Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 03, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Registrant Name | EKSO BIONICS HOLDINGS, INC. | |
Entity Central Index Key | 1,549,084 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 | |
Document Period End Date | Jun. 30, 2015 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 102,139,765 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash | $ 16,251 | $ 25,190 |
Accounts receivable, net | 2,394 | 1,549 |
Inventories, net | 1,188 | 622 |
Prepaid expenses and other current assets | 473 | 388 |
Deferred cost of revenue, current | 1,876 | 1,551 |
Total current assets | 22,182 | 29,300 |
Property and equipment, net | 2,154 | 2,102 |
Deferred cost of revenue, non-current | 2,515 | 2,017 |
Other assets | 55 | 55 |
Total assets | 26,906 | 33,474 |
Current liabilities: | ||
Notes payable, current | 43 | 41 |
Accounts payable | 2,306 | 783 |
Accrued liabilities | 1,976 | 2,378 |
Deferred revenues, current | 4,032 | 3,412 |
Total current liabilities | 8,357 | 6,614 |
Deferred revenues, non-current | 4,492 | 3,895 |
Notes payable, non-current | 53 | 77 |
Deferred rent | 69 | 88 |
Total liabilities | $ 12,971 | $ 10,674 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity: | ||
Convertible Preferred stock, $0.001 par value; 10,000,000 shares authorized at June 30, 2015 and December 31, 2014; none issued and outstanding at June 30, 2015 and December 31, 2014, respectively | ||
Common stock, $0.001 par value; 500,000,000 shares authorized at June 30, 2015 and December 31, 2014; 102,123,767 and 101,621,358, shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | $ 102 | $ 102 |
Additional paid-in capital | 95,394 | 94,499 |
Accumulated deficit | (81,561) | (71,801) |
Total stockholders' equity | 13,935 | 22,800 |
Total liabilities and stockholders' equity | $ 26,906 | $ 33,474 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Convertible Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Convertible Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Convertible Preferred stock, shares issued | 0 | 0 |
Convertible Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 102,123,767 | 101,621,358 |
Common stock, shares outstanding | 102,123,767 | 101,621,358 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue | ||||
Medical devices | $ 1,048 | $ 690 | $ 2,033 | $ 1,217 |
Engineering services | 1,066 | 507 | 1,770 | 1,042 |
Total revenue | 2,114 | 1,197 | 3,803 | 2,259 |
Cost of revenue | ||||
Cost of medical devices | 970 | 502 | 1,768 | 832 |
Cost of engineering services | 642 | 650 | 1,130 | 902 |
Total cost of revenue | 1,612 | 1,152 | 2,898 | 1,734 |
Gross profit | 502 | 45 | 905 | 525 |
Operating expenses | ||||
Sales and marketing | 2,523 | 1,849 | 4,374 | 3,380 |
Research and development | 1,742 | 699 | 2,725 | 1,468 |
General and administrative | 1,872 | 1,809 | 3,534 | 3,880 |
Total operating expenses | 6,137 | 4,357 | 10,633 | 8,728 |
Loss from operations | (5,635) | (4,312) | (9,728) | (8,203) |
Other income (expense) | ||||
Interest expense | $ (3) | (3) | $ (6) | (430) |
Gain (loss) on warrant liability | 60,458 | (16,979) | ||
Interest income | $ 3 | 2 | $ 7 | 3 |
Other expense, net | (10) | (17) | (33) | (29) |
Total other income (expense), net | (10) | 60,440 | (32) | (17,435) |
Net income (loss) | $ (5,645) | $ 56,128 | $ (9,760) | $ (25,638) |
Basic net income (loss) per share | $ (0.06) | $ 0.72 | $ (0.10) | $ (0.35) |
Weighted-average shares used in computing basic per share amounts | 102,094,158 | 78,497,558 | 101,944,359 | 72,688,073 |
Diluted net income (loss) per share | $ (0.06) | $ (0.05) | $ (0.10) | $ (0.35) |
Weighted-average shares used in computing diluted per share amounts | 102,094,158 | 94,772,411 | 101,944,359 | 72,688,073 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities: | ||
Net loss | $ (9,760) | $ (25,638) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | $ 419 | 333 |
Inventory allowance expense | 21 | |
Amortization of deferred rent | $ (19) | (18) |
Amortization of debt discounts | 198 | |
Stock-based compensation expense | $ 791 | 693 |
Loss on increase in fair value of warrant liability | 16,979 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | $ (845) | (944) |
Inventories | (478) | (573) |
Prepaid expense and other assets | (85) | (47) |
Deferred cost of revenue | (823) | (917) |
Accounts payable | 1,523 | (272) |
Accrued liabilities | (402) | (166) |
Deferred revenues | 1,217 | 1,746 |
Net cash used in operating activities | (8,462) | (8,605) |
Investing activities: | ||
Acquisition of property and equipment, net | (559) | (675) |
Net cash used in investing activities | (559) | (675) |
Financing activities: | ||
Principal payments on notes payable | (22) | (2,544) |
Proceeds from exercise of stock options | 56 | $ 23 |
Proceeds from exercise of common stock warrants | $ 48 | |
Proceeds from issuance of common stock, net of issuance costs | $ 21,961 | |
Net cash provided by financing activities | $ 82 | 19,440 |
