Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 28, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35706 | |
Entity Registrant Name | APOLLO ENDOSURGERY, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 16-1630142 | |
Entity Address, Address Line One | 1120 S. Capital of Texas Highway | |
Entity Address, Address Line Two | Building 1, Suite #300 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78746 | |
City Area Code | 512 | |
Local Phone Number | 279-5100 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Trading Symbol | APEN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 41,634,162 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001251769 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 66,906 | $ 90,691 |
Accounts receivable, net of allowance for doubtful accounts of $490 and $330, respectively | 12,899 | 10,078 |
Inventory | 16,696 | 11,966 |
Prepaid expenses and other current assets | 2,270 | 1,965 |
Total current assets | 98,771 | 114,700 |
Restricted cash | 1,009 | 1,121 |
Property, equipment and right-of-use assets, net | 7,202 | 5,593 |
Goodwill | 5,290 | 5,290 |
Intangible assets, net of accumulated amortization of $15,856 and $14,814, respectively | 3,363 | 4,400 |
Other assets | 395 | 424 |
Total assets | 116,030 | 131,528 |
Current liabilities: | ||
Accounts payable | 6,771 | 4,584 |
Accrued expenses | 9,702 | 9,902 |
Total current liabilities | 16,473 | 14,486 |
Long-term debt | 33,839 | 33,473 |
Convertible debt | 19,663 | 19,513 |
Long-term liabilities | 3,741 | 2,819 |
Total liabilities | 73,716 | 70,291 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock; $0.001 par value; 100,000,000 shares authorized; 41,582,185 and 39,546,323 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 42 | 40 |
Additional paid-in capital | 362,791 | 356,516 |
Accumulated other comprehensive income | 7,222 | 2,136 |
Accumulated deficit | (327,741) | (297,455) |
Total stockholders’ equity | 42,314 | 61,237 |
Total liabilities and stockholders’ equity | $ 116,030 | $ 131,528 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 490 | $ 330 |
Accumulated amortization | $ 15,856 | $ 14,814 |
Common stock, par value (USD per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (shares) | 41,582,185 | 39,546,323 |
Common stock, shares outstanding (shares) | 41,582,185 | 39,546,323 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues | $ 19,573 | $ 16,351 | $ 55,542 | $ 46,818 |
Cost of sales | 8,835 | 7,124 | 24,472 | 20,961 |
Gross margin | 10,738 | 9,227 | 31,070 | 25,857 |
Operating expenses: | ||||
Sales and marketing | 8,584 | 6,123 | 25,933 | 16,918 |
General and administrative | 5,193 | 4,574 | 15,463 | 13,981 |
Research and development | 2,802 | 2,567 | 8,432 | 7,045 |
Amortization of intangible assets | 450 | 467 | 1,358 | 1,412 |
Total operating expenses | 17,029 | 13,731 | 51,186 | 39,356 |
Loss from operations | (6,291) | (4,504) | (20,116) | (13,499) |
Other (income) expenses: | ||||
Interest expense, net | 1,155 | 1,342 | 3,583 | 4,028 |
Gain on forgiveness of PPP loan | 0 | 0 | 0 | (2,852) |
Other expense (income), net | 3,828 | 721 | 6,179 | (618) |
Net loss before income taxes | (11,274) | (6,567) | (29,878) | (14,057) |
Income tax expense | 172 | 90 | 408 | 220 |
Net loss | (11,446) | (6,657) | (30,286) | (14,277) |
Other comprehensive (loss)/income: | ||||
Foreign currency translation | 3,107 | 388 | 5,086 | (1,014) |
Comprehensive loss | $ (8,339) | $ (6,269) | $ (25,200) | $ (15,291) |
Net loss per share, basic (USD per share) | $ (0.28) | $ (0.23) | $ (0.75) | $ (0.52) |
Net loss per share, diluted (USD per share) | $ (0.28) | $ (0.23) | $ (0.75) | $ (0.52) |
Shares used in computing net loss per share, basic (shares) | 40,847,683 | 29,020,443 | 40,290,948 | 27,542,182 |
Shares used in computing net loss per share, diluted (shares) | 40,847,683 | 29,020,443 | 40,290,948 | 27,542,182 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2020 | 25,819,329 | ||||
Beginning balance at Dec. 31, 2020 | $ 6,751 | $ 26 | $ 276,569 | $ 2,929 | $ (272,773) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of common stock options (in shares) | 643,569 | ||||
Exercise of common stock options | 2,352 | $ 1 | 2,351 | ||
Exercise of common stock warrants (in shares) | 2,668,247 | ||||
Exercise of common stock warrants | 2 | $ 3 | (1) | ||
Issuance of restricted stock and performance stock units (in shares) | 431,047 | ||||
Issuance of common stock for convertible debt interest (in shares) | 244,861 | ||||
Issuance of common stock for convertible debt interest | 1,229 | 1,229 | |||
Conversion of convertible debt (in shares) | 22,644 | ||||
Conversion of convertible debt | 74 | 74 | |||
Stock-based compensation | 4,791 | 4,791 | |||
Foreign currency translation | (1,014) | (1,014) | |||
Net loss | (14,277) | (14,277) | |||
Ending balance (in shares) at Sep. 30, 2021 | 29,829,697 | ||||
Ending balance at Sep. 30, 2021 | (92) | $ 30 | 285,013 | 1,915 | (287,050) |
Beginning balance (in shares) at Jun. 30, 2021 | 28,624,979 | ||||
Beginning balance at Jun. 30, 2021 | 2,714 | $ 29 | 281,551 | 1,527 | (280,393) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of common stock options (in shares) | 330,564 | ||||
Exercise of common stock options | 1,304 | $ 1 | 1,303 | ||
Exercise of common stock warrants (in shares) | 624,436 | ||||
Exercise of common stock warrants | 0 | $ 0 | 0 | ||
Issuance of restricted stock and performance stock units (in shares) | 178,109 | ||||
Issuance of common stock for convertible debt interest (in shares) | 71,609 | ||||
Issuance of common stock for convertible debt interest | 614 | 614 | |||
Stock-based compensation | 1,545 | 1,545 | |||
Foreign currency translation | 388 | 388 | |||
Net loss | (6,657) | (6,657) | |||
Ending balance (in shares) at Sep. 30, 2021 | 29,829,697 | ||||
Ending balance at Sep. 30, 2021 | $ (92) | $ 30 | 285,013 | 1,915 | (287,050) |
Beginning balance (in shares) at Dec. 31, 2021 | 39,546,323 | 39,546,323 | |||
Beginning balance at Dec. 31, 2021 | $ 61,237 | $ 40 | 356,516 | 2,136 | (297,455) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of common stock options (in shares) | 129,005 | ||||
Exercise of common stock options | 379 | $ 0 | 379 | ||
Exercise of common stock warrants (in shares) | 1,361,869 | ||||
Exercise of common stock warrants | 0 | $ 2 | (2) | ||
Issuance of restricted stock and performance stock units (in shares) | 374,803 | ||||
Shares held back for tax obligation in connection with restricted stock units (in shares) | (72,743) | ||||
Shares held back for tax obligation in connection with restricted stock units | (401) | (401) | |||
Issuance of common stock for convertible debt interest (in shares) | 242,928 | ||||
Issuance of common stock for convertible debt interest | 1,226 | 1,226 | |||
Conversion of convertible debt | 0 | ||||
Stock-based compensation | 5,073 | 5,073 | |||
Foreign currency translation | 5,086 | 5,086 | |||
Net loss | $ (30,286) | (30,286) | |||
Ending balance (in shares) at Sep. 30, 2022 | 41,582,185 | 41,582,185 | |||
Ending balance at Sep. 30, 2022 | $ 42,314 | $ 42 | 362,791 | 7,222 | (327,741) |
Beginning balance (in shares) at Jun. 30, 2022 | 40,515,646 | ||||
Beginning balance at Jun. 30, 2022 | 48,156 | $ 41 | 360,295 | 4,115 | (316,295) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of common stock options (in shares) | 22,424 | ||||
Exercise of common stock options | 64 | $ 0 | 64 | ||
