Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 26, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-37854 | |
Entity Registrant Name | Ekso Bionics Holdings, Inc. | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 99-0367049 | |
Entity Address, Address Line One | 1414 Harbour Way South | |
Entity Address, Address Line Two | Suite 1201 | |
Entity Address, City or Town | Richmond | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94804 | |
City Area Code | 510 | |
Local Phone Number | 984-1761 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | EKSO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,316,308 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001549084 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash | $ 14,549,000 | $ 10,872,000 |
Accounts receivable, net of allowances of $20 and $121, respectively | 4,450,000 | 5,208,000 |
Inventories, net | 2,180,000 | 2,489,000 |
Prepaid expenses and other current assets | 370,000 | 238,000 |
Total current assets | 21,549,000 | 18,807,000 |
Property and equipment, net | 1,033,000 | 1,657,000 |
Right-of-use assets | 786,000 | 1,084,000 |
Goodwill | 0 | 189,000 |
Other assets | 118,000 | 178,000 |
Total assets | 23,486,000 | 21,915,000 |
Current liabilities: | ||
Accounts payable | 1,813,000 | 1,903,000 |
Accrued liabilities | 1,566,000 | 1,683,000 |
Deferred revenues, current | 1,448,000 | 1,492,000 |
Notes payable, net, current | 0 | 2,333,000 |
Lease liabilities, current | 406,000 | 421,000 |
Total current liabilities | 5,233,000 | 7,832,000 |
Deferred revenues | 1,810,000 | 1,789,000 |
Notes payable, net | 3,079,000 | 407,000 |
Lease liabilities | 373,000 | 711,000 |
Warrant liabilities | 4,560,000 | 4,307,000 |
Other non-current liabilities | 30,000 | 72,000 |
Total liabilities | 15,085,000 | 15,118,000 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding at September 30, 2020 and December 31, 2019 | 0 | 0 |
Common stock, $0.001 par value; 141,429 shares authorized; 8,316 and 5,795 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively | 8,000 | 6,000 |
Additional paid-in capital | 203,905,000 | 190,019,000 |
Accumulated other comprehensive (loss) income | (385,000) | 50,000 |
Accumulated deficit | (195,127,000) | (183,278,000) |
Total stockholders’ equity | 8,401,000 | 6,797,000 |
Total liabilities and stockholders’ equity | $ 23,486,000 | $ 21,915,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 20 | $ 121 |
Convertible Preferred stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Convertible Preferred stock, shares issued (in shares) | 0 | 0 |
Convertible Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 141,429,000 | 141,429,000 |
Common stock, shares issued (in shares) | 8,316,000 | 5,795,000 |
Common stock, shares outstanding (in shares) | 8,316,000 | 5,795,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 2,897 | $ 3,319 | $ 6,628 | $ 10,197 |
Cost of revenue | 1,084 | 1,569 | 2,919 | 5,288 |
Gross profit | 1,813 | 1,750 | 3,709 | 4,909 |
Operating expenses: | ||||
Sales and marketing | 1,740 | 2,818 | 5,972 | 8,666 |
Research and development | 599 | 1,149 | 1,762 | 4,032 |
General and administrative | 1,706 | 1,573 | 5,836 | 6,011 |
Impairment of goodwill | 189 | 0 | 189 | 0 |
Restructuring | 0 | 0 | 244 | |
Total operating expenses | 4,234 | 5,540 | 14,003 | 18,709 |
Loss from operations | (2,421) | (3,790) | (10,294) | (13,800) |
Other income (expense), net: | ||||
Interest expense | (23) | (88) | (113) | (316) |
Gain (loss) on revaluation of warrant liabilities | 4,476 | 4,430 | (1,579) | 6,045 |
Loss on modification of warrant | 0 | 0 | 0 | (257) |
Warrant issuance expense | 0 | 0 | (329) | (706) |
Other income (expense), net | 420 | (346) | 466 | (377) |
Total other income (expense), net | 4,873 | 3,996 | (1,555) | 4,389 |
Net income (loss) | 2,452 | 206 | (11,849) | (9,411) |
Other comprehensive (loss) income | (415) | 324 | (435) | 366 |
Comprehensive income (loss) | $ 2,037 | $ 530 | $ (12,284) | $ (9,045) |
Basic net income (loss) per share applicable to common shareholders (in dollars per share) | $ 0.30 | $ 0.04 | $ (1.75) | $ (2.01) |
Diluted net (loss) income per share applicable to common shareholders (in dollars per share) | $ (0.01) | $ 0.04 | $ (1.78) | $ (2.01) |
Weighted average number of shares outstanding, basic (in shares) | 8,236 | 4,996 | 6,772 | 4,684 |
Weighted average number of shares outstanding, diluted (in shares) | 8,379 | 4,997 | 6,829 | 4,684 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance (in shares) at Dec. 31, 2018 | 4,198 | ||||
Beginning balance at Dec. 31, 2018 | $ 2,728 | $ 4 | $ 173,962 | $ (92) | $ (171,146) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | (6,551) | (6,551) | |||
Issuance of common stock under: | |||||
Equity financing, net (in shares) | 291 | ||||
Equity financing, net | 7,305 | 7,305 | |||
Equipois sales earn-outs (in shares) | 1 | ||||
Equipois sales earn-out | 22 | 22 | |||
Equity incentive plan (in shares) | 3 | ||||
Equity incentive plan | 55 | 55 | |||
Matching contribution to 401(k) plan (in shares) | 9 | ||||
Matching contribution to 401(k) plan | 191 | 191 | |||
Stock-based compensation expense | 636 | 636 | |||
Foreign currency translation adjustments | 148 | 148 | |||
Balance (in shares) at Mar. 31, 2019 | 4,502 | ||||
Ending balance at Mar. 31, 2019 | 4,534 | $ 4 | 182,171 | 56 | (177,697) |
Balance (in shares) at Dec. 31, 2018 | 4,198 | ||||
Beginning balance at Dec. 31, 2018 | 2,728 | $ 4 | 173,962 | (92) | (171,146) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | (9,411) | ||||
Balance (in shares) at Sep. 30, 2019 | 4,996 | ||||
Ending balance at Sep. 30, 2019 | 6,421 | $ 4 | 186,700 | 274 | (180,557) |
Balance (in shares) at Mar. 31, 2019 | 4,502 | ||||
Beginning balance at Mar. 31, 2019 | 4,534 | $ 4 | 182,171 | 56 | (177,697) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | (3,066) | (3,066) | |||
Issuance of common stock under: | |||||
Equity financing, net (in shares) | 444 | ||||
Equity financing, net | 2,393 | 2,393 | |||
Equipois sales earn-outs (in shares) | 9 | ||||
Equipois sales earn-out | 173 | 173 | |||
Equity incentive plan (in shares) | 37 | ||||
Equity incentive plan | 919 | 919 | |||
Stock-based compensation expense | 557 | 557 | |||
Foreign currency translation adjustments | (106) | (106) | |||
Balance (in shares) at Jun. 30, 2019 | 4,992 | ||||
Ending balance at Jun. 30, 2019 | 5,404 | $ 4 | 186,213 | (50) | (180,763) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 206 | 206 | |||
Issuance of common stock under: | |||||
Equity incentive plan (in shares) | 4 | ||||
Stock-based compensation expense | 487 | 487 | |||
Foreign currency translation adjustments | 324 | 324 | |||
Balance (in shares) at Sep. 30, 2019 | 4,996 | ||||
Ending balance at Sep. 30, 2019 | 6,421 | $ 4 | 186,700 | 274 | (180,557) |
Balance (in shares) at Dec. 31, 2019 | 5,795 | ||||
Beginning balance at Dec. 31, 2019 | 6,797 | $ 6 | 190,019 | 50 | (183,278) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | (2,534) | (2,534) | |||
Issuance of common stock under: | |||||
Matching contribution to 401(k) plan (in shares) | 26 | ||||
Matching contribution to 401(k) plan | 155 | 155 | |||
In lieu of cash compensation (in shares) | 9 | ||||
In lieu of cash compensation | 50 | 50 | |||
Shares issued as a result of rounding due to reverse-stock split (in shares) | 13 | ||||
Stock-based compensation expense | 587 | 587 | |||
Foreign currency translation adjustments | 173 | 173 | |||
Balance (in shares) at Mar. 31, 2020 | 5,843 | ||||
Ending balance at Mar. 31, 2020 | 5,228 | $ 6 | 190,811 | 223 | (185,812) |
Balance (in shares) at Dec. 31, 2019 | 5,795 | ||||
Beginning balance at Dec. 31, 2019 | 6,797 | $ 6 | 190,019 | 50 | (183,278) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | (11,849) | ||||
Balance (in shares) at Sep. 30, 2020 | 8,316 | ||||
Ending balance at Sep. 30, 2020 | 8,401 | $ 8 | 203,905 | (385) | (195,127) |
Balance (in shares) at Mar. 31, 2020 | 5,843 | ||||
Beginning balance at Mar. 31, 2020 | 5,228 | $ 6 | 190,811 | 223 | (185,812) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | (11,767) | (11,767) | |||
Issuance of common stock under: | |||||
Equity financing, net (in shares) | 1,748 | ||||
Equity financing, net | 7,082 | $ 2 | 7,080 | ||
Exercise of warrants (in shares) | 223 | ||||
Exercise of warrants | 1,436 | 1,436 | |||
Issuance of warrants | (2,322) | (2,322) | |||
Stock-based compensation expense | 508 | 508 | |||
Foreign currency translation adjustments | (193) | (193) | |||
Balance (in shares) at Jun. 30, 2020 | 7,814 | ||||
Ending balance at Jun. 30, 2020 | (28) | $ 8 | 197,513 | 30 | (197,579) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 2,452 | 2,452 | |||
Issuance of common stock under: | |||||
Equity incentive plan (in shares) | 2 | ||||
Exercise of warrants (in shares) | 500 | ||||
Exercise of warrants | 5,875 | 5,875 | |||
Stock-based compensation expense | 517 | 517 | |||
Foreign currency translation adjustments | (415) | (415) | |||
Balance (in shares) at Sep. 30, 2020 | 8,316 | ||||
Ending balance at Sep. 30, 2020 | $ 8,401 | $ 8 | $ 203,905 | $ (385) | $ (195,127) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities: | ||
Net loss | $ (11,849) | $ (9,411) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 465 | 519 |
Provision for excess and obsolete inventories | 101 | 29 |
Changes in allowance for doubtful accounts | 43 | 63 |
Loss of impairment of goodwill | 189 | 0 |
Loss (gain) on revaluation of warrant liabilities | 1,579 | (6,045) |
Finance cost attributable to issuance of warrants | 329 | 706 |
Stock-based compensation expense | 1,612 | 1,680 |
Amortization of debt discount, change in contingent liability and accretion of final payment fee | 27 | 56 |
Gain on modification of operating lease liabilities | (38) | 0 |
Loss on investment of unconsolidated affiliate | 66 | 0 |
Common stock contribution to 401(k) plan | 155 | 113 |
Loss on modification of warrants | 0 | 257 |
Unrealized (gain) loss on foreign currency transactions | (424) | 384 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 715 | (1,608) |
Inventories | 368 | 195 |
Prepaid expenses, operating lease right-of-use assets, and other assets current and noncurrent | 169 | 95 |
Accounts payable | (90) | (1,772) |
Accrued and lease liabilities | (409) | (185) |
Deferred revenues | (23) | 647 |
Net cash used in operating activities | (7,015) | (14,277) |
Investing activities: | ||
Acquisition of property and equipment | 0 | (60) |
Net cash used in investing activities | 0 | (60) |
Financing activities: | ||
Proceeds from issuance of common stock and warrants, net | 7,082 | 16,325 |
Principal payments on note payable | (1,278) | (1,783) |
Payment of remaining balance of long-term debt | (1,512) | 0 |
Proceeds from issuance of long-term debt, net | 3,078 | 0 |
Proceeds from exercise of warrants, net | 3,334 | 0 |
Proceeds from exercise of stock options | 0 | 228 |
Net cash provided by financing activities | 10,704 | 14,770 |
Effect of exchange rate changes on cash | (12) | (30) |
Net increase in cash | 3,677 | 403 |
Cash at beginning of period | 10,872 | 7,655 |
Cash at end of period | 14,549 | 8,058 |
Supplemental disclosure of cash flow activities | ||
Cash paid for interest | 86 | 255 |
Cash paid for income taxes | 6 | 8 |
Supplemental disclosure of non-cash activities | ||
Initial recognition of operating lease right-of-use assets | 0 | 1,454 |
Initial recognition of operating lease liabilities | 0 | 1,498 |
Transfer of inventory to property and equipment | (160) | (195) |
Share issuance for common stock contribution to 401(k) plan | 155 | 191 |
Share issuance in lieu of cash compensation | 50 | 919 |
Equipois sales earn-out | $ 0 | $ 22 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Description of Business The “Company”, “we”, “its” and “our” refers to Ekso Bionics Holdings, Inc. and its wholly-owned subsidiaries. The Company designs, develops, sells, and rents exoskeleton technology to augment human strength, endurance and mobility. The Company’s exoskeleton technology serves multiple markets and can be used both by able-bodied users as well as by persons with physical disabilities. The Company has sold and rented devices that (i) enable individuals with neurological conditions affecting gait (stroke and spinal cord injury) to rehabilitate and to walk again, (ii) assist individuals with a broad range of upper extremity impairments, and (iii) allow industrial workers to perform difficult repetitive work for extended periods. Founded in 2005, the Company is headquartered in the San Francisco Bay area and listed on the Nasdaq Capital Market under the symbol “EKSO”. All common stock share and per share amounts have been adjusted to reflect the one-for-fifteen reverse stock split effected on March 24, 2020. See Note 13, Capitalization and Equity Structure – Reverse Stock Split . Liquidity and Going Concern As of September 30, 2020, the Company had an accumulated deficit of $195,127. Largely as a result of significant research and development activities related to the development of the Company’s advanced technology and commercialization of such technology into its medical device business, the Company has incurred significant operating losses and negative cash flows from operations since inception. In the nine months ended September 30, 2020, the Company used $7,015 of cash in its operations and had cash on hand of $14,549 as of September 30, 2020. In 2020, management has taken several actions to alleviate the substantial doubt about the Company’s ability to continue as a going concern that existed as of the date of issuance of the December 31, 2019 consolidated financial statements, including, but not limited to, the following: • streamlined the Company's operations and reduced its workforce by approximately 35% to lower operating expenses and reduce cash burn; • conducted a registered direct offering for net proceeds of $7,082; • paid off the entire amount of $1,512 of the Company's indebtedness to Western Alliance Bank with proceeds from a new loan of $2,000 from Pacific Western Bank. The terms of the new loan agreement include monthly interest-only payments over the next three years. • invested in the development and reliability of its products; • restructured the Company's commercial organization and strategy which is showing continued adoption; and • received clearance from the U.S. Food and Drug Administration ("FDA") for Acquired Brain Injury ("ABI") to market the Company's product to a larger patient population increasing the value proposition to its customers. The Company also received proceeds of $3,334 from warrant exercises in the nine months ended September 30, 2020. As described in Note 11, Notes payable, net , borrowings under the Company’s new secured term loan agreement with Pacific Western Bank have a liquidity covenant requiring minimum cash on hand equivalent to the current outstanding principal balance. As of September 30, 2020, $2,000 of cash must remain as restricted. After considering cash restrictions, effective unrestricted cash as of September 30, 2020 is estimated to be $12,549. With this unrestricted cash balance and the impact of management's actions described above, the Company believes that it currently has sufficient cash to fund its operations beyond the look forward period of one year from the issuance of these condensed consolidated financial statements. The Company’s actual capital requirements may vary significantly and will depend on many factors. The Company plans to continue its investments in its (i) sales initiatives to accelerate adoption of the Ekso robotic exoskeleton in the rehabilitation market, (ii) research, development and commercialization activities with respect to exoskeletons for rehabilitation, and (iii) development and commercialization of able-bodied exoskeletons for industrial use. Consequently, the Company may require significant additional financing in the future, which the Company intends to raise through corporate collaborations, public or private equity offerings, debt financings, or warrant solicitations. Sales of additional equity securities by the Company could |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies and Estimates | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies and Estimates | Basis of Presentation and Summary of Significant Accounting Policies and Estimates Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 27, 2020. In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the audited consolidated financial statements for the fiscal year ended December 31, 2019, which included an explanatory paragraph expressing substantial doubt about the Company’s ability to continue as a going concern in the report of the Company’s independent registered public accounting firm, and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. Certain reclassifications have been made to the amounts in prior periods to conform to the current period’s presentation. