Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 25, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 | 101 Glacier Point | |
Entity Address, Address Line Two | Suite A | |
Entity Address, City or Town | San Rafael | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94901 | |
City Area Code | 510 | |
Local Phone Number | 984-1761 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | EKSO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,502,873 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001549084 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 16,277 | $ 20,525 |
Accounts receivable, net of allowances of $11 and $40, respectively | 4,827 | 4,625 |
Inventories | 5,662 | 5,187 |
Prepaid expenses and other current assets | 831 | 700 |
Total current assets | 27,597 | 31,037 |
Property and equipment, net | 2,454 | 2,680 |
Right-of-use assets | 1,228 | 1,307 |
Intangible assets, net | 5,136 | 5,217 |
Goodwill | 431 | 431 |
Other assets | 258 | 231 |
Total assets | 37,104 | 40,903 |
Current liabilities: | ||
Accounts payable | 3,042 | 3,151 |
Accrued liabilities | 2,227 | 2,278 |
Deferred revenues, current | 1,296 | 1,121 |
Notes payable, current | 2,623 | 2,310 |
Lease liabilities, current | 349 | 341 |
Total current liabilities | 9,537 | 9,201 |
Deferred revenues | 1,367 | 1,032 |
Notes payable, net | 3,534 | 3,767 |
Lease liabilities | 999 | 1,087 |
Warrant liabilities | 259 | 233 |
Other non-current liabilities | 125 | 141 |
Total liabilities | 15,821 | 15,461 |
Commitments and contingencies (Note 15) | ||
Stockholders’ equity: | ||
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding at March 31, 2023 and December 31, 2022 | 0 | 0 |
Common stock, $0.001 par value; 141,429 shares authorized; 13,342 and 13,203 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 13 | 13 |
Additional paid-in capital | 249,237 | 248,813 |
Accumulated other comprehensive income | 369 | 563 |
Accumulated deficit | (228,336) | (223,947) |
Total stockholders’ equity | 21,283 | 25,442 |
Total liabilities and stockholders’ equity | $ 37,104 | $ 40,903 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 11 | $ 40 |
Convertible Preferred stock, par value (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 (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) | 13,342,000 | 13,203,000 |
Common stock, shares outstanding (in shares) | 13,342,000 | 13,203,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 4,122 | $ 2,567 |
Cost of revenue | 2,122 | 1,358 |
Gross profit | 2,000 | 1,209 |
Operating expenses: | ||
Sales and marketing | 2,088 | 1,629 |
Research and development | 1,154 | 921 |
General and administrative | 3,206 | 2,896 |
Total operating expenses | 6,448 | 5,446 |
Loss from operations | (4,448) | (4,237) |
Other (expense) income, net: | ||
Interest expense | (127) | (27) |
Loss on revaluation of warrant liabilities | (26) | (100) |
Unrealized gain (loss) on foreign exchange | 217 | (254) |
Other expense, net | (5) | (2) |
Total other income (expense), net | 59 | (383) |
Net loss | (4,389) | (4,620) |
Other comprehensive (loss) income | (194) | 212 |
Comprehensive loss | $ (4,583) | $ (4,408) |
Net loss per share applicable to common shareholders, basic (in dollars per share) | $ (0.33) | $ (0.36) |
Net loss per share applicable to common shareholders, diluted (in dollars per share) | $ (0.33) | $ (0.36) |
Weighted average number of shares outstanding, basic (in shares) | 13,296 | 12,728 |
Weighted average number of shares outstanding, diluted (in shares) | 13,296 | 12,728 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Convertible Preferred Stock Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit |
Convertible preferred stock, beginning balance (in shares) at Dec. 31, 2021 | 0 | |||||
Common stock, beginning balance (in shares) at Dec. 31, 2021 | 12,693,000 | |||||
Beginning balance at Dec. 31, 2021 | $ 37,219 | $ 0 | $ 13 | $ 246,090 | $ (17) | $ (208,867) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (4,620) | (4,620) | ||||
Issuance of common stock under: | ||||||
Matching contribution to 401(k) plan (in shares) | 68,000 | |||||
Stock Issued During Period, Value, Employee Benefit Plan | 176 | 176 | ||||
Equity incentive plan (in shares) | 83,000 | |||||
Stock-based compensation expense | 499 | 499 | ||||
Foreign currency translation adjustments | 212 | 212 | ||||
Convertible preferred stock, ending balance (in shares) at Mar. 31, 2022 | 0 | |||||
Common stock, ending balance (in shares) at Mar. 31, 2022 | 12,844,000 | |||||
Ending balance at Mar. 31, 2022 | $ 33,486 | $ 0 | $ 13 | 246,765 | 195 | (213,487) |
Convertible preferred stock, beginning balance (in shares) at Dec. 31, 2022 | 0 | 0 | ||||
Common stock, beginning balance (in shares) at Dec. 31, 2022 | 13,203,000 | 13,203,000 | ||||
Beginning balance at Dec. 31, 2022 | $ 25,442 | $ 0 | $ 13 | 248,813 | 563 | (223,947) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | $ (4,389) | (4,389) | ||||
Issuance of common stock under: | ||||||
Matching contribution to 401(k) plan (in shares) | 0 | |||||
Stock Issued During Period, Value, Employee Benefit Plan | $ 0 | |||||
Equity incentive plan (in shares) | 139,000 | |||||
Stock-based compensation expense | 424 | 424 | ||||
Foreign currency translation adjustments | $ (194) | (194) | ||||
Convertible preferred stock, ending balance (in shares) at Mar. 31, 2023 | 0 | 0 | ||||
Common stock, ending balance (in shares) at Mar. 31, 2023 | 13,342,000 | 13,342,000 | ||||
Ending balance at Mar. 31, 2023 | $ 21,283 | $ 0 | $ 13 | $ 249,237 | $ 369 | $ (228,336) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities: | ||
Net loss | $ (4,389) | $ (4,620) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 414 | 231 |
Changes in allowance for doubtful accounts | 1 | (9) |
Loss on revaluation of warrant liabilities | 26 | 100 |
Stock-based compensation expense | 424 | 499 |
Common stock contribution to 401(k) plan | 93 | 64 |
Unrealized (gain) loss on foreign currency transactions | (217) | 254 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (202) | 1,297 |
Inventories | (375) | (562) |
Prepaid expenses and other assets, current and noncurrent | (134) | (302) |
Accounts payable | (110) | (166) |
Accrued, lease and other liabilities, current and noncurrent | (248) | (504) |
Deferred revenues | 503 | (488) |
Net cash used in operating activities | (4,214) | (4,206) |
Investing activities: | ||
Acquisition of property and equipment | (42) | 0 |
Net cash used in investing activities | (42) | 0 |
Effect of exchange rate changes on cash | 8 | (24) |
Net decrease in cash | (4,248) | (4,230) |
Cash at beginning of period | 20,525 | 40,406 |
Cash at end of period | 16,277 | 36,176 |
Supplemental disclosure of cash flow activities | ||
Cash paid for interest | 47 | 27 |
Supplemental disclosure of non-cash activities | ||
Transfer of inventory (from) to property and equipment | (96) | 29 |
Share issuance for common stock contribution to 401(k) plan | $ 0 | $ 176 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Description of Business Ekso Bionics Holdings, Inc. (the “Company”) designs, develops, and markets exoskeleton products to augment human strength, endurance and mobility. The Company’s exoskeleton technology serves multiple markets and can be utilized both by able-bodied users and by persons with physical disabilities. The Company has marketed devices that (i) enable individuals with neurological conditions affecting gait, including acquired brain injury ("ABI") and multiple sclerosis ("MS"), and spinal cord injury ("SCI"), 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”. On December 5, 2022, the Company acquired the Human Motion and Control (“HMC”) Business Unit from Parker Hannifin Corporation (“Parker”), an Ohio corporation. The assets acquired from the business unit include intellectual property rights for devices which are U.S. Food and Drug Administration ("FDA")-cleared lower-limb powered exoskeletons that enable task-specific, overground gait training to patients with weakness or paralysis in their lower extremities. Products include Ekso Indego Personal, a light-weight exoskeleton for safe use in most home and community environments, and Ekso Indego Therapy, an adjustable exoskeleton for patients with spinal cord injury and stroke, complementing Ekso’s product offering in outpatient facilities. Liquidity and Capital Resources As of March 31, 2023, the Company had an accumulated deficit of $228,336. 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 three months ended March 31, 2023, the Company used $4,214 of cash in its operations. Cash on hand as of March 31, 2023 was $16,277. As described in Note 10, Notes payable, net, borrowings under the Company’s 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 March 31, 2023, $2,000 of cash must remain as restricted. After considering cash restrictions, effective unrestricted cash as of March 31, 2023 is approximately $14,277. In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, we evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of our plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, we evaluate whether the mitigating effect of our plans sufficiently alleviates substantial doubt about our ability to continue as a going concern. The mitigating effect of our plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. In performing this analysis, we excluded certain elements of our operating plan that cannot be considered probable. Our expectation to generate operating losses and negative operating cash flows in the future and the need for additional funding to support our planned operations raise substantial doubt regarding our ability to continue as a going concern for a period of one year after the date that the financial statements are issued. Management intends to raise funds through one or more financings. However, due to several factors, including those outside management’s control, there can be no assurance that the Company will be able to complete such financings on acceptable terms or in amounts sufficient to continue operating the business under the operating plan. If we are unable to complete sufficient additional financings, management’s plans include delaying or abandoning certain product development projects, cost reduction efforts for our products, and refocused sales efforts to accelerate revenue growth above historical results. We have concluded the likelihood that our plan to successfully reduce expenses to align with our available cash is probable. Accordingly, we believe our plan will be sufficient to alleviate substantial doubt for a period of at least 12 months from the date of issuance of these consolidated financial statements which is in the second quarter of 2024. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies and Estimates | 3 Months Ended |
Mar. 31, 2023 | |
