Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Entity Registrant Name | EKSO BIONICS HOLDINGS, INC. | |
Entity Central Index Key | 1549084 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 | |
Document Period End Date | 31-Mar-15 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 102,064,820 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash | $21,133 | $25,190 |
Accounts receivable, net | 1,455 | 1,549 |
Inventories, net | 838 | 622 |
Prepaid expenses and other current assets | 447 | 388 |
Deferred cost of revenue, current | 1,677 | 1,551 |
Total current assets | 25,550 | 29,300 |
Property and equipment, net | 2,183 | 2,102 |
Deferred cost of revenue, non-current | 2,245 | 2,017 |
Other assets | 55 | 55 |
Total assets | 30,033 | 33,474 |
Current liabilities: | ||
Notes payable, current | 42 | 41 |
Accounts payable | 1,464 | 783 |
Accrued liabilities | 1,657 | 2,378 |
Deferred revenues, current | 3,545 | 3,412 |
Total current liabilities | 6,708 | 6,614 |
Deferred revenues, non-current | 4,085 | 3,895 |
Notes payable, non-current | 65 | 77 |
Deferred rent | 78 | 88 |
Total liabilities | 10,936 | 10,674 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized at March 31, 2015 and December 31, 2014; none issued and outstanding at March 31, 2015 and December 31, 2014, respectively | ||
Common stock, $0.001 par value; 500,000,000 shares authorized at March 31, 2015 and December 31, 2014; 102,017,584 and 101,621,358, shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 102 | 102 |
Additional paid-in capital | 94,911 | 94,499 |
Accumulated deficit | -75,916 | -71,801 |
Total stockholders' equity | 19,097 | 22,800 |
Total liabilities and stockholders' equity | $30,033 | $33,474 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Preferred stock, par value per share | $0.00 | $0.00 |
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 per share | $0.00 | $0.00 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 102,017,584 | 101,621,358 |
Common stock, shares outstanding | 102,017,584 | 101,621,358 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue: | ||
Medical devices | $985 | $527 |
Engineering services | 704 | 535 |
Total revenue | 1,689 | 1,062 |
Cost of revenue: | ||
Medical devices | 798 | 330 |
Engineering services | 488 | 252 |
Total cost of revenue | 1,286 | 582 |
Gross profit | 403 | 480 |
Operating expenses: | ||
Sales and marketing | 1,851 | 1,531 |
Research and development | 983 | 769 |
General and administrative | 1,662 | 2,071 |
Total operating expenses | 4,496 | 4,371 |
Loss from operations | -4,093 | -3,891 |
Other income (expense): | ||
Interest expense | -3 | -427 |
Loss on warrant liability | -77,437 | |
Interest income | 4 | 1 |
Other expense, net | -23 | -12 |
Total other expense, net | -22 | -77,875 |
Net loss | ($4,115) | ($81,766) |
Basic and diluted net loss per share | ($0.04) | ($1.22) |
Shares used to compute basic and diluted net loss per share | 101,791,221 | 67,072,057 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net loss | ($4,115) | ($81,766) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 200 | 157 |
Inventory allowance expense | 45 | |
Amortization of deferred rent | -10 | -9 |
Amortization of debt discounts | 198 | |
Stock-based compensation expense | 349 | 367 |
Loss on increase in fair value of warrant liability | 77,437 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 94 | -1,226 |
Inventories | -261 | -495 |
Prepaid expense and other assets | -59 | -52 |
Deferred costs of revenue | -354 | -530 |
Accounts payable | 681 | -454 |
Accrued liabilities | -721 | 135 |
Deferred revenues | 323 | 779 |
Net cash used in operating activities | -3,828 | -5,459 |
Investing activities: | ||
Acquisition of property and equipment, net | -281 | -248 |
Net cash used in investing activities | -281 | -248 |
Financing activities: | ||
Principal payments on notes payable | -11 | -2,532 |
Proceeds from exercise of stock options | 31 | 23 |
Proceeds from exercise of common stock warrants | 32 | |
Proceeds from issuance of common stock, net of issuance costs | 21,987 | |
Net cash provided by financing activities | 52 | 19,478 |
Net increase (decrease) in cash | -4,057 | 13,771 |
Cash at beginning of the period | 25,190 | 805 |
Cash at end of the period | $21,133 | $14,576 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2015 | |
Organization [Abstract] | |
Organization | 1. Organization |
Description of Business and Liquidity | |
On January 15, 2014, a wholly-owned subsidiary of Ekso Bionics Holdings, Inc. named Ekso Acquisition Corp merged with and into Ekso Bionics, Inc. (the “Merger”). Ekso Bionics, Inc. was the surviving corporation and became a wholly-owned subsidiary of Ekso Bionics Holdings, Inc. As a result of this transaction, Ekso Bionics Holdings, Inc. discontinued its pre-merger operations, acquired the business of Ekso Bionics, Inc. and continues the operations of Ekso Bionics, Inc. as a publicly traded company. See Note 3, The Merger, Offering and Other Related Matters. Ekso Bionics, Inc. was incorporated in January 2005 in the State of Delaware. We are currently headquartered in Richmond, California. | |
As used in these notes to the condensed consolidated financial statements, the term “the Company” refers to Ekso Bionics Holdings, Inc. (formerly known as PN Med Group, Inc.) and its direct and indirect wholly-owned subsidiaries, including Ekso Bionics, Inc. and Ekso Bionics Ltd., after giving effect to the Merger; the term “Holdings” refers to the business of Ekso Bionics Holdings, Inc. prior to the Merger, and the term “Ekso Bionics” refers to Ekso Bionics, Inc. prior to the Merger. Unless otherwise indicated, all dollar amounts included in these notes to the financial statements are in thousands. | |
We are a leading developer and manufacturer of human bionic exoskeletons and were founded after the University of California at Berkeley's Robotics and Human Engineering Laboratory had a breakthrough in demonstrating human exoskeletons that are more energy efficient than previously thought possible. | |
We are pioneering the field of human exoskeletons to augment human strength, endurance and mobility. We design, develop and sell wearable robots, or “human exoskeletons,” that have applications in medical, military, industrial, and consumer markets. Our exoskeleton systems are strapped over the user's clothing, enabling individuals with neurological conditions affecting gait (e.g., spinal cord injury or stroke) to walk again, permitting soldiers to carry heavy loads for long distances while mitigating lower back, knee, and ankle injuries, and allowing industrial workers to perform heavy duty work for extended periods. | |
Our current medical device product, the Ekso GT, is a wearable bionic suit that provides individuals with stroke, spinal cord injuries and other lower-extremity paralysis or weakness the ability to stand and walk over ground with a full weight-bearing, reciprocal gait using a cane, crutches or a walker under the supervision of a physical therapist. Walking is achieved by the shifting of the user's body to activate sensors in the device that initiate steps. Battery-powered motors drive the legs, replacing deficient neuromuscular function. First-time users can expect to walk with aid from the device the first time they put on the Ekso exoskeleton (after passing an assessment), while an experienced user can transfer to or from their wheelchair and don or remove the Ekso in less than five minutes. | |
Our engineering services division, Ekso Labs, is an exoskeleton laboratory that continually integrates emerging technologies into new product applications and expands on such technologies with our partners. Ekso Labs also develops intellectual property through research grants from government organizations, including the United States Special Operations Command and the Department of Defense. | |
Liquidity | |
Largely as a result of significant research and development activities related to the creation of our advanced technology and commercialization of this technology into our medical device business, we have incurred significant operating losses and negative cash flows from operations since inception. As of March 31, 2015, we had an accumulated deficit of $75,916. | |
The Company's cash as of March 31, 2015 was $21,133 compared to $25,190 at December 31, 2014. During the three months ended March 31, 2015, the Company used $3,828 of cash in operations compared to $5,459 for the three months ended March 31, 2014. | |
Based upon our current three-month average monthly net use of cash of $1,300 and assuming increases in current revenue and gross profit, offset by modest incremental net use of cash for increased operating expenses and a potential increase in rental activity for our medical device business, the Company believes it has sufficient resources to meet its financial obligations into the second quarter of 2016. | |
