Myomo (MYO) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		30,245,870
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 ($)	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 6,622,675	$ 6,871,306
Short-term investments	0	1,994,662
Accounts receivable, net	3,729,387	2,382,658
Inventories, net	3,383,513	1,803,507
Prepaid expenses and other current assets	968,569	598,850
Total Current Assets	14,704,144	13,650,983
Restricted cash	375,000	0
Operating lease assets with right of use, net	466,962	663,554
Equipment, net	561,325	175,794
Other assets	205,440	91,237
Total Assets	16,312,871	14,581,568
Current Liabilities:
Accounts payable and accrued expenses	6,448,076	4,885,944
Current operating lease liabilities	205,464	486,143
Income taxes payable	305,861	96,461
Deferred revenue	31,971	8,510
Total Current Liabilities	6,991,372	5,477,058
Non-current operating lease liabilities	29,165	115,160
Total Liabilities	7,020,537	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; 30,244,182 and 27,135,061 shares issued as of September 30, 2024 and December 31, 2023, respectively; and 30,244,155 and 27,135,034 shares outstanding at September 30, 2024 and December 31, 2023, respectively	3,026	2,715
Additional paid-in capital	111,754,495	105,840,239
Accumulated other comprehensive income	395,734	83,669
Accumulated deficit	(102,854,457)	(96,930,809)
Treasury stock, 27 shares at cost	(6,464)	(6,464)
Total Stockholders’ Equity	9,292,334	8,989,350
Total Liabilities and Stockholders’ Equity	$ 16,312,871	$ 14,581,568

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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	30,244,182	27,135,061
Common stock, shares outstanding	30,244,155	27,135,034
Treasury shares at cost	27	27

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 9,207,586	$ 5,079,523	$ 20,482,742	$ 14,484,775
Cost of revenue	2,262,031	1,590,675	5,912,632	4,407,270
Gross profit	6,945,555	3,488,848	14,570,110	10,077,505
Operating expenses:
Research and development	1,248,870	717,256	3,212,309	1,758,480
Selling, clinical and marketing	3,401,182	2,387,090	8,540,161	6,689,578
General and administrative	3,253,056	2,408,871	8,779,024	7,427,818
Total operating expenses	7,903,108	5,513,217	20,531,494	15,875,876
Loss from operations	(957,553)	(2,024,369)	(5,961,384)	(5,798,371)
Other (income) expense, net
Interest income	(76,020)	(112,300)	(318,555)	(302,053)
Other expense, net	0	467	0	6,098
Loss on equity investment	0	70,124	0	99,840
Total other expense (income), net	(76,020)	(41,709)	(318,555)	(196,115)
Loss before income taxes	(881,533)	(1,982,660)	(5,642,829)	(5,602,256)
Income tax expense	84,876	46,356	280,819	85,204
Net loss	$ (966,409)	$ (2,029,016)	$ (5,923,648)	$ (5,687,461)
Weighted average number of common shares outstanding:
Basic	37,950,515	35,266,361	37,359,366	27,537,357
Diluted	37,950,515	35,266,361	37,359,366	27,537,357
Net loss per share attributable to common stockholders
Basic	$ (0.03)	$ (0.06)	$ (0.16)	$ (0.21)
Diluted	$ (0.03)	$ (0.06)	$ (0.16)	$ (0.21)
Product revenue
Revenue	$ 9,207,586	$ 5,029,523	$ 20,482,742	$ 12,719,855
License revenue
Revenue	$ 0	$ 50,000	$ 0	$ 1,764,920

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (966,409)	$ (2,029,016)	$ (5,923,648)	$ (5,687,461)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	256,354	(47,072)	311,939	(52,640)
Unrealized gain (loss) on short-term investments	492	(774)	126	860
Other comprehensive income (loss)	256,846	(47,846)	312,065	(51,780)
Comprehensive loss	$ (709,563)	$ (2,076,862)	$ (5,611,583)	$ (5,739,241)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-in Capital [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
Proceeds from sale of common stock in public offering costs, value	3,616,094	$ 1,317	3,614,777
Proceeds from sale of common stock in public offering costs, shares		13,169,074
Proceeds from sale of pre-funded warrants, value	2,064,012		2,064,012
Common stock issued upon vesting of restricted stock units, Shares		2,821
Stock-based compensation	171,027		171,027
Other comprehensive (loss)/income	65,788			65,788
Net Income (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, 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
Net Income (Loss)	(5,687,461)
Ending balance at Sep. 30, 2023	11,023,111	$ 2,652	105,506,182	(8,554)	(94,470,705)	$ (6,464)
Ending balance, shares at Sep. 30, 2023		26,515,462				27
Beginning balance at Mar. 31, 2023	9,631,991	$ 2,092	100,954,887	109,015	(91,427,539)	$ (6,464)
Beginning balance, shares at Mar. 31, 2023		20,922,530				27
Common stock issued upon vesting of restricted stock units	(8,147)	$ 18	(8,165)
Common stock issued upon vesting of restricted stock units, Shares		169,499
Stock-based compensation	280,061		280,061
Unrealized gains (loss) on foreign currency adjustments	(71,357)			(71,357)
Other comprehensive (loss)/income	1,634			1,634
Net Income (Loss)	(1,014,150)				(1,014,150)
Ending balance at Jun. 30, 2023	8,820,032	$ 2,110	101,226,783	39,292	(92,441,689)	$ (6,464)
Ending balance, shares at Jun. 30, 2023		21,092,029				27
Proceeds from sale of common stock in public offering costs, value	2,915,588	$ 541	2,915,047
Proceeds from sale of common stock in public offering costs, shares		5,413,334
Proceeds from sale of pre-funded warrants, value	1,033,928		1,033,928
Common stock issued upon vesting of restricted stock units	31	$ 1	30
Common stock issued upon vesting of restricted stock units, Shares		10,099
Stock-based compensation	330,394		330,394
Other comprehensive (loss)/income	(47,846)			(47,846)	0
Net Income (Loss)	(2,029,016)				(2,029,016)
Ending balance at Sep. 30, 2023	11,023,111	$ 2,652	105,506,182	(8,554)	(94,470,705)	$ (6,464)
Ending balance, shares at Sep. 30, 2023		26,515,462				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
Proceeds from sale of common stock in public offering costs, value	4,598,771	$ 135	4,598,636
Proceeds from sale of common stock in public offering costs, shares		1,354,218
Proceeds from sale of pre-funded warrants, value	763,138		763,138
Common stock issued upon vesting of restricted stock units		$ 31	(31)
Common stock issued upon vesting of restricted stock units, Shares		300,544
Stock-based compensation	320,288		320,288
Other comprehensive (loss)/income	63,842			63,842
Net Income (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
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
Net Income (Loss)	(5,923,648)
Ending balance at Sep. 30, 2024	9,292,334	$ 3,025	111,754,495	395,734	(102,854,457)	$ (6,464)
Ending balance, shares at Sep. 30, 2024		30,244,182				27
Beginning balance at Mar. 31, 2024	10,899,757	$ 2,881	111,522,270	147,511	(100,766,441)	$ (6,464)
Beginning balance, shares at Mar. 31, 2024		28,789,823				27
Exercise of pre-funded warrants, value	77	$ 77
Exercise of pre-funded warrants, share		774,730
Common stock issued upon vesting of restricted stock units		$ 63	(63)
Common stock issued upon vesting of restricted stock units, Shares		636,801
Stock-based compensation	(91,893)		(91,893)
Other comprehensive (loss)/income	(8,623)			(8,623)
Net Income (Loss)	(1,121,607)				(1,121,607)
Ending balance at Jun. 30, 2024	9,677,711	$ 3,021	$ 111,430,314	138,888	(101,888,048)	$ (6,464)
Ending balance, shares at Jun. 30, 2024		30,201,354				27
Common stock issued upon vesting of restricted stock units		$ 4
Common stock issued upon vesting of restricted stock units, Shares		42,828	(4)
Stock-based compensation	324,185		$ 324,185
Other comprehensive (loss)/income	256,846			256,846
Net Income (Loss)	(966,409)				(966,409)
Ending balance at Sep. 30, 2024	$ 9,292,334	$ 3,025	$ 111,754,495	$ 395,734	$ (102,854,457)	$ (6,464)
Ending balance, shares at Sep. 30, 2024		30,244,182				27