Net increase (decrease) in cash | (8,939) | 10,160 |
Cash at beginning of the period | 25,190 | 805 |
Cash at end of the period | $ 16,251 | $ 10,965 |
Organization
Organization | 6 Months Ended |
Jun. 30, 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 Transactions. 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 . We were founded after the Robotics and Human Engineering Laboratory at the University of California, Berkeley 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 healthcare, industrial, military, and consumer markets. Our exoskeleton systems are strapped over the user's clothing, enabling individuals with neurological conditions affecting gait (e.g., stroke or spinal cord injury) 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 increase productivity and quality of 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. The Company has also recorded significant non-cash losses associated with revaluation of certain securities, which have also contributed significantly to our accumulated deficits. As of June 30, 2015, we had an accumulated deficit of $ 81,561 The Company's cash as of June 30, 2015, was $ 16,251 25,190 8,462 8,605 Based upon our current six-month average monthly net use of cash of approximately $ 1,500 O |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies and Estimates | 6 Months Ended |
Jun. 30, 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 Securities and Exchange Commission (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 does 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 June 30, 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, 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 June 30, 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 currency denominated accounts receivable. As of June 30, 2015, we had two customers with accounts receivable balances totaling 10% or more of our total accounts receivable ( 26 10 22 11 In the three months ended June 30, 2015, we had one customer with sales comprising of 10% or more of our total customer sales ( 32 15 12 27 11 17 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 Transactions) Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2015-11 Simplifying the Measurement of Inventory. Under ASU 2015-11, inventory is to be measured at the lower of cost and net realizable value (NRV). NRV is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. |
The Merger, Offering and Other
The Merger, Offering and Other Related Transactions | 6 Months Ended |
Jun. 30, 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, convertible preferred stock (preferred stock) and warrants to purchase preferred stock issued and outstanding immediately prior to the closing of the Merger into an aggregate of 42,615,556 621,361 4,989,111 7,602,408 5,280,368 4,500,600 779,768 6.8 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 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. In filings with the SEC subsequent to the Merger, including this filing, the historical financial statements of Holdings before the Merger have been replaced with the historical financial statements of Ekso Bionics before the Merger. 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 1.9548 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 83 5,000,000 2,500,000 1.00 three 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 (PPO) in which it sold 20,580,000 1.00 one 2.00 five 9,720,000 30,300,000 25,300 5,083 2,553 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 3,030,000 five 1.00 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 (Offer to Amend and Exercise). Pursuant to the Offer to Amend and Exercise, an aggregate of 22,755,500 2.00 1.00 In connection with the Offer to Amend and Exercise, the holders of a majority of the then outstanding PPO Warrants, Bridge Warrants, and Agent Warrants approved an amendment to remove the price-based anti-dilution provisions in those warrants (see Note 9, Warrants 2014 Equity Incentive Plan Before the Merger, the Board of Directors adopted, and the stockholders approved, the 2014 Equity Incentive Plan (2014 Plan), which provides for the issuance of incentive awards constituting up to 14,410,000 7,602,408 On the closing of the Merger, the Board granted to officers and directors options to purchase an aggregate of 2,300,000 Subsequent to the Merger, on June 10, 2015, the Board submitted to the stockholders and the stockholders approved and ratified an amendment of the 2014 Plan to increase the maximum number of shares of common stock that may be issued under the 2014 Plan by 11,590,000 26,000,000 11,767,633 |
Deferred Revenues
Deferred Revenues | 6 Months Ended |
Jun. 30, 2015 | |
Deferred Revenues [Abstract] | |