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the entire fiscal year or any future periods. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to, revenue recognition, deferred revenue and the deferral of the associated costs, the valuation of warrants and employee stock options, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, and contingencies. The estimates are based upon various factors including current and historical trends, as well as other pertinent industry and regulatory authority information, including the potential future effects of COVID-19. Actual results could differ from those estimates. Management regularly evaluates this information to determine if it is necessary to update the basis for its estimates and to adjust for known changes. Foreign Currency The assets and liabilities of foreign subsidiaries and equity investments, where the local currency is the functional currency, are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at average rates during the period, with resulting foreign currency translation adjustments recorded in accumulated other comprehensive income as a component of stockholders’ (deficit) equity. Gains and losses from the re-measurement of balances denominated in currencies other than the entities' functional currencies, are recorded in other expense, n et in the accompanying condensed consolidated statements of operations and comprehensive loss. Inventory Inventories are recorded at the lower of cost or net realizable value. Cost is computed using the standard cost method, which approximates actual cost on a first-in, first-out basis. Materials from vendors are received and recorded as raw material. Once the raw materials are incorporated in the fabrication of the product, the related value of the component is recorded as work in progress ("WIP"). Direct and indirect labor and applicable overhead costs are also allocated and recorded to WIP inventory. Finished goods are comprised of completed products that are ready for customer shipment. The Company periodically evaluates the carrying value of inventory on hand for potential excess amounts over sales and forecasted demand. Excess and obsolete inventories identified, if any, are recorded as an inventory impairment charge within the condensed consolidated statements of operations and comprehensive loss. The Company's estimate of write-downs for excess and obsolete inventory is based on a detailed analysis which includes on-hand inventory and purchase commitments in excess of forecasted demand. Subsequent disposals of inventories are recorded as a reduction of an inventory reserve. Impairment of Goodwill Impairment of goodwill is calculated using the simplified method, whereby the Company compares the fair value of each reporting unit to its carrying value. If the fair value of a reporting unit exceeds the carrying value of its net assets, goodwill is not considered impaired. If the carrying value of net assets exceeds the fair value of the reporting unit, then goodwill is considered impaired and an impairment charge equal to that difference is recorded. Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (“ASU”), No. 2016-02, Leases (Topic 842) , to enhance the transparency and comparability of financial reporting related to leasing arrangements. The Company adopted the standard effective January 1, 2019. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items, such as initial direct costs paid or incentives received. Lease expense is recognized over the expected lease term on a straight-line basis. Operating leases are recognized on the balance sheet as right-of-use assets, lease liabilities current and lease liabilities non-current. As a result, the Company no longer recognizes deferred rent on the balance sheet. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term. Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. The Company’s medical device segment (EksoHealth) revenue is primarily generated through the sale and rental of the EksoNR and EksoGT, associated software (SmartAssist and VariableAssist), the sale and rental of the EksoUE, the sale of accessories, and the sale of support and maintenance contracts (Ekso Care). Revenue from medical device product sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility for sales of the EksoNR or EksoGT, software and accessories. Ekso Care support and maintenance contracts extend coverage beyond the Company’s standard warranty agreements. The separately priced Ekso Care contracts range from 12 to 48 months. The Company receives payment at the inception of the contract and recognizes revenue over the term of the agreement. Revenue from medical device rentals is recognized over the rental term, typically over 12 months. The Company’s industrial device segment (EksoWorks) revenue is generated through the sale and rental of the upper body exoskeleton (EksoVest) and the support arm (EksoZeroG). Revenue from industrial device sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility. Revenue from industrial device rentals is recognized over the rental term, typically over 12 months. Refer to Note 8, Revenue Recognition for further information, including revenue disaggregated by source. Government Grants The Company accounts for nonreciprocal government grants by applying the contributions received guidance in ASC Topic 958-605 by analogy. To determine if a grant is non-reciprocal or reciprocal and whether the application of ASC 606 is required, the Company considers whether the transfer of resources is one in which commensurate value is exchanged. If commensurate value is not exchanged for the goods or services provided, the Company assesses whether the grant is conditional or unconditional. Grants that contain both a barrier and right to return are considered conditional and revenue is deferred until such conditions are satisfied. In January 2019, the Company received a government grant from the Singapore Economic Development Board (“SEDB”) in the amount of approximately $1,500. The receipt of the funds is conditional upon certain operational milestones that must be met and maintained through December 31, 2021. Therefore, the Company has not recognized revenue related to the government grant from the SEBD nor received cash from the SEBD during the nine months ended September 30, 2020 and prior periods. The Company does not expect to recognize revenue until December 31, 2021. Going Concern The Company assesses its ability to continue as a going concern at every interim and annual period in accordance with ASC 205-40. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. The Company maintains its cash accounts in excess of federally insured limits. However, the Company believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. The Company extends credit to customers, most of which are hospitals or other large nationally recognizable institutions, in the normal course of business. Concentrations of credit risk with respect to accounts receivable exist to the full extent of amounts presented in the condensed consolidated financial statements. The Company does not require collateral from its customers to secure accounts receivable. Accounts receivable are derived from the sale of products shipped to and services performed for customers. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and records an allowance for credit losses, as needed. The Company has not experienced any material losses related to accounts receivable as of September 30, 2020 and December 31, 2019. Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency. The Company does not enter into any foreign currency hedging agreements and is susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon settling foreign currency denominated accounts receivable. At September 30, 2020, the Company had two customers with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable (10% and 15%), as compared with one customer at December 31, 2019 (11%). During the three months ended September 30, 2020, the Company had one customer with sales of 10% or more of the Company’s total revenue (13%), as compared with one customer in the three months ended September 30, 2019 (12%). During the nine months ended September 30, 2020, the Company had no customers with sales of 10% or more of the Company’s total revenue, as compared with one customer in the nine months ended September 30, 2019 (19%). Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2019-10, which amends the current approach to estimate credit losses on certain financial assets, including trade and other receivables. Generally, this amendment requires entities to establish a valuation allowance for the expected lifetime losses of these certain financial assets. Upon the initial recognition of such assets, which will be based on, among other things, historical information, current conditions, and reasonable supportable forecasts. Subsequent changes in the valuation allowance are recorded in current earnings and reversal of previous losses are permitted. Currently, U.S. GAAP requires entities to write down credit losses only when losses are probable and loss reversals are not permitted. The update will be effective for the Company in the first quarter of 2023. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , which simplifies the accounting for convertible instruments. ASU 2020-06 eliminates certain models that require separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance eliminates certain of the conditions for equity classification for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. This guidance is effective for the Company beginning in the first quarter of 2022 and must be applied using either a modified or full retrospective approach. Early adoption is permitted, but no earlier than annual periods beginning after December 15, 2020. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. Accounting Pronouncements Adopted in 2020 In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment , which eliminates the computation of the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record a goodwill impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The Company adopted the new guidance as of January 1, 2020, which reduced the complexity surrounding the evaluation of goodwill for impairment. The adoption of this guidance did not have a material impact on the Company's condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The standard modifies the disclosure requirements on fair value measurements in Topic 820 by removing the requirement to disclose the reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. The standard expands the disclosure requirements for Level 3 fair value measurement, primarily focused on changes in unrealized gains and losses included in other comprehensive income. The amendments in this update became effective for the Company in the first quarter of 2020. The Company adopted ASU 2018-03 as of January 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements and related disclosures. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In May of 2020, the Company streamlined its operations and reduced its workforce by approximately 35% to lower operating expenses and reduce cash burn. The restructuring plan was completed by the end of the second quarter of 2020. The Company recorded restructuring expense of $244 for the nine months ended September 30, 2020 comprised of employee severance payments. As of September 30, 2020, there was no accrued restructuring cost remaining on the Company’s condensed consolidated balance sheets. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The Company previously maintained a goodwill balance as a result of a prior acquisition of intangible assets from Equipois, LLC in December 2015 consisting of mechanical balance and support arms technologies, including the rights to the ZeroG product. As a result of declining sales and gross margin and overall uncertainty about the future of the ZeroG product line, the Company performed an impairment assessment of goodwill utilizing the simplified method, which lead to in an impairment of goodwill of $189 reducing the goodwill balance to zero. In estimating the fair value, the Company utilized a discount cash flow model, which is dependent on a number of assumptions, most significantly forecasted revenues and operation profit margins. The following table sets forth the changes to goodwill for the nine months ended September 30, 2020: Goodwill Balance at December 31, 2019 $ 189 Loss on impairment of goodwill (189) Balance at September 30, 2020 $ — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table sets forth the changes to accumulated comprehensive income (loss), net of tax, by component for the nine months ended September 30, 2020: Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2019 $ 50 Net unrealized loss on foreign currency translation (435) Balance at September 30, 2020 $ (385) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined 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. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Three levels of inputs, of which the first two are considered observable and the last unobservable, may be used to measure fair value which are the following: • Level 1 —Quoted prices in active markets for identical assets or liabilities. The Company considers a market to be active when transactions for the asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 —Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • 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. The valuation of Level 3 investments requires the use of significant management judgments or estimation. The Company’s fair value hierarchies for its financial assets and liabilities, which require fair value measurement, are as follows: Total Level 1 Level 2 Level 3 September 30, 2020 Liabilities Warrant liabilities $ 4,560 $ — $ — $ 4,560 December 31, 2019 Liabilities Warrant liabilities $ 4,307 $ — $ — $ 4,307 Contingent success fee liability $ 6 $ — $ — $ 6 The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the nine months ended September 30, 2020, which were measured at fair value on a recurring basis: Warrant Liability Contingent Success Balance at December 31, 2019 $ 4,307 $ 6 Initial valuation of warrants in connection with June 2020 financing 2,650 — Loss on revaluation of warrants issued in connection with the June 2020, December 2019, May 2019, and December 2015 equity financings 1,579 — Gain on revaluation of contingent liability — (6) Reclassification of warrant liability to equity upon exercise of warrants (3,976) — Balance at September 30, 2020 $ 4,560 $ — Refer to Note 13. Capitalization and Equity Structure – Warrants for additional information regarding the valuation of warrants . |
Inventories, net