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 and Consolidation 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, 2022, which was filed with the SEC on March 28, 2023. 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, 2022, 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 months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or any future periods. The condensed consolidated financial statements include the financial statements of Ekso Bionics Holdings, Inc. and its subsidiaries. All significant transactions and balances between Ekso Bionics Holdings, Inc. and its subsidiaries have been eliminated in consolidation. Use of Estimates The preparation of the condensed 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, assets acquired and liabilities assumed in business combinations, revenue recognition, deferred revenue, the valuation of warrants and employee equity awards, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, and contingencies. Actual results could differ from those estimates. 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’ 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 materials. 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 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 inventory. Leases The Company records its leases in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 842, Leases . 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. 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 The Company records its revenue in accordance with ASC 606, Revenue from Contracts with Customers . 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, judgment is made to estimate the selling price based on market conditions and entity-specific factors including cost plus analyses, features and functionality of the product and/or services, the geography of the Company’s customers, and type of customer. Any discounts or other reductions to the transaction price are allocated proportionately to all performance obligations within the multiple-element arrangement. The Company periodically validates the stand-alone selling price for performance obligations by evaluating whether changes in the key assumptions used to determine the stand-alone selling prices will have a significant effect on the allocation of transaction price between multiple performance obligations. The Company exercised judgement to determine that a product return reserve was not required as historical returns activity have not been material. 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 has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows. The Company extends credit to customers 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 and services performed for customers primarily located in the U.S., Europe, Asia, and Australia. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and provides an allowance for potential credit losses. The allowance for potential credit losses on trade receivables reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance 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. The Company has not experienced material losses related to accounts receivable as of March 31, 2023 and December 31, 2022. Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency other than the U.S. dollar. 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 collecting receivables denominated in a foreign currency. At March 31, 2023 the Company had one customer with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable (30%) as compared with no customers at December 31, 2022. During the three months ended March 31, 2023, the Company had two customers with sales of 10% or more of the Company’s total revenue (26% and 14% ), as compared with one in the three months ended March 31, 2022 (11%). Accounting Pronouncements Adopted in 2023 In June 2016, the FASB issued Accounting Standard 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 amended 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 is 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. Previously, U.S. GAAP required entities to write down credit losses only when losses were probable and loss reversals were not permitted. The Company adopted ASU 2016-13 as of January 1, 2023, using the modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on the Company's financial position or the results of operations. Recent Accounting Pronouncements 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 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The Company's accumulated other comprehensive income (loss) consists of the accumulated net unrealized gains or losses on foreign currency translation adjustments. The change in accumulated other comprehensive income (loss) presented on the condensed consolidated balance sheets for the three months ended March 31, 2023 and 2022, is reflected in the table below net of tax: Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 563 $ (17) Net unrealized (loss) gain on foreign currency translation (194) 212 Balance at end of period $ 369 $ 195 |
Human Motion and Control Acquis
Human Motion and Control Acquisition | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Human Motion and Control Acquisition | Human Motion and Control Acquisition On December 5, 2022, the Company acquired the HMC business from Parker. The assets acquired from the business unit include intellectual property rights for devices which are FDA-cleared lower-limb powered exoskeletons that enable task-specific, overground gait training to patients with weakness or paralysis in their lower extremities. Products include Ekso Indego Personal, a light-weight exoskeleton for safe use in most home and community environments, and Ekso Indego Therapy, an adjustable exoskeleton for patients with spinal cord injury and stroke, complementing Ekso’s product offering in outpatient facilities. The assets purchased by the Company include intellectual property related to the aforementioned Ekso Indego devices and future products in the orthotics and prosthetics space, inventories related to the Ekso Indego product line, fixed assets configured for the manufacture of the Ekso Indego products, and Ekso Indego devices maintained for service and sales demonstrations. The Company did not acquire any cash in connection with the acquisition of the business unit. As consideration for the assets acquired, the Company (i) paid the Parker $5,000 in cash and (ii) delivered to Parker a $5,000 unsecured, subordinated zero percent interest promissory note (the “Promissory Note”). Under the terms of the Promissory Note, the Company shall pay Parker sixteen (16) equal quarterly installments of $313, with the first payment being due and payable December 31, 2023, and the last payment being due and payable September 30, 2027. For additional information see Note 10. The Company accounted for the acquisition as a business combination in accordance with ASC 805, Business Combinations, by applying the acquisition method, and accordingly, the purchase price of $9,055, as calculated in the table below, was allocated to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The fair values presented for fixed assets, intangible assets, and goodwill are preliminary figures pending final fair value analyses. In accordance with ASC 805, the acquirer has a year from the date of acquisition to recognize measurement period adjustments. The preliminary fair values presented below could be subject to change as result of the aforementioned adjustments. The excess of the purchase price over the preliminary net assets acquired of $431 was recorded as goodwill. The goodwill recognized is attributed primarily to expected synergies of HMC with the Company. From the acquisition date and as of March 31, 2023, there were no changes in the recognized amounts of goodwill resulting from the acquisition. The following table summarizes the preliminary fair values of the assets acquired, liabilities assumed and consideration given as of the acquisition date. These estimates are preliminary, pending final evaluation of certain assets, and therefore, are subject to revisions that may result in adjustments to the values presented below: Inventories $ 1,935 Fixed assets 1,599 Intangible assets 5,240 Goodwill 431 Total assets $ 9,205 Accrued royalties 150 Total liabilities $ 150 Net assets acquired $ 9,055 Cash delivered at close $ 5,000 Fair value of promissory note 4,055 Total consideration $ 9,055 The fair value of finished goods inventories acquired was estimated at retail selling price less estimated costs to sell and a reasonable profit allowance for the selling effort. The fair value of raw materials acquired were estimated using current prices from suppliers. The fair value of fixed assets was estimated using a cost approach, adjusting historical gross asset values for inflation, reduced for the remaining estimated economic life of the assets. The preliminary fair values of intangible assets were estimated using a relief from royalty method, the excess earnings method, and a distributor method, all income approaches, which required significant estimates from management regarding future sales expectations, long term operating margins, the weighted average cost of capital or other appropriate discount rates, and royalty rates. The fair value of the promissory note was estimated as the present value of scheduled principal payments discounted at the Company's estimated borrowing rate. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement 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 on a recurring basis are as follows: Total Level 1 Level 2 Level 3 March 31, 2023 Liabilities Warrant liabilities $ 259 $ — $ — $ 259 December 31, 2022 Liabilities Warrant liabilities $ 233 $ — $ — $ 233 The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the three months ended March 31, 2023, which were measured at fair value on a recurring basis: Warrant Liability Balance at December 31, 2022 $ 233 Net loss on revaluation of warrants issued 26 Balance at March 31, 2023 $ 259 Refer to Note 12. Capitalization and Equity Structure – Warrants for additional information regarding the valuation of warrants . |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: March 31, 2023 December 31, 2022 Raw materials $ 3,907 $ 3,837 Work in progress 705 487 Finished goods 1,050 863 Inventories $ 5,662 $ 5,187 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company’s medical device segment (EksoHealth) revenue is primarily generated through the sale and subscription of the EksoNR, EksoUE, Ekso Indego Therapy, and Ekso Indego Personal devices, along with the sale of support and maintenance contracts. 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, Ekso UE, Ekso Indego Therapy, and Ekso Indego Personal devices. Support and maintenance contracts extend coverage beyond the Company’s standard warranty agreements. The separately priced support and maintenance contracts range from 12 to 48 months. The Company typically receives payment at the inception of the contract and recognizes revenue evenly over the term of the contracts. Revenue from medical device subscriptions is recognized evenly over the contract term, typically over 12 months. The Company’s industrial device segment (EksoWorks) revenue is primarily generated through the sale and subscription of the upper body exoskeleton EVO and associated accessories. 