Our actual capital requirements may vary significantly and will depend on many factors. For example, we plan to increase our investments (i) in our clinical, sales and marketing initiatives to accelerate adoption of the Ekso robotic exoskeleton in the rehabilitation market, (ii) in our research, development and commercialization activities with respect to an Ekso robotic exoskeleton for home use, and/or (iii) in the development and commercialization of able-bodied exoskeletons for industrial use. Consequently, the Company will require significant additional financing in the future, which we intend to raise through public or private equity offerings, debt financings, warrant solicitations or corporate collaborations within the next three to four quarters. When we need to raise additional capital, there can be no assurance that financing will be available when required in sufficient amounts, on acceptable terms or at all. In the event that the necessary additional financing is not obtained, we may be required to reduce our discretionary overhead costs substantially, including research and development, general and administrative and sales and marketing expenses or otherwise curtail operations. |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies and Estimates | 3 Months Ended |
Mar. 31, 2015 | |
Basis of Presentation and Summary of Significant Accounting Policies and Estimates [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies and Estimates | 2. Basis of Presentation and Summary of Significant Accounting Policies and Estimates |
There have been no material changes to our significant accounting policies as compared to those described in our Annual Report on Form 10-K for the year ended December 31, 2014. | |
Basis of Presentation | |
These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC for the presentation of interim financial information. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed, or omitted, pursuant to such rules and regulations. The condensed consolidated balance sheet at December 31, 2014 has been derived from the audited consolidated financial statements at that date but do not include all disclosures required for the annual financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included as part of our Annual Report on Form 10-K for the year ended December 31, 2014. | |
In management's opinion, the condensed consolidated financial statements reflect all adjustments (including reclassifications and normal recurring adjustments) necessary to present fairly the financial position at March 31, 2015, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of results that can be expected for a full year. The condensed consolidated financial statements include the accounts of the Company and our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates | |
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to: revenue recognition, deferred revenue and the deferral of the associated costs, useful lives assigned to long-lived assets, realizability of deferred tax assets, valuation of common and preferred stock warrants, the valuation of options and warrants, and contingencies. Actual results could differ from those estimates. | |
Concentration of Credit Risk and Other Risks and Uncertainties | |
Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and accounts receivable. We maintain our cash accounts in excess of federally insured limits. However, we believe we are not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. We extend credit to customers in the normal course of business and perform ongoing credit evaluations of our customers. Concentrations of credit risk with respect to accounts receivable exist to the full extent of amounts presented in the consolidated financial statements. We do not require collateral from our customers to secure accounts receivable. | |
Accounts receivable are derived from the sale of products shipped and services performed for customers located in the U.S. and throughout the world. Invoices are aged based on contractual terms with the customer. We review accounts receivable for collectability and provide an allowance for credit losses, as needed. We have not experienced any material losses related to accounts receivable as of March 31, 2015 and December 31, 2014. Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency other than the U.S. dollar. We do not enter into any foreign currency hedging agreements and are susceptible to gains and losses from foreign currency fluctuations. To date, we have not experienced significant gains or losses upon settling foreign contracts. | |
As of March 31, 2015, we had one customer with accounts receivable balances totaling 10% or more of our total accounts receivable (12%), compared with two customers as of December 31, 2014 (22% and 11%). | |
In the three months ended March 31, 2015, we had two customers with sales balances of 10% or more of our total customer sales (17%, and 16% ), compared with two customers in the three months ended March 31, 2014 (18% and 12%). | |
Common Stock Warrants | |
We accounted for the common stock warrants issued in connection with our Merger and related private placement offering (see Note 3, The Merger, Offering and Other Related Matters) in accordance with the guidance in Accounting Standards Codification (“ASC”) 815-40. Under ASC 815-40, the warrants did not meet the criteria for equity treatment and were recorded as a liability. The warrants initially had an anti-dilution clause that allowed for a decrease in the exercise price of the warrants if the Company issued additional shares of common stock without consideration or for consideration per share less than the exercise price of such warrants. Accordingly, we classified the warrant instruments as liabilities at their fair market value at the date of issuance and re-measured the warrants at each balance sheet date. Changes in the fair value were recognized as a gain (loss) on warrant liability in our consolidated statement of operations. These warrants were amended in November 2014 to remove the price-based anti-dilution provision, among other things. Accordingly, the warrants are no longer recorded as a liability. | |
Recent Accounting Pronouncements | |
There have been no recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2015 as compared to the recent accounting pronouncements described in our Annual Report on Form 10-K for the year ended December 31, 2014 that are of significance, or potential significance, to the Company. |
The_Merger_Offering_and_Other_
The Merger, Offering and Other Related Transactions | 3 Months Ended |
Mar. 31, 2015 | |
The Merger, Offering and Other Related Transactions [Abstract] | |
The Merger, Offering and Other Related Transactions | 3. The Merger, Offering and Other Related Transactions |
Holdings was incorporated in the State of Nevada on January 30, 2012, as a distributor of medical supplies and equipment to municipalities, hospitals, pharmacies, care centers, and clinics in Chile. At the time of the Merger, Holdings was a “shell company” as defined in Rule 12b-2 of the Exchange Act. Holdings' fiscal year end was previously March 31 but was changed to December 31 in connection with the Merger. | |
On January 15, 2014, Holdings and a newly formed wholly-owned subsidiary of Holdings, Ekso Acquisition Corp. (“Acquisition Sub”) entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with Ekso Bionics. Under the Merger Agreement, Acquisition Sub merged with and into Ekso Bionics, with Ekso Bionics remaining as the surviving corporation and with the stockholders of Ekso Bionics exchanging all of their common stock, preferred stock and warrants to purchase preferred stock issued and outstanding immediately prior to the closing of the Merger into an aggregate of 42,615,556 shares of Holdings' common stock and warrants to purchase 621,361 shares of common stock. In addition, options to purchase 4,989,111 shares of common stock of Ekso Bionics were converted into options to purchase 7,602,408 shares of common stock of Holdings. These shares are in addition to 5,280,368 outstanding shares of Holdings common stock held by certain pre-Merger stockholders of Holdings, consisting of 4,500,600 shares held by such stockholders prior to the Merger and an additional 779,768 shares issued to such stockholders pursuant to a provision in the Merger Agreement requiring us to issue a number of shares such that the aggregate ownership of the pre-Merger stockholders (not including any shares of common stock purchased by them in the private placement offering described below) remained approximately 6.8% of the outstanding common stock of the Company following the Merger and private placement offering. | |
Upon the closing of the Merger, under the terms of a split-off agreement and a general release agreement, Holdings transferred all of its pre-Merger operating assets and liabilities to a newly formed wholly-owned special-purpose subsidiary (“Split-Off Subsidiary”), and transferred all of the outstanding shares of capital stock of Split-Off Subsidiary to two individuals who were the pre-Merger majority stockholders of Holdings and Holdings' former officers and sole director (the “Split-Off”), in consideration of and in exchange for (a) the surrender and cancellation of an aggregate of all shares of Holdings' common stock held by such individuals (which were cancelled and resumed the status of authorized but unissued shares of our common stock) and (b) certain representations, covenants and indemnities. | |
Accounting for Reverse Merger | |