Inventories, net | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Inventories, net Inventories consisted of the following: September 30, 2020 December 31, 2019 Raw materials $ 2,020 $ 2,208 Work in progress — 29 Finished goods 160 252 Inventories, net $ 2,180 $ 2,489 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. Revenue recognition is evaluated based on the following five steps: (i) identification of the contract with the customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are determined based on observable prices at which the Company separately sells its products or services. If a standalone selling price is not directly observable, the Company estimates the selling price based on market conditions and entity-specific factors including features and functionality of the product and/or services, the geography of the Company’s customers, type of the Company’s markets. Any discounts or other reductions to the transaction price are allocated proportionately to all performance obligations within the multiple-element arrangement. Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers and receipt of payment. For the sale of its products, the Company generally recognizes revenue at a point in time through the ship-and-bill performance obligations. For the rental of its products, the Company generally recognizes revenue over the rental term commencing upon the completion of customer training. For service agreements, the Company generally invoices customers at the beginning of the coverage period and records revenue related to the billed amounts over time, equivalent to the coverage period of the maintenance and support contract. Deferred revenue is comprised mainly of unearned revenue related to extended support and maintenance contracts (Ekso Care) but also includes other offerings for which the Company has been paid in advance and earns revenue when the Company transfers control of the product or service. Deferred revenue consisted of the following: September 30, 2020 December 31, 2019 Deferred extended maintenance and support $ 2,823 $ 2,837 Deferred royalties 282 290 Deferred device and rental revenues 146 131 Customer deposits and advances 7 23 Total deferred revenues 3,258 3,281 Less current portion (1,448) (1,492) Deferred revenues, non-current $ 1,810 $ 1,789 Deferred revenue activity consisted of the following for the nine months ended September 30, 2020: Beginning balance $ 3,281 Deferral of revenue 1,256 Recognition of deferred revenue (1,279) Ending balance $ 3,258 As of September 30, 2020, the Company’s deferred revenue was $3,258 . Excluding customer deposits, the Company expects to recognize approximately $507 of the deferred revenue during the remainder of 2020, $1,244 in 2021, and $1,507 thereafter. In addition to deferred revenue, the Company has non-cancellable backlog of $504 related to its contracts for rental units with its customers. These rental contracts are classified as operating leases, typically with 12-month lease terms, and rental income is recognized on a straight-line basis over the lease term. As of September 30, 2020, and December 31, 2019, accounts receivable, net of allowance for doubtful accounts, were $4,450 and $5,208, respectively, and are included in current assets on the Company’s condensed consolidated balance sheets. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on known troubled accounts, historical experience, and other currently available evidence. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 90 days. Disaggregation of revenue The following table disaggregates the Company’s revenue by major source for the three months ended September 30, 2020: EksoHealth EksoWorks Total Device sales $ 2,018 $ 127 $ 2,145 Service and support 455 — 455 Rentals 178 7 185 Parts and other 32 24 56 Collaborative arrangements 56 — 56 $ 2,739 $ 158 $ 2,897 The following table disaggregates the Company’s revenue by major source for the nine months ended September 30, 2020: EksoHealth EksoWorks Total Device sales $ 3,706 $ 543 $ 4,249 Service and support 1,170 — 1,170 Rentals 656 10 666 Parts and other 255 60 315 Collaborative arrangements 228 — 228 $ 6,015 $ 613 $ 6,628 The following table disaggregates the Company’s revenue by major source for the three months ended September 30, 2019: EksoHealth EksoWorks Total Device sales $ 2,449 $ 289 $ 2,738 Service and support 67 — 67 Rentals 208 — 208 Parts and other 257 31 288 Collaborative arrangements 18 — 18 $ 2,999 $ 320 $ 3,319 The following table disaggregates the Company’s revenue by major source for the nine months ended September 30, 2019: EksoHealth EksoWorks Total Device sales $ 6,688 $ 1,365 $ 8,053 Service and support 911 — 911 Rentals 739 — 739 Parts and other 297 171 468 Collaborative arrangements 26 — 26 $ 8,661 $ 1,536 $ 10,197 |
Investment in Unconsolidated Af
Investment in Unconsolidated Affiliate | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Affiliate | Investment in Unconsolidated AffiliateIn May 2020, the Company, Zhejiang Youchuang Venture Capital Investment Co., Ltd and another partner (collectively, the “JV Partners”) received notice from the Committee on Foreign Investment in the United States (“CFIUS”) in connection with its review of the Company’s and the JV Partners’ investment in Exoskeleton Intelligent Robotics Co. Limited (the “China JV”). The notice stated that CFIUS’s prior national security concerns regarding the China JV could not be mitigated. In connection with such determination, on July 13, 2020, the Company and the JV Partners entered into a National Security Agreement (“NSA”), which, among other things, requires the termination of the agreements underlying the China JV and prohibits the Company from providing technology or services to the China JV. On August 12, 2020, the Company and the JV Partners agreed to terminate the agreements underlying the China JV. In accordance with the above, during the nine months ended September 30, 2020, the Company recorded a $66 loss on investment in unconsolidated affiliate in the condensed consolidated statements of operations and comprehensive loss related to the write-off of previously recorded direct costs related to establishing the China JV. |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following: September 30, 2020 December 31, 2019 Salaries, benefits and related expenses $ 1,162 $ 1,098 Device warranty 206 285 Other 198 300 Total $ 1,566 $ 1,683 The current portion of the warranty liability is classified as a component of accrued liabilities, while the long-term portion of the warranty liability is classified as a component of other non-current liabilities in the condensed consolidated balance sheets. A reconciliation of the changes in the device warranty liability is as follows: Three months ended Nine months ended September 30, 2020 Balance at beginning of period $ 229 $ 350 Additions for estimated future expense 83 156 Incurred costs (76) (270) Balance at end of period $ 236 $ 236 Balance as of September 30, 2020 Current portion $ 206 Long-term portion 30 Total $ 236 |
Notes Payable, Net
Notes Payable, Net | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Notes Payable, Net | Notes Payable, net PWB Term Loan In December 2016, the Company entered into a loan agreement with Western Alliance Bank ("WAB loan") and received a loan in the principal amount of $7,000 that bears interest on the outstanding daily balance at a floating per annum rate equal to the 30-day U.S. LIBOR plus 5.41%. The Company was required to pay accrued interest on the current loan on the first day of each month through and including January 1, 2018. Commencing on February 1, 2018, the Company was required to make equal monthly payments of principal, together with accrued and unpaid interest maturing in January 2021. On April 29, 2020 the Company entered into a second amendment to the December 2016 loan agreement to defer principal payments for three months beginning in May 2020 and be re-amortized when principal payments resume on August 1, 2020. During the three-month deferral period the Company was required to make interest only payments. The final payment fee, debt issuance costs, and the initial fair value of the success fee combined with the stated interest resulted in an effective interest rate for the WAB loan of 7.55% for the three months ended September 30, 2020 and 8.49% for the nine months ended September 30, 2020. The final payment fee, initial fair value of the success fee and debt issuance costs were accreted/amortized to interest expense using the effective interest method over the life of the loan. In August 2020, the Company entered into a new loan agreement (the "PWB Loan Agreement") with a different lender, Pacific Western Bank, and received a loan in the principal amount of $2,000 (the "PWB Term Loan") that bears interest on the outstanding daily balance at a rate equal to the greater of: (a) 0.50% above the variable rate of interest announced by the lender as its “prime rate” then in effect; or (b) 4.50%. The PWB Loan Agreement created a first priority security interest with respect to substantially all assets of the Company, including proceeds of intellectual property, but expressly excluding intellectual property itself. The proceeds of the PWB Term Loan were used to pay off the entire amount of the Company's indebtedness to Western Alliance Bank which amounted to $1,512. Pursuant to the PWB Loan Agreement, the remainder of the PWB Term Loan proceeds may be used for general corporate purposes which totaled $480. The Company is required to pay accrued interest on the current loan on the 13 th day of each month through and including August 13, 2023. The principal balance of the PWB Term Loan matures on August 13, 2023, at which time all unpaid principal and accrued and unpaid interest shall be due and payable in full. The interest rate of the PWB Term Loan is subject to increase in the event of late payments and after occurrence of and during the continuation of an event of default. Upon maturity, all unpaid principal and accrued and unpaid interest shall be due and payable in full. The Company may elect to prepay the PWB Term Loan at any time, in whole or in part, without penalty or premium. The PWB Loan Agreement contains a liquidity covenant, which requires that the Company maintain unrestricted cash and cash equivalents in accounts of the lender or subject to control agreements in favor of the lender in an amount equal to at least the outstanding balance of the PWB Term Loan, which was $2,000 as of September 30, 2020. On September 30, 2020, with cash on hand of $14,549, the Company was compliant with this liquidity covenant. The debt issuance costs and debt discounts combined with the stated interest resulted in an effective interest rate of 4.620% for the three months and nine months ended September 30, 2020. The debt issuance costs will be amortized to interest expense using the effective interest method over the life of the loan. The following table presents scheduled principal payments of the Company’s note payable as of September 30, 2020: Period Amount 2020 - 2022 $ — 2023 2,000 Total principal payments 2,000 Less debt discounts and issuance costs 7 Note payable, net $ 1,993 Paycheck Protection Program Loan On April 20, 2020, the Company received an unsecured loan in the principal amount of $1,086 under the Paycheck Protection Program (the “PPP”) administered by the U.S. Small Business Administration, or the SBA, pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), or the PPP loan. The terms of the PPP Loan were subsequently revised in accordance with the provisions of the Paycheck Protection Flexibility Act of 2020, or the PPP Flexibility Act, which was enacted on June 5, 2020. The PPP loan provides for an interest rate of 1.00% per year, and matures two years after the date of initial disbursement, with initial principal and interest payments coming due late in fiscal 2021. The PPP loan may be used for payroll costs, costs related to certain group health care benefits and insurance premiums, rent payments, utility payments, mortgage interest payments and interest payments on any other debt obligation that were incurred before February 15, 2020. Under the terms of the CARES Act and the PPP Flexibility Act, the Company may apply for and be granted forgiveness for all or a portion of loan granted under the PPP loan, with such forgiveness to be determined, subject to limitations (including where employees of the Company have been terminated and not re-hired by a certain date), based on the use of the loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. The terms of any forgiveness may also be subject to further requirements in regulations and guidelines adopted by the SBA. While the Company currently believes that the majority of the use of the PPP loan proceeds will meet the conditions for forgiveness under the PPP, no assurance is provided that the Company will obtain partial forgiveness of the loan. The follow table presents the scheduled principal payments of the Company's PPP loan note payable as of September 30, 2020, shown if the loan is not forgiven: Period Amount Remainder - 2020 $ — 2021 — 2022 530 2023 556 Total principal payments $ 1,086 Current portion $ — Long-term portion 1,086 Note payable, net $ 1,086 |
Lease Obligations
Lease Obligations | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Lease Obligations | Lease Obligations The Company's five-year operating lease agreement for its headquarters and manufacturing facility in Richmond, California, or the Richmond Lease, expires in May 2022, with no further options to extend or terminate. The lease includes non-lease components (i.e. common area maintenance costs) that are paid separately from rent based on actual costs incurred. In June 2020, the Company entered into an amendment to the Richmond Lease to make a one-time payment of $300 to cover its remaining lease obligations for the remainder of 2020, resulting in a $48 abatement and a lease payment deferral of $79 to be paid in equal monthly installments in 2021. The Company's five-year operating lease agreement for its European operations office in Hamburg, Germany expires in July 2022. It has an option to extend for another five-year term. The Company’s future lease payments as of September 30, 2020 are as follows, which are presented as lease liabilities, current and lease liabilities on the Company’s condensed consolidated balance sheets: Period Operating Leases Remainder of 2020 $ 26 2021 593 2022 235 Total lease payments 854 Less: imputed interest (75) Present value of lease liabilities $ 779 Lease liabilities, current $ 406 Lease liabilities, noncurrent 373 Total lease liabilities $ 779 Weighted-average remaining lease term (in years) 1.69 Weighted-average discount rate 10.5 % Lease expense under the Company’s operating leases was $132 and $134 for the three months ended September 30, 2020 and 2019, respectively, and $405 and $404 for the nine months ended September 30, 2020 and 2019, respectively. Practical Expedients Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term. As part of the transition to ASC 842, the Company elected to use the modified retrospective transition method with the new standard being applied as of the January 1, 2019 adoption date. Additionally, the Company has elected, as of the adoption date, not to reassess whether expired or existing contracts contain leases under the new definition of a lease; the lease classification for expired or existing leases; or whether previously capitalized initial direct costs would qualify for capitalization under ASC 842. |
Capitalization and Equity Struc
Capitalization and Equity Structure | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Capitalization and Equity Structure | Capitalization and Equity Structure Reverse Stock Split After the close of the stock market on March 24, 2020, the Company effected a 1-for-15 reverse split of its common stock. As a result, all common stock share amounts included in this filing have been retroactively reduced by a factor of fifteen, rounded up to the nearest whole share, and all common stock per share amounts have been increased by a factor of fifteen, with the exception of the Company's common stock par value and the Company's authorized shares. Amounts affected include common stock outstanding, restricted stock units, common stock underlying stock options and warrants. Summary The Company’s authorized capital stock at September 30, 2020 consisted of 141,429 shares of common stock and 10,000 shares of preferred stock. As of September 30, 2020, there were 8,316 shares of common stock issued and outstanding and no shares of preferred stock issued and outstanding. Common Stock June 2020 Common Stock and Warrants to Purchase Common Stock Offering In June 2020, the Company entered into a securities purchase agreement, or the June 2020 Purchase Agreement, with certain purchasers. Pursuant to the June 2020 Purchase Agreement, the Company agreed to sell in a registered direct offering, or the June 2020 Offering, an aggregate of 1,748 shares of its common stock. Pursuant to such agreement, the Company also agreed to sell, in a concurrent private placement offering, warrants to purchase 874 shares of its common stock, or the June 2020 Investor Warrants. The gross proceeds of the June 2020 Offering and the concurrent private placement offering were $7,890, the June 2020 Gross Proceeds. Each June 2020 Investor Warrant has an exercise price of $5.18 per share, subject to adjustment in certain circumstances, and is exercisable immediately and will expire five and one-half years from issuance, or on December 10, 2025. As compensation for services provided by the placement agent for the June 2020 Offering, or the Placement Agent, the Company paid a cash fee equal to 7.0% of the June 2020 Gross Proceeds ($552) and a management fee equal to 1.0% of the June 2020 Gross Proceeds ($79), and issued, in a concurrent private placement offering, warrants to purchase shares of the Company's common stock, or the June 2020 Placement Agent Warrants, in an amount equal to up to 7.0% of the aggregate number of shares of common stock sold in the June 2020 Offering, or 122 shares in the aggregate, in substantially the same form as the June 2020 Investor Warrants, except that the June 2020 Placement Agent Warrants will expire five years from