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 subscriptions is recognized evenly over the contract term, typically 12 months. In June 2022, the Company ceased commercialization of the EksoZeroG support arm and related products and accessories. Refer to Note 15. Commitment and Contingencies for further information regarding commitments and obligations related to the EksoZeroG product line. Deferred Revenue Deferred revenue is comprised mainly of unearned revenue related to extended support and maintenance contracts, 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: March 31, 2023 December 31, 2022 Deferred extended maintenance and support $ 2,519 $ 2,124 Customer advances 144 29 Total deferred revenues 2,663 2,153 Less current portion (1,296) (1,121) Deferred revenues, non-current $ 1,367 $ 1,032 Deferred revenue activity consisted of the following for the three months ended March 31, 2023: Beginning balance $ 2,153 Deferral of revenue 1,170 Recognition of deferred revenue (660) Ending balance $ 2,663 The Company expects to recognize approximately $1,080 of the deferred revenue during the remainder of 2023, $795 in 2024, and $788 thereafter. In addition to deferred revenue, the Company has a non-cancellable backlog of $1,396, expected to be recognized between 2023 and 2025, related to its contracts for subscription units with its customers. These subscription contracts typically have 12 to 24 month terms, and subscription income is recognized on a straight-line basis over the term of the contract. Disaggregation of Revenue The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2023: EksoHealth EksoWorks Total Device revenue $ 3,048 $ 111 $ 3,159 Service and support 644 — 644 Subscriptions 275 7 282 Parts and other 30 7 37 $ 3,997 $ 125 $ 4,122 The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2022: EksoHealth EksoWorks Total Device revenue $ 963 $ 309 $ 1,272 Service and support 467 — 467 Subscriptions 216 69 285 Parts and other 156 308 464 Collaborative arrangements 79 — 79 $ 1,881 $ 686 $ 2,567 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following: March 31, 2023 December 31, 2022 Salaries, benefits and related expenses $ 1,739 $ 1,843 Device warranty 301 274 Other 187 161 Total $ 2,227 $ 2,278 Warranty The current portion of the device warranty liability is classified as a component of Accrued liabilities, while the long-term portion of the device 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 for the three months ended March 31, 2023 is as follows: Three months ended March 31, 2023 Balance at beginning of period $ 413 Additions for estimated future costs 113 Incurred costs (100) Balance at end of period $ 426 Balance as of March 31, 2023 Current portion $ 308 Long-term portion 118 Total $ 426 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The Company determined no impairment existed for goodwill for the three months ended March 31, 2023. Intangible Assets The following table summarizes the components of preliminary gross assets, accumulated amortization, and net carrying values for definite and indefinite lived intangible asset balances as of March 31, 2023: March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 2,310 $ (93) $ 2,217 Trade name 2,310 N/A 2,310 Intellectual property 460 — 460 Customer relationships 140 (6) 134 Below market lease 20 (5) 15 Total intangible assets $ 5,240 $ (104) $ 5,136 Definite lived intangible assets are amortized over their estimated lives using the straight line method, which is estimated as 8 years for developed technology, 12 years for intellectual property, eight years for customer relationships and one year for below market lease. The acquired trade name was estimated to have an indefinite life, and consequently, no amortization expense was recorded. The Company determined no impairment existed for intangible assets for the three months ended March 31, 2023. The estimated future amortization expenses related to definite lived intangible assets as of March 31, 2023 is as follows (in thousands): Fiscal Year Amount 2023 - remainder $ 320 2024 306 2025 345 2026 345 2027 345 2028 and thereafter 1,164 Total $ 2,825 |
Notes Payable, net
Notes Payable, net | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Notes Payable, net | Notes Payable, net PWB Term Loan In August 2020, the Company entered into a loan agreement (the "PWB Loan Agreement") with a 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 Company is required to pay accrued interest on the current loan on the 13th 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. 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 cash 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 March 31, 2023. On March 31, 2023, with cash on hand of $16,277, the Company was compliant with this covenant. In March 2023, the Company entered into an amendment to the PWB Loan Agreement increasing the primary depository covenant which restricts the Company from having more than $3,000 held in subsidiary accounts outside of the United States until July 2, 2023 at which time the amount decreases to $1,000. The debt issuance costs and debt discounts combined with the stated interest resulted in an effective interest rate of 8.54% for the three months ended March 31, 2023. The debt issuance costs are 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 PWB term loan as of March 31, 2023: Period Amount 2023 - remainder $ 2,000 Total principal payments 2,000 Less debt discount and issuance cost 2 Note payable, net $ 1,998 Current portion $ 1,998 Long-term portion — Note payable, net $ 1,998 Parker Hannifin Promissory Note In connection with the HMC Acquisition, on December 5, 2022, the Company delivered a $5,000 unsecured, subordinated promissory note (the "Promissory Note") to Parker. The Promissory Note, subordinate to the PWB Term Loan, bears no interest with principal payable in sixteen equal installments due on the last day of each quarter, commencing on December 31, 2023 and maturing on September 30, 2027. For additional information see Note 4. The Promissory Note, upon the occurrence of an event of default, allows for the levying of interest equal to the lesser of (a) 5% per annum and (b) the maximum interest rate permitted under applicable law on the then entire outstanding principal balance, and also for the acceleration of all outstanding liabilities and obligations, making them immediately payable. Under the terms of the Promissory Note, the following occurrences constitute a default, and could, upon written notice or declaration by Parker Hannifin Corporation, allow for the levying of interest and or the acceleration of principal outstanding: (i) failure to pay any amount of the principal when due and payable, (ii) the dissolution of the Company (including the declaration of bankruptcy), and (iii) the acquisition of the Company by another entity or the sale of substantially all of its assets to another entity. The Company recorded the Promissory Note of $4,055 in its condensed consolidated balance sheets under the captions Notes Payable, Current and Notes Payable, Net, estimating an implicit discount rate of 7.5% via reference to the interest charged on the Company's PWB Term Loan and other relevant economic factors present at the execution date of the Promissory Note. The amortization of debt discounts resulted in an effective interest rate of 7.6% for the three months ended March 31, 2023. The debt discount is amortized to interest expense using the effective interest method over the life of the loan. Interest expense on the Promissory Note was $79 for the three months ended March 31, 2023. The following table presents scheduled principal payments of the Company's note payable as of March 31, 2023: Period Amount 2023 - remainder $ 313 2024 1,250 2025 1,250 2026 1,250 2027 937 Total principal payments 5,000 Less debt discount (841) Note payable, net $ 4,159 Current portion 625 Long-term portion 3,534 Note payable, net $ 4,159 |
Lease Obligations
Lease Obligations | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Lease Obligations | Lease Obligations The Company maintained a five-year operating lease agreement for its headquarters and manufacturing facility in Richmond, California (the "Richmond Lease") which expired at the end of May 2022. The Company continued to maintain its tenancy at this location until the end of August 2022. Pursuant to the terms of the original lease agreement, the Company incurred monthly expenses equal to the most recent monthly lease payment under the now expired lease agreement and common area maintenance costs plus a 25% mark-up. In July 2022, the Company entered into an operating lease agreement for its new headquarters and manufacturing facility in San Rafael, California (the "San Rafael Lease") expiring in October 2026 with the option to renew for an additional three-year period at the prevailing market rate at the time of extension. At the end of August 2022, the Company relocated to its new headquarters and manufacturing facility in San Rafael. The Company has determined that the new San Rafael Lease constitutes an operating lease under ASC 842 and estimates the lease term as July 2022 through October 2026. The option to extend for a three-year period lacks significant economic incentives and disincentives, which would make exercise reasonably certain. Fixed lease payments for identified lease components over the identified term have been discounted at the Company's estimated incremental borrowing rate as of the date of contract execution and are reflected in the condensed consolidated balance sheets under the captions Lease liabilities, current and Lease liabilities, and the corresponding right of use asset is reflected in the condensed consolidated balance sheets under the caption Right-of-use assets. Non-lease components, such as common area maintenance costs, are excluded from the lease liability calculation and expensed as incurred. The Company records a straight-line monthly rent expense for the San Rafael Lease equal to the sum of all fixed lease payments divided by the number of months in the lease term. The Company previously maintained a five-year operating lease agreement for its European operations office in Hamburg, Germany, which was originally set to expire in July 2022. In February 2022, the Company executed a new lease agreement with the same landlord for a replacement office in Hamburg, Germany commencing May 1, 2022 and expiring June 30, 2025 with an option to renew for one five-year period. Upon the early termination of the previous lease agreement, it was agreed between the landlord and the Company that access to the previously leased office space would be revoked and the Company would be relieved of its payment obligations for the final two months of the lease term. Consequently, the Company removed the right of use asset and lease liability, $15 and $16 respectively, recorded in its condensed consolidated financial statements related to the original Hamburg tenancy. The Company has determined that the new Hamburg lease agreement constitutes a lease under ASC 842 and estimates the lease term as May 2022 through June 2025. The option to extend for a five-year period lacks significant economic incentives and disincentives which would make exercise reasonably certain. Fixed lease payments for identified lease components over the identified term have been discounted at the Company's estimated incremental borrowing rate and are reflected in the condensed consolidated balance sheets under the captions Lease liabilities, current and Lease liabilities, and the corresponding right of use asset is reflected in the condensed consolidated balance sheets under the caption Right-of-use assets. Non-lease components, such as common area maintenance costs, are excluded from the lease liability calculation and expensed as incurred. The Company records a straight-line monthly rent expense for this lease equal to the sum of all fixed lease payments divided by the number of months in the lease term. The Company’s future lease payments as of March 31, 2023, which are presented as Lease liabilities, current and Lease liabilities on the Company’s condensed consolidated balance sheets are as follows: Periods Operating Leases 2023 - remainder $ 308 2024 421 2025 402 2026 349 2027 — Total lease payments 1,480 Less: imputed interest (132) Present value of lease liabilities $ 1,348 Weighted-average remaining lease term (in years) 3.45 Weighted-average discount rate 5.4 % Lease expense under the Company’s operating leases was $133 and $142 for the three months ended March 31, 2023 and 2022, respectively. |
Capitalization and Equity Struc