Exercise of common stock warrants (in shares) | 861,869 | ||||
Exercise of common stock warrants | 0 | $ 1 | (1) | ||
Issuance of restricted stock and performance stock units (in shares) | 21,288 | ||||
Shares held back for tax obligation in connection with restricted stock units (in shares) | (6,190) | ||||
Shares held back for tax obligation in connection with restricted stock units | (40) | (40) | |||
Issuance of common stock for convertible debt interest (in shares) | 167,148 | ||||
Issuance of common stock for convertible debt interest | 613 | 613 | |||
Stock-based compensation | 1,860 | 1,860 | |||
Foreign currency translation | 3,107 | 3,107 | |||
Net loss | $ (11,446) | (11,446) | |||
Ending balance (in shares) at Sep. 30, 2022 | 41,582,185 | 41,582,185 | |||
Ending balance at Sep. 30, 2022 | $ 42,314 | $ 42 | $ 362,791 | $ 7,222 | $ (327,741) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (30,286) | $ (14,277) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,247 | 2,484 |
Gain on forgiveness of PPP loan | 0 | (2,852) |
Amortization of deferred financing costs | 342 | 377 |
Non-cash interest | 1,463 | 1,304 |
Provision for doubtful accounts receivable | 240 | 62 |
Inventory impairment | 71 | 50 |
Stock-based compensation | 5,073 | 4,791 |
Unrealized foreign exchange on intercompany payables | 6,040 | (856) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,630) | (2,312) |
Inventory | (4,907) | (1,077) |
Prepaid expenses and other assets | (344) | (951) |
Accounts payable and accrued expenses | 2,732 | 3,142 |
Net cash used in operating activities | (20,959) | (10,115) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,907) | (743) |
Purchases of intangibles and other assets | (326) | (218) |
Net cash used in investing activities | (2,233) | (961) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 379 | 2,352 |
Proceeds from exercise of warrants | 0 | 2 |
Shares held back for tax obligation in connection with restricted stock units | (401) | 0 |
Net cash (used in)/provided by financing activities | (22) | 2,354 |
Effect of exchange rate changes on cash | (683) | (4) |
Net change in cash, cash equivalents and restricted cash | (23,897) | (8,726) |
Cash, cash equivalents and restricted cash at beginning of year | 91,812 | 37,200 |
Cash, cash equivalents and restricted cash at end of period | 67,915 | 28,474 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 1,867 | 2,359 |
Cash paid for income taxes | 280 | 36 |
Right-of-use assets recognized in exchange for lease obligations (non-cash) | 556 | (577) |
Gain on forgiveness of PPP loan (non-cash) | 0 | 2,852 |
Issuance of common stock for convertible debt interest (non-cash) | 1,226 | 1,229 |
Issuance of common stock from conversion of convertible debt (non-cash) | $ 0 | $ 74 |
Organization and Business Descr
Organization and Business Description | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Description | Organization and Business Description Apollo Endosurgery, Inc. is a Delaware corporation with both domestic and foreign wholly-owned subsidiaries. Throughout these Notes, “Apollo” and the “Company” refer to Apollo Endosurgery, Inc. and its consolidated subsidiaries. Apollo is a medical technology company primarily focused on the development of next-generation, minimally invasive medical devices to advance gastrointestinal therapeutic endoscopy. The Company develops and distributes devices that are used by surgeons and gastroenterologists for a variety of procedures related to gastrointestinal conditions including closure of gastrointestinal defects, managing gastrointestinal complications and weight loss as a treatment of obesity. The Company’s core products include the OverStitch® Endoscopic Suturing System, the OverStitch Sx TM Endoscopic Suturing System, X-Tack® Endoscopic HeliX Tacking System (collectively “ESS”) and the ORBERA® Intragastric Balloon (“IGB”). All devices are regulated by the U.S. Food and Drug Administration (the “FDA”) or an equivalent regulatory body outside the U.S. In July 2022, the Company received FDA authorization for Apollo ESG TM , Apollo REVISE TM , Apollo ESG Sx TM and Apollo REVISE Sx TM . To date, these are the first and only devices authorized by the FDA for endoscopic sleeve gastroplasty (“ESG”) and endoscopic bariatric revision. The Company has offices in the United Kingdom and Italy that oversee commercial activities outside the U.S. and a products manufacturing facility in Costa Rica. All other activities are managed and operated from facilities in Austin, Texas. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies (a) Basis of Presentation The Company prepared its interim condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). They do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying condensed consolidated financial statements include the Company’s accounts and the accounts of its wholly-owned subsidiaries. The Company has eliminated all intercompany balances and transactions. The Company has made estimates and judgments affecting the amounts reported in its condensed consolidated financial statements and the accompanying notes. The actual results that the Company experiences may differ materially from the Company’s estimates. The accounting estimates that require the Company’s most significant, difficult and subjective judgments include revenue recognition and inventory valuation. (b) Unaudited Interim Results In management’s opinion, the unaudited financial information for the interim periods presented includes all adjustments necessary for a fair presentation of the results of operations, financial position, and cash flows. All adjustments are of a normal recurring nature unless otherwise disclosed. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be the same as those for the full year. This interim information should be read in conjunction with the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. (c) Recent Accounting Pronouncements In August 2020, Accounting Standards Update (“ASU”) No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity was issued, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. This ASU will become effective for the Company on January 1, 2024 and is not expected to have a material impact on the consolidated financial statements. In May 2021, ASU No. 2021-04, Issuer’s Accounting for Certain Modifications of Exchanges of Freestanding Equity-Classified Written Call Options |
Concentrations
Concentrations | 9 Months Ended |
Sep. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Concentrations Consolidated financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents and accounts receivable. At September 30, 2022, the Company’s cash, cash equivalents and restricted cash are held in deposit accounts at four different banks totaling $67,915. The Company has not experienced any losses in such accounts, and management does not believe the Company is exposed to any significant credit risk. Management further believes that credit risk in the Company’s accounts receivable is substantially mitigated by the Company’s evaluation process, relatively short collection terms, and the high level of creditworthiness of its customers. The Company continually monitors the compliance of its customers with the Company’s payment terms, but generally requires no collateral. The Company had no concentrations greater than 10% of the Company’s net accounts receivable as of September 30, 2022 or December 31, 2021. The Company had no single customer that comprised more than 10% of the Company's total revenues for the three and nine months ended September 30, 2022 or 2021. |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory consists of the following as of: September 30, 2022 December 31, 2021 (unaudited) Raw materials $ 5,755 $ 3,442 Work in progress 1,814 965 Finished goods 9,127 7,559 Total inventory $ 16,696 $ 11,966 Finished goods included $72 and $120 of consigned inventory at September 30, 2022 and December 31, 2021, respectively. |