the effective date of the June 2020 Offering, or on June 7, 2025, and have an exercise price per share equal to $5.64. In connection with the June 2020 Offering, the Company also incurred $98 in other expenses of the Placement Agent paid for or reimbursed by the Company. Of the $7,890 in proceeds, $2,650 was allocated to the June 2020 Investor Warrants and June 2020 Placement Agent Warrants, or, collectively, the June 2020 Warrants, based on the fair value method, with the remaining proceeds of $5,240 allocated to the common stock shares sold in the June 2020 Offering. In connection with the June 2020 Offering and concurrent private placement offerings, the Company incurred approximately $1,117 in direct financing costs, including a fair value of $309 of June 2020 Placement Agent Warrants. Financing costs of $808, excluding the fair value of the June 2020 Placement Agents Warrants, were allocated on the fair value basis between the common stock shares sold in the June 2020 Offering and the June 2020 Warrants, as follows: $329 was allocated to the June 2020 Warrants and expensed immediately in other income (expense), net in the accompanying condensed consolidated statements of operations and comprehensive income (loss) and $479 was allocated to the common stock shares sold in the June 2020 Offering and recorded as a reduction to additional paid in capital. The direct financing cost of $309 associated with the June 2020 Placement Agent warrants was also allocated to the common stock shares sold in the June 2020 Offering and recorded as a reduction to additional paid in capital. At-the-Market Offering Subsequent to quarter-end, in October 2020, the Company entered into an At-The-Market Offering Agreement (the "ATM Agreement") with H.C. Wainwright & Co., LLC (the "Agent"), under which the Company may issue and sell shares of its common stock, from time to time, to or through the Agent. Offers and sales of shares of common stock by the Company through the Agent may be made by any method deemed to be an “at the market offering” as defined under SEC Rule 415 or in privately negotiated transactions, subject to certain conditions. Such shares may be offered pursuant to the registration statement on Form S-3 (File No. 333-239203) (the “Registration Statement”), which was declared effective by the SEC on June 26, 2020, and a related prospectus supplement filed with the SEC on October 9, 2020 (the “ATM Prospectus”). Pursuant to the Registration Statement and the ATM Prospectus, shares having an aggregate offering price of up to $7,500 may be offered and sold, subject to certain SEC rules limiting the amount of shares of the Company’s common stock that may be sold by the Company under the Registration Statement. Under the ATM Agreement, shares of the Company's common stock may not be sold for a price lower than $6.75 per share. In August 2018, the Company entered into a Controlled Equity Offering SM Sales Agreement with Cantor Fitzgerald & Co. (the "Cantor Agreement"). Prior to entering into the ATM Agreement, the Company terminated the Cantor Agreement in September 2020. The Company did not sell any shares of common stock under the Cantor Agreement during nine months ended September 30, 2020, nor did the Company sell shares of common stock under the ATM Agreement during the fourth quarter through October 26, 2020. Warrants Warrant shares outstanding as of December 31, 2019 and September 30, 2020 were as follows: Source Exercise Term December 31, 2019 Issued Exercised Expired September 30, 2020 June 2020 Investor Warrants $ 5.18 5.5 — 874 (477) — 397 June 2020 Placement Agent Warrants $ 5.64 5 — 122 — — 122 December 2019 Warrants $ 8.10 5 556 — — — 556 December 2019 Placement Agent Warrants $ 8.44 5 52 — — — 52 May 2019 Warrants $ 3.52 5 444 — (246) — 198 2017 Information Agent Warrants $ 22.50 3 13 — — (13) — 2015 Warrants $ 41.25 5 107 — — — 107 Pre-2014 warrants $ 144.90 9-10 6 — — (6) — 1,178 996 (723) (19) 1,432 June 2020 Investor Warrants In June 2020, the Company issued the June 2020 Investor Warrants, exercisable for up to 874 shares of the Company’s common stock at an exercise price of $5.18 per share. The June 2020 Warrants were issued as exercisable immediately, and will expire five and one-half years from the date of issuance, or on December 10, 2025. In addition, the June 2020 Investor Warrants contain a cashless exercise provision, whereby, if, at the time a holder exercises its June 2020 Investor Warrants, a registration statement registering the issuance or the resale of the shares of common stock underlying the June 2020 Investor Warrants under the Securities Act is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder may elect to instead receive, upon such exercise (either in whole or in part), the net number of shares of the Company’s common stock determined according to a formula set forth in the June 2020 Investor Warrant. The June 2020 Investor Warrants will be automatically exercised on a cashless basis on their expiration date. The June 2020 Investor Warrants could also require payment of liquidated damages by the Company in the form of cash payments in the event of a failure by the Company to timely deliver shares of common stock upon exercise of such warrants. The June 2020 Investor Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the June 2020 Investor Warrants, as defined in the June 2020 Investor Warrants, the holders of the June 2020 Investor Warrants will be entitled to receive upon exercise of the June 2020 Investor Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the June 2020 Investor Warrants immediately prior to such fundamental transaction. Alternatively, the Company or any successor entity will, at the option of a holder of a June 2020 Investor Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s June 2020 Investor Warrant by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s June 2020 Investor Warrant. Because of this put-option provision, the June 2020 Investor Warrants are classified as a liability and are marked to market at each reporting date. The warrant liability related to the June 2020 Investor Warrants is measured at fair value at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Investor Warrants: September 30, 2020 June 10, 2020 Current share price $ 4.75 $ 3.81 Conversion price $ 5.18 $ 5.18 Risk-free interest rate 0.26 % 0.39 % Expected term (years) 5.19 5.5 Volatility of stock 104.12 % 96.4 % June 2020 Placement Agent Warrants In June 2020, the Company issued the June 2020 Placement Agent Warrants, exercisable for up to 122 shares of the Company’s common stock, to the placement agent for such offering. The June 2020 Placement Agent Warrants have substantially the same form as the June 2020 Investor Warrants, including the put option described above, except that they have an exercise price per share equal to $5.64, subject to adjustment in certain circumstances, and will expire on June 7, 2025. Because of the put-option provision in the June 2020 Placement Agent Warrants, these warrants are classified as a liability and are marked to market at each reporting date. The warrant liability related to the June 2020 Placement Agent Warrants is measured at fair value at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Placement Agent Warrants: September 30, 2020 June 10, 2020 Current share price $ 4.75 $ 3.81 Conversion price $ 5.64 $ 5.64 Risk-free interest rate 0.26 % 0.33 % Expected term (years) 4.69 5 Volatility of stock 106.83 % 96.3 % December 2019 Warrants In December 2019, pursuant to a securities purchase agreement (the "December 2019 Offering"), the Company issued warrants (the "December 2019 Warrants") to purchase 556 shares of common stock. The December 2019 Warrants have an exercise price of $8.10 per share and will be exercisable six months and one day from their issuance date, or from and after June 21, 2020, and will expire five years from the date they initially became exercisable, or on June 21, 2025. During the nine months ended September 30, 2020, 477 shares of the December 2019 Warrants were exercised. The December 2019 Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the December 2019 Warrants, the Company or any successor entity will, at the option of a holder of a December 2019 Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s December 2019 Warrant by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s December 2019 Warrant within five The warrant liability related to the December 2019 Warrants is measured at fair value at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Warrants: September 30, 2020 December 31, 2019 Current share price $ 4.75 $ 5.86 Conversion price $ 8.10 $ 8.10 Risk-free interest rate 0.26 % 1.73 % Expected term (years) 4.72 5.5 Volatility of stock 106.84 % 95.7 % December 2019 Placement Agent Warrants In December 2019, in connection with the December 2019 Offering, the Company issued warrants to purchase 52 shares of the Company’s common stock to the placement agent for such offering (the "December 2019 Placement Agent Warrants"). The December 2019 Placement Agent Warrants have substantially the same form as the December 2019 Warrants, except that they have an exercise price per share equal to $8.44, subject to adjustment in certain circumstances, and will expire on December 18, 2025. The warrant liability related to the December 2019 Placement Agent Warrants is measured at fair value at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Placement Agent Warrants: September 30, 2020 December 31, 2019 Current share price $ 4.75 $ 5.86 Conversion price $ 8.44 $ 8.44 Risk-free interest rate 0.23 % 1.69 % Expected term (years) 4.22 5.0 Volatility of stock 109.79 % 93.1 % Management has assessed that the likelihood of a Change of Control (as defined in the December 2019 Placement Agent Warrants) occurring during the term of the December 2019 Placement Agent Warrants is low, and that if such an event were to occur, the difference between the cashless exercise value and the warrants fair value is nominal. May 2019 Warrants In May 2019, pursuant to an underwriting agreement, (the "May 2019 Offering"), the Company issued the warrants (the "May 2019 Warrants") to purchase 444 shares of common stock. The May 2019 Warrants currently have an exercise price of $3.52 per share and will expire five years from the date of their issuance, or on May 24, 2024. The May 2019 Warrants contain a price protection feature, pursuant to which, subject to certain exceptions, if shares of common stock are sold or issued in the future, or securities convertible or exercisable for shares of the Company’s common stock are sold or issued in the future, for consideration, or with an exercise price or conversion price, as applicable, per share less than the exercise price per share then in effect for the May 2019 Warrants, the exercise price of the May 2019 Warrants is reduced to the consideration paid for, or the exercise price or conversion price of, as the case may be, the securities issued in such offering. Pursuant to this provision, in connection with the June 2020 Offering, the exercise price of the May 2019 Warrants was reduced to $3.52 per share, being the amount that is equal to the lower of (x) the consideration paid for the securities issued in the June 2020 Offering, or $4.51 per share, (y) the lowest exercise price of the June 2020 Warrants, or $5.18, and (z) the lowest one-day volume-weighted average price of the Company’s Common Stock on the Nasdaq Capital Market as measured each day during the five trading day period starting on June 8, 2020, rounded to the nearest share, or $3.52. During the nine months ended September 30, 2020, 246 shares of the May 2019 warrants were exercised. In addition, if the Company effects or enters into any issuance of common stock or options or convertible securities exercisable for or convertible into common stock at a price which varies or may vary with the market price of the shares of the Company's common stock, subject to certain exceptions, a May 2019 Warrant holder may, at the time of exercise of the holder’s warrant, elect to exercise the warrant at such variable price. The May 2019 Warrants include a put option, whereby while the May 2019 Warrants are outstanding, if the Company enters into a Change of Control, as defined in the May 2019 Warrants, the Company or any successor entity will, at the option of a 2019 Warrant holder exercise within 90 days after the public disclosure of the Change of Control transaction, purchase such holder’s May 2019 Warrants by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such warrants on the later date of consummation of the Change of Control transaction or two trading days after the notice of such request. Because of this put option provision, the May 2019 Warrants are classified as a liability and are marked to market at each reporting date. The warrant liability related to the May 2019 Warrants is measured at fair value at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in a combination of the Black-Scholes Model and the Lattice Model to measure the fair value of the May 2019 Warrants: September 30, 2020 December 31, 2019 Current share price $ 4.75 $ 5.86 Conversion price $ 3.52 $ 5.70 Risk-free interest rate 0.2 % 1.67 % Expected term (years) 3.6 4.4 Volatility of stock 113.3 % 93.9 % Management has assessed that the likelihood of a Change of Control occurring during the term of the warrants is low, and that if such an event were to occur, the difference between the cashless exercise value and the May 2019 Warrants fair value is nominal. 2017 Information Agent Warrants In September 2017, in connection with a rights offering in August 2017, the Company issued warrants (the "2017 Information Agent Warrants") to purchase 13 shares of the Company’s common stock to an information agent. The 2017 Information Agent Warrants have an exercise price of $22.50 per share, and became exercisable immediately upon issuance and will remain exercisable until September 13, 2020. These warrants were recorded in stockholders’ (deficit) equity on the Company’s condensed consolidated balance sheet. These warrants expired during the three months ended September 30, 2020. 2015 Warrants In December 2015, the Company issued warrants (the "2015 Warrants") to purchase 141 shares. The 2015 Warrants have an exercise price of $41.25 per share, are immediately exercisable and will remain exercisable until December 23, 2020. The 2015 Warrants contain a put -option provision. Under this provision, while the 2015 Warrants are outstanding, if the Company enters into a Fundamental Transaction, as defined in the 2015 Warrants as a merger, consolidation or similar transaction, the Company or any successor entity shall, at the option of each warrant holder, exercisable at any time concurrently with or within 30 days after the consummation of the Fundamental Transaction, purchase the warrant from the holder exercising such option by paying to the holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s warrant on the date of the consummation of the Fundamental Transaction. Because of this put-option provision, the 2015 Warrants are classified as a liability and are marked to market at each reporting date. Through December 31, 2019, 35 shares of the 2015 Warrants were exercised. During the nine months ended September 30, 2020, none of the 2015 Warrants were exercised. On March 8, 2019, in connection with an amendment to a securities purchase agreement, which retroactively removed a provision from such securities purchase agreement that prohibited the Company from effecting or entering into an agreement to effect any issuance by the Company of its common stock at a price determined based on the trading price of the Company’s common stock or otherwise at a future determined price, the Company entered into an amendment to the 2015 Warrants to reduce the exercise price of each such warrant from $56.10 per share to $41.25 per share, subject to further adjustments pursuant to the existing terms of such warrant. In the nine months ended September 30, 2019, the Company recorded a $257 loss on the modification of these warrants. The warrant liability related to the 2015 Warrants is measured at fair value at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black-Scholes Option Pricing Model to measure the fair value of the 2015 Warrants as of: September 30, 2020 December 31, 2019 Current share price $ 4.75 $ 5.86 Conversion price $ 41.25 $ 41.25 Risk-free interest rate 0.1 % 1.59 % Expected term (years) 0.24 0.99 Volatility of stock 110.52 % 98.46 % Pre-2014 Merger Warrants As a result of the May 2019 Offering, which was a firm commitment underwritten public offering, warrants to purchase 6 shares of the Company's common stock, which were converted from warrants to purchase preferred stock of Ekso Bionics, Inc. at the time of the merger, expired in accordance with their terms. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation See Note 13, Capitalization and Equity Structure – Reverse Stock Split . In March 2020, the Company’s stockholders approved an amendment to the Company’s Amended and Restated 2014 Equity Incentive Plan (the “2014 Plan”), to increase the number of shares available for grant by 333 shares. As of September 30, 2020, the total shares authorized for grant under the 2014 Plan was 1,174, of which 321 were available for future grants. Stock Options The following table summarizes information about the Company’s stock options outstanding as of September 30, 2020, and activity during the nine months then ended: Stock Weighted- Weighted- Aggregate Balance as of December 31, 2019 494 $ 36.64 Options granted 90 5.65 Options exercised — — Options forfeited (24) 26.49 Options cancelled (28) 42.38 Balance as of September 30, 2020 532 $ 31.57 7.61 $ — Vested and expected to vest at September 30, 2020 532 $ 31.57 7.61 $ — Exercisable as of September 30, 2020 317 $ 42.26 6.85 $ — As of September 30, 2020, total unrecognized compensation cost related to unvested stock options was $2,572. This amount is expected to be recognized as stock-based compensation expense in the Company’s condensed consolidated statements of operations and comprehensive loss over the remaining weighted average vesting period of 2.23 years. The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes Model using the following assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2020 (1) 2019 (1) 2020 2019 Dividend yield N/A N/A — — Risk-free interest rate N/A N/A 1.58 % 2.12 % Expected term (in years) N/A N/A 5.6 6 Volatility N/A N/A 102 % 102 % (1) Black-Scholes option pricing model assumptions are not applicable for the three months ended September 30, 2020 and 2019, as there were no stock options granted during these periods. Restricted Stock Units Each restricted stock unit (RSU) issued to employees and members of the board of directors represents the right to receive one share of the Company’s common stock upon vesting and subsequent settlement. The fair value of RSUs is determined based on the closing price of the Company’s common stock on the date of grant. RSU activity for the nine months ended September 30, 2020 is summarized below: Number of Weighted- Unvested as of December 31, 2019 89 $ 10.77 Granted 135 4.45 Vested (16) 8.06 Forfeited (28) 11.03 Unvested at September 30, 2020 180 $ 6.21 As of September 30, 2020, $900 of total unrecognized compensation expense related to unvested RSUs was expected to be recognized over a weighted average period of 2.35 years. Compensation Expense Total stock-based compensation expense related to options and RSUs granted to employees and non-employees is included in the condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Sales and marketing $ 103 $ 137 $ 339 $ 516 Research and development 49 57 161 175 General and administrative 365 293 1,112 989 $ 517 $ 487 $ 1,612 $ 1,680 401(k) Plan Share Match During the nine months ended September 30, 2020, the Company issued 26 shares of common stock to eligible employees’ deferral accounts for the 401(k) Plan matching contribution representing 50% of each eligible employee’s elected deferral (up to the statutory limit) for the fiscal year ended December 31, 2019. The expense related to the 2020 contribution was $155 for the nine months ended September 30, 2020. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThere were no material changes to the unrecognized tax benefits in the nine months ended September 30, 2020, and the Company does not expect significant changes to unrecognized tax benefits through the end of the fiscal year. Because of the Company’s history of tax losses, all years remain open to tax examination. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Material Contracts The Company enters various license, research collaboration and development agreements, which provide for payments to the Company primarily for technology transfer and license fees, and royalty payments on sales. The Company has two license agreements with the Regents of the University of California to maintain exclusive rights to certain patents. Pursuant to those license agreements, the Company is required to pay 1% of net sales of products sold to entities other than the U.S. government and, in the event of a sub-license, the Company owes 21% of license fees and must pass through 1% of the sub-licensee’s net sales of products sold to entities other than the U.S. government. The agreements also stipulate minimum annual royalties of $50. In connection with acquisition of Equipois, LLC ("Equipois"), the Company assumed the rights and obligations of Equipois under a license agreement with the developer of certain intellectual property related to mechanical balance and support arm technologies, which grants the Company an exclusive license with respect to the technology and patent rights for certain fields of use. Pursuant to the terms of the license agreement, the Company pays the developer a single-digit royalty on net receipts, subject to a $50 annual minimum royalty requirement. The Company purchases components from a variety of suppliers and uses contract manufacturers to provide manufacturing services for its products. Purchase obligations are defined as agreements that are enforceable and legally binding and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. The Company had purchase obligations primarily for purchases of inventory and manufacturing related service contracts totaling $302 as of September 30, 2020, which is expected to be paid within a year. Timing of payments and actual amounts paid may be different depending on the time of receipt of goods or services or changes to agreed-upon amounts for some obligations. Contingencies In the normal course of business, the Company is subject to various legal matters. In the opinion of management, the resolution of such matters will not have a material adverse effect on the Company’s condensed consolidated financial statements. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The following table sets forth the computation of basic and diluted net income (loss) per share: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator: Net income (loss) applicable to common shareholders $ 2,452 $ 206 $ (11,849) $ (9,411) Adjustment for gain on fair value of "in the money" warrants (2,545) — (294) — Adjusted net income (loss) used for dilution calculation $ (93) $ 206 $ (12,143) $ (9,411) Denominator: Weighted-average number of shares outstanding 8,236 4,996 6,772 4,684 Effect of dilutive shares: "In the money" warrants for common stock 143 — 57 — Equity awards — 1 — — Dilutive weighted-average number of shares outstanding 8,379 4,997 6,829 4,684 Net income (loss) per share applicable to common shareholders Basic $ 0.30 $ 0.04 $ (1.75) $ (2.01) Diluted $ (0.01) $ 0.04 $ (1.78) $ (2.01) The following table sets forth potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Options to purchase common stock 532 395 532 396 Restricted stock units 180 9 180 9 Warrants for common stock 715 571 1,234 571 Total common stock equivalents 1,427 975 1,946 976 |
Segment Disclosures
Segment Disclosures | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Disclosures | Segment Disclosures The Company has two reportable segments: EksoHealth (also referred to as the medical devices segment) and EksoWorks (also referred to as the industrial devices segment). The EksoHealth segment designs, engineers, manufactures, sells, and rents exoskeletons for applications in the medical markets. The EksoWorks segment designs, engineers, manufactures, sells, and rents exoskeleton devices to allow able-bodied users to perform difficult repetitive work for extended periods. The reportable segments are each managed separately because they serve distinct markets. The Company evaluates performance and allocates resources based on segment gross profit margin. The Company does not consider net assets as a segment measure and, accordingly, assets are not allocated. Segment reporting information is as follows: EksoHealth EksoWorks Total Three months ended September 30, 2020 Revenue $ 2,739 $ 158 $ 2,897 Cost of revenue 989 95 1,084 Gross profit $ 1,750 $ 63 $ 1,813 Three months ended September 30, 2019 Revenue $ 2,999 $ 320 $ 3,319 Cost of revenue 1,297 272 1,569 Gross profit $ 1,702 $ 48 $ 1,750 EksoHealth EksoWorks Total Nine Months Ended September 30, 2020 Revenue $ 6,015 $ 613 $ 6,628 Cost of revenue 2,466 453 2,919 Gross profit $ 3,549 $ 160 $ 3,709 Nine Months Ended September 30, 2019 Revenue $ 8,661 $ 1,536 $ 10,197 Cost of revenue 3,932 1,356 5,288 Gross profit $ 4,729 $ 180 $ 4,909 Geographic information for revenue based on location of customers is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 United States $ 1,926 $ 1,941 $ 4,813 $ 6,669 All Other 971 1,378 1,815 3,528 $ 2,897 $ 3,319 $ 6,628 $ 10,197 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions One of the Company’s directors, Dr. Ted Wang, is the founder, general partner and Chief Investment Officer of Puissance Capital Management LP (“Puissance Capital”), which is an affiliate of Puissance Cross-Border Opportunities II LLC, one of the Company’s largest stockholders. Prior to Dr. Wang’s appointment to the Board in September 2017, the Company entered into a one-year consulting agreement with Angel Pond Capital LLC (“Angel Pond”), an entity solely owned and managed by Dr. Wang and affiliated with Puissance Capital. Angel Pond provides consulting services to the Company with respect to strategic positioning in the Asia Pacific region, including introduction to potential strategic partners and the development of strategic partnerships for the sale and manufacture of the Company’s products in that market. During the nine months ended September 30, 2019, Angel Pond provided consulting services amounting to $30, which was expensed in the condensed consolidated statement of operations and comprehensive loss. During the nine months ended September 30, 2020, the Company sold EksoVest raw material inventory and tooling to the China JV for $45. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 27, 2020. In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the audited consolidated financial statements for the fiscal year ended December 31, 2019, which included an explanatory paragraph expressing substantial doubt about the Company’s ability to continue as a going concern in the report of the Company’s independent registered public accounting firm, and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. Certain reclassifications have been made to the amounts in prior periods to conform to the current period’s presentation. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the entire fiscal year or any future periods. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to, revenue recognition, deferred revenue and the deferral of the associated costs, the valuation of warrants and employee stock options, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, and contingencies. The estimates are based upon various factors including current and historical trends, as well as other pertinent industry and regulatory authority information, including the potential future effects of COVID-19. Actual results could differ from those estimates. Management regularly evaluates this information to determine if it is necessary to update the basis for its estimates and to adjust for known changes. |
Foreign Currency | Foreign Currency The assets and liabilities of foreign subsidiaries and equity investments, where the local currency is the functional currency, are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at average rates during the period, with resulting foreign currency translation adjustments recorded in accumulated other comprehensive income as a component of stockholders’ (deficit) equity. Gains and losses from the re-measurement of balances denominated in currencies other than the entities' functional currencies, are recorded in other expense, n et in the accompanying condensed consolidated statements of operations and comprehensive loss. |
Inventory | Inventory Inventories are recorded at the lower of cost or net realizable value. Cost is computed using the standard cost method, which approximates actual cost on a first-in, first-out basis. Materials from vendors are received and recorded as raw material. Once the raw materials are incorporated in the fabrication of the product, the related value of the component is recorded as work in |
Impairment of Goodwill | Impairment of Goodwill Impairment of goodwill is calculated using the simplified method, whereby the Company compares the fair value of each reporting unit to its carrying value. If the fair value of a reporting unit exceeds the carrying value of its net assets, goodwill is not considered impaired. If the carrying value of net assets exceeds the fair value of the reporting unit, then goodwill is considered impaired and an impairment charge equal to that difference is recorded. |
Leases | Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (“ASU”), No. 2016-02, Leases (Topic 842) , to enhance the transparency and comparability of financial reporting related to leasing arrangements. The Company adopted the standard effective January 1, 2019. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items, such as initial direct costs paid or incentives received. Lease expense is recognized over the expected lease term on a straight-line basis. Operating leases are recognized on the balance sheet as right-of-use assets, lease liabilities current and lease liabilities non-current. As a result, the Company no longer recognizes deferred rent on the balance sheet. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term. |
Revenue Recognition | Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. The Company’s medical device segment (EksoHealth) revenue is primarily generated through the sale and rental of the EksoNR and EksoGT, associated software (SmartAssist and VariableAssist), the sale and rental of the EksoUE, the sale of accessories, and the sale of support and maintenance contracts (Ekso Care). Revenue from medical device product sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility for sales of the EksoNR or EksoGT, software and accessories. Ekso Care support and maintenance contracts extend coverage beyond the Company’s standard warranty agreements. The separately priced Ekso Care contracts range from 12 to 48 months. The Company receives payment at the inception of the contract and recognizes revenue over the term of the agreement. Revenue from medical device rentals is recognized over the rental term, typically over 12 months. The Company’s industrial device segment (EksoWorks) revenue is generated through the sale and rental of the upper body exoskeleton (EksoVest) and the support arm (EksoZeroG). Revenue from industrial device sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility. Revenue from industrial device rentals is recognized over the rental term, typically over 12 months. Refer to Note 8, Revenue Recognition for further information, including revenue disaggregated by source. |
Government Grants | Government Grants The Company accounts for nonreciprocal government grants by applying the contributions received guidance in ASC Topic 958-605 by analogy. To determine if a grant is non-reciprocal or reciprocal and whether the application of ASC 606 is required, the Company considers whether the transfer of resources is one in which commensurate value is exchanged. If commensurate value is not exchanged for the goods or services provided, the Company assesses whether the grant is conditional or unconditional. Grants that contain both a barrier and right to return are considered conditional and revenue is deferred until such conditions are satisfied. In January 2019, the Company received a government grant from the Singapore Economic Development Board (“SEDB”) in the amount of approximately $1,500. The receipt of the funds is conditional upon certain operational milestones that must be met and maintained through December 31, 2021. Therefore, the Company has not recognized revenue related to the government grant from the SEBD nor received cash from the SEBD during the nine months ended September 30, 2020 and prior periods. The Company does not expect to recognize revenue until December 31, 2021. |