Capitalization and Equity Structure | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Capitalization and Equity Structure | Capitalization and Equity Structure Summary The Company’s authorized capital stock at March 31, 2023 and December 31, 2022 consisted of 141,429 shares of common stock and 10,000 shares of preferred stock. As of March 31, 2023 and December 31, 2022, there were 13,342 and 13,203, respectively, shares of common stock issued and outstanding and no shares of preferred stock issued and outstanding. At the Market Offering 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. The Company may offer and sell shares having an aggregate offering price of up to $7,500 under the registration statement and prospectus supplement filed with the SEC related to such offering. Under the ATM Agreement, shares of the Company's common stock may not be sold for a price lower than $6.75 per share. The Company did not sell any shares under the ATM agreement during the three months ended March 31, 2023 and 2022 . As of March 31, 2023, the Company has $6,668 available for future offerings under the prospectus filed with respect to the ATM Agreement. Warrants Warrants outstanding as of March 31, 2023 and December 31, 2022 were as follows: Source Exercise Term December 31, 2022 Issued Exercised March 31, 2023 2021 Warrants $ 12.81 5 273 — — 273 June 2020 Investor Warrants $ 5.18 5.5 127 — — 127 June 2020 Placement Agent Warrants $ 5.64 5 39 — — 39 December 2019 Warrants $ 8.10 5 556 — — 556 December 2019 Placement Agent Warrants $ 8.44 5 52 — — 52 May 2019 Warrants $ 3.52 5 193 — — 193 1,240 — — 1,240 No warrants were exercised during the three months ended March 31, 2023 and 2022. 2021 Warrants In February 2021, the Company issued warrants (the "2021 Warrants"), exercisable for up to 273 shares of the Company’s common stock at an exercise price of $12.81 per share. The 2021 Warrants were exercisable immediately, and will expire five years from the date of issuance, or on February 11, 2026. In addition, the 2021 Warrants contain a cashless exercise provision, whereby, if, at the time a holder exercises its 2021 Warrants, a registration statement registering the issuance or the resale of the shares of common stock underlying the 2021 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 2021 Warrants. The 2021 Warrants will be automatically exercised on a cashless basis on their expiration date. The 2021 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 2021 Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the 2021 Warrants, the Company or any successor entity will, at the option of a holder of a 2021 Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s 2021 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 2021 Warrant within five The warrant liability related to the 2021 Warrants is measured at fair value upon issuance and 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 2021 Warrants: March 31, 2023 December 31, 2022 Current share price $ 1.65 $ 1.19 Conversion price $ 12.81 $ 12.81 Risk-free interest rate 4.68 % 4.21 % Expected term (years) 2.86 3.11 Volatility of stock 93.5 % 99.6 % June 2020 Investor Warrants In June 2020, the Company issued warrants (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 Investor Warrants were immediately exercisable, 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, 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 and exercise 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: March 31, 2023 December 31, 2022 Current share price $ 1.65 $ 1.19 Conversion price $ 5.18 $ 5.18 Risk-free interest rate 4.73 % 4.23 % Expected term (years) 2.69 2.94 Volatility of stock 72.5 % 99.6 % June 2020 Placement Agent Warrants In June 2020, the Company issued warrants (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 and exercise 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: March 31, 2023 December 31, 2022 Current share price $ 1.65 $ 1.19 Conversion price $ 5.64 $ 5.64 Risk-free interest rate 4.88 % 4.33 % Expected term (years) 2.19 2.44 Volatility of stock 70.7 % 73.5 % 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 are currently exercisable, have an exercise price of $8.10 per share, and will expire five years from the date they initially became exercisable, or on June 21, 2025. The December 2019 Warrants also contain a cashless exercise provision and could require cash payments in the event of a failure to timely deliver securities or in the event of insufficient authorized shares. The December 2019 Warrants will be automatically exercised on a cashless basis on their expiration date. 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: March 31, 2023 December 31, 2022 Current share price $ 1.65 $ 1.19 Conversion price $ 8.10 $ 8.10 Risk-free interest rate 4.87 % 4.32 % Expected term (years) 2.22 2.47 Volatility of stock 70.8 % 73.3 % 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: March 31, 2023 December 31, 2022 Current share price $ 1.65 $ 1.19 Conversion price $ 8.44 $ 8.44 Risk-free interest rate 4.95 % 4.42 % Expected term (years) 1.72 1.97 Volatility of stock 62.1 % 71.8 % 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 are currently exercisable, have a current 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 Investor 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 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 and exercise date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. Because of the price protection feature contained in the May 2019 Warrants, the Company uses a combination of the Black-Scholes Model and the Lattice Model to estimate the fair value of the warrants at each reporting period. The following assumptions were used in the Black-Scholes Model in combination with the Lattice Model to measure the fair value of the May 2019 Warrants: March 31, 2023 December 31, 2022 Share price $ 1.65 $ 1.19 Conversion price $ 3.52 $ 3.52 Risk-free interest rate 4.55 % 4.6 % Expected term (years) 1.2 1.4 Volatility of stock 62.8 % 74.5 % |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation Shares available to grant As of March 31, 2023, the total number of shares authorized for grant under the Company's Amended and Restated 2014 Equity Incentive Plan was 2,524, of which 53 were available for future grants. Stock Options The following table summarizes information about the Company’s stock options outstanding as of March 31, 2023, and activity during the three months then ended: Stock Weighted- Weighted- Aggregate Balance as of December 31, 2022 270 $ 37.96 Options forfeited — — Options cancelled (2) 56.70 Balance as of March 31, 2023 268 $ 37.85 5.00 $ — Vested and expected to vest at March 31, 2023 268 $ 37.85 5.00 $ — Exercisable as of March 31, 2023 262 $ 38.51 4.97 $ — As of March 31, 2023, total unrecognized compensation cost related to unvested stock options was $36. 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 0.63 years. There were no stock options awarded during the three months ended March 31, 2023 and 2022. Restricted Stock Units The Company issues time-based restricted stock units (“RSUs”) and performance-based restricted stock units ("PSUs") to employees and non-employee members of the Board. Each RSU and PSU represents the right to receive one share of the Company’s common stock upon vesting and subsequent settlement. PSUs vest upon achievement of performance targets based on the Company's annual operating plan. The fair values of RSUs and PSUs are determined based on the closing price of the Company’s common stock on the date of grant. Combined RSU and PSU activity for the three months ended March 31, 2023 is summarized below: Number of Weighted- Unvested as of December 31, 2022 1,383 $ 2.17 Granted — — Vested (354) 1.52 Forfeited — — Unvested at March 31, 2023 1,029 $ 2.40 As of March 31, 2023, $1,542 of total unrecognized compensation expense related to unvested RSUs and PSUs was expected to be recognized over a weighted average period of 1.46 years. Compensation Expense Total stock-based compensation expense related to options, RSUs and PSUs granted to employees and non-employee members of the board of directors is included in the condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended March 31, 2023 2022 Sales and marketing $ 64 $ 69 Research and development 82 79 General and administrative 278 351 $ 424 $ 499 401(k) Plan Share Match During the three months ended March 31, 2023 and 2022, the Company issued 0 and 68 shares of common stock with a fair value of $0 and $176, 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 years ended December 31, 2022 and 2021, respectively. The share issuance related to the matching of contributions for the year ended December 31, 2022 was delayed to the three months ended June 30, 2023. The expense for the 401(k) plan share matching was $93 and $64 for the three months ended March 31, 2023 and 2022, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThere were no material changes to the unrecognized tax benefits in the three months ended March 31, 2023, and the Company does not expect significant changes to unrecognized tax benefits through the end of the fiscal year. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
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. The Company is required to pay 1% of net sales of licensed medical devices sold to entities other than the U.S. government. In addition, the Company is required to pay 21% of consideration collected from any sub-licensee for the grant of the sub-license. The Company entered into a research and development collaboration agreement in December 2021 with a party that develops technologies having utility in robotic exoskeletons from research and development activities associated with a specific set of government funded research projects. Since January 2022, the Company has assisted with research and development activities in exchange for access to a worldwide, royalty free, transferable, sublicensable, exclusive license to design and market products that use or incorporate the jointly-developed technology within Ekso’s target market segments. In connection with the HMC Acquisition, the Company assumed two license agreements with Vanderbilt University to maintain exclusive rights to patents on the Company's behalf. The Vanderbilt Exoskeleton License Agreement was entered into as of October 15, 2012 and will continue until April 29, 2038, unless sooner terminated. Under this agreement, the Company is required to pay 6% of net sales of licensed patent products and 3% of net sales of licensed software products. The minimum annual royalty for licensed products is $250 after July 31, 2018. The Vanderbilt Knee License Agreement was entered into as of March 1, 2022 and will continue until February 15, 2041, unless sooner terminated. Under this agreement, the Company is required to pay the remaining issue fee balance of $100 on April 30, 2023, and pay 3.75% of net sales for licensed patent products and the minimum annual royalty is $75 due on or before July 31, 2028. In addition to the assumption of the license agreements, the Company entered into transitional use agreements with Parker granting the Company access to certain information technology systems and manufacturing facilities in Macedonia, Ohio for twelve months following the date of the acquisition. As consideration for access to these resources, the Company is required to make monthly payments of $20. Purchase Obligations 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 is currently experiencing shortages and supply chain disruptions. Electronic components in general, semiconductor chips, battery cells, metals and plastics, all of which are used in the Company's products, are also in shorter supply compared to prior periods, and the Company is also experiencing longer lead times for manufacturing services such as machining and tool making and increased pricing. The Company had purchase obligations primarily for purchases of inventory and manufacturing related service contracts totaling $3,800 as of March 31, 2023, which are expected to be paid wit hin one year, and $3,480 as of December 31, 2022. 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. The Company has operating lease commitments totaling $1,480 payable over 43 months related to the San Rafael and Hamburg leases disclosed in Note 11. Lease 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 Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended 2023 2022 Numerator: Net loss applicable to common stockholders, basic and diluted $ (4,389) $ (4,620) Denominator: Weighted-average number of shares, basic and diluted 13,296 12,728 Net loss per share, basic and diluted $ (0.33) $ (0.36) 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 2023 2022 Options to purchase common stock 268 449 Restricted stock units 1,029 581 Warrants for common stock 1,240 1,240 Total common stock equivalents 2,537 2,270 |