Deferred Revenues | 4. Deferred Revenues In connection with our medical 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 until a device is shipped to the customer, or as customer advances in the case of research services until the earnings process is achieved. Revenue from our Ekso medical device sales is deferred and recognized over the maintenance period. Accordingly, at the time of shipment to the customer the amount billed is recorded as deferred revenue. Also, at the time of shipment, 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: June 30, December 31, 2015 2014 Customer deposits and advances $ 353 $ 105 Deferred Ekso medical device revenues 6,048 5,327 Deferred service and leasing revenues 2,123 1,875 Customer advances and deferred revenues 8,524 7,307 Less current portion (4,032 ) (3,412 ) Customer advances and deferred revenues, non-current $ 4,492 $ 3,895 Deferred Ekso medical device costs $ 4,391 $ 3,568 Less current portion (1,876 ) (1,551 ) Deferred cost of revenue, non-current $ 2,515 $ 2,017 |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consist of the following: June 30, December 31, 2015 2014 Salaries, benefits and related expenses $ 1,516 $ 1,847 Professional fees 273 184 Warranty expense 91 126 Taxes 42 46 Royalties - 50 Travel 48 76 All other 6 49 Total $ 1,976 $ 2,378 |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2015 | |
Notes Payable [Abstract] | |
Notes Payable | 6. Notes Payable In 2012, the Company entered into a note agreement in connection with its lease agreement for our Richmond, California facility. The note, for an aggregate principal of $ 200 7 4 Operating and Capital Leases Future obligations under these debt instruments as of June 30, 2015 are as follows: Leasehold Improvement Capital Note Lease Total 2015 (remainder) $ 24 $ 3 $ 27 2016 48 5 53 2017 19 4 23 Total minimum payments 91 12 103 Less: interest (6 ) (1 ) (7 ) Present value minimum payments 85 11 96 Less: current portion (43 ) - (43 ) Long-term portion of notes payable $ 42 $ 11 $ 53 |
Operating and Capital Leases
Operating and Capital Leases | 6 Months Ended |
Jun. 30, 2015 | |
Operating and Capital Leases [Abstract] | |
Operating and Capital Leases | 7. 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 five Future minimum operating lease payments are as follows as of June 30, 2015: 2015 (remainder of year) $ 188 2016 375 2017 157 Total $ 720 The Company also has a capital lease for the purchase of machinery and equipment with a balance of $ 11 13 Notes Payable Rent expense under the Company's operating leases was $ 86 86 172 171 |
Capitalization and Equity Struc
Capitalization and Equity Structure | 6 Months Ended |
Jun. 30, 2015 | |
Capitalization and Equity Structure [Abstract] | |
Capitalization and Equity Structure | 8. Capitalization and Equity Structure The Company's authorized capital stock at June 30, 2015, consisted of 500,000,000 shares of common stock and 10,000,000 shares of preferred stock. At June 30, 2015, 102,123,767 shares of common stock were issued and outstanding, and no shares of preferred stock were issued and outstanding. |
Warrants
Warrants | 6 Months Ended |
Jun. 30, 2015 | |
Warrants [Abstract] | |
Warrants | 9. Warrants As discussed in Note 3, The Merger, Offering and Other Related Transactions, 36,055,000 30,300,000 2.00 1.00 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 60,458 The factors utilized in re-valuing the warrants were as follows as of June 30, 2014: Dividend yield Risk-free interest rate 0.69 1.45 Share price at final valuation 1.47 Expected term (in years) 2.55 4.55 Volatility 70 75 Periodic rate 0.18 0.66 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 six month period ended June 30, 2015 is as follows: Balance Exercise Term Balance Name December 31, 2014 Price (Years) Exercised June 30, 2015 Placement agent warrants 3,030,000 $ 1.00 5 (48,700 ) 2,981,300 Bridge warrants 2,600,000 $ 1.00 3 2,600,000 PPO warrants 7,544,500 $ 2.00 5 7,544,500 Pre-Merger/PPO warrants 621,361 $ 1.38 various 621,361 Total 13,795,861 (48,700 ) 13,747,161 |
Stock-based Compensation Plans
Stock-based Compensation Plans and Awards | 6 Months Ended |
Jun. 30, 2015 | |
Stock-based Compensation Plans and Awards [Abstract] | |
Stock-based Compensation Plans and Awards | 10. 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 allowed for the issuance of 14,410,000 7,602,408 11,590,000 26,000,000 11,767,633 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 100 110 five ten four Equity-Based Payments to Non-Employees The following table summarizes information about the Company's stock options outstanding at June 30, 2015, and activity during the six-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 3,184,000 $ 1.40 Options exercised (697,356 ) $ 0.55 Options forfeited (40,507 ) $ 0.57 Options cancelled (10,126 ) $ 1.74 Balance as of June 30, 2015 13,227,092 $ 0.96 7.86 $ 4,197 Vested and expected to vest at June 30, 2015 12,118,042 $ 0.92 7.71 $ 4,131 Exercisable as of June 30, 2015 5,970,959 $ 0.60 6.23 $ 3,451 Of the 697,356 shares exercised, 535,404 243,647 As of June 30, 2015, total unrecognized compensation cost related to unvested stock options was $ 5,386 3.09 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 June 30, Six months ended June 30, 2015 2014 2015 2014 Dividend yield Risk-free interest rate 1.44 2.34 1.90 2.61 1.41 2.34 1.74 2.67 Expected term (in years) 6 10 6 8 6 10 6 10 Volatility 73 74 66 73 74 66 Total stock-based compensation expense related to options granted to employees and non-employees was included in the Condensed Consolidated Statements of Operations as follows: Three months ended June 30, Six months ended June 30 , 2015 2014 2015 2014 Sales and marketing $ 161 $ 150 $ 292 $ 251 Research and development 108 21 162 90 General and administrative 174 155 337 352 $ 443 $ 326 $ 791 $ 693 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 11. Income Taxes There were no |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 12. 