Going Concern | Going Concern The Company assesses its ability to continue as a going concern at every interim and annual period in accordance with ASC 205-40. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. The Company maintains its cash accounts in excess of federally insured limits. However, the Company believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. The Company extends credit to customers, most of which are hospitals or other large nationally recognizable institutions, in the normal course of business. Concentrations of credit risk with respect to accounts receivable exist to the full extent of amounts presented in the condensed consolidated financial statements. The Company does not require collateral from its customers to secure accounts receivable. Accounts receivable are derived from the sale of products shipped to and services performed for customers. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and records an allowance for credit losses, as needed. The Company has not experienced any material losses related to accounts receivable as of September 30, 2020 and December 31, 2019. Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency. The Company does not enter into any foreign currency hedging agreements and is susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon settling foreign currency denominated accounts receivable. At September 30, 2020, the Company had two customers with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable (10% and 15%), as compared with one customer at December 31, 2019 (11%). During the three months ended September 30, 2020, the Company had one customer with sales of 10% or more of the Company’s total revenue (13%), as compared with one customer in the three months ended September 30, 2019 (12%). During the nine months ended September 30, 2020, the Company had no customers with sales of 10% or more of the Company’s total revenue, as compared with one customer in the nine months ended September 30, 2019 (19%). |
Recent Accounting Pronouncements/Recently Adopted Accounting Standards | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2019-10, which amends the current approach to estimate credit losses on certain financial assets, including trade and other receivables. Generally, this amendment requires entities to establish a valuation allowance for the expected lifetime losses of these certain financial assets. Upon the initial recognition of such assets, which will be based on, among other things, historical information, current conditions, and reasonable supportable forecasts. Subsequent changes in the valuation allowance are recorded in current earnings and reversal of previous losses are permitted. Currently, U.S. GAAP requires entities to write down credit losses only when losses are probable and loss reversals are not permitted. The update will be effective for the Company in the first quarter of 2023. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , which simplifies the accounting for convertible instruments. ASU 2020-06 eliminates certain models that require separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance eliminates certain of the conditions for equity classification for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. This guidance is effective for the Company beginning in the first quarter of 2022 and must be applied using either a modified or full retrospective approach. Early adoption is permitted, but no earlier than annual periods beginning after December 15, 2020. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. Accounting Pronouncements Adopted in 2020 In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment , which eliminates the computation of the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record a goodwill impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The Company adopted the new guidance as of January 1, 2020, which reduced the complexity surrounding the evaluation of goodwill for impairment. The adoption of this guidance did not have a material impact on the Company's condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The standard modifies the disclosure requirements on fair value measurements in Topic 820 by removing the requirement to disclose the reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. The standard expands the disclosure requirements for Level 3 fair value measurement, primarily focused on changes in unrealized gains and losses included in other comprehensive income. The amendments in this update became effective for the Company in the first quarter of 2020. The Company adopted ASU 2018-03 as of January 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements and related disclosures. |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table sets forth the changes to goodwill for the nine months ended September 30, 2020: Goodwill Balance at December 31, 2019 $ 189 Loss on impairment of goodwill (189) Balance at September 30, 2020 $ — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following table sets forth the changes to accumulated comprehensive income (loss), net of tax, by component for the nine months ended September 30, 2020: Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2019 $ 50 Net unrealized loss on foreign currency translation (435) Balance at September 30, 2020 $ (385) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company’s fair value hierarchies for its financial assets and liabilities, which require fair value measurement, are as follows: Total Level 1 Level 2 Level 3 September 30, 2020 Liabilities Warrant liabilities $ 4,560 $ — $ — $ 4,560 December 31, 2019 Liabilities Warrant liabilities $ 4,307 $ — $ — $ 4,307 Contingent success fee liability $ 6 $ — $ — $ 6 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the nine months ended September 30, 2020, which were measured at fair value on a recurring basis: Warrant Liability Contingent Success Balance at December 31, 2019 $ 4,307 $ 6 Initial valuation of warrants in connection with June 2020 financing 2,650 — Loss on revaluation of warrants issued in connection with the June 2020, December 2019, May 2019, and December 2015 equity financings 1,579 — Gain on revaluation of contingent liability — (6) Reclassification of warrant liability to equity upon exercise of warrants (3,976) — Balance at September 30, 2020 $ 4,560 $ — |
Inventories, net (Tables)
Inventories, net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, net | Inventories consisted of the following: September 30, 2020 December 31, 2019 Raw materials $ 2,020 $ 2,208 Work in progress — 29 Finished goods 160 252 Inventories, net $ 2,180 $ 2,489 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Contracts with Customer, Assets and Liabilities | Deferred revenue consisted of the following: September 30, 2020 December 31, 2019 Deferred extended maintenance and support $ 2,823 $ 2,837 Deferred royalties 282 290 Deferred device and rental revenues 146 131 Customer deposits and advances 7 23 Total deferred revenues 3,258 3,281 Less current portion (1,448) (1,492) Deferred revenues, non-current $ 1,810 $ 1,789 Deferred revenue activity consisted of the following for the nine months ended September 30, 2020: Beginning balance $ 3,281 Deferral of revenue 1,256 Recognition of deferred revenue (1,279) Ending balance $ 3,258 |
Disaggregation of Revenue | The following table disaggregates the Company’s revenue by major source for the three months ended September 30, 2020: EksoHealth EksoWorks Total Device sales $ 2,018 $ 127 $ 2,145 Service and support 455 — 455 Rentals 178 7 185 Parts and other 32 24 56 Collaborative arrangements 56 — 56 $ 2,739 $ 158 $ 2,897 The following table disaggregates the Company’s revenue by major source for the nine months ended September 30, 2020: EksoHealth EksoWorks Total Device sales $ 3,706 $ 543 $ 4,249 Service and support 1,170 — 1,170 Rentals 656 10 666 Parts and other 255 60 315 Collaborative arrangements 228 — 228 $ 6,015 $ 613 $ 6,628 The following table disaggregates the Company’s revenue by major source for the three months ended September 30, 2019: EksoHealth EksoWorks Total Device sales $ 2,449 $ 289 $ 2,738 Service and support 67 — 67 Rentals 208 — 208 Parts and other 257 31 288 Collaborative arrangements 18 — 18 $ 2,999 $ 320 $ 3,319 The following table disaggregates the Company’s revenue by major source for the nine months ended September 30, 2019: EksoHealth EksoWorks Total Device sales $ 6,688 $ 1,365 $ 8,053 Service and support 911 — 911 Rentals 739 — 739 Parts and other 297 171 468 Collaborative arrangements 26 — 26 $ 8,661 $ 1,536 $ 10,197 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: September 30, 2020 December 31, 2019 Salaries, benefits and related expenses $ 1,162 $ 1,098 Device warranty 206 285 Other 198 300 Total $ 1,566 $ 1,683 |
Product Maintenance And Warranty | A reconciliation of the changes in the device warranty liability is as follows: Three months ended Nine months ended September 30, 2020 Balance at beginning of period $ 229 $ 350 Additions for estimated future expense 83 156 Incurred costs (76) (270) Balance at end of period $ 236 $ 236 Balance as of September 30, 2020 Current portion $ 206 Long-term portion 30 Total $ 236 |
Notes Payable, Net (Tables)
Notes Payable, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | The following table presents scheduled principal payments of the Company’s note payable as of September 30, 2020: Period Amount 2020 - 2022 $ — 2023 2,000 Total principal payments 2,000 Less debt discounts and issuance costs 7 Note payable, net $ 1,993 The follow table presents the scheduled principal payments of the Company's PPP loan note payable as of September 30, 2020, shown if the loan is not forgiven: Period Amount Remainder - 2020 $ — 2021 — 2022 530 2023 556 Total principal payments $ 1,086 Current portion $ — Long-term portion 1,086 Note payable, net $ 1,086 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of Maturities of Future Obligations | The Company’s future lease payments as of September 30, 2020 are as follows, which are presented as lease liabilities, current and lease liabilities on the Company’s condensed consolidated balance sheets: Period Operating Leases Remainder of 2020 $ 26 2021 593 2022 235 Total lease payments 854 Less: imputed interest (75) Present value of lease liabilities $ 779 Lease liabilities, current $ 406 Lease liabilities, noncurrent 373 Total lease liabilities $ 779 Weighted-average remaining lease term (in years) 1.69 Weighted-average discount rate 10.5 % |
Capitalization and Equity Str_2
Capitalization and Equity Structure (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Warrant Share Activity | Warrant shares outstanding as of December 31, 2019 and September 30, 2020 were as follows: Source Exercise Term December 31, 2019 Issued Exercised Expired September 30, 2020 June 2020 Investor Warrants $ 5.18 5.5 — 874 (477) — 397 June 2020 Placement Agent Warrants $ 5.64 5 — 122 — — 122 December 2019 Warrants $ 8.10 5 556 — — — 556 December 2019 Placement Agent Warrants $ 8.44 5 52 — — — 52 May 2019 Warrants $ 3.52 5 444 — (246) — 198 2017 Information Agent Warrants $ 22.50 3 13 — — (13) — 2015 Warrants $ 41.25 5 107 — — — 107 Pre-2014 warrants $ 144.90 9-10 6 — — (6) — 1,178 996 (723) (19) 1,432 |
Schedule of Assumption Used in Valuation | The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Investor Warrants: September 30, 2020 June 10, 2020 Current share price $ 4.75 $ 3.81 Conversion price $ 5.18 $ 5.18 Risk-free interest rate 0.26 % 0.39 % Expected term (years) 5.19 5.5 Volatility of stock 104.12 % 96.4 % September 30, 2020 June 10, 2020 Current share price $ 4.75 $ 3.81 Conversion price $ 5.64 $ 5.64 Risk-free interest rate 0.26 % 0.33 % Expected term (years) 4.69 5 Volatility of stock 106.83 % 96.3 % September 30, 2020 December 31, 2019 Current share price $ 4.75 $ 5.86 Conversion price $ 8.10 $ 8.10 Risk-free interest rate 0.26 % 1.73 % Expected term (years) 4.72 5.5 Volatility of stock 106.84 % 95.7 % September 30, 2020 December 31, 2019 Current share price $ 4.75 $ 5.86 Conversion price $ 8.44 $ 8.44 Risk-free interest rate 0.23 % 1.69 % Expected term (years) 4.22 5.0 Volatility of stock 109.79 % 93.1 % September 30, 2020 December 31, 2019 Current share price $ 4.75 $ 5.86 Conversion price $ 3.52 $ 5.70 Risk-free interest rate 0.2 % 1.67 % Expected term (years) 3.6 4.4 Volatility of stock 113.3 % 93.9 % September 30, 2020 December 31, 2019 Current share price $ 4.75 $ 5.86 Conversion price $ 41.25 $ 41.25 Risk-free interest rate 0.1 % 1.59 % Expected term (years) 0.24 0.99 Volatility of stock 110.52 % 98.46 % |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information about the Company’s stock options outstanding as of September 30, 2020, and activity during the nine months then ended: Stock Weighted- Weighted- Aggregate Balance as of December 31, 2019 494 $ 36.64 Options granted 90 5.65 Options exercised — — Options forfeited (24) 26.49 Options cancelled (28) 42.38 Balance as of September 30, 2020 532 $ 31.57 7.61 $ — Vested and expected to vest at September 30, 2020 532 $ 31.57 7.61 $ — Exercisable as of September 30, 2020 317 $ 42.26 6.85 $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes Model using the following assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2020 (1) 2019 (1) 2020 2019 Dividend yield N/A N/A — — Risk-free interest rate N/A N/A 1.58 % 2.12 % Expected term (in years) N/A N/A 5.6 6 Volatility N/A N/A 102 % 102 % (1) Black-Scholes option pricing model assumptions are not applicable for the three months ended September 30, 2020 and 2019, as there were no stock options granted during these periods. |
Schedule of Unvested Restricted Stock Units Roll Forward | RSU activity for the nine months ended September 30, 2020 is summarized below: Number of Weighted- Unvested as of December 31, 2019 89 $ 10.77 Granted 135 4.45 Vested (16) 8.06 Forfeited (28) 11.03 Unvested at September 30, 2020 180 $ 6.21 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total stock-based compensation expense related to options and RSUs granted to employees and non-employees is included in the condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Sales and marketing $ 103 $ 137 $ 339 $ 516 Research and development 49 57 161 175 General and administrative 365 293 1,112 989 $ 517 $ 487 $ 1,612 $ 1,680 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net income (loss) per share: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator: Net income (loss) applicable to common shareholders $ 2,452 $ 206 $ (11,849) $ (9,411) Adjustment for gain on fair value of "in the money" warrants (2,545) — (294) — Adjusted net income (loss) used for dilution calculation $ (93) $ 206 $ (12,143) $ (9,411) Denominator: Weighted-average number of shares outstanding 8,236 4,996 6,772 4,684 Effect of dilutive shares: "In the money" warrants for common stock 143 — 57 — Equity awards — 1 — — Dilutive weighted-average number of shares outstanding 8,379 4,997 6,829 4,684 Net income (loss) per share applicable to common shareholders Basic $ 0.30 $ 0.04 $ (1.75) $ (2.01) Diluted $ (0.01) $ 0.04 $ (1.78) $ (2.01) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table sets forth potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Options to purchase common stock 532 395 532 396 Restricted stock units 180 9 180 9 Warrants for common stock 715 571 1,234 571 Total common stock equivalents 1,427 975 1,946 976 |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment reporting information is as follows: EksoHealth EksoWorks Total Three months ended September 30, 2020 Revenue $ 2,739 $ 158 $ 2,897 Cost of revenue 989 95 1,084 Gross profit $ 1,750 $ 63 $ 1,813 Three months ended September 30, 2019 Revenue $ 2,999 $ 320 $ 3,319 Cost of revenue 1,297 272 1,569 Gross profit $ 1,702 $ 48 $ 1,750 EksoHealth EksoWorks Total Nine Months Ended September 30, 2020 Revenue $ 6,015 $ 613 $ 6,628 Cost of revenue 2,466 453 2,919 Gross profit $ 3,549 $ 160 $ 3,709 Nine Months Ended September 30, 2019 Revenue $ 8,661 $ 1,536 $ 10,197 Cost of revenue 3,932 1,356 5,288 Gross profit $ 4,729 $ 180 $ 4,909 |
Schedule of Geographic Information | Geographic information for revenue based on location of customers is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 United States $ 1,926 $ 1,941 $ 4,813 $ 6,669 All Other 971 1,378 1,815 3,528 $ 2,897 $ 3,319 $ 6,628 $ 10,197 |
Organization (Details)
Organization (Details) | Mar. 24, 2020 | Aug. 30, 2020 | May 31, 2020 | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Aug. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2016USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Reverse stock split | 0.067 | |||||||
Accumulated deficit | $ 195,127,000 | $ 183,278,000 | ||||||
Cash used in operations | 7,015,000 | $ 14,277,000 | ||||||