Ekso Bionics, as the accounting acquirer, recorded the Merger as the issuance of stock for the net monetary assets of Holdings accompanied by a recapitalization. This accounting was identical to that resulting from a reverse merger, except that no goodwill or intangible assets were recorded. The historical financial statements of Holdings before the Merger have been replaced with the historical financial statements of Ekso Bionics before the Merger in filings with the SEC subsequent to the Merger, including this filing. The Merger is intended to be treated as a tax-free exchange under Section 368(a) of the Internal Revenue Code of 1986, as amended. | |
Retroactive Conversion of all Share and Per Share Amounts | |
In accordance with reverse merger accounting guidance, amounts for Ekso Bionics' historical (pre-merger) common stock, preferred stock and warrants and options to purchase common stock, including share and per share amounts, have been retroactively adjusted using their respective exchange ratios in these financial statements unless otherwise disclosed. The conversion ratios were 1.5238, 1.6290, 1.9548 and 1.9548 for shares of common stock, Series A preferred stock, Series A-2 preferred stock and Series B preferred stock, respectively. | |
Repayment of 2013 Bridge Note | |
In November 2013, in anticipation of the Merger and related private placement offering, Ekso Bionics completed a private placement to accredited investors of $5,000 of its senior subordinated secured convertible notes (the “2013 Bridge Notes”). Upon the closing of the Merger and the private placement offering described below, the $5,000 in outstanding principal and $83 of accrued interest of the 2013 Bridge Notes automatically converted into 5,000,000 Units (as defined below), and investors in the 2013 Bridge Notes received warrants to purchase 2,500,000 shares of common stock at an exercise price of $1.00 per share for a term of three years (the “Bridge Warrants”). The Bridge Warrants had weighted average anti-dilution protection, subject to customary exceptions. | |
Private Placement Offering | |
Concurrently with the closing of the Merger and in contemplation of the Merger, the Company held a closing of a private placement offering (the “PPO”) in which it sold 20,580,000 Units at a purchase price of $1.00 per Unit, with each Unit consisting of one share of common stock plus a warrant (the “PPO Warrants”) to purchase an additional share of common stock of the Company at $2.00 per share with a five year term (the “Units”). Included in the initial Unit sales were 5,000,000 Units that were issued upon conversion of the 2013 Bridge Notes mentioned above. Between January 29, 2014 and February 6, 2014, the Company issued an additional 9,720,000 Units in subsequent closings of the PPO. As a result of issuing a total of 30,300,000 Units, (a) the Company received gross proceeds of $25,300, (b) $5,083 of debt and accrued interest attributable to the 2013 Bridge Notes was settled with the issuance of 5,000,000 Units, (c) a net of $2,553 of our Senior Note Payable (as defined below) was paid in full, and (d) we incurred offering costs of $3,338. | |
Investors in the Units have weighted average anti-dilution protection with respect to the shares of common stock included in the Units if within 24 months after the final closing of the PPO the Company issues additional shares of common stock or common stock equivalents (subject to customary exceptions, including but not limited to issuances of awards under the Company's 2014 Equity Incentive Plan) for consideration per share less than $1.00. The PPO warrants also had weighted average anti-dilution protection, subject to customary exceptions. | |
In connection with the conversion of the 2013 Bridge Notes and the PPO, the placement agent for the PPO and its sub-agents were paid an aggregate commission of $3,030 and were issued warrants to purchase an aggregate of 500,000 shares of our common stock, with an exercise price per share of $1.00 and a term of five years (“Bridge Agent Warrants”) and warrants to purchase an aggregate of 2,500,000 shares of common stock with a term of five years and an exercise price of $1.00 per share (the “PPO Agent Warrants”). The Bridge Agent Warrants and PPO Agent Warrants have weighted average anti-dilution protection, subject to customary exceptions. | |
Offer to Amend and Exercise | |
In November 2014, the Company consummated an offer to amend and exercise its PPO Warrants at a temporarily reduced exercise price (the “Offer to Amend and Exercise”). Pursuant to the Offer to Amend and Exercise, an aggregate of 22,755,500 PPO Warrants were exercised by their holders and were also amended to reduce the exercise price from $2.00 to $1.00 per share of common stock, and to restrict the ability of the holder of shares issuable upon exercise of the amended warrants to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any of such shares without the prior written consent of the Company for a period of 50 days after the expiration date of the Offer to Amend and Exercise. | |
In connection with the Offer to Amend and Exercise, the holders of a majority of the then outstanding PPO Warrants, Bridge Warrants, PPO Agent Warrants and Bridge Agent Warrants approved an amendment to remove the price-based anti-dilution provisions in those warrants (see Note 10, Warrants). | |
2014 Equity Incentive Plan | |
Before the Merger, the Board of Directors adopted, and the stockholders approved, the 2014 Equity Incentive Plan (the “2014 Plan”), which provides for the issuance of incentive awards of up to 14,410,000 shares of common stock to officers, key employees, consultants and directors. In connection with the Merger, options to purchase Ekso Bionics common stock outstanding immediately prior to the Merger were converted into options to purchase an aggregate of 7,602,408 shares of Holdings issued under the 2014 Plan. | |
On the closing of the Merger, the Board granted to officers and directors options to purchase an aggregate of 2,300,000 shares of common stock under the 2014 Plan. | |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||
Mar. 31, 2015 | |||
Fair Value Measurements [Abstract] | |||
Fair Value Measurements | 4. Fair Value Measurements | ||
The Company records its consolidated financial assets and liabilities at fair value. The accounting standard for fair value provides a framework for measuring fair value, and defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting standard establishes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: | |||
• | Level 1—Quoted prices in active markets for identical assets or liabilities. The Company considers a market | ||
to be active when transactions for the asset occur with sufficient frequency and volume to provide pricing | |||
information on an ongoing basis. | |||
• | Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the | ||
fair value of the assets or liabilities. The valuation of Level 3 investments requires the use of significant management judgments or estimation. | |||
There were no financial assets or liabilities that required fair value measurements as of March 31, 2015 or December 31, 2014. | |||
Deferred_Revenues
Deferred Revenues | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Deferred Revenues [Abstract] | |||||||||||||
Deferred Revenues | 5. Deferred Revenues | ||||||||||||
In connection with our device sales and research services, we often receive cash payments before our earnings process is complete. In these instances, we record the payments as customer deposits or customer advances until the device is shipped to the customer or in the case of research services until the earnings process or milestone is achieved. | |||||||||||||
As described in our revenue recognition policy for Ekso unit sales, revenues are deferred and recognized over the maintenance period. Accordingly, at the time of shipment the amount billed is recorded as deferred revenue. Also, at the time of shipment to the customer, the related inventory is reclassified to deferred cost of revenue where it is amortized to cost of revenue over the same period as the related revenue. | |||||||||||||
Deferred revenues and deferred cost of revenues consist of the following: | |||||||||||||
March 31, | December 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Customer deposits and advances | $ | 148 | $ | 105 | |||||||||
Deferred Ekso unit revenues | 5,583 | 5,327 | |||||||||||
Deferred service, leasing and software revenues | 1,899 | 1,875 | |||||||||||
Customer advances and deferred revenues | 7,630 | 7,307 | |||||||||||
Less current portion | (3,545 | ) | (3,412 | ) | |||||||||
Customer advances and deferred revenues, non-current | $ | 4,085 | $ | 3,895 | |||||||||
Deferred Ekso unit costs | $ | 3,922 | $ | 3,568 | |||||||||
Less current portion | (1,677 | ) | (1,551 | ) | |||||||||
Deferred cost of revenue, non-current | $ | 2,245 | $ | 2,017 |
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Accrued Liabilities [Abstract] | |||||||||||||
Accrued Liabilities | 6. Accrued Liabilities | ||||||||||||
Accrued liabilities consist of the following: | |||||||||||||
March 31, | December 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Salaries, benefits and related expenses | $ | 1,136 | $ | 1,847 | |||||||||