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 condensed 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 21 1 50 U.S. Food and Drug Administration Clearance The Company's Ekso GT robotic exoskeleton has been marketed in the United States as a Class I 510(k) exempt Powered Exercise Equipment device since February 2012. On June 26, 2014, the U.S. Food and Drug Administration (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 requires the clearance of a 510(k) notice. Consequently, the FDA requested that we file a 510(k) notice to obtain this clearance. Per the FDA's request, we filed our 510(k) notice on December 24, 2014, and this submission is currently under review by 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) notice is cleared. From the time of our submission to the date of this report, the FDA has not indicated or notified the Company that it disagrees with this decision. 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 | 6 Months Ended |
Jun. 30, 2015 | |
Net Income (Loss) Per Share [Abstract] | |
Net Income (Loss) Per Share | 13. Net Income (Loss) Per Share The following table sets forth the computation of basic and diluted net income (loss) per share: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Numerator: Net income (loss) Basic $ (5,645 ) $ 56,128 $ (9,760 ) $ (25,638 ) Adjustment for change in fair value of warrant liability - (60,458 ) - - Diluted $ (5,645 ) $ (4,330 ) $ (9,760 ) $ (25,638 ) Denominator: Weighted-average common shares outstanding used in computing basic and diluted net income (loss) per share Basic 102,094,158 78,497,558 101,944,359 72,688,073 Dilutive effect of warrants - 9,593,643 - - Dilutive effect of stock options - 6,681,210 - - Diluted 102,094,158 94,772,411 101,944,359 72,688,073 Net income (loss) per share, basic (0.06 ) 0.72 (0.10 ) (0.35 ) Net loss per share, diluted (0.06 ) (0.05 ) (0.10 ) (0.35 ) 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 June 30, Six months ended June 30, 2015 2014 2015 2014 Options to purchase common stock 13,227,092 - 13,227,092 7,073,652 Warrants to purchase common stock 13,747,161 - 13,747,161 14,546,085 Total common stock equivalents 26,974,253 - 26,974,253 21,619,737 |
Segment Disclosures
Segment Disclosures | 6 Months Ended |
Jun. 30, 2015 | |
Segment Disclosures [Abstract] | |
Segment Disclosures | 14. 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 June 30, 2015 Revenue $ 1,066 $ 1,048 $ 2,114 Cost of revenue 642 970 1,612 Gross profit $ 424 $ 78 $ 502 Three months ended June 30, 2014 Revenue $ 507 $ 690 $ 1,197 Cost of revenue 650 502 1,152 Gross profit (loss) $ (143 ) $ 188 $ 45 Six months ended June 30, 2015 Revenue $ 1,770 $ 2,033 $ 3,803 Cost of revenue 1,130 1,768 2,898 Gross profit $ 640 $ 265 $ 905 Six months ended June 30, 2014 Revenue $ 1,042 $ 1,217 $ 2,259 Cost of revenue 902 832 1,734 Gross profit $ 140 $ 385 $ 525 Geographic information for revenue based on location of customer is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 North America $ 1,622 $ 941 $ 2,894 $ 1,831 Europe, Middle East, Asia 492 256 909 428 $ 2,114 $ 1,197 $ 3,803 $ 2,259 |
Basis of Presentation and Sum20
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Policies) | 6 Months Ended |
Jun. 30, 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 Securities and Exchange Commission (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 does 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 June 30, 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, 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 June 30, 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 currency denominated accounts receivable. As of June 30, 2015, we had two customers with accounts receivable balances totaling 10% or more of our total accounts receivable ( 26 10 22 11 In the three months ended June 30, 2015, we had one customer with sales comprising of 10% or more of our total customer sales ( 32 15 12 27 11 17 |
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 Transactions) |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2015-11 Simplifying the Measurement of Inventory. Under ASU 2015-11, inventory is to be measured at the lower of cost and net realizable value (NRV). NRV is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. |