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Common stock issued upon vesting of restricted stock units			16,744
Pre-funded Warrants [Member]
Offering cost from sale of stock	$ 90,814	$ 117,880		$ 155,356
Warrants Outstanding	224,730	1,920,000		6,830,926
Common Stock
Offering cost from sale of stock	$ 547,257	$ 332,413		$ 663,856

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (5,923,648)	$ (5,687,461)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation	114,346	136,416
Stock-based compensation	552,580	781,513
Accretion of discount on short-term investments	(118,520)	0
Credit losses	5,257	12,626
Loss on equity investment	0	99,840
Amortization of right-of-use assets	196,592	301,053
Other non-cash charges	84,180	(49,271)
Changes in operating assets and liabilities:
Accounts receivable	(1,116,352)	(625,596)
Inventories	(1,573,193)	(90,100)
Prepaid expenses and other current assets	(614,951)	(439,584)
Other assets	(16,640)	19,797
Accounts payable and accrued expenses	1,895,795	2,141,978
Income taxes payable	202,137	(74,944)
Operating lease liabilities	(366,675)	(352,820)
Deferred revenue	23,460	9,533
Net cash used in operating activities	(6,655,632)	(3,817,020)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of short-term investments	(5,482,757)	(5,209,866)
Maturities of short-term investments	7,595,814	1,000,000
Purchases of equipment	(499,877)	(114,151)
Net cash provided by (used in) investing activities	1,613,180	(4,324,017)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from common stock offering	4,598,771	6,623,633
Proceeds from sale of pre-funded warrants, net of offering costs	763,138	3,097,940
Net settlement of vested restricted stock units to fund related employee statutory tax withholding	0	(8,147)
Net cash provided by financing activities	5,162,409	9,713,426
Deferred Offering Costs	(199,500)
Effect of foreign exchange rate changes on cash	6,412	(6,610)
Net (decrease) increase in cash, cash equivalents and restricted cash	126,369	1,565,780
Cash, cash equivalents and restricted cash, beginning of period	6,871,306	5,345,967
Cash, cash equivalents and restricted cash, end of period	6,997,675	6,911,747
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Right of use assets obtained in exchange for lease liabilities	0	508,186
Deferred offering costs incurred in a prior period to additional paid-in capital	0	(91,952)
Unrealized (gain) loss from mark to market on short-term investments	$ 126	$ 860

