June 30, 2021 and 2020. There were 4,750 and 5,200 stock options granted during the three and six months ended June 30, 2021. The assumptions underlying the calculation of grant date fair value per share as of June 30, 2021 are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2021 Number of options granted 4,750 5,200 Weighted-average expected volatility 113.23 % 113.32 % Weighted-average risk-free interest rate 1.15 % 1.16 % Weighted-average expected option term (in years) 6.25 6.25 Weighted-average dividend yield — % — % Weighted-average fair value per share of grants $ 9.66 $ 8.27 The stock price volatility for the Company’s options was determined using a blend of the Company’s historical volatility since its initial public offering in June 2017 and the historical volatilities for industry peers. The risk-free interest rate was derived from U.S. Treasury rates existing on the date of grant for the applicable expected option term. The expected term represents the period of time that options are expected to be outstanding. Because the Company has only very limited historical exercise behavior, it determines the expected life assumption using the simplified method, which is an average of the contractual term of the option and its ordinary vesting period. The expected dividend yield assumption is based on the fact that the Company has never paid, nor has any intention to pay, cash dividends. As of June 30, 2021, there were 84,838 shares available for issuance under the Myomo, Inc. 2018 Stock Option and Incentive Plan (the “2018 Plan”). Awards of restricted stock units may be net share settled upon vesting to cover the required employee statutory withholding taxes and the remaining amount is converted into shares based upon their share-value on the date the award vests. These payments of employee withholding taxes are presented in the statements of cash flows as a financing activity. Share-Based Compensation Expense The Company accounts for stock awards to employees and non-employees based upon the fair value of the award on the date of grant. The fair value of that award is then ratably recognized as expense over the period during which the recipient is required to provide services in exchange for that award. The Company attributes the value of stock-based compensation to operations on the straight-line method such that the expense associated with awards is evenly recognized over the vesting period. The Company recognized stock-based compensation expense related to the issuance of stock option awards, restricted stock awards and restricted stock units to employees, non-employees and directors in the statements of operations as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Cost of goods sold $ 12,831 $ 4,392 $ 21,864 $ 10,251 Research and development 24,707 11,972 72,110 25,675 Selling, general and administrative 325,774 90,097 435,309 193,564 Total $ 363,312 $ 106,461 $ 529,283 $ 229,490 As of June 30, 2021, there was approximately $142,900 As of June 30, 2021, there was approximately $990 of unrecognized compensation cost related to unvested restricted stock awards that is expected to be recognized over a weighted-average period of 0.12 years. As of June 30, 2021, there was approximately $1,352,000 of unrecognized compensation expense related to unvested restricted stock units that is expected to be recognized over a weighted-average period of 2.43 years. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 9 — Related Party Transactions The Company sells its products to an orthotics and prosthetics practice whose ownership includes an individual who is both a shareholder and executive officer of the Company. The executive resigned his position with the Company effective March 31, 2021. As a result, this orthotics and prosthetics practice was no longer a related party as of and for the three months ended June 30, 2021. Sales to this previously related party were sold at standard list prices. During the six months ended June 30, 2021, approximately $25,900 of revenues were recognized from this previously related party. During both the three and six months ended June 30, 2020, approximately $40,900 of revenue was recognized from this previously related party. The Company also obtains consulting and fabrication services, reported in cost of goods sold, from the same previously related party. Charges for these services amounted to approximately |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10 — Commitments and Contingencies Litigation In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising from the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Currently, there is no litigation against the Company. Operating Leases The Company has a non-cancelable sublease agreement for its corporate headquarters in Boston, MA expiring in 2023, and it has a non-cancelable lease agreement for its office space in Fort Worth, TX expiring in 2025 with early termination available at the company’s discretion in 2023. Termination options were not included in the lease term for the Company’s existing operating