Deferred Revenues (Tables)
Deferred Revenues (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Deferred Revenues [Abstract] | |
Schedule of Customer Deposits, Advances, Deferred Revenues, and Deferred Unit Costs | June 30, December 31, 2015 2014 Customer deposits and advances $ 353 $ 105 Deferred Ekso medical device revenues 6,048 5,327 Deferred service and leasing revenues 2,123 1,875 Customer advances and deferred revenues 8,524 7,307 Less current portion (4,032 ) (3,412 ) Customer advances and deferred revenues, non-current $ 4,492 $ 3,895 Deferred Ekso medical device costs $ 4,391 $ 3,568 Less current portion (1,876 ) (1,551 ) Deferred cost of revenue, non-current $ 2,515 $ 2,017 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities | June 30, December 31, 2015 2014 Salaries, benefits and related expenses $ 1,516 $ 1,847 Professional fees 273 184 Warranty expense 91 126 Taxes 42 46 Royalties - 50 Travel 48 76 All other 6 49 Total $ 1,976 $ 2,378 |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Payable [Abstract] | |
Schedule of future obligations under debt instruments | Leasehold Improvement Capital Note Lease Total 2015 (remainder) $ 24 $ 3 $ 27 2016 48 5 53 2017 19 4 23 Total minimum payments 91 12 103 Less: interest (6 ) (1 ) (7 ) Present value minimum payments 85 11 96 Less: current portion (43 ) - (43 ) Long-term portion of notes payable $ 42 $ 11 $ 53 |
Operating and Capital Leases (T
Operating and Capital Leases (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Operating and Capital Leases [Abstract] | |
Schedule of Future Minimum Operating Lease Payments | 2015 (remainder of year) $ 188 2016 375 2017 157 Total $ 720 |
Warrants (Tables)
Warrants (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Warrants [Abstract] | |
Schedule of assumption used in valuation | Dividend yield Risk-free interest rate 0.69 1.45 Share price at final valuation 1.47 Expected term (in years) 2.55 4.55 Volatility 70 75 Periodic rate 0.18 0.66 Periods in the model 10 |
Schedule of warrants activity | Balance Exercise Term Balance Name December 31, 2014 Price (Years) Exercised June 30, 2015 Placement agent warrants 3,030,000 $ 1.00 5 (48,700 ) 2,981,300 Bridge warrants 2,600,000 $ 1.00 3 2,600,000 PPO warrants 7,544,500 $ 2.00 5 7,544,500 Pre-Merger/PPO warrants 621,361 $ 1.38 various 621,361 Total 13,795,861 (48,700 ) 13,747,161 |
Stock-based Compensation Plan26
Stock-based Compensation Plans and Awards (Tables) | 6 Months Ended |
Jun. 30, 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 3,184,000 $ 1.40 Options exercised (697,356 ) $ 0.55 Options forfeited (40,507 ) $ 0.57 Options cancelled (10,126 ) $ 1.74 Balance as of June 30, 2015 13,227,092 $ 0.96 7.86 $ 4,197 Vested and expected to vest at June 30, 2015 12,118,042 $ 0.92 7.71 $ 4,131 Exercisable as of June 30, 2015 5,970,959 $ 0.60 6.23 $ 3,451 |
Schedule of Fair Value Calculation Assumptions | Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Dividend yield Risk-free interest rate 1.44 2.34 1.90 2.61 1.41 2.34 1.74 2.67 Expected term (in years) 6 10 6 8 6 10 6 10 Volatility 73 74 66 73 74 66 |
Allocation of Stock Option Compensation Expense | Three months ended June 30, Six months ended June 30 , 2015 2014 2015 2014 Sales and marketing $ 161 $ 150 $ 292 $ 251 Research and development 108 21 162 90 General and administrative 174 155 337 352 $ 443 $ 326 $ 791 $ 693 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Net Income (Loss) Per Share [Abstract] | |
Schedule of basic and diluted net income (loss) per share | Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Numerator: Net income (loss) Basic $ (5,645 ) $ 56,128 $ (9,760 ) $ (25,638 ) Adjustment for change in fair value of warrant liability - (60,458 ) - - Diluted $ (5,645 ) $ (4,330 ) $ (9,760 ) $ (25,638 ) Denominator: Weighted-average common shares outstanding used in computing basic and diluted net income (loss) per share Basic 102,094,158 78,497,558 101,944,359 72,688,073 Dilutive effect of warrants - 9,593,643 - - Dilutive effect of stock options - 6,681,210 - - Diluted 102,094,158 94,772,411 101,944,359 72,688,073 Net income (loss) per share, basic (0.06 ) 0.72 (0.10 ) (0.35 ) Net loss per share, diluted (0.06 ) (0.05 ) (0.10 ) (0.35 ) |
Schedule of Antidilutive Securities | Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Options to purchase common stock 13,227,092 - 13,227,092 7,073,652 Warrants to purchase common stock 13,747,161 - 13,747,161 14,546,085 Total common stock equivalents 26,974,253 - 26,974,253 21,619,737 |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Disclosures [Abstract] | |
Schedule of Segment Reporting Information | Engineering Medical Services Devices Total Three months ended June 30, 2015 Revenue $ 1,066 $ 1,048 $ 2,114 Cost of revenue 642 970 1,612 Gross profit $ 424 $ 78 $ 502 Three months ended June 30, 2014 Revenue $ 507 $ 690 $ 1,197 Cost of revenue 650 502 1,152 Gross profit (loss) $ (143 ) $ 188 $ 45 Six months ended June 30, 2015 Revenue $ 1,770 $ 2,033 $ 3,803 Cost of revenue 1,130 1,768 2,898 Gross profit $ 640 $ 265 $ 905 Six months ended June 30, 2014 Revenue $ 1,042 $ 1,217 $ 2,259 Cost of revenue 902 832 1,734 Gross profit $ 140 $ 385 $ 525 |