Property, Equipment and Right-o
Property, Equipment and Right-of-Use Assets | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Right-of-Use Assets | Property, Equipment and Right-of-Use Assets Property, equipment and right-of-use assets consists of the following: Depreciable Lives September 30, 2022 December 31, 2021 (unaudited) Equipment 5 years $ 8,575 $ 7,472 Right-of-use assets 1-8 years 3,912 3,459 Furniture, fixtures and tooling 4-8 years 2,004 1,855 Computer hardware 3-5 years 1,766 1,444 Leasehold improvements 3-7 years 2,089 2,059 Construction in process 813 483 19,159 16,772 Less accumulated depreciation (11,957) (11,179) Property, equipment and right-of-use assets, net $ 7,202 $ 5,593 The Company recorded depreciation expense of $316 and $883 for the three and nine months ended September 30, 2022, respectively, and $285 and $1,071 for the three and nine months ended September 30, 2021, respectively. There were no impairment charges for the three and nine months ended September 30, 2022 or 2021. The Company has operating leases for office space in Texas, the United Kingdom, and Italy, and for the manufacturing facility in Costa Rica. The Company also has various operating lease agreements for vehicles. As of September 30, 2022, the maturities of the Company’s operating lease liabilities are as follows: 2022 $ 241 2023 892 2024 811 2025 785 2026 513 Thereafter 756 Total lease payments 3,998 Less imputed interest (852) Total operating lease liabilities $ 3,146 Operating lease liabilities of $590 are included in accrued expenses long-term liabilities |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consists of the following as of: September 30, 2022 December 31, 2021 (unaudited) Accrued employee compensation and expenses $ 5,822 $ 6,569 Accrued professional service fees 788 656 Accrued taxes 624 437 Lease liability 590 587 Accrued interest 307 613 Accrued returns and rebates 197 106 Other 1,374 934 Total accrued expenses $ 9,702 $ 9,902 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following as of: September 30, 2022 December 31, 2021 (unaudited) Term loan facility $ 35,000 $ 35,000 Deferred interest 180 6 Deferred financing costs (1,341) (1,533) Long-term debt $ 33,839 $ 33,473 Term Loan Facility In December 2021, the Company entered into a term loan facility with Innovatus Capital Partners, LLC (“Innovatus”) to borrow up to $100,000 (the “Term Loans”) and drew the Term A Loan of $35,000. The Company is eligible to draw the Term B Loan of $15,000 between July 1, 2023 and December 31, 2023 and the Term C Loan of $25,000 between July 1, 2024 and December 31, 2024, in each case upon the achievement of certain minimum revenue thresholds. The Company is eligible to draw the Term D Loan of $25,000 to finance certain approved acquisitions between June 30, 2022 and June 30, 2024. The Term Loans mature on December 21, 2027, with principal payments beginning February 1, 2027, and bear interest at the greater of the Wall Street Journal Prime Rate or 3.25%, plus 4.0%. Principal payments are due on a straight-line basis after the interest-only period concludes. An additional 4.0% of the outstanding amount will be due at the end of the loan term. Prior to December 21, 2025, Innovatus will have the right to make a one-time election to convert up to 10.0% of the outstanding aggregate principal amount of the term loans into shares of common stock of the Company at a price per share equal to $11.50. The Term Loans include customary affirmative covenants and negative covenants. Additionally, it contains a minimum liquidity covenant, tested on a maintenance basis, and a minimum revenue covenant tested quarterly commencing the earlier of December 31, 2023 or the funding date of the Term B loan. The Company used $35,000 of the proceeds of the Term A Loan to repay the previous senior secured credit agreement in full, including interest. Interest expense on the Company’s long-term debt was $948 and $2,513 for the three and nine months ended September 30, 2022, respectively, and $1,048 and $3,147 for the three and nine months ended September 30, 2021, respectively. Principal payments of the Company’s long-term debt are as follows: 2022 - 2026 $ — Thereafter 35,000 $ 35,000 |
Convertible Debt
Convertible Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Convertible Debt | Convertible Debt Convertible debt consists of the following as of: September 30, 2022 December 31, 2021 (unaudited) Convertible debt $ 20,446 $ 20,446 Deferred financing costs (783) (933) Total convertible debt $ 19,663 $ 19,513 In August 2019, the Company issued $20,000 aggregate principal amount of 6.0% convertible senior debentures (the “Convertible Debt”), primarily to existing stockholders and officers of the Company. Interest on the Convertible Debt is payable semi-annually in shares of the Company’s common stock on January 1 and July 1 of each year at a rate of 6.0% per year. The number of shares of common stock required to settle the amount of interest payable will be based on the volume-weighted average price (“VWAP”) of the Company’s common stock for the 10 consecutive trading days immediately preceding the applicable interest payment date. However, in the event that the trailing 10-trading day VWAP of the Company’s common stock is less than $2.50 per share, interest accrued and payable for the applicable interest payment period will accrete to the principal amount then outstanding. The Convertible Debt will mature on August 12, 2026 unless earlier converted or repaid in accordance with its terms. The Company issued 75,780 shares of the Company’s common stock to holders of the Convertible Debt in January 2022 in fulfillment of accrued interest as of December 31, 2021. In July 2022, the Company issued 167,148 additional shares of common stock for accrued interest as of June 30, 2022. As of September 30, 2022, accrued interest on the Convertible Debt is $307. The Convertible Debt converts, at the option of the holders, into shares of the Company’s common stock at an initial conversion price of $3.25 per share, subject to adjustment. If the VWAP of the Company’s common stock has been at least $9.75 (subject to adjustment) for at least 20 trading days during any 30 consecutive trading day period, the Company may force the conversion of all or any part of the outstanding principal amount of the Convertible Debt, accrued and unpaid interest and any other amounts then owing, subject to certain conditions. Interest expense on the Convertible Debt was $357 and $1,070 for each of the three and nine months ended September 30, 2022, respectively, and $356 and $1,070 for each of the three and nine months ended September 30, 2021, respectively. |
Long-Term Liabilities