leases. Certain arrangements have discounted rent periods or escalating rent payment provisions. Leases with an initial term of twelve months or less are not recorded on the consolidated balance sheets. We recognize rent expense on a straight-line basis over the lease term. As of June 30, 2021, operating lease assets were approximately $756,200 and operating lease liabilities were approximately $882,500. The maturity of the Company’s operating lease liabilities as of June 30, 2021, are as follows: June 30, 2021 2021 (June 30, -December 31) $ 222,036 2022 454,774 2023 312,014 2024 57,852 2025 59,459 Thereafter — Total future minimum lease payments 1,106,135 Less imputed interest 223,624 Total operating lease liabilities $ 882,511 Included in the condensed consolidated balance sheet: Current operating lease liabilities $ 319,624 Non-current operating lease liabilities 562,887 Total operating lease liabilities $ 882,511 For the three months and six ended June 30, 2021 and 2020, the total lease cost is comprised of the following amounts: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Operating lease expense 102,963 — 170,472 — Short-term lease expense 2,175 123,642 25,859 297,346 Total lease expense $ 105,138 $ 123,642 $ 196,331 $ 297,346 The following summarizes additional information related to operating leases: June 30, 2021 Weighted-average remaining lease term 2.7 Weighted-average discount rate 20 % Major Customers At June 30, 2021, one customer accounted for approximately 68% |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 — Subsequent Events The Company evaluated subsequent events through the date the financial statements were issued, and determined that there have been no subsequent events that would require recognition in the financial statements or disclosure in the notes to the financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | Interim Financial Statements The accompanying unaudited condensed consolidated financial statements and notes are representations of the Company’s management, who are responsible for their integrity and objectivity. These statements have been prepared in accordance with GAAP for interim financial information pursuant to Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for annual financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) that are considered necessary for a fair presentation of the condensed consolidated financial statements of the Company as of June 30, 2021 and for the three and six months ended June 30, 2021. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results for the fiscal year ending December 31, 2021, or any other period. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and related disclosures of the Company as of December 31, 2020 and 2019 and for the years then ended, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Myomo Europe GmbH. All significant intercompany balances and transactions are eliminated. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss inclu des all changes in equity during a period, except those resulting from investments by stockholders and distributions to stockholders. The Company's comprehensive loss includes changes in foreign currency translation adjustments. There were no reclassifications out of accumulated other comprehensive loss in the three and six months ended June 30, 2021 and 2020. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect certain reported amounts and disclosures. These estimates and assumptions are reviewed on an on-going basis and updated as appropriate. Actual results could differ from these estimates. The Company’s significant estimates include the allowance for doubtful accounts, deferred tax valuation allowances and warranty obligations. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist principally of deposit accounts and money market accounts at June 30, 2021 and December 31, 2020. |
Accounts Payable and Other Accrued Expenses | Accounts Payable and Other Accrued Expenses: June 30, 2021 December 31, 2020 Trade payables $ 612,497 $ 180,499 Accrued compensation and benefits 1,318,501 1,843,402 Accrued professional services 139,709 92,399 Deferred payroll taxes under CARES Act 113,423 118,060 Warranty reserve 157,225 119,713 Other 558,593 494,831 $ 2,899,948 $ 2,848,904 |
Revenue Recognition | Revenue Recognition Revenues under ASC 606 and related amendments (Topic 606) are required to be recognized either at a “point in time” or “over time,” depending on the facts and circumstances of the arrangement, and are evaluated using a five-step model. The Company recognizes revenue after applying the following five steps: 1) Identification of the contract, or contracts, with a customer, 2) Identification of the performance obligations in the contract, including whether they are distinct within the context of the contract 3) Determination of the transaction price, including the constraint on variable consideration 4) Allocation of the transaction price to the performance obligations in the contract 5) Recognition of revenue when, or as, performance obligations