Segment Disclosures
Segment Disclosures | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Disclosures | Segment Disclosures The Company has two reportable segments: EksoHealth and EksoWorks. The EksoHealth segment designs, engineers, manufactures, and markets exoskeletons for applications in the medical markets. The EksoWorks segment designs, engineers, manufactures, and markets 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 March 31, 2023 Revenue $ 3,997 $ 125 $ 4,122 Cost of revenue 1,951 171 2,122 Gross profit $ 2,046 $ (46) $ 2,000 Three months ended March 31, 2022 Revenue $ 1,881 $ 686 $ 2,567 Cost of revenue 1,015 343 1,358 Gross profit $ 866 $ 343 $ 1,209 The Company operates in the following regions: (1) Americas, (2) Europe, the Middle East, and Africa (EMEA), and (3) Asia Pacific (APAC). Individual countries with revenue greater than 10% of total revenue for the three months ended March 31, 2023 and 2022 are disclosed separately from the regional totals. Geographic information for revenue based on location of customers is as follows: Three Months Ended March 31, 2023 2022 Americas United States $ 2,958 $ 1,343 Other 4 55 Americas 2,962 1,398 EMEA Germany 244 124 Other 512 440 EMEA 756 564 APAC Japan — 280 Other 404 325 APAC 404 605 Total Revenue $ 4,122 $ 2,567 |
Related Party Disclosures
Related Party Disclosures | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsOn February 4, 2023, the Company entered into a mutual release and settlement agreement with an entity to settle and resolve any and all potential claims brought forth in connection with a consulting agreement executed between the entity and the Company in July 2017. Under the terms of the consulting agreement, the Company was required to make milestone payments for the introduction of potential partners for, and the consummation of, a strategic joint venture. A member of the Company's board of directors is affiliated with one of two entities under common control.The Company settled on an amount of $325 to be paid in cash over fourteen months, with combined initial payments of $145 due in the first 40 days and $15 per month for the remaining 12 months.The Company has a liability of $180 and $325 related to this settlement on its consolidated balance sheet as of March 31, 2023 and December 31, 2022, respectively. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
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, 2022, which was filed with the SEC on March 28, 2023. 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, 2022, 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 months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or any future periods. |
Consolidation | The condensed consolidated financial statements include the financial statements of Ekso Bionics Holdings, Inc. and its subsidiaries. All significant transactions and balances between Ekso Bionics Holdings, Inc. and its subsidiaries have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the condensed 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, assets acquired and liabilities assumed in business combinations, revenue recognition, deferred revenue, the valuation of warrants and employee equity awards, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, and contingencies. Actual results could differ from those estimates. |
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’ 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 |
Leases | Leases The Company records its leases in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 842, Leases . 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. 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 The Company records its revenue in accordance with ASC 606, Revenue from Contracts with Customers . 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, judgment is made to estimate the selling price based on market conditions and entity-specific factors including cost plus analyses, features and functionality of the product and/or services, the geography of the Company’s customers, and type of customer. Any discounts or other reductions to the transaction price are allocated proportionately to all performance obligations within the multiple-element arrangement. The Company periodically validates the stand-alone selling price for performance obligations by evaluating whether changes in the key assumptions used to determine the stand-alone selling prices will have a significant effect on the allocation of transaction price between multiple performance obligations. The Company exercised judgement to determine that a product return reserve was not required as historical returns activity have not been material. |
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 has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows. The Company extends credit to customers 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 and services performed for customers primarily located in the U.S., Europe, Asia, and Australia. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and provides an allowance for potential credit losses. The allowance for potential credit losses on trade receivables reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance 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. The Company has not experienced material losses related to accounts receivable as of March 31, 2023 and December 31, 2022. Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency other than the U.S. dollar. 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 collecting receivables denominated in a foreign currency. |
Accounting Pronouncements Adopted in 2023 and Recent Accounting Pronouncements | Accounting Pronouncements Adopted in 2023 In June 2016, the FASB issued Accounting Standard 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 amended 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 is 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. Previously, U.S. GAAP required entities to write down credit losses only when losses were probable and loss reversals were not permitted. The Company adopted ASU 2016-13 as of January 1, 2023, using the modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on the Company's financial position or the results of operations. Recent Accounting Pronouncements 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 |
Fair Value Measurement | 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. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The change in accumulated other comprehensive income (loss) presented on the condensed consolidated balance sheets for the three months ended March 31, 2023 and 2022, is reflected in the table below net of tax: Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 563 $ (17) Net unrealized (loss) gain on foreign currency translation (194) 212 Balance at end of period $ 369 $ 195 |
Human Motion and Control Acqu_2
Human Motion and Control Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired, liabilities assumed and consideration given as of the acquisition date. These estimates are preliminary, pending final evaluation of certain assets, and therefore, are subject to revisions that may result in adjustments to the values presented below: Inventories $ 1,935 Fixed assets 1,599 Intangible assets 5,240 Goodwill 431 Total assets $ 9,205 Accrued royalties 150 Total liabilities $ 150 Net assets acquired $ 9,055 Cash delivered at close $ 5,000 Fair value of promissory note 4,055 Total consideration $ 9,055 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 on a recurring basis are as follows: Total Level 1 Level 2 Level 3 March 31, 2023 Liabilities Warrant liabilities $ 259 $ — $ — $ 259 December 31, 2022 Liabilities Warrant liabilities $ 233 $ — $ — $ 233 |
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 three months ended March 31, 2023, which were measured at fair value on a recurring basis: Warrant Liability Balance at December 31, 2022 $ 233 Net loss on revaluation of warrants issued 26 Balance at March 31, 2023 $ 259 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: March 31, 2023 December 31, 2022 Raw materials $ 3,907 $ 3,837 Work in progress 705 487 Finished goods 1,050 863 Inventories $ 5,662 $ 5,187 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Deferred Revenue Activity | Deferred revenue consisted of the following: March 31, 2023 December 31, 2022 Deferred extended maintenance and support $ 2,519 $ 2,124 Customer advances 144 29 Total deferred revenues 2,663 2,153 Less current portion (1,296) (1,121) Deferred revenues, non-current $ 1,367 $ 1,032 Deferred revenue activity consisted of the following for the three months ended March 31, 2023: Beginning balance $ 2,153 Deferral of revenue 1,170 Recognition of deferred revenue (660) Ending balance $ 2,663 |
Summary of Disaggregation of Revenue | Disaggregation of Revenue The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2023: EksoHealth EksoWorks Total Device revenue $ 3,048 $ 111 $ 3,159 Service and support 644 — 644 Subscriptions 275 7 282 Parts and other 30 7 37 $ 3,997 $ 125 $ 4,122 The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2022: EksoHealth EksoWorks Total Device revenue $ 963 $ 309 $ 1,272 Service and support 467 — 467 Subscriptions 216 69 285 Parts and other 156 308 464 Collaborative arrangements 79 — 79 $ 1,881 $ 686 $ 2,567 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: March 31, 2023 December 31, 2022 Salaries, benefits and related expenses $ 1,739 $ 1,843 Device warranty 301 274 Other 187 161 Total $ 2,227 $ 2,278 |
Schedule of Warranty Costs | A reconciliation of the changes in the device warranty liability for the three months ended March 31, 2023 is as follows: Three months ended March 31, 2023 Balance at beginning of period $ 413 Additions for estimated future costs 113 Incurred costs (100) Balance at end of period $ 426 Balance as of March 31, 2023 Current portion $ 308 Long-term portion 118 Total $ 426 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table summarizes the components of preliminary gross assets, accumulated amortization, and net carrying values for definite and indefinite lived intangible asset balances as of March 31, 2023: March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 2,310 $ (93) $ 2,217 Trade name 2,310 N/A 2,310 Intellectual property 460 — 460 Customer relationships 140 (6) 134 Below market lease 20 (5) 15 Total intangible assets $ 5,240 $ (104) $ 5,136 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expenses related to definite lived intangible assets as of March 31, 2023 is as follows (in thousands): Fiscal Year Amount 2023 - remainder $ 320 2024 306 2025 345 2026 345 2027 345 2028 and thereafter 1,164 Total $ 2,825 |
Notes Payable, net (Tables)