Long-Term Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Liabilities | Long-Term LiabilitiesIncluded in other long-term liabilities as of September 30, 2022 was $1,185 for the estimated exit fee obligation to Solar Capital Ltd., our previous lender, which was reclassified from long-term debt in December 2021. The Company remains obligated to pay $1,925 upon the earlier to occur of (i) certain exit events specified in the Solar Term Facility or (ii) the Company’s achievement of trailing twelve-month revenue of $100,000. Accretion of interest expense on this long-term liability was $124 and $368 for the three and nine months ended September 30, 2022, respectively. |
Warrants
Warrants | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Warrants | Warrants Warrants consist of the following as of September 30, 2022: Warrant Expiration Date Number of shares Exercise price per share No expiration 12,382,395 $ 0.001 During the nine months ended September 30, 2022, pre-funded warrants were exercised into 1,361,869 shares of common stock and 163,915 warrants expired. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation A summary of the stock option activity as of September 30, 2022 is presented below. Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding, December 31, 2021 3,482,883 $ 5.04 8.0 years $ 12,307 Options granted 921,063 4.29 Options exercised (129,005) 2.93 Options forfeited (132,912) 4.41 Options outstanding, vested and expected to vest, September 30, 2022 4,142,029 $ 4.96 7.8 years $ 4,857 Options exercisable 2,107,631 $ 4.89 6.8 years $ 3,072 Shares subject to awards granted under the 2017 Plan which expire, are repurchased, or are canceled or forfeited will again become available for issuance under the 2017 Plan. The shares available will not be reduced by awards settled in cash or by shares withheld to satisfy tax withholding obligations. Only the net number of shares issued upon the exercise of options by means of a net exercise will be deducted from the shares available under the 2017 Plan. The fair value of stock option grants has been estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Nine Months Ended Nine Months Ended Risk free interest rate 3.3% 1.0% Expected dividend yield —% —% Estimated volatility 82.8% 81.1% Expected life 6.0 years 6.1 years The aggregate intrinsic value in the tables above represents the total pre-tax value of the options shown, calculated as the difference between the Company’s closing stock price on September 30, 2022 and the exercise prices of the options shown, multiplied by the number of in-the money options. This is the aggregate amount that would have been received by the option holders if they had all exercised their options on September 30, 2022 and sold the shares thereby received at the closing price of the Company’s common stock on that date. This amount changes based on the closing price of the Company’s common stock. Additional information regarding options is as follows: Nine Months Ended Nine Months Ended Weighted-average grant date fair value of options granted during the period $ 3.07 $ 4.40 Aggregate intrinsic value of options exercised during the period $ 374 $ 3,116 Unrecognized compensation expense related to unvested options was approximately $6,642 at September 30, 2022, with a weighted average remaining amortization period of 2.7 years. A summary of the restricted stock unit activity, including performance-based stock units, under the Company’s Equity Plans as of September 30, 2022 is presented below. Units Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Restricted stock units outstanding, December 31, 2021 1,194,432 $ 5.67 $ 10,069 Restricted stock units granted 1,535,351 5.16 Restricted stock units released (374,803) 5.14 Restricted stock units forfeited (115,034) 4.42 Restricted stock units outstanding, September 30, 2022 2,239,946 $ 5.47 $ 12,342 In March 2021, the Company awarded 707,278 performance-based restricted stock units to the Company’s chief executive officer in connection with the commencement of his employment. The performance-based restricted stock units vest in four equal tranches upon the achievement of revenue for the trailing four quarters equal to $50,000, $65,000, $80,000, and $95,000. The revenue milestone for the first and second tranche was achieved as of June 30, 2021 and March 31, 2022, respectively. In August 2021, the Company awarded 80,000 time-based restricted stock units and 120,000 performance-based restricted stock units to the Company’s chief financial officer in connection with the commencement of his employment. The time-based restricted stock units vest in four equal tranches upon completion of each year of employment. The performance-based restricted stock units vest in three equal tranches upon the achievement of revenue for the trailing four quarters equal to $70,000, $90,000, and $110,000. The revenue milestone for the first tranche was achieved as of September 30, 2022. In May 2022, shares of performance-based restricted stock units for the Company’s chief executive officer that vested were subject to statutory tax withholdings and the compensation committee of the Company’s board of directors authorized the Company to withhold shares of common stock to settle the tax obligation, which resulted in a forfeiture of 66,553 shares of performance-based restricted stock units and 110,267 net shares of performance-based restricted stock units being issued during the nine months ended September 30, 2022. In August 2022, shares of time-based restricted stock units for the Company’s chief financial officer that vested were subject to statutory tax withholdings and the compensation committee of the Company’s board of directors authorized the Company to withhold shares of common stock to settle the tax obligation, which resulted in a forfeiture of 6,190 shares of time-based restricted stock units and 13,810 net shares of time-based restricted stock units being issued during the three and nine months ended September 30, 2022. |
Purchase Commitment
Purchase Commitment | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Commitment | Purchase CommitmentIn May 2022, the Company entered into a one-year noncancellable purchase agreement to purchase $2,040 of raw materials in the normal course of business. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes for the three and nine months ended September 30, 2022 and 2021 primarily consists of foreign income taxes. The Company has established a valuation allowance due to uncertainties regarding the realization of deferred tax assets based on the Company’s lack of earnings history and potential limitations pursuant to changes in ownership under Internal Revenue Code Section 382. As of September 30, 2022, the Company has no unrecognized tax benefits or accrued interest or penalties associated with uncertain tax positions. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The basic and diluted net loss per common share presented in the condensed consolidated statements of operations and comprehensive loss is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Potentially dilutive shares, which include warrants for the purchase of common stock, convertible debt, restricted stock units, including performance-based stock units, and options outstanding under the Company’s equity incentive plans, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. Potentially dilutive securities that are not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows (in common stock equivalent shares on a weighted-average basis): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Warrants for common stock 12,382,395 13,948,875 12,382,395 13,948,875 Convertible debt 6,318,451 6,299,433 6,300,200 6,293,791 Common stock options 4,142,029 3,494,676 3,669,004 3,039,021 Restricted stock units 2,189,486 1,127,964 1,707,078 847,081 25,032,361 24,870,948 24,058,677 24,128,768 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying amounts of the Company’s financial instruments, which primarily include cash, cash equivalents, and restricted cash, accounts receivable, accounts payable and accrued expenses, approximate their fair values due to their short maturities. The fair value of the Company’s long-term debt and Convertible Debt is estimated by management to approximate $35,000 and $19,000, respectively at September 30, 2022. Management’s estimates are based on comparisons of the characteristics of the Company's obligations, comparable ranges of interest rates on recently issued debt, and maturity. Such valuation inputs are considered a Level 3 measurement in the fair value valuation hierarchy. The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
Segment and Geographic Informat
Segment and Geographic Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company globally manages the business within one reportable segment. Segment information is consistent with how management reviews the business, makes investing and resource allocation decisions and assesses operating performance. Product sales by product group and geographic market, based on the location of the customer, whether the U.S. or outside the U.S. (“OUS”) for the periods shown were as follows: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 (unaudited) U.S. OUS Total Revenues % Total Revenues U.S. OUS Total Revenues % Total Revenues ESS $ 9,494 $ 4,937 $ 14,431 73.7 % $ 6,722 $ 3,504 $ 10,226 62.5 % IGB 1,813 3,134 4,947 25.3 % 2,006 3,890 5,896 36.1 % Other 191 4 195 1.0 % 215 14 229 1.4 % Total revenues $ 11,498 $ 8,075 $ 19,573 100.0 % $ 8,943 $ 7,408 $ 16,351 100.0 % % Total revenues 58.7 % 41.3 % 54.7 % 45.3 % Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 (unaudited) U.S. OUS Total Revenues % Total Revenues U.S. OUS Total Revenues % Total Revenues ESS $ 25,084 $ 13,119 $ 38,203 68.8 % $ 18,977 $ 10,512 $ 29,489 63.0 % IGB 6,114 10,640 16,754 30.2 % 5,570 11,042 16,612 35.5 % Other 574 11 585 1.0 % 689 28 717 1.5 % Total revenues $ 31,772 $ 23,770 $ 55,542 100.0 % $ 25,236 $ 21,582 $ 46,818 100.0 % % Total revenues 57.2 % 42.8 % 53.9 % 46.1 % Total distributor sales were 52.9% and 49.8% of total OUS revenues for the three and nine months ended September 30, 2022 and 46.4% and 42.4% of total OUS revenues for the three and nine months ended September 30, 2021, respectively. Sales in the next largest individual country outside the U.S. were approximately 5.0%-7.0% of total revenues for the three and nine months ended September 30, 2022, respectively, compared to approximately 6.0%-7.0% for the three and nine months ended September 30, 2021. The following table represents property, equipment and right-of-use assets based on the physical location of the asset: September 30, 2022 December 31, 2021 (unaudited) U.S. $ 3,851 $ 1,855 Costa Rica 3,163 3,436 Other 188 302 Total property, equipment and right-of-use assets, net $ 7,202 $ 5,593 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization and Business Description | Apollo Endosurgery, Inc. is a Delaware corporation with both domestic and foreign wholly-owned subsidiaries. Throughout these Notes, “Apollo” and the “Company” refer to Apollo Endosurgery, Inc. and its consolidated subsidiaries. Apollo is a medical technology company primarily focused on the development of next-generation, minimally invasive medical devices to advance gastrointestinal therapeutic endoscopy. The Company develops and distributes devices that are used by surgeons and gastroenterologists for a variety of procedures related to gastrointestinal conditions including closure of gastrointestinal defects, managing gastrointestinal complications and weight loss as a treatment of obesity. The Company’s core products include the OverStitch® Endoscopic Suturing System, the OverStitch Sx TM Endoscopic Suturing System, X-Tack® Endoscopic HeliX Tacking System (collectively “ESS”) and the ORBERA® Intragastric Balloon (“IGB”). All devices are regulated by the U.S. Food and Drug Administration (the “FDA”) or an equivalent regulatory body outside the U.S. In July 2022, the Company received FDA authorization for Apollo ESG TM , Apollo REVISE TM , Apollo ESG Sx TM and Apollo REVISE Sx TM . To date, these are the first and only devices authorized by the FDA for endoscopic sleeve gastroplasty (“ESG”) and endoscopic bariatric revision. The Company has offices in the United Kingdom and Italy that oversee commercial activities outside the U.S. and a products manufacturing facility in Costa Rica. All other activities are managed and operated from facilities in Austin, Texas. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, Accounting Standards Update (“ASU”) No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity was issued, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. This ASU will become effective for the Company on January 1, 2024 and is not expected to have a material impact on the consolidated financial statements. In May 2021, ASU No. 2021-04, Issuer’s Accounting for Certain Modifications of Exchanges of Freestanding Equity-Classified Written Call Options |
Net Loss Per Share | The basic and diluted net loss per common share presented in the condensed consolidated statements of operations and comprehensive loss is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Potentially dilutive shares, which include warrants for the purchase of common stock, convertible debt, restricted stock units, including performance-based stock units, and options outstanding under the Company’s equity incentive plans, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory consists of the following as of: September 30, 2022 December 31, 2021 (unaudited) Raw materials $ 5,755 $ 3,442 Work in progress 1,814 965 Finished goods 9,127 7,559 Total inventory $ 16,696 $ 11,966 |
Property, Equipment and Right_2
Property, Equipment and Right-of-Use Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property, equipment and right-of-use assets consists of the following: Depreciable Lives September 30, 2022 December 31, 2021 (unaudited) Equipment 5 years $ 8,575 $ 7,472 Right-of-use assets 1-8 years 3,912 3,459 Furniture, fixtures and tooling 4-8 years 2,004 1,855 Computer hardware 3-5 years 1,766 1,444 Leasehold improvements 3-7 years 2,089 2,059 Construction in process 813 483 19,159 16,772 Less accumulated depreciation (11,957) (11,179) Property, equipment and right-of-use assets, net $ 7,202 $ 5,593 |
Operating Lease Maturity | As of September 30, 2022, the maturities of the Company’s operating lease liabilities are as follows: 2022 $ 241 2023 892 2024 811 2025 785 2026 513 Thereafter 756 Total lease payments 3,998 Less imputed interest (852) Total operating lease liabilities $ 3,146 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consists of the following as of: September 30, 2022 December 31, 2021 (unaudited) Accrued employee compensation and expenses $ 5,822 $ 6,569 Accrued professional service fees 788 656 Accrued taxes 624 437 Lease liability 590 587 Accrued interest 307 613 Accrued returns and rebates 197 106 Other 1,374 934 Total accrued expenses $ 9,702 $ 9,902 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of the following as of: September 30, 2022 December 31, 2021 (unaudited) Term loan facility $ 35,000 $ 35,000 Deferred interest 180 6 Deferred financing costs (1,341) (1,533) Long-term debt $ 33,839 $ 33,473 |
