Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MYO | |
Entity Registrant Name | MYOMO, INC. | |
Entity Central Index Key | 0001369290 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 28,814,637 | |
Entity File Number | 001-38109 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Tax Identification Number | 47-0944526 | |
Entity Address, Address Line One | 137 Portland St. | |
Entity Address, Address Line Two | 4th Floor | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02114 | |
City Area Code | 617 | |
Local Phone Number | 996-9058 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Security Exchange Name | NYSEAMER | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 5,434,726 | $ 6,871,306 |
Short-term investments | 5,523,664 | 1,994,662 |
Accounts receivable, net | 1,683,414 | 2,382,658 |
Inventories, net | 2,386,497 | 1,803,507 |
Prepaid expenses and other current assets | 676,787 | 598,850 |
Total Current Assets | 15,705,088 | 13,650,983 |
Operating lease assets with right of use, net | 604,897 | 663,554 |
Equipment, net | 205,917 | 175,794 |
Other assets | 4,955 | 91,237 |
Total Assets | 16,520,857 | 14,581,568 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 4,963,707 | 4,885,944 |
Current operating lease liability | 421,514 | 486,143 |
Income taxes payable | 171,280 | 96,461 |
Deferred revenue | 0 | 8,510 |
Total Current Liabilities | 5,556,501 | 5,477,058 |
Non-current operating lease liability | 64,599 | 115,160 |
Total Liabilities | 5,621,100 | 5,592,218 |
Commitments and Contingencies | 0 | 0 |
Stockholders’ Equity: | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock par value $0.0001 per share, 65,000,000 shares authorized; 28,789,823 and 27,135,061 shares issued as of March 31, 2024 and December 31, 2023, respectively; and 28.789,796 and 7,135,034 shares outstanding at March 31, 2024 and December 31, 2023, respectively | 2,881 | 2,715 |
Additional paid-in capital | 111,522,270 | 105,840,239 |
Accumulated other comprehensive income | 147,511 | 83,669 |
Accumulated deficit | (100,766,441) | (96,930,809) |
Treasury stock, 27 shares at cost | (6,464) | (6,464) |
Total Stockholders’ Equity | 10,899,757 | 8,989,350 |
Total Liabilities and Stockholders’ Equity | $ 16,520,857 | $ 14,581,568 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 65,000,000 | 65,000,000 |
Common stock, shares issued | 28,789,823 | 27,135,061 |
Common stock, shares outstanding | 28,789,796 | 27,135,034 |
Treasury shares at cost | 27 | 27 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 3,754,389 | $ 3,446,708 |
Cost of revenue | 1,455,345 | 1,139,074 |
Gross profit | 2,299,044 | 2,307,634 |
Operating expenses: | ||
Research and development | 956,215 | 476,991 |
Selling, clinical and marketing | 2,361,845 | 2,030,551 |
General and administrative | 2,869,751 | 2,471,057 |
Total operating expenses | 6,187,811 | 4,978,599 |
Loss from operations | (3,888,767) | (2,670,965) |
Other (income) expense, net | ||
Interest income, net | (135,293) | (86,314) |
Other expense, net | 0 | 31 |
Loss on equity investment | 0 | 17,202 |
Total other expense (income), net | (135,293) | (69,081) |
Loss before income taxes | (3,753,474) | (2,601,884) |
Income tax expense | 82,158 | 42,411 |
Net loss | $ (3,835,632) | $ (2,644,295) |
Weighted average number of common shares outstanding: | ||
Basic | 36,752,597 | 24,196,732 |
Diluted | 36,752,597 | 24,196,732 |
Net loss per share attributable to common stockholders | ||
Basic | $ (0.1) | $ (0.11) |
Diluted | $ (0.1) | $ (0.11) |
Product revenue | ||
Revenue | $ 3,754,389 | $ 3,446,708 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (3,835,632) | $ (2,644,295) |
Other comprehensive income, net of tax: | ||
Foreign currency translation adjustments | 63,842 | 65,788 |
Other comprehensive income | 63,842 | 65,788 |
Comprehensive loss | $ (3,771,790) | $ (2,578,507) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-in Capital [Member] | Comprehensive Loss [Member] | Accumulated Comprehensive Income [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] |
Beginning balance at Dec. 31, 2022 | $ 6,359,365 | $ 775 | $ 95,105,071 | $ 43,227 | $ (88,783,244) | $ (6,464) | |
Beginning balance, shares at Dec. 31, 2022 | 7,750,635 | 27 | |||||
Common stock issued upon vesting of restricted stock units, Shares | 2,821 | ||||||
Proceeds from sale of common stock in public offering, value | 3,616,094 | $ 1,317 | 3,614,777 | ||||
Proceeds from sale of common stock in public offering, shares | 13,169,074 | ||||||
Proceeds from sale of pre-funded warrants, value | 2,064,012 | 2,064,012 | |||||
Stock-based compensation | 171,027 | 171,027 | |||||
Unrealized gains on foreign currency adjustments | 65,788 | 65,788 | |||||
Net loss | (2,644,295) | (2,644,295) | |||||
Ending balance at Mar. 31, 2023 | 9,631,991 | $ 2,092 | 100,954,887 | 109,015 | (91,427,539) | $ (6,464) | |
Ending balance, shares at Mar. 31, 2023 | 20,922,530 | 27 | |||||
Beginning balance at Dec. 31, 2023 | 8,989,350 | $ 2,715 | 105,840,239 | $ 83,669 | (96,930,809) | $ (6,464) | |
Beginning balance, shares at Dec. 31, 2023 | 27,135,061 | 27 | |||||
Common stock issued upon vesting of restricted stock units | $ 31 | (31) | |||||
Common stock issued upon vesting of restricted stock units, Shares | 300,544 | ||||||
Proceeds from sale of common stock in public offering, value | 4,598,771 | $ 135 | 4,598,636 | ||||
Proceeds from sale of common stock in public offering, shares | 1,354,218 | ||||||
Proceeds from sale of pre-funded warrants, value | 763,138 | 763,138 | |||||
Stock-based compensation | 320,288 | 320,288 | |||||
Unrealized gains on foreign currency adjustments | 63,842 | 63,842 | |||||
Net loss | (3,835,632) | (3,835,632) | |||||
Ending balance at Mar. 31, 2024 | $ 10,899,757 | $ 2,881 | $ 111,522,270 | $ 147,511 | $ (100,766,441) | $ (6,464) | |
Ending balance, shares at Mar. 31, 2024 | 28,789,823 | 27 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pre-funded Warrants [Member] | ||
Offering cost from sale of stock | $ 90,814 | $ 155,356 |
Warrants Outstanding | 224,730 | 6,830,926 |
Common Stock | ||
Offering cost from sale of stock | $ 547,257 | $ 663,856 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (3,835,632) | $ (2,644,295) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation | 29,685 | 48,632 |
Stock-based compensation | 320,288 | 171,027 |
Accretion of discount on short-term investments | (49,053) | 0 |
Credit losses | 0 | 13,000 |
Loss on equity investment | 0 | 17,202 |
Amortization of right-of-use assets | 58,658 | 101,829 |
Other non-cash charges | 63,930 | 49,012 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 718,676 | 340,533 |
Inventories | (597,087) | (157,148) |
Prepaid expenses and other current assets | 6,897 | (53,577) |
Accounts payable and accrued expenses | 87,041 | 386,880 |
Income taxes payable | 77,405 | 39,417 |
Operating lease liabilities | (115,191) | (109,109) |
Deferred revenue | (11,181) | (20,093) |
Net cash used in operating activities | (3,245,564) | (1,816,690) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of equipment | (59,808) | (45,085) |
Maturities of short-term investments | 2,000,000 | 0 |
Purchases of short-term investments | (5,482,757) | 0 |
Net cash used in investing activities | (3,542,565) | (45,085) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net proceeds from common stock offering | 4,598,771 | 3,708,045 |
Proceeds from sale of pre-funded warrants, net of offering costs | 763,138 | 2,064,012 |
Net cash provided by financing activities | 5,361,909 | 5,772,057 |
Effect of foreign exchange rate changes on cash | (10,360) | 7,311 |
Net (decrease) increase in cash and cash equivalents | (1,436,580) | 3,917,593 |
Cash and cash equivalents, beginning of period | 6,871,306 | 5,345,967 |
Cash and cash equivalents, end of period | $ 5,434,726 | $ 9,263,560 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Note 1 — Description of Business Myomo Inc. (“Myomo” or the Company”) is a wearable medical robotics company that develops, designs, and produces myoelectric orthotics for people with neuromuscular disorders. The MyoPro ® myoelectric upper limb orthosis product is registered with the U.S. Food and Drug Administration as a Class II medical device. The Company sells its products directly to patients, to Orthotics and Prosthetics ("O&P") providers around the world, the Veterans Health Administration, and distributors in Europe and Australia. The Company was incorporated in the State of Delaware on September 1, 2004 and is headquartered in Boston, Massachusetts. |
Liquidity