Notes Payable, net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Principal Payments of Long-term Debt and Final Payment Fee | The following table presents scheduled principal payments of the Company’s PWB term loan as of March 31, 2023: Period Amount 2023 - remainder $ 2,000 Total principal payments 2,000 Less debt discount and issuance cost 2 Note payable, net $ 1,998 Current portion $ 1,998 Long-term portion — Note payable, net $ 1,998 The following table presents scheduled principal payments of the Company's note payable as of March 31, 2023: Period Amount 2023 - remainder $ 313 2024 1,250 2025 1,250 2026 1,250 2027 937 Total principal payments 5,000 Less debt discount (841) Note payable, net $ 4,159 Current portion 625 Long-term portion 3,534 Note payable, net $ 4,159 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Maturities of Future Obligations | The Company’s future lease payments as of March 31, 2023, which are presented as Lease liabilities, current and Lease liabilities on the Company’s condensed consolidated balance sheets are as follows: Periods Operating Leases 2023 - remainder $ 308 2024 421 2025 402 2026 349 2027 — Total lease payments 1,480 Less: imputed interest (132) Present value of lease liabilities $ 1,348 Weighted-average remaining lease term (in years) 3.45 Weighted-average discount rate 5.4 % |
Capitalization and Equity Str_2
Capitalization and Equity Structure (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Warrant share activity | Warrants outstanding as of March 31, 2023 and December 31, 2022 were as follows: Source Exercise Term December 31, 2022 Issued Exercised March 31, 2023 2021 Warrants $ 12.81 5 273 — — 273 June 2020 Investor Warrants $ 5.18 5.5 127 — — 127 June 2020 Placement Agent Warrants $ 5.64 5 39 — — 39 December 2019 Warrants $ 8.10 5 556 — — 556 December 2019 Placement Agent Warrants $ 8.44 5 52 — — 52 May 2019 Warrants $ 3.52 5 193 — — 193 1,240 — — 1,240 |
Schedule of Assumptions used in Black-Scholes Model to Measure Fair Value | The following assumptions were used in the Black-Scholes Model to measure the fair value of the 2021 Warrants: March 31, 2023 December 31, 2022 Current share price $ 1.65 $ 1.19 Conversion price $ 12.81 $ 12.81 Risk-free interest rate 4.68 % 4.21 % Expected term (years) 2.86 3.11 Volatility of stock 93.5 % 99.6 % March 31, 2023 December 31, 2022 Current share price $ 1.65 $ 1.19 Conversion price $ 5.18 $ 5.18 Risk-free interest rate 4.73 % 4.23 % Expected term (years) 2.69 2.94 Volatility of stock 72.5 % 99.6 % March 31, 2023 December 31, 2022 Current share price $ 1.65 $ 1.19 Conversion price $ 5.64 $ 5.64 Risk-free interest rate 4.88 % 4.33 % Expected term (years) 2.19 2.44 Volatility of stock 70.7 % 73.5 % March 31, 2023 December 31, 2022 Current share price $ 1.65 $ 1.19 Conversion price $ 8.10 $ 8.10 Risk-free interest rate 4.87 % 4.32 % Expected term (years) 2.22 2.47 Volatility of stock 70.8 % 73.3 % March 31, 2023 December 31, 2022 Current share price $ 1.65 $ 1.19 Conversion price $ 8.44 $ 8.44 Risk-free interest rate 4.95 % 4.42 % Expected term (years) 1.72 1.97 Volatility of stock 62.1 % 71.8 % March 31, 2023 December 31, 2022 Share price $ 1.65 $ 1.19 Conversion price $ 3.52 $ 3.52 Risk-free interest rate 4.55 % 4.6 % Expected term (years) 1.2 1.4 Volatility of stock 62.8 % 74.5 % |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023, and activity during the three months then ended: Stock Weighted- Weighted- Aggregate Balance as of December 31, 2022 270 $ 37.96 Options forfeited — — Options cancelled (2) 56.70 Balance as of March 31, 2023 268 $ 37.85 5.00 $ — Vested and expected to vest at March 31, 2023 268 $ 37.85 5.00 $ — Exercisable as of March 31, 2023 262 $ 38.51 4.97 $ — |
Schedule of Unvested Restricted Stock Units Roll Forward | Combined RSU and PSU activity for the three months ended March 31, 2023 is summarized below: Number of Weighted- Unvested as of December 31, 2022 1,383 $ 2.17 Granted — — Vested (354) 1.52 Forfeited — — Unvested at March 31, 2023 1,029 $ 2.40 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total stock-based compensation expense related to options, RSUs and PSUs granted to employees and non-employee members of the board of directors is included in the condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended March 31, 2023 2022 Sales and marketing $ 64 $ 69 Research and development 82 79 General and administrative 278 351 $ 424 $ 499 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended 2023 2022 Numerator: Net loss applicable to common stockholders, basic and diluted $ (4,389) $ (4,620) Denominator: Weighted-average number of shares, basic and diluted 13,296 12,728 Net loss per share, basic and diluted $ (0.33) $ (0.36) |
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 2023 2022 Options to purchase common stock 268 449 Restricted stock units 1,029 581 Warrants for common stock 1,240 1,240 Total common stock equivalents 2,537 2,270 |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment reporting information is as follows: EksoHealth EksoWorks Total Three months ended March 31, 2023 Revenue $ 3,997 $ 125 $ 4,122 Cost of revenue 1,951 171 2,122 Gross profit $ 2,046 $ (46) $ 2,000 Three months ended March 31, 2022 Revenue $ 1,881 $ 686 $ 2,567 Cost of revenue 1,015 343 1,358 Gross profit $ 866 $ 343 $ 1,209 |
Schedule of Geographic Information | Geographic information for revenue based on location of customers is as follows: Three Months Ended March 31, 2023 2022 Americas United States $ 2,958 $ 1,343 Other 4 55 Americas 2,962 1,398 EMEA Germany 244 124 Other 512 440 EMEA 756 564 APAC Japan — 280 Other 404 325 APAC 404 605 Total Revenue $ 4,122 $ 2,567 |
Organization (Details)
Organization (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ 228,336 | $ 223,947 | |
Cash used in operating activities | 4,214 | $ 4,206 | |
Cash and cash equivalents | 16,277 | $ 20,525 | |
Debt covenant, unrestricted cash | 2,000 | ||
Unrestricted cash | $ 14,277 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Details) - Customer Concentration Risk - customer | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Number of customers | 1 | |
Accounts Receivable | Customer A | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 30% | |
Revenue | ||
Concentration Risk [Line Items] | ||
Number of customers | 2 | 1 |
Revenue | Customer A | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 26% | 11% |
Revenue | Customer B | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 14% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 25,442 | $ 37,219 |
Net unrealized (loss) gain on foreign currency translation | (194) | 212 |
Ending balance | 21,283 | 33,486 |
Foreign Currency Translation Adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 563 | (17) |
Ending balance | $ 369 | $ 195 |
Human Motion and Control Acqu_3
Human Motion and Control Acquisition - Narrative (Details) | 3 Months Ended | ||
Dec. 05, 2022 USD ($) installment | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | |||
Goodwill | $ 431,000 | $ 431,000 | |
Human Motion and Control | |||
Business Acquisition [Line Items] | |||
Cash delivered at close | $ 5,000,000 | ||
Fair value of promissory note | 4,055,000 | ||
Total consideration | 9,055,000 | ||
Goodwill | 431,000 | 431,000 | |
Intangible assets | $ 5,240,000 | ||
Acquired finite-lived intangible assets, weighted average useful life | 8 years | ||
Amortization of Intangible Assets | $ 82,000 | ||
Goodwill expected to be deducted | $ 0 | ||
Human Motion and Control | Subordinated Debt | |||
Business Acquisition [Line Items] | |||
Fair value of promissory note | $ 5,000,000 | ||
Stated rate | 0% | ||
Number of installments | installment | 16 | ||
Periodic payment | $ 313,000 |
Human Motion and Control Acqu_4
Human Motion and Control Acquisition - Assets Acquired and Liabilities Assumed and Consideration (Details) - USD ($) $ in Thousands | Dec. 05, 2022 | Mar. 31, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | |||
Goodwill | $ 431 | $ 431 | |
Human Motion and Control | |||
Business Acquisition [Line Items] | |||
Inventories | $ 1,935 | ||
Fixed assets | 1,599 | ||
Intangible assets | 5,240 | ||
Goodwill | 431 | $ 431 | |
Total assets | 9,205 | ||
Accrued royalties | 150 | ||
Total liabilities | 150 | ||
Net assets acquired | 9,055 | ||
Cash delivered at close | 5,000 | ||
Fair value of promissory note | 4,055 | ||
Total consideration | $ 9,055 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value Hierarchies for Financial Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Liabilities | ||
Warrant liabilities | $ 259 | $ 233 |
Recurring | ||
Liabilities | ||
Warrant liabilities | 259 | 233 |
Level 1 | Recurring | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 2 | Recurring | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 3 | Recurring | ||
Liabilities | ||
Warrant liabilities | $ 259 | $ 233 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Changes in Fair Value of Level 3 Financial Liabilities on Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net loss on revaluation of warrants issued | $ 26 | $ 100 |
Warrant Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 233 | |
Net loss on revaluation of warrants issued | 26 | |
Ending balance | $ 259 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 3,907 | $ 3,837 |
Work in progress | 705 | 487 |
Finished goods | 1,050 | 863 |
Inventories | $ 5,662 | $ 5,187 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Disaggregation of Revenue [Line Items] | |
Non-cancellable backlog | $ 1,396 |
Revenue recognized | 660 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, amount | $ 1,080 |
Remaining performance obligation, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, amount | $ 795 |
Remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation, amount | $ 788 |
Remaining performance obligation, period | |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Term of contract | 12 months |
Minimum | EksoHealth | |
Disaggregation of Revenue [Line Items] | |
Accounts receivable payment terms | 12 months |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Term of contract | 24 months |
Maximum | EksoHealth | |
Disaggregation of Revenue [Line Items] | |
Accounts receivable payment terms | 48 months |
Revenue - Summary of Deferred R
Revenue - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Deferred extended maintenance and support | $ 2,519 | $ 2,124 |
Customer advances | 144 | 29 |
Total deferred revenues | 2,663 | 2,153 |
Less current portion | (1,296) | (1,121) |
Deferred revenues, non-current | $ 1,367 | $ 1,032 |
Revenue - Summary of Deferred_2
Revenue - Summary of Deferred Revenue Activity (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Change In Contract With Customer, Liability Rollforward [Roll Forward] | |
Beginning balance | $ 2,153 |
Deferral of revenue | 1,170 |
Recognition of deferred revenue | (660) |
Ending balance | $ 2,663 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 4,122 | $ 2,567 |
Device revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,159 | 1,272 |
Service and support | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 644 | 467 |
Subscriptions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 282 | 285 |
Parts and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 37 | 464 |
Collaborative arrangements | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 79 | |
EksoHealth | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,997 | 1,881 |
EksoHealth | Device revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,048 | 963 |
EksoHealth | Service and support | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 644 | 467 |
EksoHealth | Subscriptions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 275 | 216 |
EksoHealth | Parts and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 30 | 156 |
EksoHealth | Collaborative arrangements | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 79 | |