Schedule of Maturities of Long-term Debt | Principal payments of the Company’s long-term debt are as follows: 2022 - 2026 $ — Thereafter 35,000 $ 35,000 |
Convertible Debt (Tables)
Convertible Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Debt | Convertible debt consists of the following as of: September 30, 2022 December 31, 2021 (unaudited) Convertible debt $ 20,446 $ 20,446 Deferred financing costs (783) (933) Total convertible debt $ 19,663 $ 19,513 |
Warrants (Tables)
Warrants (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Warrants | Warrants consist of the following as of September 30, 2022: Warrant Expiration Date Number of shares Exercise price per share No expiration 12,382,395 $ 0.001 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | A summary of the stock option activity as of September 30, 2022 is presented below. Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding, December 31, 2021 3,482,883 $ 5.04 8.0 years $ 12,307 Options granted 921,063 4.29 Options exercised (129,005) 2.93 Options forfeited (132,912) 4.41 Options outstanding, vested and expected to vest, September 30, 2022 4,142,029 $ 4.96 7.8 years $ 4,857 Options exercisable 2,107,631 $ 4.89 6.8 years $ 3,072 |
Schedule of Stock Options, Valuation Assumptions | The fair value of stock option grants has been estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Nine Months Ended Nine Months Ended Risk free interest rate 3.3% 1.0% Expected dividend yield —% —% Estimated volatility 82.8% 81.1% Expected life 6.0 years 6.1 years |
Schedule of Other Stock Option Information | Additional information regarding options is as follows: Nine Months Ended Nine Months Ended Weighted-average grant date fair value of options granted during the period $ 3.07 $ 4.40 Aggregate intrinsic value of options exercised during the period $ 374 $ 3,116 |
Schedule of Restricted Stock Unit Activity | A summary of the restricted stock unit activity, including performance-based stock units, under the Company’s Equity Plans as of September 30, 2022 is presented below. Units Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Restricted stock units outstanding, December 31, 2021 1,194,432 $ 5.67 $ 10,069 Restricted stock units granted 1,535,351 5.16 Restricted stock units released (374,803) 5.14 Restricted stock units forfeited (115,034) 4.42 Restricted stock units outstanding, September 30, 2022 2,239,946 $ 5.47 $ 12,342 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Loss Per Share | Potentially dilutive securities that are not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows (in common stock equivalent shares on a weighted-average basis): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Warrants for common stock 12,382,395 13,948,875 12,382,395 13,948,875 Convertible debt 6,318,451 6,299,433 6,300,200 6,293,791 Common stock options 4,142,029 3,494,676 3,669,004 3,039,021 Restricted stock units 2,189,486 1,127,964 1,707,078 847,081 25,032,361 24,870,948 24,058,677 24,128,768 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Product Sales by Product Group and Geographic Market | Product sales by product group and geographic market, based on the location of the customer, whether the U.S. or outside the U.S. (“OUS”) for the periods shown were as follows: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 (unaudited) U.S. OUS Total Revenues % Total Revenues U.S. OUS Total Revenues % Total Revenues ESS $ 9,494 $ 4,937 $ 14,431 73.7 % $ 6,722 $ 3,504 $ 10,226 62.5 % IGB 1,813 3,134 4,947 25.3 % 2,006 3,890 5,896 36.1 % Other 191 4 195 1.0 % 215 14 229 1.4 % Total revenues $ 11,498 $ 8,075 $ 19,573 100.0 % $ 8,943 $ 7,408 $ 16,351 100.0 % % Total revenues 58.7 % 41.3 % 54.7 % 45.3 % Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 (unaudited) U.S. OUS Total Revenues % Total Revenues U.S. OUS Total Revenues % Total Revenues ESS $ 25,084 $ 13,119 $ 38,203 68.8 % $ 18,977 $ 10,512 $ 29,489 63.0 % IGB 6,114 10,640 16,754 30.2 % 5,570 11,042 16,612 35.5 % Other 574 11 585 1.0 % 689 28 717 1.5 % Total revenues $ 31,772 $ 23,770 $ 55,542 100.0 % $ 25,236 $ 21,582 $ 46,818 100.0 % % Total revenues 57.2 % 42.8 % 53.9 % 46.1 % |
Schedule of Long-Lived Assets by Geographic Area | The following table represents property, equipment and right-of-use assets based on the physical location of the asset: September 30, 2022 December 31, 2021 (unaudited) U.S. $ 3,851 $ 1,855 Costa Rica 3,163 3,436 Other 188 302 Total property, equipment and right-of-use assets, net $ 7,202 $ 5,593 |
Concentrations (Details)
Concentrations (Details) $ in Thousands | Sep. 30, 2022 USD ($) bank | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Risks and Uncertainties [Abstract] | ||||
Number of banks | bank | 4 | |||
Cash and cash equivalents and restricted cash | $ | $ 67,915 | $ 91,812 | $ 28,474 | $ 37,200 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | May 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 5,755 | $ 2,040 | $ 3,442 |
Work in progress | 1,814 | 965 | |
Finished goods | 9,127 | 7,559 | |
Total inventory | 16,696 | 11,966 | |
Consigned inventory | $ 72 | $ 120 |
Property, Equipment and Right_3
Property, Equipment and Right-of-Use Assets - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Right-of-use assets | $ 3,912 | $ 3,459 |
Property and equipment, gross | 19,159 | 16,772 |
Less accumulated depreciation | (11,957) | (11,179) |
Property, equipment and right-of-use assets, net | $ 7,202 | 5,593 |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives, right of use assets | 1 year | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives, right of use assets | 8 years | |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 8,575 | 7,472 |
Depreciable Lives | 5 years | |
Furniture, fixtures and tooling | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,004 | 1,855 |
Furniture, fixtures and tooling | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 4 years | |
Furniture, fixtures and tooling | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 8 years | |
Computer hardware | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,766 | 1,444 |
Computer hardware | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 3 years | |
Computer hardware | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 5 years | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,089 | 2,059 |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 3 years | |
Leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 7 years | |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 813 | $ 483 |
Property, Equipment and Right_4
Property, Equipment and Right-of-Use Assets - Lease Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||||
Depreciation | $ 316,000 | $ 285,000 | $ 883,000 | $ 1,071,000 | |
Impairment charges | 0 | 0 | 0 | 0 | |
Operating lease, current | $ 590,000 | $ 590,000 | $ 587,000 | ||
Operating lease, current, financial statement location | Accrued expenses | Accrued expenses | |||
Operating lease, noncurrent | $ 2,556,000 | $ 2,556,000 | |||
Operating lease, noncurrent, financial statement location | Long-term liabilities | Long-term liabilities | |||