Professional fees | 326 | 184 | |||||||||||
Warranty expense | 109 | 126 | |||||||||||
Taxes | 41 | 46 | |||||||||||
Royalties | 2 | 50 | |||||||||||
Travel | 33 | 76 | |||||||||||
Other | 10 | 49 | |||||||||||
Total | $ | 1,657 | $ | 2,378 | |||||||||
Notes_Payable
Notes Payable | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Notes Payable [Abstract] | |||||||||||||
Notes Payable | 7. Notes Payable | ||||||||||||
In 2012, the Company entered into a note agreement in conjunction with its lease agreement for our Richmond, California facility. The note for an aggregate $200, with an interest rate of 7%, minimum monthly payments of $4, and a May 31, 2017 maturity, was used to fund leasehold improvements. In addition, the Company has a long-term capital lease obligation of $12. | |||||||||||||
Future obligations under these debt instruments as of March 31, 2015 are as follows: | |||||||||||||
Leasehold | |||||||||||||
Capital | Improvement | ||||||||||||
Lease | Note | Total | |||||||||||
2015 (remainder) | $ | 4 | $ | 36 | $ | 40 | |||||||
2016 | 5 | 48 | 53 | ||||||||||
2017 | 4 | 19 | 23 | ||||||||||
Total minimum lease payments | 13 | 103 | 116 | ||||||||||
Less: interest | (1 | ) | (8 | ) | (9 | ) | |||||||
Present value minimum lease payments | 12 | 95 | 107 | ||||||||||
Less: current portion | - | (42 | ) | (42 | ) | ||||||||
Long-term portion of capital lease obligation | $ | 12 | $ | 53 | $ | 65 |
Operating_and_Capital_Leases
Operating and Capital Leases | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Operating and Capital Leases [Abstract] | |||||
Operating and Capital Leases | 8. Operating and Capital Leases | ||||
On November 29, 2011, the Company entered into an operating lease agreement for its headquarters and manufacturing facility in Richmond, California. The lease term commenced in March 2012 and expires in May 2017. The lease provides the Company with one option to renew for 5 additional years. The Company also leases nominal office equipment. | |||||
Future minimum operating lease payments are as follows as of March 31, 2015: | |||||
2015 (remainder of year) | $ | 282 | |||
2016 | 375 | ||||
2017 | 157 | ||||
Total | $ | 814 | |||
The Company also has a capital lease for the purchase of machinery and equipment with a balance of $12 and $13 as of March 31, 2015 and December 31, 2014 respectively, which is classified as a component of Notes payable, non-current portion (see Note 7, Notes Payable). | |||||
Rent expense under the Company's operating leases was $86 and $85 for the three month periods ended March 31, 2015, and 2014, respectively. |
Capitalization_and_Equity_Stru
Capitalization and Equity Structure | 3 Months Ended |
Mar. 31, 2015 | |
Capitalization and Equity Structure [Abstract] | |
Capitalization and Equity Structure | 9. Capitalization and Equity Structure |
The Company's authorized capital stock at March 31, 2015 consisted of 500,000,000 shares of common stock and 10,000,000 shares of preferred stock. At March 31, 2015, 102,017,584 shares of common stock were issued and outstanding, and no shares of preferred stock were issued and outstanding. | |
Warrants
Warrants | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Warrants [Abstract] | |||||||||||||||||||||
Warrants | 10. Warrants | ||||||||||||||||||||
As discussed in Note 3, The Merger, Offering and Other Related Transactions, the Company issued during the Merger and PPO, warrants to purchase a total of 36,055,000 shares of common stock of which 30,300,000 were at an exercise price of $2.00 per share (the “Warrant Shares”), and the balance at $1.00 per share. These warrants contained “weighted average” anti-dilution protection in the event that we issued common stock or securities convertible into or exercisable for shares of common stock at a price lower than the subject warrant's exercise price, subject to certain customary exceptions, as well as customary provisions for adjustment in the event of stock splits, subdivision or combination, mergers, etc. The anti-dilution protection feature required the Company to record the then outstanding securities as a $10,613 liability. Due to the market price of the Company's common stock price exceeding the exercise price of the then outstanding warrants, the Company recorded a non-cash charge of $77,437 during the period ended March 31, 2014. | |||||||||||||||||||||
The factors utilized in re-valuing the warrants were as follows as of March 31, 2014: | |||||||||||||||||||||
Dividend yield | – | ||||||||||||||||||||
Risk-free interest rate | 0.90% - 1.73% | ||||||||||||||||||||
Share price at final valuation | 3.9 | ||||||||||||||||||||
Expected term (in years) | 2.80- 4.80 | ||||||||||||||||||||
Volatility | 79% | ||||||||||||||||||||
Periodic rate | 0.25% - 0.83% | ||||||||||||||||||||
Periods in the model | 10 | ||||||||||||||||||||
These warrants were amended in November 2014 to remove the price-based anti-dilution provision, among other things. Accordingly, the warrants are no longer recorded as a liability. | |||||||||||||||||||||
Warrant activity for the three month period ended March 31, 2015 is as follows: | |||||||||||||||||||||
Balance | Exercise | Term | Balance | ||||||||||||||||||
Name | 31-Dec-14 | Price | (Years) | Exercised | 31-Mar-15 | ||||||||||||||||
Placement agent warrants | 3,030,000 | $ | 1 | 5 | (32,700 | ) | 2,997,300 | ||||||||||||||
Bridge warrants | 2,600,000 | $ | 1 | 5 | 2,600,000 | ||||||||||||||||
PPO warrants | 7,544,500 | $ | 2 | 5 | 7,544,500 | ||||||||||||||||
Pre Merger/PPO warrants | 621,361 | $ | 1.38 | various | 621,361 | ||||||||||||||||
Total | 13,795,861 | (32,700 | ) | 13,763,161 | |||||||||||||||||
Stockbased_Compensation_Plans_
Stock-based Compensation Plans and Awards | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Stock-based Compensation Plans and Awards [Abstract] | ||||||||||||||||||||||||||||
Stock-based Compensation Plans and Awards | 11. Stock-based Compensation Plans and Awards | |||||||||||||||||||||||||||
In January 2014, and prior to the Merger, the Board of Directors and a majority of the stockholders adopted the 2014 Plan that allows for the issuance of 14,410,000 shares of common stock. Options previously issued under the Ekso Bionics 2007 Equity Incentive Plan were converted into options to purchase an aggregate of 7,602,408 shares of the Company's common stock under the 2014 Plan. Under the terms of the 2014 Plan, the Board of Directors may award stock, options, or similar rights having either a fixed or variable price related to the fair market value of the shares and with an exercise or conversion privilege related to the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or other conditions, or any other security with the value derived from the value of the shares. Such awards include stock options, restricted stock, restricted stock units, stock appreciation rights and dividend equivalent rights. | ||||||||||||||||||||||||||||
The Board of Directors may grant stock options under the 2014 Plan at a price of not less than 100% of the fair market value of our common stock on the date the option is granted. Incentive stock options granted to employees who, on the date of grant, own stock representing more than 10% of the voting power of all of our classes of stock, are granted at an exercise price of not less than 110% of the fair market value of our common stock. The maximum term of incentive stock options granted to employees who own stock possessing more than 10% of the voting power of all classes of the our stock, may not exceed five years. The maximum term of an incentive stock option granted to any other participant may not exceed ten years. Subject to the limitations discussed above, the Board of Directors determines the term and exercise or purchase price of other awards granted under the 2014 Plan. The Board of Directors also determines the terms and conditions of awards, including the vesting schedule and any forfeiture provisions. Awards under the 2014 Plan may vest upon the passage of time, generally four years, or upon the attainment of certain performance criteria established by the Board of Directors. We may from time to time grant options to purchase common stock to non-employees for advisory and consulting services. Pursuant to ASC 505-50, Equity-Based Payments to Non-Employees, we periodically re-measure the fair value of these stock options using the Black-Scholes option pricing model and recognize expense ratably over the vesting period of each stock option award. Upon exercise of an option, it is the Company's policy to issue new shares of common stock. | ||||||||||||||||||||||||||||
The following table summarizes information about the Company's stock options outstanding at March 31, 2015, and activity during the three-month period then ended: | ||||||||||||||||||||||||||||
Weighted- | ||||||||||||||||||||||||||||
Average | ||||||||||||||||||||||||||||
Weighted- | Remaining | Aggregate | ||||||||||||||||||||||||||
Stock | Average | Contractual | Intrinsic | |||||||||||||||||||||||||
Awards | Exercise Price | Life (Years) | Value | |||||||||||||||||||||||||
Balance as of December 31, 2014 | 10,791,081 | $ | 0.79 | |||||||||||||||||||||||||