EksoWorks | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 125 | 686 |
EksoWorks | Device revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 111 | 309 |
EksoWorks | Service and support | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
EksoWorks | Subscriptions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 7 | 69 |
EksoWorks | Parts and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 7 | 308 |
EksoWorks | Collaborative arrangements | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 0 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Salaries, benefits and related expenses | $ 1,739 | $ 1,843 |
Device warranty | 301 | 274 |
Other | 187 | 161 |
Total | $ 2,227 | $ 2,278 |
Accrued Liabilities - Schedul_2
Accrued Liabilities - Schedule of Warranty Costs (Details) - Warranty $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Accrued Liabilities, Rollforward [Roll Forward] | |
Beginning Balance | $ 413 |
Additions for estimated future costs | 113 |
Incurred costs | (100) |
Balance at the end | 426 |
Current portion | 308 |
Long-term portion | 118 |
Total | $ 426 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (104) | |
Total | 2,825 | |
Gross Carrying Amount | 20 | |
Accumulated Amortization | (5) | |
Net Carrying Amount | 15 | |
Intangible assets, gross | 5,240 | |
Intangible assets, net | $ 5,136 | $ 5,217 |
Below market lease, amortization period | 1 year | |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite lived assets | $ 2,310 | |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,310 | |
Accumulated Amortization | (93) | |
Total | $ 2,217 | |
Estimated useful life | 8 years | |
Intellectual property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 460 | |
Accumulated Amortization | 0 | |
Total | $ 460 | |
Estimated useful life | 12 years | |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 140 | |
Accumulated Amortization | (6) | |
Total | $ 134 | |
Estimated useful life | 8 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Future Amortization Expenses (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 - remainder | $ 320 |
2024 | 306 |
2025 | 345 |
2026 | 345 |
2027 | 345 |
2028 and thereafter | 1,164 |
Total | $ 2,825 |
Notes Payable, net - Additional
Notes Payable, net - Additional Information (Details) | 1 Months Ended | 3 Months Ended | ||||
Jul. 02, 2023 USD ($) | Dec. 05, 2022 USD ($) installment | Aug. 30, 2020 | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Aug. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | ||||||
Cash and restricted cash | $ 16,277,000 | $ 20,525,000 | ||||
PWB Loan Agreement | Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | $ 2,000 | |||||
Stated rate | 4.50% | |||||
Total principal payments | 2,000,000 | |||||
Debt instrument, covenant compliance, maximum deposits outside of united states | $ 3,000 | |||||
Effective percentage | 8.54% | |||||
PWB Loan Agreement | Term Loan | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, covenant compliance, maximum deposits outside of united states | $ 1,000 | |||||
PWB Loan Agreement | Term Loan | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate | 0.50% | |||||
Promissory Note | Subordinated Debt | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate | 5% | |||||
Stated rate | 0% | |||||
Total principal payments | $ 5,000,000 | |||||
Received net proceeds | $ 5,000,000 | |||||
Number of installments | installment | 16 | |||||
Subordinated debt | $ 4,055,000 | |||||
Discount rate | 7.50% | |||||
Debt instrument, interest rate, effective percentage | 7.60% | |||||
Interest expense, debt | $ 79,000 |
Notes Payable, net - Principal
Notes Payable, net - Principal Repayment PWD Term Loan (Details) - PWB Loan Agreement - Term Loan $ in Thousands | Mar. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
2023 - remainder | $ 2,000 |
Total principal payments | 2,000 |
Less debt discount and issuance cost | 2 |
Note payable, net | 1,998 |
Current portion | 1,998 |
Long-term portion | $ 0 |
Notes Payable, net - Principa_2
Notes Payable, net - Principal Repayment Promissory Note (Details) - Promissory Note - Subordinated Debt $ in Thousands | Mar. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
2023 - remainder | $ 313 |
2024 | 1,250 |
2025 | 1,250 |
2026 | 1,250 |
2027 | 937 |
Total principal payments | 5,000 |
Less debt discount | (841) |
Note payable, net | 4,159 |
Current portion | 625 |
Long-term portion | $ 3,534 |
Lease Obligations - Additional
Lease Obligations - Additional Information (Details) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jul. 31, 2022 | Feb. 28, 2022 extension | |
Lessee, Lease, Description [Line Items] | |||||
Right-of-use assets | $ 1,228 | $ 1,307 | |||
Lease liability | 1,348 | ||||
Lease expense | $ 133 | $ 142 | |||
Richmond, California | |||||
Lessee, Lease, Description [Line Items] | |||||
Term of lease | 5 years | ||||
Mark-up percentage to common area maintenance | 25% | ||||
San Rafael, California | |||||
Lessee, Lease, Description [Line Items] | |||||
Renewal term | 3 years | 3 years | |||
Hamburg,Germany | |||||
Lessee, Lease, Description [Line Items] | |||||
Term of lease | 5 years | ||||
Renewal term | 5 years | 5 years | |||
Number of extension | extension | 1 | ||||
Lease term | 2 months | ||||
Right-of-use assets | $ 15 | ||||
Lease liability | $ 16 |
Lease Obligations - Schedule of
Lease Obligations - Schedule of Lease Maturity (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Leases [Abstract] | |
2023 - remainder | $ 308 |
2024 | 421 |
2025 | 402 |
2026 | 349 |
2027 | 0 |
Total lease payments | 1,480 |
Less: imputed interest | (132) |
Present value of lease liabilities | $ 1,348 |
Weighted-average remaining lease term (in years) | 3 years 5 months 12 days |
Weighted-average discount rate | 5.40% |
Capitalization and Equity Str_3
Capitalization and Equity Structure - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | ||||||||
Jun. 08, 2020 | Oct. 30, 2020 USD ($) $ / shares | Jun. 30, 2020 $ / shares shares | Dec. 31, 2019 $ / shares shares | May 30, 2019 | Feb. 28, 2021 $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | May 31, 2019 $ / shares shares | |
Class of Stock [Line Items] | |||||||||||
Common stock, shares authorized (in shares) | 141,429,000 | 141,429,000 | |||||||||
Preferred Stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | |||||||||
Common stock, shares outstanding (in shares) | 13,342,000 | 13,203,000 | |||||||||
Common stock, shares issued (in shares) | 13,342,000 | 13,203,000 | |||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | |||||||||
Preferred stock, shares issued (in shares) | 0 | 0 | |||||||||
Number warrants called (in shares) | 1,240,000 | 1,240,000 | |||||||||
Warrants issued (in shares) | 0 | ||||||||||
Exercised (in shares) | 0 | ||||||||||
At-the-market offering | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number warrants called (in shares) | 0 | 0 | |||||||||
Sale of shares (in dollars per share) | $ / shares | $ 6.75 | ||||||||||
Value of shares sold | $ | $ 7,500 | ||||||||||
Common stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock, shares outstanding (in shares) | 13,342,000 | 12,844,000 | 13,203,000 | 12,693,000 | |||||||
Warrants exercised (in shares) | 0 | ||||||||||
Common stock | At-the-market offering | |||||||||||
Class of Stock [Line Items] | |||||||||||
Available for future offerings | $ | $ 6,668 | ||||||||||
2021 Warrants | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number warrants called (in shares) | 273,000 | 273,000 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 12.81 | $ 12.81 | |||||||||
Warrants issued (in shares) | 273,000 | 0 | |||||||||
Class of warrant or right expiration period | 5 years | 5 years | |||||||||
Duration of put option | 30 days | ||||||||||
Put option pay period | 5 days | ||||||||||
Exercised (in shares) | 0 | ||||||||||
June 2020 Warrants | |||||||||||
Class of Stock [Line Items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | $ 5.18 | ||||||||||
Class of warrant or right expiration period | 5 years 6 months | ||||||||||
June 2020 Investor Warrants | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number warrants called (in shares) | 127,000 | 127,000 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 5.18 | $ 5.18 | |||||||||
Warrants issued (in shares) | 0 | ||||||||||
Class of warrant or right expiration period | 5 years 6 months | ||||||||||
Duration of put option | 30 days | ||||||||||
Exercised (in shares) | 0 | ||||||||||
Reverse stock split | 0.067 | ||||||||||
June 2020 Investor Warrants | Common stock | Direct offering | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number warrants called (in shares) | 874,000 | ||||||||||
June 2020 Placement Agent Warrants | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number warrants called (in shares) | 39,000 | 39,000 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 5.64 | ||||||||||
Warrants issued (in shares) | 122,000 | 0 | |||||||||
Class of warrant or right expiration period | 5 years | ||||||||||
Exercised (in shares) | 0 | ||||||||||
December 2019 Warrants | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number warrants called (in shares) | 556,000 | 556,000 | 556,000 | ||||||||
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 | 5 years | |||||||||
Duration of put option | 30 days | ||||||||||
Put option pay period | 5 days | ||||||||||
Exercised (in shares) | 0 | ||||||||||
December 2019 Placement Agent Warrants | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number warrants called (in shares) | 52,000 | 52,000 | 52,000 | ||||||||
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 | ||||||||||
Exercised (in shares) | 0 | ||||||||||
May 2019 Warrants | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number warrants called (in shares) | 193,000 | 193,000 | 444,000 | ||||||||
Exercise price (in dollars per share) | $ / shares | $ 3.52 | $ 3.52 | $ 3.52 | ||||||||
Warrants issued (in shares) | 0 | ||||||||||
Class of warrant or right expiration period | 5 years | ||||||||||
Duration of put option | 90 days | ||||||||||
Put option pay period | 5 days | ||||||||||
Exercised (in shares) | 0 | ||||||||||
May 2019 Warrants | Common stock | Direct offering | |||||||||||
Class of Stock [Line Items] | |||||||||||
Sale of shares (in dollars per share) | $ / shares | $ 4.51 |
Capitalization and Equity Str_4
Capitalization and Equity Structure - Schedule of Warrant Share Activity (Details) - $ / shares shares in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2019 | Feb. 28, 2021 | Mar. 31, 2023 | May 31, 2019 | |
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 1,240 | ||||
Warrants issued (in shares) | 0 | ||||
Warrants exercised (in shares) | 0 | ||||
Ending balance (in shares) | 1,240 | ||||
2021 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 12.81 | $ 12.81 | |||
Term (Years) | 5 years | 5 years | |||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 273 | ||||
Warrants issued (in shares) | 273 | 0 | |||
Warrants exercised (in shares) | 0 | ||||
Ending balance (in shares) | 273 | ||||
June 2020 Investor Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 5.18 | $ 5.18 | |||
Term (Years) | 5 years 6 months | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 127 | ||||
Warrants issued (in shares) | 0 | ||||
Warrants exercised (in shares) | 0 | ||||
Ending balance (in shares) | 127 | ||||
June 2020 Placement Agent Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 5.64 | ||||
Term (Years) | 5 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 39 | ||||
Warrants issued (in shares) | 122 | 0 | |||
Warrants exercised (in shares) | 0 | ||||
Ending balance (in shares) | 39 | ||||
December 2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 8.10 | $ 8.10 | |||