Liquidity | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Note 2 — Liquidity The Company incurred net losses of approximately $ 3,835,600 and $ 2,644,300 during the three months ended March 31, 2024 and 2023, respectively, and has an accumulated deficit of approximately $ 100,766,400 and $ 96,930,800 at March 31, 2024 and December 31, 2023, respectively. Cash used in operating activities was approximately $ 3,245,600 and $ 1,816,700 for the three months ended March 31, 2024 and 2023, respectively. The Company's historical losses and cash used in operations are indicators of substantial doubt regarding the Company's ability to continue as a going concern. Based upon its current cash, cash and cash equivalents, and short-term investments, as well as the future expected cash flows, the Company believes that its available cash, cash equivalents, and short-term investments will fund its operations for at least the next twelve months from the issuance date of these financial statements. The Company has historically funded its operations through financing activities, including raising equity and debt. On January 19, 2024, the Company completed a registered direct equity offering, selling 1,354,218 shares of common stock and 224,730 pre-funded warrants to purchase common stock at $ 3.80 per share, or $ 3.7999 per pre-funded warrant, generating net proceeds after fees and expenses of approximately $ 5.4 million. On August 29, 2023, the Company completed a public equity offering, selling 5,413,334 shares of common stock and 1,920,000 pre-funded warrants to purchase common stock at $ 0.60 per share or at $ 0.5999 per pre-funded warrant, generating proceeds after fees and expenses of approximately $ 3.9 million. On January 17, 2023, the Company completed a public equity offering, selling 13,169,074 shares of common stock and 6,830,926 to pre-funded warrants to purchase common stock at $ 0.325 per share or at $ 0.3249 per pre-funded warrant, generating proceeds after fees and expenses of approximately $ 5.7 million. See Note 7 - Common Stock and Warrants for further discussion. Financing activities, such as the recent registered direct equity offering, are enabling the Company to sustain its operations. Management's operating plans are primarily focused on increasing its clinical, reimbursement and manufacturing capacity in order to serve a higher volume of Medicare Part B patients in 2024. The Company believes that based on the final fees published by the Centers for Medicare and Medicaid Services (“CMS”) for the Company’s products, which became effective on April 1, 2024, if the Company is able to hire at least 50 to 60 additional employees during the first half of 2024 as planned to increase its clinical, reimbursement and manufacturing capacity, and its supply chain is able to meet its volume requirements without disruption, the Company believes it can achieve cash flow breakeven on a quarterly basis by the fourth quarter of 2024. In addition, the Company believes that it has access to capital resources through possible public or private equity offerings, exercises of outstanding warrants, debt financings, or other means. Debt financing may contain other terms that are not favorable to the Company or its stockholders. Based on the Company's latitude as to the timing and amount of certain expenses, its current cash position and operating plans, the Company believes that the substantial doubt is alleviated as of the issuance date of these financial statements. However, there can be no assurance that the Company will be successful in implementing its operating plans. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 — Summary of Significant Accounting Policies Interim Financial Statements The accompanying unaudited condensed consolidated financial statements and notes are representations of the Company’s management, who are responsible for their integrity and objectivity. These statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP") for interim financial information pursuant to Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for annual financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) that are considered necessary for a fair presentation of the condensed consolidated financial statements of the Company as of March 31, 2024 and for the three months ended March 31, 2024 and 2023. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results for the fiscal year ending December 31, 2024, or any other period. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and related disclosures of the Company as of December 31, 2023 and 2022 and for the years then ended, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 . Basis of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Myomo Europe GmbH. All significant intercompany balances and transactions are eliminated. Comprehensive Income (Loss) Comprehensive loss inclu des all changes in equity during a period, except those resulting from investments by stockholders and distributions to stockholders. The Company's comprehensive loss includes changes in foreign currency translation adjustments and unrealized gains and losses on short term investments. There was a reclassification which management does not consider to be material out of accumulated other comprehensive income (loss) to other (income) expense related to realized gains or losses on short-term investments in the three months ended March 31, 2024. There were no reclassifications in the three months ended March 31, 2023. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect certain reported amounts and disclosures. These estimates and assumptions are reviewed on an on-going basis and updated as appropriate. Actual results could differ from these estimates. The Company’s significant estimates include deferred tax valuation allowances, valuation of stock-based compensation, warranty obligations and reserves for slow-moving inventory. Cash, Cash Equivalents and Short-Term Investments The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist principally of deposit accounts and money market accounts at March 31, 2024 and December 31, 2023. The Company considers all investments with an original maturity of greater than three months but less than one year to be short-term investments. Short-term investments as of March 31, 2024 and December 31, 2023 consists of commercial paper and U.S. Treasury Bills, which are classified as held-to-maturity, and certificates of deposit totaling approximately $ 5,523,700 and $ 1,994,700 as of March 31, 2024, and December 31, 2023, respectively. The Company determines the appropriate balance sheet classification of its investments at the time of purchases and evaluates the classification at each balance sheet date. All of the Company's U.S. Treasury Bills mature within the subsequent twelve months from the date of purchase. Accounts Receivable and Allowance for Credit Losses The Company reports accounts receivable at invoiced amounts less an allowance for credit losses accounts. The Company evaluates its accounts receivable on a continuous basis and, if necessary, establishes an allowance for credit losses based on a number of factors, including current credit conditions and customer payment history. The Company does not require collateral or accrue interest on accounts receivable and credit terms are generally 30 days. At March 31, 2024 , and December 31, 2023. The Company recorded an allowance for credit losses accounts which was immaterial to the condensed consolidated financial statements. Joint Venture On March 28, 2022, the Company invested cash consideration of $ 199,000 for a 19.9 % ownership stake in Jiangxi Myomo Medical Assistive Appliance Co. Ltd. (the "JV Company"), a company headquartered in China that is majority-owned by Beijing Ryzur Medical Investment Co., Ltd. (“Ryzur Medical”). The JV Company will manufacture and sell the Company’s current and future products in greater China, including Hong Kong, Macau and Taiwan. The Company accounts for its investment in the JV Company under the equity method because the Company exerts significant influence over its management. The investment was fully written off as of December 31, 2023, due to the recording of the Company's share of the losses of the JV Company in prior periods, which were recorded to other expense (income) in the condensed consolidated statement of operations, the Company has no obligation to fund any losses incurred by the JV Company. Revenue Recognition The Company accounts for revenue under ASC 606, “Revenue from Contracts with Customers” and all of the related amendments (Topic 606). Revenues under Topic 606 are required to be recognized either at a “point in time” or “over time,” depending on the facts and circumstances of the arrangement and are evaluated using a five-step model. Generally, the Company recognizes revenue at a point in time. The Company recognizes revenue after applying the following five steps: 1) Identification of the contract, or contracts, with a customer, 2) Identification of the performance obligations in the contract, including whether they are distinct within the context of the contract, 3) Determination of the transaction price, including the constraint on variable consideration, 4) Allocation of the transaction price to the performance obligations in the contract, and 5) Recognition of revenue when, or as, performance obligations are satisfied. Revenue