Cash paid within operating cash flows for operating leases | $ 246,000 | $ 174,000 | $ 758,000 | $ 723,000 | |
Weighted average remaining lease term | 4 years 6 months | 4 years 6 months | |||
Weighted average discount rate, percent | 9.30% | 9.30% |
Property, Equipment and Right_5
Property, Equipment and Right-of-Use Assets - Lease Maturity (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Property, Plant and Equipment [Abstract] | |
2022 | $ 241 |
2023 | 892 |
2024 | 811 |
2025 | 785 |
2026 | 513 |
Thereafter | 756 |
Total lease payments | 3,998 |
Less imputed interest | (852) |
Total operating lease liabilities | $ 3,146 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued employee compensation and expenses | $ 5,822 | $ 6,569 |
Accrued professional service fees | 788 | 656 |
Accrued taxes | 624 | 437 |
Lease liability | 590 | 587 |
Accrued interest | 307 | 613 |
Accrued returns and rebates | 197 | 106 |
Other | 1,374 | 934 |
Total accrued expenses | $ 9,702 | $ 9,902 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (1,341) | $ (1,533) |
Long-term debt | 33,839 | 33,473 |
Deferred interest | ||
Debt Instrument [Line Items] | ||
Long-term debt | 180 | 6 |
Term loan facility | Term loan facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 35,000 | $ 35,000 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | |||||
Line of credit | $ 35,000 | $ 35,000 | |||
Interest expense | $ 948 | $ 1,048 | $ 2,513 | $ 3,147 | |
Term loan facility | |||||
Debt Instrument [Line Items] | |||||
Percent of instrument converted | 10% | ||||
Conversion price (USD per share) | $ 11.50 | ||||
Term loan facility | Term loan facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 100,000 | ||||
Interest rate | 3.25% | ||||
Percent of outstanding amount due | 4% | ||||
Term loan facility | Term loan facility | Prime Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 4% | ||||
Term loan facility | Term A Loan | |||||
Debt Instrument [Line Items] | |||||
Proceeds from term loan | $ 35,000 | ||||
Term loan facility | Term B Loan | |||||
Debt Instrument [Line Items] | |||||
Line of credit | 15,000 | ||||
Term loan facility | Term C Loan | |||||
Debt Instrument [Line Items] | |||||
Line of credit | 25,000 | ||||
Term loan facility | Term D Loan | |||||
Debt Instrument [Line Items] | |||||
Line of credit | $ 25,000 |
Long-Term Debt - Schedule of Ma
Long-Term Debt - Schedule of Maturity of Long-term Debt (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 35,000 |
Line of credit | $ 35,000 |
Convertible Debt - Schedule of
Convertible Debt - Schedule of Convertible Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (1,341) | $ (1,533) |
Long-term debt | 33,839 | 33,473 |
Convertible debt | ||
Debt Instrument [Line Items] | ||
Convertible debt | 20,446 | 20,446 |
Deferred financing costs | (783) | (933) |
Long-term debt | $ 19,663 | $ 19,513 |
Convertible Debt - Narrative (D
Convertible Debt - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jul. 31, 2022 shares | Jan. 31, 2022 shares | Aug. 31, 2019 USD ($) d $ / shares | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Accrued interest | $ 307 | $ 307 | $ 613 | |||||
Interest expense | 948 | $ 1,048 | 2,513 | $ 3,147 | ||||
Convertible debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from convertible debt | $ 20,000 | |||||||
Interest rate | 6% | |||||||
Stock price (USD per share) | $ / shares | $ 2.50 | |||||||
Conversion of convertible debt (in shares) | shares | 167,148 | 75,780 | ||||||
Interest expense | $ 357 | $ 356 | $ 1,070 | $ 1,070 | ||||
Convertible debt | Conversion Ratio Less Than 2.50 | ||||||||
Debt Instrument [Line Items] | ||||||||
Consecutive trading days (in days) | d | 10 | |||||||
Convertible debt | Conversion Ratio Of 3.25 | ||||||||
Debt Instrument [Line Items] | ||||||||
Consecutive trading days (in days) | d | 30 | |||||||
Conversion price (USD per share) | $ / shares | $ 3.25 | |||||||
Stock price trigger (USD per share) | $ / shares | $ 9.75 | |||||||
Trading days (in days) | d | 20 |
Long-Term Liabilities (Details)
Long-Term Liabilities (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | ||
Exit fee liability, noncurrent | $ 1,185 | $ 1,185 |
Interest expense on long-term liability | 124 | 368 |
Solar Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Liabilities, noncurrent | 1,925 | 1,925 |
Trailing twelve month revenue | $ 100,000 | $ 100,000 |
Warrants - Schedule of Warrants
Warrants - Schedule of Warrants (Details) - No expiration | Sep. 30, 2022 $ / shares shares |
Class of Warrant or Right [Line Items] | |
Total number of warrants outstanding (in shares) | shares | 12,382,395 |
Exercise price (USD per share) | $ / shares | $ 0.001 |
Warrants - Narrative (Details)
Warrants - Narrative (Details) | 9 Months Ended |
Sep. 30, 2022 shares | |
Class of Warrant or Right [Line Items] | |
Expirations (in shares) | 163,915 |
Warrant | |
Class of Warrant or Right [Line Items] | |
Issued warrants to purchase shares, number of shares (in shares) | 1,361,869 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - Stock Option - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Options | ||
Options outstanding, beginning balance (in shares) | 3,482,883 | |
Options granted (in shares) | 921,063 | |
Options exercised (in shares) | (129,005) | |
Options forfeited (in shares) | (132,912) | |
Options vested and expected to vest (in shares) | 4,142,029 | |
Options exercisable (in shares) | 2,107,631 | |
Weighted Average Exercise Price | ||
Weighted average exercise price, beginning balance (in USD per share) | $ 5.04 | |
Options granted (in USD per share) | $ 4.29 | |
Options exercised (in USD per share) | 2.93 | |
Options forfeited (in USD per share) | 4.41 | |
Options vested and expected to vest (in USD per share) | 4.96 | |
Options exercisable (in USD per share) | $ 4.89 | |
Weighted Average Remaining Contractual Term | ||
Weighted Average Remaining Contractual Term | 8 years | |
Options vested and expected to vest | 7 years 9 months 18 days | |
Options exercisable | 6 years 9 months 18 days | |
Aggregate Intrinsic Value | ||
Aggregate intrinsic value | $ 12,307 | |
Options vested and expected to vest | $ 4,857 | |
Options exercisable | $ 3,072 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of Stock Options (Details) - Stock Option | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 3.30% | 1% |
Expected dividend yield | 0% | 0% |
Estimated volatility | 82.80% | 81.10% |
Expected life | 6 years | 6 years 1 month 6 days |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2022 USD ($) tranche shares | Mar. 31, 2021 USD ($) tranche shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense related to unvested options | $ 6,642 | $ 6,642 | |||
Remaining amortization period | 2 years 8 months 12 days | ||||
Common stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted-average grant date fair value of options granted during period (in USD per share) | $ / shares | $ 3.07 | $ 4.40 | |||
Aggregate intrinsic value of options exercised during the period | $ 374 | $ 3,116 | |||
Options granted (in shares) | shares | 921,063 | ||||
Restricted stock units and Performance shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Remaining amortization period | 2 years 10 months 24 days | ||||
Restricted stock units and Performance shares | Chief Executive Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted (in shares) | shares | 707,278 | ||||