Cash | $ 14,549,000 | $ 10,872,000 | ||||||
Reduction in workforce | 35.00% | 35.00% | ||||||
Debt covenant, unrestricted cash | $ 2,000,000 | |||||||
Unrestricted cash | 12,549,000 | |||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from warrant | 3,334,000 | $ 0 | ||||||
Loan agreement | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Extinguishment of debt amount | 1,512,000 | |||||||
Received loan | $ 7,000,000 | |||||||
PWB loan agreement | Term loan | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Received loan | 2,000,000 | $ 2,000,000 | ||||||
Debt term | 3 years | |||||||
Direct offering | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from direct offering | $ 7,082,000 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Jan. 31, 2019 | |
Concentration Risk [Line Items] | ||||||
Government grant | $ 1,500 | |||||
Customer concentration risk | Accounts receivable | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage | 11.00% | |||||
Customer concentration risk | Accounts receivable | Customer A | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage | 10.00% | |||||
Customer concentration risk | Accounts receivable | Customer B | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage | 13.00% | 15.00% | ||||
Customer concentration risk | Revenue | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage | 12.00% | 19.00% | ||||
Minimum | ||||||
Concentration Risk [Line Items] | ||||||
Accounts receivable payment terms | 30 days | |||||
Maximum | ||||||
Concentration Risk [Line Items] | ||||||
Accounts receivable payment terms | 90 days | |||||
EksoHealth | Minimum | ||||||
Concentration Risk [Line Items] | ||||||
Accounts receivable payment terms | 12 months | |||||
EksoHealth | Maximum | ||||||
Concentration Risk [Line Items] | ||||||
Accounts receivable payment terms | 48 months |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
May 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |||||
Reduction in workforce | 35.00% | 35.00% | |||
Restructuring | $ 0 | $ 0 | $ 244 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Impairment of goodwill | $ 189,000 | $ 0 | $ 189,000 | $ 0 | |
Goodwill balance | $ 0 | $ 0 | $ 189,000 |
Goodwill - Changes in Goodwill
Goodwill - Changes in Goodwill (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | $ 189,000 | |||
Loss on impairment of goodwill | $ (189,000) | $ 0 | (189,000) | $ 0 |
Goodwill, ending balance | $ 0 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ (28) | $ 5,404 | $ 6,797 | $ 2,728 |
Net unrealized loss on foreign currency translation | 415 | (324) | 435 | (366) |
Ending balance | 8,401 | $ 6,421 | 8,401 | $ 6,421 |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 50 | |||
Net unrealized loss on foreign currency translation | (435) | |||
Ending balance | $ (385) | $ (385) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchies (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Liabilities | ||
Warrant liabilities | $ 4,560 | $ 4,307 |
Recurring | ||
Liabilities | ||
Warrant liabilities | 4,560 | 4,307 |
Contingent success fee liability | 6 | |
Level 1 | Recurring | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Contingent success fee liability | 0 | |
Level 2 | Recurring | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Contingent success fee liability | 0 | |
Level 3 | Recurring | ||
Liabilities | ||
Warrant liabilities | $ 4,560 | 4,307 |
Contingent success fee liability | $ 6 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in Level 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Loss on revaluation of warrants issued in connection with the June 2020, December 2019, May 2019, and December 2015 equity financings | $ (4,476) | $ (4,430) | $ 1,579 | $ (6,045) |
Warrant Liability | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 4,307 | |||
Initial valuation of warrants in connection with June 2020 financing | 2,650 | |||
Loss on revaluation of warrants issued in connection with the June 2020, December 2019, May 2019, and December 2015 equity financings | 1,579 | |||
Gain on revaluation of contingent liability | 0 | |||
Reclassification of warrant liability to equity upon exercise of warrants | (3,976) | |||
Ending balance | 4,560 | 4,560 | ||
Contingent Success Fee Liability | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 6 | |||
Initial valuation of warrants in connection with June 2020 financing | 0 | |||
Loss on revaluation of warrants issued in connection with the June 2020, December 2019, May 2019, and December 2015 equity financings | 0 | |||
Gain on revaluation of contingent liability | (6) | |||
Reclassification of warrant liability to equity upon exercise of warrants | 0 | |||
Ending balance | $ 0 | $ 0 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 2,020 | $ 2,208 |
Work in progress | 0 | 29 |
Finished goods | 160 | 252 |
Inventories, net | $ 2,180 | $ 2,489 |
Revenue Recognition - Deferred
Revenue Recognition - Deferred Revenue (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Deferred extended maintenance and support | $ 2,823 | $ 2,837 |
Deferred royalties | 282 | 290 |
Deferred device and rental revenues | 146 | 131 |
Customer deposits and advances | 7 | 23 |
Total deferred revenues | 3,258 | 3,281 |
Less current portion | (1,448) | (1,492) |
Deferred revenues, non-current | $ 1,810 | $ 1,789 |
Revenue Recognition - Deferre_2
Revenue Recognition - Deferred Revenue Activity (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Change In Contract With Customer, Liability Rollforward [Roll Forward] | |
Beginning balance | $ 3,281 |
Deferral of revenue | 1,256 |
Recognition of deferred revenue | (1,279) |
Ending balance | $ 3,258 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Deferred revenue | $ 3,258 | $ 3,281 |
Non-cancellable backlog | $ 504 | |
Lease term | 12 months | |
Accounts receivable, net of allowances | $ 4,450 | $ 5,208 |
Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable payment terms | 30 days | |
Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable payment terms | 90 days |
Revenue Recognition - Performan
Revenue Recognition - Performance Obligations (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 507 |
Remaining performance obligation, period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 1,244 |
Remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 1,507 |
Remaining performance obligation, period |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2,897 | $ 3,319 | $ 6,628 | $ 10,197 |
Device sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,145 | 2,738 | 4,249 | 8,053 |
Service and support | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 455 | 67 | 1,170 | 911 |
Rentals | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 185 | 208 | 666 | 739 |
Parts and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 56 | 288 | 315 | 468 |
Collaborative arrangements | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 56 | 18 | 228 | 26 |
EksoHealth | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,739 | 2,999 | 6,015 | 8,661 |
EksoHealth | Device sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,018 | 2,449 | 3,706 | 6,688 |
EksoHealth | Service and support | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 455 | 67 | 1,170 | 911 |
EksoHealth | Rentals | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 178 | 208 | 656 | 739 |
EksoHealth | Parts and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 32 | 257 | 255 | 297 |
EksoHealth | Collaborative arrangements | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 56 | 18 | 228 | 26 |
EksoWorks | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 158 | 320 | 613 | 1,536 |
EksoWorks | Device sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 127 | 289 | 543 | 1,365 |
EksoWorks | Service and support | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
EksoWorks | Rentals | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7 | 0 | 10 | 0 |
EksoWorks | Parts and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 24 | 31 | 60 | 171 |
EksoWorks | Collaborative arrangements | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Investments, Equity Method and
Investments, Equity Method and Joint Ventures (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||
Loss on investment of unconsolidated affiliate | $ 66 | $ 0 |
Exoskeleton Intelligent Robotics Co. Limited | ||
Schedule of Equity Method Investments [Line Items] | ||
Loss on investment of unconsolidated affiliate | $ 66 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Salaries, benefits and related expenses | $ 1,162 | $ 1,098 |
Device warranty | 206 | 285 |
Other | 198 | 300 |
Total | $ 1,566 | $ 1,683 |
Accrued Liabilities - Product M
Accrued Liabilities - Product Maintenance and Warranty (Details) - Warranty - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | |
Accrued Liabilities, Rollforward [Roll Forward] | |||
Beginning balance | $ 229 | $ 350 | |
Additions for estimated future expense | 83 | 156 | |
Incurred costs | (76) | (270) | |
Closing balance | 236 | 236 | |
Current portion | $ 206 | ||
Long-term portion | 30 | ||
Total | $ 236 | $ 236 | $ 236 |
Notes Payable, Net - Additional
Notes Payable, Net - Additional Information (Details) - USD ($) | Apr. 29, 2020 | Apr. 20, 2020 | Aug. 30, 2020 | Dec. 31, 2016 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Aug. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||||||||
Payment of remaining balance of long-term debt | $ 1,512,000 | $ 0 | |||||||
Debt outstanding | $ 1,993,000 | 1,993,000 | |||||||
Cash | 14,549,000 | 14,549,000 | $ 10,872,000 | ||||||
Unsecured debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 1.00% | ||||||||
Debt outstanding | $ 1,086,000 | $ 1,086,000 | |||||||
Face amount | $ 1,086,000 | ||||||||
Debt term | 2 years | ||||||||
Loan agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Received loan | $ 7,000,000 | ||||||||
Deferral principal payment period | 3 months | ||||||||
Effective rate | 7.55% | 8.49% | |||||||
Loan agreement | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate percentage | 5.41% | ||||||||
PWB loan agreement | Term loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Received loan | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | ||||||
Effective rate | 4.62% | 4.62% | |||||||
Interest rate | 4.50% | ||||||||
Available for corporate purposes | $ 480,000 | $ 480,000 | |||||||
Debt outstanding | $ 2,000,000 | $ 2,000,000 | |||||||
Debt term | 3 years | ||||||||
PWB loan agreement | Prime rate | Term loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate percentage | 0.50% |
Notes Payable, Net - Debt Repay
Notes Payable, Net - Debt Repayment (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Debt Disclosure [Abstract] | |
2020 - 2022 | $ 0 |
2023 | 2,000 |
Total principal payments | 2,000 |
Less debt discounts and issuance costs | 7 |
Note payable, net | $ 1,993 |
Notes Payable, Net - Principal
Notes Payable, Net - Principal Repayment (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 2,000 |
Total principal payments | 2,000 |
Note payable, net | 1,993 |
Unsecured debt | |
Debt Instrument [Line Items] | |
Remainder - 2020 | 0 |
2021 | 0 |
2022 | 530 |
2023 | 556 |
Total principal payments | 1,086 |
Current portion | 0 |
Long-term portion | 1,086 |
Note payable, net | $ 1,086 |
Lease Obligations - Additional
Lease Obligations - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Lessee, Lease, Description [Line Items] | |||||
Lease liabilities | $ 779 | $ 779 | |||
Lease expense | $ 132 | $ 134 | $ 405 | $ 404 | |
Richmond, California | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease agreement | 5 years | 5 years | |||
Lease payment | $ 300 | ||||
Operating lease abatement | $ 48 | ||||
Lease liabilities | $ 79 | $ 79 | |||
Hamburg, Germany | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease agreement | 5 years | 5 years | |||
Renewal term | 5 years | 5 years |
Lease Obligations - Future Mini
Lease Obligations - Future Minimum Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Remainder of 2020 | $ 26 | |
2021 | 593 | |
2022 | 235 | |
Total lease payments | 854 | |
Less: imputed interest | (75) | |
Present value of lease liabilities | 779 | |
Lease liabilities, current | 406 | $ 421 |
Lease liabilities, noncurrent | 373 | $ 711 |
Total lease liabilities | $ 779 | |
Weighted-average remaining lease term (in years) | 1 year 8 months 8 days | |
Weighted-average discount rate | 10.50% |
Capitalization and Equity Str_3
Capitalization and Equity Structure - Additional Information (Details) $ / shares in Units, $ in Thousands | Mar. 24, 2020 | Oct. 29, 2020USD ($)$ / shares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019shares | Dec. 31, 2015shares | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Dec. 31, 2019$ / sharesshares | May 31, 2019shares | Sep. 30, 2017shares |
Class of Stock [Line Items] | ||||||||||||
Reverse stock split | 0.067 | |||||||||||
Common stock, shares authorized (in shares) | 141,429,000 | 141,429,000 | 141,429,000 | |||||||||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||
Common stock, shares outstanding (in shares) | 8,316,000 | 8,316,000 | 5,795,000 | |||||||||
Common stock, shares issued (in shares) | 8,316,000 | 8,316,000 | 5,795,000 | |||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | |||||||||
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | |||||||||
Warrants issued (in shares) | 996,000 | |||||||||||
Warrant expenses | $ | $ 0 | $ 0 | $ 329 | $ 706 | ||||||||
Class of warrant or right, outstanding | 1,432,000 | 1,432,000 | 1,178,000 | |||||||||
Exercised (in shares) | 723,000 | |||||||||||
Loss on modification of warrants | $ | $ 0 | $ 0 | $ 0 | $ 257 | ||||||||
June 2020 Warrants | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Class of warrant or right expiration period | 5 years 6 months | |||||||||||
June 2020 Investor Warrants | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 5.18 | $ 5.18 | ||||||||||
Warrants issued (in shares) | 874,000 | |||||||||||
Class of warrant or right expiration period | 5 years 6 months | |||||||||||
Class of warrant or right, outstanding | 397,000 | 397,000 | 0 | |||||||||
Exercised (in shares) | 477,000 | |||||||||||
June 2020 Placement Agent Warrants | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 5.64 | $ 5.64 | $ 5.64 | |||||||||
Class of warrant or right cash fee percentage | 7.00% | |||||||||||
Class of warrant or right cash fee | $ | $ 552 | |||||||||||
Class of warrant or right management fee percentage | 1.00% | |||||||||||
Class of warrant or right management fee | $ | $ 79 | |||||||||||
Percentage of warrants issued to purchase shares of common stock | 7.00% | |||||||||||
Warrants issued (in shares) | 122,000 | 122,000 | ||||||||||
Class of warrant or right expiration period | 5 years | |||||||||||
Warrant expenses | $ | $ 98 | |||||||||||
Issuance costs | $ | 808 | |||||||||||
Fair value of warrants | $ | $ 309 | $ 309 | ||||||||||
Class of warrant or right, outstanding | 122,000 | 122,000 | 0 | |||||||||
Exercised (in shares) | 0 | |||||||||||
December 2019 Warrants | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 8.10 | $ 8.10 | ||||||||||
Warrants issued (in shares) | 0 | |||||||||||
Class of warrant or right expiration period | 5 years | |||||||||||
Class of warrant or right, outstanding | 556,000 | 556,000 | 556,000 | |||||||||
Exercisable period | 6 months 1 day | |||||||||||
Exercised (in shares) | 0 | |||||||||||
Duration of put option | 30 days | |||||||||||
Put option pay period | 5 days | |||||||||||
December 2019 Placement Agent Warrants | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 8.44 | $ 8.44 | ||||||||||
Warrants issued (in shares) | 0 | |||||||||||
Class of warrant or right expiration period | 5 years | |||||||||||
Class of warrant or right, outstanding | 52,000 | 52,000 | 52,000 | |||||||||
Exercised (in shares) | 0 | |||||||||||
May 2019 Warrants | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 3.52 | $ 3.52 | ||||||||||
Warrants issued (in shares) | 0 | |||||||||||
Class of warrant or right expiration period | 5 years | |||||||||||
Class of warrant or right, outstanding | 198,000 | 198,000 | 444,000 | 444,000 | ||||||||
Exercised (in shares) | 246,000 | |||||||||||
2017 Information Agent Warrants | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 22.50 | $ 22.50 | ||||||||||
Warrants issued (in shares) | 0 | |||||||||||
Class of warrant or right expiration period | 3 years | |||||||||||
Class of warrant or right, outstanding | 0 | 0 | 13,000 | 13,000 | ||||||||
Exercised (in shares) | 0 | |||||||||||
2015 Warrants | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 41.25 | $ 41.25 | $ 56.10 | |||||||||