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (966,409)	$ (1,121,607)	$ (3,835,632)	$ (2,029,016)	$ (1,014,150)	$ (2,644,295)	$ (5,923,648)	$ (5,687,461)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity	Note 2 — Liquidity The Company incurred net losses of approximat ely $ 5,923,600 and $ 5,687,500 during the nine months ended September 30, 2024 and 2023, respectively, and has an accumulated deficit of approximately $ 102,850,000 at September 30, 2024. Cash used in operating activities was approximately $ 6,660,000 and $ 3,817,000 for the nine months ended September 30, 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 and cash equivalents, as well as the availability under its credit line (see below) and the future expected cash flows, the Company believes that its available cash and cash equivalents 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 July 11, 2024, the Company entered into a Loan and Security Agreement with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, which provides the Company the ability to borrow up to $ 4.0 million against eligible accounts receivable. Availability under the credit line, which is undrawn as of the issuance date of these financial statements, is approximately $ 0.9 million. See Note 7 - Line of Credit for further discussion. 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, generating proceeds after fees and expenses of approximately $ 3.9 million, 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. On January 17, 2023, the Company completed a public equity offering, generating proceeds after fees and expenses of approximately $ 5.7 million, 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. See Note 8 - Common Stock and Warrants for further discussion. Financing activities, such as the line of credit and the recently completed registered direct equity offering, are enabling the Company to sustain its operations. Management's operating plans are primarily focused on growing revenues in its direct billing channel by serving an increasing number of Medicare patients and training O&P providers in the United States, which will enable them to provide the MyoPro to their patients, which is expected to result in further revenue growth in 2025 and beyond. 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 its supply chain is able to meet its volume requirements without disruption, the Company is able to compensate for additional advertising spending in the second half of 2024 above its original plan, expected payments are received and there is no increase in days sales outstanding in the fourth quarter, the Company believes it can achieve operating cash flow breakeven on a quarterly basis in the fourth quarter of 2024. In addition, the Company believes that it has access to capital resources through the use of its line of credit, possible public or private equity offerings, exercises of outstanding warrants, or other means. Based on the Company’s latitude as to the timing and amount of certain expenses, its current cash position, availability under its line of credit 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	9 Months Ended
	Sep. 30, 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 September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023. The results of operations for the three and nine months ended September 30, 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 and nine months ended September 30, 2024. There were no reclassifications in the three and nine months ended September 30, 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 September 30, 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. There were no instruments classified as short-term investments as of September 30, 2024. Short-term investments as of December 31, 2023 consists of commercial paper, U.S. Treasury Bills and short-term corporate debt securities, which were classified as held-to-maturity, and certificates of deposit totaling approximately $ 1,994,700 as of December 31, 2023. 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. Under the new lease, the Company's provided a security deposit to the landlord in the form of a letter of credit for $ 375,000 . The Company has collateralized the letter of credit with cash in a separate bank account, which is accounted for as a long-term restricted cash on the condensed consolidated balance sheet as of September 30, 2024. September 30, December 31, Cash, cash equivalents, and restricted cash Cash $ 850,544 $ 1,231,871 Money market funds 5,772,131 4,893,387 Commercial paper — 746,048 Restricted Cash 375,000 — $ 6,997,675 $ 6,871,306 Short-term investments US government agency debt securities $ — $ 1,497,099 Commercial paper — 497,563 $ — $ 1,994,662 Accounts Receivable and Allowance for Credit Losses The Company reports accounts receivable at invoiced amounts less an allowance for credit losses. 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 September 30, 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 payers, including CMS, where the Company has demonstrated sufficient payment history, the Company recognizes revenue when it receives either a pre-authorization from the payer, or, in the case of Medicare patients, when the Company has gathered appropriate medical documentation from the patient that demonstrates compliance with the Company's inclusion criteria, 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 and the claim has been submitted to the payer. These payers represent ed 93 % and 69 % of direct billing channel revenue during the three months ended September 30, 2024 and 2023, respectively. These payers represented 88 % and 61 % of direct billing channel revenue during the nine months ended September 30, 2024 and September 30, 2023, respectively. During the three months ended September 30, 2024, revenues from patients covered by Medicare Part B were recorded at the time the device was delivered and the claim submitted to CMS for an amount that was expected to be received from CMS and supplemental insurance payers, as applicable. 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 September 30, 2024 and 2023, the Company recognized revenue of approximate ly $ 2,440,900 and $ 1,324,300 , respectively, and during the nine months ended September 30, 2024 and 2023, the Company recognized revenue of approximately $ 2,185,300 and $ 2,305,500 , 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 September 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 approximately $ 32,000 o f deferred revenue as of September 30, 2024, and approximately $ 8,500 of deferred revenue as of December 31, 2023, the outstanding deferred revenue is expected to be recognized by the en d of the fourth quarter of 2024. Disaggregated Revenue from Contracts with Customers The following table presents revenue by major source: For the Three Months For the Nine Months 2024 2023 2024 2023 Direct to patient $ 7,431,751 $ 3,501,958 $ 15,491,584 $ 9,245,345 Clinical/Medical providers 1,775,835 1,527,565 $ 4,991,158 $ 3,474,510 License revenue — 50,000 — 1,764,920 Total revenue from contracts with customers $ 9,207,586 $ 5,079,523 $ 20,482,742 $ 14,484,775 Geographic Data The Company generate d 88 % of its total revenue from the United States and 12 % from Germany for the three months ended September 30, 2024 . The Company generated 78 % of its total revenue from the United States, 19 % from China and 3 % from Germany for the three months ended September 30, 2023. During the nine months ended September 30, 2024, the Company generated 85 % of its total revenues from the United States, 14 % from Germany and 1 % from other international locations. During the nine months ended September 30, 2023, the Company generated 72 % of its total revenues from the United States, 14 % from Germany, 13 % from China, and 1 % from other international locations. Excluding license revenue during the nine months ended September 30, 2023, the Company generated 82 % of its product revenues from the United States, 16 % from Germany and 2 % from other international locations. 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 and nine months ended September 30, 2024, the Company recorded cost of goods sold of approximate ly $ 107,200 and $ 140,800 , respectively, without corresponding revenue. For the three and nine months ended September 30, 2023, the Company recorded cost of goods sold of $ 32,800 and $ 76,900 , 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 $ 1,043,700 and $ 822,500 for the three months ended September 30, 2024 and 2023 , respectively, and approximately $ 2,680,600 and $ 2,360,400 during the nine months ended September 30, 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 (loss) gain. The Company recorded a gain of approximately $ 256,400 and a loss of approximately $ 47,100 during the three months ended September 30, 2024 and 2023, respectively, and a gain of approximately $ 312,000 and a loss of approximately $ 50,500 during the nine months ended September 30, 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 and nine months ended September 30, 2024 and 2023, respectively. 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 September 30, 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: September 30, 2024 2023 Stock options 23,246 24,982 Restricted stock units 1,234,357 1,621,935 Other warrants 668,250 668,250 Total 1,925,853 2,315,167 Due to their nominal exercise price of $ 0.0001 per share, a total of 7,721,519 and 8,750,926 outs tanding pre-funded warrants as of September 30, 2024 and 2023, respectively are considered common stock equivalents and are included in basic 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. Income Taxes The Company reported a net loss for the three and nine months ended September 30, 2024 and 2023, however records a tax expense. The nature of this tax expense is the difference between the effective tax rate and statutory rate due to tax provision for a its wholly-owned foreign Myomo Europe, GmhH. 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 adopted this new standard on 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 November 2023, the FASB issued ASU 2023-07 “Segmented Reporting - Improvements to Reportable Segment Disclosures”. ASU 2023-07 focuses on the requirements to disclose its significant segment expense categories and amounts for each reportable segment. ASU 2023-07 will becoming effective in the calendar year 2024 year-end financial statements. 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 the operation. 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	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Note 4 — Inventories Inventories consist of the following at: September 30, December 31, Finished goods $ 1,367,375 $ 321,484 Work in process 74,859 6,589 Parts and subassemblies 1,941,279 1,475,434 Inventories, net $ 3,383,513 $ 1,803,507