Options granted | 285,000 | $ | 1.39 | |||||||||||||||||||||||||
Options exercised | (597,423 | ) | $ | 0.57 | ||||||||||||||||||||||||
Options forfeited | (10,126 | ) | $ | 1.74 | ||||||||||||||||||||||||
Options cancelled | - | - | ||||||||||||||||||||||||||
Balance as of March 31, 2015 | 10,468,532 | $ | 0.82 | 7.62 | $ | 8,089 | ||||||||||||||||||||||
Vested and expected to vest at March 31, 2015 | 9,841,985 | $ | 0.8 | 7.53 | $ | 7,813 | ||||||||||||||||||||||
Exercisable as of March 31, 2015 | 5,457,721 | $ | 0.55 | 6.45 | $ | 5,571 | ||||||||||||||||||||||
Of the 597,423 shares exercised, 233,897 were on a cashless basis for which the Company did not receive any proceeds, but instead withheld a like number of shares from the exerciser to cover the exercise amount. | ||||||||||||||||||||||||||||
As of March 31, 2015, total unrecognized compensation cost related to unvested stock options was $2,713. This amount is expected to be recognized as stock-based compensation expense in the Company's consolidated statements of operations over the remaining weighted average vesting period of 2.63 years. | ||||||||||||||||||||||||||||
The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes option pricing model using the following assumptions: | ||||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
Dividend yield | — | — | ||||||||||||||||||||||||||
Risk-free interest rate | 1.41% - 1.92% | 1.74% - 2.67% | ||||||||||||||||||||||||||
Expected term (in years) | 10-Jun | 10-May | ||||||||||||||||||||||||||
Volatility | 73% | 66% | ||||||||||||||||||||||||||
Total stock-based compensation expense related to options granted to employees and non-employees was included in the unaudited Condensed Consolidated Statements of Operations as follows: | ||||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
Sales and marketing | $ | 132 | $ | 101 | ||||||||||||||||||||||||
Research and development | 54 | 69 | ||||||||||||||||||||||||||
General and administrative | 163 | 197 | ||||||||||||||||||||||||||
$ | 349 | $ | 367 | |||||||||||||||||||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 12. Income Taxes |
There were no material changes to the unrecognized tax benefits in the three months ended March 31, 2015 and the Company does not expect significant changes to unrecognized tax benefits through the end of the fiscal year. Because of the Company's history of tax losses, all years remain open to tax audit. | |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies |
Contingencies | |
In the normal course of business, the Company is subject to various legal matters. In the opinion of management, the resolution of such matters will not have a material adverse effect on the Company's consolidated financial statements. | |
Material Contracts | |
The Company enters into various license, research collaboration and development agreements which provide for payments to the Company for government grants, fees, cost reimbursements typically with a markup, technology transfer and license fees, and royalty payments on sales. | |
The Company has two license agreements to maintain exclusive rights to patents. The Company is also required to pay 1% of net sales of products sold to entities other than the U.S. government. In the event of a sublicense, the Company will owe 21% of license fees and must pass through 1% of the sub-licensee's net sales of products sold to entities other than the U.S. government. | |
The agreements also stipulate minimum annual royalties of $10 for 2012, $20 for 2013, $40 for 2014 and $50 for subsequent years. | |
FDA Approval | |
While we believe that the Company's Ekso GT robotic exoskeleton has been appropriately marketed in the United States as a Class I 510(k) exempt Powered Exercise Equipment device since February 2012, on June 26, 2014, the FDA announced the creation of a new product classification for Powered Exoskeleton devices. On October 21, 2014, the FDA published the summary for the reclassified Powered Exoskeleton and informed us in writing of the agency's belief that this new product classification applied to the Ekso GT device. This new product classification was designated as being Class II, which required the clearance of a 510(k). The FDA requested that we file a 510(k) notice to obtain this clearance. Per the FDA's request, we filed that 510(k) notice on December 24, 2014, and this submission is currently under review at the FDA. The Company intends to continue marketing the Ekso robotic exoskeleton under its current Class I registration and listing with its current indications for use until 510(k) clearance is either granted or denied by the FDA or the Company is otherwise notified by the FDA to cease such activities. The Company believes that in situations where the class of a product has been elevated by the FDA, manufacturers are normally granted enforcement discretion by the FDA and given ample time to seek clearance at the new class level. Nonetheless, the FDA may not agree with our decision to continue marketing the device until a 510(k) is cleared. If the FDA disagrees with our decision, we may be required to cease marketing or to recall the products until we obtain clearance or approval, and we may be subject to regulatory fines or penalties. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Net Income (Loss) Per Share [Abstract] | |||||||||
Net Income (Loss) Per Share | 14. Net Income (Loss) Per Share | ||||||||
The following table sets forth the computation of basic and diluted net loss per share: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net loss | $ | (4,115 | ) | $ | (81,766 | ) | |||
Denominator: | |||||||||
Weighted-average common shares outstanding used in computing basic and diluted net loss per share | 101,791,221 | 67,072,057 | |||||||
Net loss per share, basic and diluted | $ | (0.04 | ) | $ | (1.22 | ) | |||
The following table sets forth potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Options to purchase common stock | 10,468,532 | 10,645,449 | |||||||
Warrants | 13,763,161 | 36,676,361 | |||||||
Total common stock equivalents | 24,231,693 | 47,321,810 |
Segment_Disclosures
Segment Disclosures | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Disclosures [Abstract] | |||||||||||||
Segment Disclosures | 15. Segment Disclosures | ||||||||||||
The Company has two reportable segments, Engineering Services and Medical. Engineering Services generates revenue principally from collaborative research and development service arrangements, technology license agreements, and government grants where the Company uses its robotics domain knowledge in bionic exoskeletons to bid on and procure contracts and grants from entities such as such as the National Science Foundation and the Defense Advanced Research Projects Agency. The Medical segment designs, engineers, and manufactures exoskeletons for applications in the medical and military markets. | |||||||||||||
The Company evaluates performance and allocates resources based on segment gross profit margin. The reportable segments are each managed separately because they serve distinct markets, and one segment provides a service and the other manufactures and distributes a unique product. The Company does not consider net assets as a segment measure and, accordingly, assets are not allocated. | |||||||||||||
Segment reporting information is as follows: | |||||||||||||
Engineering | Medical | ||||||||||||
Services | Devices | Total | |||||||||||
Three months ended March 31, 2015 | |||||||||||||
Revenue | $ | 704 | $ | 985 | $ | 1,689 | |||||||
Cost of revenue | 488 | 798 | 1,286 | ||||||||||
Gross profit | $ | 216 | $ | 187 | $ | 403 | |||||||
Three months ended March 31, 2014 | |||||||||||||
Revenue | $ | 535 | $ | 527 | $ | 1,062 | |||||||
Cost of revenue | 252 | 330 | 582 | ||||||||||
Gross profit | $ | 283 | $ | 197 | $ | 480 | |||||||
Geographic information for revenue based on location of customer is as follows: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
North America | $ | 1,271 | $ | 890 | |||||||||
All Other | 418 | 172 | |||||||||||
$ | 1,689 | $ | 1,062 |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Basis of Presentation and Summary of Significant Accounting Policies and Estimates [Abstract] | |
Basis of Presentation | Basis of Presentation |
These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC for the presentation of interim financial information. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed, or omitted, pursuant to such rules and regulations. The condensed consolidated balance sheet at December 31, 2014 has been derived from the audited consolidated financial statements at that date but do not include all disclosures required for the annual financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included as part of our Annual Report on Form 10-K for the year ended December 31, 2014. | |
In management's opinion, the condensed consolidated financial statements reflect all adjustments (including reclassifications and normal recurring adjustments) necessary to present fairly the financial position at March 31, 2015, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of results that can be expected for a full year. The condensed consolidated financial statements include the accounts of the Company and our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates | Use of Estimates |