are satisfied Revenue is recognized when control of these services is transferred to our customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Increasingly, the Company derives its revenue from direct billing. The Company also derives revenue from the sale of its products to O&P providers in the United States and internationally, the VA and rehabilitation hospitals. Under direct billing, the Company recognizes revenue when all of the following criteria are met: (i) The product has been delivered to the patient, including completion of initial instruction on its use. (ii) Collection is deemed probable and it has been determined that a significant reversal of the revenue to be recognized is not deemed probable when the uncertainty associated with the variable consideration is resolved. As an example, the Company will record revenue if it notified that insurance intends to pay and a payment amount is provided. (iii) The amount to be collected is estimable using the “expected value” estimation techniques, or the “most likely amount” as defined in ASC 606. For revenue derived from certain insurance companies where the Company has demonstrated sufficient payment history, the Company recognizes revenue when it receives a pre-authorization from the insurance company and control passes to the patient upon delivery of the device in an amount the reflects the consideration the Company expects to receive in exchange for the device. During the fourth quarter of 2020, the Company made such a determination for certain insurers. These insurers represented 40% and 38% hof direct billing channel revenue during the three and six months ended June 30, 2021. Depending on the timing of product deliveries to customers, which is when cost of revenue must be recorded, and when the Company meets the criteria to record revenue, there may be fluctuations in gross margin. During the three months ended June 30, 2021 and 2020, the Company recognized revenue of approximately $397,100 and $151,800, respectively, and during the six months ended June 30, 2021 and 2020, the Company recognized revenue of approximately $1,489,700 and $541,300, respectively, from O&P providers or third-party payers for which costs related to the completion of the Company’s performance obligations were recorded in a prior period. For revenues derived from O&P providers, the VA and rehabilitation hospitals, the Company recognizes revenue when control passes to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those services. Revenues may be recognized upon shipment or upon delivery, depending on the terms of the arrangement, provided that persuasive evidence of an arrangement exists, there are no uncertainties regarding customer acceptance and collectability is deemed probable. In certain cases, the Company ships its products to O&P providers pending reimbursement from non-government, third party payers. As a result of this arrangement, elements of the revenue recognition criteria have not been met upon shipment. In this instance, the Company recognizes revenue when the amount is estimable and the Company determines it is probable that payment will be received. In many cases, the Company is not able to recognize revenue in these situations until payment is received, as then all of the revenue recognition criteria have been met. The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or cost of revenue. Contract Balances The timing of revenue recognition may differ from the timing of payment by customers. The Company records a receivable when revenue is recognized prior to payment and there is an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. The Company had approximately $1,500 and $4,000 deferred revenue as of June 30, 2021 and December 31, 2020. Disaggregated Revenue from Contracts with Customers The following table presents revenue by major source: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Clinical/Medical providers $ 804,165 $ 433,180 $ 1,413,724 $ 821,069 Direct to patient 2,300,129 425,410 4,027,059 1,045,666 Total revenue from contracts with customer $ 3,104,294 $ 858,590 $ 5,440,783 $ 1,866,735 Cost of Revenue In conjunction with the adoption of ASC 606, there are certain cases in which the Company will expense costs when incurred as required by ASC 340-40-25. In certain cases, the Company ships the MyoPro device to O&P providers, or provides the device directly to patients, pending reimbursement from third-party payers. Under ASC 340-40-25, this inventory is expensed to cost of revenue as of the date of shipment. Under direct billing, fees paid to O&P providers for services they provide in conjunction with patient evaluations are expensed as incurred as required by ASC 340-40-25, as a cost of obtaining a contract. These costs are recorded as sales and marketing expense. Internal costs incurred and fees paid to O&P providers to cast, fit and deliver the device to patients are expensed to cost of revenue upon delivery to the patient. |