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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 measured at fair value on a recurring basis at September 30, 2024 were as follows: In Active Significant Significant Total Cash equivalents Money market funds $ 5,772,131 $ — $ — $ 5,772,131 $ 5,772,131 $ — $ — $ 5,772,131 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	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable and Other Accrued Expenses	Note 6 — Accounts Payable and Other Accrued Expenses Accounts Payable and Other Accrued Expenses consists of the following at: September 30, December 31, Trade payables $ 1,301,550 $ 1,073,405 Accrued compensation and benefits 2,598,932 1,964,487 Accrued insurance 240,575 95,680 Accrued professional services 54,533 52,202 Warranty reserve 159,531 231,108 Customer deposits 1,857,565 1,114,979 Other 235,390 354,083 $ 6,448,076 $ 4,885,944

Line of Credit

Line of Credit	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Line of Credit	Note 7 — Line of Credit On July 11, 2024 (the “Effective Date”), the Company, entered into a Loan and Security Agreement (the “Loan Agreement”) with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (the “Bank”). The Loan Agreement provides for a revolving line of credit whereby the Company may borrow up to $ 4,000,000 (the “Revolving Line”), which Revolving Line may be increased to $ 5,500,000 at the Bank’s sole discretion upon the occurrence of certain events. Amounts advanced by the Bank are based on 80 % of “eligible accounts”, which includes all receivables in the United States, reduced by aged amounts and customers and insurance payers with concentrations in excess of defined limits, among other deductions. The outstanding principal amount of any advance shall accrue interest at a floating rate per annum equal to the greater of (i) 8.50 % and (ii) the “prime rate” as published in The Wall Street Journal for the relevant period plus one-half percent ( 0.50 %). The Revolving Line is secured on a first priority basis by all of Company’s assets other than intellectual property and certain customary exceptions. Any newly formed or acquired subsidiary of the Company or any guarantor under the Loan Agreement, will either join the Loan Agreement as a co-borrower or become a guarantor under the Loan Agreement, as determined by the Bank in its sole discretion. The Company intends to use the Revolving Line for working capital and general business purposes. The Revolving Line terminates, and any outstanding principal amount of all advances made thereunder, and any accrued and unpaid interest thereon, become immediately due and payable on the two year anniversary of the Effective Date. The Company must also pay Bank (i) a commitment fee of $ 20,000 , (ii) an “Anniversary Fee” of 0.50 % of the Revolving Line and (iii) an “Unused Revolving Line Facility Fee” of 0.50 % per annum of the average unused portion of the Revolving Line. In addition, upon termination of the Loan Agreement or the Revolving Line prior to the two year anniversary of the Effective Date, the Company must pay a termination fee of 1.00 % of the Revolving Line, subject to certain exceptions. The Company recorded approxima tely $ 199,500 in debt issuance costs during the nine months ended September 30, 2024 in conjunction with entering into the Loan Agreement, which includes the commitment fee and the Anniversary Fee. The Company capitalized the debt issuance costs and is amortizing them on a straight-line basis into interest expense over the term of the Loan Agreement. Debt issuance costs to be amortized over the term of the loan are included in other long-term assets. Approximately $ 0.9 million was available to be drawn under the Loan Agreement as of September 30, 2024. No amounts were drawn under the Loan Agreement as of September 30, 2024.

Common Stock and Warrants

Common Stock and Warrants	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Common Stock and Warrants	Note 8 — 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 September 30, 2024, 5,801,519 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. All of these pre-funded warrants remain exercisable at September 30, 2024. 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. All of these pre-funded warrants were exercised during the nine months ended September 30, 2024. As of September 30, 2024 there wer e 7,721,519 p re-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 and nine months ended September 30, 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 . In May 2024, the ATM Facility expired and has not been renewed. No shares of common stock were issued through the exercise of stock options during the three and nine months ended September 30, 2024 and September 30, 2023, respectively. During the three and nine months ended September 30, 202 4, 42,828 and 980,173 restricted stock units vested, respectively. During the three and nine months ended September 30, 2023, 10,099 a nd 199,163 restricted stock units vested, respectively.