Warrants issued (in shares) | 141,000 | 0 | ||||||||||
Class of warrant or right expiration period | 5 years | |||||||||||
Class of warrant or right, outstanding | 107,000 | 107,000 | 107,000 | |||||||||
Exercised (in shares) | 0 | |||||||||||
Warrants exercised (in shares) | 0 | 35,000 | ||||||||||
Pre-2014 warrants | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 144.90 | $ 144.90 | ||||||||||
Warrants issued (in shares) | 0 | |||||||||||
Class of warrant or right, outstanding | 0 | 0 | 6,000 | |||||||||
Exercised (in shares) | 0 | |||||||||||
Direct offering | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Aggregate proceeds | $ | 7,890 | |||||||||||
Issuance costs | $ | 1,117 | |||||||||||
Direct offering | June 2020 Warrants | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Aggregate proceeds | $ | 2,650 | |||||||||||
Issuance costs | $ | $ 329 | |||||||||||
ATM offering | Subsequent event | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Aggregate offering price | $ | $ 7,500 | |||||||||||
Sale of shares (in dollars per share) | $ / shares | $ 6.75 | |||||||||||
Common stock | Direct offering | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of shares sold (in shares) | 1,748,000 | |||||||||||
Aggregate proceeds | $ | $ 5,240 | |||||||||||
Issuance costs | $ | $ 479 | |||||||||||
Sale of shares (in dollars per share) | $ / shares | $ 4.51 | $ 4.51 | ||||||||||
Common stock | Direct offering | June 2020 Investor Warrants | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number warrants called (in shares) | 874,000 | 874,000 |
Capitalization and Equity Str_4
Capitalization and Equity Structure - Warrants (Details) - $ / shares shares in Thousands | 1 Months Ended | 9 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2015 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 1,178 | ||||
Warrants issued (in shares) | 996 | ||||
Exercised (in shares) | (723) | ||||
Expired (in shares) | (19) | ||||
Ending balance (in shares) | 1,432 | ||||
June 2020 Investor Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 5.18 | ||||
Term (Years) | 5 years 6 months | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 0 | ||||
Warrants issued (in shares) | 874 | ||||
Exercised (in shares) | (477) | ||||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 397 | ||||
June 2020 Placement Agent Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 5.64 | $ 5.64 | |||
Term (Years) | 5 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 0 | ||||
Warrants issued (in shares) | 122 | 122 | |||
Exercised (in shares) | 0 | ||||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 122 | ||||
December 2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 8.10 | ||||
Term (Years) | 5 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 556 | ||||
Warrants issued (in shares) | 0 | ||||
Exercised (in shares) | 0 | ||||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 556 | ||||
December 2019 Placement Agent Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 8.44 | ||||
Term (Years) | 5 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 52 | ||||
Warrants issued (in shares) | 0 | ||||
Exercised (in shares) | 0 | ||||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 52 | ||||
May 2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 3.52 | ||||
Term (Years) | 5 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 444 | 444 | |||
Warrants issued (in shares) | 0 | ||||
Exercised (in shares) | (246) | ||||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 198 | ||||
2017 Information Agent Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 22.50 | ||||
Term (Years) | 3 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 13 | ||||
Warrants issued (in shares) | 0 | ||||
Exercised (in shares) | 0 | ||||
Expired (in shares) | (13) | ||||
Ending balance (in shares) | 0 | ||||
2015 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 41.25 | $ 56.10 | |||
Term (Years) | 5 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 107 | ||||
Warrants issued (in shares) | 141 | 0 | |||
Exercised (in shares) | 0 | ||||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 107 | ||||
Pre-2014 warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 144.90 | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 6 | ||||
Warrants issued (in shares) | 0 | ||||
Exercised (in shares) | 0 | ||||
Expired (in shares) | (6) | ||||
Ending balance (in shares) | 0 | ||||
Pre-2014 warrants | Minimum | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Term (Years) | 9 years | ||||
Pre-2014 warrants | Maximum | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Term (Years) | 10 years |
Capitalization and Equity Str_5
Capitalization and Equity Structure - Valuation Assumptions (Details) | Jun. 10, 2020$ / shares | Sep. 30, 2020$ / shares | Dec. 31, 2019$ / shares |
June 2020 Investor Warrants | Current share price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Current share price (in dollars per share) | $ 3.81 | $ 4.75 | |
June 2020 Investor Warrants | Conversion price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Conversion price (in dollars per share) | $ 5.18 | $ 5.18 | |
June 2020 Investor Warrants | Risk-free interest rate | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 0.0039 | 0.0026 | |
June 2020 Investor Warrants | Expected term (years) | |||
Schedule of Capitalization, Equity [Line Items] | |||
Term (years) | 5 years 6 months | 5 years 2 months 8 days | |
June 2020 Investor Warrants | Volatility of stock | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 0.964 | 1.0412 | |
June 2020 Placement Agent Warrants | Current share price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Current share price (in dollars per share) | $ 3.81 | $ 4.75 | |
June 2020 Placement Agent Warrants | Conversion price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Conversion price (in dollars per share) | $ 5.64 | $ 5.64 | |
June 2020 Placement Agent Warrants | Risk-free interest rate | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 0.0033 | 0.0026 | |
June 2020 Placement Agent Warrants | Expected term (years) | |||
Schedule of Capitalization, Equity [Line Items] | |||
Term (years) | 5 years | 4 years 8 months 8 days | |
June 2020 Placement Agent Warrants | Volatility of stock | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 0.963 | 1.0683 | |
December 2019 Warrants | Current share price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Current share price (in dollars per share) | $ 4.75 | $ 5.86 | |
December 2019 Warrants | Conversion price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Conversion price (in dollars per share) | $ 8.10 | $ 8.10 | |
December 2019 Warrants | Risk-free interest rate | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 0.0026 | 0.0173 | |
December 2019 Warrants | Expected term (years) | |||
Schedule of Capitalization, Equity [Line Items] | |||
Term (years) | 4 years 8 months 19 days | 5 years 6 months | |
December 2019 Warrants | Volatility of stock | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 1.0684 | 0.957 | |
December 2019 Placement Agent Warrants | Current share price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Current share price (in dollars per share) | $ 4.75 | $ 5.86 | |
December 2019 Placement Agent Warrants | Conversion price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Conversion price (in dollars per share) | $ 8.44 | $ 8.44 | |
December 2019 Placement Agent Warrants | Risk-free interest rate | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 0.0023 | 0.0169 | |
December 2019 Placement Agent Warrants | Expected term (years) | |||
Schedule of Capitalization, Equity [Line Items] | |||
Term (years) | 4 years 2 months 19 days | 5 years | |
December 2019 Placement Agent Warrants | Volatility of stock | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 1.0979 | 0.931 | |
May 2019 Warrants | Current share price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Current share price (in dollars per share) | $ 4.75 | $ 5.86 | |
May 2019 Warrants | Conversion price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Conversion price (in dollars per share) | $ 3.52 | $ 5.70 | |
May 2019 Warrants | Risk-free interest rate | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 0.002 | 0.0167 | |
May 2019 Warrants | Expected term (years) | |||
Schedule of Capitalization, Equity [Line Items] | |||
Term (years) | 3 years 7 months 6 days | 4 years 4 months 24 days | |
May 2019 Warrants | Volatility of stock | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 1.133 | 0.939 | |
2015 Warrants | Current share price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Current share price (in dollars per share) | $ 4.75 | $ 5.86 | |
2015 Warrants | Conversion price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Conversion price (in dollars per share) | $ 41.25 | $ 41.25 | |
2015 Warrants | Risk-free interest rate | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 0.001 | 0.0159 | |
2015 Warrants | Expected term (years) | |||
Schedule of Capitalization, Equity [Line Items] | |||
Term (years) | 2 months 26 days | 11 months 26 days | |
2015 Warrants | Volatility of stock | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 1.1052 | 0.9846 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of employee match | 50.00% | |||
Matching contribution to 401(k) plan | $ 155 | $ 191 | ||
Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued in employee benefit plan (in shares) | 26,000 | 9,000 | ||
Additional Paid-in Capital | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Matching contribution to 401(k) plan | $ 155 | $ 191 | ||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 2,572 | |||
Unrecognized compensation expense, period of recognition | 2 years 2 months 23 days | |||
RSU | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 900 | |||
Unrecognized compensation expense, period of recognition | 2 years 4 months 6 days | |||
Right to receive stock (in shares) | 1 | |||
2014 plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional shares authorized for grant (in shares) | 333,000 | |||
Shares authorized for grant (in shares) | 1,174,000 | |||
Shares available for grant (in shares) | 321,000 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activity (Details) - 2014 plan $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | |
Stock Awards | |
Beginning Balance (in shares) | shares | 494 |
Options granted (in shares) | shares | 90 |
Options exercised (in shares) | shares | 0 |
Options forfeited (in shares) | shares | (24) |
Options cancelled (in shares) | shares | (28) |
Ending Balance (in shares) | shares | 532 |
Options Outstanding, Vested and expected to vest (in shares) | shares | 532 |
Options Outstanding, Exercisable (in shares) | shares | 317 |
Weighted- Average Exercise Price | |
Beginning Balance (in dollars per share) | $ / shares | $ 36.64 |
Options granted (in dollars per share) | $ / shares | 5.65 |
Options exercised (in dollars per share) | $ / shares | 0 |
Options forfeited (in dollars per share) | $ / shares | 26.49 |
Options cancelled (in dollars per share) | $ / shares | 42.38 |
Ending Balance (in dollars per share) | $ / shares | 31.57 |
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share) | $ / shares | 31.57 |
Weighted-Average Exercise Price, Exercisable (in dollars per share) | $ / shares | $ 42.26 |
Weighted-Average Remaining Contractual Life (Years), Ending Balance | 7 years 7 months 9 days |
Weighted-Average Remaining Contractual Life (Years), Vested and expected to vest | 7 years 7 months 9 days |
Weighted-Average Remaining Contractual Life (Years), Exercisable | 6 years 10 months 6 days |
Aggregate Intrinsic Value, Ending Balance | $ | $ 0 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 0 |
Aggregate Intrinsic Value, Exercisable | $ | $ 0 |
Stock-based Compensation - Valu
Stock-based Compensation - Valuation Assumptions (Details) - 2014 plan | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 1.58% | 2.12% |
Expected term (in years) | 5 years 7 months 6 days | 6 years |
Volatility | 102.00% | 102.00% |
Stock-based Compensation - RSU
Stock-based Compensation - RSU Activity (Details) - RSU shares in Thousands | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Number of Shares | |
Beginning Balance (in shares) | shares | 89 |
Granted (in shares) | shares | 135 |
Vested (in shares) | shares | (16) |
Forfeited (in shares) | shares | (28) |
Ending Balance (in shares) | shares | 180 |
Weighted- Average Grant Date Fair Value | |
Beginning Balance (in dollars per share) | $ / shares | $ 10.77 |
Granted (in dollars per share) | $ / shares | 4.45 |
Vested (in dollars per share) | $ / shares | 8.06 |
Forfeited (in dollars per share) | $ / shares | 11.03 |
Ending Balance (in dollars per share) | $ / shares | $ 6.21 |
Stock-based Compensation - Comp
Stock-based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Compensation expense | $ 517 | $ 487 | $ 1,612 | $ 1,680 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Compensation expense | 103 | 137 | 339 | 516 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Compensation expense | 49 | 57 | 161 | 175 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Compensation expense | $ 365 | $ 293 | $ 1,112 | $ 989 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($)license_agreement | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Payments due by period | $ 50 |
Contractual obligation | $ 302 |
Royalty agreement terms | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Number of license agreements | license_agreement | 2 |
Payments due by period | $ 50 |
Royalty agreement terms | Net sales | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Royalty percentage | 1.00% |
Royalty agreement terms | License fees | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Royalty percentage | 21.00% |
Royalty agreement terms | Sub-licensee net sales | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Royalty percentage | 1.00% |
Net Income (Loss) Per Share - E
Net Income (Loss) Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | ||||
Net income (loss) applicable to common shareholders | $ 2,452 | $ 206 | $ (11,849) | $ (9,411) |
Adjustment for gain on fair value of "in the money" warrants | (2,545) | 0 | (294) | 0 |
Adjusted net income (loss) used for dilution calculation | $ (93) | $ 206 | $ (12,143) | $ (9,411) |
Denominator: | ||||
Weighted average number of shares outstanding, basic (in shares) | 8,236 | 4,996 | 6,772 | 4,684 |
Effect of dilutive shares: | ||||
"In the money" warrants for common stock (in shares) | 143 | 0 | 57 | 0 |
Equity awards (in shares) | 0 | 1 | 0 | 0 |
Weighted average number of shares outstanding, diluted (in shares) | 8,379 | 4,997 | 6,829 | 4,684 |
Basic net income (loss) per share applicable to common shareholders (in dollars per share) | $ 0.30 | $ 0.04 | $ (1.75) | $ (2.01) |
Diluted net (loss) income per share applicable to common shareholders (in dollars per share) | $ (0.01) | $ 0.04 | $ (1.78) | $ (2.01) |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Antidilutive Shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 1,427 | 975 | 1,946 | 976 |
Options to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 532 | 395 | 532 | 396 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 180 | 9 | 180 | 9 |
Warrants for common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 715 | 571 | 1,234 | 571 |
Segment Disclosures - Operating
Segment Disclosures - Operating Segments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)segment | Sep. 30, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Revenue | $ 2,897 | $ 3,319 | $ 6,628 | $ 10,197 |
Cost of revenue | 1,084 | 1,569 | 2,919 | 5,288 |
Gross profit | 1,813 | 1,750 | 3,709 | 4,909 |
EksoHealth | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,739 | 2,999 | 6,015 | 8,661 |
Cost of revenue | 989 | 1,297 | 2,466 | 3,932 |
Gross profit | 1,750 | 1,702 | 3,549 | 4,729 |
EksoWorks | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 158 | 320 | 613 | 1,536 |
Cost of revenue | 95 | 272 | 453 | 1,356 |
Gross profit | $ 63 | $ 48 | $ 160 | $ 180 |
Segment Disclosures - Geographi
Segment Disclosures - Geographical Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 2,897 | $ 3,319 | $ 6,628 | $ 10,197 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,926 | 1,941 | 4,813 | 6,669 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 971 | $ 1,378 | $ 1,815 | $ 3,528 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Related Party Transaction [Line Items] | ||
Proceeds from sale of assets | $ 45 | |
Angel Pond Capital LLC | ||
Related Party Transaction [Line Items] | ||
Consulting agreement | 1 year | |
Payment for fees | $ 30 |