Foreign Currency Transactions | Foreign Currency Translation The functional currency of the Company’s foreign subsidiary, Myomo Europe GmbH, is the Euro during the three and six months ended June 30, 2021. Net foreign currency gains and losses during the three and six months ended June 30, 2021 were immaterial and included in accumulated other comprehensive loss in the condensed consolidated balance sheet. Foreign exchange transaction gains and losses are included in net loss. Foreign exchange translation gains and losses from the functional currency, the Euro, to U.S. dollars are captured in other comprehensive loss. During the three and six months ended June 30, 2020, the functional currency of Myomo Europe GmbH was the U.S dollar. Net foreign currency gains and losses during the three and six months ended June 30, 2020 were immaterial and included in interest (income) expense and other expense, net, in the condensed consolidated statement of operations. The balance sheet is translated using the spot rate on the day of reporting and the income statement is translated monthly using the average rate for the month. |
Net Loss per Share | Net Loss per Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus potentially dilutive common shares. If present, convertible debt, preferred stock, restricted stock, restricted stock units, stock options and warrants are excluded from the diluted net loss per share calculation when their impact is antidilutive. The Company reported a net loss for the three and six months ended June 30, 2021 and 2020, and as a result, all potentially dilutive common shares are considered antidilutive for these periods. Potential common shares issuable consist of the following at: June 30, 2021 2020 Stock options 29,326 20,610 Restricted stock units 299,484 37,295 Restricted stock 10 459 Stock warrants 1,709,441 2,482,235 Total 2,038,261 2,540,599 |
Recent Accounting Standards | Recent Accounting Standards In December 2019, the FASB issued ASU 2019-12 “Income Taxes (Topic 740) -- Simplifying the Accounting for Income Taxes. This ASU modifies certain provisions of ASC 740 to simplify the accounting for income taxes. The amendments in ASU 2019-12 are effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. |
Subsequent Events | Subsequent Events The Company evaluates whether there have been subsequent events through the date the financial statements were issued and determines whether subsequent events that would require recognition in the financial statements or disclosure in the notes to the financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Accounts Payable and Other Accrued Expenses | June 30, 2021 December 31, 2020 Trade payables $ 612,497 $ 180,499 Accrued compensation and benefits 1,318,501 1,843,402 Accrued professional services 139,709 92,399 Deferred payroll taxes under CARES Act 113,423 118,060 Warranty reserve 157,225 119,713 Other 558,593 494,831 $ 2,899,948 $ 2,848,904 |
Summary of Revenue by Major Source | The following table presents revenue by major source: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Clinical/Medical providers $ 804,165 $ 433,180 $ 1,413,724 $ 821,069 Direct to patient 2,300,129 425,410 4,027,059 1,045,666 Total revenue from contracts with customer $ 3,104,294 $ 858,590 $ 5,440,783 $ 1,866,735 |
Summary of Potential Common Shares Issuable | Potential common shares issuable consist of the following at: June 30, 2021 2020 Stock options 29,326 20,610 Restricted stock units 299,484 37,295 Restricted stock 10 459 Stock warrants 1,709,441 2,482,235 Total 2,038,261 2,540,599 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following at: June 30, 2021 December 31, 2020 Finished goods $ 111,997 $ 40,682 Work in process 35,000 18,000 Rental units 62,531 62,531 Parts and subassemblies 547,112 603,443 756,640 724,656 Less: reserve for rental units (28,002 ) (17,542 ) Inventories, net $ 728,638 $ 707,114 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Cash Equivalents Measured at Fair Value on Recurring Basis | Cash equivalents measured at fair value on a recurring basis at June 30, 2021 were as follows: In Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash equivalents $ 13,086,835 $ — $ — $ 13,086,835 |
Schedule of Fair Value Reconciliation of Level 3 Liabilities Measured | The following table presents the fair value reconciliation of Level 3 liabilities measured at fair value during the three and six months ended June 30, 2020: Warrants Debt Derivative Total Balance – January 1, 2020 $ 7,268 $ 370,971 $ 378,239 Payment against derivative liability — (255,533 ) (255,533 ) Change in fair value of derivative liabilities (6,420 ) (75,681 ) (82,101 ) Balance – March 30, 2020 848 39,757 40,605 Change in fair value of derivative liabilities (848 ) (38,869 ) (39,717 ) Balance – June 30, 2020 $ - $ 888 $ 888 |
Warrants (Tables)
Warrants (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Class Of Warrant Or Right [Line Items] | |