Schedule of Geographic Information | Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 North America $ 1,622 $ 941 $ 2,894 $ 1,831 Europe, Middle East, Asia 492 256 909 428 $ 2,114 $ 1,197 $ 3,803 $ 2,259 |
Organization (Details)
Organization (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Organization [Abstract] | ||||
Accumulated deficit | $ 81,561 | $ 71,801 | ||
Cash | 16,251 | $ 10,965 | $ 25,190 | $ 805 |
Cash used in operations | 8,462 | $ 8,605 | ||
Average monthly net use of cash | $ 1,500 |
Basis of Presentation and Sum30
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Details) - Customer [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Customer One [Member] | Accounts receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration percentage | 26.00% | 22.00% | |||
Customer One [Member] | Net sales [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration percentage | 32.00% | 15.00% | 27.00% | 17.00% | |
Customer Two [Member] | Accounts receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration percentage | 10.00% | 11.00% | |||
Customer Two [Member] | Net sales [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration percentage | 12.00% | 11.00% |
The Merger, Offering and Othe31
The Merger, Offering and Other Related Transactions (Merger, Narrative) (Details) - 6 months ended Jun. 30, 2015 - shares | Total |
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 | 152.38% |
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 | 162.90% |
Series A-2 [Member] | |
Business Acquisition [Line Items] | |
Conversion ratio | 195.48% |
Series B [Member] | |
Business Acquisition [Line Items] | |
Conversion ratio | 195.48% |
The Merger, Offering and Othe32
The Merger, Offering and Other Related Transactions (Repayment of 2013 Bridge Note, Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |
Nov. 30, 2013 | Jun. 30, 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 | 3 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 Othe33
The Merger, Offering and Other Related Transactions (Private Placement Offering and Offer to Amend and Exercise, Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 06, 2014 | Jan. 14, 2014 | Nov. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Nov. 30, 2014 | Oct. 31, 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 | $ 22 | $ 2,544 | |||||
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 | 3 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 | ||||||
Number of shares called by warrants | 3,030,000 | ||||||
PPO Agent Warrants [Member] | |||||||
Private Placement Offering [Line items] | |||||||
Expiration period | 5 years | ||||||
2013 Bridge Notes [Member] | |||||||
Private Placement Offering [Line items] | |||||||
Gross proceeds | $ 25,300 | ||||||
Debt and accrued interest | $ 83 | 5,083 | |||||
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 Othe34
The Merger, Offering and Other Related Transactions (2014 Equity Incentive Plan, Narrative) (Details) - shares | Jun. 10, 2015 | Jun. 30, 2015 | Jan. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of equity incentive shares authorized | 14,410,000 | ||
Equity Incentive Plan 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of equity incentive shares authorized | 26,000,000 | 14,410,000 | |
Options granted | 3,184,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 11,590,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 11,767,633 | ||
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 |
Deferred Revenues (Details)
Deferred Revenues (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deferred Revenue Arrangement [Line Items] | ||
Customer advances and deferred revenues | $ 8,524 | $ 7,307 |
Less current portion | (4,032) | (3,412) |
Customer advances and deferred revenues, non-current | 4,492 | 3,895 |
Deferred Ekso medical device costs | 4,391 | 3,568 |
Less current portion | (1,876) | (1,551) |
Deferred cost of revenue, non-current | 2,515 | 2,017 |
Customer deposits and advances [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Customer advances and deferred revenues | 353 | 105 |
Deferred Ekso medical device revenues [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Customer advances and deferred revenues | 6,048 | 5,327 |
Deferred service and leasing revenues [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Customer advances and deferred revenues | $ 2,123 | $ 1,875 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accrued Liabilities [Abstract] | ||
Salaries, benefits and related expenses | $ 1,516 | $ 1,847 |
Professional fees | 273 | 184 |
Warranty expense | 91 | 126 |
Taxes | $ 42 | 46 |
Royalties | 50 | |
Travel | $ 48 | 76 |
All Other | 6 | 49 |
Total | $ 1,976 | $ 2,378 |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) - Jun. 30, 2015 - Other Notes Payable [Member] - USD ($) $ in Thousands | Total |