Stock Award Plans and Stock-bas

Stock Award Plans and Stock-based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock Award Plans and Stock-based Compensation	Note 9 — Stock Award Plans and Stock-Based Compensation As of September 30, 2024, the re were 491,770 sh ares 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 and nine months ended September 30, 2024. There were no restricted stock units that were withheld as part of net share settlement transactions during the three months ended September 30, 2023 and 16,744 restricted stock units were withheld during the nine months ended September 30, 2023. 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: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Cost of goods sold $ 22,805 $ 24,222 $ 35,601 $ 66,815 Research and development 30,599 11,362 63,562 ( 24,056 ) Selling, clinical and marketing 41,925 50,984 95,237 142,432 General and administrative 228,856 243,826 358,180 596,322 Total $ 324,185 $ 330,394 $ 552,580 $ 781,513 As of September 30, 2024 , there was approximately $ 9,200 of unrecognized compensation cost related to unvested stock options that is expected to be recognized over a weighted-average period of 0.79 years. As of September 30, 2024 , there was approximately $ 2,511,100 of unrecognized compensation expense related to unvested restricted stock units that is expected to be recognized over a weighted-average period of 2.50 years.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 — 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. In August 2024, the Company entered into a new lease agreement for its new corporate headquarters and manufacturing facility in Burlington, Massachusetts, which the Company expects to begin occupying by the end of 2024, with a term of approximately 88 months following the rent commencement date. The Company has the option to extend the new lease for an additional five years, subject to certain conditions being satisfied. Under the new lease, the Company provided a security deposit to the landlord in the form of a letter of credit for $ 375,000 . The Company has collateralized the letter of credit with cash in a separate bank account, which is accounted for as long-term restricted cash on the condensed consolidated balance sheet. Termination options are either not included, or have expired, for the Company’s other 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 September 30, 2024, operating lease assets were approximately $ 467,000 . The amount and the maturity of the Company’s operating lease liabilities as of September 30, 2024, are as follows: September 30, 2024 2024 $ 144,610 2025 102,841 2026 — 2027 — Thereafter — Total future minimum lease payments 247,451 Less imputed interest 12,822 Total operating lease liabilities $ 234,629 Included in the condensed consolidated balance sheet: Current operating lease liabilities $ 205,464 Non-current operating lease liabilities 29,165 Total operating lease liabilities $ 234,629 For the three and nine months ended September 30, 2024 and 2023, the total lease cost is comprised of the following amounts: For the Three Months For the Nine Months 2024 2023 2024 2023 Operating lease expense $ 87,836 $ 116,314 $ 263,506 $ 367,613 Short-term lease expense 1,615 - 4,884 - Total lease expense $ 89,451 $ 116,314 $ 268,390 $ 367,613 The following summarizes additional information related to operating leases: September 30, 2024 December 31, 2023 Weighted-average remaining lease term (in years) 0.54 1.20 Weighted-average discount rate 23.3 % 23.3 % Major Customers For the three and nine months ended September 30, 2024 and 2023 , there were no customers which accounted for more than 10% of product revenues. For the three and nine months ended September 30, 2024 and 2023, a U.S. insurance payer represented 19 % and 22 % and 36 % and 40 % of product revenues, respectively. For the three and nine months ended September 30, 2024, patients with Medicare Part B coverage represented 55 % and 44 % of product revenues, respectively. For the three and nine months ended September 30, 2024, approximately 24 % and 27 % of the Company's product revenues, respectively, were derived from patients with Medicare Advantage insurance plans. For the three and nine months ended September 30, 2023, approximately 59 % and 59 % of the Company's product revenues were derived from patients with Medicare advantage plans, respectively. At September 30, 2024 and December 31, 2023, one insurance payer and its affiliates accounted for approximately 25 % and 56 % of accounts receivable, respectively. 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 financing arrangement, the Company made a down payment of approximately $ 29,000 during the three months ended June 30, 2023 and made nine equal monthly payments of approximately $ 27,000 , starting in July 2023. During the nine months ended September 30, 2024, the Company completed its payment obligation associated with its 2023-2024 policy and entered into a new policy covering the twelve-month period ending June 2025. Under this new financing arrangement, the Company made a down payment of approximately $ 39,000 during the three months ended June 30, 2024, and is making nine equal monthly payments of approximately $ 39,000 , starting in July 2024. Changes in the Company's supplier finance obligations were as follows: For the Nine Months Ended September 30, 2024 2023 Balance January 1 $ 142,217 $ 56,603 Increase — 128,692 Expensed ( 80,109 ) ( 132,988 ) Balance March 31, $ 62,108 $ 52,307 Increase 349,909 375,824 Expensed ( 78,593 ) ( 155,076 ) Balance June 30, $ 333,424 $ 273,055 Increase 63,478 29,809 Expensed ( 121,512 ) ( 80,538 ) Balance September 30, $ 275,390 $ 222,326 No assets are pledged as security under this arrangement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023. The results of operations for the three and nine months ended September 30, 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 and nine months ended September 30, 2024. There were no reclassifications in the three and nine months ended September 30, 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 September 30, 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. There were no instruments classified as short-term investments as of September 30, 2024. Short-term investments as of December 31, 2023 consists of commercial paper, U.S. Treasury Bills and short-term corporate debt securities, which were classified as held-to-maturity, and certificates of deposit totaling approximately $ 1,994,700 as of December 31, 2023. 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. Under the new lease, the Company's provided a security deposit to the landlord in the form of a letter of credit for $ 375,000 . The Company has collateralized the letter of credit with cash in a separate bank account, which is accounted for as a long-term restricted cash on the condensed consolidated balance sheet as of September 30, 2024. September 30, December 31, Cash, cash equivalents, and restricted cash Cash $ 850,544 $ 1,231,871 Money market funds 5,772,131 4,893,387 Commercial paper — 746,048 Restricted Cash 375,000 — $ 6,997,675 $ 6,871,306 Short-term investments US government agency debt securities $ — $ 1,497,099 Commercial paper — 497,563 $ — $ 1,994,662
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. 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 September 30, 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 payers, including CMS, where the Company has demonstrated sufficient payment history, the Company recognizes revenue when it receives either a pre-authorization from the payer, or, in the case of Medicare patients, when the Company has gathered appropriate medical documentation from the patient that demonstrates compliance with the Company's inclusion criteria, 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 and the claim has been submitted to the payer. These payers represent ed 93 % and 69 % of direct billing channel revenue during the three months ended September 30, 2024 and 2023, respectively. These payers represented 88 % and 61 % of direct billing channel revenue during the nine months ended September 30, 2024 and September 30, 2023, respectively. During the three months ended September 30, 2024, revenues from patients covered by Medicare Part B were recorded at the time the device was delivered and the claim submitted to CMS for an amount that was expected to be received from CMS and supplemental insurance payers, as applicable. 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 September 30, 2024 and 2023, the Company recognized revenue of approximate ly $ 2,440,900 and $ 1,324,300 , respectively, and during the nine months ended September 30, 2024 and 2023, the Company recognized revenue of approximately $ 2,185,300 and $ 2,305,500 , 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 September 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 approximately $ 32,000 o f deferred revenue as of September 30, 2024, and approximately $ 8,500 of deferred revenue as of December 31, 2023, the outstanding deferred revenue is expected to be recognized by the en d of the fourth quarter of 2024. Disaggregated Revenue from Contracts with Customers The following table presents revenue by major source: For the Three Months For the Nine Months 2024 2023 2024 2023 Direct to patient $ 7,431,751 $ 3,501,958 $ 15,491,584 $ 9,245,345 Clinical/Medical providers 1,775,835 1,527,565 $ 4,991,158 $ 3,474,510 License revenue — 50,000 — 1,764,920 Total revenue from contracts with customers $ 9,207,586 $ 5,079,523 $ 20,482,742 $ 14,484,775 Geographic Data The Company generate d 88 % of its total revenue from the United States and 12 % from Germany for the three months ended September 30, 2024 . The Company generated 78 % of its total revenue from the United States, 19 % from China and 3 % from Germany for the three months ended September 30, 2023. During the nine months ended September 30, 2024, the Company generated 85 % of its total revenues from the United States, 14 % from Germany and 1 % from other international locations. During the nine months ended September 30, 2023, the Company generated 72 % of its total revenues from the United States, 14 % from Germany, 13 % from China, and 1 % from other international locations. Excluding license revenue during the nine months ended September 30, 2023, the Company generated 82 % of its product revenues from the United States, 16 % from Germany and 2 % from other international locations. 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 and nine months ended September 30, 2024, the Company recorded cost of goods sold of approximate ly $ 107,200 and $ 140,800 , respectively, without corresponding revenue. For the three and nine months ended September 30, 2023, the Company recorded cost of goods sold of $ 32,800 and $ 76,900 , 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 $ 1,043,700 and $ 822,500 for the three months ended September 30, 2024 and 2023 , respectively, and approximately $ 2,680,600 and $ 2,360,400 during the nine months ended September 30, 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 (loss) gain. The Company recorded a gain of approximately $ 256,400 and a loss of approximately $ 47,100 during the three months ended September 30, 2024 and 2023, respectively, and a gain of approximately $ 312,000 and a loss of approximately $ 50,500 during the nine months ended September 30, 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 and nine months ended September 30, 2024 and 2023, respectively. 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 September 30, 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: September 30, 2024 2023 Stock options 23,246 24,982 Restricted stock units 1,234,357 1,621,935 Other warrants 668,250 668,250 Total 1,925,853 2,315,167 Due to their nominal exercise price of $ 0.0001 per share, a total of 7,721,519 and 8,750,926 outs tanding pre-funded warrants as of September 30, 2024 and 2023, respectively are considered common stock equivalents and are included in basic 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. Income Taxes The Company reported a net loss for the three and nine months ended September 30, 2024 and 2023, however records a tax expense. The nature of this tax expense is the difference between the effective tax rate and statutory rate due to tax provision for a its wholly-owned foreign Myomo Europe, GmhH.
Income Taxes	Income Taxes The Company reported a net loss for the three and nine months ended September 30, 2024 and 2023, however records a tax expense. The nature of this tax expense is the difference between the effective tax rate and statutory rate due to tax provision for a its wholly-owned foreign Myomo Europe, GmhH.
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 adopted this new standard on 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 November 2023, the FASB issued ASU 2023-07 “Segmented Reporting - Improvements to Reportable Segment Disclosures”. ASU 2023-07 focuses on the requirements to disclose its significant segment expense categories and amounts for each reportable segment. ASU 2023-07 will becoming effective in the calendar year 2024 year-end financial statements. 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 the operation. 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)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Cash, Cash Equivalents and Short-Term Investments	The Company has collateralized the letter of credit with cash in a separate bank account, which is accounted for as a long-term restricted cash on the condensed consolidated balance sheet as of September 30, 2024. September 30, December 31, Cash, cash equivalents, and restricted cash Cash $ 850,544 $ 1,231,871 Money market funds 5,772,131 4,893,387 Commercial paper — 746,048 Restricted Cash 375,000 — $ 6,997,675 $ 6,871,306 Short-term investments US government agency debt securities $ — $ 1,497,099 Commercial paper — 497,563 $ — $ 1,994,662
Summary of Revenue by Major Source	The following table presents revenue by major source: For the Three Months For the Nine Months 2024 2023 2024 2023 Direct to patient $ 7,431,751 $ 3,501,958 $ 15,491,584 $ 9,245,345 Clinical/Medical providers 1,775,835 1,527,565 $ 4,991,158 $ 3,474,510 License revenue — 50,000 — 1,764,920 Total revenue from contracts with customers $ 9,207,586 $ 5,079,523 $ 20,482,742 $ 14,484,775
Summary of Potential Common Shares Issuable	Potential dilutive common shares issuable consist of the following at: September 30, 2024 2023 Stock options 23,246 24,982 Restricted stock units 1,234,357 1,621,935 Other warrants 668,250 668,250 Total 1,925,853 2,315,167