is recognized when control of these services is transferred to our customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Product Revenue Increasingly, the Company derives its revenue from direct billing. The Company also derives revenue from the sale of its products to O&P providers in the United States and internationally and the Veterans Administration (“VA”). Under direct billing, the Company recognizes revenue when all of the following criteria are met: (i) The product has been delivered to the patient, including completion of initial instruction on its use, (ii) Collection is deemed probable and it has been determined that a significant reversal of the revenue to be recognized is not deemed probable when the uncertainty associated with the variable consideration is resolved. As an example, the Company will record revenue if it is notified that insurance intends to pay and a payment amount is provided, and (iii) The amount to be collected is estimable using the “expected value” estimation techniques, or the “most likely amount” as defined in ASC 606. For revenue derived from certain insurance companies where the Company has demonstrated sufficient payment history, the Company recognizes revenue when it receives a pre-authorization from the insurance company and control passes to the patient upon delivery of the device in an amount that reflects the consideration the Company expects to receive in exchange for the device. These insurers represent ed 54 % and 63 % of direct billing channel revenue during the three months ended March 31, 2024 and 2023, respectively. Depending on the timing of product deliveries to customers, which is when cost of revenue must be recorded, and when the Company meets the criteria to record revenue, there may be fluctuations in gross margin. During the three months ended March 31, 2024 and 2023, the Company recognized revenue of approximate ly $ 963,400 and $ 1,683,800 , respectively, from third-party payers for which costs related to the completion of the Company’s performance obligations were not recorded in the current period. For revenues derived from O&P providers and the VA, the Company recognizes revenue when control passes to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those services. Revenues may be recognized upon shipment or upon delivery, depending on the terms of the arrangement, provided that persuasive evidence of an arrangement exists, there are no uncertainties regarding customer acceptance and collectability is deemed probable. The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or cost of revenue. License Revenue If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue allocated to the license when the license is transferred to the customer, the customer is able to use and benefit from the license, and collectability is deemed probable. On January 21, 2021, the Company entered into a definitive agreement with Ryzur Medical to form the JV Company to manufacture and sell the Company's current and future products in greater China, including Hong Kong, Macau and Taiwan (the “JV Agreement”). Under the JV Agreement, the Company is entitled to receive an upfront license fee of $ 2.7 million. As of June 30, 2023, the final portion of the initial license fee has been paid in full and recognized as license revenue. In addition, the Company is entitled to receive a guaranteed minimum payment for purchase of MyoPro Control Units for a period of ten years from the effective date of the JV Agreement. The Company will recognize revenue on these amounts upon invoicing of the JV Company as long as the collectability is deemed to be assured. Contract Balances The timing of revenue recognition may differ from the timing of payment by customers. The Company records a receivable when revenue is recognized prior to payment and there is an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. The Company had no deferred revenue as of March 31, 2024, and approximately $ 8,500 of deferred revenue as of December 31, 2023. Disaggregated Revenue from Contracts with Customers The following table presents revenue by major source: For the Three Months 2024 2023 Direct to patient $ 2,234,742 $ 2,414,614 Clinical/Medical providers 1,519,647 1,032,094 Total revenue from contracts with customers $ 3,754,389 $ 3,446,708 Geographic Data The Company generate d 75 % of its total revenue from the United States, 22 % from Germany, and 3 % from other international locations for the three months ended March 31, 2024 . The Company generated 80 % of its total revenue from the United States, 17 % from Germany, and 3 % from other international locations, for the three months ended March 31, 2023. Cost of Revenue In conjunction with the adoption of ASC 606, there are certain cases in which the Company will expense costs when incurred as required by ASC 340-40-25. In certain cases, the Company ships the MyoPro device to O&P providers, or provides the device directly to patients, pending reimbursement from third-party payers, after which revenue is recognized. For the three months ended March 31, 2024 and 2023, the Company recorded cost of goods sold of approximate ly $ 112,100 and $ 199,800 , respectively, without corresponding revenue. Direct billing fees paid to O&P providers for services they provide in conjunction with patient evaluations are expensed as incurred as required by ASC 340-40-25, as a cost of obtaining a contract. These costs are recorded as sales and marketing expense. Internal costs incurred and fees paid to O&P providers to measure, fit and deliver the device to patients are expensed to cost of revenue. Advertising The Company charges the costs of advertising to operating expenses as incurred . Advertising expense amounted to approximately $ 787,200 and $ 691,500 during the three months ended March 31, 2024 and 2023 , respectively. Foreign Currency Translation The functional currency of the Company’s foreign subsidiary, Myomo Europe GmbH, is the Euro. Foreign exchange translation gains and losses from the Euro to U.S. dollars are included in other comprehensive gain. The Company recorded gains of approximately $ 63,800 and $ 65,800 during the three months ended March 31, 2024 and 2023, respectively, which are included in accumulated other comprehensive income in the condensed consolidated balance sheet. Transaction and translation foreign exchange gains and losses from a foreign currency to the functional currency are included in cost of goods sold in the consolidated statements of operations. Such amounts were immaterial for the three months ended March 31, 2024 and 2023. The balance sheet is translated using the spot rate on the day of reporting and the statement of operations is translated monthly using the average rate for the month. Net Loss per Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus potentially dilutive common shares. Restricted stock, restricted stock units, stock options and warrants are excluded from the diluted net loss per share calculation when their impact is antidilutive. The Company reported a net loss for the three months ended March 31, 2024 and 2023, and as a result, all potentially dilutive common shares are considered antidilutive for these periods. Potential dilutive common shares issuable consist of the following at: March 31, 2024 2023 Stock options 23,929 28,327 Restricted stock units 1,197,626 681,884 Other warrants 668,250 668,250 Total 1,889,805 1,378,461 Due to their nominal exercise price of $ 0.0001 per share, a total of 8,496,249 and 6,830,926 outstanding pre-funded warrants as of March 31, 2024 and 2023 respectively are considered common stock equivalents and are included in weighted average shares outstanding in the accompanying condensed consolidated statements of operations as of the closing dates of the Company's public equity offerings in January 2023, August 2023, and January 2024 respectively. Recently Adopted Accounting Standards In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”, that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding are effective for fiscal years, including interim periods, beginning after December 15, 2022, except for the requirement to disclose a rollforward of obligations outstanding will be effective for fiscal years beginning after December 15, 2023. The Company has adopted this new standard January 1,2024, which did not have a material impact on its financial position and results of operations. In October 2023, the FASB issued ASU 2023-06, , “Disclosure Improvements, Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”, that adds 14 of the 27 identified disclosure or presentation requirements to the Codification, each amendment in the ASU will only become effective if the SEC removes the related disclosure or presentation from its existing regulations by June 30, 2027. The Company currently complies with these disclosure requirements as applicable under Regulation S-X or Regulation S-K and will adopt these new standards depending on timing of when they become effective, which is not expected to have a material impact on its financial position and results of operations. In December 2023, the FASB issued ASU 2023-09, “Accounting Standards Update, Income Taxes (Topic 740: Improvements to Income Tax Disclosures”. ASU 2023-09 focuses on income tax disclosures around effective tax rates and cash income taxes paid. This amendment in the ASU will become effective for public companies as of December 15, 2024 and effective to all other companies as of December 15, 2025. The Company will adopt these new standards when they become effective, which is not expected to have a material impact on its financial position and results of operations. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4 — Inventories Inventories consist of the following at: March 31, December 31, Finished goods $ 800,018 $ 321,484 Work in process 111,192 6,589 Parts and subassemblies 1,475,287 1,475,434 Inventories, net $ 2,386,497 $ 1,803,507 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 5 — Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820, “Fair Value Measurement” (“ASC 820”), which defines fair value, establishes a framework for measuring fair value, and establishes disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices available in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quotable prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar valuation techniques that use significant unobservable inputs. The carrying amounts of the Company’s financial instruments such as cash and cash equivalents, accounts receivable and accounts payable, approximate fair value due to the short-term nature of these instruments. Cash equivalents consist of money market funds that limit their investments to only short-term U.S. Treasury Securities and repurchase agreements related to these securities. Short-term investments primarily consists of commercial paper and U.S. Treasury Bills and are carried on the condensed consolidated balance sheets at amortized cost which approximates fair value. Cash equivalents and short-term investments measured at fair value on a recurring basis at March 31, 2024 were as follows: In Active Significant Significant Total Money market funds $ 3,825,615 — — $ 3,825,615 Commercial paper $ — $ 1,598,452 — $ 1,598,452 Short-term investments $ — $ 5,523,664 $ — $ 5,523,664 Cash equivalents and short-term investments measured at fair value on a recurring basis at December 31, 2023 were as follows: In Active Significant Significant Total Money market funds $ 4,893,387 — — $ 4,893,387 Commercial paper — $ 746,762 — $ 746,762 Short-term investments — $ 1,994,662 — $ 1,994,662 |
Accounts payable and other accr
Accounts payable and other accrued expenses | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Note 6 - Accounts Payable and Other Accrued Expenses Accounts Payable and Other Accrued Expenses consists of the following at: March 31, December 31, Trade payables $ 828,873 $ 1,073,405 Accrued compensation and benefits 2,249,006 1,964,487 Accrued professional services 45,832 52,202 Warranty reserve 224,424 231,108 Customer deposits 1,497,016 1,114,979 Other 118,556 449,763 $ 4,963,707 $ 4,885,944 |
Common Stock and Warrants
Common Stock and Warrants | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Common Stock and Warrants | Note 7 — Common Stock and Warrants On January 17, 2023, the Company completed a public equity offering, selling 13,169,074 shares of common stock and 6,830,926 pre-funded warrants at $ 0.325 per share or at $ 0.3249 per warrant, generating proceeds after fees and expenses of approximately $ 5.7 million. As of March 31, 2024, 6,351,519 pre-funded warrants remain exercisable. Each pre-funded warrant is exercisable for one share of the Company’s common stock at a nominal exercise price of $ 0.0001 per share. On August 29, 2023, the Company completed a public equity offering, selling 5,413,334 shares of common stock and 1,920,000 pre-funded warrants at $ 0.60 per share, or at $ 0.5999 per warrant, generating proceeds after fees and expenses of approximately $ 3.9 million. Each pre-funded warrant is exercisable for one share of the Company’s common stock at a nominal exercise price of $ 0.0001 per share. On January 19, 2024, the Company completed a registered direct equity offering, selling 1,354,218 shares of common stock and 224,730 pre-funded warrants at $ 3.80 per share, or at $ 3.7999 per pre-funded warrant, generating proceeds after fees and expenses of approximately $ 5.4 million. Each pre-funded warrant is exercisable for one share of the Company’s common stock at a nominal exercise price of $ 0.0001 per share. No pre-funded warrants from any of the aforementioned offerings were exercised during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 there were 8,496,249 pre-funded warrants outstanding. On August 2, 2022, the Company entered into an ATM Facility with Alliance Global Partners on (“AGP”). Under the ATM Facility, the Company may sell up to an aggregate of $ 15 million of the Company’s common stock from time to time and shall pay to AGP cash commissions of 3.0 % of the gross proceeds of sales of common stock under the ATM Facility. There were no sales under the ATM Facility during the three months ended March 31, 2024 and 2023, respectively. In conjunction with the public equity offering in August 2023, the Company reduced the amount available to sell under the ATM Facility to $ 1,000 . This amount remains available for sale at March 31, 2024. No shares of common stock were issued through the exercise of stock options during the three months ended March 31, 2024 and March 31, 2023, respectively. During the three months ended March 31, 2024 and 2023, 300,544 a nd 2,821 restricted stock units vested, respectively. |
Stock Award Plans and Stock-bas
Stock Award Plans and Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Award Plans and Stock-based Compensation | Note 8 — Stock Award Plans and Stock-Based Compensation As of March 31, 2024 , there were 1,119,624 shares available for issuance under the Myomo, Inc. 2018 Stock Option and Incentive Plan (the “2018 Plan”). On January 1 of each year, the number of shares of common stock reserved and available for issuance under the 2018 Plan will cumulatively increase by 4 % of the number shares of common stock outstanding on the immediately preceding December 31 or such lesser number of shares of common stock determined by management in consultation with members of the Board of Directors, including the compensation committee of the Board of Directors. On January 1, 2024, 1,085,401 shares were added to the share reserve under the 2018 Plan. Recipients of awards of restricted stock units typically sell shares in the open market to cover their individual tax liabilities and remit the proceeds to the Company, which offsets withholding taxes paid by the Company. In certain circumstances, stock awards may be net share settled upon vesting to cover the required employee statutory withholding taxes and the remaining amount is converted into shares based upon their share-value on the date the award vests. In such instances, these payments of employee withholding taxes are presented in the statements of cash flows as a financing activity. There were no stock awards that were net share settled during the three months ended March 31, 2024 and 2023, respectively. Share-Based Compensation Expense The Company accounts for stock awards to employees and non-employees based upon the fair value of the award on the date of grant. The fair value of that award is then ratably recognized as expense over the period during which the recipient is required to provide services in exchange for that award. The Company attributes the value of stock-based compensation to operations on the straight-line method such that the expense associated with awards is evenly recognized over the vesting period. The Company recognized stock-based compensation expense related to the issuance of stock option awards and restricted stock units to employees, non-employees and directors in the statements of operations as follows: Three Months Ended March 31, 2024 2023 Cost of goods sold $ 23,387 $ 20,479 Research and development 24,245 ( 69,727 ) Selling, clinical, and marketing 46,121 41,855 General and administrative 226,535 178,420 Total $ 320,288 $ 171,027 As of March 31, 2024 , there was approximately $ 19,216 of unrecognized compensation cost related to unvested stock options that is expected to be recognized over a weighted-average period of 1.24 years. As of March 31, 2024 , there was approximately $ 583,370 o f unrecognized compensation expense related to unvested restricted stock units that is expected to be recognized over a weighted-average period of 1.44 years. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 — Commitments and Contingencies Litigation The Company may be involved from time to time in legal proceedings, claims and assessments arising from the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. During 2022, a former employee who was terminated in 2021 brought an age discrimination claim against the Company. During the fourth quarter of 2023, the Company settled the claim with the former employee. The Company deemed it probable that its insurance company would pay its share of the claim. As a result of this assumed gain contingency, the Company reduced its accrual to an amount that is not expected to be covered by insurance, and recorded a liability of approximatel y $ 55,000 f or severance and legal expenses as of December 31, 2023. The settlement was paid and all insurance proceeds were received during the three months ended March 31, 2024. There is no other material litigation against the Company at this time. Operating Leases The Company has a non-cancelable sublease agreement for its corporate headquarters in Boston, Massachusetts, which expires in January 2025 and a lease agreement for office space in Fort Worth, TX. which expires in December 2025. Termination options are either not included, or have expired, for the Company’s existing operating leases. Certain arrangements have discounted rent periods or escalating rent payment provisions. Leases with an initial term of twelve months or less are not recorded on the condensed consolidated balance sheets. We recognize rent expense on a straight-line basis over the lease term. As of March 31, 2024, operating lease assets were approximately $ 604,900 . The amount and the maturity of the Company’s operating lease liabilities as of March 31, 2024, are as follows: March 31, 2024 2024 $ 433,830 2025 102,841 2026 — 2027 — Thereafter — Total future minimum lease payments 536,671 Less imputed interest 50,558 Total operating lease liabilities $ 486,113 Included in the condensed consolidated balance sheet: Current operating lease liabilities $ 421,514 Non-current operating lease liabilities 64,599 Total operating lease liabilities $ 486,113 For the three months ended March 31, 2024 and 2023, the total lease cost is comprised of the following amounts: For the Three Months 2024 2023 Operating lease expense $ 89,496 $ 125,650 Short-term lease expense - - Total lease expense $ 89,496 $ 125,650 The following summarizes additional information related to operating leases: March 31, 2024 December 31, 2023 Weighted-average remaining lease term (in years) 1.0 1.2 Weighted-average discount rate 23.3 % 23.3 % Major Customers For the three months ended March 31, 2024 and 2023, t here were no customers which accounted for more than 10% of product revenues. For the three months ended March 31, 2024 and 2023, a U.S. insurance payer represented 32 % and 44 % of product reve nues, respectively. At March 31, 2024 and December 31, 2023, one insurance company and its affiliates accounted for approximately 26 % and 38 % of accounts receivable, respectively. For the three months ended March 31, 2024 and 2023, approximately 38 % and 53 % of the Company's product revenues, respectively, were derived from patients with Medicare Advantage insurance plans. Supplier Finance Program Obligations The Company finances its Directors and Officers Insurance policy, which requires the Company to make a down payment, followed by equal payments over a defined term. During the year ended December 31, 2023, the Company completed its payment obligation associated with its 2022-2023 policy and entered into a new policy covering the twelve-month period ending June 2024. Under this new financing arrangement, the Company made a down payment of approximately $ 29,000 during the three months ended June 30, 2023 and is making nine equal monthly payments of approximately $ 27,000 , starting in July 2023. Changes in the Company's supplier finance obligations were as follows: Three Months Ended March 31, 2024 2023 Opening January 1 $ 142,217 $ 56,603 Payments — ( 128,692 ) Expensed 80,109 132,988 Ending $ 62,108 $ 52,307 No assets are pledged as security under this arrangement. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10 — Subsequent Events The Company evaluated subsequent events through the date the financial statements were issued, and determined that there have been no subsequent events that would require recognition in the financial statements or disclosure in the notes to the unaudited condensed consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | Interim Financial Statements The accompanying unaudited condensed consolidated financial statements and notes are representations of the Company’s management, who are responsible for their integrity and objectivity. These statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP") for interim financial information pursuant to Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for annual financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) that are considered necessary for a fair presentation of the condensed consolidated financial statements of the Company as of March 31, 2024 and for the three months ended March 31, 2024 and 2023. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results for the fiscal year ending December 31, 2024, or any other period. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and related disclosures of the Company as of December 31, 2023 and 2022 and for the years then ended, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 . |
Basis of Consolidation | Basis of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Myomo Europe GmbH. All significant intercompany balances and transactions are eliminated. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive loss inclu des all changes in equity during a period, except those resulting from investments by stockholders and distributions to stockholders. The Company's comprehensive loss includes changes in foreign currency translation adjustments and unrealized gains and losses on short term investments. There was a reclassification which management does not consider to be material out of accumulated other comprehensive income (loss) to other (income) expense related to realized gains or losses on short-term investments in the three months ended March 31, 2024. There were no reclassifications in the three months ended March 31, 2023. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect certain reported amounts and disclosures. These estimates and assumptions are reviewed on an on-going basis and updated as appropriate. Actual results could differ from these estimates. The Company’s significant estimates include deferred tax valuation allowances, valuation of stock-based compensation, warranty obligations and reserves for slow-moving inventory. |
Cash, Cash Equivalents and Short-Term Investments | Cash, Cash Equivalents and Short-Term Investments The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist principally of deposit accounts and money market accounts at March 31, 2024 and December 31, 2023. The Company considers all investments with an original maturity of greater than three months but less than one year to be short-term investments. Short-term investments as of March 31, 2024 and December 31, 2023 consists of commercial paper and U.S. Treasury Bills, which are classified as held-to-maturity, and certificates of deposit totaling approximately $ 5,523,700 and $ 1,994,700 as of March 31, 2024, and December 31, 2023, respectively. The Company determines the appropriate balance sheet classification of its investments at the time of purchases and evaluates the classification at each balance sheet date. All of the Company's U.S. Treasury Bills mature within the subsequent twelve months from the date of purchase. |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses The Company reports accounts receivable at invoiced amounts less an allowance for credit losses accounts. The Company evaluates its accounts receivable on a continuous basis and, if necessary, establishes an allowance for credit losses based on a number of factors, including current credit conditions and customer payment history. The Company does not require collateral or accrue interest on accounts receivable and credit terms are generally 30 days. At March 31, 2024 , and December 31, 2023. The Company recorded an allowance for credit losses accounts which was immaterial to the condensed consolidated financial statements. |
Joint Venture | Joint Venture On March 28, 2022, the Company invested cash consideration of $ 199,000 for a 19.9 % ownership stake in Jiangxi Myomo Medical Assistive Appliance Co. Ltd. (the "JV Company"), a company headquartered in China that is majority-owned by Beijing Ryzur Medical Investment Co., Ltd. (“Ryzur Medical”). The JV Company will manufacture and sell the Company’s current and future products in greater China, including Hong Kong, Macau and Taiwan. The Company accounts for its investment in the JV Company under the equity method because the Company exerts significant influence over its management. The investment was fully written off as of December 31, 2023, due to the recording of the Company's share of the losses of the JV Company in prior periods, which were recorded to other expense (income) in the condensed consolidated statement of operations, the Company has no obligation to fund any losses incurred by the JV Company. |