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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Future obligations under debt instruments | ||
2015 (remainder) | $ 27 | |
2,016 | 53 | |
2,017 | 23 | |
Total minimum payments | 103 | |
Less: interest | (7) | |
Present value minimum payments | 96 | |
Less: current portion | (43) | $ (41) |
Long-term portion of notes payable | 53 | $ 77 |
Capital Lease [Member] | ||
Future obligations under debt instruments | ||
2015 (remainder) | 3 | |
2,016 | 5 | |
2,017 | 4 | |
Total minimum payments | 12 | |
Less: interest | (1) | |
Present value minimum payments | $ 11 | |
Less: current portion | ||
Long-term portion of notes payable | $ 11 | |
Leasehold Improvement Note [Member] | ||
Future obligations under debt instruments | ||
2015 (remainder) | 24 | |
2,016 | 48 | |
2,017 | 19 | |
Total minimum payments | 91 | |
Less: interest | (6) | |
Present value minimum payments | 85 | |
Less: current portion | (43) | |
Long-term portion of notes payable | $ 42 |
Operating and Capital Leases (D
Operating and Capital Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Operating and Capital Leases [Abstract] | |||||
Expiration date | May 31, 2017 | ||||
Option to renew | 5 years | ||||
Future minimum operating lease payments: | |||||
2015 (remainder of year) | $ 188 | $ 188 | |||
2,016 | 375 | 375 | |||
2,017 | 157 | 157 | |||
Total | 720 | 720 | |||
Capital lease for purchase of machinery and equipment | 11 | 11 | $ 13 | ||
Rent expense | $ 86 | $ 86 | $ 172 | $ 171 |
Capitalization and Equity Str40
Capitalization and Equity Structure (Details) - shares | Jun. 30, 2015 | Dec. 31, 2014 |
Capitalization and Equity Structure [Abstract] | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Convertible Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 102,123,767 | 101,621,358 |
Common stock, shares outstanding | 102,123,767 | 101,621,358 |
Convertible Preferred stock, shares issued | 0 | 0 |
Convertible Preferred stock, shares outstanding | 0 | 0 |
Warrants (Narrative) (Details)
Warrants (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Oct. 31, 2014 | |
Class of Stock [Line Items] | ||||||
Warrant Shares Issued | 36,055,000 | 36,055,000 | 30,300,000 | |||
Gain (loss) on warrant liability | $ 60,458,000 | $ (16,979,000) | ||||
Warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Exercise price | $ 2 | |||||
Offer To Amend And Exercise [Member] | ||||||
Class of Stock [Line Items] | ||||||
Gain (loss) on warrant liability | $ 60,458 | $ (77,437,000) | ||||
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) - Jun. 30, 2014 - Warrants [Member] | item$ / shares |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Dividend yield | |
Share price at final valuation | $ 1.47 |
Periods in the model | item | 10 |
Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Risk-free interest rate | 0.69% |
Expected term | 2 years 6 months 18 days |
Volatility | 70.00% |
Periodic rate | 0.18% |
Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Risk-free interest rate | 1.45% |
Expected term | 4 years 6 months 18 days |
Volatility | 75.00% |
Periodic rate | 0.66% |
Warrants (Schedule of Warrants
Warrants (Schedule of Warrants Outstanding) (Details) - $ / shares | 1 Months Ended | 6 Months Ended | |
Nov. 30, 2013 | Jun. 30, 2015 | Nov. 30, 2014 | |
Class of Warrant or Right [Line Items] | |||
Balance | 13,795,861 | ||
Exercised | (48,700) | ||
Balance | 13,747,161 | ||
Placement agent warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Balance | 3,030,000 | ||
Exercise price | $ 1 | ||
Warrant term | 5 years | ||
Exercised | (48,700) | ||
Balance | 2,981,300 | ||
Bridge warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Balance | 2,600,000 | ||
Exercise price | $ 1 | $ 1 | |
Warrant term | 3 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 |
Stock-based Compensation Plan44
Stock-based Compensation Plans and Awards (Narrative) (Details) - USD ($) $ in Thousands | Jun. 10, 2015 | Jun. 30, 2015 | Jan. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of equity incentive 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 | 535,404 | ||
Shares withheld to cover amount of cashless exercise | 243,647 | ||
Unrecognized compensation cost | $ 5,386 | ||
Unrecognized compensation cost, period for recognition | 3 years 1 month 2 days | ||
Equity Incentive Plan 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of equity incentive shares authorized | 26,000,000 | 14,410,000 | |
Conversion of prior plan shares | 7,602,408 | ||
Vesting period | 4 years | ||
Additional shares authorized for grant | 11,590,000 | ||
Total shares available | 11,767,633 | ||
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 |
Stock-based Compensation Plan45
Stock-based Compensation Plans and Awards (Summary of Stock Option Activity) (Details) - Jun. 30, 2015 - 2014 Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | Total |
Stock Awards | |
Balance as of December 31, 2014 | 10,791,081 |