Term (Years) | 5 years | 5 years | |||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 556 | ||||
Warrants issued (in shares) | 0 | ||||
Warrants exercised (in shares) | 0 | ||||
Ending balance (in shares) | 556 | 556 | |||
December 2019 Placement Agent Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 8.44 | $ 8.44 | |||
Term (Years) | 5 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 52 | ||||
Warrants issued (in shares) | 0 | ||||
Warrants exercised (in shares) | 0 | ||||
Ending balance (in shares) | 52 | 52 | |||
May 2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 3.52 | $ 3.52 | $ 3.52 | ||
Term (Years) | 5 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 193 | ||||
Warrants issued (in shares) | 0 | ||||
Warrants exercised (in shares) | 0 | ||||
Ending balance (in shares) | 193 |
Capitalization and Equity Str_5
Capitalization and Equity Structure - Schedule of Assumptions used in Black-Scholes Model to Measure Fair Value (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | |
2021 Warrants | Current share price | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | $ 1.65 | $ 1.19 |
2021 Warrants | Conversion price | ||
Schedule of Capitalization, Equity [Line Items] | ||
Conversion price (in dollars per share) | $ 12.81 | $ 12.81 |
2021 Warrants | Risk-free interest rate | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.0468 | 0.0421 |
2021 Warrants | Expected term (years) | ||
Schedule of Capitalization, Equity [Line Items] | ||
Term (years) | 2 years 10 months 9 days | 3 years 1 month 9 days |
2021 Warrants | Volatility of stock | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.935 | 0.996 |
June 2020 Investor Warrants | Current share price | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | $ 1.65 | $ 1.19 |
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 | 0.0473 | 0.0423 |
June 2020 Investor Warrants | Expected term (years) | ||
Schedule of Capitalization, Equity [Line Items] | ||
Term (years) | 2 years 8 months 8 days | 2 years 11 months 8 days |
June 2020 Investor Warrants | Volatility of stock | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.725 | 0.996 |
June 2020 Placement Agent Warrants | Current share price | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | $ 1.65 | $ 1.19 |
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 | 0.0488 | 0.0433 |
June 2020 Placement Agent Warrants | Expected term (years) | ||
Schedule of Capitalization, Equity [Line Items] | ||
Term (years) | 2 years 2 months 8 days | 2 years 5 months 8 days |
June 2020 Placement Agent Warrants | Volatility of stock | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.707 | 0.735 |
December 2019 Warrants | Current share price | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | $ 1.65 | $ 1.19 |
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 | 0.0487 | 0.0432 |
December 2019 Warrants | Expected term (years) | ||
Schedule of Capitalization, Equity [Line Items] | ||
Term (years) | 2 years 2 months 19 days | 2 years 5 months 19 days |
December 2019 Warrants | Volatility of stock | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.708 | 0.733 |
December 2019 Placement Agent Warrants | Current share price | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | $ 1.65 | $ 1.19 |
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 | 0.0495 | 0.0442 |
December 2019 Placement Agent Warrants | Expected term (years) | ||
Schedule of Capitalization, Equity [Line Items] | ||
Term (years) | 1 year 8 months 19 days | 1 year 11 months 19 days |
December 2019 Placement Agent Warrants | Volatility of stock | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.621 | 0.718 |
May 2019 Warrants | Current share price | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | $ 1.65 | $ 1.19 |
May 2019 Warrants | Conversion price | ||
Schedule of Capitalization, Equity [Line Items] | ||
Conversion price (in dollars per share) | $ 3.52 | $ 3.52 |
May 2019 Warrants | Risk-free interest rate | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.0455 | 0.046 |
May 2019 Warrants | Expected term (years) | ||
Schedule of Capitalization, Equity [Line Items] | ||
Term (years) | 1 year 2 months 12 days | 1 year 4 months 24 days |
May 2019 Warrants | Volatility of stock | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.628 | 0.745 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued in employee benefit plan (in shares) | 0 | |
Stock Issued During Period, Value, Employee Benefit Plan | $ 0 | $ 176 |
Percent of employee match | 50% | 50% |
Common stock contribution | $ 93 | $ 64 |
Options to purchase common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 36 | |
Unrecognized compensation expense, period of recognition | 7 months 17 days | |
RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 1,542 | |
Unrecognized compensation expense, period of recognition | 1 year 5 months 15 days | |
Right to receive stock (in shares) | 1 | |
Equity Incentive Plan 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized for grant (in shares) | 2,524,000 | |
Shares available for grant (in shares) | 53,000 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activity (Details) - 2014 Plan $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Stock Awards | |
Beginning balance (in shares) | shares | 270 |
Options forfeited (in shares) | shares | 0 |
Options cancelled (in shares) | shares | (2) |
Ending balance (in shares) | shares | 268 |
Options outstanding, vested and expected to vest (in shares) | shares | 268 |
Options outstanding, exercisable (in shares) | shares | 262 |
Weighted- Average Exercise Price | |
Beginning balance (in dollars per share) | $ / shares | $ 37.96 |
Options forfeited (in dollars per share) | $ / shares | 0 |
Options cancelled (in dollars per share) | $ / shares | 56.70 |
Ending balance (in dollars per share) | $ / shares | 37.85 |
Weighted-average exercise price, vested and expected to vest (in dollars per share) | $ / shares | 37.85 |
Weighted-average exercise price, exercisable (in dollars per share) | $ / shares | $ 38.51 |
Weighted-average remaining contractual life (Years), ending balance | 5 years |
Weighted-average remaining contractual life (Years), vested and expected to vest | 5 years |
Weighted-average remaining contractual life (Years), exercisable | 4 years 11 months 19 days |
Aggregate intrinsic value, ending balance | $ | $ 0 |
Aggregate intrinsic value, vested and expected to vest | $ | 0 |
Aggregate intrinsic value, exercisable | $ | $ 0 |
Stock-based Compensation - RSU
Stock-based Compensation - RSU Activity (Details) - RSU shares in Thousands | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Number of Shares | |
Beginning Balance (in shares) | shares | 1,383 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | (354) |
Forfeited (in shares) | shares | 0 |
Ending Balance (in shares) | shares | 1,029 |
Weighted- Average Grant Date Fair Value | |
Beginning Balance (in dollars per share) | $ / shares | $ 2.17 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 1.52 |
Forfeited (in dollars per share) | $ / shares | 0 |
Ending Balance (in dollars per share) | $ / shares | $ 2.40 |
Stock-based Compensation - Comp
Stock-based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | $ 424 | $ 499 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | 64 | 69 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | 82 | 79 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | $ 278 | $ 351 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended | |||
Mar. 01, 2022 USD ($) | Oct. 15, 2012 USD ($) | Mar. 31, 2023 USD ($) license_agreement | Dec. 31, 2022 USD ($) | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Number of license agreements | license_agreement | 2 | |||
Other expense | $ 20 | |||
Purchase obligation | $ 3,800 | $ 3,480 | ||
Payment period for purchase obligations | 1 year | |||
Total lease payments | $ 1,480 | |||
San Rafael and Hamburg | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Term of lease | 43 months | |||
Royalty Agreement Terms | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Royalty percentage | 3.75% | |||
Royalty expense | $ 75 | $ 250 | ||
Royalty expense, after year one | $ 100 | |||
Royalty Agreement Terms | Licensed Patent Products | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Royalty percentage | 6% | |||
Royalty Agreement Terms | Licensed Software Products | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Royalty percentage | 3% | |||
Net Sales | Royalty Agreement Terms | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Royalty percentage | 1% | |||
License Fees | Royalty Agreement Terms | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Royalty percentage | 21% |
Net Loss Per Share - Net Loss P
Net Loss Per Share - Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net loss applicable to common stockholders, basic and diluted | $ (4,389) | $ (4,620) |
Net loss applicable to common stockholders, basic and diluted | $ (4,389) | $ (4,620) |
Denominator: | ||
Weighted-average number of shares, basic (in shares) | 13,296 | 12,728 |
Weighted-average number of shares, diluted (in shares) | 13,296 | 12,728 |
Net loss per share, basic (in dollar per shares) | $ (0.33) | $ (0.36) |
Net loss per share, diluted (in dollars per share) | $ (0.33) | $ (0.36) |
Net Loss Per Share - Antidiluti
Net Loss Per Share - Antidilutive Shares (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 2,537 | 2,270 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 268 | 449 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 1,029 | 581 |
Warrants for common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 1,240 | 1,240 |
Segment Disclosures - Schedule
Segment Disclosures - Schedule of Segment Reporting Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) segment | Mar. 31, 2022 USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 2 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 4,122 | $ 2,567 |
Cost of revenue | 2,122 | 1,358 |
Gross profit | 2,000 | 1,209 |
EksoHealth | ||
Segment Reporting Information [Line Items] | ||
Revenue | 3,997 | 1,881 |
Cost of revenue | 1,951 | 1,015 |
Gross profit | 2,046 | 866 |
EksoWorks | ||
Segment Reporting Information [Line Items] | ||
Revenue | 125 | 686 |
Cost of revenue | 171 | 343 |
Gross profit | $ (46) | $ 343 |
Segment Disclosures - Geographi
Segment Disclosures - Geographical Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 4,122 | $ 2,567 |
Americas | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,962 | 1,398 |
United States | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,958 | 1,343 |
Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | 4 | 55 |
EMEA | ||
Segment Reporting Information [Line Items] | ||
Revenue | 756 | 564 |
Germany | ||
Segment Reporting Information [Line Items] | ||
Revenue | 244 | 124 |
Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | 512 | 440 |
APAC | ||
Segment Reporting Information [Line Items] | ||
Revenue | 404 | 605 |
Japan | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 280 |
Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 404 | $ 325 |
Related Party Transactions (Det
Related Party Transactions (Details) - Angel Pond Capital LLC - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Related party transaction amounts of transaction | $ 325 | |
Related party payment term | 14 months | |
Due to related parties | $ 180 | $ 325 |
Initial Payment 1 | ||
Related Party Transaction [Line Items] | ||
Related party transaction amounts of transaction | $ 145 | |
Related party payment term | 40 days | |
Initial Payment 2 | ||
Related Party Transaction [Line Items] | ||
Related party transaction amounts of transaction | $ 15 | |
Related party payment term | 12 months |