Schedule of Fair Value Reconciliation of Level 3 Liabilities Measured | The following table presents the fair value reconciliation of Level 3 liabilities measured at fair value during the three and six months ended June 30, 2020: Warrants Debt Derivative Total Balance – January 1, 2020 $ 7,268 $ 370,971 $ 378,239 Payment against derivative liability — (255,533 ) (255,533 ) Change in fair value of derivative liabilities (6,420 ) (75,681 ) (82,101 ) Balance – March 30, 2020 848 39,757 40,605 Change in fair value of derivative liabilities (848 ) (38,869 ) (39,717 ) Balance – June 30, 2020 $ - $ 888 $ 888 |
Roth 2017 Warrants [Member] | |
Class Of Warrant Or Right [Line Items] | |
Summary of Deemed Dividends | The deemed dividends as a result of the February 2020 Offering was as follows: February 2020 Offering Fair value per share of warrants at new exercise price $ 7.00 Fair value per share of warrants at previous exercise price 1.35 Dividend per share $ 5.65 Warrants outstanding prior to offering 118,696 Deemed dividend $ 670,632 |
Schedule of Fair Value Reconciliation of Level 3 Liabilities Measured | Assumptions utilized in the valuations of the Roth 2017 Warrant upon the pricing of the February 2020 Offering and the February 2019 Offering, were as follows: February 2020 Offering Risk-free interest rate 1.39% Expected life (in years) 2.81 Expected volatility of underlying stock 91.71% Expected dividend yield — |
Stock Award Plans and Stock-b_2
Stock Award Plans and Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Grant Date Fair Value | There were 4,750 and 5,200 stock options granted during the three and six months ended June 30, 2021. The assumptions underlying the calculation of grant date fair value per share as of June 30, 2021 are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2021 Number of options granted 4,750 5,200 Weighted-average expected volatility 113.23 % 113.32 % Weighted-average risk-free interest rate 1.15 % 1.16 % Weighted-average expected option term (in years) 6.25 6.25 Weighted-average dividend yield — % — % Weighted-average fair value per share of grants $ 9.66 $ 8.27 |
Schedule of Stock-based Compensation Expense | The Company recognized stock-based compensation expense related to the issuance of stock option awards, restricted stock awards and restricted stock units to employees, non-employees and directors in the statements of operations as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Cost of goods sold $ 12,831 $ 4,392 $ 21,864 $ 10,251 Research and development 24,707 11,972 72,110 25,675 Selling, general and administrative 325,774 90,097 435,309 193,564 Total $ 363,312 $ 106,461 $ 529,283 $ 229,490 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Maturity of Operating Lease Liabilities | As of June 30, 2021, operating lease assets were approximately $756,200 and operating lease liabilities were approximately $882,500. The maturity of the Company’s operating lease liabilities as of June 30, 2021, are as follows: June 30, 2021 2021 (June 30, -December 31) $ 222,036 2022 454,774 2023 312,014 2024 57,852 2025 59,459 Thereafter — Total future minimum lease payments 1,106,135 Less imputed interest 223,624 Total operating lease liabilities $ 882,511 Included in the condensed consolidated balance sheet: Current operating lease liabilities $ 319,624 Non-current operating lease liabilities 562,887 Total operating lease liabilities $ 882,511 |
Summary of Operating Lease Cost | For the three months and six ended June 30, 2021 and 2020, the total lease cost is comprised of the following amounts: For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Operating lease expense 102,963 — 170,472 — Short-term lease expense 2,175 123,642 25,859 297,346 Total lease expense $ 105,138 $ 123,642 $ 196,331 $ 297,346 |
Summary of Additional Information Related to Operating Leases | The following summarizes additional information related to operating leases: June 30, 2021 Weighted-average remaining lease term 2.7 Weighted-average discount rate 20 % |
Description of Business - Addit
Description of Business - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||||
Net loss | $ 2,621,315 | $ 2,960,794 | $ 3,286,934 | $ 3,801,993 | $ 5,582,109 | $ 7,088,927 |
Cash used in operating activities | 5,509,514 | $ 6,110,798 | ||||
Cash balance | $ 13,800,000 | $ 13,800,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Reclassifications out of accumulated other comprehensive loss | $ 0 | $ 0 | $ 0 | $ 0 | |
Percentage of direct billing channel revenue insures represent | 40.00% | 38.00% | |||
Deferred revenue | $ 1,500 | $ 1,500 | $ 4,000 | ||
O&P Providers or Third Party Payors [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenue recognized | $ 397,100 | $ 151,800 | $ 1,489,700 | $ 541,300 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Accounts Payable and Other Accrued Expenses (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Trade payables | $ 612,497 | $ 180,499 |
Accrued compensation and benefits | 1,318,501 | 1,843,402 |
Accrued professional services | 139,709 | 92,399 |
Deferred payroll taxes under CARES Act | 113,423 | 118,060 |
Warranty reserve | 157,225 | 119,713 |
Other | 558,593 | 494,831 |