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to: revenue recognition, deferred revenue and the deferral of the associated costs, useful lives assigned to long-lived assets, realizability of deferred tax assets, valuation of common and preferred stock warrants, the valuation of options and warrants, and contingencies. Actual results could differ from those estimates. | |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties |
Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and accounts receivable. We maintain our cash accounts in excess of federally insured limits. However, we believe we are not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. We extend credit to customers in the normal course of business and perform ongoing credit evaluations of our customers. Concentrations of credit risk with respect to accounts receivable exist to the full extent of amounts presented in the consolidated financial statements. We do not require collateral from our customers to secure accounts receivable. | |
Accounts receivable are derived from the sale of products shipped and services performed for customers located in the U.S. and throughout the world. Invoices are aged based on contractual terms with the customer. We review accounts receivable for collectability and provide an allowance for credit losses, as needed. We have not experienced any material losses related to accounts receivable as of March 31, 2015 and December 31, 2014. Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency other than the U.S. dollar. We do not enter into any foreign currency hedging agreements and are susceptible to gains and losses from foreign currency fluctuations. To date, we have not experienced significant gains or losses upon settling foreign contracts. | |
As of March 31, 2015, we had one customer with accounts receivable balances totaling 10% or more of our total accounts receivable (12%), compared with two customers as of December 31, 2014 (22% and 11%). | |
In the three months ended March 31, 2015, we had two customers with sales balances of 10% or more of our total customer sales (17%, and 16% ), compared with two customers in the three months ended March 31, 2014 (18% and 12%). | |
Common Stock Warrants | Common Stock Warrants |
We accounted for the common stock warrants issued in connection with our Merger and related private placement offering (see Note 3, The Merger, Offering and Other Related Matters) in accordance with the guidance in Accounting Standards Codification (“ASC”) 815-40. Under ASC 815-40, the warrants did not meet the criteria for equity treatment and were recorded as a liability. The warrants initially had an anti-dilution clause that allowed for a decrease in the exercise price of the warrants if the Company issued additional shares of common stock without consideration or for consideration per share less than the exercise price of such warrants. Accordingly, we classified the warrant instruments as liabilities at their fair market value at the date of issuance and re-measured the warrants at each balance sheet date. Changes in the fair value were recognized as a gain (loss) on warrant liability in our consolidated statement of operations. These warrants were amended in November 2014 to remove the price-based anti-dilution provision, among other things. Accordingly, the warrants are no longer recorded as a liability. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
There have been no recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2015 as compared to the recent accounting pronouncements described in our Annual Report on Form 10-K for the year ended December 31, 2014 that are of significance, or potential significance, to the Company. |
Deferred_Revenues_Tables
Deferred Revenues (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Deferred Revenues [Abstract] | |||||||||||||
Schedule of Customer Deposits, Advances, Deferred Revenues, and Deferred Unit Costs | March 31, | December 31, | |||||||||||
2015 | 2014 | ||||||||||||
Customer deposits and advances | $ | 148 | $ | 105 | |||||||||
Deferred Ekso unit revenues | 5,583 | 5,327 | |||||||||||
Deferred service, leasing and software revenues | 1,899 | 1,875 | |||||||||||
Customer advances and deferred revenues | 7,630 | 7,307 | |||||||||||
Less current portion | (3,545 | ) | (3,412 | ) | |||||||||
Customer advances and deferred revenues, non-current | $ | 4,085 | $ | 3,895 | |||||||||
Deferred Ekso unit costs | $ | 3,922 | $ | 3,568 | |||||||||
Less current portion | (1,677 | ) | (1,551 | ) | |||||||||
Deferred cost of revenue, non-current | $ | 2,245 | $ | 2,017 |
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Accrued Liabilities [Abstract] | |||||||||||||
Schedule of Accrued Liabilities | March 31, | December 31, | |||||||||||
2015 | 2014 | ||||||||||||
Salaries, benefits and related expenses | $ | 1,136 | $ | 1,847 | |||||||||
Professional fees | 326 | 184 | |||||||||||
Warranty expense | 109 | 126 | |||||||||||
Taxes | 41 | 46 | |||||||||||
Royalties | 2 | 50 | |||||||||||
Travel | 33 | 76 | |||||||||||
Other | 10 | 49 | |||||||||||
Total | $ | 1,657 | $ | 2,378 |
Notes_Payable_Tables
Notes Payable (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Notes Payable [Abstract] | |||||||||||||
Schedule of future obligations under debt instruments | Leasehold | ||||||||||||
Capital | Improvement | ||||||||||||
Lease | Note | Total | |||||||||||
2015 (remainder) | $ | 4 | $ | 36 | $ | 40 | |||||||
2016 | 5 | 48 | 53 | ||||||||||
2017 | 4 | 19 | 23 | ||||||||||
Total minimum lease payments | 13 | 103 | 116 | ||||||||||
Less: interest | (1 | ) | (8 | ) | (9 | ) | |||||||
Present value minimum lease payments | 12 | 95 | 107 | ||||||||||
Less: current portion | - | (42 | ) | (42 | ) | ||||||||
Long-term portion of capital lease obligation | $ | 12 | $ | 53 | $ | 65 |
Operating_and_Capital_Leases_T
Operating and Capital Leases (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Operating and Capital Leases [Abstract] | |||||
Schedule of Future Minimum Operating Lease Payments | 2015 (remainder of year) | $ | 282 | ||
2016 | 375 | ||||
2017 | 157 | ||||
Total | $ | 814 |
Warrants_Tables
Warrants (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Warrants [Abstract] | |||||||||||||||||||||
Schedule of assumption used in valuation | Dividend yield | – | |||||||||||||||||||
Risk-free interest rate | 0.90% - 1.73% | ||||||||||||||||||||
Share price at final valuation | 3.9 | ||||||||||||||||||||
Expected term (in years) | 2.80- 4.80 | ||||||||||||||||||||
Volatility | 79% | ||||||||||||||||||||
Periodic rate | 0.25% - 0.83% | ||||||||||||||||||||
Periods in the model | 10 | ||||||||||||||||||||
Schedule of warrants activity | Balance | Exercise | Term | Balance | |||||||||||||||||
Name | 31-Dec-14 | Price | (Years) | Exercised | 31-Mar-15 | ||||||||||||||||
Placement agent warrants | 3,030,000 | $ | 1 | 5 | (32,700 | ) | 2,997,300 | ||||||||||||||
Bridge warrants | 2,600,000 | $ | 1 | 5 | 2,600,000 | ||||||||||||||||
PPO warrants | 7,544,500 | $ | 2 | 5 | 7,544,500 | ||||||||||||||||
Pre Merger/PPO warrants | 621,361 | $ | 1.38 | various | 621,361 | ||||||||||||||||
Total | 13,795,861 | (32,700 | ) | 13,763,161 |
Stockbased_Compensation_Plans_1
Stock-based Compensation Plans and Awards (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Stock-based Compensation Plans and Awards [Abstract] | ||||||||||||||||||||||||||||
Summary of Stock Option Activity | Weighted- | |||||||||||||||||||||||||||
Average | ||||||||||||||||||||||||||||
Weighted- | Remaining | Aggregate | ||||||||||||||||||||||||||
Stock | Average | Contractual | Intrinsic | |||||||||||||||||||||||||
Awards | Exercise Price | Life (Years) | Value | |||||||||||||||||||||||||
Balance as of December 31, 2014 | 10,791,081 | $ | 0.79 | |||||||||||||||||||||||||
Options granted | 285,000 | $ | 1.39 | |||||||||||||||||||||||||
Options exercised | (597,423 | ) | $ | 0.57 | ||||||||||||||||||||||||
Options forfeited | (10,126 | ) | $ | 1.74 | ||||||||||||||||||||||||
Options cancelled | - | - | ||||||||||||||||||||||||||
Balance as of March 31, 2015 | 10,468,532 | $ | 0.82 | 7.62 | $ | 8,089 | ||||||||||||||||||||||
Vested and expected to vest at March 31, 2015 | 9,841,985 | $ | 0.8 | 7.53 | $ | 7,813 | ||||||||||||||||||||||
Exercisable as of March 31, 2015 | 5,457,721 | $ | 0.55 | 6.45 | $ | 5,571 | ||||||||||||||||||||||
Schedule of Fair Value Calculation Assumptions | Three months ended March 31, | |||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
Dividend yield | — | — | ||||||||||||||||||||||||||
Risk-free interest rate | 1.41% - 1.92% | 1.74% - 2.67% | ||||||||||||||||||||||||||
Expected term (in years) | 10-Jun | 10-May | ||||||||||||||||||||||||||
Volatility | 73% | 66% | ||||||||||||||||||||||||||
Allocation of Stock Option Compensation Expense | Three months ended March 31, | |||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
Sales and marketing | $ | 132 | $ | 101 | ||||||||||||||||||||||||
Research and development | 54 | 69 | ||||||||||||||||||||||||||
General and administrative | 163 | 197 | ||||||||||||||||||||||||||
$ | 349 | $ | 367 | |||||||||||||||||||||||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Net Income (Loss) Per Share [Abstract] | |||||||||