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following at: September 30, December 31, Finished goods $ 1,367,375 $ 321,484 Work in process 74,859 6,589 Parts and subassemblies 1,941,279 1,475,434 Inventories, net $ 3,383,513 $ 1,803,507

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Cash Equivalents and Short-term Investments Measured at Fair Value on Recurring Basis	Cash equivalents measured at fair value on a recurring basis at September 30, 2024 were as follows: In Active Significant Significant Total Cash equivalents Money market funds $ 5,772,131 $ — $ — $ 5,772,131 $ 5,772,131 $ — $ — $ 5,772,131 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 Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Summary of Accounts Payable and Other Accrued Expenses	Accounts Payable and Other Accrued Expenses consists of the following at: September 30, December 31, Trade payables $ 1,301,550 $ 1,073,405 Accrued compensation and benefits 2,598,932 1,964,487 Accrued insurance 240,575 95,680 Accrued professional services 54,533 52,202 Warranty reserve 159,531 231,108 Customer deposits 1,857,565 1,114,979 Other 235,390 354,083 $ 6,448,076 $ 4,885,944

Stock Award Plans and Stock-b_2

Stock Award Plans and Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 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: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Cost of goods sold $ 22,805 $ 24,222 $ 35,601 $ 66,815 Research and development 30,599 11,362 63,562 ( 24,056 ) Selling, clinical and marketing 41,925 50,984 95,237 142,432 General and administrative 228,856 243,826 358,180 596,322 Total $ 324,185 $ 330,394 $ 552,580 $ 781,513

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024, are as follows: September 30, 2024 2024 $ 144,610 2025 102,841 2026 — 2027 — Thereafter — Total future minimum lease payments 247,451 Less imputed interest 12,822 Total operating lease liabilities $ 234,629 Included in the condensed consolidated balance sheet: Current operating lease liabilities $ 205,464 Non-current operating lease liabilities 29,165 Total operating lease liabilities $ 234,629
Summary of Operating Lease Cost	For the three and nine months ended September 30, 2024 and 2023, the total lease cost is comprised of the following amounts: For the Three Months For the Nine Months 2024 2023 2024 2023 Operating lease expense $ 87,836 $ 116,314 $ 263,506 $ 367,613 Short-term lease expense 1,615 - 4,884 - Total lease expense $ 89,451 $ 116,314 $ 268,390 $ 367,613
Summary of Additional Information Related to Operating Leases	The following summarizes additional information related to operating leases: September 30, 2024 December 31, 2023 Weighted-average remaining lease term (in years) 0.54 1.20 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: For the Nine Months Ended September 30, 2024 2023 Balance January 1 $ 142,217 $ 56,603 Increase — 128,692 Expensed ( 80,109 ) ( 132,988 ) Balance March 31, $ 62,108 $ 52,307 Increase 349,909 375,824 Expensed ( 78,593 ) ( 155,076 ) Balance June 30, $ 333,424 $ 273,055 Increase 63,478 29,809 Expensed ( 121,512 ) ( 80,538 ) Balance September 30, $ 275,390 $ 222,326