Options granted | 3,184,000 |
Options exercised | (697,356) |
Options forfeited | (40,507) |
Options cancelled | (10,126) |
Balance as of June 30, 2015 | 13,227,092 |
Vested and expected to vest at June 30, 2015 | 12,118,042 |
Exercisable as of June 30, 2015 | 5,970,959 |
Weighted-Average Exercise Price | |
Balance as of December 31, 2014 | $ 0.79 |
Options granted | 1.40 |
Options exercised | 0.55 |
Options forfeited | 0.57 |
Options cancelled | 1.74 |
Balance as of June 30, 2015 | 0.96 |
Vested and expected to vest at June 30, 2015 | 0.92 |
Exercisable as of June 30, 2015 | $ 0.60 |
Weighted-Average Remaining Contractual Life (Years) | |
Balance as of June 30, 2015 | 7 years 10 months 10 days |
Vested and expected to vest at June 30, 2015 | 7 years 8 months 16 days |
Exercisable as of June 30, 2015 | 6 years 2 months 23 days |
Aggregate Intrinsic Value | |
Balance as of June 30, 2015 | $ 4,197 |
Vested and expected to vest at June 30, 2015 | 4,131 |
Exercisable as of June 30, 2015 | $ 3,451 |
Stock-based Compensation Plan46
Stock-based Compensation Plans and Awards (Schedule of Fair Value Calculation Assumptions) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Assumptions used for calculation of fair value per share | ||||
Dividend yield | ||||
Risk-free interest rate, minimum | 1.44% | 1.90% | 1.41% | 1.74% |
Risk-free interest rate, maximum | 2.34% | 2.61% | 2.34% | 2.67% |
Volatility | 66.00% | 66.00% | ||
Volatility, minimum | 73.00% | 73.00% | ||
Volatility, maximum | 74.00% | 74.00% | ||
Minimum [Member] | ||||
Assumptions used for calculation of fair value per share | ||||
Expected term | 6 years | 6 years | 6 years | 6 years |
Maximum [Member] | ||||
Assumptions used for calculation of fair value per share | ||||
Expected term | 10 years | 8 years | 10 years | 10 years |
Stock-based Compensation Plan47
Stock-based Compensation Plans and Awards (Schedule of Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 443 | $ 326 | $ 791 | $ 693 |
Sales and Marketing [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 161 | 150 | 292 | 251 |
Research and Development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 108 | 21 | 162 | 90 |
General and Administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 174 | $ 155 | $ 337 | $ 352 |
Income Taxes (Details)
Income Taxes (Details) - Jun. 30, 2015 - USD ($) None in scaling factor is -9223372036854775296 | Total |
Income Taxes [Abstract] | |
Change in unrecognized tax benefit | |
Expected significant changes to unrecognized tax benefits |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Jun. 30, 2015 - Royalty Agreement Terms [Member] - USD ($) $ in Thousands | Total |
Future minimum annual royalties | |
2,016 | $ 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 (Sc
Net Income (Loss) Per Share (Schedule of Basic and Diluted Net Income (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Numerator: | ||||
Net income (loss) | $ (5,645) | $ 56,128 | $ (9,760) | $ (25,638) |
Adjustment for change in fair value of warrant liability | (60,458) | |||
Diluted | $ (5,645) | $ (4,330) | $ (9,760) | $ (25,638) |
Denominator: Weighted-average common shares outstanding used in computing basic and diluted net income (loss) per share | ||||
Basic | 102,094,158 | 78,497,558 | 101,944,359 | 72,688,073 |
Dilutive effect of warrants | 9,593,643 | |||
Dilutive effect of stock options | 6,681,210 | |||
Diluted | 102,094,158 | 94,772,411 | 101,944,359 | 72,688,073 |
Net income (loss) per share, basic | $ (0.06) | $ 0.72 | $ (0.10) | $ (0.35) |
Net loss per share, diluted | $ (0.06) | $ (0.05) | $ (0.10) | $ (0.35) |
Net Income (Loss) Per Share (51
Net Income (Loss) Per Share (Schedule of Antidilutive Securities) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 26,974,253 | 26,974,253 | 21,619,737 | |
Options to purchase common stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 13,227,092 | 13,227,092 | 7,073,652 | |
Warrants to purchase common stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 13,747,161 | 13,747,161 | 14,546,085 |
Segment Disclosures (Schedule o
Segment Disclosures (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 2,114 | $ 1,197 | $ 3,803 | $ 2,259 |
Cost of revenue | 1,612 | 1,152 | 2,898 | 1,734 |
Gross profit | 502 | 45 | 905 | 525 |
Engineering Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,066 | 507 | 1,770 | 1,042 |
Cost of revenue | 642 | 650 | 1,130 | 902 |
Gross profit | 424 | (143) | 640 | 140 |
Medical Devices [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,048 | 690 | 2,033 | 1,217 |
Cost of revenue | 970 | 502 | 1,768 | 832 |
Gross profit | $ 78 | $ 188 | $ 265 | $ 385 |
Segment Disclosures (Schedule53
Segment Disclosures (Schedule of Geographic Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 2,114 | $ 1,197 | $ 3,803 | $ 2,259 |
North America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 1,622 | 941 | 2,894 | 1,831 |
Europe, Middle East, Asia [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 492 | $ 256 | $ 909 | $ 428 |