Revenue Recognition | Revenue Recognition The Company accounts for revenue under ASC 606, “Revenue from Contracts with Customers” and all of the related amendments (Topic 606). Revenues under Topic 606 are required to be recognized either at a “point in time” or “over time,” depending on the facts and circumstances of the arrangement and are evaluated using a five-step model. Generally, the Company recognizes revenue at a point in time. The Company recognizes revenue after applying the following five steps: 1) Identification of the contract, or contracts, with a customer, 2) Identification of the performance obligations in the contract, including whether they are distinct within the context of the contract, 3) Determination of the transaction price, including the constraint on variable consideration, 4) Allocation of the transaction price to the performance obligations in the contract, and 5) Recognition of revenue when, or as, performance obligations are satisfied. Revenue is recognized when control of these services is transferred to our customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Product Revenue Increasingly, the Company derives its revenue from direct billing. The Company also derives revenue from the sale of its products to O&P providers in the United States and internationally and the Veterans Administration (“VA”). Under direct billing, the Company recognizes revenue when all of the following criteria are met: (i) The product has been delivered to the patient, including completion of initial instruction on its use, (ii) Collection is deemed probable and it has been determined that a significant reversal of the revenue to be recognized is not deemed probable when the uncertainty associated with the variable consideration is resolved. As an example, the Company will record revenue if it is notified that insurance intends to pay and a payment amount is provided, and (iii) The amount to be collected is estimable using the “expected value” estimation techniques, or the “most likely amount” as defined in ASC 606. For revenue derived from certain insurance companies where the Company has demonstrated sufficient payment history, the Company recognizes revenue when it receives a pre-authorization from the insurance company and control passes to the patient upon delivery of the device in an amount that reflects the consideration the Company expects to receive in exchange for the device. These insurers represent ed 54 % and 63 % of direct billing channel revenue during the three months ended March 31, 2024 and 2023, respectively. Depending on the timing of product deliveries to customers, which is when cost of revenue must be recorded, and when the Company meets the criteria to record revenue, there may be fluctuations in gross margin. During the three months ended March 31, 2024 and 2023, the Company recognized revenue of approximate ly $ 963,400 and $ 1,683,800 , respectively, from third-party payers for which costs related to the completion of the Company’s performance obligations were not recorded in the current period. For revenues derived from O&P providers and the VA, the Company recognizes revenue when control passes to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those services. Revenues may be recognized upon shipment or upon delivery, depending on the terms of the arrangement, provided that persuasive evidence of an arrangement exists, there are no uncertainties regarding customer acceptance and collectability is deemed probable. The Company has elected to record taxes collected from customers on a net basis and does not include tax amounts in revenue or cost of revenue. License Revenue If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue allocated to the license when the license is transferred to the customer, the customer is able to use and benefit from the license, and collectability is deemed probable. On January 21, 2021, the Company entered into a definitive agreement with Ryzur Medical to form the JV Company to manufacture and sell the Company's current and future products in greater China, including Hong Kong, Macau and Taiwan (the “JV Agreement”). Under the JV Agreement, the Company is entitled to receive an upfront license fee of $ 2.7 million. As of June 30, 2023, the final portion of the initial license fee has been paid in full and recognized as license revenue. In addition, the Company is entitled to receive a guaranteed minimum payment for purchase of MyoPro Control Units for a period of ten years from the effective date of the JV Agreement. The Company will recognize revenue on these amounts upon invoicing of the JV Company as long as the collectability is deemed to be assured. Contract Balances The timing of revenue recognition may differ from the timing of payment by customers. The Company records a receivable when revenue is recognized prior to payment and there is an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. The Company had no deferred revenue as of March 31, 2024, and approximately $ 8,500 of deferred revenue as of December 31, 2023. Disaggregated Revenue from Contracts with Customers The following table presents revenue by major source: For the Three Months 2024 2023 Direct to patient $ 2,234,742 $ 2,414,614 Clinical/Medical providers 1,519,647 1,032,094 Total revenue from contracts with customers $ 3,754,389 $ 3,446,708 Geographic Data The Company generate d 75 % of its total revenue from the United States, 22 % from Germany, and 3 % from other international locations for the three months ended March 31, 2024 . The Company generated 80 % of its total revenue from the United States, 17 % from Germany, and 3 % from other international locations, for the three months ended March 31, 2023. Cost of Revenue In conjunction with the adoption of ASC 606, there are certain cases in which the Company will expense costs when incurred as required by ASC 340-40-25. In certain cases, the Company ships the MyoPro device to O&P providers, or provides the device directly to patients, pending reimbursement from third-party payers, after which revenue is recognized. For the three months ended March 31, 2024 and 2023, the Company recorded cost of goods sold of approximate ly $ 112,100 and $ 199,800 , respectively, without corresponding revenue. Direct billing fees paid to O&P providers for services they provide in conjunction with patient evaluations are expensed as incurred as required by ASC 340-40-25, as a cost of obtaining a contract. These costs are recorded as sales and marketing expense. Internal costs incurred and fees paid to O&P providers to measure, fit and deliver the device to patients are expensed to cost of revenue. |
Advertising | Advertising The Company charges the costs of advertising to operating expenses as incurred . Advertising expense amounted to approximately $ 787,200 and $ 691,500 during the three months ended March 31, 2024 and 2023 , respectively. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company’s foreign subsidiary, Myomo Europe GmbH, is the Euro. Foreign exchange translation gains and losses from the Euro to U.S. dollars are included in other comprehensive gain. The Company recorded gains of approximately $ 63,800 and $ 65,800 during the three months ended March 31, 2024 and 2023, respectively, which are included in accumulated other comprehensive income in the condensed consolidated balance sheet. Transaction and translation foreign exchange gains and losses from a foreign currency to the functional currency are included in cost of goods sold in the consolidated statements of operations. Such amounts were immaterial for the three months ended March 31, 2024 and 2023. The balance sheet is translated using the spot rate on the day of reporting and the statement of operations is translated monthly using the average rate for the month. |