Liquidity - Additional Informat

Liquidity - Additional Information (Detail) - USD ($)				9 Months Ended
	Jan. 19, 2024	Aug. 29, 2023	Jan. 17, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 11, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Net loss				$ 5,923,600	$ 5,687,500
Accumulated deficit				102,850,000
Cash used in operating activities				6,660,000	$ 3,817,000
Proceeds from public equity offering	$ 5,400,000	$ 3,900,000	$ 5,700,000
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
Price per share	$ 3.8	$ 0.6	$ 0.325
Per sale price of warrants	$ 3.7999	$ 0.5999	$ 0.3249
Amount borrowed against account receivable						$ 4,000,000
Line Of Credit Facility Maximum Borrowing Capacity						$ 900,000
Sale of stock consideration received on transaction	$ 5,400,000	$ 3,900,000	$ 5,700,000
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity				$ 900,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)		3 Months Ended		9 Months Ended
	Mar. 28, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]
Percentage of direct billing channel revenue Payers represent		93%	69%	88%	61%
Revenue		$ 9,207,586	$ 5,079,523	$ 20,482,742	$ 14,484,775
Deferred revenue		32,000		32,000			$ 8,500
Cost of goods sold		107,200	32,800	140,800	76,900
Advertising expense		1,043,700	822,500	2,680,600	2,360,400
Restructuring Reserve, Foreign Currency Translation Gain (Loss)		$ 256,400	$ 47,100	$ 312,000	$ 50,500
Warrants exercise price		$ 0.0001		$ 0.0001
Common stock equivalents, pre-funded warrants		7,721,519	8,750,926	7,721,519	8,750,926
Letter of credit						$ 375,000
Short-Term Investments		$ 0		$ 0			1,994,700
Short-term investments		$ 0		$ 0			$ 1,994,662
Product Revenue [Member] | Geographic Concentration Risk [Member] | United States [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		88%	78%	85%	72%
Product Revenue [Member] | Geographic Concentration Risk [Member] | China [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage			19%		13%
Product Revenue [Member] | Geographic Concentration Risk [Member] | Germany [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		12%	3%	14%	14%
Product Revenue [Member] | Geographic Concentration Risk [Member] | Other International Locations [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage				1%	1%
Beijing Ryzur Medical Investment Co., Ltd
Summary of Significant Accounting Policies [Line Items]
Upfront license fee				$ 2,700,000
License revenue
Summary of Significant Accounting Policies [Line Items]
Revenue		$ 0	$ 50,000	0	$ 1,764,920
License revenue | Product Revenue [Member] | Geographic Concentration Risk [Member] | United States [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage					82%
License revenue | Product Revenue [Member] | Geographic Concentration Risk [Member] | Germany [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage					16%
License revenue | Product Revenue [Member] | Geographic Concentration Risk [Member] | Other International Locations [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage					2%
O&P Providers or Third Party Payors [Member]
Summary of Significant Accounting Policies [Line Items]
Revenue recognized		$ 2,440,900	$ 1,324,300	$ 2,185,300	$ 2,305,500
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 Cash, Cash Equivalen

Summary of Cash, Cash Equivalents and Short-Term Investments (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents [Abstract]
Cash, cash equivalents, and restricted cash	$ 6,997,675	$ 6,871,306	$ 6,911,747	$ 5,345,967
Short-term investments
Short-Term Investments, Total	0	1,994,662
Cash [Member]
Restricted Cash and Cash Equivalents [Abstract]
Cash, cash equivalents, and restricted cash	850,544	1,231,871
Money Market Funds [Member]
Restricted Cash and Cash Equivalents [Abstract]
Cash, cash equivalents, and restricted cash	5,772,131	4,893,387
Commercial Paper [Member]
Restricted Cash and Cash Equivalents [Abstract]
Cash, cash equivalents, and restricted cash	0	746,048
Short-term investments
Short-Term Investments, Total	0	497,563
Restricted Cash (Member)
Restricted Cash and Cash Equivalents [Abstract]
Cash, cash equivalents, and restricted cash	375,000	0
US Government Agencies Debt Securities [Member]
Short-term investments
Short-Term Investments, Total	$ 0	$ 1,497,099

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Revenue by Major Source (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customer	$ 9,207,586	$ 5,079,523	$ 20,482,742	$ 14,484,775
Direct to Patient [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customer	7,431,751	3,501,958	15,491,584	9,245,345
Clinical/Medical Providers [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customer	1,775,835	1,527,565	4,991,158	3,474,510
License Revenue [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customer	$ 0	$ 50,000	$ 0	$ 1,764,920

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Potential Common Shares Issuable (Detail) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,925,853	2,315,167
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	23,246	24,982
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,234,357	1,621,935
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 ($)	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 1,367,375	$ 321,484
Work in process	74,859	6,589
Parts and subassemblies	1,941,279	1,475,434
Inventories, net	$ 3,383,513	$ 1,803,507

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Cash Equivalents and Short-term Investments Measured at Fair Value on Recurring Basis (Detail) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 5,772,131
Short-term investments	0	$ 1,994,662
Money market funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	5,772,131	4,893,387
Commercial Paper [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		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	5,772,131
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	$ 5,772,131	4,893,387
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments		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		$ 746,762

Accounts Payable and Other Ac_3

Accounts Payable and Other Accrued Expenses - Summary of Accounts Payable and Other Accrued Expenses (Detail) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Trade payables	$ 1,301,550	$ 1,073,405
Accrued compensation and benefits	2,598,932	1,964,487
Accrued insurance	240,575	95,680
Accrued professional services	54,533	52,202
Warranty reserve	159,531	231,108
Customer deposits	1,857,565	1,114,979
Other	235,390	354,083
Total	$ 6,448,076	$ 4,885,944