Total | $ 2,899,948 | $ 2,848,904 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Revenue by Major Source (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customer | $ 3,104,294 | $ 858,590 | $ 5,440,783 | $ 1,866,735 |
Clinical/Medical Providers [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customer | 804,165 | 433,180 | 1,413,724 | 821,069 |
Direct to Patient [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue from contracts with customer | $ 2,300,129 | $ 425,410 | $ 4,027,059 | $ 1,045,666 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Potential Common Shares Issuable (Detail) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 2,038,261 | 2,540,599 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 29,326 | 20,610 |
Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 299,484 | 37,295 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 10 | 459 |
Stock Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 1,709,441 | 2,482,235 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 111,997 | $ 40,682 |
Work in process | 35,000 | 18,000 |
Rental units | 62,531 | 62,531 |
Parts and subassemblies | 547,112 | 603,443 |
Total cost | 756,640 | 724,656 |
Less: reserve for rental units | (28,002) | (17,542) |
Inventories, net | $ 728,638 | $ 707,114 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Cash Equivalents Measured at Fair Value on Recurring Basis (Detail) | Jun. 30, 2021USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Cash equivalents | $ 13,086,835 |
In Active Markets for Identical Assets or Liabilities (Level 1) [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Cash equivalents | $ 13,086,835 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Fair Value Reconciliation of Level 3 Liabilities Measured (Detail) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Beginning balance | $ 40,605 | $ 378,239 |
Payment against derivative liability | (255,533) | |
Change in fair value of derivative liabilities | (39,717) | (82,101) |
Ending balance | 888 | 40,605 |
Warrants [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Beginning balance | 848 | 7,268 |
Change in fair value of derivative liabilities | (848) | (6,420) |
Ending balance | 848 | |
Debt Derivative [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Beginning balance | 39,757 | 370,971 |
Payment against derivative liability | (255,533) | |
Change in fair value of derivative liabilities | (38,869) | (75,681) |
Ending balance | $ 888 | $ 39,757 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | May 12, 2020 | Feb. 14, 2020 | Oct. 22, 2019 | Oct. 22, 2019 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||||||||
Prepayment penalty fees | $ 255,533 | ||||||||
Loss on extinguishment of debt | $ 348,079 | 507,281 | |||||||
Derivative liability | 888 | 888 | $ 40,605 | $ 378,239 | |||||
Amortization of Debt Issuance Costs and Discounts | $ 66,653 | 143,026 | |||||||
Chicago Venture Partners [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of options granted for deferred redemption payments | 7 days | ||||||||
Redemption payment in cash term | 3 days | ||||||||
Redemption payment in common stock term | 3 days | ||||||||
Redemption amount divided by the product. percentage | 91.00% | ||||||||
Number of preceding trading days with lowest daily volume weighted average price | 10 days | ||||||||
Percentage of restriction on owning common stock | 9.99% | ||||||||
Debt instrument maximum defer period of redemption | 30 days | ||||||||
Chicago Venture Partners [Member] | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from term loan | $ 3,000,000 | ||||||||
Proposed repayment of term loan including original issue discount | $ 3,300,000 | $ 3,300,000 | |||||||
Term loan, interest rate | 10.00% | 10.00% | |||||||
Term loan, maturity period | 18 months | ||||||||
Amount of monthly redemption of term loan | $ 300,000 | ||||||||
Percentage of payment of outstanding term loan from the proceeds of underwritten public offering | 500.00% | ||||||||
Prepayment penalty fees | $ 256,000 | ||||||||
Loss on extinguishment of debt | 348,100 | 507,300 | |||||||
Chicago Venture Partners [Member] | Term Loan [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of monthly redemption of term loan | 400,000 | $ 300,000 | |||||||
Chicago Venture Partners [Member] | Convertible Note [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Restructuring fee | $ 105,000 | ||||||||
Percentage of provision in term loan | 50.00% | ||||||||
Percentage of prepayment fee from equity offering | 15.00% | ||||||||
Derivative liability | $ 372,800 | $ 372,800 | |||||||
Debt discount | $ 372,800 | 131,800 | 450,700 | ||||||
Amortization of Debt Issuance Costs and Discounts | $ 40,000 | $ 206,700 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) | Jun. 25, 2021USD ($) | Feb. 13, 2020USD ($)shares$ / shares | Jun. 30, 2021shares | Jun. 30, 2020shares | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($)shares |
Class of Stock [Line Items] | ||||||
Proceeds from exercise of warrants | $ | $ 7,288,275 | $ 161,298 | ||||
Restricted Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of shares, Vested | 10 | 101 | 20 | 117 | ||