Schedule of basic and diluted net income (loss) per share | Three Months Ended March 31, | ||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net loss | $ | (4,115 | ) | $ | (81,766 | ) | |||
Denominator: | |||||||||
Weighted-average common shares outstanding used in computing basic and diluted net loss per share | 101,791,221 | 67,072,057 | |||||||
Net loss per share, basic and diluted | $ | (0.04 | ) | $ | (1.22 | ) | |||
Schedule of Antidilutive Securities | Three Months Ended March 31, | ||||||||
2015 | 2014 | ||||||||
Options to purchase common stock | 10,468,532 | 10,645,449 | |||||||
Warrants | 13,763,161 | 36,676,361 | |||||||
Total common stock equivalents | 24,231,693 | 47,321,810 |
Segment_Disclosures_Tables
Segment Disclosures (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Segment Disclosures [Abstract] | |||||||||||||
Schedule of Segment Reporting Information | Engineering | Medical | |||||||||||
Services | Devices | Total | |||||||||||
Three months ended March 31, 2015 | |||||||||||||
Revenue | $ | 704 | $ | 985 | $ | 1,689 | |||||||
Cost of revenue | 488 | 798 | 1,286 | ||||||||||
Gross profit | $ | 216 | $ | 187 | $ | 403 | |||||||
Three months ended March 31, 2014 | |||||||||||||
Revenue | $ | 535 | $ | 527 | $ | 1,062 | |||||||
Cost of revenue | 252 | 330 | 582 | ||||||||||
Gross profit | $ | 283 | $ | 197 | $ | 480 | |||||||
Schedule of Geographic Information | Three Months Ended March 31, | ||||||||||||
2015 | 2014 | ||||||||||||
North America | $ | 1,271 | $ | 890 | |||||||||
All Other | 418 | 172 | |||||||||||
$ | 1,689 | $ | 1,062 |
Organization_Details
Organization (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Organization [Abstract] | ||||
Accumulated deficit | ($75,916) | ($71,801) | ||
Cash | 21,133 | 14,576 | 25,190 | 805 |
Cash used in operations | -3,828 | -5,459 | ||
Average monthly net use of cash | $1,300 |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Details) (Customer [Member]) | 3 Months Ended | 12 Months Ended | 3 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
Customer One [Member] | Accounts receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 12.00% | 22.00% | |
Customer One [Member] | Net sales [Member] | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 17.00% | 18.00% | |
Customer Two [Member] | Accounts receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 11.00% | ||
Customer Two [Member] | Net sales [Member] | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 16.00% | 12.00% |
The_Merger_Offering_and_Other_1
The Merger, Offering and Other Related Transactions (Merger, Narrative) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
The Merger, Offering and Other Related Transactions [Abstract] | |
Common stock issued for acquisition | 5,280,368 |
Previously held common stock issued for acquisition | 4,500,600 |
Number of newly issued common stock issued for acquisition | 779,768 |
Equity interest percentage | 6.80% |
Common stock [Member] | |
Business Acquisition [Line Items] | |
Shares issued in business acquisition | 42,615,556 |
Conversion ratio | 1.5238 |
Warrants [Member] | |
Business Acquisition [Line Items] | |
Shares issued in business acquisition | 621,361 |
Stock options [Member] | |
Business Acquisition [Line Items] | |
Shares issued in business acquisition | 7,602,408 |
Shares converted in business acquisition | 4,989,111 |
Series A [Member] | |
Business Acquisition [Line Items] | |
Conversion ratio | 1.629 |
Series A-2 [Member] | |
Business Acquisition [Line Items] | |
Conversion ratio | 1.9548 |
Series B [Member] | |
Business Acquisition [Line Items] | |
Conversion ratio | 1.9548 |
The_Merger_Offering_and_Other_2
The Merger, Offering and Other Related Transactions (Repayment of 2013 Bridge Note, Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Nov. 30, 2013 | Mar. 31, 2015 | Oct. 31, 2014 |
Repayment of 2013 Bridge Note [Line Items] | |||
Number of shares called by warrants | 36,055,000 | 30,300,000 | |
Bridge Warrants [Member] | |||
Repayment of 2013 Bridge Note [Line Items] | |||
Number of warrants issued for conversion of debt | 2,500,000 | ||
Exercise price | $1 | $1 | |
Expiration period | 3 years | 5 years | |
2013 Bridge Notes [Member] | |||
Repayment of 2013 Bridge Note [Line Items] | |||
Principal amount | $5,000 | ||
Accrued interest | $83 | $5,083 | |
Number of shares called by warrants | 5,000,000 |
The_Merger_Offering_and_Other_3
The Merger, Offering and Other Related Transactions (Private Placement Offering and Offer to Amend and Exercise, Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 1 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Feb. 06, 2014 | Jan. 14, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Nov. 30, 2013 | Oct. 31, 2014 | Nov. 30, 2014 |
Private Placement Offering [Line items] | |||||||
Number of Units issued | 9,720,000 | 20,580,000 | 30,300,000 | ||||
Price per Unit | $1 | $1 | $1 | ||||
Shares attached to each Unit | 1 | 1 | 1 | ||||
Warrants attached to each Unit | 1 | 1 | 1 | ||||
Repayment of senior note | $11 | $2,532 | |||||
Conversion price | $1 | ||||||
Payment of debt conversion and private placement commission | 3,030 | ||||||
Number of shares called by warrants | 36,055,000 | 30,300,000 | |||||
Bridge Warrants [Member] | |||||||
Private Placement Offering [Line items] | |||||||
Exercise price | $1 | $1 | |||||
Expiration period | 5 years | 3 years | |||||
PPO Warrants [Member] | |||||||
Private Placement Offering [Line items] | |||||||
Exercise price | $2 | $2 | |||||
Expiration period | 5 years | ||||||
Number of shares called by warrants | 22,755,500 | ||||||
PPO Warrants [Member] | Offer to Amend and Exercise [Member] | |||||||
Private Placement Offering [Line items] | |||||||
Exercise price | $1 | ||||||
Bridge Agent Warrants [Member] | |||||||
Private Placement Offering [Line items] | |||||||
Exercise price | $1 | ||||||
Expiration period | 5 years | ||||||
Number of shares called by warrants | 500,000 | ||||||
PPO Agent Warrants [Member] | |||||||
Private Placement Offering [Line items] | |||||||
Exercise price | $1 | ||||||
Expiration period | 5 years | ||||||
Number of shares called by warrants | 2,500,000 | ||||||
2013 Bridge Notes [Member] | |||||||
Private Placement Offering [Line items] | |||||||
Gross proceeds | 25,300 | ||||||
Debt and accrued interest | 5,083 | 83 | |||||
Repayment of senior note | 2,553 | ||||||
Payment of offering costs | $3,338 | ||||||
Number of shares called by warrants | 5,000,000 |
The_Merger_Offering_and_Other_4
The Merger, Offering and Other Related Transactions (2014 Equity Incentive Plan, Narrative) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of equity incentive shares authorized | 14,410,000 |
Conversion [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options granted | 7,602,408 |
Merger [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options granted | 2,300,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Measurements [Abstract] | ||
Fair value of assets | ||
Fair value of liabilities |
Deferred_Revenues_Details
Deferred Revenues (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Revenue Arrangement [Line Items] | ||
Customer advances and deferred revenues | $7,630 | $7,307 |
Less current portion | -3,545 | -3,412 |
Customer advances and deferred revenues, non-current | 4,085 | 3,895 |
Deferred Ekso unit costs | 3,922 | 3,568 |
Less current portion | -1,677 | -1,551 |
Deferred cost of revenue, non-current | 2,245 | 2,017 |
Customer deposits and advances [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Customer advances and deferred revenues | 148 | 105 |
Deferred Ekso unit revenues [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Customer advances and deferred revenues | 5,583 | 5,327 |
Deferred service, leasing and software revenues [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Customer advances and deferred revenues | $1,899 | $1,875 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ||
Salaries, benefits and related expenses | $1,136 | $1,847 |
Professional fees | 326 | 184 |
Warranty expense | 109 | 126 |
Taxes | 41 | 46 |
Royalties | 2 | 50 |
Travel | 33 | 76 |
Other | 10 | 49 |
Total | $1,657 | $2,378 |
Notes_Payable_Narrative_Detail
Notes Payable (Narrative) (Details) (Other Notes Payable [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Other Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Principal outstanding | $200 |
Stated interest rate | 7.00% |
Minimum monthly payments | $4 |
Notes_Payable_Schedule_of_futu
Notes Payable (Schedule of future obligations under debt instruments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Future obligations under debt instruments | ||
2015 (remainder) | $40 | |
2016 | 53 | |
2017 | 23 | |
Total minimum lease payments | 116 | |
Less: interest | -9 | |
Present value minimum lease payments | 107 | |
Less: current portion | -42 | -41 |
Long-term portion of capital lease obligation | 65 | 77 |
Capital Lease [Member] | ||
Future obligations under debt instruments | ||
2015 (remainder) | 4 | |
2016 | 5 | |
2017 | 4 | |
Total minimum lease payments | 13 | |
Less: interest | -1 | |
Present value minimum lease payments | 12 | |
Less: current portion | ||