Line of Credit (Additional Info

Line of Credit (Additional Information) (Details) - USD ($)		9 Months Ended
	Jul. 11, 2024	Sep. 30, 2024	Aug. 31, 2024
Line of Credit Facility [Line Items]
Letter of credit			$ 375,000
Amount drawn under loan agreement	$ 900,000
Loan and Security Agreement [Member]
Line of Credit Facility [Line Items]
Percentage of Amounts advanced	80%
Floating Interest Rate	0.50%
Commitment fee	$ 20,000
Anniversary Fee	0.50%
Termination fee	0.01
Debt issuance costs		$ 199,500
Maximum [Member]
Line of Credit Facility [Line Items]
Amount drawn under loan agreement		$ 900,000
Maximum [Member] | Loan and Security Agreement [Member]
Line of Credit Facility [Line Items]
Floating Interest Rate	8.50%
Revolving Credit Facility [Member] | Loan and Security Agreement [Member]
Line of Credit Facility [Line Items]
Letter of credit	$ 4,000,000
Anniversary Fee	0.50%
Revolving Credit Facility [Member] | Maximum [Member] | Loan and Security Agreement [Member]
Line of Credit Facility [Line Items]
Letter of credit	$ 5,500,000

Common Stock and Warrants - Add

Common Stock and Warrants - Additional Information (Details)					3 Months Ended		9 Months Ended
	Jan. 19, 2024 USD ($) $ / shares shares	Aug. 29, 2023 USD ($) $ / shares shares	Jan. 17, 2023 USD ($) $ / shares shares	Aug. 02, 2022 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 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
Per Sale Price of warrants | $ / shares	$ 3.7999	$ 0.5999	$ 0.3249
Proceeds from public equity offering | $	$ 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					7,721,519	8,750,926	7,721,519	8,750,926
Common stock, shares outstanding					30,244,155		30,244,155		27,135,034
Shares value | $					$ 3,026		$ 3,026		$ 2,715
Price per share | $ / shares	$ 3.8	$ 0.6	$ 0.325
Common stock warrants, exercise price per share | $ / shares					$ 0.0001		$ 0.0001
Number of shares, Vested					42,828	10,099	980,173	199,163
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	0	0
Common stock issued for the exercise of common stock options, Shares					0	0	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							5,801,519

Stock Award Plans and Stock-b_3

Stock Award Plans and Stock-based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock award net share settled paid for withholding taxes	0	0	0	16,744
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 9,200		$ 9,200
Weighted-average remaining contractual term			9 months 14 days
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 2,511,100		$ 2,511,100
Weighted-average remaining contractual term			2 years 6 months
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	491,770		491,770
Number of common shares reserved for issuance	1,085,401		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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share based compensation expense	$ 324,185	$ 330,394	$ 552,580	$ 781,513
Cost of Goods Sold [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share based compensation expense	22,805	24,222	35,601	66,815
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share based compensation expense	30,599	11,362	63,562	(24,056)
Selling, clinical, and marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share based compensation expense	41,925	50,984	95,237	142,432
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share based compensation expense	$ 228,856	$ 243,826	$ 358,180	$ 596,322

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transactions [Abstract]
Cost of goods sold	$ 107,200	$ 32,800	$ 140,800	$ 76,900

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) Customer	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) Customer	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Insurer Customer	Sep. 30, 2023 USD ($) Customer	Dec. 31, 2023 USD ($) Insurer	Aug. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	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. In August 2024, the Company entered into a new lease agreement for its new corporate headquarters and manufacturing facility in Burlington, Massachusetts, which the Company expects to begin occupying by the end of 2024, with a term of approximately 88 months following the rent commencement date. The Company has the option to extend the new lease for an additional five years, subject to certain conditions being satisfied. Under the new lease, the Company provided a security deposit to the landlord in the form of a letter of credit for $375,000. The Company has collateralized the letter of credit with cash in a separate bank account, which is accounted for as long-term restricted cash on the condensed consolidated balance sheet. Termination options are either not included, or have expired, for the Company’s other 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	$ 467,000				$ 467,000
Finance program obligations	$ 275,390	$ 333,424	$ 222,326	$ 273,055	$ 275,390	$ 222,326	$ 142,217		$ 62,108	$ 52,307	$ 56,603
Loss Contingency							$ 55,000
Lease term								88 months
Option to extend lease term					The Company has the option to extend the new lease for an additional five years, subject to certain conditions being satisfied.
Letter of credit								$ 375,000
Directors and Officers Insurance Member
Commitments And Contingencies [Line Items]
Finance program obligations		39,000		29,000
Equal monthly payment made		$ 39,000		$ 27,000
Sales Revenue, Net [Member]
Commitments And Contingencies [Line Items]
Number of customers | Customer	0		0		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]
Concentration Risk, Percentage	19%		36%		22%	40%
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Patients with Medicare Advantage Insurance Plans [Member]
Commitments And Contingencies [Line Items]
Concentration Risk, Percentage	24%		59%		27%	59%
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Patients With Medicare Part B Coverage [Member]
Commitments And Contingencies [Line Items]
Concentration Risk, Percentage	55%				44%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Insurer [Member]
Commitments And Contingencies [Line Items]
Concentration Risk, Percentage					25%		56%

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Maturity of Operating Lease Liabilities (Detail) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 144,610
2025	102,841
2026	0
2027	0
Thereafter	0
Total future minimum lease payments	247,451
Less imputed interest	12,822
Total operating lease liabilities	234,629
Included in the condensed consolidated balance sheet:
Current operating lease liabilities	205,464	$ 486,143
Non-current operating lease liabilities	29,165	$ 115,160
Total operating lease liabilities	$ 234,629

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Operating Lease Cost (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease, Cost [Abstract]
Operating lease expense	$ 87,836	$ 116,314	$ 263,506	$ 367,613
Short-term lease expense	1,615	0	4,884	0
Total lease expense	$ 89,451	$ 116,314	$ 268,390	$ 367,613

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Additional Information Related to Operating Leases (Detail)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term (in years)	6 months 14 days	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
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Opening January 1	$ 333,424	$ 62,108	$ 142,217	$ 273,055	$ 52,307	$ 56,603
Increase	63,478	349,909	0	29,809	375,824	128,692
Expensed	(121,512)	(78,593)	(80,109)	(80,538)	(155,076)	(132,988)
Ending	$ 275,390	$ 333,424	$ 62,108	$ 222,326	$ 273,055	$ 52,307