Restricted Stock Units [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of shares, Vested | 96,849 | 4,257 | 108,246 | 5,270 | ||
Investor Warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Warrants exercised | 0 | 0 | 826,700 | 21,500 | ||
Underwriter Warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Warrants to purchase common stock | 214,300 | |||||
Common stock warrants, exercise price per share | $ / shares | $ 7 | |||||
Warrants maturity date | Feb. 13, 2025 | |||||
Warrants exercised | 0 | 0 | 162,575 | |||
Investor Warrants And Underwriter Warrants | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from exercise of warrants | $ | $ 7,288,300 | $ 161,200 | ||||
ATM Facility [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock issued during period | 0 | 0 | ||||
Percentage of gross proceeds from sales of common stock | 3 | |||||
ATM Facility [Member] | Maximum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of shares offer and sell | $ | $ 15,000,000 | |||||
February 2020 Offering [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of shares entitled to warrant holder | 1 | |||||
February 2020 Offering [Member] | Pre-funded Warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Warrants to purchase common stock | 483,000 | |||||
Common stock warrants, sale price per share | $ / shares | $ 6.9999 | |||||
Net proceeds (including paid and unpaid offering expenses) of warrants | $ | $ 13,475,500 | |||||
Common stock warrants, exercise price per share | $ / shares | $ 0.0001 | |||||
Warrants exercised date | Mar. 31, 2020 | |||||
February 2020 Offering [Member] | Investor Warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Warrants to purchase common stock | 2,143,000 | |||||
Common stock warrants, exercise price per share | $ / shares | $ 7.50 | |||||
Warrants maturity date | Feb. 13, 2025 | |||||
February 2020 Offering [Member] | Underwritten Public Offering [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock issued during period | 1,660,000 | |||||
Sale of common stock price per share | $ / shares | $ 7 | |||||
February 2020 Offering [Member] | Underwriters [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock issued during period | 321,450 | |||||
Sale of common stock price per share | $ / shares | $ 6.99 | |||||
Warrants to purchase common stock | 321,450 | |||||
February 2020 Offering [Member] | Underwriters [Member] | Investor Warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock warrants, exercise price per share | $ / shares | $ 0.01 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) - $ / shares | Feb. 08, 2019 | Jun. 30, 2021 | Jan. 31, 2020 | Dec. 31, 2017 |
Roth 2017 Warrants [Member] | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants to purchase common stock | 160,041 | |||
Warrants outstanding | 1,191 | 118,696 | ||
Common stock warrants, exercise price per share | $ 88.50 | |||
February 2019 Warrants [Member] | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants are fully vested, exercise price | $ 52.50 | |||
February 2019 Warrants [Member] | IPO Selling Agent [Member] | ||||
Class Of Warrant Or Right [Line Items] | ||||
Purchase of warrant issued | 12,113 | |||
February 2019 Warrants [Member] | IPO [Member] | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants years of life | 4 years | |||
February 2019 Offering [Member] | Roth 2017 Warrants [Member] | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants | $ 42 | |||
February 2020 Offering [Member] | Roth 2017 Warrants [Member] | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants outstanding | 118,696 | |||
Exercise price of warrants | $ 0.0001 |
Warrants - Summary of Deemed Di
Warrants - Summary of Deemed Dividends (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jan. 31, 2020 | |
Class Of Warrant Or Right [Line Items] | |||
Deemed dividend | $ (670,632) | ||
Roth 2017 Warrants [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Warrants outstanding | 1,191 | 118,696 | |
Roth 2017 Warrants [Member] | February 2020 Offering [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Fair value per share of warrants at new exercise price | $ 7 | ||
Fair value per share of warrants at previous exercise price | 1.35 | ||
Dividend per share | $ 5.65 | ||
Warrants outstanding | 118,696 | ||
Deemed dividend | $ 670,632 |
Warrants - Schedule of Assumpti
Warrants - Schedule of Assumptions Utilized in the Valuation of Warrant (Detail) - February 2020 Offering [Member] - Roth 2017 Warrants [Member] | Jun. 30, 2021yr |
Risk-free Interest Rate [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Fair value assumptions | 0.0139 |
Expected Volatility of Underlying Stock [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Fair value assumptions | 0.9171 |
Expected Dividend Yield [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Fair value assumptions | 0 |
Expected Life [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Fair value assumptions | 2.81 |
Stock Award Plans and Stock-b_3