Long-term portion of capital lease obligation | 12 | |
Leasehold Improvement Note [Member] | ||
Future obligations under debt instruments | ||
2015 (remainder) | 36 | |
2016 | 48 | |
2017 | 19 | |
Total minimum lease payments | 103 | |
Less: interest | -8 | |
Present value minimum lease payments | 95 | |
Less: current portion | -42 | |
Long-term portion of capital lease obligation | $53 |
Operating_and_Capital_Leases_D
Operating and Capital Leases (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Operating and Capital Leases [Abstract] | |||
Expiration date | 31-May-17 | ||
Option to renew | 5 years | ||
Future minimum operating lease payments: | |||
2015 (remainder of year) | $282 | ||
2016 | 375 | ||
2017 | 157 | ||
Total | 814 | ||
Capital lease for purchase of machinery and equipment | 12 | 13 | |
Rent expense | $86 | $85 |
Capitalization_and_Equity_Stru1
Capitalization and Equity Structure (Details) | Mar. 31, 2015 | Dec. 31, 2014 |
Capitalization and Equity Structure [Abstract] | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 102,017,584 | 101,621,358 |
Common stock, shares outstanding | 102,017,584 | 101,621,358 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Warrants_Narrative_Details
Warrants (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Oct. 31, 2014 |
Class of Stock [Line Items] | |||
Warrant Shares Issued | 36,055,000 | 30,300,000 | |
Loss on warrant liability | ($77,437) | ||
Warrants [Member] | |||
Class of Stock [Line Items] | |||
Exercise price | 2 | ||
Warrant liability | 10,613 | ||
Offer To Amend And Exercise [Member] | |||
Class of Stock [Line Items] | |||
Loss on warrant liability | ($77,437) | ||
Offer To Amend And Exercise [Member] | Warrants [Member] | |||
Class of Stock [Line Items] | |||
Exercise price | 1 |
Warrants_Schedule_of_Assumptio
Warrants (Schedule of Assumption Used in Valuation) (Details) (Warrants [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
item | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Dividend yield | |
Share price at final valuation | $3.90 |
Volatility | 79.00% |
Periods in the model | 10 |
Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Risk-free interest rate | 0.90% |
Expected term | 2 years 9 months 18 days |
Periodic rate | 0.25% |
Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Risk-free interest rate | 1.73% |
Expected term | 4 years 9 months 18 days |
Periodic rate | 0.83% |
Warrants_Schedule_of_Warrants_
Warrants (Schedule of Warrants Outstanding) (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||
Mar. 31, 2015 | Nov. 30, 2013 | Nov. 30, 2014 | Dec. 31, 2014 | |
Class of Warrant or Right [Line Items] | ||||
Balance | 13,795,861 | |||
Exercised | -32,700 | |||
Balance | 13,763,161 | |||
Placement agent warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Balance | 3,030,000 | |||
Exercise price | 1 | |||
Warrant term | 5 years | |||
Exercised | -32,700 | |||
Balance | 2,997,300 | |||
Bridge Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Balance | 2,600,000 | |||
Exercise price | 1 | $1 | ||
Warrant term | 5 years | 3 years | ||
Balance | 2,600,000 | |||
PPO Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Balance | 7,544,500 | |||
Exercise price | 2 | $2 | ||
Warrant term | 5 years | |||
Balance | 7,544,500 | |||
Pre Merger/PPO warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Balance | 621,361 | |||
Exercise price | 1.38 | |||
Balance | 621,361 | 621,361 |
Stockbased_Compensation_Plans_2
Stock-based Compensation Plans and Awards (Narrative) (Details) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 14,410,000 |
Stock options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options exercised on a cashless basis | 233,897 |
Unrecognized compensation cost | $2,713 |
Unrecognized compensation cost, period for recognition | 2 years 7 months 17 days |
Equity Incentive Plan 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 14,410,000 |
Share Based Compensation Arrangement by Share Based Payment Award Number of Shares Conversion of Prior Plan | 7,602,408 |
Vesting period | 4 years |
Minimum [Member] | Equity Incentive Plan 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of fair market value | 100.00% |
Minimum [Member] | Stockholders [Member] | Equity Incentive Plan 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of fair market value | 110.00% |
Maximum [Member] | Equity Incentive Plan 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expiration period | 10 years |
Maximum [Member] | Stockholders [Member] | Equity Incentive Plan 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expiration period | 5 years |
Stockbased_Compensation_Plans_3
Stock-based Compensation Plans and Awards (Summary of Stock Option Activity) (Details) (2014 Plan [Member], USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
2014 Plan [Member] | |
Stock Awards | |
Balance as of December 31, 2014 | 10,791,081 |
Options granted | 285,000 |
Options exercised | -597,423 |
Options forfeited | -10,126 |
Options cancelled | |
Balance as of March 31, 2015 | 10,468,532 |
Vested and expected to vest at March 31, 2015 | 9,841,985 |
Exercisable as of March 31, 2015 | 5,457,721 |
Weighted-Average Exercise Price | |
Balance as of December 31, 2014 | $0.79 |
Options granted | $1.39 |
Options exercised | $0.57 |
Options forfeited | $1.74 |
Options cancelled | |
Balance as of March 31, 2015 | $0.82 |
Vested and expected to vest at March 31, 2015 | $0.80 |
Exercisable as of March 31, 2015 | $0.55 |
Weighted-Average Remaining Contractual Life (Years) | |
Balance as of March 31, 2015 | 7 years 7 months 13 days |
Vested and expected to vest at March 31, 2015 | 7 years 6 months 11 days |
Exercisable as of March 31, 2015 | 6 years 5 months 12 days |
Aggregate Intrinsic Value | |
Balance as of March 31, 2015 | $8,089 |
Vested and expected to vest at March 31, 2015 | 7,813 |
Exercisable as of March 31, 2015 | $5,571 |
Stockbased_Compensation_Plans_4
Stock-based Compensation Plans and Awards (Schedule of Fair Value Calculation Assumptions) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Assumptions used for calculation of fair value per share | ||
Dividend yield | ||
Risk-free interest rate, minimum | 1.41% | 1.74% |
Risk-free interest rate, maximum | 1.92% | 2.67% |
Volatility | 73.00% | 66.00% |
Minimum [Member] | ||
Assumptions used for calculation of fair value per share | ||
Expected term | 6 years | 5 years |
Maximum [Member] | ||
Assumptions used for calculation of fair value per share | ||
Expected term | 10 years | 10 years |
Stockbased_Compensation_Plans_5
Stock-based Compensation Plans and Awards (Schedule of Stock-based Compensation Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $349 | $367 |
Sales and Marketing [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 132 | 101 |
Research and Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 54 | 69 |
General and Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $163 | $197 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Income Taxes [Abstract] | |
Change in unrecognized tax benefit | |
Expected significant changes to unrecognized tax benefits |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (Royalty Agreement Terms [Member], USD $) | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Royalty | $40 | $20 | $10 | |
Future minimum annual royalties | ||||
2016 | 50 | |||
Net sales [Member] | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Royalty percentage | 1.00% | |||
License fees [Member] | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Royalty percentage | 21.00% | |||
Sub-licensee net sales [Member] | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Royalty percentage | 1.00% |
Net_Income_Loss_Per_Share_Sche
Net Income (Loss) Per Share (Schedule of Basic and Diluted Net Income (Loss) Per Share) (Details)) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net loss | ($4,115) | ($81,766) |
Denominator: | ||
Weighted-average common shares outstanding used in computing basic and diluted net loss per share | 101,791,221 | 67,072,057 |
Net loss per share, basic and diluted | ($0.04) | ($1.22) |
Net_Income_Loss_Per_Share_Sche1
Net Income (Loss) Per Share (Schedule of Antidilutive Securities) (Details)) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 24,231,693 | 47,321,810 |
Options to purchase common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 10,468,532 | 10,645,449 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 13,763,161 | 36,676,361 |
Segment_Disclosures_Schedule_o
Segment Disclosures (Schedule of Segment Reporting Information) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Revenue | $1,689 | $1,062 |
Cost of revenue | 1,286 | 582 |
Gross profit | 403 | 480 |
Engineering Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 704 | 535 |
Cost of revenue | 488 | 252 |
Gross profit | 216 | 283 |
Medical Devices [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 985 | 527 |
Cost of revenue | 798 | 330 |
Gross profit | $187 | $197 |
Segment_Disclosures_Schedule_o1
Segment Disclosures (Schedule of Geographic Information) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $1,689 | $1,062 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 1,271 | 890 |
All Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $418 | $172 |