Number of tranches | tranche | 4 | ||||
Restricted stock units and Performance shares | Chief Executive Officer | Quarter one | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Amount vested | $ 50,000 | ||||
Restricted stock units and Performance shares | Chief Executive Officer | Quarter two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Amount vested | 65,000 | ||||
Restricted stock units and Performance shares | Chief Executive Officer | Quarter three | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Amount vested | 80,000 | ||||
Restricted stock units and Performance shares | Chief Executive Officer | Quarter four | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Amount vested | $ 95,000 | ||||
Restricted stock units and Performance shares | Chief Financial Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted (in shares) | shares | 120,000 | ||||
Number of tranches | tranche | 3 | ||||
Restricted stock units and Performance shares | Chief Financial Officer | Quarter one | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Amount vested | $ 70,000 | ||||
Restricted stock units and Performance shares | Chief Financial Officer | Quarter two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Amount vested | 90,000 | ||||
Restricted stock units and Performance shares | Chief Financial Officer | Quarter four | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Amount vested | $ 110,000 | ||||
Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Forfeiture of performance-based restricted stock units (in shares) | shares | 6,190 | 13,810 | |||
Unrecognized compensation expense related to unvested restricted stock units | $ 7,781 | $ 7,781 | |||
Restricted stock units | Chief Financial Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted (in shares) | shares | 80,000 | ||||
Performance shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Forfeiture of performance-based restricted stock units (in shares) | shares | 66,553 | 110,267 | |||
Unrecognized compensation expense related to unvested restricted stock units | $ 838 | $ 838 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | |
Restricted stock units and Performance shares | ||
Units | ||
Unvested Units (shares) | shares | 1,194,432 | |
Restricted stock units and performance stock units granted (shares) | shares | 1,535,351 | |
Unvested Units (shares) | shares | 2,239,946 | |
Weighted Average Grant Date Fair Value | ||
Unvested Units (USD per share) | $ / shares | $ 5.67 | |
Restricted stock units and performance stock units granted (USD per share) | $ / shares | 5.16 | |
Unvested Units (USD per share) | $ / shares | $ 5.47 | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value | $ | $ 12,342 | $ 10,069 |
Restricted stock units | ||
Units | ||
Restricted stock units vested (shares) | shares | (374,803) | |
Restricted stock units forfeited (shares) | shares | (115,034) | |
Weighted Average Grant Date Fair Value | ||
Restricted stock units vested (USD per share) | $ / shares | $ 5.14 | |
Restricted stock units forfeited (USD per share) | $ / shares | $ 4.42 |
Purchase Commitment (Details)
Purchase Commitment (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
May 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Agreement period | 1 year | ||
Raw materials | $ 2,040 | $ 5,755 | $ 3,442 |
Income Taxes (Details)
Income Taxes (Details) | Sep. 30, 2022 USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $ 0 |
Accrued interest | 0 |
Tax penalties | $ 0 |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted loss per share (in shares) | 25,032,361 | 24,870,948 | 24,058,677 | 24,128,768 |
Warrants for common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted loss per share (in shares) | 12,382,395 | 13,948,875 | 12,382,395 | 13,948,875 |
Convertible debt | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted loss per share (in shares) | 6,318,451 | 6,299,433 | 6,300,200 | 6,293,791 |
Common stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted loss per share (in shares) | 4,142,029 | 3,494,676 | 3,669,004 | 3,039,021 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted loss per share (in shares) | 2,189,486 | 1,127,964 | 1,707,078 | 847,081 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value of long-term debt | $ 35,000 |
Convertible debt, fair value | $ 19,000 |
Segment and Geographic Inform_3
Segment and Geographic Information - Segment Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 1 | |||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 19,573 | $ 16,351 | $ 55,542 | $ 46,818 |
Segment Revenue | Product Risk | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of revenue or sales | 100% | 100% | 100% | 100% |
U.S. | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 11,498 | $ 8,943 | $ 31,772 | $ 25,236 |
U.S. | Segment Revenue | Product Risk | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of revenue or sales | 58.70% | 54.70% | 57.20% | 53.90% |
OUS | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 8,075 | $ 7,408 | $ 23,770 | $ 21,582 |
OUS | Segment Revenue | Product Risk | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of revenue or sales | 41.30% | 45.30% | 42.80% | 46.10% |
OUS | Segment Revenue | Geographic Concentration Risk | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of revenue or sales | 5% | 6% | 7% | 7% |
OUS | Distributor Sales | Product Risk | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of revenue or sales | 52.90% | 46.40% | 49.80% | 42.40% |
ESS | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 14,431 | $ 10,226 | $ 38,203 | $ 29,489 |
ESS | Segment Revenue | Product Risk | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of revenue or sales | 73.70% | 62.50% | 68.80% | 63% |
ESS | U.S. | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 9,494 | $ 6,722 | $ 25,084 | $ 18,977 |
ESS | OUS | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 4,937 | 3,504 | 13,119 | 10,512 |
IGB | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 4,947 | $ 5,896 | $ 16,754 | $ 16,612 |
IGB | Segment Revenue | Product Risk | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of revenue or sales | 25.30% | 36.10% | 30.20% | 35.50% |
IGB | U.S. | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 1,813 | $ 2,006 | $ 6,114 | $ 5,570 |
IGB | OUS | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 3,134 | 3,890 | 10,640 | 11,042 |
OtherProductsMember | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 195 | $ 229 | $ 585 | $ 717 |
OtherProductsMember | Segment Revenue | Product Risk | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of revenue or sales | 1% | 1.40% | 1% | 1.50% |
OtherProductsMember | U.S. | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 191 | $ 215 | $ 574 | $ 689 |
OtherProductsMember | OUS | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 4 | $ 14 | $ 11 | $ 28 |
Segment and Geographic Inform_4
Segment and Geographic Information - Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property, equipment and right-of-use assets, net | $ 7,202 | $ 5,593 |
U.S. | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property, equipment and right-of-use assets, net | 3,851 | 1,855 |
Costa Rica | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property, equipment and right-of-use assets, net | 3,163 | 3,436 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property, equipment and right-of-use assets, net | $ 188 | $ 302 |