Net Loss per Share | Net Loss per Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus potentially dilutive common shares. Restricted stock, restricted stock units, stock options and warrants are excluded from the diluted net loss per share calculation when their impact is antidilutive. The Company reported a net loss for the three months ended March 31, 2024 and 2023, and as a result, all potentially dilutive common shares are considered antidilutive for these periods. Potential dilutive common shares issuable consist of the following at: March 31, 2024 2023 Stock options 23,929 28,327 Restricted stock units 1,197,626 681,884 Other warrants 668,250 668,250 Total 1,889,805 1,378,461 Due to their nominal exercise price of $ 0.0001 per share, a total of 8,496,249 and 6,830,926 outstanding pre-funded warrants as of March 31, 2024 and 2023 respectively are considered common stock equivalents and are included in weighted average shares outstanding in the accompanying condensed consolidated statements of operations as of the closing dates of the Company's public equity offerings in January 2023, August 2023, and January 2024 respectively. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”, that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding are effective for fiscal years, including interim periods, beginning after December 15, 2022, except for the requirement to disclose a rollforward of obligations outstanding will be effective for fiscal years beginning after December 15, 2023. The Company has adopted this new standard January 1,2024, which did not have a material impact on its financial position and results of operations. In October 2023, the FASB issued ASU 2023-06, , “Disclosure Improvements, Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”, that adds 14 of the 27 identified disclosure or presentation requirements to the Codification, each amendment in the ASU will only become effective if the SEC removes the related disclosure or presentation from its existing regulations by June 30, 2027. The Company currently complies with these disclosure requirements as applicable under Regulation S-X or Regulation S-K and will adopt these new standards depending on timing of when they become effective, which is not expected to have a material impact on its financial position and results of operations. In December 2023, the FASB issued ASU 2023-09, “Accounting Standards Update, Income Taxes (Topic 740: Improvements to Income Tax Disclosures”. ASU 2023-09 focuses on income tax disclosures around effective tax rates and cash income taxes paid. This amendment in the ASU will become effective for public companies as of December 15, 2024 and effective to all other companies as of December 15, 2025. The Company will adopt these new standards when they become effective, which is not expected to have a material impact on its financial position and results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Revenue by Major Source | The following table presents revenue by major source: For the Three Months 2024 2023 Direct to patient $ 2,234,742 $ 2,414,614 Clinical/Medical providers 1,519,647 1,032,094 Total revenue from contracts with customers $ 3,754,389 $ 3,446,708 |
Summary of Potential Common Shares Issuable | Potential dilutive common shares issuable consist of the following at: March 31, 2024 2023 Stock options 23,929 28,327 Restricted stock units 1,197,626 681,884 Other warrants 668,250 668,250 Total 1,889,805 1,378,461 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following at: March 31, December 31, Finished goods $ 800,018 $ 321,484 Work in process 111,192 6,589 Parts and subassemblies 1,475,287 1,475,434 Inventories, net $ 2,386,497 $ 1,803,507 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Cash Equivalents Measured at Fair Value on Recurring Basis | Cash equivalents and short-term investments measured at fair value on a recurring basis at March 31, 2024 were as follows: In Active Significant Significant Total Money market funds $ 3,825,615 — — $ 3,825,615 Commercial paper $ — $ 1,598,452 — $ 1,598,452 Short-term investments $ — $ 5,523,664 $ — $ 5,523,664 Cash equivalents and short-term investments measured at fair value on a recurring basis at December 31, 2023 were as follows: In Active Significant Significant Total Money market funds $ 4,893,387 — — $ 4,893,387 Commercial paper — $ 746,762 — $ 746,762 Short-term investments — $ 1,994,662 — $ 1,994,662 |
Accounts payable and other ac_2
Accounts payable and other accrued expense (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Summary of Accounts Payable and Other Accrued Expenses | Accounts Payable and Other Accrued Expenses consists of the following at: March 31, December 31, Trade payables $ 828,873 $ 1,073,405 Accrued compensation and benefits 2,249,006 1,964,487 Accrued professional services 45,832 52,202 Warranty reserve 224,424 231,108 Customer deposits 1,497,016 1,114,979 Other 118,556 449,763 $ 4,963,707 $ 4,885,944 |
Stock Award Plans and Stock-b_2
Stock Award Plans and Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | The Company recognized stock-based compensation expense related to the issuance of stock option awards and restricted stock units to employees, non-employees and directors in the statements of operations as follows: Three Months Ended March 31, 2024 2023 Cost of goods sold $ 23,387 $ 20,479 Research and development 24,245 ( 69,727 ) Selling, clinical, and marketing 46,121 41,855 General and administrative 226,535 178,420 Total $ 320,288 $ 171,027 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Maturity of Operating Lease Liabilities | The amount and the maturity of the Company’s operating lease liabilities as of March 31, 2024, are as follows: March 31, 2024 2024 $ 433,830 2025 102,841 2026 — 2027 — Thereafter — Total future minimum lease payments 536,671 Less imputed interest 50,558 Total operating lease liabilities $ 486,113 Included in the condensed consolidated balance sheet: Current operating lease liabilities $ 421,514 Non-current operating lease liabilities 64,599 Total operating lease liabilities $ 486,113 |
Summary of Operating Lease Cost | For the three months ended March 31, 2024 and 2023, the total lease cost is comprised of the following amounts: For the Three Months 2024 2023 Operating lease expense $ 89,496 $ 125,650 Short-term lease expense - - Total lease expense $ 89,496 $ 125,650 |
Summary of Additional Information Related to Operating Leases | The following summarizes additional information related to operating leases: March 31, 2024 December 31, 2023 Weighted-average remaining lease term (in years) 1.0 1.2 Weighted-average discount rate 23.3 % 23.3 % |
Schedule Of Changes In The Companys Supplier Finance Obligations | Changes in the Company's supplier finance obligations were as follows: Three Months Ended March 31, 2024 2023 Opening January 1 $ 142,217 $ 56,603 Payments — ( 128,692 ) Expensed 80,109 132,988 Ending $ 62,108 $ 52,307 |
Liquidity - Additional Informat
Liquidity - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||||
Jan. 19, 2024 USD ($) $ / shares shares | Aug. 29, 2023 USD ($) $ / shares shares | Jan. 17, 2023 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 USD ($) shares | Jun. 30, 2024 Employee | Dec. 31, 2023 USD ($) | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Net loss | $ 3,835,600 | $ 2,644,300 | |||||
Accumulated deficit | 100,766,400 | $ 96,930,800 | |||||
Cash used in operating activities | $ 3,245,600 | $ 1,816,700 | |||||
Sale of stock number of shares issued in transaction | shares | 1,354,218 | 5,413,334 | 13,169,074 | ||||
Sales of prefunded warrants | shares | 224,730 | 1,920,000 | 6,830,926 | 0 | 0 | ||
Price per share | $ / shares | $ 3.8 | $ 0.6 | $ 0.325 | ||||
Per sale price of warrants | $ / shares | $ 3.7999 | $ 0.5999 | $ 0.3249 | ||||
Sale of stock consideration received on transaction | $ 5,400,000 | $ 3,900,000 | $ 5,700,000 | ||||
Minimum [Member] | Subsequent Event [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Additional Employees to be Hired | Employee | 50 | ||||||
Maximum [Member] | Subsequent Event [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Additional Employees to be Hired | Employee | 60 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Mar. 28, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Line Items] | ||||
Percentage of direct billing channel revenue insures represent | 54% | 63% | ||
Revenue | $ 3,754,389 | $ 3,446,708 | ||
Deferred revenue | 0 | $ 8,500 | ||
Advertising expense | 787,200 | 691,500 | ||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | $ 63,800 | $ 65,800 | ||
Warrants exercise price | $ 0.0001 | |||
Common stock equivalents, pre-funded warrants | 8,496,249 | 6,830,926 | ||
Short-Term Investments | $ 5,523,700 | $ 1,994,700 | ||
Accounting Standards Update 2014-09 | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Cost of goods sold | $ 112,100 | $ 199,800 | ||
Product Revenue [Member] | Geographic Concentration Risk [Member] | United States [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Percentage of revenue | 75% | 80% | ||
Product Revenue [Member] | Geographic Concentration Risk [Member] | Germany [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Percentage of revenue | 22% | 17% | ||
Product Revenue [Member] | Geographic Concentration Risk [Member] | Other International Locations [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Percentage of revenue | 3% | 3% | ||
Beijing Ryzur Medical Investment Co., Ltd | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Upfront license fee | $ 2,700,000 | |||
O&P Providers or Third Party Payors [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Revenue recognized | $ 963,400 | $ 1,683,800 | ||
Jiangxi Myomo Medical Assistive Appliance Co. Ltd | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Cash consideration paid | $ 199,000 | |||