Stock Award Plans and Stock-based Compensation - Additional Information (Detail) - USD ($) | Jan. 01, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Income tax benefit recognized | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of stock options granted | 4,750 | 5,200 | |||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 142,900 | $ 142,900 | |||
Weighted-average remaining contractual term | 2 years 5 months 19 days | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | 990 | $ 990 | |||
Weighted-average remaining contractual term | 1 month 13 days | ||||
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 1,352,000 | $ 1,352,000 | |||
Weighted-average remaining contractual term | 2 years 5 months 4 days | ||||
2018 Stock Option and Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for future grant | 84,838 | 84,838 | |||
Number of common shares reserved for issuance | 183,726 | ||||
Percentage increase in number of shares of common stock reserved and available for issuance | 4.00% |
Stock Award Plans and Stock-b_4
Stock Award Plans and Stock-based Compensation - Schedule of Grant Date Fair Value (Detail) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of options granted | 4,750 | 5,200 |
Weighted-average expected volatility | 113.23% | 113.32% |
Weighted-average risk-free interest rate | 1.15% | 1.16% |
Weighted-average expected option term (in years) | 6 years 3 months | 6 years 3 months |
Weighted-average fair value per share of grants | $ 9.66 | $ 8.27 |
Stock Award Plans and Stock-b_5
Stock Award Plans and Stock-based Compensation - Schedule of Stock-based Compensation Expense (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share based compensation expense | $ 363,312 | $ 106,461 | $ 529,283 | $ 229,490 |
Cost of Goods Sold [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share based compensation expense | 12,831 | 4,392 | 21,864 | 10,251 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share based compensation expense | 24,707 | 11,972 | 72,110 | 25,675 |
Selling, General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share based compensation expense | $ 325,774 | $ 90,097 | $ 435,309 | $ 193,564 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||||
Revenue recognized from related party | $ 40,900 | $ 25,900 | $ 40,900 | |
Due from related party | $ 44,900 | |||
Charges for services | $ 84,600 | $ 112,900 | $ 188,100 | |
Accounts payable and accrued expenses | $ 29,600 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2021USD ($)Customer | Dec. 31, 2020USD ($) | |
Commitments And Contingencies [Line Items] | ||
Description of operating lease agreement for office space | The Company has a non-cancelable sublease agreement for its corporate headquarters in Boston, MA expiring in 2023, and it has a non-cancelable lease agreement for its office space in Fort Worth, TX expiring in 2025 with early termination available at the company’s discretion in 2023. Termination options were not included in the lease term for the Company’s existing operating leases. Certain arrangements have discounted rent periods or escalating rent payment provisions. Leases with an initial term of twelve months or less are not recorded on the consolidated balance sheets. We recognize rent expense on a straight-line basis over the lease term. | |
Operating lease assets with right-of-use | $ 756,221 | $ 168,784 |
Operating lease liabilities | $ 882,511 | |
Accounts Receivable [Member] | ||
Commitments And Contingencies [Line Items] | ||
Number of customers | Customer | 1 | |
Customer Concentration Risk | Accounts Receivable [Member] | One Customer [Member] | ||
Commitments And Contingencies [Line Items] | ||
Concentration risk, percentage | 68.00% |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Maturity of Operating Lease Liabilities (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Lease Liabilities Payments Due [Abstract] | ||
2021 (June 30, -December 31) | $ 222,036 | |
2022 | 454,774 | |
2023 | 312,014 | |
2024 | 57,852 | |
2025 | 59,459 | |
Total future minimum lease payments | 1,106,135 | |
Less imputed interest | 223,624 | |
Operating lease liabilities | 882,511 | |
Included in the condensed consolidated balance sheet: | ||
Current operating lease liability | 319,624 | $ 18,289 |
Non-current operating lease liability | 562,887 | $ 155,148 |
Total operating lease liabilities | $ 882,511 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Operating Lease Cost (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lease Cost [Abstract] | ||||
Operating lease expense | $ 102,963 | $ 170,472 | ||
Short-term lease expense | 2,175 | $ 123,642 | 25,859 | $ 297,346 |
Total lease expense | $ 105,138 | $ 123,642 | $ 196,331 | $ 297,346 |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Additional Information Related to Operating Leases (Detail) | Jun. 30, 2021 |
Leases [Abstract] | |
Weighted-average remaining lease term | 2 years 8 months 12 days |
Weighted-average discount rate | 20.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
ATM Facility [Member] | ||
Subsequent Event [Line Items] | ||
Stock issued during period | 0 | 0 |