Ownership percentage | 19.90% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Revenue by Major Source (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customer | $ 3,754,389 | $ 3,446,708 |
Direct to Patient [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customer | 2,234,742 | 2,414,614 |
Clinical/Medical Providers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customer | $ 1,519,647 | $ 1,032,094 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Potential Common Shares Issuable (Detail) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 1,889,805 | 1,378,461 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 23,929 | 28,327 |
Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 1,197,626 | 681,884 |
Other Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 668,250 | 668,250 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 800,018 | $ 321,484 |
Work in process | 111,192 | 6,589 |
Parts and subassemblies | 1,475,287 | 1,475,434 |
Inventories, net | $ 2,386,497 | $ 1,803,507 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Cash Equivalents Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 3,825,615 | $ 4,893,387 |
Short-term investments | 5,523,664 | 1,994,662 |
Commercial Paper [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,598,452 | 746,762 |
In Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | |
In Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Money market funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 3,825,615 | 4,893,387 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 5,523,664 | 1,994,662 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 1,598,452 | $ 746,762 |
Accounts payable and other ac_3
Accounts payable and other accrued expenses - Summary of Accounts Payable and Other Accrued Expenses (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 828,873 | $ 1,073,405 |
Accrued compensation and benefits | 2,249,006 | 1,964,487 |
Accrued professional services | 45,832 | 52,202 |
Warranty reserve | 224,424 | 231,108 |
Customer deposits | 1,497,016 | 1,114,979 |
Other | 118,556 | 449,763 |
Total | $ 4,963,707 | $ 4,885,944 |
Common Stock and Warrants - Add
Common Stock and Warrants - Additional Information (Details) | 3 Months Ended | ||||||
Jan. 19, 2024 USD ($) $ / shares shares | Aug. 29, 2023 USD ($) $ / shares shares | Jan. 17, 2023 USD ($) $ / shares shares | Aug. 02, 2022 USD ($) | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) shares | Dec. 31, 2023 USD ($) shares | |
Class of Stock [Line Items] | |||||||
Sale of stock number of shares issued in transaction | 1,354,218 | 5,413,334 | 13,169,074 | ||||
Sales of prefunded warrants | 224,730 | 1,920,000 | 6,830,926 | 0 | 0 | ||
Per Sale Price of warrants | $ / shares | $ 3.7999 | $ 0.5999 | $ 0.3249 | ||||
Sale Of Stock Consideration Received On Transaction | $ | $ 5,400,000 | $ 3,900,000 | $ 5,700,000 | ||||
Nominal Exercise Value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Common stock equivalents, pre-funded warrants | 8,496,249 | 6,830,926 | |||||
Common stock, shares outstanding | 28,789,796 | 27,135,034 | |||||
Shares value | $ | $ 2,881 | $ 2,715 | |||||
Price per share | $ / shares | $ 3.8 | $ 0.6 | $ 0.325 | ||||
Common stock warrants, exercise price per share | $ / shares | $ 0.0001 | ||||||
Proceeds from exercise of warrants | $ | $ 4,598,771 | $ 3,708,045 | |||||
Number of shares, Vested | 300,544 | 2,821 | |||||
A T M Facility [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of shares offer and sell | $ | $ 1,000 | ||||||
Percentage of gross proceeds from sales of common stock | 0.03 | ||||||
Stock issued during period | 0 | 0 | |||||
Common stock issued for the exercise of common stock options, Shares | 0 | 0 | |||||
A T M Facility [Member] | Maximum [Member] | |||||||
Class of Stock [Line Items] | |||||||
Proceeds from issuance of common stock | $ | $ 15,000,000 | ||||||
Underwriter Warrants [Member] | |||||||
Class of Stock [Line Items] | |||||||
Sales of prefunded warrants | 6,351,519 |
Stock Award Plans and Stock-b_3
Stock Award Plans and Stock-based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock award net share settled paid for withholding taxes | 0 | 0 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 19,216 | |
Weighted-average remaining contractual term | 1 year 2 months 26 days | |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 583,370 | |
Weighted-average remaining contractual term | 1 year 5 months 8 days | |
2018 Stock Option and Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for future grant | 1,119,624 | |
Number of common shares reserved for issuance | 1,085,401 | |
Percentage increase in number of shares of common stock reserved and available for issuance | 4% |
Stock Award Plans and Stock-b_4
Stock Award Plans and Stock-based Compensation - Schedule of Stock-based Compensation Expense (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share based compensation expense | $ 320,288 | $ 171,027 |
Cost of Goods Sold [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share based compensation expense | 23,387 | 20,479 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share based compensation expense | 24,245 | (69,727) |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share based compensation expense | 226,535 | 178,420 |
Selling, clinical, and marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share based compensation expense | $ 46,121 | $ 41,855 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2024 USD ($) Customer Insurer | Mar. 31, 2023 USD ($) Customer | Mar. 31, 2022 | Dec. 31, 2023 USD ($) Insurer | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Commitments And Contingencies [Line Items] | ||||||
Description of operating lease agreement for office space | The Company has a non-cancelable sublease agreement for its corporate headquarters in Boston, Massachusetts, which expires in January 2025 and a lease agreement for office space in Fort Worth, TX. which expires in December 2025. Termination options are either not included, or have expired, for the Company’s existing operating leases. Certain arrangements have discounted rent periods or escalating rent payment provisions. Leases with an initial term of twelve months or less are not recorded on the condensed consolidated balance sheets. We recognize rent expense on a straight-line basis over the lease term. | |||||
Operating Lease Right Of Use Assets | $ 604,900 | |||||
Finance program obligations | 62,108 | $ 52,307 | $ 142,217 | $ 56,603 | ||
Loss Contingency | $ 55,000 | |||||
Directors and Officers Insurance Member | ||||||
Commitments And Contingencies [Line Items] | ||||||
Finance program obligations | $ 27,000 | $ 29,000 | ||||
Sales Revenue, Net [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Number of customers | Customer | 0 | 0 | ||||
Accounts Receivable [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Number of customers | Insurer | 1 | 1 | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | One U.S. Insurance Payer [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of revenue | 32% | 44% | ||||
Concentration Risk, Percentage | 32% | 44% | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Patients with Medicare Advantage Insurance Plans [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of revenue | 38% | 53% | ||||
Concentration Risk, Percentage | 38% | 53% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Insurer [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of revenue | 26% | 38% | ||||
Concentration Risk, Percentage | 26% | 38% |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Maturity of Operating Lease Liabilities (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
2024 | $ 433,830 | |
2025 | 102,841 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total future minimum lease payments | 536,671 | |
Less imputed interest | 50,558 | |
Total operating lease liabilities | 486,113 | |
Included in the condensed consolidated balance sheet: | ||
Current operating lease liability | 421,514 | $ 486,143 |
Non-current operating lease liability | 64,599 | $ 115,160 |
Total operating lease liabilities | $ 486,113 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Operating Lease Cost (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease, Cost [Abstract] | ||
Operating lease expense | $ 89,496 | $ 125,650 |
Short-term lease expense | 0 | 0 |
Total lease expense | $ 89,496 | $ 125,650 |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Additional Information Related to Operating Leases (Detail) | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Weighted-average remaining lease term (in years) | 1 year | 1 year 2 months 12 days |
Weighted-average discount rate | 23.30% | 23.30% |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule Of Changes In The Companys Supplier Finance Obligations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Opening January 1 | $ 142,217 | $ 56,603 |
Payments | 0 | (128,692) |
Expensed | 80,109 | 132,988 |
Ending | $ 62,108 | $ 52,307 |